Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - GRANT PARK FUTURES FUND LIMITED PARTNERSHIP | f8k_032310.htm |
EXHIBIT 99.1
Grant Park Fund Weekly Commentary
For the Week Ended March 19, 2010
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March 19, 2010
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Weekly ROR1
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Month-to-Date ROR1
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Year-to-Date ROR1
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|
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Class A Units
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0.9%
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1.8%
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-5.7%
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|
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Class B Units
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0.9%
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1.8%
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-5.8%
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|
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Legacy 1 Class Units
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0.9%
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1.8%
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-5.3%
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|
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Legacy 2 Class Units
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0.9%
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1.8%
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-5.3%
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|
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GAM 1 Class Units
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0.8%
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1.6%
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-5.7%
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|
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GAM 2 Class Units
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0.8%
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1.6%
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-5.7%
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|
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GAM 3 Class Units
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0.8%
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1.5%
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-6.1%
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|
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S&P 500 Total Return Index2
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0.9%
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5.1%
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4.5%
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|
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Barclays Capital U.S. Long Government Index2
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0.7%
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-0.3%
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2.5%
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1
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Subject to independent verification.
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2
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Index is unmanaged and is not available for direct investment. Please see Indices Overview (below) for more information. Weekly RORs are calculated using data acquired through Bloomberg.
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Sector Commentary
Agriculturals/Softs
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Sector/Market
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Price Action
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Cause
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Grains markets
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Increase
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Concern that upcoming cold and wet weather will delay plantings
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Sugar
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Decrease
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Liquidations from large commodity funds
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Live Cattle
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Increase
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Forecasts of declining cattle inventories
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Grant Park’s longer-term trading advisors are predominantly long the agriculturals/softs sector. Grant Park’s shorter-term trading advisors are predominantly short the sector.
Currencies
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Sector/Market
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Price Action
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Cause
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U.S. Dollar
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Increase
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Increased demand for safe-haven currencies due to the ongoing sovereign-debt crisis in Greece
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New Zealand Dollar
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Increase
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Speculation that the interest rate gap will narrow between New Zealand and Australia
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Euro
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Decrease
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Concerns that European nations will be unable to decide on a timely solution for the ailing credit situation within the Eurozone
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Grant Park’s longer-term trading advisors are predominantly short the currency sector. Grant Park’s shorter-term trading advisors are predominantly long the sector.
Energy
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Sector/Market
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Price Action
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Cause
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Crude Oil
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Decrease
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U.S. dollar strength
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Natural Gas
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Decrease
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Elevated natural gas supplies and unusually warm weather in the U.S.
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Grant Park’s longer-term trading advisors are predominantly long the energy sector, as are Grant Park’s shorter-term trading advisors.
ALL PERFORMANCE REPORTED IS NET OF FEES AND EXPENSES.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES A HIGH DEGREE OF RISK AND IS NOT SUITABLE FOR ALL INVESTORS. THIS DOES NOT CONSTITUTE AN OFFER OF ANY SECURITY FOR SALE. OFFERING BY PROSPECTUS ONLY.
INFORMATION IN THIS COMMENTARY IS DRAWN FROM VARIOUS SOURCES THAT ARE DEEMED TO BE RELIABLE. HOWEVER, THE INFORMATION IS NOT AUDITED BY DEARBORN CAPITAL. IN ADDITION, DEARBORN CAPITAL DRAWS UPON THIS INFORMATION TO MAKE ITS OWN ASSUMPTIONS WHICH COULD BE CONSIDERED DEARBORN CAPITAL’S OPINION. DEARBORN CAPITAL BELIEVES THAT ANY SUCH STATEMENTS OF OPINION HAVE A REASONABLE BASIS IN FACT.
Equities
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Sector/Market
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Price Action
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Cause
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European equity markets
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Increase
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Positive earnings forecasts for several large European firms
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North American equity markets
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Increase
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Decision to keep interest rates unchanged and passing of new bill designed to help improve the U.S. unemployment situation
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Nikkei 225
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Increase
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Monetary easing by the Bank of Japan
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Grant Park’s longer-term trading advisors are predominantly long the equities sector. Grant Park’s shorter-term trading advisors are predominantly short the sector.
Fixed Income
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Sector/Market
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Price Action
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Cause
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U.S. Treasury Bonds
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Increase
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Increased risk aversion preceding the Federal Open Market Committee meeting
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Eurodollar and Euribor markets
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Decrease
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Speculation that short-term rates will go up in the near future
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Grant Park’s longer-term trading advisors are predominantly long the fixed income sector. Grant Park’s shorter-term trading advisors are also predominantly long the sector.
Metals
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Sector/Market
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Price Action
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Cause
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Gold
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Increase
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Increased demand for safer assets
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Nickel
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Increase
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Supply concerns stemming from problems at key Canadian and Australian production facilities
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Grant Park’s longer-term trading advisors are predominantly long the metals sector. Grant Park’s shorter-term trading advisors are predominantly short the sector.
Indices Overview 2
Standard and Poor’s 500 Total Return Index (S&P 500 Index) – A weighted index of the 500 stocks in the S&P 500 Index, which are chosen by Standard and Poor’s based on industry representation, liquidity, and stability. The stocks in the S&P 500 Index are not the 500 largest companies, rather the index is designed to capture the returns of many different sectors of the U.S. economy. The total return calculation includes the price-plus-gross cash dividend return.
Barclays Capital U.S. Long Government Index (formerly Lehman Brothers U.S. Government Index: Long Subset) – A benchmark comprised of the Barclays Capital U.S. Treasury and U.S. Agency indices. The U.S. Long Government Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than ten years) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The U.S. Government Index is a component of the Barclays Capital U.S. Government Index.
ALL PERFORMANCE REPORTED IS NET OF FEES AND EXPENSES.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES A HIGH DEGREE OF RISK AND IS NOT SUITABLE FOR ALL INVESTORS. THIS DOES NOT CONSTITUTE AN OFFER OF ANY SECURITY FOR SALE. OFFERING BY PROSPECTUS ONLY.
INFORMATION IN THIS COMMENTARY IS DRAWN FROM VARIOUS SOURCES THAT ARE DEEMED TO BE RELIABLE. HOWEVER, THE INFORMATION IS NOT AUDITED BY DEARBORN CAPITAL. IN ADDITION, DEARBORN CAPITAL DRAWS UPON THIS INFORMATION TO MAKE ITS OWN ASSUMPTIONS WHICH COULD BE CONSIDERED DEARBORN CAPITAL’S OPINION. DEARBORN CAPITAL BELIEVES THAT ANY SUCH STATEMENTS OF OPINION HAVE A REASONABLE BASIS IN FACT.