8-K: United States 12 Month Natural Gas Fund Reports $143,423 Net Income for June 2024

The United States 12 Month Natural Gas Fund, LP reported a net income of $143,423 for the month ended June 30, 2024, alongside a decrease in net asset value.

Summary

• The United States 12 Month Natural Gas Fund, LP released its monthly account statement for June 2024.
• The fund reported a net income of $143,423 for the month.
• Total income was $175,896, which included realized trading gains of $89,681 and unrealized gains of $4,038.
• Dividend income contributed $47,128 and interest income was $34,699.
• Total expenses were $27,701, with an additional expense waiver of $4,772, resulting in net expenses of $32,473.
• The fund's net asset value decreased from $18,927,863 at the beginning of the month to $18,218,430 at the end of June.
• This decrease includes withdrawals of 100,000 shares, valued at $852,856.
• The net asset value per share was $8.28, based on 2,200,000 shares.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive, as the fund generated a net income, but also experienced a decrease in net asset value. The report is factual and does not contain any strong positive or negative language.

Positives

• The fund achieved a net income of $143,423 for the month.
• The fund had significant income from realized trading gains of $89,681.
• Dividend income contributed a substantial $47,128 to the total income.

Negatives

• The fund experienced a decrease in net asset value by $709,433 during the month.
• Withdrawals of 100,000 shares contributed to the decrease in net asset value.
• Total expenses were $32,473 after an expense waiver.

Risks

• Fluctuations in commodity futures markets can impact the fund's trading gains and overall income.
• Withdrawals by investors can reduce the fund's net asset value.
• The fund is subject to various expenses, including management and professional fees, which can affect profitability.

Management Comments

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

Industry Context

This report provides insight into the performance of a natural gas commodity fund, which is influenced by market conditions and trading activities in the natural gas futures market. The fund's performance is reflective of the volatility and trends in the energy sector.

Comparison to Industry Standards

• The fund's performance can be compared to other commodity-based ETFs and mutual funds, such as the United States Natural Gas Fund (UNG), which also tracks natural gas futures.
• The reported net income and changes in net asset value are typical metrics used to evaluate the performance of such funds.
• The fund's expense ratio and trading gains can be benchmarked against similar funds to assess its efficiency and profitability.

Stakeholder Impact

• Shareholders will be interested in the fund's net income and changes in net asset value.
• The fund's performance impacts the returns for its limited partners.
• The fund's trading activities affect the broader natural gas futures market.

Key Dates

Keywords

Natural Gas Fund, Commodity Futures, Net Asset Value, Monthly Account Statement, Trading Gains, Dividend Income, Net Income