| 8. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, were as follows:
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Per Unit Performance
(for a unit outstanding throughout the year):* |
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Net realized and unrealized gains (losses) |
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$ |
(0.66) |
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$ |
(0.29) |
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$ |
1.56 |
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$ |
0.67 |
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$ |
(0.21) |
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$ |
(0.09) |
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Net investment income |
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0.01 |
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0.10 |
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0.06 |
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0.13 |
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0.20 |
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0.18 |
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Increase (decrease) for the year |
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(0.65) |
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(0.19) |
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1.62 |
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0.80 |
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(0.01) |
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0.09 |
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Net asset value per Unit, beginning of year |
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29.69 |
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12.93 |
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28.07 |
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12.13 |
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28.08 |
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12.04 |
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Net asset value per Unit, end of year |
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$ |
29.04 |
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$ |
12.74 |
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$ |
29.69 |
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$ |
12.93 |
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$ |
28.07 |
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$ |
12.13 |
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Ratios to Average Limited Partners’ Capital: |
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Net investment income ** |
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0.0 |
%*** |
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0.8 |
% |
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0.2 |
% |
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1.0 |
% |
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0.7 |
% |
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1.4 |
% |
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Operating expenses |
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3.5 |
% |
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2.7 |
% |
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3.5 |
% |
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2.7 |
% |
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3.4 |
% |
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2.6 |
% |
Incentive fees |
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- |
% |
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- |
% |
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0.7 |
% |
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0.7 |
% |
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0.1 |
% |
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0.1 |
% |
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Total expenses |
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3.5 |
% |
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2.7 |
% |
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4.2 |
% |
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3.4 |
% |
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3.5 |
% |
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2.7 |
% |
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Total return: |
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Total return before incentive fees |
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(2.2) |
% |
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(1.5) |
% |
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6.5 |
% |
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7.3 |
% |
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0.1 |
% |
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0.9 |
% |
Incentive fees |
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- |
% |
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- |
% |
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(0.7) |
% |
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(0.7) |
% |
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(0.1) |
% |
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(0.2) |
% |
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Total return after incentive fees |
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(2.2) |
% |
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(1.5) |
% |
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5.8 |
% |
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6.6 |
% |
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- |
% |
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0.7 |
% |
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| * |
Net investment income (loss) per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. |
| ** |
Interest income less total expenses. |
The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of consolidated income, expenses and average partners’ capital of the Partnership. Financial highlights for the years ended December 31, 2025, 2024 and 2023 were based on consolidated income and expenses. |