GRANT PARK FUTURES FUND LIMITED PARTNERSHIP - Annual Update

I’ve put together this guide to help you understand how Grant Park Futures Fund performed this past year. My goal is to explain their latest filing so you can decide if this fund still fits your investment goals.

1. The Big Picture

Grant Park isn't a typical stock fund. It is a "commodity pool," which means it doesn't buy shares of companies like Apple or Microsoft. Instead, it hires independent professional traders to bet on the future prices of gold, oil, currencies, interest rates, and stock market indices. They use systematic, trend-following strategies to try to make money whether the markets go up or down. Their goal is to perform well regardless of what happens in the traditional stock market.

2. What’s Happening Now

The most important thing to know is that Grant Park is closed to new investors. They stopped offering new units in 2019 to focus on managing the remaining capital for existing partners. If you are already an investor, it is "business as usual."

As of the end of 2025, the fund manages about $19.5 million for roughly 907 partners. At its peak in the mid-2000s, the fund held nearly $1.5 billion. It is now a much smaller, "legacy" operation. This drop in assets reflects both investor withdrawals over the last decade and the natural lifecycle of a closed fund.

3. How They Operate

The fund has no employees. Dearborn Capital Management runs the fund and hires outside experts to handle the trading. They spread risk by splitting the money among different trading companies; no single advisor manages more than 35% of the fund’s assets. They use major brokers like ADM Investor Services and R.J. O’Brien to execute trades. They pay standard commissions of $5 to $15 per contract, which are taken directly out of the fund’s total value.

4. The Financial "Class" System

The fund has several "classes" of units (Class A, B, Legacy, and Global). These are different buckets for investors based on when they joined or their specific terms. These terms dictate management fees (typically 1% to 2% annually) and incentive fees (often 20% of new trading profits). As of February 2026, these units are worth between $740 and $950 each, reflecting the fund’s performance after all fees and expenses.

5. The Risks

The fund uses leverage, often maintaining exposure that is two to five times the actual cash in the account. This is a double-edged sword: it can amplify gains, but it can also lead to rapid losses. Unlike a stock you hold for years, futures contracts expire and require constant, active management. Because the fund is now small, fixed administrative costs take up a larger percentage of total assets. This can drag down performance compared to the fund's history.

6. Is it a Good Investment?

This is a niche, legacy product. It is designed for sophisticated investors who understand the volatility of global futures markets and the risks of high-leverage trading. Since it is closed to new money and shrinking, it is likely not a primary investment for a typical retail portfolio. While the fund allows for periodic withdrawals, the shrinking asset base may eventually lead to the fund closing entirely if operating costs become too high.

Note: This guide is based on the 2025 annual report. If you are an existing investor, review your monthly statements to see how your specific class of units is performing.