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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 June 30, 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 (c)		4
Statements of Cash Flows (c)		5
Notes to Financial Statements (unaudited)		6

(a)

At June 30, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended June 30, 2025 and 2024 (unaudited) and for the six month periods ended June 30, 2025 and 2024 (unaudited)

(c)

For the six month periods ended June 30, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED I L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2025
	(Unaudited)			December 31, 2024
ASSETS
Investment in Man-AHL Diversified Trading Company L.P.	$	59,596,660		$	76,835,265
Due from Man-AHL Diversified Trading Company L.P.		844,888			893,946
Total assets	$	60,441,548		$	77,729,211
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Redemptions payable	$	844,888		$	893,946
Management fees payable		148,778			191,647
Servicing fees payable		49,729			64,041
Accrued expenses and other liabilities		282,972			318,086
Total liabilities		1,326,367			1,467,720
PARTNERS' CAPITAL:
General Partner - Class A Series 1 (186.37 units outstanding as at June 30, 2025 and December 31, 2024)		775,673			907,432
Limited Partners - Class A Series 1 (9,420.48 and 10,513.79 units outstanding as at June 30, 2025 and December 31, 2024, respectively)		39,207,313			51,190,365
Limited Partners - Class A Series 2 (378.07 units outstanding as at June 30, 2025 and December 31, 2024)		1,929,039			2,242,615
Limited Partners - Class B Series 1 (4,133.63 and 4,502.48 units outstanding as at June 30, 2025 and December 31, 2024, respectively)		17,203,156			21,921,079
Total partners' capital		59,115,181			76,261,491
Total liabilities and partners' capital	$	60,441,548		$	77,729,211
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 1	$	4,161.92		$	4,868.88	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS A Series 2	$	5,102.36	*	$	5,931.78	*
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST - CLASS B Series 1	$	4,161.75	*	$	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 June 30,						For the six months ended June 30,
	2025			2024			2025			2024
NET INVESTMENT INCOME/(LOSS) ALLOCATED FROM MAN-AHL DIVERSIFIED TRADING COMPANY L.P.:
Interest income	$	614,605		$	1,161,721		$	1,323,746		$	2,242,322
Other income		—			—			—			16,935
Brokerage commissions		(29,679	)		(50,290	)		(66,271	)		(86,980	)
Interest expense - brokers		(20,285	)		(161,538	)		(61,970	)		(217,438	)
Administration fees		(11,065	)		(20,332	)		(24,482	)		(38,905	)
Professional fees		(21,727	)		(31,788	)		(44,064	)		(72,730	)
Shareholder expenses		(14,409	)		(15,990	)		(29,223	)		(32,022	)
Other expenses		(17,842	)		(6,903	)		(41,117	)		(12,960	)
Net investment income/(loss) allocated from Man-AHL Diversified Trading Company L.P.		499,598			874,880			1,056,619			1,798,222
PARTNERSHIP EXPENSES:
Management fees		440,098			704,295			968,472			1,363,444
Servicing fees		147,092			235,448			323,660			455,959
Professional fees		61,000			107,928			95,024			168,928
Other expenses		61,330			57,718			165,830			111,347
Total partnership expenses		709,520			1,105,389			1,552,986			2,099,678
Net investment income/(loss)		(209,922	)		(230,509	)		(496,367	)		(301,456	)
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		(7,816,067	)		7,266,413			(7,650,502	)		12,369,857
Net change in unrealized appreciation/(depreciation) on translation of foreign currency		118,322			13,751			344,915			(205,406	)
Net change in unrealized trading appreciation/(depreciation) on investments in securities		88			(600	)		(35,997	)		36,311
Net change in unrealized trading appreciation/(depreciation) on open contracts/agreements		4,029,688			(5,958,151	)		(2,900,136	)		(162,744	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities allocated from Man-AHL Diversified Trading Company L.P		(3,667,969	)		1,321,413			(10,241,720	)		12,038,018
NET INCOME/(LOSS)	$	(3,877,891	)	$	1,090,904		$	(10,738,087	)	$	11,736,562
NET INCOME/(LOSS) PER UNIT OF PARTNERSHIP INTEREST (based on weighted average units outstanding during the period):
CLASS A Series 1	$	(259.81	)	$	64.67		$	(715.25	)	$	681.46
CLASS A Series 2	$	(299.98	)	$	92.07		$	(824.85	)	$	894.52
CLASS B Series 1	$	(263.33	)	$	65.19		$	(714.00	)	$	687.89
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING DURING THE PERIOD:
CLASS A Series 1		9,963.89			11,225.38			10,199.20			11,453.08
CLASS A Series 2		382.26			478.32			380.16			550.39
CLASS B Series 1		4,275.23			4,922.42			4,383.17			4,999.86

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 SIX MONTHS ENDED JUNE 30, 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		(4,819,866	)		(1,093.31	)		—			—		—			—			(1,588,357	)		(368.85	)		(6,408,223	)		(1,462.16	)
Net income/(loss)		(7,163,186	)		—			(131,759	)		—		(313,576	)		—			(3,129,566	)		—			(10,738,087	)		—
PARTNERS’ CAPITAL June 30, 2025	$	39,207,313			9,420.48		$	775,673			186.37	$	1,929,039			378.07		$	17,203,156			4,133.63		$	59,115,181			14,118.55
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		415,000			76.97			—			—		—			—			—			—			415,000			76.97
Redemptions		(5,519,787	)		(1,072.86	)		—			—		(1,304,367	)		(211.02	)		(1,344,337	)		(254.55	)		(8,168,491	)		(1,538.43	)
Net income/(loss)		7,678,288			—			126,581			—		492,334			—			3,439,359			—			11,736,562			—
PARTNERS’ CAPITAL June 30, 2024	$	59,630,631			10,851.11		$	1,024,190			186.37	$	3,182,323			478.32		$	26,869,964			4,889.79		$	90,707,108			16,405.59

* 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 six months ended June 30,
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income/(loss)	$	(10,738,087	)	$	11,736,562
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.		—			(415,000	)
Sales of investments in Man-AHL Diversified Trading Company L.P.		8,102,562			10,601,600
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.		9,185,101			(13,836,240	)
Changes in operating assets and liabilities:
Increase/(decrease) in management fees payable		(42,869	)		10,304
Increase/(decrease) in servicing fees payable		(14,312	)		3,378
Increase/(decrease) in accrued expenses and other liabilities		(35,114	)		(200,156	)
Net cash provided by/(used in) operating activities		6,457,281			7,900,448
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from subscriptions		—			365,000
Payments on redemptions (net of change in redemptions payable)		(6,457,281	)		(8,315,448	)
Net cash provided by/(used in) financing activities		(6,457,281	)		(7,950,448	)
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 June 30, 2025, and the results of its operations for the three and six month periods ended June 30, 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. No Class B Series 2 units were in issue as at June 30, 2025.

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 June 30, 2025 and December 31, 2024, the Partnership owned 2,379.44 and 2,679.90 units, respectively, of the Trading Company. The Partnership’s aggregate ownership percentage of the Trading Company as at June 30, 2025 and December 31, 2024 was 42.90% and 44.95%, respectively.

The Partnership is able to redeem its investment from the Trading Company on a monthly basis. As at June 30, 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 and six month periods ended June 30, 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 June 30, 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 periods ended June 30, 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 and six month periods ended June 30, 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 six months ended June 30, 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 and six month periods ended June 30, 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 and six month periods ended June 30, 2025 and 2024:


	For the three months ended June 30, 2025									For the three months ended June 30, 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	$	4,423.16		$	5,405.67		$	4,422.97		$	5,436.32		$	6,561.11		$	5,436.08
Income/(loss) from investment operations:
Net investment income/(loss)		(14.84	)		(2.59	)		(14.85	)		(14.42	)		3.94			(14.42	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		(246.40	)		(300.72	)		(246.37	)		73.45			88.13			73.45
Total income/(loss) from investment operations		(261.24	)		(303.31	)		(261.22	)		59.03			92.07			59.03
Ending net asset value	$	4,161.92		$	5,102.36		$	4,161.75		$	5,495.35		$	6,653.18		$	5,495.11
Ratios to average partners' capital1:
Expenses including incentive fees		5.50	%		4.27	%		5.50	%		6.00	%		4.72	%		6.00	%
Total expenses excluding incentive fees		5.50	%		4.27	%		5.50	%		6.00	%		4.72	%		6.00	%
Net investment income/(loss)		(1.43	)%		(0.20	)%		(1.43	)%		(1.03	)%		0.23	%		(1.03	)%
Total return2:
Total return before incentive fees		(5.91	)%		(5.61	)%		(5.91	)%		1.09	%		1.40	%		1.09	%
Total return after incentive fees		(5.91	)%		(5.61	)%		(5.91	)%		1.09	%		1.40	%		1.09	%


	For the six months ended June 30, 2025									For the six months ended June 30, 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)		(33.80	)		(8.29	)		(34.20	)		(18.88	)		20.20			(19.12	)
Net realized gains/(losses) and change in unrealized appreciation/ (depreciation) on trading activities		(673.16	)		(821.13	)		(672.72	)		698.06			838.51			698.27
Total income/(loss) from investment operations		(706.96	)		(829.42	)		(706.92	)		679.18			858.71			679.15
Ending net asset value	$	4,161.92		$	5,102.36		$	4,161.75		$	5,495.35		$	6,653.18		$	5,495.11
Ratios to average partners' capital1:
Expenses including incentive fees		5.51	%		4.31	%		5.57	%		5.73	%		4.49	%		5.74	%
Total expenses excluding incentive fees		5.51	%		4.31	%		5.57	%		5.73	%		4.49	%		5.74	%
Net investment income/(loss)		(1.53	)%		(0.31	)%		(1.55	)%		(0.71	)%		0.64	%		(0.72	)%
Total return2:
Total return before incentive fees		(14.52	)%		(13.98	)%		(14.52	)%		14.10	%		14.82	%		14.10	%
Total return after incentive fees		(14.52	)%		(13.98	)%		(14.52	)%		14.10	%		14.82	%		14.10	%

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 investments in securities and open contracts/agreements; the Partnership realizes its strategy through investments in the Trading Company. 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 June 30, 2025, through the date the financial statements were issued, the Partnership recorded limited partner redemptions of $561,318.

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 (c)	15
Statements of Cash Flows (c)	16
Notes to the Financial Statements (unaudited)	17

(a)

At June 30, 2025 (unaudited) and December 31, 2024

(b)

For the three month periods ended June 30, 2025 and 2024 (unaudited) and for the six month periods ended June 30, 2025 and 2024 (unaudited)

(c)

For the six month periods ended June 30, 2025 and 2024 (unaudited)

MAN-AHL DIVERSIFIED TRADING COMPANY L.P.

(A Delaware Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2025
	(Unaudited)		December 31, 2024
ASSETS
Equity in trading accounts:
Net unrealized trading appreciation on open futures contracts	$	3,094,490	$	2,304,108
Net unrealized trading appreciation on open forward contracts		2,946,469		11,210,307
Net unrealized trading appreciation on open swap agreements		575,372		—
Net premiums paid on credit default swap agreements		6,767,839		10,524,624
Due from brokers		16,615		143,987
Restricted cash		27,736,357		25,370,053
Total equity in trading accounts		41,137,142		49,553,079
Cash and cash equivalents		4,957,096		11,248,590
Investments in securities, at fair value (cost: $99,251,406 and $116,887,495 as at June 30, 2025 and December 31, 2024, respectively)		99,232,563		116,958,598
Interest receivable		46,803		69,695
Total assets	$	145,373,604	$	177,829,962
LIABILITIES AND PARTNERS’ CAPITAL
LIABILITIES:
Net unrealized trading depreciation on open futures contracts	$	—	$	926,721
Net unrealized trading depreciation on open forward contracts		950,033		29,782
Net unrealized trading depreciation on open swap agreements		—		701,823
Net premiums received on credit default swap agreements		—		2,041,521
Due to brokers		125,588		—
Collateral balances – due to broker		3,210,833		1,449,999
Redemptions payable to Man-AHL Diversified I L.P.		844,888		893,946
Redemptions payable to Man-AHL Diversified II L.P.		696,319		332,032
Accrued expenses and other liabilities		617,289		500,684
Total liabilities	$	6,444,950	$	6,876,508
PARTNERS’ CAPITAL:
Limited Partners (5,529.72 and 5,962.61 units outstanding as at June 30, 2025 and December 31, 2024, respectively)		138,928,654		170,953,454
Total partners’ capital		138,928,654		170,953,454
Total liabilities and partners’ capital	$	145,373,604	$	177,829,962
NET ASSET VALUE PER OUTSTANDING UNIT OF PARTNERSHIP INTEREST	$	25,123.99	$	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


	June 30, 2025 (Unaudited)							December 31, 2024
	Fair Value			Percent of Partners' Capital				Fair Value			Percent of Partners' Capital
FUTURES CONTRACTS - Long:
Agricultural	$	770,489		0.6				$	2,159,919			1.3
Currencies		—			—				227,263			0.1
Energy		(706,600	)		(0.5	)			(45,677	)	(0.0)			*
Indices		1,072,047		0.8					(1,221,312	)		(0.7	)
Interest Rates		459,802		0.3					(670,045	)		(0.4	)
Metals		131,663		0.1					(203,185	)		(0.1	)
Total futures contracts - long		1,727,401		1.3					246,963			0.2
FUTURES CONTRACTS - Short:
Agricultural		1,417,478			1.0				(517,785	)		(0.3	)
Currencies		152,024			0.1				—			—
Energy		203,245			0.1				(385,758	)		(0.2	)
Indices		69,791			0.0		*		(12,519	)	(0.0)			*
Interest Rates		(475,449	)		(0.3	)			1,705,838			1.0
Metals		—			—				340,648			0.2
Total futures contracts - short		1,367,089			0.9				1,130,424			0.7
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FUTURES CONTRACTS	$	3,094,490			2.2			$	1,377,387			0.9
FORWARD CONTRACTS - Long:
Australian dollar	$	220,550		0.2				$	(202,547	)		(0.1	)
Brazilian real		836,909		0.6					(302,213	)		(0.2	)
Mexican peso		586,175		0.4					(179,133	)		(0.1	)
New Zealand dollar		190,906		0.1					(166,589	)		(0.1	)
South African rand		536,375		0.4					(831,079	)		(0.5	)
South Korean won		66,881			0.0		*		(596,824	)		(0.3	)
U.K. pound		306,224		0.2					(422,962	)		(0.2	)
Other		3,805,549		2.8					(1,690,739	)		(1.0	)
Total long forward contracts vs US Dollar		6,549,569		4.7					(4,392,086	)		(2.5	)
FORWARD CONTRACTS - Short:
Australian dollar	$	(157,979	)		(0.1	)			891,692			0.5
Brazilian real		(273,007	)		(0.2	)			988,171			0.6
Mexican peso		(146,747	)		(0.1	)			169,114			0.1
New Zealand dollar		(127,664	)		(0.1	)			1,331,452			0.8
South African rand		(311,466	)		(0.2	)			165,345			0.1
South Korean won		(12,069	)	(0.0)			*		2,079,779			1.2
U.K. pound		(180,704	)		(0.1	)			157,188			0.1
Other		(3,340,500	)		(2.5	)			9,600,823			5.6
Total short forward contracts vs US Dollar		(4,550,136	)		(3.3	)			15,383,564			9.0
Forward contracts - Cross currencies - appreciation		2,933,464			2.1				2,748,978			1.6
Forward contracts - Cross currencies - depreciation		(2,477,967	)		(1.8	)			(2,613,639	)		(1.5	)
Forward contracts - Metal non US Dollar		(458,494	)		(0.3	)			53,708		0.0*
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN FORWARD CONTRACTS	$	1,996,436			1.4			$	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)


			June 30, 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 $nil and $2,041,521, as at June 30, 2025 and December 31, 2024, respectively)			$	—		—	$	(50,695	)		(0.0	)*
Total swap agreements - long				—		—		(50,695	)		(0.0	)*
SWAP AGREEMENTS - Short:**
Credit default swaps - Sell protection centrally cleared (upfront premiums paid $6,767,839 and $10,524,624, and upfront premiums received $nil and $nil, as of June 30, 2025 and December 31, 2024, respectively)				575,372		0.5		(651,128	)		(0.4	)
Total swap agreements - short				575,372		0.5		(651,128	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN SWAP AGREEMENTS			$	575,372		0.5	$	(701,823	)		(0.4	)
NET UNREALIZED TRADING APPRECIATION/ (DEPRECIATION) ON OPEN CONTRACTS/AGREEMENTS			$	5,666,298		4.1	$	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% 08/14/25		20,000,000		19,895,137		14.3		—			—
United States Treasury Bill 0% 08/28/25		25,000,000		24,826,197		17.9		—			—
United States Treasury Bill 0% 09/11/25		25,000,000		24,788,565		17.8		—			—
United States Treasury Bill 0% 09/18/25		30,000,000		29,722,664		21.4		—			—
Total U.S. government securities - long				99,232,563		71.4		116,958,598			68.4
TOTAL INVESTMENT IN SECURITIES (COST $99,251,406 and $116,887,495 as at June 30, 2025 and December 31, 2024, respectively)			$	99,232,563		71.4	$	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 June 30,

      For the six months ended June 30,

MAN AHL DIVERSIFIED I LP 10-Q