Company Quick10K Filing
Nestor Partners
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 0 $-0
10-Q 2019-11-12 Quarter: 2019-09-30
10-Q 2019-08-13 Quarter: 2019-06-30
10-Q 2019-05-14 Quarter: 2019-03-31
10-K 2019-03-28 Annual: 2018-12-31
10-Q 2018-11-13 Quarter: 2018-09-30
10-Q 2018-08-13 Quarter: 2018-06-30
10-Q 2018-05-14 Quarter: 2018-03-31
10-K 2018-03-29 Annual: 2017-12-31
10-Q 2017-11-13 Quarter: 2017-09-30
10-Q 2017-08-11 Quarter: 2017-06-30
10-Q 2017-05-12 Quarter: 2017-03-31
10-K 2017-03-29 Annual: 2016-12-31
10-Q 2016-11-10 Quarter: 2016-09-30
10-Q 2016-08-12 Quarter: 2016-06-30
10-Q 2016-05-13 Quarter: 2016-03-31
10-K 2016-03-29 Annual: 2015-12-31
10-Q 2015-11-13 Quarter: 2015-09-30
10-Q 2015-08-13 Quarter: 2015-06-30
10-Q 2015-05-14 Quarter: 2015-03-31
10-K 2015-03-30 Annual: 2014-12-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-Q 2014-08-13 Quarter: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-K 2014-03-27 Annual: 2013-12-31
10-Q 2013-11-14 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2013-03-28 Annual: 2012-12-31
10-Q 2012-11-13 Quarter: 2012-09-30
10-Q 2012-08-13 Quarter: 2012-06-30
10-Q 2012-05-15 Quarter: 2012-03-31
10-K 2012-03-30 Annual: 2011-12-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-Q 2011-08-12 Quarter: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-K 2011-03-30 Annual: 2010-12-31
10-Q 2010-11-15 Quarter: 2010-09-30
10-Q 2010-08-13 Quarter: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-K 2010-03-31 Annual: 2009-12-31
C471 2019-09-30
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 c471-20190930xex31_1.htm
EX-31.2 c471-20190930xex31_2.htm
EX-31.3 c471-20190930xex31_3.htm
EX-32.1 c471-20190930xex32_1.htm
EX-32.2 c471-20190930xex32_2.htm
EX-32.3 c471-20190930xex32_3.htm

Nestor Partners Earnings 2019-09-30

C471 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
BMNY 0 0 0 0 -0 -0 -0 102% 0.3 -270%
SLDV 25 6 2 0 13 19 -1 0% -0.0 53%
CHGH 0 0 0 0 -0 -0 -0 0.0 -458%
TOMI 9 8 6 3 -3 -2 -2 56% 0.7 -34%
FHLBI 70,150 66,951 0 0 0 1,520 -76 -0.1 0%
CRDA 794 625 1,064 309 29 100 127 29% 1.3 4%
AGHC 11 9 13 9 -3 -2 1 65% -0.5 -27%
ROPL 7,009 819 816 0 199 435 548 0% 1.3 3%
LAZEX 0 0 0 0 -0 -0 -0 0.0 -831%
UNG 326 1 82 0 38 38 -330 0% -8.6 12%

10-Q 1 c471-20190930x10q.htm 10-Q 20190930 10-Q Q3_Taxonomy2019



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

 



 

Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the Quarterly Period Ended:   September 30, 2019

Or

 



 

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Commission File Number: 000-50725

 

NESTOR PARTNERS

 

 



 

(Exact name of registrant as specified in its charter)

 



 

 

NEW JERSEY

 

22-2149317

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)



c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46th Street, 31st Floor

New York, NY 10036

 

 



 

(Address of principal executive offices) (Zip code)

 

Registrant's telephone number, including area code:  (212) 332-7300

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes            No 

 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes            No 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a  smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.





 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company



Emerging growth company



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Yes            No 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes          No   



 

 


 









 

 

 

 

 

 

PART 1. FINANCIAL INFORMATION

 

 

ITEM 1. FINANCIAL STATEMENTS

 

 



 

 

 

 

 

 



 

 

 

 

 

 



 

 

 

 

 

 

Nestor Partners

 

 

 

Financial statements

 

 

 

For the three and nine months ended September 30, 2019 and 2018 (unaudited)

 

 



 

 

 

 

 

 

Statements of Financial Condition (a)

 

 

Condensed Schedules of Investments (a)

 

 

Statements of Operations (b)

 

 

Statements of Changes in Partners' Capital (c)

 

 

Statements of Financial Highlights (b)

 

 

Notes to the Financial Statements

 

 

10 



 

 

 

 

 

 

(a) At September 30, 2019 (unaudited) and December 31, 2018

 

(b) For the three and nine months ended September 30, 2019 and 2018 (unaudited)

 

(c) For the nine months ended September 30, 2019 and 2018 (unaudited)

 



 

 

 

 

 

 



















 



 

 


 







 

 

 

 

 

Nestor Partners

Statements of Financial Condition



 

 

 

 

 



 

September 30, 2019 (unaudited)

 

 

December 31, 2018

ASSETS

 

 

 

 

 



 

 

 

 

 

EQUITY IN TRADING ACCOUNTS:

 

 

 

 

 

Investments in U.S. Treasury notes − at fair value

 

 

 

 

 

(amortized cost $17,423,460 and $20,474,790)

$

17,449,606 

 

$

20,462,519 

Net unrealized appreciation on open futures and forward

 

 

 

 

 

currency contracts

 

 -

 

 

3,809,427 

Due from brokers, net

 

7,886,180 

 

 

5,872,525 

Cash denominated in foreign currencies (cost $4,336,642

 

 

 

 

 

and $5,579,987)

 

4,276,419 

 

 

5,571,859 



 

 

 

 

 

Total equity in trading accounts

 

29,612,205 

 

 

35,716,330 



 

 

 

 

 

INVESTMENTS IN U.S. TREASURY NOTES − at fair value

 

 

 

 

 

(amortized cost $112,577,952 and $117,981,296)

 

112,747,727 

 

 

117,954,423 



 

 

 

 

 

CASH AND CASH EQUIVALENTS

 

12,534,095 

 

 

14,604,941 



 

 

 

 

 

ACCRUED INTEREST RECEIVABLE

 

465,358 

 

 

278,874 



 

 

 

 

 

TOTAL

$

155,359,385 

 

$

168,554,568 



 

 

 

 

 

LIABILITIES AND PARTNERS' CAPITAL

 

 

 

 

 



 

 

 

 

 

LIABILITIES:

 

 

 

 

 

Capital contributions received in advance

$

489,000 

 

$

125,000 

Net unrealized depreciation on open futures and forward

 

 

 

 

 

currency contracts

 

993,520 

 

 

300,633 

Accrued brokerage fees

 

261,071 

 

 

301,842 

Due to brokers, net

 

 -

 

 

888,453 

Cash denominated in foreign currencies (cost $0

 

 

 

 

 

and $84,933)

 

 -

 

 

89,349 

Accrued expenses

 

147,176 

 

 

41,425 

Capital withdrawals payable to Limited Partners

 

697,843 

 

 

1,674,107 

Capital withdrawals payable to General Partner

 

 -

 

 

212,143 

Accrued profit share

 

318,201 

 

 

 -



 

 

 

 

 

Total liabilities

 

2,906,811 

 

 

3,632,952 



 

 

 

 

 

PARTNERS' CAPITAL

 

152,452,574 

 

 

164,921,616 



 

 

 

 

 

TOTAL

$

155,359,385 

 

$

168,554,568 



 

 

 

 

 



 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

 















1

 


 





 







 

 

 

 

Nestor Partners

Condensed Schedule of Investments

September 30, 2019 (UNAUDITED)



 

 

 

 

Futures and Forward Currency Contracts

Net Unrealized
Appreciation/
(Depreciation) as a % of
Partners' Capital

 

 

Net Unrealized
Appreciation/
(Depreciation)

FUTURES CONTRACTS

 

 

 

 

Long futures contracts:

 

 

 

 

Energies

(0.51)

%

$

(802,338)

Grains

0.00 

 

 

710 

Interest rates:

 

 

 

 

2 Year U.S. Treasury Note (274 contracts, settlement date December 2019)

0.03 

 

 

50,617 

5 Year U.S. Treasury Note (95 contracts, settlement date December 2019)

0.00 

 

 

4,180 

30 Year U.S. Treasury Bond (16 contracts, settlement date December 2019)

0.00 

 

 

1,219 

Other

0.02 

 

 

26,000 



 

 

 

 

Total interest rates

0.05 

 

 

82,016 



 

 

 

 

Livestock

0.00 

 

 

5,940 

Metals

(0.09)

 

 

(130,495)

Stock indices

(0.05)

 

 

(76,708)



 

 

 

 

Total long futures contracts

(0.60)

 

 

(920,875)



 

 

 

 

Short futures contracts:

 

 

 

 

Energies

0.01 

 

 

19,228 

Grains

0.16 

 

 

239,481 

Interest rates

0.04 

 

 

54,830 

Livestock

(0.01)

 

 

(12,650)

Metals

(0.05)

 

 

(78,222)

Softs

(0.05)

 

 

(77,599)

Stock indices

(0.02)

 

 

(25,022)



 

 

 

 

Total short futures contracts

0.08 

 

 

120,046 



 

 

 

 

TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net

(0.52)

 

 

(800,829)

FORWARD CURRENCY CONTRACTS

 

 

 

 

Total long forward currency contracts

(1.45)

 

 

(2,203,127)

Total short forward currency contracts

1.32 

 

 

2,010,436 



 

 

 

 

TOTAL INVESTMENTS IN FORWARD CURRENCY

 

 

 

 

CONTRACTS − Net

(0.13)

 

 

(192,691)

 

 

 

 

 

TOTAL

(0.65)

%

$

(993,520)



 

 

 

 



 

 

 

(Continued)







 

 

 

 

 

 

2

 


 

 

 

Nestor Partners

Condensed Schedule of Investments

September 30, 2019 (UNAUDITED)



 

 

 

 

 

 



U.S. TREASURY NOTES

 

 

 

 



Face
Amount

Description

Fair Value as a % of Partners' Capital

 

 

Fair Value



 

 

 

 

 

 

$

46,970,000 

   U.S. Treasury notes, 1.000%,  11/15/2019

30.78 

%

$

46,927,800 



47,270,000 

   U.S. Treasury notes, 1.375%,  02/15/2020

30.94 

 

 

47,175,829 



36,170,000 

   U.S. Treasury notes, 1.500%,  05/15/2020

23.68 

 

 

36,093,704 



 

 

 

 

 

 



 

TOTAL INVESTMENTS IN U.S. TREASURY

 

 

 

 



 

NOTES (amortized cost $130,001,412)

85.40 

%

$

130,197,333 



 

 

 

 

 

 



See notes to financial statements (unaudited)

 

 

 

(Concluded)

































3

 


 

  





 

 

 

 

Nestor Partners

Condensed Schedule of Investments

December 31, 2018



 

 

 

 

Futures and Forward Currency Contracts

Net Unrealized
Appreciation/
(Depreciation) as a % of
Partners' Capital

 

 

Net Unrealized
Appreciation/
(Depreciation)



 

 

 

 

FUTURES CONTRACTS

 

 

 

 

Long futures contracts:

 

 

 

 

Energies

(0.04)

%

$

(59,830)

Grains

(0.01)

 

 

(18,510)

Interest rates:

 

 

 

 

30 Year U.S. Treasury Bond (26 contracts, settlement date March 2019)

0.01 

 

 

11,469 

Other

0.69 

 

 

1,134,495 



 

 

 

 

Total interest rates

0.70 

 

 

1,145,964 



 

 

 

 

Metals

(0.31)

 

 

(510,086)

Stock indices

(0.05)

 

 

(90,666)



 

 

 

 

Total long futures contracts

0.29 

 

 

466,872 



 

 

 

 

Short futures contracts:

 

 

 

 

Energies

2.03 

 

 

3,350,803 

Grains

0.15 

 

 

251,578 

Interest rates

(0.66)

 

 

(1,090,436)

Livestock

0.00 

 

 

810 

Metals

0.24 

 

 

396,897 

Softs

0.05 

 

 

76,581 

Stock indices

(0.14)

 

 

(225,371)



 

 

 

 

Total short futures contracts

1.67 

 

 

2,760,862 



 

 

 

 

TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net

1.96 

 

 

3,227,734 

FORWARD CURRENCY CONTRACTS

 

 

 

 

Total long forward currency contracts

0.50 

 

 

820,193 

Total short forward currency contracts

(0.33)

 

 

(539,133)



 

 

 

 

TOTAL INVESTMENTS IN FORWARD CURRENCY

 

 

 

 

CONTRACTS − Net

0.17 

 

 

281,060 

 

 

 

 

 

TOTAL

2.13 

%

$

3,508,794 



 

 

 

 



 

 

 

(Continued)



4

 


 



 

 

 

 

 

 



 

Nestor Partners

Condensed Schedule of Investments

December 31, 2018



 

 

 

 

 

 



U.S. TREASURY NOTES

 

 

 

 



Face
Amount

Description

Fair Value as a % of Partners' Capital

 

 

Fair Value



 

 

 

 

 

 

$

33,270,000 

   U.S. Treasury notes, 0.750%, 02/15/2019

20.14 

%

$

33,201,120 



35,970,000 

   U.S. Treasury notes, 0.875%, 05/15/2019

21.68 

 

 

35,762,751 



34,170,000 

   U.S. Treasury notes, 0.750%, 08/15/2019

20.49 

 

 

33,789,592 



36,170,000 

   U.S. Treasury notes, 1.000%, 11/15/2019

21.62 

 

 

35,663,479 



 

 

 

 

 

 



 

TOTAL INVESTMENTS IN U.S. TREASURY

 

 

 

 



 

NOTES (amortized cost $138,456,086)

83.93 

%

$

138,416,942 



 

 

 

 

 

 



See notes to financial statements (unaudited)

 

 

 

(Concluded)































  

5

 


 



    







 

 

 

 

 

Nestor Partners

Statements of Operations (UNAUDITED)



 

 

 

 

 



 

 

 

 

 

 

 

For the three months ended



 

September 30, 2019

 

 

September 30, 2018

INVESTMENT INCOME:

 

 

 

 

 

Interest income

$

861,532 

 

$

727,316 



 

 

 

 

 

EXPENSES:

 

 

 

 

 

Brokerage fees

 

946,525 

 

 

962,300 

Administrative expenses

 

70,000 

 

 

70,000 

Custody fees and other expenses

 

6,842 

 

 

7,301 

Total expenses

 

1,023,367 

 

 

1,039,601 



 

 

 

 

 

NET INVESTMENT LOSS

 

(161,835)

 

 

(312,285)



 

 

 

 

 

NET REALIZED AND UNREALIZED GAINS (LOSSES):

 

 

 

 

 

Net realized gains (losses) on closed positions:

 

 

 

 

 

Futures and forward currency contracts

 

2,583,678 

 

 

5,487,860 

Foreign exchange translation

 

(93,940)

 

 

(158,065)

Net change in unrealized:

 

 

 

 

 

Futures and forward currency contracts

 

(845,339)

 

 

(893,714)

Foreign exchange translation

 

(106,944)

 

 

99,186 

Net gains (losses) from U.S. Treasury notes:

 

 

 

 

 

Realized

 

17,678 

 

 

 -

Net change in unrealized

 

(82,839)

 

 

(12,734)

Total net realized and unrealized gains

 

1,472,294 

 

 

4,522,533 



 

 

 

 

 

NET INCOME

 

1,310,459 

 

 

4,210,248 

LESS PROFIT SHARE TO GENERAL PARTNER

 

98,296 

 

 

19,553 

NET INCOME AFTER PROFIT SHARE TO 

 

 

 

 

 

GENERAL PARTNER

$

1,212,163 

 

$

4,190,695 



 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

(Continued)



 

 

 

 

 

























6

 


 







 

 

 

 

 

Nestor Partners

Statements of Operations (UNAUDITED)



 

 

 

 

 



 

 

 

 

 



 

 

 

 

 



 

For the nine months ended



 

September 30, 2019

 

 

September 30, 2018

INVESTMENT INCOME:

 

 

 

 

 

Interest income

$

2,721,691 

 

$

1,826,241 



 

 

 

 

 

EXPENSES:

 

 

 

 

 

Brokerage fees

 

2,941,674 

 

 

2,881,296 

Administrative expenses

 

210,000 

 

 

210,000 

Custody fees and other expenses

 

21,579 

 

 

21,829 



 

 

 

 

 

Total expenses

 

3,173,253 

 

 

3,113,125 



 

 

 

 

 

NET INVESTMENT LOSS

 

(451,562)

 

 

(1,286,884)



 

 

 

 

 

NET REALIZED AND UNREALIZED GAINS (LOSSES):

 

 

 

 

 

Net realized gains (losses) on closed positions:

 

 

 

 

 

Futures and forward currency contracts

 

9,197,753 

 

 

(7,084,846)

Foreign exchange translation

 

(195,727)

 

 

135,632 

Net change in unrealized:

 

 

 

 

 

Futures and forward currency contracts

 

(4,502,314)

 

 

5,883,345 

Foreign exchange translation

 

(47,679)

 

 

(223,279)

Net gains (losses) from U.S. Treasury notes:

 

 

 

 

 

Realized

 

28,947 

 

 

(14,185)

Net change in unrealized

 

235,065 

 

 

72,735 



 

 

 

 

 

Total net realized and unrealized gains (losses)

 

4,716,045 

 

 

(1,230,598)



 

 

 

 

 



 

 

 

 

 

NET INCOME (LOSS)

 

4,264,483 

 

 

(2,517,482)

LESS PROFIT SHARE TO GENERAL PARTNER

 

328,903 

 

 

27,177 

NET INCOME (LOSS) AFTER PROFIT SHARE TO

 

 

 

 

 

GENERAL PARTNER

$

3,935,580 

 

$

(2,544,659)



 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

(Concluded)















7

 


 







 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nestor Partners

Statements of Changes in Partners' Capital (UNAUDITED)



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2019:

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

Limited Partners

 

 

Special Limited Partners

 

 

New Profit Memo Account

 

 

General Partner

 

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARTNERS' CAPITAL-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2019

$

96,830,015 

 

$

65,627,045 

 

$

 -

 

$

2,464,556 

 

$

164,921,616 

Contributions

 

4,097,000 

 

 

 -

 

 

10,702 

 

 

 -

 

 

4,107,702 

Withdrawals

 

(15,309,775)

 

 

(5,202,549)

 

 

 -

 

 

 -

 

 

(20,512,324)

Net income (loss)

 

1,627,666 

 

 

2,527,186 

 

 

(7)

 

 

109,638 

 

 

4,264,483 

General Partner's allocation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Profit-Accrued

 

(328,903)

 

 

 -

 

 

 -

 

 

 -

 

 

(328,903)

PARTNERS' CAPITAL-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2019

$

86,916,003 

 

$

62,951,682 

 

$

10,695 

 

$

2,574,194 

 

$

152,452,574 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2018:

 

 

 

 

 

 

 

 

 



 

Limited Partners

 

 

Special Limited Partners

 

 

New Profit Memo Account

 

 

General Partner

 

 

Total



 

 

 

 

 

 

 

 

 

 

 

 

 

 

PARTNERS' CAPITAL-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2018

$

99,284,720 

 

$

65,663,388 

 

$

 -

 

$

2,367,160 

 

$

167,315,268 

Contributions

 

6,742,750 

 

 

 -

 

 

 -

 

 

 -

 

 

6,742,750 

Withdrawals

 

(8,783,305)

 

 

(353,011)

 

 

 -

 

 

 -

 

 

(9,136,316)

Net income (loss)

 

(2,436,136)

 

 

(85,130)

 

 

 -

 

 

3,784 

 

 

(2,517,482)

General Partner's allocation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New Profit-Accrued

 

(27,177)

 

 

 -

 

 

 -

 

 

 -

 

 

(27,177)

PARTNERS' CAPITAL-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

September 30, 2018

$

94,780,852 

 

$

65,225,247 

 

$

 -

 

$

2,370,944 

 

$

162,377,043 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

 

 





















8

 


 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nestor Partners

Statements of Financial Highlights (UNAUDITED)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended September 30, 2019 and 2018

 

Limited
Partners

 

 

Special Limited
Partners

 



 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss) (a)

 

 

(1.63)

%

 

(2.02)

%

 

1.20

%

 

1.00

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses (a)

 

 

3.87

%

 

3.83

%

 

1.02

%

 

0.81

%

Profit share allocation (b)

 

 

0.11

%

 

0.02

%

 

0.00

%

 

0.00

%

Total expenses and profit share allocation

 

3.98

%

 

3.85

%

 

1.02

%

 

0.81

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return before profit share allocation (b)

 

0.57

%

 

2.31

%

 

1.28

%

 

3.09

%

Less: profit share allocation (b)

 

 

0.11

%

 

0.02

%

 

0.00

%

 

0.00

%

Total return after profit share allocation

 

0.46

%

 

2.29

%

 

1.28

%

 

3.09

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(b) not annualized

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the nine months ended September 30, 2019 and 2018

 

Limited
Partners

 

 

Special Limited
Partners

 



 

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios to average capital:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income (loss) (a)

 

 

(1.58)

%

 

(2.30)

%

 

1.32

%

 

0.69

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total expenses (a)

 

 

3.87

%

 

3.82

%

 

0.96

%

 

0.83

%

Profit share allocation (b)

 

 

0.35

%

 

0.03

%

 

0.00

%

 

0.00

%

Total expenses and profit share allocation

 

4.22

%

 

3.85

%

 

0.96

%

 

0.83

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total return before profit share allocation (b)

 

1.92

%

 

(2.33)

%

 

4.18

%

 

(0.11)

%

Less: profit share allocation (b)

 

 

0.35

%

 

0.03

%

 

0.00

%

 

0.00

%

Total return after profit share allocation

 

1.57

%

 

(2.36)

%

 

4.18

%

 

(0.11)

%



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) annualized