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United States Brent Crude Oil Fund (BNO-0.31%), LP has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net assets to $216,653,182 from $130,353,683 at the end of 2023. This increase is attributed to the issuance of additional shares and changes in the value of investments.
BNO reported a net loss of $1,644,068 for the nine months ended September 30, 2024, compared to a net income of $18,814,576 in the same period the previous year. The loss is primarily due to unfavorable trading conditions.
Total income for the nine months was $5,575,943, down from $6,703,161 in the previous year, reflecting a decrease in interest and dividend income.
Expenses for the nine months included management fees of $825,309 and total fees and other expenses of $438,982. Commissions accrued to brokers amounted to $82,066.
BNO held 3,018 futures contracts for Brent crude oil as of September 30, 2024. The fund's investment strategy involves rolling futures contracts and managing exposure to market risk.
The filing outlines the impact of market conditions, including backwardation and contango, on the fund's performance. BNO's net asset value per share increased by 3.25% over the nine-month period.
The fund's investment objective is to track the daily percentage changes in the price of the Benchmark Futures Contract. BNO's performance for the period was within the target range of 90% to 110% of the benchmark.
The report details various legal proceedings involving USCF and USO, including class action lawsuits and regulatory settlements with the SEC and CFTC.
BNO's liquidity and capital resources are primarily derived from the sale of shares and income earned on cash and cash equivalents. The fund does not use leverage and maintains a conservative investment approach.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the United States Brent Crude Oil Fund quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.