Financial Highlights

12 Months Ended

Dec. 31, 2024

7.	Financial Highlights:

Financial highlights for the limited partner Classes as a whole for the years ended December 31, 2024, 2023 and 2022 were as follows:


	2024									2023									2022
	Class A			Class D			Class Z			Class A			Class D			Class Z			Class A			Class D			Class Z
Per Redeemable Unit Performance
(for a unit outstanding throughout the year):*
Net realized and unrealized gains (losses)	$	27.79		$	34.86		$	36.22		$	(106.24)		$	(132.89)		$	(138.95)		$	157.24		$	195.30		$	201.95
Net investment income (loss)		9.17			11.40			20.51			6.22			7.71			16.83			(48.02)			(58.61)			(52.18)

Increase (decrease) for the year		36.96			46.26			56.73			(100.02)			(125.18)			(122.12)			109.22			136.69			149.77
Net asset value per Redeemable Unit, beginning of year		801.93			1,003.61			1,050.19			901.95			1,128.79			1,172.31			792.73			992.10			1,022.54

Net asset value per Redeemable Unit, end of year	$	838.89		$	1,049.87		$	1,106.92		$	801.93		$	1,003.61		$	1,050.19		$	901.95		$	1,128.79		$	1,172.31


	2024									2023									2022
	Class A			Class D			Class Z			Class A			Class D			Class Z			Class A			Class D			Class Z
Ratios to Average Limited Partners’ Capital:
Net investment income (loss)**		1.1	%		1.1	%		1.9	%		0.7	%		0.7	%		1.5	%		(5.4)	%		(5.3)	%		(4.8)	%


Operating expenses		3.3	%		3.3	%		2.5	%		3.2	%		3.2	%		2.5	%		3.2	%		3.2	%		2.5	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		3.5	%		3.5	%		3.7	%

Total expenses		3.3	%		3.3	%		2.5	%		3.2	%		3.2	%		2.5	%		6.7	%		6.7	%		6.2	%


Total return:
Total return before incentive fees		4.6	%		4.6	%		5.4	%		(11.1)	%		(11.1)	%		(10.4)	%		17.8	%		17.8	%		18.8	%
Incentive fees		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		0.0	%		(4.0)	%		(4.0)	%		(4.2)	%

Total return after incentive fees		4.6	%		4.6	%		5.4	%		(11.1)	%		(11.1)	%		(10.4)	%		13.8	%		13.8	%		14.6	%

Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information.

**	Interest income less total expenses.

The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets of the Partnership.

CERES TACTICAL SYSTEMATIC L.P. 10-K