Company Quick10K Filing
Quick10K
Global Macro Trust
10-Q 2019-03-31 Quarter: 2019-03-31
S-1 2019-02-13 Public Filing
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
LLY Eli Lilly 112,420
DOW Dow Chemical 39,640
EA Electronic Arts 27,960
ESV Ensco 2,400
EPZM Epizyme 1,090
CIA Citizens 344
HKEB HK Ebus 0
OVTZ Oculus 0
CPA17 Corporate Property Associates 17 - Global 0
GAIF Graham Alternative Investment Fund I 0
C765 2019-03-31
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 The Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 c765-20190331xex31_1.htm
EX-31.2 c765-20190331xex31_2.htm
EX-31.3 c765-20190331xex31_3.htm
EX-32.1 c765-20190331xex32_1.htm
EX-32.2 c765-20190331xex32_2.htm
EX-32.3 c765-20190331xex32_3.htm

Global Macro Trust Earnings 2019-03-31

C765 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 c765-20190331x10q.htm 10-Q 20190331 10Q Q1_Taxonomy2017

 

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:   March 31, 2019

or

 



 

 



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

 

Commission File Number: 000-50102

 



GLOBAL MACRO TRUST

(Exact name of registrant as specified in its charter)



 



 

 

Delaware

 

36-7362830

(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 and 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

 



 

 

 

 

 

 

Global Macro Trust

 

Financial statements

 

For the three months ended March 31, 2019 and 2018 (unaudited)

 



 

 

 

 

 

 

Statements of Financial Condition (a)

 

 

Condensed Schedules of Investments (a)

 

 

Statements of Operations (b)

 

 

Statements of Changes in Trust Capital (b)

 

 

Statements of Financial Highlights (b)

 

 

Notes to the Financial Statements

 

 

10 



 

 

 

 

 

 

(a) At March 31, 2019 (unaudited) and December 31, 2018

 

(b) For the three months ended March 31, 2019 and 2018 (unaudited)

 



 

















 

 

 


 





 

 

 

 

 

Global Macro Trust

Statements of Financial Condition

 

 

 

 

 

 



 

 

 

 

 



 

March 31, 2019 (unaudited)

 

 

December 31, 2018

ASSETS

 

 

 

 

 

EQUITY IN TRADING ACCOUNTS:

 

 

 

 

 

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

 

 

 

 

 

(amortized cost $21,712,250 and $21,617,368)

$

21,721,797 

 

$

21,603,382 

Net unrealized appreciation on open futures and

 

 

 

 

 

forward currency contracts

 

1,033,856 

 

 

4,054,099 

Due from brokers

 

6,417,552 

 

 

6,504,331 

Cash denominated in foreign currencies (cost $8,841,875

 

 

 

 

 

and $6,909,914)

 

8,768,717 

 

 

6,897,526 

Total equity in trading accounts

 

37,941,922 

 

 

39,059,338 



 

 

 

 

 

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

 

 

 

 

 

(amortized cost $123,748,864 and $127,102,393)

 

123,830,697 

 

 

127,073,001 

CASH AND CASH EQUIVALENTS

 

14,115,802 

 

 

11,323,714 

ACCRUED INTEREST RECEIVABLE

 

362,692 

 

 

300,240 

TOTAL

$

176,251,113 

 

$

177,756,293 



 

 

 

 

 

LIABILITIES AND TRUST CAPITAL

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

Subscriptions by Unitholders received in advance

$

545,000 

 

$

75,000 

Net unrealized depreciation on open forward currency contracts

 

533,602 

 

 

318,490 

Due to Managing Owner

 

66,914 

 

 

 -

Due to brokers

 

 -

 

 

180,817 

Accrued brokerage and custodial fees

 

688,567 

 

 

713,459 

Accrued management fees

 

50,837 

 

 

48,716 

Redemptions payable to Unitholders

 

2,772,121 

 

 

1,542,051 

Redemption payable to Managing Owner

 

 -

 

 

68,133 

Accrued expenses

 

98,488 

 

 

95,879 

Cash denominated in foreign currencies (cost $0 and $162,735)

 

 -

 

 

165,502 

Accrued profit share

 

70,872 

 

 

 -

Total liabilities

 

4,826,401 

 

 

3,208,047 



 

 

 

 

 



 

 

 

 

 

TRUST CAPITAL:

 

 

 

 

 

Managing Owner interest (3,323.276 and 3,271.911 units outstanding)

 

3,956,659 

 

 

3,878,720 

Series 1 Unitholders (105,591.716 and 110,008.795 units outstanding)

 

125,716,077 

 

 

130,410,857 

Series 3 Unitholders (19,141.313 and 19,251.321 units outstanding)

 

32,090,300 

 

 

31,842,823 

Series 4 Unitholders (3,906.508 and 3,619.144 units outstanding)

 

8,242,725 

 

 

7,485,965 

Series 5 Unitholders (883.004 and 584.994 units outstanding)

 

1,418,951 

 

 

929,881 

Total trust capital

 

171,424,712 

 

 

174,548,246 



 

 

 

 

 

TOTAL

$

176,251,113 

 

$

177,756,293 



 

 

 

 

 

NET ASSET VALUE PER UNIT OUTSTANDING:

 

 

 

 

 

Series 1 Unitholders

$

1,190.59 

 

$

1,185.46 

Series 3 Unitholders

$

1,676.49 

 

$

1,654.06 

Series 4 Unitholders

$

2,110.00 

 

$

2,068.44 

Series 5 Unitholders

$

1,606.96 

 

$

1,589.56 



 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

 













1

 


 







 

 

 

 

Global Macro Trust

Condensed Schedule of Investments (UNAUDITED)

March 31, 2019



 

 

 

 

FUTURES AND FORWARD CURRENCY CONTRACTS

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

 

 

Net Unrealized
Appreciation/
(Depreciation)

FUTURES CONTRACTS

 

 

 

 

Long futures contracts:

 

 

 

 

Energies

0.04 

%

$

72,156 

Grains

(0.05)

 

 

(82,680)

Interest rates:

 

 

 

 

30 Year U.S. Treasury Bond (5 contracts, settlement date June 2019)

0.00 

 

 

156 

Other

0.42 

 

 

717,252 



 

 

 

 

Total interest rates

0.42 

 

 

717,408 



 

 

 

 

Livestock

(0.02)

 

 

(33,720)

Metals

0.22 

 

 

388,096 

Softs

0.01 

 

 

8,940 

Stock indices

0.35 

 

 

592,650 



 

 

 

 

Total long futures contracts

0.97 

 

 

1,662,850 



 

 

 

 

Short futures contracts:

 

 

 

 

Energies

0.01 

 

 

20,162 

Grains

0.15 

 

 

250,007 

Interest rates:

 

 

 

 

5 Year U.S. Treasury Note (11 contracts, settlement date June 2019)

0.00 

 

 

5,211 

Other

(0.26)

 

 

(445,065)



 

 

 

 

Total interest rates

(0.26)

 

 

(439,854)



 

 

 

 

Metals

(0.23)

 

 

(397,026)

Softs

0.01 

 

 

29,877 

Stock indices

(0.05)

 

 

(92,160)



 

 

 

 

Total short futures contracts

(0.37)

 

 

(628,994)



 

 

 

 

TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net

0.60 

 

 

1,033,856 



 

 

 

 

FORWARD CURRENCY CONTRACTS

 

 

 

 

Total long forward currency contracts

(0.86)

 

 

(1,475,211)

Total short forward currency contracts

0.55 

 

 

941,609 



 

 

 

 

TOTAL INVESTMENTS IN FORWARD CURRENCY

 

 

 

 

CONTRACTS-Net

(0.31)

 

 

(533,602)

 

 

 

 

 

TOTAL

0.29 

%

$

500,254 



 

 

 

 



 

 

 

(Continued)

2

 


 



 



 

 

 

 

 

 

 

 

Global Macro Trust

Condensed Schedule of Investments (UNAUDITED)

March 31, 2019

U.S. TREASURY NOTES

 

 

 

 

 



 

 

 

 

 

 

 

 

Face Amount

 

Description

 

Fair Value
as a % of
Trust Capital

 

 

Fair Value



 

 

 

 

 

 

 

 

$

38,910,000 

 

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

 

22.66 

%

$

38,838,562 



33,760,000 

 

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

 

19.57 

 

 

33,546,363 



36,720,000 

 

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

 

21.23 

 

 

36,397,266 



37,100,000 

 

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

 

21.45 

 

 

36,770,303 



 

 

Total investments in U.S. Treasury notes

 

 

 

 

 



 

 

(amortized cost $145,461,114)

 

84.91 

%

$

145,552,494 



 

 

 

 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

(Concluded)



3

 


 







 

 

 

 

Global Macro Trust

Condensed Schedule of Investments

December 31, 2018



 

 

 

 

FUTURES AND FORWARD CURRENCY CONTRACTS

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

 

 

Net Unrealized
Appreciation/
(Depreciation)

FUTURES CONTRACTS

 

 

 

 

Long futures contracts:

 

 

 

 

Energies

(0.04)

%

$

(63,140)

Grains

(0.01)

 

 

(19,770)

Interest rates:

 

 

 

 

30 Year U.S. Treasury Bond (27 contracts, settlement date March 2019)

0.01 

 

 

11,594 

Other

0.69 

 

 

1,206,179 



 

 

 

 

Total interest rates

0.70 

 

 

1,217,773 



 

 

 

 

Metals

(0.33)

 

 

(575,250)

Stock indices

(0.05)

 

 

(92,460)



 

 

 

 

Total long futures contracts

0.27 

 

 

467,153 



 

 

 

 

Short futures contracts:

 

 

 

 

Energies

2.04 

 

 

3,577,403 

Grains

0.15 

 

 

265,515 

Interest rates

(0.66)

 

 

(1,153,413)

Livestock

0.00 

 

 

70 

Metals

0.26 

 

 

449,212 

Softs

0.05 

 

 

79,694 

Stock indices

(0.14)

 

 

(247,491)



 

 

 

 

Total short futures contracts

1.70 

 

 

2,970,990 



 

 

 

 

TOTAL INVESTMENTS IN FUTURES CONTRACTS-Net

1.97 

 

 

3,438,143 



 

 

 

 

FORWARD CURRENCY CONTRACTS

 

 

 

 

Total long forward currency contracts

0.50 

 

 

868,265 

Total short forward currency contracts

(0.33)

 

 

(570,799)

TOTAL INVESTMENTS IN FORWARD CURRENCY

 

 

 

 

CONTRACTS-Net

0.17 

 

 

297,466 

 

 

 

 

 

TOTAL

2.14 

%

$

3,735,609 



 

 

 

 



 

 

 

(Continued)



4

 


 





 

 

 

 

 

 

 

Global Macro Trust

Condensed Schedule of Investments

December 31, 2018

U.S. TREASURY NOTES

 

 

 

 



 

 

 

 

 

 

 

Face Amount

 

Description

Fair Value
as a % of
Trust Capital

 

 

Fair Value



 

 

 

 

 

 

 

$

39,200,000 

 

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

22.41 

%

$

39,118,844 



38,910,000 

 

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

22.16 

 

 

38,685,812 



33,760,000 

 

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

19.13 

 

 

33,384,156 



38,020,000 

 

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

21.48 

 

 

37,487,571 



 

 

Total investments in U.S. Treasury notes

 

 

 

 



 

 

(amortized cost $148,719,761)

85.18 

%

$

148,676,383 



 

 

 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

(Concluded)

















5

 


 









 

 

 

 

 

Global Macro Trust

Statements of Operations (UNAUDITED)



 

 

 

 

 



 

For the three months ended



 

March 31, 2019

 

 

March 31, 2018

INVESTMENT INCOME:

 

 

 

 

 

Interest income

$

962,826 

 

$

620,115 



 

 

 

 

 

EXPENSES:

 

 

 

 

 

Brokerage and custodial fees

 

2,184,768 

 

 

2,709,729 

Administrative expenses

 

251,080 

 

 

288,435 

Custody fees and other expenses

 

7,955 

 

 

9,206 

Management fees

 

147,034 

 

 

138,542 

Total expenses

 

2,590,837 

 

 

3,145,912 



 

 

 

 

 

Managing Owner commission rebate to Unitholders

 

(135,056)

 

 

(177,189)



 

 

 

 

 

Net expenses

 

2,455,781 

 

 

2,968,723 



 

 

 

 

 

NET INVESTMENT LOSS

 

(1,492,955)

 

 

(2,348,608)



 

 

 

 

 

NET REALIZED AND UNREALIZED GAINS (LOSSES):

 

 

 

 

 

Net realized gains (losses) on closed positions:

 

 

 

 

 

Futures and forward currency contracts

 

6,047,956 

 

 

(19,705,693)

Foreign exchange translation

 

(38,294)

 

 

401,336 

Net change in unrealized:

 

 

 

 

 

Futures and forward currency contracts

 

(3,235,355)

 

 

8,099,571 

Foreign exchange translation

 

(58,003)

 

 

(193,611)

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

 

 

 

 

 

Realized

 

7,538 

 

 

(11,106)

Net change in unrealized 

 

134,758 

 

 

(7,125)

TOTAL NET REALIZED AND UNREALIZED GAINS (LOSSES)

 

2,858,600 

 

 

(11,416,628)

 

 

 

 

 

 



 

 

 

 

 

NET INCOME (LOSS)

$

1,365,645 

 

$

(13,765,236)

LESS PROFIT SHARE TO MANAGING OWNER

 

70,872 

 

 

 -

NET INCOME (LOSS) AFTER PROFIT SHARE TO (FROM) MANAGING OWNER

$

1,294,773 

 

$

(13,765,236)



 

 

 

 

 

NET INCOME (LOSS) PER UNIT OUTSTANDING

 

 

 

 

 

Series 1 Unitholders

$

5.13 

 

$

(82.21)

Series 3 Unitholders

$

22.43 

 

$

(92.50)

Series 4 Unitholders

$

41.56 

 

$

(105.19)

Series 5 Unitholders (1)

$

17.40 

 

$

 -



 

 

 

 

 

(1) Series 5 Units were first issued on April 1, 2018.

 

 

 

 

 



 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

 





 

6

 


 











 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Macro Trust

Statements of Changes in Trust Capital (UNAUDITED)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2019:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

New Profit 

 

 

 

 

 



 

Series 1 Unitholders

 

Series 3 Unitholders

 

Series 4 Unitholders

 

Series 5 Unitholders

 

Memo Account

 

Managing Owner

 

Total



 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust capital at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2019

$

130,410,857  110,008.795 

$

31,842,823  19,251.321 

$

7,485,965  3,619.144 

$

929,881  584.994 

$

 -

 -

$

3,878,720  3,271.911 

$

174,548,246 

Subscriptions

 

 -

 -

 

526,500  323.250 

 

589,162  287.364 

 

467,150  298.010 

 

 -

 -

 

 -

 -

 

1,582,812 

Redemptions

 

(5,278,423) (4,499.976)

 

(722,696) (433.258)

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

 -

 

(6,001,119)

Addt'l units allocated *

 

 -

82.897 

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

51.365 

 

 -

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

before profit share to Managing Owner

 

583,643 

 -

 

510,637 

 -

 

167,598 

 -

 

25,828 

 -

 

 -

 -

 

77,939 

 -

 

1,365,645 

Profit share to Managing Owner:

 

 -

 -

 

(66,964)

 -

 

 -

 -

 

(3,908)

 -

 

 -

 -

 

 -

 -

 

(70,872)

Transfer of New Profit Memo

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Account to Managing Owner

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

Trust capital at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2019

$

125,716,077  105,591.716 

$

32,090,300  19,141.313 

$

8,242,725  3,906.508 

$

1,418,951  883.004 

$

 -

 -

$

3,956,659  3,323.276 

$

171,424,712 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per unit outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

at March 31, 2019:

$

1,190.59 

 

$

1,676.49 

 

$

2,110.00 

 

$

1,606.96 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and the Managing Owner.

 

 

 

 

 

 

 

 

 

 

 

(Continued)





 

7

 


 





 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Macro Trust

Statements of Changes in Trust Capital (UNAUDITED)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

New Profit 

 

 

 

 



 

Series 1 Unitholders

 

Series 3 Unitholders

 

Series 4 Unitholders

 

Memo Account

 

Managing Owner

 

Total



 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount

Units

 

Amount



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trust capital at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2018

$

169,927,843  139,480.782 

$

31,616,309  19,430.096 

$

6,558,797  3,286.212 

$

 -

 -

$

3,742,615  3,072.023 

$

211,845,564 

Subscriptions

 

 -

 -

 

2,683,900  1,706.882 

 

531,042  268.408 

 

 -

 -

 

 -

 -

 

3,214,942 

Redemptions

 

(6,666,191) (5,854.307)

 

(2,060,673) (1,338.640)

 

(35,681) (19.380)

 

 -

 -

 

 -

 -

 

(8,762,545)

Addt'l units allocated *

 

 -

95.732 

 

 -

 -

 

 -

 -

 

 -

 -

 

 -

48.667 

 

 -

Net loss

 

(11,342,419)

 -

 

(1,855,325)

 -

 

(370,230)

 -

 

 -

 -

 

(197,262)

 -

 

(13,765,236)

Trust capital at

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2018

$

151,919,233  133,722.207 

$

30,384,211  19,798.338 

$

6,683,928  3,535.240 

$

 -

 -

$

3,545,353  3,120.690 

$

192,532,725 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per unit outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

at March 31, 2018:

$

1,136.08 

 

$

1,534.68 

 

$

1,890.66 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Additional units are issued to Series 1 Unitholders who are charged less than a 7% brokerage fee and the Managing Owner.

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See notes to financial statements (unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(Concluded)

























 

8

 


 

 









 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global Macro Trust

Statements of Financial Highlights (UNAUDITED)



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31:

 

2019

2018



 

 

Series 1

 

Series 3

 

Series 4

 

Series 5 (C) 

 

 

Series 1

 

 

Series 3

 

Series 4

 

Net income (loss) from operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment gain (loss)

 

 

$               (13.68)

 

$             (2.02)

 

$             6.51 

 

$           (4.89)

 

 

$                (16.24)

 

 

$           (5.39)

 

$             1.67 

 

Net realized and unrealized gains on trading of futures and forward currency contracts

 

 

17.84 

 

26.54 

 

33.36 

 

26.41 

 

 

(65.86)

 

 

(86.98)

 

(106.69)

 

Net gains (losses) from U.S. Treasury obligations

 

 

0.97 

 

1.36 

 

1.69 

 

1.38 

 

 

(0.11)

 

 

(0.13)

 

(0.17)

 

Profit share allocated to Managing Owner

 

 

0.00 

 

(3.45)

 

0.00 

 

(5.50)

 

 

0.00 

 

 

0.00 

 

0.00 

 

Net income (loss) per unit

 

 

$                   5.13 

 

$            22.43 

 

$           41.56 

 

$           17.40 

 

 

$                (82.21)

 

 

$         (92.50)

 

$       (105.19)

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per unit, beginning of period

 

 

1,185.46 

 

1,654.06 

 

2,068.44 

 

1,589.56 

 

 

1,218.29 

 

 

1,627.18 

 

1,995.85 

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net asset value per unit, end of period

 

 

$            1,190.59 

 

$       1,676.49 

 

$      2,110.00 

 

$      1,606.96 

 

 

$             1,136.08 

 

 

$      1,534.68 

 

$      1,890.66 

 

Total return and ratios for the three months ended March 31:

2019

 

2018



 

 

Series 1

 

Series 3

 

Series 4

 

Series 5

 

 

Series 1

 

 

Series 3

 

Series 4

 

RATIOS TO AVERAGE CAPITAL:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment gain (loss) (a)

 

 

(4.67)

%

(0.49)

%

1.26 

%

(1.24)

%

 

(5.67)

%

 

(1.40)

%

0.35 

%

Total expenses (a)

 

 

6.91 

%

2.72 

%

0.97 

%

3.48 

%

 

6.91 

%

 

2.64 

%

0.88 

%

Profit share allocation (b)

 

 

0.00 

 

0.21 

 

0.00 

 

0.35 

 

 

0.00 

 

 

0.00 

 

0.00 

 

TOTAL EXPENSES AND PROFIT SHARE ALLOCATION

 

 

6.91 

%

2.93 

%

0.97 

%

3.83 

%

 

6.91 

%

 

2.64 

%

0.88 

%

Total return before profit share allocation (b)

 

 

0.43 

%

1.57 

%

2.01 

%

1.44 

%

 

(6.75)

%

 

(5.68)

%

(5.27)

%

Less: Profit share allocation (b)

 

 

0.00 

 

0.21