Grant Park Futures Fund Reports Q2 Losses

The fund’s six-month returns turned negative in 2025 after a sharp contrast to its profitable performance in the same period last year.

August 15, 2025

A Shift in Momentum

Grant Park Futures Fund ended the first half of 2025 with a net loss of $1.3 million. The drop was broad-based, affecting every investor class and reversing the fund’s gains from the same period last year. Net asset value (NAV) fell to $19.2 million by June 30, down from $24.1 million at the end of 2024.

Returns were negative across the board. Class B units saw the sharpest decline at 6.28%, while Class A units fell 5.97%. Legacy and Global classes lost between 4.61% and 5.00%. In contrast, the fund posted gains of 3.8% to 5.48% across all classes during the first half of 2024.

Trading losses drove the decline. Interest rate positions were the largest drag, reducing performance by 3.8%. Energy and currency exposures also weighed on returns, down 1.9% and 1.8% respectively. Metals and stock indices helped offset some of the losses, contributing 2.3% and 0.2%.

Volatility and Redemptions

The fund’s performance fluctuated month to month. January and March delivered moderate gains, but losses in February, April, and May pushed results into negative territory. A small recovery in June wasn’t enough to close the gap.

Investor redemptions further reduced assets under management. Class B units in particular saw more than 3,200 units withdrawn in the six-month period. By June 30, the fund’s NAV had fallen nearly 20% from year-end levels.

Key Financials

Realized and unrealized losses from futures trading totaled more than $957,000 over six months. Interest and dividend income added $372,000 but was outweighed by $561,000 in brokerage fees and another $617,000 in expenses. The result: a net investment loss of $245,000 and a combined loss of $1.3 million.

Returns varied slightly by investor class, depending on fee structures and unit composition. Net asset value per unit dropped across every class compared to both March and December 2024 levels.

Market Dynamics

The loss came during a stretch of uneven market conditions. Interest rate swings, currency volatility, and shifting macro trends all played a role. The fund’s trend-following approach had periods of positive performance—particularly in March and June—but also faced headwinds when short-term market reversals outpaced strategy adjustments.

The managers noted the effects of rising interest rates, currency movement, and geopolitical events across multiple asset classes. While no single position exceeded 1% of NAV, the combined impact of small losses across sectors added up.

What Comes Next

The fund remains closed to new investors but continues to operate as normal for existing participants, with monthly redemptions available. Assets not required for margin are held in liquid investments, primarily U.S. Treasuries and short-term instruments, to support redemptions and cash management.

If interest rate uncertainty and global macro instability continue, the fund could face ongoing pressure. But its diversified structure, combined with daily risk monitoring and multi-manager oversight, positions it to adjust as market conditions evolve.

For investors who remain in the fund, the focus is now on navigating the second half of the year with clear visibility into exposure, strategy performance, and sector-level dynamics.