<TABLE> <S> <C>

<PAGE>
 
<ARTICLE> BD
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION, CONSOLIDATED STATEMENTS
OF OPERATIONS, CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<CIK> 0000812188
<NAME> GROWTH & GUARANTEE FUND LP
       
<S>                             <C>                     <C>
<PERIOD-TYPE>                   3-MOS                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1996             DEC-31-1995
<PERIOD-START>                             JAN-01-1997             JAN-01-1996
<PERIOD-END>                               MAR-31-1997             MAR-31-1996
<CASH>                                               0                       0
<RECEIVABLES>                                1,301,431               1,639,564
<SECURITIES-RESALE>                                  0                       0
<SECURITIES-BORROWED>                                0                       0
<INSTRUMENTS-OWNED>                          8,010,821               7,310,630
<PP&E>                                               0                       0
<TOTAL-ASSETS>                               9,312,252               8,950,194
<SHORT-TERM>                                         0                       0
<PAYABLES>                                     102,402                  91,090
<REPOS-SOLD>                                         0                       0
<SECURITIES-LOANED>                                  0                       0
<INSTRUMENTS-SOLD>                                   0                       0
<LONG-TERM>                                          0                       0
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          0                       0
<COMMON>                                             0                       0
<OTHER-SE>                                   9,209,850               8,859,104
<TOTAL-LIABILITY-AND-EQUITY>                 9,312,252               8,950,194
<TRADING-REVENUE>                               60,751                 270,127
<INTEREST-DIVIDENDS>                           136,708                 109,921
<COMMISSIONS>                                   42,140                  45,585
<INVESTMENT-BANKING-REVENUES>                        0                       0
<FEE-REVENUE>                                        0                       0
<INTEREST-EXPENSE>                                   0                       0
<COMPENSATION>                                       0                       0
<INCOME-PRETAX>                                155,319                 334,463
<INCOME-PRE-EXTRAORDINARY>                     155,319                 334,463
<EXTRAORDINARY>                                      0                       0
<CHANGES>                                            0                       0
<NET-INCOME>                                   155,319                 334,463
<EPS-PRIMARY>                                     3.61                    7.26
<EPS-DILUTED>                                     3.61                    7.26
        

</TABLE>