v3.25.1
Financial Highlights
 3 Months Ended
Mar. 31, 2025
The Series of Frontier Funds [Member]  
Financial Highlights [Line Items]  
Financial Highlights

7. Financial Highlights

 

The following information presents the financial highlights of the Series for the three months ended March 31, 2025 and 2024. This data has been derived from the information presented in the consolidated financial statements.

 

For the three months ended March 31, 2025

 

   Frontier Diversified Fund   Frontier Masters Fund   Frontier Long/Short Commodity Fund 
   Class 2   Class 3   Class 2   Class 3   Class 2   Class 2a   Class 3   Class 3a 
Per unit operating performance (1)                                        
Net asset value, December 31, 2024  $61.16   $57.87   $57.71   $54.82   $46.82   $31.72   $49.12   $33.81 
Net operating results:                                        
Interest income   0.04    0.04    0.06    0.06    0.04    0.02    0.04    0.03 
Expenses   (0.55)   (0.52)   (1.07)   (1.00)   (0.34)   (0.23)   (0.35)   (0.24)
Net gain/(loss) on investments, net of non-controlling interests   (8.59)   (8.10)   (10.65)   (10.11)   (6.04)   (3.97)   (6.34)   (4.22)
Net income/(loss)   (9.10)   (8.58)   (11.66)   (11.05)   (6.34)   (4.18)   (6.65)   (4.43)
Net asset value, March 31, 2025  $52.06   $49.29   $46.05   $43.77   $40.48   $27.54   $42.47   $29.38 
                                         
Ratios to average net assets                                        
Net investment income/(loss)   -3.56%   -3.56%   -7.73%   -7.73%   -2.75%   -2.75%   -2.75%   -2.75%
Expenses before incentive fees (3)(4)   3.87%   3.87%   8.19%   8.19%   3.08%   3.08%   3.08%   3.08%
Expenses after incentive fees (3)(4)   3.87%   3.87%   8.19%   8.19%   3.08%   3.08%   3.08%   3.08%
Total return before incentive fees (2)   -14.88%   -14.83%   -20.20%   -20.15%   -13.54%   -13.17%   -13.54%   -13.11%
Total return after incentive fees (2)   -14.88%   -14.83%   -20.20%   -20.15%   -13.54%   -13.17%   -13.54%   -13.11%

 

   Frontier Balanced Fund   Frontier Select Fund 
   Class 1   Class 1AP   Class 2   Class 2a   Class 3a   Class 1   Class 1AP   Class 2 
Per unit operating performance (1)                                        
Net asset value, December 31, 2024  $52.51   $71.72   $96.71   $84.35   $84.06   $38.16   $52.17   $69.23 
Net operating results:                                        
Interest income   0.00    0.00    0.00    0.00    0.00    0.00    0.00    0.00 
Expenses   (0.94)   (0.79)   (1.06)   (1.00)   (0.93)   (0.62)   (0.50)   (0.66)
Net gain/(loss) on investments, net of non-controlling interests   (7.34)   (10.07)   (13.57)   (11.71)   (11.75)   (7.19)   (9.87)   (13.11)
Net income/(loss)   (8.28)   (10.86)   (14.63)   (12.71)   (12.68)   (7.81)   (10.37)   (13.77)
Net asset value, March 31, 2025  $44.23   $60.86   $82.08   $71.64   $71.38   $30.35   $41.80   $55.46 
                                         
Ratios to average net assets                                        
Net investment income/(loss)   -7.77%   -4.78%   -4.78%   -4.78%   -4.78%   -7.29%   -4.30%   -4.30%
Expenses before incentive fees (3)(4)   7.78%   4.79%   4.79%   4.79%   4.79%   7.29%   4.30%   4.30%
Expenses after incentive fees (3)(4)   7.78%   4.79%   4.79%   4.79%   4.79%   7.29%   4.30%   4.30%
Total return before incentive fees (2)   -15.76%   -15.14%   -15.13%   -15.07%   -15.08%   -20.48%   -19.89%   -19.89%
Total return after incentive fees (2)   -15.76%   -15.14%   -15.13%   -15.07%   -15.08%   -20.48%   -19.89%   -19.89%
   Frontier Global Fund   Frontier Heritage Fund 
   Class 1   Class 2   Class 1   Class 1AP   Class 2 
Per unit operating performance (1)                         
Net asset value, December 31, 2024  $120.17   $204.73   $83.51   $114.16   $152.78 
Net operating results:                         
Interest income   0.00    0.00    0.00    0.00    0.00 
Expenses   (2.45)   (2.76)   (1.50)   (1.28)   (1.71)
Net gain/(loss) on investments, net of non-controlling interests   (20.39)   (34.92)   (13.90)   (19.07)   (25.54)
Net income/(loss)   (22.84)   (37.68)   (15.40)   (20.35)   (27.25)
Net asset value, March 31, 2025  $97.33   $167.05   $68.11   $93.81   $125.53 
                          
Ratios to average net assets                         
Net investment income/(loss)   -8.83%   -5.84%   -7.87%   -4.88%   -4.88%
Expenses before incentive fees (3)(4)   8.83%   5.84%   7.87%   4.88%   4.88%
Expenses after incentive fees (3)(4)   8.83%   5.84%   7.87%   4.88%   4.88%
Total return before incentive fees (2)   -19.01%   -18.41%   -18.44%   -17.83%   -17.83%
Total return after incentive fees (2)   -19.01%   -18.41%   -18.44%   -17.83%   -17.83%

 

(1)Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

 

(2)Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals.

 

(3)Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the consolidated statements of operations of the Series.

 

(4)Expense ratios do not include management and incentive fees charged at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees is included in the total return.

For the three months ended March 31, 2024

 

   Frontier Diversified Fund   Frontier Masters Fund   Frontier Long/Short Commodity Fund 
   Class 2   Class 3   Class 2   Class 3   Class 2   Class 2a   Class 3   Class 3a 
Per unit operating performance (1)                                
Net asset value, December 31, 2023  $68.18   $64.35   $65.39   $61.96   $72.74   $48.36   $76.31   $51.42 
Net operating results:                                        
Interest income   0.05    0.05    0.08    0.08    0.07    0.05    0.07    0.05 
Expenses   (0.66)   (0.62)   (1.32)   (1.25)   (0.49)   (0.33)   (0.51)   (0.35)
Net gain/(loss) on investments, net of non-controlling interests   11.93    11.30    20.90    19.87    (1.88)   (0.86)   (1.98)   (0.88)
Net income/(loss)   11.32    10.73    19.66    18.70    (2.30)   (1.14)   (2.42)   (1.18)
Net asset value, March 31, 2024  $79.50   $75.08   $85.05   $80.66   $70.44   $47.22   $73.89   $50.24 
                                         
Ratios to average net assets                                        
Net investment income/(loss)   -3.39%   -3.39%   -6.78%   -6.78%   -2.46%   -2.46%   -2.46%   -2.46%
Expenses before incentive fees (3)(4)   3.65%   3.65%   7.23%   7.23%   2.87%   2.87%   2.87%   2.87%
Expenses after incentive fees (3)(4)   3.65%   3.65%   7.23%   7.23%   2.87%   2.87%   2.87%   2.87%
Total return before incentive fees (2)   16.61%   16.67%   30.07%   30.18%   -3.17%   -2.36%   -3.17%   -2.29%
Total return after incentive fees (2)   16.61%   16.67%   30.07%   30.18%   -3.17%   -2.36%   -3.17%   -2.29%

 

   Frontier Balanced Fund   Frontier Select Fund 
   Class 1   Class 1AP   Class 2   Class 2a   Class 3a   Class 1   Class 1AP   Class 2 
Per unit operating performance (1)                                        
Net asset value, December 31, 2023  $62.63   $83.01   $111.93   $97.44   $97.10   $45.97   $60.98   $80.92 
Net operating results:                                        
Interest income   0.00    0.00    0.00    0.00    0.00    0.00    0.00    0.00 
Expenses   (1.22)   (0.97)   (1.30)   (1.13)   (1.13)   (0.84)   (0.63)   (0.84)
Net gain/(loss) on investments, net of non-controlling interests   10.95    14.59    19.68    17.18    17.13    8.91    11.88    15.77 
Net income/(loss)   9.73    13.62    18.38    16.05    16.00    8.07    11.25    14.93 
Net asset value, March 31, 2024  $72.36   $96.63   $130.31   $113.49   $113.10   $54.04   $72.23   $95.85 
                                         
Ratios to average net assets                                        
Net investment income/(loss)   -7.40%   -4.39%   -4.39%   -4.39%   -4.39%   -6.95%   -3.95%   -3.95%
Expenses before incentive fees (3)(4)   7.41%   4.40%   4.40%   4.40%   4.40%   6.95%   3.95%   3.95%
Expenses after incentive fees (3)(4)   7.41%   4.40%   4.40%   4.40%   4.40%   6.95%   3.95%   3.95%
Total return before incentive fees (2)   15.54%   16.41%   16.42%   16.47%   16.48%   17.55%   18.45%   18.45%
Total return after incentive fees (2)   15.54%   16.41%   16.42%   16.47%   16.48%   17.55%   18.45%   18.45%
   Frontier Global Fund   Frontier Heritage Fund 
   Class 1   Class 2   Class 1   Class 1AP   Class 2 
Per unit operating performance (1)                    
Net asset value, December 31, 2023  $134.60   $222.53   $106.45   $141.20   $188.97 
Net operating results:                         
Interest income   0.00    0.00    0.00    0.00    0.00 
Expenses   (3.16)   (3.27)   (2.14)   (1.73)   (2.30)
Net gain/(loss) on investments, net of non-controlling interests   53.12    88.15    17.35    23.11    30.92 
Net income/(loss)   49.96    84.88    15.21    21.38    28.62 
Net asset value, March 31, 2024  $184.56   $307.41   $121.66   $162.58   $217.59 
                          
Ratios to average net assets                         
Net investment income/(loss)   -8.01%   -5.00%   -7.66%   -4.65%   -4.65%
Expenses before incentive fees (3)(4)   8.01%   5.00%   7.66%   4.65%   4.65%
Expenses after incentive fees (3)(4)   8.01%   5.00%   7.66%   4.65%   4.65%
Total return before incentive fees (2)   37.12%   38.14%   14.28%   15.14%   15.15%
Total return after incentive fees (2)   37.12%   38.14%   14.28%   15.14%   15.15%

 

(1)Interest income and expenses per unit are calculated by dividing these amounts by the average number of units outstanding during the period. The net gain/(loss) on investments, net of non-controlling interests is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.

 

(2)Impact of incentive fee computed using average net assets, otherwise computed using average units outstanding during the period prior to the effects of any non-controlling transactions. An owner’s total returns may vary from the above returns based on the timing of contributions and withdrawals.

 

(3)Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the consolidated statements of operations of the Series.

 

(4)Expense ratios do not include management and incentive fees charged at the Galaxy Plus entities. The ratios would have been higher had those expenses been included. The impact of those fees is included in the total return.
Frontier Funds [Member]  
Financial Highlights [Line Items]  
Financial Highlights

7. Financial Highlights

 

The following information presents the financial highlights of the Trust for the three months ended March 31, 2025 and 2024. This data has been derived from the information presented in the combined consolidated financial statements.

 

Three Months Ended March 31

 

   2025   2024 
Ratios to average net assets (1)        
Net investment income/(loss) (1)   -6.73%   -6.22%
Expenses before incentive fees (3)   6.80%   6.29%
Expenses after incentive fees (3)   6.80%   6.29%
           
Total return before incentive fees (2)   -18.18%   15.86%
Total return after incentive fees (2)   -18.18%   15.86%

 

(1) Annualized with the exception of incentive fees.

 

(2) Total returns are not annualized.

 

(3) Expense ratios do not reflect interest allocated to the Managing Owner as such expenses are not included in the Combined Consolidated Statements of Operations of the Trust.

 

The Trust financial highlights are calculated based upon the Trust’s combined consolidated financial statements. The combined consolidated Trust does not issue units and therefore the financial highlights do not disclose any unitized data.