v3.26.1
Financial Highlights
 3 Months Ended
Mar. 31, 2026
Financial Highlights [Abstract]  
Financial Highlights
7. Financial Highlights
 
The following is the per Unit operating performance calculation for the three months ended March 31, 2026 and 2025:
 
   
Class 0
    
Class 2
    
Class 3-A
    
Class 3-B
  
Per unit operating performance
                        
Net asset value per Unit, December 31, 2024
  
$
235.13
    
$
164.69
    
$
–
    
$
95.51
  
Initial subscription, January 1, 2025
    
–
      
–
      
97.68
      
–
  
Net income:
                                
Net investment income (loss)
    
0.61
      
0.12
      
(0.02
)
    
(0.30
)
Net gain on investments
    
6.17
      
4.32
      
2.56
      
2.50
  
Net income
    
6.78
      
4.44
      
2.54
      
2.20
  
Net asset value per Unit, March 31, 2025
  
$
241.91
    
$
169.13
    
$
100.22
    
$
97.71
  
                                 
Net asset value per Unit, December 31, 2025
  
$
237.84
    
$
165.34
    
$
98.91
    
$
96.07
  
Net income:
                                
Net investment income (loss)
    
0.22
      
(0.16
)
    
(0.05
)
    
(0.04
)
Net gain on investments
    
2.62
      
1.82
      
1.09
      
1.16
  
Net income
    
2.84
      
1.66
      
1.04
      
1.12
  
Net asset value per Unit, March 31, 2026
  
$
240.68
    
$
167.00
    
$
99.95
    
$
97.19
  

The following represents ratios to average Members’ Capital and total return for the three months ended March 31, 2026 and 2025:
   
Class 0
    
Class 2
    
Class 3-A
    
Class 3-B
  
   
2026
    
2025
    
2026
    
2025
    
2026
    
2025
    
2026
    
2025
  
                                                 
Total return before Incentive Allocation
    
1.20
%
    
2.88
%
    
1.00
%
    
2.69
%
    
1.33
%
    
3.01
%
    
1.20
%
    
2.88
%
Incentive Allocation
    
0.00
      
0.00
      
0.00
      
0.00
      
(0.27
)
    
(0.41
)
    
(0.03
)
    
(0.58
)
Total return after Incentive Allocation
    
1.20
%
    
2.88
%
    
1.00
%
    
2.69
%
    
1.06
%
    
2.60
%
    
1.17
%
    
2.30
%
                                                                 
Net investment income (loss) before Incentive Allocation
    
0.09
%
    
0.26
%
    
(0.09
)%
    
0.07
%
    
0.22
%
    
0.38
%
    
0.09
%
    
0.25
%
Incentive Allocation
    
0.00
      
0.00
      
0.00
      
0.00
      
(0.27
)
    
(0.40
)
    
(0.14
)
    
(0.56
)
Net investment income (loss) after Incentive Allocation
    
0.09
%
    
0.26
%
    
(0.09
)%
    
0.07
%
    
(0.05
)%
    
(0.02
)%
    
(0.05
)%
    
(0.31
)%
                                                                 
Total expenses before Incentive Allocation
    
0.78
%
    
0.77
%
    
0.96
%
    
0.95
%
    
0.65
%
    
0.64
%
    
0.76
%
    
0.78
%
Incentive Allocation
    
0.00
      
0.00
      
0.00
      
0.00
      
0.27
      
0.40
      
0.14
      
0.56
  
Total expenses after Incentive Allocation
    
0.78
%
    
0.77
%
    
0.96
%
    
0.95
%
    
0.92
%
    
1.04
%
    
0.90
%
    
1.34
%

Total return is calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole. Total return is calculated as the change in total Members’ Capital adjusted for subscriptions or redemptions during the period. An individual member’s return may vary from these returns based on the timing of capital transactions and the applicability of Advisory Fees, Sponsor Fees, Administrator’s Fees, and the Incentive Allocation. The net investment income (loss) and total expense ratios (including Incentive Allocation) are calculated for Class 0, Class 2, Class 3-A and Class 3-B Units taken as a whole and include net amounts allocated from GAIT. The computation of such ratios is based on the amount of net investment income (loss), expenses, and Incentive Allocation. Net investment income (loss) and total expense ratios are computed based upon the weighted average of Members’ Capital for Class 0, Class 2, Class 3-A and Class 3-B Units of the Fund for the three months ended March 31, 2026 and 2025 and are not annualized.