Financial Highlights

9 Months Ended

Sep. 30, 2022

Financial Highlights

Financial Highlights

Note 7. Financial Highlights

The following financial highlights and per unit performance reflect activity related to the Partnership. The following per unit performance calculations reflect activity related to the Partnership for the three and nine months ended September 30, 2022 and 2021. 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. The expense ratios below are computed based upon the weighted average net assets of the Limited Partners for the three and nine months ended September 30, 2022 and 2021 (annualized). Individual limited partners’ ratios may vary from these ratios based on various factors, including but not limited to the timing of capital transactions.

	Three Months ended September 30, 2022
	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 (1)
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	1,013.92		$	807.33		$	894.26		$	863.53		$	910.27		$	883.00		$	—
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (2)		25.68			20.43			22.87			22.06			23.33			22.98			—
Net investment loss (2)		(15.84)			(13.54)			(9.44)			(9.60)			(8.48)			(9.09)			—
Total income (loss) from operations		9.84			6.89			13.43			12.46			14.85			13.89			—
Net asset value per unit at end of period	$	1,023.76		$	814.22		$	907.69		$	875.99		$	925.12		$	896.89		$	—
Total Return		0.97	%		0.85	%		1.50	%		1.44	%		1.63	%		1.57	%		—	%
Ratios as a percentage of average net assets:
Expenses prior to incentive fees (3)		5.87	%		6.53	%		3.55	%		3.80	%		3.00	%		3.40	%		—	%
Incentive fees (4)		0.45	%		0.40	%		0.51	%		0.51	%		0.52	%		0.54	%		—	%
Total expenses		6.32	%		6.93	%		4.06	%		4.31	%		3.52	%		3.94	%		—	%
Net investment loss (3) (5)		(4.57)	%		(5.23)	%		(2.25)	%		(2.50)	%		(1.70)	%		(2.04)	%		—	%

	Three Months Ended September 30, 2021
	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 beginning of period	$	977.58		$	780.80		$	844.46		$	817.37		$	855.23		$	831.58		$	675.73
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (2)		24.63			19.75			21.40			20.70			21.72			21.09			17.09
Net investment loss (2)		(18.00)			(13.58)			(11.16)			(11.28)			(10.22)			(10.41)			(11.25)
Total income (loss) from operations		6.63			6.17			10.24			9.42			11.50			10.68			5.84
Net asset value per unit at end of period	$	984.21		$	786.97		$	854.70		$	826.79		$	866.73		$	842.26		$	681.57
Total Return		0.68	%		0.79	%		1.21	%		1.15	%		1.34	%		1.28	%		0.86	%
Ratios as a percentage of average net assets:
Expenses prior to incentive fees (3)		5.70	%		6.42	%		3.38	%		3.64	%		2.84	%		3.08	%		4.86	%
Incentive fees (4)		0.54	%		0.26	%		0.59	%		0.59	%		0.60	%		0.60	%		0.57	%
Total expenses		6.24	%		6.68	%		3.97	%		4.23	%		3.44	%		3.68	%		5.43	%
Net investment loss (3) (5)		(5.26)	%		(5.97)	%		(2.94)	%		(3.20)	%		(2.40)	%		(2.64)	%		(4.43)	%

	Nine Months ended September 30, 2022
	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 (1)
Per Unit Performance
(for unit outstanding throughout the entire period):
Net asset value per unit at beginning of period	$	950.90		$	759.34		$	830.25		$	802.66		$	843.02		$	818.74		$	659.82
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (2)		133.42			106.83			117.52			113.09			119.35			116.42			41.53
Net investment loss (2)		(60.56)			(51.95)			(40.08)			(39.76)			(37.25)			(38.27)			(19.17)
Total income (loss) from operations		72.86			54.88			77.44			73.33			82.10			78.15			22.36
Redemption																				(682.18)
Net asset value per unit at end of period	$	1,023.76		$	814.22		$	907.69		$	875.99		$	925.12		$	896.89		$	—
Total Return		7.66	%		7.23	%		9.33	%		9.14	%		9.74	%		9.54	%		3.39	%
Ratios as a percentage of average net assets:
Expenses prior to incentive fees (3)		5.82	%		6.49	%		3.52	%		3.76	%		2.96	%		3.27	%		4.95	%
Incentive fees (4)		2.34	%		2.30	%		2.56	%		2.50	%		2.58	%		2.61	%		0.67	%
Total expenses		8.16	%		8.79	%		6.08	%		6.26	%		5.54	%		5.88	%		5.62	%
Net investment loss (3) (5)		(4.99)	%		(5.67)	%		(2.69)	%		(2.93)	%		(2.14)	%		(2.43)	%		(4.52)	%

	Nine Months Ended September 30, 2021
	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 beginning of period	$	900.81		$	721.77		$	772.63		$	748.69		$	780.50		$	759.80		$	620.27
Income (loss) from operations
Net realized and change in unrealized gain (loss) from trading (1)		140.62			113.25			121.03			117.02			122.92			119.75			96.87
Net investment loss (1)		(57.22)			(48.05)			(38.96)			(38.92)			(36.69)			(37.29)			(35.57)
Total income (loss) from operations		83.40			65.20			82.07			78.10			86.23			82.46			61.30
Net asset value per unit at end of period	$	984.21		$	786.97		$	854.70		$	826.79		$	866.73		$	842.26		$	681.57
Total Return		9.26	%		9.03	%		10.62	%		10.43	%		11.05	%		10.85	%		9.88	%
Ratios as a percentage of average net assets:
Expenses prior to incentive fees (2)		5.77	%		6.49	%		3.43	%		3.68	%		2.88	%		3.14	%		4.90	%
Incentive fees (3)		1.97	%		1.74	%		2.47	%		2.43	%		2.55	%		2.56	%		2.02	%
Total expenses		7.74	%		8.23	%		5.90	%		6.11	%		5.43	%		5.70	%		6.92	%
Net investment loss (2) (4)		(5.34)	%		(6.06)	%		(3.00)	%		(3.25)	%		(2.46)	%		(2.71)	%		(4.47)	%

(1) Global 3 Class units were closed effective February 28, 2022. The per unit performance activity and expense ratios for the Global 3 Class units is for the two months ended February 28, 2022.

(2) Net investment loss per unit is 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.

(3) Annualized.

(4) Not annualized.

(5) Excludes incentive fee.