8-K: United States 12 Month Natural Gas Fund Reports $1.95 Million Net Income for November

The United States 12 Month Natural Gas Fund, LP reported a net income of $1.95 million for the month of November 2024, driven by unrealized gains on commodity futures.

Summary

• The United States 12 Month Natural Gas Fund, LP released its monthly account statement for November 2024.
• The fund reported a net income of $1,953,140 for the month.
• This income was primarily driven by a $2,262,884 unrealized gain on the market value of commodity futures.
• The fund also experienced a realized trading loss of $357,865 on commodity futures.
• Other income sources included $41,889 in dividend income and $28,957 in interest income.
• Total expenses for the month were $23,075, including management, professional, and brokerage fees.
• The fund's net asset value increased from $18,328,469 at the beginning of the month to $19,120,575 at the end of the month.
• There were withdrawals of $1,161,034 during the month, representing 150,000 shares.
• The net asset value per share was $7.65 based on 2,500,000 shares.

Sentiment

Score: 7

Explanation: The document shows a positive net income and increase in net asset value, but also includes realized losses and withdrawals, resulting in a moderately positive sentiment.

Positives

• The fund generated a substantial net income of $1,953,140 in November.
• Unrealized gains on commodity futures significantly boosted the fund's performance.
• The fund's net asset value saw a positive increase during the month.
• The fund also generated income from dividends and interest.

Negatives

• The fund experienced a realized trading loss of $357,865 on commodity futures.
• Withdrawals of $1,161,034 reduced the net asset value.

Risks

• The fund's performance is heavily reliant on the volatile commodity futures market.
• Realized trading losses can negatively impact the fund's overall profitability.
• Withdrawals can reduce the fund's net asset value.

Management Comments

• The Chief Financial Officer, Stuart P. Crumbaugh, certified that the information in the account statement is accurate and complete to the best of his knowledge and belief.

Industry Context

This report reflects the performance of a natural gas commodity fund, which is subject to the volatility of the energy markets. The fund's performance is directly tied to the price fluctuations of natural gas futures contracts.

Comparison to Industry Standards

• It is difficult to make a direct comparison without knowing the specific strategies and holdings of other natural gas funds.
• However, the fund's performance is likely to be compared to other similar exchange-traded products (ETPs) that track natural gas futures, such as the United States Natural Gas Fund (UNG).
• The reported unrealized gains and realized losses are typical for funds that actively trade commodity futures.
• The management fees and other expenses are within the expected range for this type of fund.

Stakeholder Impact

• Shareholders will be pleased with the increase in net asset value and positive net income.
• The fund's performance will impact investor confidence and future investment decisions.

Key Dates

Keywords

Natural Gas, Commodity Futures, Net Asset Value, Monthly Account Statement, Investment Fund, UNL