Thu, May 15, 4:35 PM (34 days ago)
**Grant Park Futures Fund Limited Partnership (GPFFLP) Q1 2025 Financial Summary** **Financial Health & Performance:** - **Net Asset Value (NAV):** Decreased from $24.6 million at the end of 2024 to $21.7 million by March 31, 2025. - **Net Income (Loss):** Reported a net loss of $941,612 for Q1 2025, compared to a net income of $3,001,439 in Q1 2024. - **Revenue:** Total revenue from trading activities and interest income was significantly lower in Q1 2025. - **Profit Margins:** Negative profit margins due to substantial trading losses. **Cash Flow:** - **Cash and Cash Equivalents:** Decreased from $18.5 million to $11.4 million. - **Investments:** Securities owned at fair value decreased from $1.6 million to $6.8 million. **Earnings Changes:** - **Trading Gains/Losses:** Significant losses in futures trading, with a net loss of $839,559 in Q1 2025 compared to a gain of $3,293,877 in Q1 2024. - **Interest and Dividend Income:** Increased slightly but not enough to offset trading losses. **Quarterly Performance Discussion:** - **Trading Performance:** Negative returns across all classes of units, with losses ranging from 3.53% to 4.38%. - **Expenses:** Increased expenses, including brokerage charges and operating costs, further impacted the net income. **Trends & Uncertainties:** - **Market Conditions:** Volatile market conditions led to significant losses in various sectors, including agriculturals, currencies, and metals. - **Redemptions:** Increased redemptions payable, indicating investor withdrawals. **Future Operations Impact:** - **Liquidity:** Maintains high liquidity with a significant portion of assets in cash and cash equivalents. - **Risk Management:** Continues to monitor and manage market and credit risks through diversification and real-time monitoring. **Key Metrics:** - **Total Return:** Negative returns across all classes, with the worst performance in Class B units at -4.38%. - **Expenses:** High expense ratios, with total expenses ranging from 3.21% to 6.75% of average net assets. **Conclusion:** Grant Park Futures Fund faced significant challenges in Q1 2025, with substantial trading losses and increased expenses leading to a negative net income. The fund continues to manage risks and maintain liquidity but faces uncertainties due to volatile market conditions. Investors should monitor the fund's performance and market conditions closely.