LoCorr Futures Portfolio Fund Assets Plunge 31% Amid Redemptions

TL;DR

**Sell your LoCorr Futures Portfolio Fund L.P. units; this fund is shrinking fast and investor confidence is clearly eroding.**

AI Summary

LOCORR FUTURES PORTFOLIO FUND L.P. reported a significant decrease in total assets, falling from $109,716,323 at December 31, 2024, to $75,785,882 at September 30, 2025, representing a 30.93% decline. Partners' Capital (Net Asset Value) also saw a substantial reduction, from $108,117,453 to $73,586,175, a 31.80% drop. The fund's investment in securities, at fair value, decreased from $60,605,106 to $38,634,014, a 36.24% reduction. Notably, the investment in a private investment company, Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC, declined from $2,312,982 to $1,539,782, a 33.43% decrease. However, net unrealized gain on open futures contracts increased from $1,216,130 to $2,539,696, a 108.83% rise, while net unrealized gain on open forward currency contracts decreased from $1,237,285 to $198,177, an 83.98% fall. Total liabilities increased from $1,598,870 to $2,199,707, a 37.58% increase, primarily due to a rise in redemption payable from $904,899 to $1,825,407.

Why It Matters

This significant decline in assets and partners' capital for LOCORR FUTURES PORTFOLIO FUND L.P. signals substantial investor redemptions, which could indicate a loss of confidence in the fund's strategy or performance. For investors, this means reduced liquidity and potentially higher expense ratios as fixed costs are spread over a smaller asset base. In a competitive landscape where alternative funds vie for capital, such a sharp contraction could make it harder for the fund to attract new investments and maintain its operational scale, potentially impacting its ability to execute complex trading strategies effectively. Employees and service providers might face reduced demand for their services.

Risk Assessment

Risk Level: high — The fund exhibits a high risk level due to a 30.93% decrease in total assets from $109,716,323 to $75,785,882 and a 31.80% drop in Partners' Capital (Net Asset Value) from $108,117,453 to $73,586,175. This substantial outflow of capital, evidenced by a 101.74% increase in redemption payable from $904,899 to $1,825,407, suggests significant investor withdrawals and potential liquidity challenges for the fund.

Analyst Insight

Investors should carefully review their exposure to LOCORR FUTURES PORTFOLIO FUND L.P. given the substantial asset decline and increased redemptions. Consider re-evaluating the fund's long-term viability and liquidity, and potentially reallocate capital to more stable or growing alternative investments.

Financial Highlights

total Assets

$75,785,882

total Debt

$2,199,707

cash Position

$32,583,530

Key Numbers

• $75.79M — Total Assets (Decreased by 30.93% from $109.72M at Dec 31, 2024)
• $73.59M — Partners' Capital (Net Asset Value) (Decreased by 31.80% from $108.12M at Dec 31, 2024)
• $1.83M — Redemption Payable (Increased by 101.74% from $0.90M at Dec 31, 2024, indicating significant outflows)
• $38.63M — Investments in Securities (Decreased by 36.24% from $60.61M at Dec 31, 2024)
• $2.54M — Net Unrealized Gain on Open Futures Contracts (Increased by 108.83% from $1.22M at Dec 31, 2024)
• $0.20M — Net Unrealized Gain on Open Forward Currency Contracts (Decreased by 83.98% from $1.24M at Dec 31, 2024)
• $2.20M — Total Liabilities (Increased by 37.58% from $1.60M at Dec 31, 2024)
• 12,975.9978 — Class A Interests Units Outstanding (Decreased from 17,508.2067 units at Dec 31, 2024, indicating redemptions)

Key Players & Entities

• LOCORR FUTURES PORTFOLIO FUND L.P. (company) — Registrant
• Steben & Company, LLC (company) — General Partner's address
• Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC (company) — Private investment company
• New Hyde Park Alternative Funds, LLC (company) — Sponsor of Galaxy Plus Managed Account Platform
• $109,716,323 (dollar_amount) — Total assets at December 31, 2024
• $75,785,882 (dollar_amount) — Total assets at September 30, 2025
• $108,117,453 (dollar_amount) — Partners' Capital (Net Asset Value) at December 31, 2024
• $73,586,175 (dollar_amount) — Partners' Capital (Net Asset Value) at September 30, 2025
• $904,899 (dollar_amount) — Redemption payable at December 31, 2024
• $1,825,407 (dollar_amount) — Redemption payable at September 30, 2025

FAQ

Risk Factors

• Significant Decrease in Assets and NAV [high — financial]: Total assets decreased by 30.93% from $109.72M to $75.79M, and Partners' Capital (Net Asset Value) fell by 31.80% from $108.12M to $73.59M between December 31, 2024, and September 30, 2025. This substantial decline indicates significant investor outflows or investment underperformance.
• Surge in Redemption Payable [high — financial]: Redemption payable increased by 101.74% from $0.90M to $1.83M. This sharp rise in amounts due to redeeming partners suggests a significant acceleration of redemption requests, potentially straining liquidity.
• Decline in Investment Portfolio Value [medium — financial]: Investments in securities, at fair value, decreased by 36.24% from $60.61M to $38.63M. The investment in Galaxy Plus Fund - East Alpha Feeder Fund (548) LLC also saw a 33.43% reduction, from $2.31M to $1.54M, contributing to the overall asset depreciation.
• Volatile Futures and Forward Contract Performance [medium — market]: While net unrealized gain on open futures contracts more than doubled from $1.22M to $2.54M (108.83% increase), net unrealized gain on open forward currency contracts plummeted by 83.98% from $1.24M to $0.20M. This highlights significant volatility and divergent performance across different derivative strategies.
• Increased Total Liabilities [medium — financial]: Total liabilities grew by 37.58% from $1.60M to $2.20M, primarily driven by the aforementioned increase in redemption payable. This rise in liabilities relative to declining assets could pressure the fund's financial stability.
• Reduction in Outstanding Units [medium — financial]: Class A Interests Units Outstanding decreased from 17,508.2067 to 12,975.9978, a reduction of approximately 26%. This confirms substantial capital outflows from the fund.

Industry Context

The futures and managed futures industry is characterized by its use of derivatives to gain exposure to various asset classes and its potential for high volatility. Funds in this space often employ complex strategies, making transparency and risk management crucial. Recent market conditions may have favored certain derivative strategies while penalizing others, leading to divergent performance outcomes.

Regulatory Implications

As a limited partnership, the fund is subject to regulations governing investment funds, including disclosure requirements. The significant asset and NAV decline, coupled with increased redemption requests, could attract scrutiny from regulators regarding liquidity management and investor protection.

What Investors Should Do

1. Investigate the drivers behind the significant asset and NAV decline.
2. Analyze the reasons for the surge in redemption payable.
3. Evaluate the performance divergence between futures and forward currency contracts.
4. Assess the fund's liquidity position in light of increased redemption requests.

Key Dates

• 2025-09-30: Quarterly Financial Statements — Reported a significant decrease in total assets and partners' capital, alongside a sharp rise in redemption payable, indicating substantial outflows and potential performance issues.
• 2024-12-31: Previous Financial Statement Date — Provided the baseline for comparison, showing significantly higher asset values and lower redemption payables.

Glossary

Net Unrealized Gain (Loss) on Open Futures Contracts

The profit or loss on futures contracts that have not yet been closed out, measured by the difference between the contract price and the current market price. (Indicates the current performance of the fund's open futures positions, which saw a significant increase in gains.)

Net Unrealized Gain (Loss) on Open Forward Currency Contracts

The profit or loss on forward currency contracts that have not yet been settled, based on the difference between the contracted exchange rate and the current market exchange rate. (Reflects the performance of the fund's currency hedging or speculative strategies, which experienced a substantial decrease in gains.)

Redemption Payable

The amount owed by the fund to partners who have requested to redeem their interests but have not yet received their cash. (A significant increase in this liability indicates a surge in redemption requests, potentially impacting the fund's liquidity.)

Partners' Capital (Net Asset Value)

The total value of the fund's assets minus its liabilities, representing the net worth attributable to the partners. (A key measure of the fund's performance and value; a significant decrease suggests underperformance or substantial withdrawals.)

Equity in broker trading accounts

The net balance of funds held with brokers related to trading activities, including cash and unrealized gains/losses on open positions. (Represents a significant portion of the fund's liquid assets tied to its trading operations.)

Year-Over-Year Comparison

Compared to the filing dated December 31, 2024, LOCORR FUTURES PORTFOLIO FUND L.P. has experienced a significant contraction in its financial standing. Total assets have fallen by approximately $33.93 million (30.93%), and Partners' Capital has decreased by roughly $34.53 million (31.80%). This period also saw a dramatic increase in liabilities, particularly redemption payable, which more than doubled, indicating substantial capital outflows and potential liquidity pressures. The fund's investment portfolio value has also diminished considerably, although gains on futures contracts have surged while gains on forward currency contracts have sharply declined.

Filing Documents

• lfpf-10q_093025.htm (10-Q) — 2000KB
• ex31-01.htm (EX-31.01) — 10KB
• ex31-02.htm (EX-31.02) — 10KB
• ex32-01.htm (EX-32.01) — 4KB
• ex32-02.htm (EX-32.02) — 4KB
• 0001999371-25-017699.txt ( ) — 7943KB
• fpf-20250930.xsd (EX-101.SCH) — 71KB
• fpf-20250930_cal.xml (EX-101.CAL) — 46KB
• fpf-20250930_def.xml (EX-101.DEF) — 221KB
• fpf-20250930_lab.xml (EX-101.LAB) — 398KB
• fpf-20250930_pre.xml (EX-101.PRE) — 279KB
• lfpf-10q_093025_htm.xml (XML) — 1665KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements LoCorr Futures Portfolio Fund, Limited Partnership September 30, 2025 (Unaudited) and December 31, 2024 September 30, 2025 December 31, (Unaudited) 2024 Assets Equity in broker trading accounts Cash (restricted cash of $ 20,790,802 and $ 24,388,209 ) $ 29,130,222 $ 41,794,802 Net unrealized gain (loss) on open futures contracts 2,539,696 1,216,130 Net unrealized gain (loss) on open forward currency contracts 198,177 1,237,285 Total equity in broker trading accounts 31,868,095 44,248,217 Cash and cash equivalents 3,453,308 2,390,015 Investment in private investment company, at fair value (cost$ 4,237,264 and $ 4,237,264 ) 1,539,782 2,312,982 Investment in securities, at fair value (cost $ 38,339,433 and $ 60,029,157 ) 38,634,014 60,605,106 General Partner 1 % allocation receivable 103,376 — Exchange membership, at fair value (cost $ 189,000 and $ 189,000 ) 182,000 160,000 Dividend receivable 5,307 3 Total assets $ 75,785,882 $ 109,716,323 Liabilities and Partners' Capital (Net Asset Value) Liabilities Trading Advisor management fees payable $ 96,593 $ 128,719 Trading Advisor incentive fees payable 46 202,916 Commissions and other trading fees payable on open contracts 14,807 21,656 Cash Managers fees payable 15,878 21,704 General Partner management and performance fees payable 94,349 136,449 General Partner 1 % allocation payable — 3,923 Selling Agent payable - General Partner 80,874 118,362 Broker dealer servicing fees payable - General Partner 3,604 5,178 Administrative fee payable - General Partner 27,124 39,779 Interest payable 8,025 15,285 Redemption payable 1,825,407 904,899 Subscriptions received in advance 33,000 — Total liabilities 2,199,707 1,598,870 Partners' Capital (Net Asset Value) Class A Interests – 12,975.9978 and 17,508.2067 units outstanding at September 30, 2025 and

View Full Filing

View this 10-Q filing on SEC EDGAR