Speculative market loss risk
The Partnership trades leveraged derivatives and can lose all or part of invested capital.
- Scope
- Open trading positions across global futures and derivatives markets
- Materiality
- high
Man Ahl Diversified I LP
MAN AHL Diversified I L.P. is a U.S.-based commodity pool that allocates capital to the AHL Diversified Program, a systematic trend-following trading strategy run by AHL Partners LLP. It does not operate a traditional product business; instead, it seeks capital growth by speculatively trading futures, forwards, swaps, options, and other derivatives across global markets.
| % | |
|---|---|
| Systematic managed futures program | 70% Quantitative trend-following trading across futures and related markets. |
| Derivatives and OTC trading | 20% Use of swaps, forwards, and options to express market views and manage exposure. |
| Cash and Treasury Bill investments | 10% Short-duration cash holdings and U.S. Treasury Bills supporting liquidity and margin needs. |
The Partnership’s investors are limited partners who subscribe to monthly offered units and redeem at month-end, rather...
- Limited partners / fund investorsprimary
They buy partnership units to gain exposure to the AHL Diversified Program and its capital-growth objective.
- Institutional allocatorsprimary
They allocate to the strategy for diversification, liquidity, and systematic market exposure.
- Sophisticated alternative investment investorssecondary
They seek a managed-futures style return profile and accept derivative and market risk.
The Partnership is organized in the United States, but its trading program operates globally across currencies, bonds,...
- •U.S.-organized partnership with U.S. cash and Treasury Bill holdings
- •Global trading across multiple asset classes and exchanges
- •Non-U.S. markets add currency and settlement risk
- •Market access is indirect or direct depending on instrument
- •No country revenue disclosure is provided in the reports
The core strategy is a fully quantitative, trend-following program designed to capture price movements across...
01
Maintain diversified market exposureshort-term
Diversification reduces dependence on any single market trend and supports risk management.
02
Preserve systematic, model-driven executionmedium-term
The strategy depends on statistical signals and disciplined execution rather than discretionary calls.
03
Manage liquidity and volatility exposureshort-term
Derivative positions can change quickly in value and require active margin and liquidity control.
This is a speculative trading partnership, so market risk is the core business risk rather than a side effect...
Trend strategy underperformance
Returns depend on persistent price trends; choppy or mean-reverting markets can hurt results.
- Scope
- AHL Diversified Program performance
- Materiality
- high
Counterparty and clearing risk
Uncleared swaps, forwards, brokers, and custodians may fail to perform or face distress.
- Scope
- OTC derivatives and cash balances
- Materiality
- medium
Non-U.S. market and currency risk
Foreign exchanges can involve exchange controls, settlement issues, and FX fluctuations.
- Scope
- Global trading venues and non-U.S. instruments
- Materiality
- medium
Model and systems risk
The strategy relies heavily on computer models, data, and execution systems.
- Scope
- Signal generation and order execution
- Materiality
- medium
Fair value measurement of trading positions
Can create large period-to-period volatility in net income and equity
Derivative and OTC valuation
Affects reported gains/losses and balance sheet carrying values
Capital account accounting for subscriptions and redemptions
Impacts ending equity and per-unit economics
Quarterly performance comparability
Makes interim results difficult to extrapolate
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: 28/04/2026