v3.26.1
Financial Highlights
12 Months Ended
Dec. 31, 2025
Financial Highlights  
Financial Highlights

Note 8. Financial Highlights

The following financial highlights and per unit performance reflect activity related to the Partnership. The following per unit performance calculations reflect activity related to the Partnership for the years ended December 31, 2025, 2024 and 2023. Total return is based on the change in value during the period of a theoretical investment made by a limited partner at the beginning of each calendar month during the period and is not annualized. The expense ratios below are computed based upon the weighted average net assets of the Limited Partners for the years ended December 31, 2025, 2024 and 2023. Individual limited partners’ ratios may vary from these ratios based on various factors, including but not limited to the timing of capital transactions.

2025

Class A

Class B

Legacy 1

Legacy 2

Global 1

Global 2

  ​ ​ ​

Units

  ​ ​ ​

Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Per Unit Performance

(for unit outstanding throughout the entire period):

Net asset value per unit at beginning of period

$

882.25

$

691.71

$

822.05

$

789.09

$

847.94

$

817.58

Income (loss) from operations

Net realized and change in unrealized gain (loss) from trading (1)

94.56

73.78

90.23

86.30

93.25

89.81

Net investment loss (1)

(27.00)

(25.66)

(6.59)

(8.18)

(1.80)

(3.90)

Total income (loss) from operations

67.56

48.12

83.64

78.12

91.45

85.91

Net asset value per unit at end of period

$

949.81

$

739.83

$

905.69

$

867.21

$

939.39

$

903.49

Total Return

7.66

%

6.96

%

10.18

%

9.90

%

10.79

%

10.51

%

Ratios as a percentage of average net assets:

Expenses prior to incentive fees

6.40

%

7.13

%

4.34

%

4.43

%

3.55

%

3.90

%

Incentive fees

%

%

%

%

%

%

Total expenses

6.40

%

7.13

%

4.34

%

4.43

%

3.55

%

3.90

%

Net investment loss (2)

(3.09)

%

(3.77)

%

(0.81)

%

(1.04)

%

(0.21)

%

(0.48)

%

2024

Class A

Class B

Legacy 1

Legacy 2

Global 1

Global 2

  ​ ​ ​

Units

  ​ ​ ​

Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Per Unit Performance

(for unit outstanding throughout the entire period):

Net asset value per unit at beginning of period

$

927.89

$

732.01

$

845.71

$

813.75

$

867.66

$

838.70

Income (loss) from operations

Net realized and change in unrealized gain (loss) from trading (1)

(10.28)

(6.66)

(10.28)

(9.80)

(10.05)

(9.89)

Net increase from payments by General Partner (3)

1.79

1.47

1.64

1.58

1.73

1.66

Net investment loss (1)

(37.15)

(35.11)

(15.02)

(16.44)

(11.40)

(12.89)

Total income (loss) from operations

(45.64)

(40.30)

(23.66)

(24.66)

(19.72)

(21.12)

Net asset value per unit at end of period

$

882.25

$

691.71

$

822.05

$

789.09

$

847.94

$

817.58

Total Return (4)

(4.92)

%

(5.50)

%

(2.80)

%

(3.03)

%

(2.27)

%

(2.52)

%

Ratios as a percentage of average net assets:

Expenses prior to incentive fees

6.05

%

6.79

%

3.73

%

3.98

%

3.20

%

3.44

%

Incentive fees

0.45

%

0.47

%

0.55

%

0.54

%

0.61

%

0.59

%

Total expenses

6.50

%

7.26

%

4.28

%

4.52

%

3.81

%

4.03

%

Net investment loss (2)

(3.51)

%

(4.27)

%

(1.19)

%

(1.44)

%

(0.67)

%

(0.91)

%

2023

Class A

Class B

Legacy 1

Legacy 2

Global 1

Global 2

  ​ ​ ​

Units

  ​ ​ ​

Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Class Units

  ​ ​ ​

Per Unit Performance

(for unit outstanding throughout the entire period):

Net asset value per unit at beginning of period

$

974.07

$

773.14

$

868.22

$

837.46

$

885.97

$

858.49

Income (loss) from operations

Net realized and change in unrealized gain (loss) from trading (1)

(4.63)

(3.54)

(4.37)

(4.20)

(4.42)

(4.32)

Net increase from payments by General Partner (3)

6.97

5.75

6.24

6.01

6.52

6.17

Net investment loss (1)

(48.52)

(43.34)

(24.38)

(25.52)

(20.41)

(21.64)

Total income (loss) from operations

(46.18)

(41.13)

(22.51)

(23.71)

(18.31)

(19.79)

Net asset value per unit at end of period

$

927.89

$

732.01

$

845.71

$

813.75

$

867.66

$

838.70

Total Return (4)

(4.74)

%

(5.32)

%

(2.59)

%

(2.83)

%

(2.07)

%

(2.31)

%

Ratios as a percentage of average net assets:

Expenses prior to incentive fees

5.89

%

6.58

%

3.56

%

3.82

%

3.03

%

3.27

%

Incentive fees

0.62

%

0.58

%

0.71

%

0.70

%

0.74

%

0.72

%

Total expenses

6.51

%

7.16

%

4.27

%

4.52

%

3.77

%

3.99

%

Net investment loss (2)

(4.43)

%

(5.12)

%

(2.11)

%

(2.36)

%

(1.56)

%

(1.81)

%

(1)Net investment loss per unit is calculated by dividing the expenses net of interest income by the average number of units outstanding during the period. The net realized and change in unrealized gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information.
(2)Excludes incentive fee.
(3)Net increase from payments by General Partner represents the reduction amount of the General Partner’s contribution (see Note 5).
(4)The 2024 Total Return before the General Partner contribution (see Note 5) is (5.15)% for the Class A units, (5.77)% for the Class B units, (3.01)% for the Legacy 1 Class units, (3.25)% for the Legacy 2 Class units, (2.49)% for the Global 1 Class units and (2.73)% for the Global 2 Class units. The 2023 Total Return before the General Partner contribution (see Note 5) is (5.45)% for the Class A units, (6.04)% for the Class B units, (3.31)% for the Legacy 1 Class units, (3.55)% for the Legacy 2 Class units, (2.79)% for the Global 1 Class units and (3.02)% for the Global 2 Class units.