Grant Park Futures Fund Limited Partnership is a multi-advisor commodity pool investing in global commodities and derivatives markets since 1989, with over 1,100 limited partners and approximately $24.1 million in assets.

# Grant Park Futures Fund Limited Partnership — Company Summary

## Overview
- **Type:** Multi-advisor commodity pool (not registered as a mutual fund under the Investment Company Act of 1940)
- **Operations Start Date:** January 1989
- **Business Focus:** Investment in global commodity and derivatives markets through independent professional commodity trading advisors

## Business Activities
- **Investment Strategy:** 
  - Manages pooled assets of investors for trading in spot and derivatives markets for:
    - Currencies
    - Interest rates
    - Stock indices
    - Agricultural products
    - Energy products
    - Precious and base metals
    - Other commodities
  - Enters into exchange-traded derivatives (futures contracts, options, security futures, listed options)
  - Engages in OTC derivatives (forwards, swaps, options, structured financial products)
  - Trades contracts on cash/spot commodities

- **Assets & Trading Structure:**
  - Invests through independent commodity trading advisors organized under Trading Companies (organized as Delaware LLCs)
  - Allocates assets to multiple trading advisors (EMC Capital Advisors, Episteme Capital Partners UK, Quantica Capital AG, Sterling Partners Quantitative Investments)
  - Uses clearing brokers ADM Investor Services and R.J. O’Brien & Associates
  - Active since inception, with no current employment or management personnel directly employed by Grant Park

## Size & Customer Base
- **Net Asset Value (as of December 31, 2024):** Approximately $24.1 million
- **Number of Limited Partners (as of December 31, 2024):** 1,113 investors
- **Units Outstanding:** 
  - 3,654.93 Class A Units
  - 15,831.82 Class B Units
  - 374.12 Legacy 1 Class Units
  - 391.22 Legacy 2 Class Units
  - 8,844.15 Global Alternative Markets 1 Units
  - 311.98 Global Alternative Markets 2 Units
  - No Global 3 Units issued/outstanding (closed Feb 28, 2022)

## Management & Personnel
- **General Partner:** Dearborn Capital Management, L.L.C.
  - Managed by David M. Kavanagh (President), with no direct employees
- **Key Personnel:**
  - David M. Kavanagh — President of the general partner
  - Patrick J. Meehan — Chief Operating Officer
  - Maureen O’Rourke — Chief Financial Officer
- **Employees:** None directly employed by Grant Park

## Revenue & Income
- **2024 Financial Results:**
  - Total return (including trading losses): -4.9% (Class A), -5.5% (Class B), -2.8% (Legacy 1), -3.0% (Legacy 2), -2.3% (Global 1), -2.5% (Global 2)
  - Net asset value at year-end: ~$24.1 million
  - Reported trading losses: approximately 0.7% for 2024 before expenses
  - Total trading gains/losses are derived from futures, swaps, securities, interest, and dividend income, with expenses and fees deducted

## Key Risks & Regulatory Context
- Trades on U.S. and international exchanges, OTC markets, and foreign exchanges
- Subject to regulation under the Commodity Exchange Act, CFTC, and NFA, with registration requirements for trading advisors
- Does not have officers, directors, or employees; managed solely by the general partner
- No current distributions or active trading unit sales since April 2019
- No revenue figures, but annual performance indicates negative returns for recent years
- Does not disclose total number of customers explicitly, but retains over 1,100 limited partners as of 2024

**Note:** This summary is strictly based on provided public filings, financial statements, and disclosures; no estimates or projections are included.

Grant Park Futures Fund Limited Partnership is a multi-advisor commodity pool engaging in speculative trading of commodities, financial instruments, and currencies.

# Grant Park Futures Fund Limited Partnership

## Overview
Grant Park Futures Fund Limited Partnership ("Grant Park") is a multi-advisor commodity pool that engages in speculative trading of commodities, financial instruments, and currencies through futures contracts, forward contracts, options, and swap transactions. Established in January 1989 and headquartered in Chicago, Illinois, Grant Park is not registered as a mutual fund under the Investment Company Act of 1940. 

### Management and Structure
- **General Partner:** Dearborn Capital Management, L.L.C.
- **Key Management:** David M. Kavanagh (President), Patrick J. Meehan (Chief Operating Officer), and Maureen O’Rourke (Chief Financial Officer).
- **Trading Advisors:** Grant Park works with multiple independent commodity trading advisors, including EMC Capital Advisors, LLC, Episteme Capital Partners (UK) LLP, Quantica Capital AG, and Sterling Partners Quantitative Investments LLC.

### Investment Strategy
Grant Park pools investment assets and allocates them to various Trading Companies, which then trade in the U.S. and international markets. The focus includes:
1. **Commodities:** Agricultural products, energy, and metals.
2. **Financial Instruments:** Currencies, interest rates, stock indices, etc.
3. **Investment Vehicles:** Futures, options, and various derivatives.
4. **Diversification:** The fund aims to manage risks by spreading investments across multiple trading advisors and strategies.

### Financial Details
- **Net Asset Value (NAV):** As of December 31, 2023, the net asset value of Grant Park was approximately **$32.1 million**, a decrease from **$37.4 million** in 2022.
- **Income and Returns:** 
  - For the year 2023, the total return for various units was negative, with Class A units showing a **-4.74% return**, and other classes experiencing similar downturns.
  - Revenue from trading activities is impacted by brokerage charges, incentive fees, and operating expenses which significantly affect net returns.
  
### Customer and Investor Base
- **Investors:** Grant Park had **1,386 limited partners** as of December 31, 2023, representing a variety of individual and institutional investors.
- **Units Outstanding:** Includes Class A units, Class B units, Legacy Class units, and Global Class units, with a total of **3,681.34 Class A units** and **22,015.97 Class B units** among others.

### Employment and Structure
- **Employees:** Grant Park does not have any employees. All operations are managed by the general partner.
- **Investment Strategy Diversity:** The fund employs multiple trading strategies, ensuring that no single advisory strategy constitutes a dominant risk within the portfolio.

### Regulatory Compliance
The fund operates under the regulatory oversight of the Commodity Futures Trading Commission (CFTC) and the National Futures Association (NFA). Grant Park follows strict compliance and reporting regulations, ensuring transparency and accountability.

### Risk Factors
Investment in Grant Park is considered speculative and subject to various market risks, including:
- Price volatility of commodity interests.
- Leverage risks due to margin trading.
- Regulatory changes impacting the trading landscape.
- Operational risks associated with reliance on third-party advisors and trading strategies.

In summary, Grant Park Futures Fund Limited Partnership is a sophisticated commodity trading entity that provides investment opportunities in futures and derivatives through a diversified approach while managing risks through professional trading advisors. Its financial performance, investor engagement, and operational structure highlight its commitment to navigating the complexities of the commodities market.

GRANT PARK FUTURES FUND LIMITED PARTNERSHIP

10-K / March 31, 2025

10-K / April 1, 2024

10-K / March 31, 2025

Grant Park Futures Fund Limited Partnership — Company Summary

Overview

Business Activities

Size & Customer Base

Management & Personnel

Revenue & Income

Key Risks & Regulatory Context