10-Q - Ceres Classic L.P. (0001066656) (Filer)

Fri, May 9, 3:23 PM (46 days ago)

**Ceres Classic L.P. (Ticker: N/A) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Revenue:** Not explicitly stated, but trading results indicate a net trading loss of $37,236. - **Profit Margins:** Net income was $2,859, a significant decrease from $21,477,979 in Q1 2024. - **Cash Flow:** Not explicitly stated, but interest income decreased by $483,862 due to lower interest rates and average daily equity. - **Earnings Changes:** Net asset value per Unit for Class A remained flat at $29.69, while Class Z increased by 0.2% to $12.95. **Key Metrics:** - **Total Assets:** $143,624,328 (down from $147,087,504 in Q4 2024). - **Total Liabilities:** $2,480,192 (up from $1,446,966 in Q4 2024). - **Partners’ Capital:** $141,144,136 (down from $145,640,538 in Q4 2024). **Trading Performance:** - **Q1 2025:** Net trading loss of $37,236, with losses in currencies, energy, grains, and interest rates partially offset by gains in indices, livestock, metals, and softs. - **Q1 2024:** Net trading gain of $22,179,856, with gains in currencies, energy, grains, indices, and softs, partially offset by losses in non-U.S. interest rates, livestock, and metals. **Trends & Uncertainties:** - **Market Volatility:** Commodity markets are highly volatile, with broad price fluctuations and rapid inflation increasing both risk and profit potential. - **Geopolitical Risks:** Sanctions and conflicts in Russia, Ukraine, Israel, and Hamas have created volatility and uncertainty in commodity prices. - **Interest Rates:** Lower interest rates and average daily equity led to a decrease in interest income. **Future Operations Impact:** - **Redemptions:** Future redemptions could impact the amount of funds available for investments in commodity contract positions. - **Trading Advisors:** The General Partner may modify or terminate the allocation of assets to Trading Advisors and allocate assets to additional advisors at any time. **Summary:** Ceres Classic L.P. experienced a challenging quarter with a net trading loss and decreased net asset value. The partnership faces market volatility, geopolitical risks, and the potential impact of future redemptions. The General Partner continues to monitor and manage these risks while seeking opportunities for profitable trading.