Note 8. Financial Highlights

The following financial highlights reflect activity related to the Partnership. Total return is based on the change in value during the period of a theoretical investment made by a limited partner at the beginning of each calendar month during the period and is not annualized. Individual limited partners’ ratios may vary from these ratios based on various factors, including but not limited to the timing of capital transactions.




	2019		2018		2017

Total return – Class A Units	4.85	%	(9.92)	%	(3.12)	%
Total return – Class B Units	4.23	%	(10.50)	%	(3.75)	%
Total return – Legacy 1 Class Units	7.20	%	(7.80)	%	(0.86)	%
Total return – Legacy 2 Class Units	6.87	%	(8.03)	%	(1.10)	%
Total return – Global 1 Class Units	7.65	%	(6.95)	%	(0.40)	%
Total return – Global 2 Class Units	7.47	%	(7.19)	%	(0.62)	%
Total return – Global 3 Class Units	5.73	%	(8.82)	%	(2.34)	%
Ratios as a percentage of average net assets:
Expenses prior to incentive fees	5.17	%	5.13	%	5.16	%
Incentive fees	0.57	%	0.01	%	0.28	%
Total expenses	5.74	%	5.14	%	5.44	%
Net investment loss (1)	(3.52)	%	(4.10)	%	(4.01)	%

(1)

Excludes incentive fee.

The expense ratios above are computed based upon the weighted average net assets of the Limited Partners for the years ended December 31, 2019, 2018, and 2017.

The following per unit performance calculations reflect activity related to the Partnership.


	Class A		Class B		Legacy 1		Legacy 2		Global 1		Global 2		Global 3
	Units		Units		Class Units		Class Units		Class Units		Class Units		Class Units
Per Unit Performance
(for unit outstanding throughout the entire period):

Net asset value per unit at December 31, 2016	$	1,084.25	$	890.74	$	849.35	$	831.55	$	838.82	$	823.19	$	719.36
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading		14.25		11.87		11.12		10.93		11.08		11.60		10.11
Expenses net of interest and dividend income*		(48.10)		(45.24)		(18.41)		(20.12)		(14.48)		(16.67)		(26.97)
Total income (loss) from operations		(33.85)		(33.37)		(7.29)		(9.19)		(3.40)		(5.07)		(16.86)
Net asset value per unit at December 31, 2017		1,050.40		857.37		842.06		822.36		835.42		818.12		702.50
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading		(59.20)		(48.57)		(48.77)		(47.38)		(45.27)		(44.42)		(37.92)
Expenses net of interest and dividend income*		(44.96)		(41.49)		(16.95)		(18.65)		(12.75)		(14.44)		(24.01)
Total income (loss) from operations		(104.16)		(90.06)		(65.72)		(66.03)		(58.02)		(58.86)		(61.93)
Net asset value per unit at December 31, 2018		946.24		767.31		776.34		756.33		777.40		759.26		640.57
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading		88.82		71.97		72.66		71.28		73.71		71.96		60.72
Expenses net of interest and dividend income*		(42.96)		(39.50)		(16.72)		(19.34)		(14.24)		(15.23)		(24.00)
Total income (loss) from operations		45.86		32.47		55.94		51.94		59.47		56.73		36.72
Net asset value per unit at December 31, 2019	$	992.10	$	799.78	$	832.28	$	808.27	$	836.87	$	815.99	$	677.29

* Expenses net of interest and dividend income per unit and organization and offering costs per unit are calculated by dividing the expenses net of interest income by the average number of units outstanding during the period. The net realized and change in unrealized gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.