Financial Highlights

12 Months Ended

Dec. 31, 2022

Financial Highlights [Abstract]

Financial Highlights

7. Financial Highlights

The following is the per Unit operating performance calculation and total return for the years ended December 31, 2022 and 2021:

	Class 0			Class 2
Per unit operating performance
Net asset value per Unit, December 31, 2020	$	173.06		$	124.23
Net income:
Net investment loss		(7.36	)		(6.25	)
Net gain on investments		10.57			7.70
Net income		3.21			1.45
Net asset value per Unit, December 31, 2021	$	176.27		$	125.68
Net income:
Net investment loss		(15.99	)		(12.12	)
Net gain on investments		64.31			45.66
Net income		48.32			33.54
Net asset value per Unit, December 31, 2022	$	224.59		$	159.22

The following represents ratios to average Members’ Capital and total return for the years ended December 31, 2022 and 2021:

	Class 0						Class 2
	2022			2021			2022			2021
Total return before Incentive Allocation		34.59	%		3.37	%		33.70	%		2.74	%
Incentive Allocation		(7.18	)		(1.52	)		(7.02	)		(1.57	)
Total return after Incentive Allocation		27.41	%		1.85	%		26.68	%		1.17	%
Net investment loss before Incentive Allocation		(1.90	)%		(2.66	)%		(2.66	)%		(3.42	)%
Incentive Allocation		(5.71	)		(1.46	)		(5.44	)		(1.46	)
Net investment loss after Incentive Allocation		(7.61	)%		(4.12	)%		(8.10	)%		(4.88	)%
Total expenses before Incentive Allocation		2.85	%		2.74	%		3.63	%		3.51	%
Incentive Allocation		5.71			1.46			5.44			1.46
Total expenses after Incentive Allocation		8.56	%		4.20	%		9.07	%		4.97	%

Total return is calculated for Class 0 and Class 2 Units taken as a whole. Total return is calculated as the change in total Members’ Capital adjusted for subscriptions or redemptions during the year. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment loss and total expense ratios (including Incentive Allocation) are calculated for Class 0 and Class 2 Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment loss, expenses, and Incentive Allocation. Net investment loss and total expense ratios are computed based upon the weighted average of Members’ Capital for Class 0 and Class 2 Units of the Fund for the years ended December 31, 2022 and 2021.