v3.25.1
Investments in Unconsolidated Trading Companies and Private Investment Companies
 3 Months Ended
Mar. 31, 2025
The Series of Frontier Funds [Member]  
Investments in Unconsolidated Trading Companies and Private Investment Companies [Line Items]  
Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Unconsolidated Trading Companies and Private Investment Companies

 

Investments in unconsolidated Trading Companies and private investment companies represent cash and open trade equity invested in the Trading and private investment companies and cumulative trading profits or losses allocated to each Series by the Trading Companies and private investment companies. Trading Companies and private investment companies allocate trading profits or losses on the basis of the proportion of each Series’ capital allocated for trading to each respective Trading Company, which bears no relationship to the amount of cash invested by a Series in the Trading Company and private investment companies. The Trading Companies are valued using the equity method of accounting, which approximates fair value. Investments in private investment companies are valued using the NAV provided by the underlying private investment.

 

The Galaxy Plus entities are made up of feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus master trading entity is greater than 5% of the Trust’s total capital.

 

The following table summarizes each of the Series’ investments in unconsolidated Trading Companies as of March 31, 2025 and December 31, 2024:

 

   As of March 31, 2025   As of December 31, 2024 
   Percentage of       Percentage of     
   Series Total       Series Total     
   Capital Invested in       Capital Invested in     
Series   Unconsolidated
Trading Companies		   Fair Value   Unconsolidated
Trading Companies		   Fair Value 
                 
Frontier Diversified Series:                    
Frontier Trading Company XXXVIII   2.66%  $20,372    2.42%  $23,131 
Frontier Masters Fund:                    
Frontier Trading Company XXXVIII   5.16%  $10,321    4.88%  $13,036 
Frontier Long/Short Commodity Fund:                    
Frontier Trading Company XXXVIII   3.79%  $8,429    4.88%  $13,179 
Frontier Balanced Fund:                    
Frontier Trading Company XXXVIII   2.80%  $76,833    1.74%  $57,707 
Frontier Select Fund:                    
Frontier Trading Companies XXXVIII   3.94%  $17,465    3.06%  $17,750 
Frontier Global Fund:                    
Frontier Trading Company XXXVIII   0.00%  $
-
    3.64%  $32,387 
Frontier Heritage Fund:                    
Frontier Trading Company XXXVIII   4.69%  $43,721    3.70%  $42,692 

The following tables summarize each of the Series’ equity in earnings from unconsolidated Trading Companies and private investment companies for the three months ended March 31, 2025 and 2024:

 

Three months ended March 31, 2025 and 2024

 

   Three Months Ended March, 2025   Three Months Ended March, 2024 
           Change in               Change in     
   Trading   Realized   Unrealized   Net Income   Trading   Realized   Unrealized   Net Income 
   Commissions   Gain/(Loss)   Gain/(Loss)   (Loss)   Commissions   Gain/(Loss)   Gain/(Loss)   (Loss) 
Frontier Balanced Fund                                
Frontier Trading Company XXXVIII, LLC  $-   $-   $(9,715)  $(9,715)  $-   $-   $(1,112)  $(1,112)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   (862)   17,792    (156,413)   (139,483)   (1,615)   35,239    448,653    482,277 
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   (961)   (4,967)   (55,352)   (61,280)   (767)   (70,354)   126,755    55,634 
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   (1,874)   (12,210)   20,920    6,836    (1,963)   (33,866)   45,582    9,753 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   (318)   (53,127)   28,605    (24,840)   (2,524)   (984)   (61,769)   (65,277)
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   (552)   (1,552)   (79,649)   (81,753)   (1,503)   12,010    47,934    58,441 
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (1,948)   (16,460)   (55,440)   (73,848)   (2,257)   9,578    22,938    30,259 
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC   (375)   (2,145)   (72,264)   (74,784)   (507)   1,949    291,197    292,639 
Total  $(6,890)  $(72,669)  $(379,308)  $(458,867)  $(11,136)  $(46,428)  $920,178   $862,614 
                                         
Frontier Global Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(2,236)  $(2,236)  $-   $-   $(142)  $(142)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   (798)   2,226    (145,271)   (143,843)   (1,527)   23,937    413,562    435,972 
Total  $(798)  $2,226   $(147,507)  $(146,079)  $(1,527)  $23,937   $413,420   $435,830 
                                         
Frontier Select Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(2,078)  $(2,078)  $-   $-   $(142)  $(142)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (930)   (9,799)   (24,266)   (34,995)   (757)   17,478    (9,504)   7,217 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   (127)   (8,631)   (2,549)   (11,307)   (586)   (402)   (17,092)   (18,080)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC   (265)   (5,541)   (52,554)   (58,360)   (290)   (202)   161,628    161,136 
Total  $(1,322)  $(23,971)  $(81,447)  $(106,740)  $(1,633)  $16,874   $134,890   $150,131 
                                         
Frontier Heritage Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(4,107)  $(4,107)  $-   $-   $(689)  $(689)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   (651)   (2,288)   (118,333)   (121,272)   (1,083)   102,895    199,439    301,251 
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (872)   (8,502)   (24,262)   (33,636)   (656)   (4,153)   15,395    10,586 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   (357)   (17,725)   (13,070)   (31,152)   (1,873)   (2,976)   (52,569)   (57,418)
Total  $(1,880)  $(28,515)  $(159,772)  $(190,167)  $(3,612)  $95,766   $161,576   $253,730 
                                         
Frontier Long/Short Commodity Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(1,012)  $(1,012)  $-   $-   $(48)  $(48)
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)   -    (392)   (9,505)   (9,897)   (42)   (7,524)   (14,462)   (22,028)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (592)   (11,999)   (10,348)   (22,939)   (680)   (2,426)   10,263    7,157 
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC   -    -    -    -    (162)   -    (3,057)   (3,219)
Total  $(592)  $(12,391)  $(20,865)  $(33,848)  $(884)  $(9,950)  $(7,304)  $(18,138)
                                         
Frontier Diversified Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(2,457)  $(2,457)  $-   $-   $(1,716)  $(1,716)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   (158)   4,801    (30,639)   (25,996)   (392)   59,136    54,132    112,876 
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   (720)   (2,986)   (42,599)   (46,305)   (567)   (62,069)   103,519    40,883 
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   (444)   (1,584)   4,642    2,614    (451)   (9,388)   11,742    1,903 
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   (153)   (694)   (21,818)   (22,665)   (509)   8,445    8,707    16,643 
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (543)   (13,065)   (5,325)   (18,933)   (835)   (5,706)   13,023    6,482 
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC   (69)   (3,456)   (10,711)   (14,236)   (101)   507    57,511    57,917 
Total  $(2,087)  $(16,984)  $(108,907)  $(127,978)  $(2,855)  $(9,075)  $246,918   $234,988 
                                         
Frontier Masters Fund                                        
Frontier Trading Company XXXVIII, LLC  $-   $-   $(1,120)  $(1,120)  $-   $-   $(201)  $(201)
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   (139)   (53)   (24,413)   (24,605)   (226)   4,172    60,912    64,858 
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (361)   (3,990)   (9,849)   (14,200)   (281)   (2,716)   7,474    4,477 
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC   (37)   1,973    (10,252)   (8,316)   (71)   (678)   40,446    39,697 
Total  $(537)  $(2,070)  $(45,634)  $(48,241)  $(578)  $778   $108,631   $108,831 

The Series investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table:

 

   Redemptions  Redemptions  Liquidity 
   Notice Period  Permitted  Restrictions 
           
Frontier Diversified Fund          
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC  24 hours  Daily  None 
Trend Following           
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC    24 hours  Daily  None 
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   24 hours  Daily  None 
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   24 hours  Daily  None 
           
Frontier Masters Fund           
Trend Following           
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   24 hours  Daily  None 
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC  24 hours  Daily  None 
           
Frontier Long/Short Commodity Fund*           
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (552) LLC)   24 hours  Daily  None 
           
Frontier Balanced Fund           
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC  24 hours  Daily  None 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   24 hours  Daily  None 
Trend Following           
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   24 hours  Daily  None 
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   24 hours  Daily  None 
           
Frontier Select Fund           
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC  24 hours  Daily  None 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   24 hours  Daily  None 
           
Frontier Global Fund           
Trend Following           
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   24 hours  Daily  None 
           
Frontier Heritage Fund           
Multi-Strategy           
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours  Daily  None 
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   24 hours  Daily  None 
Trend Following           
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   24 hours  Daily  None 

 

* Effective August 31, 2024, Volt Capital Management AB accessed through Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC, ceased to act as a commodity trading advisor to the Trust.
Frontier Funds [Member]  
Investments in Unconsolidated Trading Companies and Private Investment Companies [Line Items]  
Investments in Unconsolidated Trading Companies and Private Investment Companies

5. Investments in Private Investment Companies

 

Investments in private investment companies represent cash and open trade equity invested in the private investment companies as well as the cumulative trading profits or losses allocated to the Trust by the private investment companies. Private investment companies allocate trading profits or losses on the basis of the proportion of the Trust’s capital allocated for trading to each respective private investment company, which bears no relationship to the amount of cash invested by the Trust in the private investment companies. Investments in private investment companies are valued using the NAV provided by the underlying private investment.

 

The Galaxy Plus entities are made up of feeder funds in which the Trust invests and master trading entities into which the feeder funds invest. No investment held by the Galaxy Plus Platform master trading entity is greater than 5% of the Trust’s total capital.

 

The following table summarizes the Trust’s equity in earnings from each of the private investment companies during the three months ended March 31, 2025 and 2024:

 

Three Months Ended March 31, 2025 and 2024

 

   Three Months Ended March, 2025   Three Months Ended March, 2024 
           Change in               Change in     
   Trading   Realized   Unrealized   Net Income   Trading   Realized   Unrealized   Net Income 
   Commissions   Gain/(Loss)   Gain/(Loss)   (Loss)   Commissions   Gain/(Loss)   Gain/(Loss)   (Loss) 
                                 
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC  $(2,608)  $22,478   $(475,069)  $(455,199)  $(4,843)  $225,379   $1,176,698   $1,397,234 
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   (1,681)   (7,953)   (97,951)   (107,585)   (1,334)   (132,423)   230,274    96,517 
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)   
-
    (392)   (9,505)   (9,897)   (42)   (7,524)   (14,462)   (22,028)
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   (2,318)   (13,794)   25,562    9,450    (2,414)   (43,254)   57,324    11,656 
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   (705)   (2,246)   (101,467)   (104,418)   (2,012)   20,455    56,641    75,084 
Galaxy Plus Fund - Quest FIT Feeder Fund (535) LLC   
-
    (6,634)   (16,091)   (22,725)   
-
    245    (4,295)   (4,050)
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   (802)   (79,483)   12,986    (67,299)   (4,983)   (4,362)   (131,430)   (140,775)
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   (5,246)   (63,815)   (129,490)   (198,551)   (5,466)   12,055    59,589    66,178 
Galaxy Plus Fund – Volt Diversified Alpha Feeder Fund (550) LLC   
-
    
-
    
-
    
-
    (162)   
-
    (3,057)   (3,219)
Galaxy Plus Fund - Quantica Managed Futures Master Fund (507) LLC   (746)   (9,169)   (145,781)   (155,696)   (969)   1,576    550,782    551,389 
                                         
Total  $(14,106)  $(161,008)  $(936,806)  $(1,111,920)  $(22,225)  $72,147   $1,978,064   $2,027,986 

The Trust’s investments in private investment companies have certain redemption and liquidity restrictions which are described in the following table:

 

    Redemptions   Redemptions   Liquidity
    Notice Period   Permitted   Restrictions
Frontier Funds            
Multi-Strategy            
Galaxy Plus Fund - Welton GDP Feeder Fund (538) LLC   24 hours   Daily   None
Galaxy Plus Fund - Quantica Managed Futures Feeder Fund (507) LLC   24 hours   Daily   None
Galaxy Plus Fund - Rosetta Program Feeder Fund (522) LLC (formerly known as Galaxy Plus Fund - LRR Feeder Fund (522) LLC)   24 hours   Daily   None
Galaxy Plus Fund - Horizon3 Feeder Fund (577) LLC   24 hours   Daily   None
Trend Following            
Galaxy Plus Fund - Aspect Feeder Fund (532) LLC   24 hours   Daily   None
Galaxy Plus Fund - Fort Contrarian Feeder Fund (510) LLC   24 hours   Daily   None
Galaxy Plus Fund - QIM Feeder Fund (526) LLC   24 hours   Daily   None
Galaxy Plus Fund - Quest Feeder Fund (517) LLC   24 hours   Daily   None