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Grant Park Futures Fund Limited Partnership

Calendar

11 Mar 21
13 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 14.55M 14.55M 14.55M 14.55M 14.55M
Cash burn (monthly) 49.4K (positive/no burn) 267.46K 240.51K (positive/no burn)
Cash used (since last report) 169.66K n/a 918.66K 826.08K n/a
Cash remaining 14.38M n/a 13.63M 13.72M n/a
Runway (months of cash) 291.1 n/a 51.0 57.0 n/a

Beta Read what these cash burn values mean

Financial report summary

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Risks
  • The commodity interest markets in which Grant Park trades are highly volatile, which could cause substantial losses to Grant Park and may cause you to lose your entire investment.
  • Past performance is not necessarily indicative of future results.
  • Options are volatile and inherently leveraged, and sharp movements in prices could cause Grant Park to incur large losses.
  • OTC transactions may be subject to the risk of counterparty default, which could cause substantial losses.
  • Exchanges-of-physicals are subject to risks, which could adversely affect the performance of Grant Park.
  • Trading forex contracts is subject to substantial and unique risks, and the risk of loss is significant.
  • Certain of Grant Park’s investments are or could be illiquid, which may increase the risk of loss.
  • Cash flow needs may cause positions to be closed which may cause substantial losses.
  • An investment in Grant Park may not diversify an overall portfolio.
  • Trading in international markets exposes Grant Park to additional credit and regulatory risk.
  • Grant Park’s international trading may expose it to losses resulting from non-U.S. exchanges that are less developed or less reliable than U.S. exchanges.
  • Grant Park’s international trading activities subject it to foreign exchange risk.
  • Market disruptions and government intervention in response thereto could have a material impact on Grant Park’s ability to implement trading strategies.
  • Swap transactions are subject to additional risks.
  • Investments in a swap or other derivative instruments based on a reference program may not always replicate the performance of the relevant trading advisors’ or reference traders’ trading program.
  • Grant Park is highly leveraged, which means that sharp changes in prices could lead to large losses.
  • Trend following and pattern recognition trading may not be profitable without significant and sustained price moves in some of the markets traded or in markets in which a potential price trend may start to develop but reverses before an actual trend is realized.
  • The risk management approaches of one or all of the trading advisors and reference traders may not be effective.
  • Increased competition from other systematic and technical trading systems could reduce the trading advisors’ or reference traders’ profitability.
  • Speculative position limits and daily price fluctuation limits may alter trading decisions for Grant Park.
  • Increases in assets under management of any of the trading advisors or reference traders may affect trading decisions, which could have a detrimental effect on your investment.
  • The use of multiple trading advisors may result in offsetting or opposing trading positions and may also require one trading advisor to fund the margin requirements of another trading advisor.
  • The trading advisors’ and reference traders’ trading programs bear some similarities and, therefore, may lessen the benefits of having multiple trading advisors.
  • Each trading advisor may advise other clients and may achieve more favorable results for its other accounts.
  • Portfolio turnover may be frequent, which could result in higher brokerage commissions and transaction fees and expenses.
  • Exchange-traded funds and mutual funds have indirect fees and additional risks.
  • Grant Park’s positions may be concentrated from time to time, which may render Grant Park susceptible to larger losses than if Grant Park were more diversified.
  • Non-U.S. investors may face exchange rate risk.
  • Grant Park pays substantial fees and expenses regardless of profitability.
  • The units are subject to restrictions on redemption and transfer, which may prevent you from redeeming or transferring your units when you desire to do so and may increase your risk of loss.
  • Grant Park may incur higher fees and expenses upon renewing existing or entering into new contractual relationships.
  • The incentive fees could motivate the trading advisors to make riskier investments.
  • You have no right to participate in the management of Grant Park.
  • An unanticipated number of redemption requests during a short period of time could have an adverse effect on the net asset value of Grant Park.
  • Conflicts of interest exist and may potentially exist in the structure and operation of Grant Park.
  • Certain of Grant Park’s investments may have no readily available market value, and there is a risk that the value attributed to such investments will not be realized upon disposition.
  • The failure or bankruptcy of one of Grant Park’s clearing brokers could result in a substantial loss of Grant Park’s assets.
  • You are only able to review Grant Park’s holdings on a monthly basis, which makes Grant Park less transparent than certain other investments.
  • Grant Park has multiple classes which present a possible contagion risk between them.
  • Grant Park’s brokers, futures commission merchants, and trading advisors may cause or be subject to trading errors, which could adversely affect Grant Park’s performance.
  • Grant Park may terminate before you achieve your investment objective.
  • Grant Park is not a registered investment company.
  • Litigation could result in substantial additional expenses.
  • The general partner relies heavily on its key personnel to manage Grant Park’s trading activities.
  • The general partner relies on the trading advisors and their key personnel.
  • The general partner may terminate, replace and/or add trading advisors and reference traders in its sole discretion and the trading advisors and reference traders or their trading strategies may not continually serve Grant Park, which may have an adverse effect on Grant Park’s performance.
  • The general partner’s allocation of the assets of each class of Grant Park among trading advisors and reference traders may result in less than optimal performance by Grant Park.
  • Third parties may infringe or otherwise violate a trading advisor’s intellectual property rights or assert that a trading advisor has infringed or otherwise violated their intellectual property rights, which may result in significant costs and diverted attention.
  • The success of Grant Park depends on the ability of each of the trading advisors’ and reference traders’ personnel to accurately implement their trading systems, and any failure to do so could subject Grant Park to losses.
  • The inability of Grant Park to access, or the failure of, electronic trading and order routing systems may adversely affect Grant Park’s trading.
  • Grant Park may experience substantial losses on transactions if a trading advisor’s computer or communications systems fail or if a trading advisor, or third parties on which a trading advisor depends, fail to upgrade computer and communications systems.
  • Each trading advisor depends on the reliable performance of the computer or communications systems of third parties, such as brokers and futures exchanges, and may experience substantial losses on transactions if they fail.
  • Forwards, swaps and other derivatives are subject to varying regulation and risks.
  • The failure to comply with the USA Patriot Act may subject Grant Park to substantial negative consequences.
  • Partnership treatment is not assured.
  • Your tax liability may exceed your cash distributions.
  • You could owe taxes on your share of Grant Park’s ordinary income despite overall losses.
  • There is the possibility of a tax audit.
Management Discussion
  • The results of operations for the year ended December 31, 2018 are not included in this filing but can be found in Grant Park’s 2018 Annual Report on Form 10-K in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
  • Grant Park’s total net asset value at December 31, 2020 and 2019 was $45.2 million and $63.2 million, respectively. Results from past periods are not indicative of results that may be expected for any future period.
  • Trading on international markets may increase the risk that events or circumstances that disrupt such markets may have a materially adverse effect on Grant Park’s business or operations or the value of positions held by Grant Park. Such events or circumstances may include, but are not limited to, inflation or deflation, currency devaluation, interest rate changes, exchange rate fluctuations, changes in government policies, natural disasters, pandemics or other extraordinary events such as coronavirus, armed conflicts, political or social instability or other unforeseen developments that cannot be quantified.
Content analysis
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Positive
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Constraining
Legalese
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Readability
H.S. freshman Avg
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Proxies

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