Man-AHL Diversified I L.P. (MADL) is a Delaware limited partnership organized in September 1997 that operates as a speculative trading fund investing in physical commodities, futures, forward contracts, and related instruments. The Partnership functions as a feeder fund in a master-feeder structure, investing substantially all of its assets in Man AHL-Diversified Trading Company L.P. (the Trading Company). Revenue derives from trading gains across a diversified portfolio of futures, options, forward contracts, swaps, and other financial derivatives spanning stock indices, bonds, currencies, short-term interest rates, energies, metals, agricultural commodities, credits, and volatility markets. AHL Partners LLP, a United Kingdom limited liability partnership, serves as both Trading Advisor and commodity pool operator, executing trades through proprietary quantitative models. Man Investments (USA) Corp. acts as General Partner. The Partnership paid aggregate administrative and management fees of $1,876,839 and servicing fees of $627,335 for the fiscal year ended December 31, 2025, while paying $0 in incentive fees for the same period. Trading operations commenced April 3, 1998.

Revenue model

Trading gains and losses on speculative positions in futures, forward contracts, swaps, and derivatives across global markets. The Partnership pays management and administrative fees to the General Partner and Trading Advisor, and servicing fees to Man Investments Inc. as placement agent. Aggregate management and administrative fees were $1,876,839 and servicing fees were $627,335 for the year ended December 31, 2025.

Products and services

The AHL Diversified Program: a systematic, quantitative multi-market trading strategy investing in futures contracts (long and short), forward contracts (currencies and metals), credit default swap agreements, and other derivatives. Markets traded include stock indices (Swiss Market, FTSE Italia All Share, MSCI EAFE, Tokyo Stock Exchange as of December 31, 2025), metals (Gold, Platinum, Silver, Copper as of December 31, 2025), agricultural commodities (Sugar, Cocoa, Wheat, Coffee as of December 31, 2025), energy (gas and oil), currencies, bonds, and short-term interest rates.

Customers and end markets

Limited partners who subscribe to Class A-1 and Class A-2 units of partnership interest. The filing does not disclose specific limited partner identities, customer concentration, or total assets under management.

Value-chain role

Feeder fund that allocates investor capital to Man AHL-Diversified Trading Company L.P. (the Trading Company). The Trading Advisor, AHL Partners LLP, constructs investment decisions using proprietary quantitative models and third-party data, executing across exchange-traded and over-the-counter derivatives markets globally. Man Investments Inc. serves as lead placement agent.

Geographic exposure

Global markets including North American, European, and Asian stock indices; G-20 country equity exposure through stock index futures as of December 31, 2025. Currency exposure includes Australian dollar, Brazilian real, Mexican peso, New Zealand dollar, South African rand, South Korean won, and U.K. pound as of December 31, 2025. Energy exposure linked to Middle East political developments.

Source: SEC 10-K, filed 2026-03-31

Industry: Commodity Contracts Brokers & Dealers