Trading Activities (Tables)

3 Months Ended

Mar. 31, 2025

Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2025 and December 31, 2024, respectively.


	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition
March 31, 2025	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	1,821,938		$	(1,808,138	)	$	13,800		$	-	$	-	$	13,800
Forwards		604,977			(604,977	)		-			-		-		-

Total assets	$	2,426,915		$	(2,413,115	)	$	13,800		$	-	$	-	$	13,800

Liabilities
Futures	$	(1,808,138	)	$	1,808,138		$	-		$	-	$	-	$	-
Forwards		(775,076	)		604,977			(170,099	)		-		170,099		-

Total liabilities	$	(2,583,214	)	$	2,413,115		$	(170,099	)	$	-	$	170,099	$	-

Net fair value														$	13,800	*


	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2024	Gross Amounts Recognized									Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	2,528,139		$	(2,122,397	)	$	405,742		$	-	$	-	$	405,742
Forwards		805,528			(805,528	)		-			-		-		-

Total assets	$	3,333,667		$	(2,927,925	)	$	405,742		$	-	$	-	$	405,742

Liabilities
Futures	$	(2,122,397	)	$	2,122,397		$	-		$	-	$	-	$	-
Forwards		(809,130	)		805,528			(3,602	)		-		3,602		-

Total liabilities	$	(2,931,527	)	$	2,927,925		$	(3,602	)	$	-	$	3,602	$	-

Net fair value														$	405,742	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s

non-exchange-traded

contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held by the Partnership as separate assets and liabilities as of March 31, 2025 and December 31, 2024, respectively.


	March 31, 2025
Assets
Futures Contracts
Currencies	$	51,673
Energy		594,405
Grains		267,425
Indices		239,308
Interest Rates U.S.		21,945
Interest Rates Non-U.S.		88,824
Livestock		34,140
Metals		414,076
Softs		110,142

Total unrealized appreciation on open futures contracts		1,821,938


Liabilities
Futures Contracts
Currencies		(115,269)
Energy		(301,305)
Grains		(252,804)
Indices		(569,419)
Interest Rates U.S.		(62,015)
Interest Rates Non-U.S.		(156,748)
Metals		(181,831)
Softs		(168,747)

Total unrealized depreciation on open futures contracts		(1,808,138)

Net unrealized appreciation on open futures contracts	$	13,800	*


Assets
Forward Contracts
Currencies	$	406,446
Metals		198,531

Total unrealized appreciation on open forward contracts		604,977


Liabilities
Forward Contracts
Currencies		(454,637)
Metals		(320,439)

Total unrealized depreciation on open forward contracts		(775,076)

Net unrealized depreciation on open forward contracts	$	(170,099)	**

*	This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.

**	This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.


	December 31, 2024
Assets
Futures Contracts
Currencies	$	715,325
Energy		458,666
Grains		222,676
Indices		170,499
Interest Rates U.S.		40,160
Interest Rates Non-U.S.		383,905
Livestock		35,300
Metals		123,798
Softs		377,810

Total unrealized appreciation on open futures contracts		2,528,139


Liabilities
Futures Contracts
Currencies		(354,813)
Energy		(436,506)
Grains		(260,089)
Indices		(406,800)
Interest Rates U.S.		(82,789)
Interest Rates Non-U.S.		(304,809)
Metals		(187,197)
Softs		(89,394)

Total unrealized depreciation on open futures contracts		(2,122,397)

Net unrealized appreciation on open futures contracts	$	405,742	*


Assets
Forward Contracts
Currencies	$	472,601
Metals		332,927

Total unrealized appreciation on open forward contracts		805,528


Liabilities
Forward Contracts
Currencies		(316,621)
Metals		(492,509)

Total unrealized depreciation on open forward contracts		(809,130)

Net unrealized depreciation on open forward contracts	$	(3,602)	**

*	This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.

**	This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.

Trading Gains and Losses by Market Sector on Derivative Instruments Traded

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded by the Partnership for the three months ended March 31, 2025 and 2024, respectively.


	Three Months Ended
	March 31,
Sector	2025			2024
Currencies	$	(608,410)		$	715,336
Energy		(500,237)			2,023,559
Grains		(78,042)			545,769
Indices		(434,420)			1,470,096
Interest Rates U.S.		(109,658)			263,855
Interest Rates Non-U.S.		172,376			125,463
Livestock		77,990			1,590
Metals		782,345			(241,096)
Softs		(332,600)			807,450

Total	$	(1,030,656)	***	$	5,712,022	***

***	This amount is included in “Total trading results” in the Statements of Income and Expenses.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

CERES TACTICAL SYSTEMATIC L.P. 10-Q