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ROC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 000-53043

Man-AHL Diversified I L.P.

(Exact Name of Registrant as Specified in its Charter)


Delaware	06-1496634
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

c/o Man Investments (USA) Corp. 1345 Avenue of the Americas, Floor 21 New York, NY	10105
(Address of principal executive offices)	(Zip Code)

(212) 649-6600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      none

      None

      none

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Man-AHL Diversified I L.P.

Financial Statements



Statements of Financial Condition (a)		2
Statements of Operations (b)		3
Statements of Changes in Partners’ Capital (b)		4
Statements of Cash Flows (b)		5
Notes to Financial Statements (unaudited)		6

(a)

At March 31, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended March 31, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2025
	(Unaudited)			December 31, 2024
ASSETS
Investment in Man-AHL Diversified Trading Company L.P.	$	65,617,092		$	76,835,265
Due from Man-AHL Diversified Trading Company L.P.		1,337,344			893,946
Total assets	$	66,954,436		$	77,729,211
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Redemptions payable	$	1,337,344		$	893,946
Management fees payable		164,733			191,647
Servicing fees payable		55,056			64,041
Accrued expenses and other liabilities		375,421			318,086
Total liabilities		1,932,554			1,467,720
PARTNERS' CAPITAL:
General Partner - Class A Series 1 (186.37 units outstanding as at March 31, 2025 and December 31, 2024)		824,362			907,432
Limited Partners - Class A Series 1 (9,785.92 and 10,513.79 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		43,284,700			51,190,365
Limited Partners - Class A Series 2 (378.07 and 378.07 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		2,043,711			2,242,615
Limited Partners - Class B Series 1 (4,266.16 and 4,502.48 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		18,869,109			21,921,079
Total partners' capital		65,021,882			76,261,491
Total liabilities and partners' capital	$	66,954,436		$	77,729,211
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 1	$	4,423.16	*	$	4,868.88	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 2	$	5,405.67	*	$	5,931.78	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS B Series 1	$	4,422.97	*	$	4,868.67	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
NET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Interest income	$	709,141		$	1,080,601
Other income	-				16,935
Brokerage commissions		(36,592	)		(36,690	)
Interest expense - brokers		(41,685	)		(55,900	)
Administration fees		(13,417	)		(18,573	)
Professional fees		(22,337	)		(40,942	)
Shareholder expenses		(14,814	)		(16,032	)
Other expenses		(23,275	)		(6,057	)
Net investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P.		557,021			923,342
PARTNERSHIP EXPENSES:
Management fees		528,374			659,149
Servicing fees		176,568			220,511
Professional fees		34,024			61,000
Other expenses		104,500			53,629
Total partnership expenses		843,466			994,289
Net investment income/(loss)		(286,445	)		(70,947	)
REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Net realized trading gains/(losses) on closed contracts/agreements and foreign currency transactions		165,565			5,103,444
Net change in unrealized appreciation/(depreciation) on translation of foreign currency		226,593			508,607
Net change in unrealized trading appreciation/(depreciation) on investments in securities		(36,085	)		36,911
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements		(6,929,824	)		5,067,643
Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities allocated from Man-AHL Diversified Trading Company L.P.		(6,573,751	)		10,716,605
NET INCOME/(LOSS)	$	(6,860,196	)	$	10,645,658
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period):
CLASS A Series 1	$	(446.36	)	$	606.03
CLASS A Series 2	$	(526.12	)	$	720.20
CLASS B Series 1	$	(446.16	)	$	614.20
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD:
CLASS A Series 1		10,434.51			11,680.77
CLASS A Series 2		378.06			622.46
CLASS B Series 1		4,491.15			5,077.30

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	Class A Series 1											Class A Series 2						Class B Series 1						Total
	Limited Partners						General Partner					Limited Partners						Limited Partners
	Amounts*			Units			Amounts*			Units		Amounts*			Units			Amounts*			Units			Amounts*			Units
PARTNERS’ CAPITAL January 1, 2025	$	51,190,365			10,513.79		$	907,432			186.37	$	2,242,615			378.07		$	21,921,079			4,502.48		$	76,261,491		$	15,580.71
Subscriptions	-			-			-			-		-			-			-			-			-			-
Redemptions		(3,331,229	)		(727.87	)	-			-		-			-				(1,048,184	)		(236.32	)		(4,379,413	)		(964.19	)
Net income/(loss)		(4,574,436	)	-				(83,070	)	-			(198,904	)	-				(2,003,786	)	-				(6,860,196	)	-
PARTNERS’ CAPITAL March 31, 2025	$	43,284,700		$	9,785.92		$	824,362		$	186.37	$	2,043,711		$	378.07		$	18,869,109		$	4,266.16		$	65,021,882		$	14,616.52
PARTNERS’ CAPITAL January 1, 2024	$	57,057,130			11,847.00		$	897,609			186.37	$	3,994,356			689.34		$	24,774,942			5,144.34		$	86,724,037		$	17,867.05
Subscriptions		165,000			32.97		-			-		-			-			-			-				165,000			32.97
Redemptions		(3,575,413	)		(730.87	)	-			-			(1,304,367	)		(211.02	)		(821,818	)		(164.36	)		(5,701,598	)		(1,106.25	)
Net income/(loss)		6,963,326		-				115,579		-			448,297		-				3,118,456		-				10,645,658		-
PARTNERS’ CAPITAL March 31, 2024	$	60,610,043		$	11,149.10		$	1,013,188		$	186.37	$	3,138,286		$	478.32		$	27,071,580		$	4,979.98		$	91,833,097		$	16,793.77

* Amounts have been rounded to the nearest whole number.

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	(6,860,196	)	$	10,645,658
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Purchases of investments in Man-AHL Diversified Trading Company L.P.	-				(165,000	)
Sales of investments in Man-AHL Diversified Trading Company L.P.		4,758,045			6,126,167
Net realized (gains)/losses and change in unrealized (appreciation)/depreciation on trading activities and net investment income/(loss) allocated from investment in Man-AHL Diversified Trading Company L.P.		6,016,730			(11,639,947	)
Changes in operating assets and liabilities:
Increase/(decrease) in management fees payable		(26,914	)		15,054
Increase/(decrease) in servicing fees payable		(8,985	)		4,968
Increase/(decrease) in accrued expenses and other liabilities		57,335			(103,459	)
Net cash provided by/(used in) operating activities		3,936,015			4,883,441
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions	-				115,000
Payments on redemptions (net of change in redemptions payable)		(3,936,015	)		(5,048,441	)
Net cash provided by/(used in) financing activities		(3,936,015	)		(4,933,441	)
NET INCREASE/(DECREASE) IN CASH	-				(50,000	)

CASH - Beginning of period	-				50,000
CASH - End of period	$	-		$	-

See accompanying notes and attached financial statements of Man-AHL Diversified Trading Company L.P.

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Man-AHL Diversified I L.P.’s (a Delaware Limited Partnership) (the “Partnership”) financial condition at March 31, 2025, and the results of its operations for the three month periods ended March 31, 2025 and 2024. These financial statements present the results of interim periods. These financial statements should be read in conjunction with the audited financial statements and notes included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) for the year ended December 31, 2024. The December 31, 2024, information has been derived from the audited financial statements as of December 31, 2024.

1. ORGANIZATION OF THE PARTNERSHIP

Man-AHL Diversified I L.P. (a Delaware Limited Partnership) (the “Partnership”) was organized in September 1997 under the Delaware Revised Uniform Limited Partnership Act, and commenced operations on April 3, 1998, for the purpose of engaging in the speculative trading of futures and forward contracts and related instruments. The Partnership is a “feeder” fund in a “master-feeder” structure, whereby the Partnership invests substantially all of its assets in Man-AHL Diversified Trading Company L.P. (the “Trading Company”). Man Investments (USA) Corp. (the “General Partner”), a Delaware corporation, serves as the Partnership’s General Partner. The General Partner is a subsidiary of Man Group plc, a Jersey public limited company that is listed on the London Stock Exchange. The General Partner oversees the operations and management of the Partnership.

AHL Partners LLP (the “Advisor”), a limited liability partnership established in England and Wales, acts as trading advisor to the Partnership. The Advisor is an affiliate of the General Partner and a subsidiary of Man Group plc. The Advisor is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity trading adviser and commodity pool operator and is a member of the National Futures Association (“NFA”) in such capacities, in addition to registration with the Financial Conduct Authority in the United Kingdom.

Man Investments Limited, a United Kingdom private limited company that is part of Man Group plc, is the managing member of the Advisor, and Man Investments Holdings Inc., a Delaware corporation that is part of Man Group plc, is the sole shareholder of the General Partner.

The Partnership’s units are distributed through the Partnership or other selling agents, including Man Investments Inc. (“MII”), an affiliate of the Advisor and General Partner. MII is a registered broker-dealer and a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”).

The Partnership filed a registration statement under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which became effective in March 2008. The Partnership’s units are not, however, registered for sale through a public offering, and the General Partner does not intend to cause them to be so registered.

The Partnership offers two classes of units of limited partnership interests; Class A units are generally offered and Class B units are offered to employee benefit plans, IRAs and other retirement plans and accounts. The two classes of units are identical to each other except that Class B units may be purchased, transferred, held and redeemed at a minimum amount of $10,000. Within Class A and Class B, units are issued in two separate series. They are Class A Series 1, Class A Series 2, Class B Series 1 and Class B Series 2.

The Bank of New York Mellon serves as the administrator to the Partnership.

2. SIGNIFICANT ACCOUNTING POLICIES

The Partnership prepares its financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The General Partner has evaluated the structure, objectives and activities of the Partnership and the Trading Company and determined that the Partnership and the Trading Company meet the characteristics of an investment company. As such, these financial statements have applied the guidance as set forth in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services - Investment Companies. The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities (and disclosure of contingent assets and liabilities) at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Investment in Man-AHL Diversified Trading Company L.P. — The Partnership’s investment in the Trading Company is valued at the fair value of the Partnership’s proportionate interest in the partners’ capital of the Trading Company. The fair value of the Partnership’s investment in the Trading Company approximates the carrying amounts presented in the Statements of Financial Condition. The Partnership records its proportionate share of the Trading Company’s income, expenses, and realized and unrealized gains and losses. Investment transactions are recorded on a trade-date basis. In addition, the Partnership accrues its own expenses. The performance of the Partnership is directly affected by the performance of the Trading Company. Attached are the financial statements of the Trading Company, including the condensed schedules of investments, which are an integral part of these financial statements. Valuation of investments held by the Trading Company is discussed in the Trading Company’s notes to financial statements.

As at March 31, 2025 and December 31, 2024, the Partnership owned 2,487.66 and 2,679.90 units, respectively, of the Trading Company. The Partnership’s aggregate ownership percentage of the Trading Company as at March 31, 2025 and December 31, 2024 was 43.58% and 44.95%, respectively.

The Partnership is able to redeem its investment from the Trading Company on a monthly basis. As at March 31, 2025 and December 31, 2024, the Partnership could redeem its investment without restriction at the month-end net asset value of the Trading Company.

Due from Man-AHL Diversified Trading Company L.P. — The amounts Due from Man-AHL Diversified Trading Company L.P. represent redemption requests made by the Partnership relating to its investment in the Trading Company. The requests have been received and recorded by the Trading Company but the proceeds have not been received by the Partnership. These amounts are ultimately due to limited partners of the Partnership as redemptions payable.

Expenses — The Advisor earns a monthly management fee in an amount equal to 0.1667% (2% annually) of the Partnership’s month-end Net Asset Value, as defined in the Limited Partnership Agreement (the “Agreement”). In addition, the General Partner earns a monthly general partner fee in an amount equal to 0.0833% (1% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units. The general partner fee is included in management fees in the Statements of Operations.

The Advisor also earns a monthly incentive fee equal to 20% of any Net New Appreciation, as defined in the Agreement, achieved by the Partnership, with new appreciation generally tracked on a class-by-class basis. The incentive fee is retained by the Advisor even if subsequent losses are incurred; however, no subsequent incentive fees will be paid to the Advisor until any such trading losses are recouped by the Partnership. Because the incentive fees are paid on the Net New Appreciation of the Partnership as a whole, it is possible that certain Limited Partners may experience increases in the Net Asset Value of their units while paying no incentive fees on such increases in the Net Asset Value of such units as a result of the timing of the purchase of units. During the three month periods ended March 31, 2025 and 2024, no incentive fees were earned by the Advisor.

The Partnership pays a monthly servicing fee to MII in an amount equal to 0.0833% (1.00% annually) of the month-end Net Asset Value of Class A Series 1 and Class B Series 1 units and to 0.0625% (0.75% annually) of the month-end Net Asset Value of Class A Series 2 and Class B Series 2 units. MII serves as the placement agent for all classes of units of the Partnership. As at March 31, 2025 and 2024, there are no Class B series 2 units outstanding.

Revenue recognition — Income and expense are recognized on an accrual basis in the period in which they are incurred.

Derivative Contracts — The Partnership’s operating activities involve trading, indirectly through its investment in the Trading Company, in derivative contracts that involve varying degrees of market and credit risk. With respect to the Partnership’s investment in the Trading Company, the Partnership has limited liability, and, therefore, its maximum exposure to either market or credit loss is limited to the carrying value of its investment in the Trading Company, as set forth in the Statements of Financial Condition.

Net Income/(Loss) Per Unit — Net income/(loss) per unit of Class A Series 1, Class A Series 2, Class B Series 1, or Class B Series 2 partnership interest is equal to the net income/(loss) per class divided by the weighted average number of units outstanding per class. Weighted average number of units outstanding is the average of the units outstanding for each day during the period ended March 31, 2025 and 2024.

Income Taxes — The Partnership is not subject to federal, state, or local income tax. Such taxes are the liabilities of the individual partners and the amounts thereof will vary depending on the individual situation of each partner. Accordingly, there is no provision for income taxes in the accompanying financial statements. ASC 740, Income Taxes, defines how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements and is applied to all open tax years. The Partnership has evaluated tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained by the applicable tax authority. Based on this analysis of all tax jurisdictions and all open tax years subject to examination, there were no material tax positions not deemed to meet a more-likely-than-not-threshold. Therefore, no tax expense, including interest or penalties, was recorded for the three month periods ended March 31, 2025 and 2024. To the extent that the Partnership records interest and penalties, they would be included in interest expense and other expenses, respectively, in the Statements of Operations. The following is the major tax jurisdiction for the Trading Company and the earliest tax year subject to examination: United States – 2021.

Other income — Other income included in the Statements of Operations includes the proceeds received by the Trading Company relating to a class action award for the three months ended March 31, 2024.

Segment Reporting — In accordance with ASC Topic 280 -Segment Reporting ("ASC 280"), the Partnership has determined that it has a single operating and reporting segment. As a result, the Partnership's segment accounting policies are the same as described herein and the Partnership does not have any intra-segment sales and transfers of assets.

Comparative information — Certain prior period figures in the financial statements have been reclassified to conform with the current period presentation.

3. LIMITED PARTNERSHIP AGREEMENT

The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of capital held by each partner. However, no limited partner is liable for obligations of the Partnership in excess of its capital subscription and net profits or losses, if any.

The Partnership’s units are continuously offered as of the first business day of each month at Net Asset Value, as defined in the Agreement. Limited partners may redeem any or all of their units as of the end of any month at Net Asset Value per unit on 10 days prior written notice to the General Partner. The Partnership will be dissolved on December 31, 2037, or upon the occurrence of certain events, as specified in the Agreement.

The General Partner is required to make and maintain a general partner investment in the Partnership in an aggregate amount equal to the lesser of 1.01% of the net aggregate capital subscriptions of all partners, or $500,000.

Distributions (other than redemptions of units), if any, are made on a pro-rata basis at the sole discretion of the General Partner. No distributions were declared or paid during the three month periods ended March 31, 2025 and 2024.

Under the terms of the Agreement, the Partnership is liable for all costs associated with executing its business strategy. These costs include, but are not limited to, expenses associated with operations of the Partnership, such as management and incentive fees and other operating expenses, such as legal, audit, and tax return preparation fees.

4. FINANCIAL GUARANTEES

The Partnership enters into administrative and other professional service contracts that contain a variety of indemnifications. The Partnership’s maximum exposure under these arrangements is not known; however, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

5. FINANCIAL HIGHLIGHTS

The following represents the ratios to average limited partners’ capital and other information for the three month periods ended March 31, 2025 and 2024:


	For the three months ended March 31, 2025									For the three months ended March 31, 2024
	Class A			Class A			Class B			Class A			Class A			Class B
	Series 1			Series 2			Series 1			Series 1			Series 2			Series 1
Per unit operating performance:
Beginning net asset value	$	4,868.88		$	5,931.78		$	4,868.67		$	4,816.17		$	5,794.47		$	4,815.96
Income/(loss) from investment operations:
Net investment income/(loss)		(18.92	)		(5.70	)		(19.31	)		(4.77	)		14.37			(4.76	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		(426.80	)		(520.41	)		(426.39	)		624.92			752.27			624.88
Total income/(loss) from investment operations		(445.72	)		(526.11	)		(445.70	)		620.15			766.64			620.12
Ending net asset value	$	4,423.16		$	5,405.67		$	4,422.97		$	5,436.32		$	6,561.11		$	5,436.08
Ratios to average partners' capital1:
Expenses including incentive fees		5.54	%		4.34	%		5.64	%		5.36	%		4.00	%		5.35	%
Total expenses excluding incentive fees		5.54	%		4.34	%		5.64	%		5.36	%		4.00	%		5.35	%
Net investment income/(loss)		(1.62	)%		(0.40	)%		(1.65	)%		(0.38	)%		0.94	%		(0.38	)%
Total return2:
Total return before incentive fees		(9.15	)%		(8.87	)%		(9.15	)%		12.88	%		13.23	%		12.88	%
Total return after incentive fees		(9.15	)%		(8.87	)%		(9.15	)%		12.88	%		13.23	%		12.88	%

1 Includes amounts allocated from the Trading Company. Ratios have been annualized.

2 Total return is for the period indicated and has not been annualized.

Financial highlights are calculated for limited partners taken as a whole for each series. An individual limited partner’s returns and ratios may vary from these returns and ratios based on the timing of capital transactions.

6. SEGMENT REPORTING

The Partnership operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through debt securities. The CODM is comprised of the Partnership’s chief executive officer, co-presidents and chief financial officer and assesses the performance and makes operating decisions of the Partnership primarily based on the Partnership’s net investment income/(loss) ("NII") and net increase (decrease) in net assets resulting from operations (“net income/(loss)”). In addition to numerous other factors and metrics, the CODM utilizes NII and net income/(loss) as key metrics in determining the amount to be distributed to the Partnership’s shareholders. As the Partnership’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statements of Financial Condition as “total assets” and the significant segment expenses are listed on the accompanying Statements of Operations.

7. SUBSEQUENT EVENTS

For the period subsequent to March 31, 2025 through the date the financial statements were issued, the Partnership recorded limited partner subscriptions of $Nil and limited partner redemptions of $617,302.

The General Partner has evaluated the impact of subsequent events on the Partnership through the date the financial statements were issued, and noted no subsequent events that require adjustment to or disclosure in these financial statements, except as noted above.

Man-AHL Diversified Trading Company L.P.

Financial Statements


Statements of Financial Condition (a)	11
Condensed Schedules of Investments (a)	12
Statements of Operations (b)	14
Statements of Changes in Partners’ Capital (b)	15
Statements of Cash Flows (b)	16
Notes to the Financial Statements (unaudited)	17

(a)

At March 31, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended March 31, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	March 31, 2025
	(Unaudited)			December 31, 2024
ASSETS
Equity in trading accounts:
Net unrealized trading appreciation on open futures contracts	$	733,788		$	2,304,108
Net unrealized trading appreciation on open forward contracts		371,289			11,210,307
Net premiums paid on credit default swap agreements		4,718,222			10,524,624
Due from brokers		570,504			143,987
Restricted cash		33,805,732			25,370,053
Total equity in trading accounts		40,199,535			49,553,079
Cash and cash equivalents		5,631,030			11,248,590
Investments in securities, at fair value (cost: $116,475,425 and $116,887,495 as at March 31, 2025 and December 31, 2024, respectively)		116,479,384			116,958,598
Interest receivable		56,570			69,695
Total assets	$	162,366,519		$	177,829,962
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Net unrealized trading depreciation on open futures contracts	$	1,493,859		$	926,721
Net unrealized trading depreciation on open forward contracts		3,061,432			29,782
Net unrealized trading depreciation on open swap agreements		256,488			701,823
Net premiums received on credit default swap agreements		1,159,779			2,041,521
Due to brokers		3,058,417			1,449,999
Redemptions payable to Man-AHL Diversified I L.P.		1,337,344			893,946
Redemptions payable to Man-AHL Diversified II L.P.		841,250			332,032
Accrued expenses and other liabilities		603,888			500,684
Total liabilities	$	11,812,457		$	6,876,508
PARTNERS' CAPITAL:
Limited Partners (5,707.78 and 5,962.61 units outstanding as at March 31, 2025 and December 31, 2024, respectively)		150,554,062			170,953,454
Total partners’ capital		150,554,062			170,953,454
Total liabilities and partners' capital	$	162,366,519		$	177,829,962
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST	$	26,376.99	*	$	28,670.91	*

* Difference in net asset value recalculation and net asset value stated is caused by rounding differences.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS


	March 31, 2025 (Unaudited)							December 31, 2024
	Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
FUTURES CONTRACTS - Long:
Agricultural	$	(12,728	)		(0.0	)	*	$	2,159,919			1.3
Currencies		-			-				227,263			0.1
Energy		(72,988	)		(0.0	)	*		(45,677	)		(0.0	)	*
Indices		(2,088,950	)		(1.4	)			(1,221,312	)		(0.7	)
Interest Rates		235,099			0.2				(670,045	)		(0.4	)
Metals		1,260,107			0.8				(203,185	)		(0.1	)
Total futures contracts - long		(679,460	)		(0.4	)			246,963			0.2
FUTURES CONTRACTS - Short:
Agricultural		704,551			0.5				(517,785	)		(0.3	)
Currencies		(13,335	)		(0.0	)	*		-			-
Energy		(1,001,504	)		(0.7	)			(385,758	)		(0.2	)
Indices		193,147			0.1				(12,519	)		(0.0	)	*
Interest Rates		89,290			0.1				1,705,838			1.0
Metals		(52,760	)		(0.0	)	*		340,648			0.2
Total futures contracts - short		(80,611	)		(0.0	)	*		1,130,424			0.7
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS	$	(760,071	)		(0.4	)		$	1,377,387			0.9
FORWARD CONTRACTS - Long:
Australian dollar	$	(117,386	)		(0.1	)		$	(202,547	)		(0.1	)
Brazilian real		244,921			0.2				(302,213	)		(0.2	)
Mexican peso		(101,897	)		(0.1	)			(179,133	)		(0.1	)
New Zealand dollar		(95,040	)		(0.1	)			(166,589	)		(0.1	)
South African rand		(47,048	)		(0.0	)	*		(831,079	)		(0.5	)
South Korean won		(44,686	)		(0.0	)	*		(596,824	)		(0.3	)
U.K. pound		210,520			0.1				(422,962	)		(0.2	)
Other		1,356,452			0.9				(1,690,739	)		(1.0	)
Total long forward contracts vs US Dollar		1,405,836			0.9				(4,392,086	)		(2.5	)
FORWARD CONTRACTS - Short:
Australian dollar	$	(66,947	)		(0.0	)	*		891,692			0.5
Brazilian real		(133,767	)		(0.1	)			988,171			0.6
Mexican peso		(82,200	)		(0.1	)			169,114			0.1
New Zealand dollar		(25,519	)		(0.0	)	*		1,331,452			0.8
South African rand		(1,243	)	(0.0)			*		165,345			0.1
South Korean won		423,835			0.3				2,079,779			1.2
U.K. pound		(78,201	)		(0.1	)			157,188			0.1
Other		(4,648,872	)		(3.1	)			9,600,823			5.6
Total short forward contracts vs US Dollar		(4,612,914	)		(3.1	)			15,383,564			9.0
Forward contracts - Cross currencies - appreciation		3,912,929			2.5				2,748,978			1.6
Forward contracts - Cross currencies - depreciation		(2,743,489	)		(1.8	)			(2,613,639	)		(1.5	)
Forward contracts - Metal non US Dollar		(652,505	)		(0.4	)			53,708			0.0		*
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS	$	(2,690,143	)		(1.9	)		$	11,180,525			6.6

* A zero balance may reflect amounts rounding to less than 0.05%

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

CONDENSED SCHEDULES OF INVESTMENTS (CONTINUED)


			March 31, 2025 (Unaudited)							December 31, 2024
	Principal		Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
SWAP AGREEMENTS - Long:**
Credit default swaps - Buy protection centrally cleared (upfront premiums paid $nil and $nil, and upfront premiums received $1,159,779 and $2,041,521, as at March 31, 2025 and December 31, 2024, respectively)			$	(5,010	)		(0.0	)	*	$	(50,695	)		(0.0	)	*
Total swap agreements - long				(5,010	)	(0.0)			*		(50,695	)		(0.0	)	*
SWAP AGREEMENTS - Short:**
Credit default swaps - Sell protection centrally cleared (upfront premiums paid $4,718,222 and $10,524,624, and upfront premiums received $nil and $nil, as of March 31, 2025 and December 31, 2024, respectively)				(251,478	)		(0.2	)			(651,128	)		(0.4	)
Total swap agreements - short				(251,478	)		(0.2	)			(651,128	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/(DEPRECIATION) ON OPEN SWAP AGREEMENTS			$	(256,488	)		(0.2	)		$	(701,823	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/(DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS			$	(3,706,702	)		(2.5	)		$	11,856,089			7.1
INVESTMENTS IN SECURITIES:
U.S. GOVERNMENT SECURITIES - Long:
United States Treasury Bill 0% 02/27/25		25,000,000	$	-			-			$	24,835,691			14.5
United States Treasury Bill 0% 03/13/25		33,000,000		-			-				32,731,813			19.1
United States Treasury Bill 0% 03/27/25		35,000,000		-			-				34,657,632			20.3
United States Treasury Bill 0% 04/03/25		25,000,000		-			-				24,733,462			14.5
United States Treasury Bill 0% 04/03/25		30,000,000		29,992,938			19.9				-			-
United States Treasury Bill 0% 08/14/25		25,000,000		24,611,402			16.4				-			-
United States Treasury Bill 0% 08/28/25		28,000,000		27,524,595			18.3				-			-
United States Treasury Bill 0% 09/11/25		35,000,000		34,350,449			22.8				-			-
Total U.S. government securities - long				116,479,384			77.4				116,958,598			68.4
TOTAL INVESTMENT IN SECURITIES (COST $116,475,425 and $116,887,495 as at March 31, 2025 and December 31, 2024, respectively)			$	116,479,384			77.4			$	116,958,598			68.4

* A zero balance may reflect amounts rounding to less than 0.05%.

** The Fair Value of credit default swaps excludes upfront premiums received/paid which are presented separately in the Statements of Financial Condition. Refer to Note 2 for further details on the accounting treatment of premiums on credit default swaps.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF OPERATIONS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
INVESTMENT INCOME:
Interest income	$	1,595,184		$	2,245,584
Other income		-			35,402
Total investment income	$	1,595,184		$	2,280,986
EXPENSES
Brokerage commissions		82,266			76,395
Interest expense - brokers		93,604			116,328
Administration fees		30,170			38,608
Professional fees		50,250			85,283
Shareholder expenses		33,325			33,325
Other expenses		52,631			12,573
Total expenses		342,246			362,512
Net investment income/(loss)	$	1,252,938		$	1,918,474
NET REALIZED GAINS/(LOSSES) AND CHANGE IN UNREALIZED APPRECIATION/(DEPRECIATION) ON TRADING ACTIVITIES:
Net realized trading gains/(losses) on closed contracts/agreements and foreign currency transactions		266,246			10,853,096
Net change in unrealized appreciation/(depreciation) on translation of foreign currency		508,607			(459,512	)
Net change in unrealized trading appreciation/ (depreciation) on investments in securities		(67,144	)		(76,763	)
Net change in unrealized trading appreciation/ (depreciation) on open contracts/agreements		(15,497,227	)		12,212,937
Net realized gains/(losses) and change in unrealized appreciation/(depreciation) on trading activities		(14,789,518	)		22,529,758
NET INCOME/(LOSS)	$	(13,536,580	)	$	24,448,232
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period)	$	(2,295.26	)	$	3,715.24
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD		5,897.62			6,580.52

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024


	Limited Partners						General Partner				Total
	Amounts*			Units			Amounts*		Units*		Amounts*			Units
PARTNERS' CAPITAL - January 1, 2025	$	170,953,454			5,962.61		$	-		-	$	170,953,454			5,962.61
Subscriptions		530,000			19.12			-		-		530,000			19.12
Redemptions		(7,392,812	)		(273.95	)		-		-		(7,392,812	)		(273.95	)
Net income/(loss)		(13,536,580	)		-			-		-		(13,536,580	)		-
PARTNERS' CAPITAL - March 31, 2025	$	150,554,062			5,707.78		$	-		-	$	150,554,062			5,707.78
PARTNERS' CAPITAL - January 1, 2024	$	178,675,249			6,610.48		$	-		-	$	178,675,249			6,610.48
Subscriptions		1,439,999			52.48			-		-		1,439,999			52.48
Redemptions		(12,852,990	)		(447.01	)		-		-		(12,852,990	)		(447.01	)
Net income/(loss)		24,448,232			-			-		-		24,448,232			-
PARTNERS' CAPITAL - March 31, 2024	$	191,710,490			6,215.95		$	-		-	$	191,710,490			6,215.95

* Amounts have been rounded to the nearest whole number.

See notes to financial statements.

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF CASH FLOWS (UNAUDITED)


	For the three months ended March 31,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	(13,536,580	)	$	24,448,232
Adjustments to reconcile net income/(loss) to net cash
provided by/(used in) operating activities:
Purchases of investments in securities		(91,231,656	)		-
Amortization of premiums/accretion of discount on securities and net realized (gain)/loss on securities		(1,236,359	)		(1,694,291	)
Sales/maturities of investments in securities		92,945,649			14,809,312
Net change in unrealized trading (appreciation)/depreciation on investments in securities		67,144			76,763
Net change in unrealized trading (appreciation)/depreciation on open contracts/agreements		15,497,227			(12,212,937	)
Changes in operating assets and liabilities:
(Increase)/decrease in due from brokers		(426,517	)		4,865
(Increase)/decrease in interest receivable		13,125			(24,505	)
(Increase)/decrease in net premiums paid on credit default swap agreements		5,806,402			(3,486,911	)
Increase/(decrease) in net premiums received on credit default swap agreements		(881,742	)		1,074,729
Increase/(decrease) in due to brokers		1,608,418			66
Increase/(decrease) in accrued expenses and other liabilities		103,204			(30,140	)
Net cash provided by/(used in) operating activities		8,728,315			22,965,183
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions		530,000			1,439,999
Payments on redemptions (net of change in redemptions payable)

MAN AHL DIVERSIFIED I LP 10-Q