v3.25.2
Investment in the Funds
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Investment in the Funds
6.
Investment in the Funds:
On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permitted accounts managed by Northlander using Northlander’s Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner was also the trading manager of NL Master. On December 31, 2024, the Partnership fully redeemed its investment from NL Master.
On May 1, 2022, the Partnership allocated a portion of its assets to Drakewood Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Drakewood Master permits accounts managed by Drakewood using Drakewood’s Drakewood Prospect Fund Strategy, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of Drakewood Master. Individual and pooled accounts currently managed by Drakewood, including the Partnership, are permitted to be members of Drakewood Master. The Trading Manager and Drakewood believe that trading through the master/feeder structure should promote efficiency and economy in the trading process.
 
 
The General Partner is not aware of any material changes to the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended June 30, 2025.
The Partnership’s/Funds’ trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Partnership/Funds engage in such trading through commodity brokerage accounts maintained with MS&Co.
Generally, a member in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request has been made to the Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the member elects to redeem and informs the Funds. However, a member may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal date.
Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds and allocated to the Funds’ members, including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and are also charged directly at the Partnership level.
At June 30, 2025, the Partnership owned approximately
37.9
% of Drakewood Master. At December 31, 2024, the Partnership owned approximately
41.3
% of Drakewood Master. It is the Partnership’s intention to continue to invest in Drakewood Master. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected.
Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2025
 
 
  
Total Assets
 
  
 Total Liabilities 
 
  
Total Capital
 
Drakewood Master
  
 $
   40,681,652
 
  
 $
   3,758,043
 
  
 $
   36,923,609
 
   
 
  
December 31, 2024
 
 
  
 Total Assets 
 
  
 Total Liabilities 
 
  
 Total Capital 
 
NL Master
  
 $
  13,129,914
 
  
 $
  13,129,914
 
  
 $
- 
 
Drakewood Master
  
 
44,926,030
 
  
 
2,584,283
 
  
 
  42,341,747
 
Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
For the three months ended June 30, 2025
 
 
  
 Net Investment 
Income (Loss)
 
  
 Total Trading 
Results
 
  
 Net Income (Loss) 
 
Drakewood Master
  
 $
  81,691
 
  
 $
  (3,778,222)
 
  
 $
  (3,696,531)
 
   
 
  
For the six months ended June 30, 2025
 
 
  
 Net Investment 
Income (Loss)
 
  
 Total Trading 
Results
 
  
 Net Income (Loss) 
 
Drakewood Master
  
 $
  249,335
 
  
 $
  1,507,729
 
  
 $
  1,757,064
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
For the three months ended June 30, 2024
 
 
  
 Net Investment 
Income (Loss)
 
  
 Total Trading 
Results
 
 
 Net Income (Loss) 
 
NL Master
  
 $
351,149
 
  
 $
  (2,626,036
) 
 
 $
  (2,274,887
) 
Drakewood Master
  
 
362,277
 
  
 
(751,386
) 
 
 
(389,109
) 
   
 
  
For the six months ended June 30, 2024
 
 
  
 Net Investment 

Income (Loss)
 
  
Total Trading

Results
 
 
Net Income (Loss)
 
NL Master
  
 $
      824,544
 
  
 $
(5,986,329
) 
 
 $
(5,161,785
) 
Drakewood Master
  
 
683,298
 
  
 
(315,390
) 
 
 
367,908
 
Summarized information reflecting the Partnership’s investments in and the Partnership’s
pro-rata
share of the results of operations of the Funds is shown in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2025
  
For the three months ended June 30, 2025
 
 
  
 
               
 
  
% of

Partners’
Capital
 
 
  
 
 
Expenses
  
Net

Income
(Loss)
 
 
  
 
Funds
 
Fair
Value
  
Income
(Loss)
 
Clearing
Fees
  
Professional
Fees
 
Investment
Objective
  
Redemptions
Permitted
Drakewood Master
  
 
12.07 
% 
 
 $
14,010,036
 
  
 $
(1,363,224
) 
 
 $
49,458
 
  
 $
7,246
 
  
 $
  (1,419,928
) 
 
Commodity Portfolio
  
Monthly
 
  
      
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
  
  
 
  
      
 
 $
  14,010,036
 
  
 $
  (1,363,224
) 
 
 $
  49,458
 
  
 $
  7,246
 
  
 $
(1,419,928
) 
 
  
  
  
 
  
      
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2025
  
For the six months ended June 30, 2025
  
 
  
 
               
 
  
% of

Partners’
Capital
 
 
  
 
  
Expenses
  
Net

Income
(Loss)
  
 
  
 
Funds
 
Fair
Value
  
Income
(Loss)
  
Clearing
Fees
  
Professional
Fees
  
Investment
Objective
  
Redemptions
Permitted
Drakewood Master
  
 
12.07 
% 
 
 $
14,010,036
 
  
 $
  870,785
 
  
 $
104,502
 
  
 $
  14,837
 
  
 $
  751,446
 
  
Commodity Portfolio
  
Monthly
 
  
      
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
  
  
  
 
  
      
 
 $
   14,010,036
 
  
 $
   870,785
 
  
 $
   104,502
 
  
 $
   14,837
 
  
 $
  751,446
 
  
  
  
  
 
  
      
 
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
  
For the three months ended June 30, 2024
 
 
  
 
               
 
  
% of

Partners’
Capital
 
 
  
 
 
Expenses
  
Net

Income
(Loss)
 
 
  
 
Funds
 
Fair
Value
  
Income
(Loss)
 
Clearing
Fees
  
Professional
Fees
 
Investment
Objective
  
Redemptions
Permitted
NL Master
  
 
-  
% 
 
 $
— 
 
  
 $
  (639,701
) 
 
 $
10,154
 
  
 $
4,806
 
  
 $
(654,661
) 
 
Commodity Portfolio
  
Monthly
Drakewood Master
  
 
14.21 
% 
 
 
17,511,230
 
  
 
(156,218
) 
 
 
36,290
 
  
 
7,259
 
  
 
(199,767
) 
 
Commodity Portfolio
  
Monthly
 
  
      
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
  
  
 
  
      
 
 $
  17,511,230
 
  
 $
(795,919
) 
 
 $
  46,444
 
  
 $
  12,065
 
  
 $
  (854,428
) 
 
  
  
  
 
  
      
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
  
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
December 31, 2024
  
For the six months ended June 30, 2024
 
 
  
 
               
 
  
% of

Partners’
Capital
 
 
  
 
 
Expenses
  
Net

Income
(Loss)
 
 
  
 
Funds
 
Fair
Value
  
Income
(Loss)
 
Clearing
Fees
  
Professional
Fees
 
Investment
Objective
  
Redemptions
Permitted
NL Master
  
 
-  
% 
 
 $
— 
 
  
 $
(1,509,441
) 
 
 $
14,050
 
  
 $
9,889
 
  
 $
  (1,533,380
) 
 
Commodity Portfolio
  
Monthly
Drakewood Master
  
 
14.21 
% 
 
 
17,511,230
 
  
 
168,951
 
 
 
59,247
 
  
 
  14,029
 
  
 
95,675
 
 
Commodity Portfolio
  
Monthly
 
  
      
 
 
 
 
  
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
 
  
  
  
 
  
      
 
 $
  17,511,230
 
  
 $
  (1,340,490
) 
 
 $
  73,297
 
  
 $
23,918
 
  
 $
(1,437,705
)