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Merrill Lynch Investment Partners Inc.
[Globe Appears Here]
ML Global Horizons L.P.
Monthly Statement March 1997
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ML Global Horizons L.P.
Dear Limited Partner,
The Net Asset Value per Unit of ML Global Horizons L.P. (the "Fund") increased
0.71% during March, closing the month at $152.92 per Unit on March 31, 1997, as
compared to $151.84 on February 28, 1997.
Trading results were mixed in March, as whipsaw conditions prevailed in several
key markets, exemplified by the correction experienced in the U.S. equity
market. Profitable trading for the Fund resulted from positions in agricultural
commodities, stock indices and interest rates. Losses were incurred in energy,
currency and metals trading.
Despite increased volatility throughout March, agricultural commodity trading
resulted in profits for the Fund, primarily through positions in soybeans, corn
and coffee. Soybean prices trended mostly upward, reaching their highest level
in over eight years, on continued strong demand and fears that inventories would
fall to critically low levels before the next harvest. Corn prices were
bolstered by the movement in soybean markets, as well as a U.S. Agriculture
Department export of soaring exports. After dropping at mid-month, coffee
futures rebounded as heavy buying by roasters enforced expectations that
supplies would tighten in coming weeks.
Crude oil prices trended upward, early in March, on expectations of demand from
refiners seeking to replenish low stock piles ahead of the peak summer driving
season. Crude prices reversed later in the month, reflecting the impact of
winter which has been significantly warmer than normal. Similarly, heating oil
prices peaked on March 19 before retreating for most of the remainder of the
month. Unleaded gasoline prices also experienced similar volatility, despite
their relative strengthening to crude oil prices due to gasoline inventories
having failed to build to near normal levels. Positions in crude oil, heating
oil and unleaded gas resulted in trading losses for the Fund.
U.S. bond prices continued to trend downward throughout the month, as reports
showing the strength of the U.S. economy, adding to anticipation of an increase
in interest rates by the U.S. Federal Reserve. On March 15, the Fed fulfilled
investors' expectations and raised short-term interest rates for the first time
in more than two years in an effort to counter inflationary imbalances
developing in the economy. French and German bonds moved similarly to U.S.
bonds for much of March, until a reversal of their downward price movement near
the end of the month. Despite losses in non-dollar interest rate trading, gains
resulting from U.S. Treasury securities and Eurodollar deposits resulted in
overall profits from interest rate trading.
As of April 1, 1997 the Fund's assets were allocated as follows:
<TABLE>
<CAPTION>
Trading Advisor % Allocation
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<S> <C>
Chesapeake Capital Corporation 37.12
John W. Henry & Company, Inc. 24.04
ARA Portfolio Management Company, L.L.C. 13.48
Graham Capital Management, L.P. 9.46
Willowbridge Associates Inc. 9.46
Di Tomasso Group Inc. 6.44
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100.00%
</TABLE>
Despite increased volatility and several trend reversals, most Advisors were
able to minimize losses and in some cases generate profits through disciplined
risk management. We look forward to increased profitability for the Fund as
trends reemerge in key markets.
Sincerely,
John R. Frawley, Jr.
President and Chief Executive Officer
Merrill Lynch Investment Partners Inc.
(General Partner)
FOR THE EXCLUSIVE USE OF INVESTORS IN ML GLOBAL HORIZONS L.P. THIS MONTHLY
REPORT IS NOT AN OFFER TO SELL NOR A SOLICITATION OF AN OFFER TO BUY ANY
SECURITIES. AN OFFER CAN ONLY BE MADE BY A CURRENT PROSPECTUS, AS SUPPLEMENTED,
TOGETHER WITH A RECENT MONTHLY REPORT FOR THE FUND. THESE MATERIALS CONTAIN
IMPORTANT INFORMATION CONCERNING RISK FACTORS, PERFORMANCE AND OTHER MATERIAL
ASPECTS OF THE FUND AND MUST BE READ CAREFULLY BEFORE INVESTING. THIS MONTHLY
REPORT MUST NOT BE REPRODUCED OR DISTRIBUTED IN ANY MANNER. FUTURES TRADING IS
SPECULATIVE AND INVOLVES A HIGH DEGREE OF RISK. PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS.
ML Global Horizons L.P.
March 31, 1997
Statement of Changes in Net Asset Value
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<S> <C>
Net Asset Value (581,496 Units) at February 28, 1997 $88,294,060
Plus Additions of 0 Units 0
Net Income/(Loss) for March 1997 629,675
Less Redemptions of 2,430 Units (371,596)
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Net Asset Value (579,066 Units) at March 31, 1997 $88,552,139
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Net Asset Value per Unit at March 31, 1997 $ 152.92
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Statement of Income/(Loss)
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<CAPTION>
March
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<S> <C>
Revenues:
Realized Profit/(Loss) $ 3,914,720
Change in Unrealized Profit/(Loss) (2,934,654)
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Total Trading Results 980,066
Interest Income 380,446
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Total Revenues 1,360,512
Expenses:
Brokerage Commissions 550,609
Administrative Fee 18,986
Allocation of New Profit Share 134,133
Incentive Fee Override 27,109
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Total Expenses 730,837
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Net Income/(Loss) $ 629,675
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To the best of the knowledge and belief of the undersigned the information
contained in this report is accurate and complete.
/s/ James M. Bernard
James M. Bernard
Chief Financial Officer
Merrill Lynch Investment Partners Inc.
Please notify the following of any address changes:
Merrill Lynch Investment Partners Inc.
Merrill Lynch World Headquarters
South Tower
World Financial Center
New York, New York 10080-6106
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