Filed pursuant to Rule 424(b)(3)
File No. 333-223480
Grant Park Fund October 2018 Update
November 28, 2018
Supplement dated November 28, 2018 to Prospectus dated July 13, 2018
|
Class
|
October ROR
|
YTD ROR
|
Net Asset Value
|
Net Asset Value per Unit
|
|
A
|
-3.56%
|
-9.81%
|
$4.79M
|
$947.323
|
|
B
|
-3.61%
|
-10.30%
|
$53.36M
|
$769.028
|
|
Legacy 1
|
-3.38%
|
-8.05%
|
$1.02M
|
$774.248
|
|
Legacy 2
|
-3.40%
|
-8.24%
|
$0.32M
|
$754.598
|
|
Global 1
|
-3.34%
|
-7.28%
|
$20.06M
|
$774.583
|
|
Global 2
|
-3.35%
|
-7.49%
|
$0.81M
|
$756.830
|
|
Global 3
|
-3.50%
|
-8.84%
|
$0.73M
|
$640.392
|
ALL PERFORMANCE REPORTED IS NET OF FEES AND EXPENSES
Sector Commentary
Currencies: The U.S. dollar strengthened as the growth of the U.S. economy slowed less than expected and as volatility in
the equity markets increased demand for safe-haven assets. The Canadian dollar weakened when the central bank raised interest rates and indicated additional hikes would be needed to control inflation. The euro weakened on disappointing
economic reports in the Eurozone and over concerns about Italy’s debt crisis. The British pound weakened on concerns about whether or not a Brexit agreement can be
reached.
Energy: Crude oil prices fell on rising inventories and on concerns a slowing global economy will reduce future demand. Natural gas prices rose as inventories remained significantly below their
five-year average and weather forecasts predicted cooler weather.
Equities: Global equity markets were down due to the unresolved trade dispute between the U.S. and China, on rising interest rates and due to the
Italian debt crisis.
Fixed Income: U.S. fixed income markets declined as the Federal Reserve continued to gradually raise interest rates.
European fixed income markets moved higher on weaker-than-expected economic data and on concerns surrounding Brexit negotiations.
Grains/Foods: Corn markets rose after the USDA lowered its estimates for crop production. Wheat markets declined on expectations of increased global supplies. Sugar and coffee markets
rose 26% and 10%, respectively, on a strong Brazilian real and on lower output. Cocoa markets rose on higher demand and on concerns weather in West Africa would lower production.
Metals: Gold prices rose as a decline in global stock markets increased demand for the safe-haven asset. Copper and base metals moved lower on muted demand and on renewed trade tensions between the U.S. and
China.
Additional Information: For the
Fund’s monthly Account Statement, including the net asset value per unit, and related information, please visit our website at grantparkfunds.com.
Sincerely,
David Kavanagh
President
President
Daily fund performance and weekly commentaries are available on our website at grantparkfunds.com.
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS
FUTURES TRADING INVOLVES A HIGH DEGREE OF RISK AND IS NOT SUITABLE FOR ALL INVESTORS
THIS DOES NOT CONSTITUTE AN OFFER OF ANY SECURITY FOR SALE NOR SHALL THERE BE ANY SALE OF SECURITIES IN ANY JURISDICTION IN WHICH
AN OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION OFFERING BY PROSPECTUS ONLY.
Account Statement
(Prepared from books without audit)
|
For the month ended October 31, 2018
|
|||||||
|
STATEMENT OF INCOME
|
|||||||
|
Trading Income (Loss)
|
|
|
Monthly Performance
|
Year to Date Performance
|
|
||
|
Realized Trading Income (Loss)
|
-$2,172,675
|
-$3,009,067
|
|||||
|
Change In Unrealized Income (Loss)
|
-688,800
|
-956,927
|
|||||
|
Brokerage Commission
|
-27,800
|
-361,361
|
|||||
|
Exchange, Clearing Fee and NFA Charges
|
0
|
0
|
|||||
|
Other Trading Costs
|
-77,823
|
-815,007
|
|||||
|
Change in Accrued Commission
|
8,489
|
13,532
|
|||||
|
Net Trading Income (Loss)
|
|
|
-2,958,609
|
|
-5,128,830
|
|
|
|
Other Income
|
|
|
Monthly Performance
|
Year to Date Performance
|
|
||
|
Interest, U.S. Obligations
|
$53,840
|
$583,464
|
|||||
|
Interest, Other
|
33,646
|
188,109
|
|||||
|
Income from Securities
|
141,625
|
-1,035,111
|
|||||
|
Dividend Income
|
0
|
0
|
|||||
|
Total Income (Loss)
|
|
|
-2,729,498
|
|
-5,392,368
|
|
|
|
Expenses
|
|
|
Monthly Performance
|
Year to Date Performance
|
|
||
|
Management Fee
|
$0
|
$0
|
|||||
|
Incentive Fee
|
-46,637
|
10,293
|
|||||
|
Operating Expenses
|
17,308
|
203,663
|
|||||
|
Organization and Offering Expenses
|
19,968
|
234,196
|
|||||
|
Brokerage Expenses
|
314,795
|
3,678,996
|
|||||
|
Dividend Expenses
|
0
|
0
|
|||||
|
Total Expenses
|
|
|
305,434
|
|
4,127,148
|
|
|
|
Net Income (Loss)
|
|
|
-$3,034,932
|
|
-$9,519,516
|
|
|
|
Statement of Changes in Net Asset Value
|
|
Monthly Performance
|
Year to Date Performance
|
|
|||
|
Beginning Balance
|
$85,871,971
|
$113,483,622
|
|||||
|
Additions
|
0
|
166
|
|||||
|
Net Income (Loss)
|
-3,034,932
|
-9,519,516
|
|||||
|
Redemptions
|
-1,742,795
|
-22,870,028
|
|||||
|
Balance at October 31, 2018
|
|
|
$81,094,244
|
|
$81,094,244
|
|
|
|
PERFORMANCE SUMMARY BY CLASS
|
||||||||
|
Class
|
Net Asset Value per Unit
|
Units
|
Net Asset Value
|
Monthly ROR Year to Date ROR
|
||||
|
A
|
$947.323
|
|
5,058.34551
|
$4,791,887
|
|
-3.56%
|
-9.81%
|
|
|
B
|
$769.028
|
|
69,379.82192
|
$53,355,049
|
|
-3.61%
|
-10.30%
|
|
|
Legacy 1
|
$774.248
|
|
1,317.53489
|
$1,020,098
|
|
-3.38%
|
-8.05%
|
|
|
Legacy 2
|
$754.598
|
|
430.02681
|
$324,497
|
|
-3.40%
|
-8.24%
|
|
|
Global 1
|
$774.583
|
25,900.39146
|
$20,061,992
|
-3.34%
|
-7.28%
|
|||
|
Global 2
|
$756.830
|
|
1,067.29657
|
$807,762
|
|
-3.35%
|
-7.49%
|
|
|
Global 3
|
$640.392
|
1,144.54679
|
$732,958
|
-3.50%
|
-8.84%
|
|||
|
|
|
|
|
|
|
|
|
|
To the best of my knowledge and belief the information contained herein is accurate and complete.
__________________________________________________________
David Kavanagh, President
For Dearborn Capital Management, LLC
General Partner of Grant Park Futures Fund, Limited Partnership