MAN AHL DIVERSIFIED I LP

What they do

The Partnership invests substantially all of its assets in Man AHL-Diversified Trading Company L.P., which executes a quantitative, price trend-following trading program across sectors including currencies, bonds, energies, stock indices, interest rates, credit, metals, agricultural, and volatility. It is a passive trading vehicle with no borrowing or capital expenditures, and does not engage in operating activities. The Trading Advisor (AHL Partners LLP) directs the trading program and also serves as commodity pool operator.

Revenue drivers

• Trading profits from futures and forwards — The Partnership's primary revenue source is net trading gains from its investment in the Trading Company, generated by the AHL Diversified Program's speculative positions. As of March 31, 2026, partnership capitalization was $65,255,567.
• Interest income — Capital not invested in the Trading Company is held in cash and cash equivalents at The Bank of New York Mellon, earning interest income. This is a secondary, smaller revenue component compared to trading profits.
• Class A and Class B units — The Partnership offers Class A Units (generally offered) and Class B Units (retirement plans, IRAs), which differ only in fees and minimum investment. These units are the sole source of capital raised, with Class B-2 units no longer offered and redeemed as of November 30, 2018.

Recent performance

The Partnership's capitalization was $65,255,567 as of March 31, 2026, up from $62,682,568 as of December 31, 2025. Operating cash flow figures were not provided in the latest filings; however, prior years show operating cash flow ranging from $5.4 million in 2022 to $23.8 million in 2019. The latest balance sheet (September 30, 2023) reported total assets of $94.3 million and total liabilities of $625,894, with no cash at the Partnership level since it invests substantially all assets in the Trading Company. Management did not provide net income or trading results in the excerpts.

Strategy

The AHL Diversified Program is a proprietary, quantitative trend-following system that uses statistical analysis of past price histories to determine positions. The objective is to deliver capital growth for commensurate levels of volatility over the medium term, independent of stock and bond markets. The Partnership's strategy is to remain a passive feeder fund, investing in the Trading Company and not engaging in borrowing or capital expenditures. There is no stated expansion or diversification strategy beyond the existing trading program, which may invest in stocks to a limited extent in the future.

Risks

• Leverage and margin risk — Futures trading is highly leveraged; small price movements can result in substantial losses, potentially exceeding the amount invested, as illustrated by a 10% margin deposit scenario.
• Market volatility and unpredictability — Futures prices are highly volatile and influenced by interest rates, governmental policies, weather, supply/demand, and political events, making trading outcomes difficult to predict.
• Potential total loss of investment — The Partnership is speculative and investors may lose all or some of their investment; returns fluctuate month to month and period to period, so past performance is not indicative of future results.
• Competition and limited trading opportunities — Growing competition may limit the Trading Advisor's ability to capitalize on trading opportunities in rapidly changing markets, reducing potential profitability.

Outlook

Management did not provide explicit forward-looking guidance in the provided excerpts. The Partnership continues to operate as a passive feeder fund with no material changes to liquidity, critical accounting policies, off-balance sheet arrangements, or contractual obligations. The outlook depends on market conditions that favor trend-following strategies; management notes there is a greater likelihood of profitability in markets with pronounced price trends.