The United States Brent Oil Fund, LP (BNO) reported a net asset value (NAV) per share of $30.14 as of December 31, 2024, reflecting a 10.04% increase from $27.39 at the end of the previous year. The fund's average daily total net assets decreased to approximately $146.5 million from $187.8 million in 2023. BNO's total income for the year was $12.3 million, a significant recovery from a loss of $2.3 million in 2023, primarily driven by realized gains on closed commodity futures contracts and a positive change in unrealized gains on open contracts.
In terms of operational metrics, BNO had 3.8 million shares outstanding at the end of 2024, down from 4.75 million the previous year. The fund redeemed 157 baskets, comprising 7.85 million shares, during the year, while issuing 138 baskets totaling 6.9 million shares. The fund's management fees decreased to $1.1 million from $1.4 million, reflecting a lower asset base, while total expenses excluding management fees rose to $576,915, attributed mainly to increased professional fees.
Strategically, BNO continues to focus on its investment objective of tracking the daily changes in the spot price of Brent crude oil through futures contracts. As of December 31, 2024, BNO held 1,535 long positions in ICE Brent Crude Futures, with a fair value of approximately $112 million. The fund's investment strategy aims to maintain the average daily percentage change in its NAV within plus or minus 10% of the average daily percentage change in the price of the Benchmark Futures Contract over a rolling 30-day period.
Looking ahead, BNO's management anticipates that market conditions, including the ongoing geopolitical tensions and fluctuations in crude oil prices, will continue to influence its performance. The fund's ability to meet its investment objectives may be impacted by regulatory requirements, market volatility, and the dynamics of contango and backwardation in the futures market. BNO's management remains committed to closely monitoring these factors to optimize its investment strategy and mitigate risks associated with its operations.
About United States Brent Oil Fund, LP
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