10. FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2020

NOTE 10 - FINANCIAL HIGHLIGHTS

The following information presents the financial highlights of the Partnership for the years ended December 31, 2020, 2019 and 2018. This information has been derived from information presented in the financial statements.

	Year ended December 31, 2020
					Institutional
	Class A		Class B		Interest

Total return for Limited Partners
Total return prior to incentive fees		(8.92%)		(7.24%)		(6.43%)
Incentive fees		0.00%		(0.00%)		0.00%

Total return after incentive fees		(8.92%)		(7.24%)		(6.43%)

Ratio to average net asset value
Expenses prior to incentive fees		4.42%		2.28%		1.44%
Incentive fees		0.00%		0.00%		0.00%

Total expenses		4.42%		2.28%		1.44%

Net investment loss (1)		(3.98%)		(1.88%)		(1.03%)

	Year ended December 31, 2019
			Institutional
	Class A	Class B	Interest

Total return for Limited Partners
Total return prior to incentive fees	(5.60%)	(3.72%)	(2.91%)
Incentive fees	0.00%	(0.26%)	0.00%

Total return after incentive fees	(5.60%)	(3.98%)	(2.91%)

Ratio to average net asset value
Expenses prior to incentive fees	5.11%	3.28%	2.33%
Incentive fees	0.00%	0.27%	0.00%

Total expenses	5.11%	3.55%	2.33%

Net investment loss (1)	(3.11%)	(1.29%)	(0.33%)

Total return and the ratios to average net asset value are calculated for each class of Limited Partners’ capital taken as a whole. An individual Limited Partner’s total return and ratios may vary from the above returns and ratios due to the timing of their contributions and withdrawals and differing fee structures.

Total return is calculated on a monthly compounded basis.

(1)

Excluded incentive fee

	Year ended December 31, 2018
							Institutional
	Class A			Class B			Interest

Total return for Limited Partners
Total return prior to incentive fees		(11.80%	)		(10.06%	)		(9.31%	)
Incentive fees		(0.01%	)		(0.01%	)		(0.01%	)

Total return after incentive fees		(11.81%	)		(10.07%	)		(9.32%	)

Ratio to average net asset value
Expenses prior to incentive fees		4.72%			2.80%			1.87%
Incentive fees		0.01%			0.01%			0.01%

Total expenses		4.73%			2.81%			1.88%

Net investment loss (1)		(3.08%	)		(1.15%	)		(0.30%	)

Total return is calculated on a monthly compounded basis.

(1)

Excluded incentive fee

Altegris QIM Futures Fund, L.P. 10-K