v3.25.2
Investment in the Funds (Tables)
 6 Months Ended
Jun. 30, 2025
Schedule of Investments [Abstract]  
Assets, Liabilities and Partners' Capital of Funds
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
 
Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds
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
 
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds
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
)