Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'RJO Global Trust | ' |
Document Type | '10-K | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | 0 | ' |
Entity Public Float | ' | $18,218,316 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001027099 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 31-Dec-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Equity in commodity Trading accounts: | ' | ' |
Cash on deposit with broker | $11,311,474 | $2,216,652 |
Unrealized gain on open contracts | 762,636 | 260,744 |
Purchased options on futures contracts (premiums paid $0 and $753,417, respectively) | 0 | 728,440 |
Total due from broker | 12,074,110 | 3,205,836 |
Cash and cash equivalents on deposit with affiliate | 1,301,182 | 8,659,507 |
Cash on deposit with bank | 3,230 | 696,111 |
Fixed income securities (cost $1,501,697 and $11,005,602, respectively), held by affiliate | 1,465,195 | 11,003,681 |
Interest receivable | 9,704 | 9,207 |
Cash on deposit with bank - Non-Trading | 1,278,723 | 1,364,487 |
Prepaid expenses - Non-Trading | 0 | 76,392 |
Total Assets | 16,132,144 | 25,015,221 |
Equity in commodity Trading accounts: | ' | ' |
Options written on futures contracts (premiums received $0 and $978,634, respectively) | 0 | 884,242 |
Accrued commissions | 25,241 | 54,558 |
Accrued management fees | 30,223 | 37,239 |
Accrued incentive fees | 118,791 | 0 |
Accrued operating expenses | 139,655 | 209,592 |
Accrued offering expenses | 15,033 | 0 |
Redemptions payable - Trading | 557,636 | 565,316 |
Accrued legal fees - Non-Trading | 79,883 | 2,364 |
Accrued management fees to U.S. Bank - Non-Trading | 7,595 | 10,418 |
Distribution payable - Non-Trading | 1,034 | 1,034 |
Total liabilities | 975,091 | 1,764,763 |
Beneficial owners | ' | ' |
Unitholders' Capital | 15,157,053 | 23,250,458 |
Total Liabilities and Unitholders' Capital | 16,132,144 | 25,015,221 |
Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | ' | ' |
Beneficial owners | ' | ' |
Unitholders' Capital | 13,569,363 | 21,106,894 |
Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member] | ' | ' |
Beneficial owners | ' | ' |
Unitholders' Capital | 359,349 | 675,323 |
Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member] | ' | ' |
Beneficial owners | ' | ' |
Unitholders' Capital | 38,117 | 41,153 |
Participating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' |
Beneficial owners | ' | ' |
Unitholders' Capital | 89,652 | 149,728 |
Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' |
Beneficial owners | ' | ' |
Unitholders' Capital | $1,100,572 | $1,277,360 |
Capital Unit, Class A [Member] | Trading [Member] | ' | ' |
Trading: | ' | ' |
Net Asset Value Per Unit (in Dollars per share) | $71.25 | $76.92 |
Capital Unit, Class B [Member] | Trading [Member] | ' | ' |
Trading: | ' | ' |
Net Asset Value Per Unit (in Dollars per share) | $78.74 | $83.34 |
LLC Equity/Non-Trading [Member] | ' | ' |
Trading: | ' | ' |
Net Asset Value Per Unit (in Dollars per share) | $0.52 | $0.63 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Purchased options on futures contracts, premiums paid (in Dollars) | $0 | $753,417 |
Fixed income securities, cost (in Dollars) | 1,501,697 | 11,005,602 |
Options written on futures contracts, premiums received (in Dollars) | $0 | $978,634 |
Beneficial Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | Limited Partner [Member] | ' | ' |
Units outstanding | 190,458 | 274,403 |
Beneficial Owner [Member] | Capital Unit, Class B [Member] | Trading [Member] | Limited Partner [Member] | ' | ' |
Units outstanding | 4,564 | 8,103 |
Managing Owner [Member] | Capital Unit, Class A [Member] | Trading [Member] | General Partner [Member] | ' | ' |
Units outstanding | 535 | 535 |
Participating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' |
Units outstanding | 171,234 | 237,663 |
Nonparticipating Owners [Member] | LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' |
Units outstanding | 2,102,054 | 2,035,625 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Trading gain (loss): | ' | ' | ' |
Realized gain (loss) on closed positions | ($200,091) | ($2,335,648) | $353,195 |
Change in unrealized gain (loss) on open positions | 432,476 | -36,306 | -865,419 |
Global Diversified Managed Futures Portfolio LLC | -12,749 | 0 | 0 |
Foreign currency transaction gain (loss) | -23,147 | -27,149 | 167,482 |
Total Trading gain (loss) | 196,489 | -2,399,103 | -344,742 |
Net investment income (loss): | ' | ' | ' |
Interest income | 199,885 | 207,562 | 292,141 |
Realized gain (loss) on fixed income securities | -114,591 | -202,071 | -98,217 |
Change in unrealized gain (loss) on fixed income securities | -34,582 | 126,325 | -106,156 |
Total net investment gain (loss) | 50,712 | 131,816 | 87,768 |
Expenses: | ' | ' | ' |
Advisory fees | 28,101 | 51,521 | 62,625 |
Management fees | 356,452 | 481,644 | 705,342 |
Incentive fees | 118,791 | 29,872 | 155,519 |
Ongoing offering expenses | 46,500 | 37,640 | 114,267 |
Operating expenses | 438,000 | 566,360 | 848,733 |
Total expenses | 1,777,840 | 2,471,069 | 3,930,760 |
Trading income (loss) | -1,530,639 | -4,738,356 | -4,187,734 |
Non-Trading income (loss): | ' | ' | ' |
Interest on Non-Trading reserve | 370 | 315 | 2,927 |
Collections in excess of impaired value | 240,556 | 699,783 | 1,672,496 |
Legal and administrative fees | -256,885 | -155,913 | -130,495 |
Management fees paid to US Bank | -220,905 | -290,228 | -233,247 |
Non-Trading income (loss) | -236,864 | 253,957 | 1,311,681 |
Net income (loss) | -1,767,503 | -4,484,399 | -2,876,053 |
Capital Unit, Class A [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Commissions | 777,646 | 1,277,188 | 2,004,324 |
Capital Unit, Class B [Member] | ' | ' | ' |
Expenses: | ' | ' | ' |
Commissions | $12,350 | $26,844 | $39,950 |
Consolidated_Statements_of_Uni
Consolidated Statements of Unitholders' Capital (USD $) | 12 Months Ended | 96 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
Unitholders Capital | $23,250,458 | ' | ' | ' |
Income (loss) | -1,767,503 | -4,484,399 | -2,876,053 | ' |
Unitholders' distribution | ' | ' | ' | 28,976,252 |
Unitholders' contributions | ' | ' | ' | 12,457,447 |
Unitholders' contributions (in Shares) | ' | ' | ' | 135,840 |
Unitholders Capital | 15,157,053 | 23,250,458 | ' | 15,157,053 |
Beneficial Owners -Trading Class A [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Unitholders Capital | 21,106,894 | 32,497,392 | 49,340,822 | ' |
Unitholders Capital (in Shares) | 274,403 | 355,858 | 490,278 | ' |
Income (loss) | -1,498,416 | -4,583,761 | -3,983,977 | ' |
Unitholders' redemptions | -6,028,261 | -6,939,769 | -13,802,983 | ' |
Unitholders' redemptions (in Shares) | -83,789 | -82,977 | -144,459 | ' |
Unitholders' contributions | ' | 137,436 | 943,530 | ' |
Unitholders' contributions (in Shares) | ' | 1,574 | 10,039 | ' |
Transfers from Class A to Class B | -10,854 | -4,404 | ' | ' |
Transfers from Class A to Class B (in Shares) | -156 | -52 | ' | ' |
Unitholders Capital | 13,569,363 | 21,106,894 | 32,497,392 | 13,569,363 |
Unitholders Capital (in Shares) | 190,458 | 274,403 | 355,858 | 190,458 |
Beneficial Owners - Trading Class B [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Unitholders Capital | 675,323 | 1,231,294 | 1,405,692 | ' |
Unitholders Capital (in Shares) | 8,103 | 12,697 | 13,420 | ' |
Income (loss) | -29,187 | -146,891 | -104,084 | ' |
Unitholders' redemptions | -297,641 | -413,484 | -290,273 | ' |
Unitholders' redemptions (in Shares) | -3,681 | -4,643 | -2,892 | ' |
Unitholders' contributions | ' | ' | 219,959 | ' |
Unitholders' contributions (in Shares) | ' | ' | 2,169 | ' |
Transfers from Class A to Class B | 10,854 | 4,404 | ' | ' |
Transfers from Class A to Class B (in Shares) | 142 | 49 | ' | ' |
Unitholders Capital | 359,349 | 675,323 | 1,231,294 | 359,349 |
Unitholders Capital (in Shares) | 4,564 | 8,103 | 12,697 | 4,564 |
Managing Owners - Trading Class A [Member] | General Partner [Member] | ' | ' | ' | ' |
Unitholders Capital | 41,153 | 48,857 | 1,175,357 | ' |
Unitholders Capital (in Shares) | 535 | 535 | 11,679 | ' |
Income (loss) | -3,036 | -7,704 | -99,673 | ' |
Unitholders' redemptions | ' | ' | -1,026,827 | ' |
Unitholders' redemptions (in Shares) | ' | ' | -11,144 | ' |
Unitholders Capital | 38,117 | 41,153 | 48,857 | 38,117 |
Unitholders Capital (in Shares) | 535 | 535 | 535 | 535 |
Unitholders' Capital - Trading [Member] | ' | ' | ' | ' |
Unitholders Capital | 21,823,370 | 33,777,543 | 51,921,871 | ' |
Unitholders Capital (in Shares) | 283,041 | 369,090 | 515,377 | ' |
Income (loss) | -1,530,639 | -4,738,356 | -4,187,734 | ' |
Unitholders' redemptions | -6,325,902 | -7,353,253 | -15,120,083 | ' |
Unitholders' redemptions (in Shares) | -87,470 | -87,620 | -158,495 | ' |
Unitholders' contributions | ' | 137,436 | 1,163,489 | ' |
Unitholders' contributions (in Shares) | ' | 1,574 | 12,208 | ' |
Transfers from Class A to Class B (in Shares) | -14 | -3 | ' | ' |
Unitholders Capital | 13,966,829 | 21,823,370 | 33,777,543 | 13,966,829 |
Unitholders Capital (in Shares) | 195,557 | 283,041 | 369,090 | 195,557 |
Participating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Unitholders Capital | 149,728 | 158,535 | 737,509 | ' |
Unitholders Capital (in Shares) | 237,663 | 306,807 | 407,463 | ' |
Income (loss) | -22,145 | 23,115 | 148,123 | ' |
Unitholders' redemptions | -37,931 | -31,922 | -165,608 | ' |
Unitholders' redemptions (in Shares) | -66,429 | -69,144 | -100,656 | ' |
Unitholders' distribution | ' | ' | -561,489 | ' |
Unitholders Capital | 89,652 | 149,728 | 158,535 | 89,652 |
Unitholders Capital (in Shares) | 171,234 | 237,663 | 306,807 | 171,234 |
Nonparticipating Owners - LLC Equity/Non-Trading [Member] | Limited Partner [Member] | ' | ' | ' | ' |
Unitholders Capital | 1,277,360 | 1,016,129 | 3,376,518 | ' |
Unitholders Capital (in Shares) | 2,035,625 | 1,966,481 | 1,865,825 | ' |
Income (loss) | -214,719 | 230,842 | 1,163,558 | ' |
Unitholders' redemptions | 37,931 | 31,922 | 165,608 | ' |
Unitholders' redemptions (in Shares) | 66,429 | 69,144 | 100,656 | ' |
Unitholders' distribution | ' | -1,533 | -3,689,555 | ' |
Unitholders Capital | 1,100,572 | 1,277,360 | 1,016,129 | 1,100,572 |
Unitholders Capital (in Shares) | 2,102,054 | 2,035,625 | 1,966,481 | 2,102,054 |
Unitholders' Capital - LLC Equity/Non-Trading [Member] | ' | ' | ' | ' |
Unitholders Capital | 1,427,088 | 1,174,664 | 4,114,027 | ' |
Unitholders Capital (in Shares) | 2,273,288 | 2,273,288 | 2,273,288 | ' |
Net asset value per unit at December 31, 2012 (in Dollars per share) | $0.63 | ' | ' | ' |
Net change per unit (in Dollars per share) | ($0.11) | ' | ' | ' |
Net asset value per unit at December 31, 2013 (in Dollars per share) | $0.52 | $0.63 | ' | $0.52 |
Income (loss) | -236,864 | 253,957 | 1,311,681 | ' |
Unitholders' distribution | ' | -1,533 | -4,251,044 | ' |
Unitholders Capital | $1,190,224 | $1,427,088 | $1,174,664 | $1,190,224 |
Unitholders Capital (in Shares) | 2,273,288 | 2,273,288 | 2,273,288 | 2,273,288 |
Unitholders' Capital - Trading Class A [Member] | ' | ' | ' | ' |
Net asset value per unit at December 31, 2012 (in Dollars per share) | $76.92 | ' | ' | ' |
Net change per unit (in Dollars per share) | ($5.67) | ' | ' | ' |
Net asset value per unit at December 31, 2013 (in Dollars per share) | $71.25 | ' | ' | $71.25 |
Unitholders' Capital - Trading Class B [Member] | ' | ' | ' | ' |
Net asset value per unit at December 31, 2012 (in Dollars per share) | $83.34 | ' | ' | ' |
Net change per unit (in Dollars per share) | ($4.60) | ' | ' | ' |
Net asset value per unit at December 31, 2013 (in Dollars per share) | $78.74 | ' | ' | $78.74 |
Schedule_of_Investments
Schedule of Investments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Schedule of Investments [Abstract] | ' | |||||||||||||||
Investment Holdings, Schedule of Investments [Text Block] | ' | |||||||||||||||
Condensed Consolidated Schedules of Investments | ||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||
Percentage of | Percentage of | |||||||||||||||
Net Assets | Fair value | Net Assets | Fair value | |||||||||||||
Long Positions | ||||||||||||||||
Fixed Income Securities | ||||||||||||||||
Commercial Paper | ||||||||||||||||
South Korea | ||||||||||||||||
Financials (cost $0 and $999,316, respectively) | - | $ | - | 4.3 | % | $ | 999,316 | |||||||||
Australia | ||||||||||||||||
Financials (cost $0 and $999,542, respectively) | - | - | 4.3 | % | 999,542 | |||||||||||
Chile | ||||||||||||||||
Financials (cost $0 and $999,222, respectively) | - | - | 4.3 | % | 999,222 | |||||||||||
United States | ||||||||||||||||
Financials (cost $0 and $999,611, respectively) | - | - | 4.3 | % | 999,611 | |||||||||||
Total Commercial Paper | 0 | % | - | 17.2 | % | 3,997,691 | ||||||||||
Corporate Bonds | ||||||||||||||||
United States | ||||||||||||||||
Financials (cost $1,501,697 and $0, respectively) | 9.67 | % | 1,465,195 | - | - | |||||||||||
Australia | ||||||||||||||||
Financials (cost $0 and $1,504,227, respectively) | - | - | 6.45 | % | 1,500,105 | |||||||||||
Total Corporate Bonds | 9.67 | % | 1,465,195 | 6.45 | % | 1,500,105 | ||||||||||
Government Agencies | ||||||||||||||||
United States | ||||||||||||||||
US Government Agency (cost $0 and $5,500,084, respectively) | - | - | 23.67 | % | 5,502,285 | |||||||||||
Short-Term Investment Funds | ||||||||||||||||
United States | ||||||||||||||||
Short-Term Investment Funds (cost $0 an $3,600, respectively) | - | - | 0.02 | % | 3,600 | |||||||||||
Total Fixed Income Securities (cost $1,501,697 and $11,005,602, respectively) | $ | 1,465,195 | $ | 11,003,681 | ||||||||||||
Long Positions | ||||||||||||||||
Futures Positions | ||||||||||||||||
Agriculture | -0.15 | % | $ | (22,282 | ) | -1.04 | % | $ | (241,904 | ) | ||||||
Currency | 0.31 | % | 46,836 | 0.12 | % | 28,665 | ||||||||||
Energy | -0.14 | % | (21,904 | ) | 0.33 | % | 77,294 | |||||||||
Indices | 2.98 | % | 450,939 | 0.22 | % | 50,444 | ||||||||||
Interest Rate | -0.92 | % | (138,783 | ) | 0.08 | % | 19,455 | |||||||||
Metals | 0.03 | % | 5,005 | 0.08 | % | 18,129 | ||||||||||
Total long positions on open contracts | $ | 319,811 | $ | (47,917 | ) | |||||||||||
Short Positions | ||||||||||||||||
Futures Positions | ||||||||||||||||
Agriculture | 1.37 | % | $ | 207,657 | 1.39 | % | $ | 324,276 | ||||||||
Currency | 0.31 | % | 46,459 | 0.2 | % | 47,442 | ||||||||||
Energy | -0.01 | % | (770 | ) | -0.22 | % | (51,455 | ) | ||||||||
Indices | -0.39 | % | (58,673 | ) | -0.05 | % | (11,941 | ) | ||||||||
Interest rates | 1.15 | % | 174,237 | 0.03 | % | 7,003 | ||||||||||
Metals | 0.49 | % | 73,915 | -0.03 | % | (6,664 | ) | |||||||||
Total short positions on open contracts | $ | 442,825 | $ | 308,661 | ||||||||||||
Total unrealized gain on open contracts | $ | 762,636 | $ | 260,744 | ||||||||||||
Long put options on future contracts | ||||||||||||||||
Agriculture (premiums paid - $0 and $437,577, respectively) | - | $ | - | 2.59 | % | $ | 601,497 | |||||||||
Total long put options on futures contracts | $ | - | $ | 601,497 | ||||||||||||
Short put options on future contracts | ||||||||||||||||
Agriculture (premiums received - $0 and $106,627, respectively) | - | $ | - | -0.44 | % | $ | (102,345 | ) | ||||||||
Currency (premiums received - $0 and $73,421, respectively) | - | - | -0.41 | % | (95,775 | ) | ||||||||||
Energy (premiums received - $0 and $87,040, respectively) | - | - | -0.46 | % | (106,850 | ) | ||||||||||
Indices (premiums received - $0 and $39,900, respectively) | - | - | -0.09 | % | (21,850 | ) | ||||||||||
Interest (premiums received - $0 and $29,469, respectively) | - | - | -0.07 | % | (16,656 | ) | ||||||||||
Metals (premiums received - $0 and $6,300, respectively) | - | - | -0.02 | % | (4,550 | ) | ||||||||||
Total short put options on future contracts | $ | - | $ | (348,026 | ) | |||||||||||
Long call options on future contracts | ||||||||||||||||
Agriculture (premiums paid - $0 and $237,430, respectively) | - | $ | - | 0.46 | % | $ | 107,423 | |||||||||
Energy (premiums paid - $0 and $78,410, respectively) | - | - | 0.08 | % | 19,520 | |||||||||||
Total long call options on future contracts | $ | - | $ | 126,943 | ||||||||||||
Short call options on future contracts | ||||||||||||||||
Agriculture (premiums received - $0 and $460,664, respectively) | - | $ | - | -1.64 | % | $ | (380,603 | ) | ||||||||
Currency (premiums received - $0 and $83,423, respectively) | - | - | -0.31 | % | (71,913 | ) | ||||||||||
Energy (premiums received - $0 and $68,200, respectively) | - | - | -0.28 | % | (64,840 | ) | ||||||||||
Indices (premiums received - $0 and $16,800, respectively) | - | - | -0.05 | % | (12,000 | ) | ||||||||||
Metals (premiums received - $0 and $6,790, respectively) | - | - | -0.03 | % | (6,860 | ) | ||||||||||
Total short put options on future contracts | $ | - | $ | (536,216 | ) | |||||||||||
RJO GLOBAL TRUST AND SUBSIDIARY | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
General_Information_and_Summar
General Information and Summary | 12 Months Ended | ||
Dec. 31, 2013 | |||
Disclosure Text Block [Abstract] | ' | ||
Nature of Operations [Text Block] | ' | ||
-1 | General Information and Summary | ||
RJO Global Trust (the “Trust”), a Delaware statutory trust organized on November 12, 1996, was formed to engage in the speculative trading of futures contracts on currencies, interest rates, energy and agricultural products, metals, commodity indices and stock indices, spot and forward contracts on currencies and precious metals, and exchanges for physicals pursuant to the trading instructions of independent trading advisors. Since December 1, 2006, R.J. O’Brien Fund Management, LLC (“RJOFM” or the “Managing Owner”) has been the Managing Owner of the Trust. R.J. O’Brien & Associates, LLC (“RJO”), an affiliate of RJOFM, is the clearing broker and the broker for forward contracts for the Trust. R.J. O’Brien Securities, LLC (“Selling Agent”) is the lead selling agent of the units of beneficial interest of the Trust (the “units”). | |||
Pursuant to an Investment Management Agreement dated August 30, 2013 (the “Investment Management Agreement”), the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust (“RPM” or the “Investment Manager”). The Trust is a multi-advisor commodity pool where trading decisions for the Trust are delegated to multiple independent commodity trading advisors (each a “Trading Advisor” and collectively, the “Trading Advisors”) representing the Investment Manager’s “Evolving Manager Program”. The Trust’s assets are allocated to O’Brien Alternative Strategic Investment Solutions, LLC (“RJ OASIS”), a Delaware series limited liability company operated by RJOFM. Each “series” of RJ OASIS feeds into a separate trading company established to facilitate trading by a particular Trading Advisor (each “Trading Company” and collectively, the “Trading Companies”). | |||
Units of beneficial ownership of the Trust commenced selling on April 3, 1997. Effective July 1, 2011, the Managing Owner determined to discontinue the public offering of the units and begin offering the units on a private placement basis only. The Trust filed a Post-Effective Amendment to its Registration Statement on Form S-1 with the Securities and Exchange Commission (the “SEC”) on July 5, 2011 to deregister the remaining units that were unsold under the public offering. The Post-Effective Amendment was declared effective by the SEC on July 8, 2011. | |||
The Trust currently offers two classes of units on a private basis: Class A units and Class B units. Class A units are subject to a selling commission. Class B units are not charged a selling commission, and will only be offered to certain qualified investors participating in a program through certain financial advisors. Both Class A and Class B units are traded pursuant to identical trading programs and differ only in respect to selling commissions. See Note (8) for further detail regarding commissions. See Note (12) for subsequent events. | |||
The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following: (1) beneficial owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless beneficial owners holding more than 50% of the outstanding units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless beneficial owners holding more than 50% of the outstanding units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decrease in the net asset value to less than $2,500,000; (8) a decline in the net asset value per unit to $50 or less; (9) dissolution of the Trust; or (10) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust. | |||
Prior to December 1, 2006, the managing owner of the Trust was Refco Commodity Management, Inc. (“RCMI”). An affiliate of RCMI, Refco Capital Markets, Ltd. (“REFCO, LTD”) had held certain assets of the Trust, acting as the Trust’s broker of forward contracts during 2005. During that year, REFCO, LTD experienced financial difficulties resulting in RCMI’s inability to liquidate the assets. REFCO, LTD filed for bankruptcy protection in October, 2005. As a result, the Trust held a bankruptcy claim against REFCO, LTD. | |||
Effective January 1, 2007, JWH Special Circumstance LLC (the “LLC”), a Delaware limited liability company, was established to pursue the claims against REFCO, LTD. Any assets or liabilities held by the LLC are designated as “Non-Trading.” Any revenue earned or expenses incurred by the LLC are also designated as “Non-Trading.” The Trust is the sole member of the LLC and holds that membership for the benefit of the unitholders who were investors in the Trust at the time of the bankruptcy of REFCO, LTD. U.S. Bank National Association (“US Bank”) is the manager of the LLC. US Bank may make distributions to the unitholders, as defined above, upon collection, sale, settlement or other disposition of the bankruptcy claim and after payment of all fees and expenses pro rata to the unitholders, as follows: | |||
(a) | Any unitholder who had redeemed their entire interest in the Trust prior to distribution shall receive cash. | ||
(b) | Any unitholder who had continued to own units in the Trust shall receive additional units in the Trust at the then net asset value of the Trust. | ||
The unitholders have no right to request redemptions from the LLC. | |||
The LLC agreed to compensate US Bank, as manager, the following: (1) an initial acceptance fee of $120,000; (2) an annual fee of $25,000; (3) a distribution fee of $25,000 per distribution; (4) out-of-pocket expenses; and (5) an hourly fee for all personnel at the then expected hourly rate ($350 per hour at the time the agreement was executed). | |||
See Note (6) for further detail regarding collection and distribution activity related to the assets held at REFCO, LTD. | |||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2013 | ||
Accounting Policies [Abstract] | ' | |
Significant Accounting Policies [Text Block] | ' | |
-2 | Summary of Significant Accounting Policies | |
The accounting and reporting policies of the Trust conform to accounting principles generally accepted in the United States of America and to practices in the commodities industry. The following is a description of the more significant of those policies that the Trust follows in preparing its consolidated financial statements. | ||
(a) Basis of Presentation | ||
The accompanying consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America. | ||
(b) Principles of Consolidation | ||
The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstances, LLC. All material intercompany transactions have been eliminated upon consolidation. | ||
(c) Revenue Recognition | ||
Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date. All such transactions are recorded on a mark-to-market basis and measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the reporting period or as of the last date of the consolidated financial statements. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated. | ||
The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid. | ||
At December 31, 2013, the Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. The Trust also earns interest on cash and cash equivalents held at Wells Fargo Bank N.A. (“Wells”) and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner. | ||
Fixed income securities are recorded at fair value, with changes in fair value recorded in the statement of operations as unrealized gain (loss) on fixed income securities. Realized gains (losses) from liquidation of fixed income securities are determined on first-in, first-out (FIFO) basis. Premiums and discounts on securities purchased are amortized over the lives of the respective instruments. Interest income is recognized on the accrual basis. | ||
(d) Ongoing Offering Costs | ||
Ongoing offering costs, subject to a ceiling of 0.50% of the Trust’s average month-end net assets, are paid by the Trust and expensed as incurred. | ||
(e) Foreign Currency Transactions | ||
Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates. Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations. | ||
(f) Use of Estimates | ||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||
(g) Valuation of Assets Held at Refco Capital Markets, Ltd. | ||
The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statements of operations. Any future administrative and/or legal expenses associated with liquidation of the assets held at REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details. | ||
(h) Recent Pronouncements | ||
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Adoption of ASU 2011-11 will expand the Trust’s disclosures, but will have no effect on the Trust’s net assets. The Trust adopted ASU 2011-11in 2013, with additional disclosure included in Note 11. | ||
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification. The Trust does not expect the adoption of ASU 2013-08 to have a material effect on the Trust's consolidated financial statements. | ||
Fees
Fees | 12 Months Ended | |
Dec. 31, 2013 | ||
Fees And Commissions [Abstract] | ' | |
Fees And Commissions [Text Block] | ' | |
-3 | Fees | |
Management fees are accrued and paid monthly. Incentive fees are accrued monthly and paid quarterly. Trading decisions for the period of these financial statements were made by the Trading Advisors. | ||
Pursuant to the Trust’s agreements with the Trading Advisors, each Trading Advisor receives a monthly management fee at the rate of up to 0.08333% (a 1% annual rate) of the Trust’s month-end net assets calculated after deduction of brokerage fees, but before reduction for any incentive fee or other costs and before inclusion of new unitholder subscriptions and redemptions for the month. These management fees are not paid on the LLC’s net assets. | ||
The Trust also pays the Trading Advisors a quarterly incentive fee of up to 25% of the “New Trading Profit,” if any, of the Trust. The incentive fee is based on the performance of each Trading Advisor’s portion of the assets allocated to them. New Trading Profit in any quarter is equal to the “Trading Profit” for such quarter that is in excess of the highest level of such cumulative trading profit as of any previous calendar quarter-end. Trading Profit is calculated by including realized and unrealized profits and losses, excluding interest income, and deducting the management fee and brokerage fee. | ||
Income_Taxes
Income Taxes | 12 Months Ended | |
Dec. 31, 2013 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
-4 | Income Taxes | |
It is expected that that the Trust will be treated as a “partnership” for both U.S. federal and state tax purposes. As such, no provision for U.S. federal income taxes has been made in the accompanying consolidated financial statements as each beneficial owner is responsible for reporting income (loss) based on its pro rata share of the profits or losses of the Trust. The only significant differences in financial and income tax reporting basis are ongoing offering costs. | ||
The Trust files income tax returns in the U.S. federal jurisdiction and in various state and local jurisdictions. The Trust’s U.S. federal income tax returns for all tax years ended on or after December 31, 2009, remain subject to examination by the Internal Revenue Service. The Trust’s state and local income tax returns are subject to examination by the respective state and local authorities over various statutes of limitations, generally ranging from three to five years from the date of filing. | ||
Trading_Activities_and_Related
Trading Activities and Related Risks | 12 Months Ended | |
Dec. 31, 2013 | ||
Trading Activities And Related Risks [Abstract] | ' | |
Trading Activities And Related Risks [Text Block] | ' | |
-5 | Trading Activities and Related Risks | |
The Trust engages in the speculative trading of U.S. and international futures contracts, options, and forward contracts (collectively derivatives) through the trading instructions of the Trading Advisors. These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Trust is exposed to both market risk - the risk arising from changes in the market value of the contract - and credit risk - the risk of failure by another party to perform according to the terms of a contract. | ||
The purchase and sale of futures requires initial and on-going margin deposits with a futures commission merchant (“FCM”). The Commodity Exchange Act requires an FCM to segregate or secure all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property, such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a customer’s pro rata share of segregated funds. It is possible that the recovered amount could be less than the total of cash and other property deposited by the customer. | ||
The Trust has cash on deposit with an affiliate interbank market maker in connection with its trading of forward contracts. In the normal course of business, the Trust does not require collateral from such interbank market maker. Due to forward contracts being traded in unregulated markets between principals, the Trust also assumes a credit risk, the risk of loss from counterparty non-performance. | ||
For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Trust is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. | ||
The Trust, as writer of an option, has no control over whether the underlying instrument may be sold (called) and as a result bears the risk of an unfavorable change in the market value of the instrument underlying the written option. There is also the risk the Trust may not be able to enter into a closing transaction because of an illiquid market. | ||
The Trust is a buyer of exchange-traded options. As such, the Trust pays a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Purchased options expose the Trust to a risk of loss limited to the premiums paid. | ||
Net trading results from derivatives for the years ended December 31, 2013, 2012, and 2011 are reflected in the consolidated statements of operations and are equal to the gain or loss from trading less brokerage commissions. Such trading results reflect the net gain or loss arising from the Trust’s speculative trading of futures contracts, options and forward contracts through the trading instructions of the Trading Advisors. | ||
The Trust invests its margin in fixed income securities as permitted by the Commodity Futures Trading Commission (“CFTC”) regulations regarding acceptable securities for investment of segregated assets and the RJOIM agreement with the Trust. Such acceptable securities, include, but are not limited to, U.S. Treasury and government agencies’ securities, purchase agreements collateralized by U.S. Treasury and government agencies, corporate debt securities, and bank debt securities. The Trust’s total investment in corporate debt securities, bank deposit securities, and certificate of deposits combined cannot exceed 40% of the Trust’s total assets. | ||
The beneficial owners bear the risk of loss only to the extent of the market value of their respective investments. | ||
See Note (11) for further details on Derivative Instruments and Hedging Activities. | ||
Assets_Held_at_Refco_Capital_M
Assets Held at Refco Capital Markets, Ltd. | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract] | ' | ||||||||||||||||||||||||
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Text Block] | ' | ||||||||||||||||||||||||
-6 | Assets Held at Refco Capital Markets, Ltd. | ||||||||||||||||||||||||
Effective October 31, 2005, $57,544,206 of equity and 2,273,288 in substitute units, which represented the assets held at REFCO, LTD plus $1,000,000 in cash, were transferred to a Non-Trading account, as explained in Note 2(g). On December 31, 2005 the $56,544,206 of assets held at REFCO, LTD were reduced by $39,580,944 for impairment to $16,963,262, or 30% of the original value of the assets. The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders. | |||||||||||||||||||||||||
Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD | |||||||||||||||||||||||||
Amounts Received from | Balance of | Collections in Excess of | Cash Distributions to Non-Participating | Additional Units in Trust for Participating Owners | |||||||||||||||||||||
Date | REFCO, LTD | Impaired Value | Impaired Value | Owners | Units | Dollars | |||||||||||||||||||
12/29/06 | $ | 10,319,318 | $ | 6,643,944 | $ | - | $ | 4,180,958 | 54,914 | $ | 5,154,711 | ||||||||||||||
4/20/07 | 2,787,629 | 3,856,315 | - | - | - | - | |||||||||||||||||||
6/7/07 | 265,758 | 3,590,557 | - | - | - | - | |||||||||||||||||||
6/28/07 | 4,783,640 | - | 1,193,083 | - | - | - | |||||||||||||||||||
7/3/07 | 5,654 | - | 5,654 | - | - | - | |||||||||||||||||||
8/29/07 | - | - | - | 2,787,947 | 23,183 | 1,758,626 | |||||||||||||||||||
9/19/07 | 2,584,070 | - | 2,584,070 | - | - | - | |||||||||||||||||||
12/31/07 | 2,708,467 | - | 2,708,467 | - | - | - | |||||||||||||||||||
3/28/08 | 1,046,068 | - | 1,046,068 | - | - | - | |||||||||||||||||||
4/29/08 | - | - | - | 2,241,680 | 10,736 | 1,053,815 | |||||||||||||||||||
6/26/08 | 701,148 | - | 701,148 | - | - | - | |||||||||||||||||||
12/31/08 | 769,001 | - | 769,001 | - | - | - | |||||||||||||||||||
6/29/09 | 2,748,048 | - | 2,748,048 | - | - | - | |||||||||||||||||||
12/30/09 | 1,102,612 | - | 1,102,612 | - | - | - | |||||||||||||||||||
5/19/10 | 1,695,150 | - | 1,695,150 | - | - | - | |||||||||||||||||||
6/4/10 | 14,329,450 | * | - | 14,329,450 | * | - | - | - | |||||||||||||||||
8/1/10 | - | - | - | 16,076,112 | 40,839 | 3,928,806 | |||||||||||||||||||
10/15/10 | 282,790 | * | - | 282,790 | * | - | - | - | |||||||||||||||||
12/30/10 | 563,163 | * | - | 563,163 | * | - | - | - | |||||||||||||||||
6/2/11 | 343,664 | * | - | 343,664 | * | - | - | - | |||||||||||||||||
8/30/11 | 1,328,832 | * | - | 1,328,832 | * | - | - | - | |||||||||||||||||
12/1/11 | - | - | - | 3,689,555 | 6,168 | 561,489 | |||||||||||||||||||
10/31/12 | 404,908 | * | - | 404,908 | * | - | - | - | |||||||||||||||||
12/5/12 | 294,875 | * | - | 294,875 | * | - | - | - | |||||||||||||||||
8/5/13 | 240,556 | * | - | 240,556 | * | - | - | - | |||||||||||||||||
Totals | $ | 49,304,801 | $ | - | $ | 32,341,539 | $ | 28,976,252 | 135,840 | $ | 12,457,447 | ||||||||||||||
*The collections on June 4, 2010 were from a settlement agreement (the “Settlement Agreement”) reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, “Cargill”). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill’s percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill’s percentage of distributions at 57.25% of the gross collections. | |||||||||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||||||||
(7) Fair Value Measurements | |||||||||||||||||
In accordance with the Fair Value Measurements Topic of the Financial Accounting Standards Board Accounting Standards Codification, the Trust established a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |||||||||||||||||
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Trust has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The value of the Trust’s exchange-traded futures contracts and options fall into this category. | |||||||||||||||||
Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. This category includes forward currency contracts, options on forward currency contracts and fixed income securities that the Trust values using models or other valuation methodologies derived from observable market data. | |||||||||||||||||
Level 3 inputs are unobservable inputs for an asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. As of December 31, 2013 and December 31, 2012, the Trust did not have any Level 3 assets or liabilities. | |||||||||||||||||
An asset or liability’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). | |||||||||||||||||
The Trust’s exchange-traded futures contracts and options on futures contracts are valued based on quoted prices (unadjusted) in active markets for identical assets or liabilities. The Trust’s forward currency contracts and options on forward currency contracts are based on third-party quoted dealer values on the interbank market, based on similar assets or liabilities. The Trust’s fixed income securities are valued using inputs that are observable for the asset or liability, including prices of similar fixed income securities or present values of expected future cash flow models. | |||||||||||||||||
The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively: | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Unrealized gain on open contracts: | |||||||||||||||||
Futures positions | $ | 762,636 | $ | - | $ | - | $ | 762,636 | |||||||||
Fixed income securities | - | 1,465,195 | - | 1,465,195 | |||||||||||||
Total assets | 762,636 | 1,465,195 | - | 2,227,831 | |||||||||||||
Total fair value | $ | 762,636 | $ | 1,465,195 | $ | - | $ | 2,227,831 | |||||||||
31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Unrealized gain on open contracts: | |||||||||||||||||
Futures positions | $ | 260,744 | $ | - | $ | - | $ | 260,744 | |||||||||
Purchased options on futures contracts | 728,440 | - | - | 728,440 | |||||||||||||
Fixed income securities | - | 11,003,681 | - | 11,003,681 | |||||||||||||
Total assets | 989,184 | 11,003,681 | - | 11,992,865 | |||||||||||||
Liabilities | |||||||||||||||||
Options written on futures contracts | 884,242 | - | - | 884,242 | |||||||||||||
Total fair value | $ | 104,942 | $ | 11,003,681 | $ | - | $ | 11,108,623 | |||||||||
Operations
Operations | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||
Brokers and Dealers Disclosure [Text Block] | ' | ||||||||||
(8) Operations | |||||||||||
Redemptions | |||||||||||
A beneficial owner may cause any or all of his or her units to be redeemed by the Trust effective as of the last business day of any month based on the net asset value per unit on such date on five business days’ written notice to NAV Consulting, Inc., the Trust’s administrator, or the Managing Owner. Payment will generally be made within 10 business days of the effective date of the redemption. The Trust’s Ninth Amended and Restated Declaration and Agreement of Trust, as amended (the “Trust Agreement”) contains a full description of redemption and distribution policies. | |||||||||||
Subscriptions | |||||||||||
Investors that are eligible to participate in the private offering of the units may purchase units in the Trust pursuant to the terms of the Trust’s Confidential Private Placement Memorandum and disclosure document (the “Memorandum”) and a signed subscription form. The Trust Agreement and the Memorandum contain a full description of subscription policies. An investment in the Trust does not include a beneficial interest or investment in the LLC. | |||||||||||
Commissions | |||||||||||
The Managing Owner and/or affiliates act as commodity brokers for the Trust through RJO. Commodity brokerage commissions are typically paid upon the completion or liquidation of a trade and are referred to as “round-turn commissions,” which cover both the initial purchase (or sale) and the subsequent offsetting sale (or purchase) of a commodity futures contract. | |||||||||||
Until October 22, 2013, the Trust’s brokerage fee constitutes a “wrap fee” of 4.67% of the Trust’s month-end assets on an annual basis (0.38916% monthly) with respect to Class A units and 2.67% of the Trust’s month-end assets on an annual basis (0.225% monthly) with respect to Class B units, which covers the fees described below. “Brokerage fee” includes the following across each class of units: | |||||||||||
Recipient | Nature of Payment | Class A Units | Class B Units | ||||||||
Managing Owner | Managing Owner fee** | 0.75 | % | 0.75 | % | ||||||
Selling Agent | Selling commission | 2 | % | 0 | % | ||||||
Managing Owner | Underwriting expenses*** | 0.35 | % | 0.35 | % | ||||||
Managing Owner | Clearing, NFA, and exchange fees (capped at)* | 1.57 | % | 1.57 | % | ||||||
4.67 | % | 2.67 | % | ||||||||
* Beginning October 22, 2013, the Trust unbundled these expenses; these expenses are approximately, 0.92% of the net asset value for both Class A and Class B. | |||||||||||
** Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013. | |||||||||||
*** Effective October 22, 2013, Underwriting expenses were waived for the 4th quarter, 2013. | |||||||||||
There is no significant effect on the Trust’s financial highlights in Note 9 related to these waivers. | |||||||||||
Commissions were not paid with respect to the LLC net assets. | |||||||||||
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Additional Financial Information Disclosure [Text Block] | ' | ||||||||||||||||||||||||
(9) Financial Highlights | |||||||||||||||||||||||||
The following financial highlights show the Trust’s financial performance of the Trading units for the periods ended December 31, 2013, 2012 or 2011. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole. | |||||||||||||||||||||||||
Class A | Class B | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per share operating performance: | |||||||||||||||||||||||||
Net asset value of Trading units, beginning of period | $ | 76.92 | $ | 91.32 | $ | 100.64 | $ | 83.34 | $ | 96.98 | $ | 104.75 | |||||||||||||
Total Trading income (loss): | |||||||||||||||||||||||||
Trading gain (loss) | 1.37 | (7.26 | ) | (0.27 | ) | 1.53 | (7.78 | ) | (0.28 | ) | |||||||||||||||
Investment income | 0.2 | 0.39 | 0.2 | 0.22 | 0.42 | 0.22 | |||||||||||||||||||
Expenses | (7.24 | ) | (7.53 | ) | (9.25 | ) | (6.35 | ) | (6.28 | ) | (7.71 | ) | |||||||||||||
Trading income (loss) | (5.67 | ) | (14.40 | ) | (9.32 | ) | (4.60 | ) | (13.64 | ) | (7.77 | ) | |||||||||||||
Net asset value of Trading units, end of period | $ | 71.25 | $ | 76.92 | $ | 91.32 | $ | 78.74 | $ | 83.34 | $ | 96.98 | |||||||||||||
Total return: | |||||||||||||||||||||||||
Total return before incentive fees | (6.72 | %) | (15.66 | %) | (8.88 | %) | (4.79 | %) | (13.95 | %) | (7.08 | %) | |||||||||||||
Less incentive fee allocations | (0.66 | %) | (0.11 | %) | (0.38 | %) | (0.73 | %) | (0.11 | %) | (0.34 | %) | |||||||||||||
Total return | (7.38 | %) | (15.77 | %) | (9.26 | %) | (5.52 | %) | (14.06 | %) | (7.42 | %) | |||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Trading income (loss) | (8.61 | %) | (17.28 | %) | (10.32 | %) | (5.78 | %) | (15.40 | %) | (7.94 | %) | |||||||||||||
Expenses: | |||||||||||||||||||||||||
Expenses, less incentive fees | (9.30 | %) | (9.15 | %) | (9.30 | %) | (7.33 | %) | (7.19 | %) | (7.34 | %) | |||||||||||||
Incentive fees | (0.66 | %) | (0.11 | %) | (0.38 | %) | (0.73 | %) | (0.11 | %) | (0.34 | %) | |||||||||||||
Total expenses | (9.96 | %) | (9.26 | %) | (9.68 | %) | (8.06 | %) | (7.30 | %) | (7.68 | %) | |||||||||||||
The calculations above do not include activity within the Trust’s Non-Trading Accounts. | |||||||||||||||||||||||||
The net income and expense ratios are computed based upon the weighted average net assets for the Trust for the periods ended December 31, 2013, 2012 and 2011. The amounts are not annualized. | |||||||||||||||||||||||||
Cash_Management_Agreement_with
Cash Management Agreement with Affiliate | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions Disclosure [Text Block] | ' | |
-10 | Cash Management Agreement with Affiliate. | |
On October 6, 2010, the Managing Owner retained RJOIM, an SEC registered investment adviser and an affiliate of the Managing Owner, as cash manager. The assets managed by RJOIM are held in segregated accounts in custody at Wells. RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. As of December 31, 2013 and 2012, the Trust’s deposits held by RJOIM consisted of cash of $1,301,182 and $8,659,507, respectively, and fixed income securities of $1,465,195 and $11,003,681, respectively. Advisory fees earned by RJOIM aggregated $28,101, $51,521, and $62,625, for the years ended December 31, 2013, 2012 and 2011 respectively. | ||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | |||||||||||||
(11) Derivative Instruments and Hedging Activities. | ||||||||||||||
The Trust does not utilize “hedge accounting” and instead “marks-to-market” its derivatives through operations. | ||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
As of December 31, 2013 | ||||||||||||||
Asset | Liability | |||||||||||||
Type of | Derivatives | Derivatives | Net | |||||||||||
Futures Contracts | Fair Value | Fair Value | Fair Value | |||||||||||
Agriculture | $ | 223,192 | $ | (37,817 | ) | $ | 185,375 | |||||||
Currency | 94,958 | (1,663 | ) | 93,295 | ||||||||||
Energy | 15,843 | (38,517 | ) | (22,674 | ) | |||||||||
Indices | 438,814 | (46,548 | ) | 392,266 | ||||||||||
Interest Rates | 129,505 | (94,051 | ) | 35,454 | ||||||||||
Metals | 78,920 | - | 78,920 | |||||||||||
$ | 981,232 | $ | (218,596 | ) | $ | 762,636 | ||||||||
As of December 31, 2012 | ||||||||||||||
Asset | Liability | |||||||||||||
Type of | Derivatives | Derivatives | Net | |||||||||||
Futures Contracts | Fair Value | Fair Value | Fair Value | |||||||||||
Agriculture | $ | 678,316 | $ | (369,972 | ) | $ | 308,344 | |||||||
Currency | 94,041 | (185,622 | ) | (91,581 | ) | |||||||||
Energy | 76,522 | (202,853 | ) | (126,331 | ) | |||||||||
Indices | 60,504 | (55,851 | ) | 4,653 | ||||||||||
Interest Rates | 30,579 | (20,778 | ) | 9,801 | ||||||||||
Metals | 23,749 | (23,693 | ) | 56 | ||||||||||
$ | 963,711 | $ | (858,769 | ) | $ | 104,942 | ||||||||
The above reported fair values are included in equity in commodity trading accounts – unrealized gain on open contracts and in purchased options on futures and written options on futures contracts in the consolidated statements of financial condition as of December 31, 2013 and 2012, respectively. | ||||||||||||||
Trading gain (loss) for the following periods: | ||||||||||||||
Year ended December 31 | ||||||||||||||
Type of Futures Contracts | 2013 | 2012 | 2011 | |||||||||||
Agriculture | $ | 441,400 | $ | (361,619 | ) | $ | (1,105,067 | ) | ||||||
Currency | (221,046 | ) | (598,618 | ) | (1,380,681 | ) | ||||||||
Energy | (430,320 | ) | (483,184 | ) | 63,841 | |||||||||
Indices | 394,694 | (655,571 | ) | 865,269 | ||||||||||
Interest Rates | (204,765 | ) | 162,682 | 935,552 | ||||||||||
Metals | 229,275 | (462,793 | ) | 276,344 | ||||||||||
$ | 209,238 | $ | (2,399,103 | ) | $ | (344,742 | ) | |||||||
See Note (5) for additional information on the Trust’s purpose for entering into derivatives not designed as hedging instruments and its overall risk management strategies. | ||||||||||||||
Subsequent_Events
Subsequent Events. | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
(12) Subsequent Events. | |
Pursuant to an Investment Management Agreement dated August 30, 2013, the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust. In connection with such appointment, the Trust discontinued its offering of the Class A and Class B units of the Trust. The Trust began offering Class C and Class D units on January 15, 2014. | |
The Trust expects to pay annual expenses of approximately 6.30% (for Class C units) to 11.12% (for Class D units) after taking into account estimated interest income of its average month-end assets. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
a) Basis of Presentation | |
The accompanying consolidated financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the United States of America. | |
Consolidation, Policy [Policy Text Block] | ' |
b) Principles of Consolidation | |
The accompanying consolidated financial statements include the accounts of the Trust and its wholly-owned subsidiary, JWH Special Circumstances, LLC. All material intercompany transactions have been eliminated upon consolidation. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
c) Revenue Recognition | |
Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on their trade date. All such transactions are recorded on a mark-to-market basis and measured at fair value daily. Unrealized gains on open contracts reflected in the consolidated statements of financial condition represent the difference between original contract amount and fair value (as determined by exchange settlement prices for futures contracts and related options and cash dealer prices at a predetermined time for forward contracts, physical commodities, and their related options) as of the last business day of the reporting period or as of the last date of the consolidated financial statements. As the broker has the right of offset, the Trust presents unrealized gains and losses on open futures contracts (the difference between contract trade price and quoted market price) as a net amount in the consolidated statements of financial condition. Any change in net unrealized gain or loss on futures and forward contracts from the preceding period is reported in the consolidated statements of operations. Gains or losses are realized when contracts are liquidated. | |
The Trust may write (sell) and purchase exchange listed options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Trust writes an option, the premium received is recorded as a liability in the statement of financial condition and measured at fair value daily. When the Trust purchases an option, the premium paid is recorded as an asset in the consolidated statements of financial condition and measured at fair value daily. Realized gains (losses) and changes in unrealized gains (losses) on options contracts are included in the consolidated statements of operations. When a written option expires or the Trust enters into a closing purchase transaction, the difference between the net premium received and any amount paid at expiration or on executing a closing purchase transaction, including commission, is recognized as a component of realized gain (loss) on closed positions. When a purchased option is exercised, the proceeds on the sale of an underlying instrument (for a purchased put option), or the purchase cost of an underlying instrument (for a purchased call option) is adjusted by the amount of the premium paid. | |
At December 31, 2013, the Trust earns interest on 100% of the Trust’s average daily balances on deposit with RJO during each month at 100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars. For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. To the extent excess cash is not invested in securities, such cash will be subject to the creditworthiness of the institution where such funds are deposited. The Trust also earns interest on cash and cash equivalents held at Wells Fargo Bank N.A. (“Wells”) and managed by RJO Investment Management, LLC (“RJOIM”), an affiliate of the Managing Owner. | |
Fixed income securities are recorded at fair value, with changes in fair value recorded in the statement of operations as unrealized gain (loss) on fixed income securities. Realized gains (losses) from liquidation of fixed income securities are determined on first-in, first-out (FIFO) basis. Premiums and discounts on securities purchased are amortized over the lives of the respective instruments. Interest income is recognized on the accrual basis. | |
Organization Offering and Related Costs [Policy Text Block] | 'd) Ongoing Offering CostsOngoing offering costs, subject to a ceiling of 0.50% of the Trust's average month-end net assets, are paid by the Trust and expensed as incurred. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' |
e) Foreign Currency Transactions | |
Trading accounts in foreign currency denominations are susceptible to both movements in the underlying contract markets as well as fluctuation in currency rates. Foreign currencies are translated into U.S. dollars for closed positions at an average exchange rate for the year, while year-end balances are translated at the year-end currency rates. The impact of the translation is reflected in the consolidated statements of operations. | |
Use of Estimates, Policy [Policy Text Block] | ' |
f) Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' |
g) Valuation of Assets Held at Refco Capital Markets, Ltd. | |
The Trust recorded an impairment charge against its assets held at REFCO, LTD at December 31, 2005, based on management’s estimate of fair value at that time. Subsequent recoveries from REFCO, LTD were credited against the then book value of the claim. On June 28, 2007, the Trust’s cumulative recoveries from REFCO, LTD exceeded the book value of the impaired assets held at REFCO, LTD, which resulted in no remaining book value for those assets. All recoveries in excess of the book value of the impaired assets have been recorded as “Collections in excess of impaired value” on the Trust’s consolidated statements of operations. Any future administrative and/or legal expenses associated with liquidation of the assets held at REFCO, LTD have not been reflected as such future expenses are not capable of being estimated. See Note (6) for further details. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
h) Recent Pronouncements | |
In December 2011, the Financial Accounting Standards Board issued Accounting Standards Update No. 2011-11 “Disclosures about Offsetting Assets and Liabilities” (“ASU 2011-11”) requiring disclosure of both gross and net information related to offsetting and related arrangements enabling users of its financial statements to understand the effect of those arrangements on the entity’s financial position. ASU 2011-11 is effective for interim and annual periods beginning on or after January 1, 2013. An entity should provide the disclosures required by those amendments retrospectively for all comparative periods presented. Adoption of ASU 2011-11 will expand the Trust’s disclosures, but will have no effect on the Trust’s net assets. The Trust adopted ASU 2011-11in 2013, with additional disclosure included in Note 11. | |
In June 2013, the FASB issued ASU 2013-08, Financial Services – Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements (“ASU 2013-08”), containing new guidance on assessing whether an entity is an investment company, requiring non-controlling ownership interest in investment companies to be measured at fair value and requiring certain additional disclosures. This guidance is effective for annual and interim periods beginning on or after December 15, 2013. The Trust currently follows the guidance within the Investment Companies Topic of the FASB Accounting Standards Codification. The Trust does not expect the adoption of ASU 2013-08 to have a material effect on the Trust's consolidated financial statements. |
Assets_Held_at_Refco_Capital_M1
Assets Held at Refco Capital Markets, Ltd. (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Sale Of Bankruptcy Claims Related To Derivative Counterparty [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Derivatives Not Designated as Hedging Instruments Recognized in Income [Table Text Block] | 'The table below summarizes all recoveries from REFCO, LTD and distributions to redeemed and continuing unitholders. | ||||||||||||||||||||||||
Recoveries from REFCO, LTD, Distributions paid by US Bank from the LLC, and effect on impaired value of assets held at REFCO, LTD | |||||||||||||||||||||||||
Amounts Received from | Balance of | Collections in Excess of | Cash Distributions to Non-Participating | Additional Units in Trust for Participating Owners | |||||||||||||||||||||
Date | REFCO, LTD | Impaired Value | Impaired Value | Owners | Units | Dollars | |||||||||||||||||||
12/29/06 | $ | 10,319,318 | $ | 6,643,944 | $ | - | $ | 4,180,958 | 54,914 | $ | 5,154,711 | ||||||||||||||
4/20/07 | 2,787,629 | 3,856,315 | - | - | - | - | |||||||||||||||||||
6/7/07 | 265,758 | 3,590,557 | - | - | - | - | |||||||||||||||||||
6/28/07 | 4,783,640 | - | 1,193,083 | - | - | - | |||||||||||||||||||
7/3/07 | 5,654 | - | 5,654 | - | - | - | |||||||||||||||||||
8/29/07 | - | - | - | 2,787,947 | 23,183 | 1,758,626 | |||||||||||||||||||
9/19/07 | 2,584,070 | - | 2,584,070 | - | - | - | |||||||||||||||||||
12/31/07 | 2,708,467 | - | 2,708,467 | - | - | - | |||||||||||||||||||
3/28/08 | 1,046,068 | - | 1,046,068 | - | - | - | |||||||||||||||||||
4/29/08 | - | - | - | 2,241,680 | 10,736 | 1,053,815 | |||||||||||||||||||
6/26/08 | 701,148 | - | 701,148 | - | - | - | |||||||||||||||||||
12/31/08 | 769,001 | - | 769,001 | - | - | - | |||||||||||||||||||
6/29/09 | 2,748,048 | - | 2,748,048 | - | - | - | |||||||||||||||||||
12/30/09 | 1,102,612 | - | 1,102,612 | - | - | - | |||||||||||||||||||
5/19/10 | 1,695,150 | - | 1,695,150 | - | - | - | |||||||||||||||||||
6/4/10 | 14,329,450 | * | - | 14,329,450 | * | - | - | - | |||||||||||||||||
8/1/10 | - | - | - | 16,076,112 | 40,839 | 3,928,806 | |||||||||||||||||||
10/15/10 | 282,790 | * | - | 282,790 | * | - | - | - | |||||||||||||||||
12/30/10 | 563,163 | * | - | 563,163 | * | - | - | - | |||||||||||||||||
6/2/11 | 343,664 | * | - | 343,664 | * | - | - | - | |||||||||||||||||
8/30/11 | 1,328,832 | * | - | 1,328,832 | * | - | - | - | |||||||||||||||||
12/1/11 | - | - | - | 3,689,555 | 6,168 | 561,489 | |||||||||||||||||||
10/31/12 | 404,908 | * | - | 404,908 | * | - | - | - | |||||||||||||||||
12/5/12 | 294,875 | * | - | 294,875 | * | - | - | - | |||||||||||||||||
8/5/13 | 240,556 | * | - | 240,556 | * | - | - | - | |||||||||||||||||
Totals | $ | 49,304,801 | $ | - | $ | 32,341,539 | $ | 28,976,252 | 135,840 | $ | 12,457,447 | ||||||||||||||
*The collections on June 4, 2010 were from a settlement agreement (the “Settlement Agreement”) reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, “Cargill”). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill’s percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill’s percentage of distributions at 57.25% of the gross collections. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 'The following table presents the Trust’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012, respectively: | ||||||||||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Unrealized gain on open contracts: | |||||||||||||||||
Futures positions | $ | 762,636 | $ | - | $ | - | $ | 762,636 | |||||||||
Fixed income securities | - | 1,465,195 | - | 1,465,195 | |||||||||||||
Total assets | 762,636 | 1,465,195 | - | 2,227,831 | |||||||||||||
Total fair value | $ | 762,636 | $ | 1,465,195 | $ | - | $ | 2,227,831 | |||||||||
31-Dec-12 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets | |||||||||||||||||
Unrealized gain on open contracts: | |||||||||||||||||
Futures positions | $ | 260,744 | $ | - | $ | - | $ | 260,744 | |||||||||
Purchased options on futures contracts | 728,440 | - | - | 728,440 | |||||||||||||
Fixed income securities | - | 11,003,681 | - | 11,003,681 | |||||||||||||
Total assets | 989,184 | 11,003,681 | - | 11,992,865 | |||||||||||||
Liabilities | |||||||||||||||||
Options written on futures contracts | 884,242 | - | - | 884,242 | |||||||||||||
Total fair value | $ | 104,942 | $ | 11,003,681 | $ | - | $ | 11,108,623 |
Operations_Tables
Operations (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Brokers and Dealers [Abstract] | ' | ||||||||||
Schedule of Due to (from) Broker-Dealers and Clearing Organizations [Table Text Block] | '“Brokerage fee” includes the following across each class of units: | ||||||||||
Recipient | Nature of Payment | Class A Units | Class B Units | ||||||||
Managing Owner | Managing Owner fee** | 0.75 | % | 0.75 | % | ||||||
Selling Agent | Selling commission | 2 | % | 0 | % | ||||||
Managing Owner | Underwriting expenses*** | 0.35 | % | 0.35 | % | ||||||
Managing Owner | Clearing, NFA, and exchange fees (capped at)* | 1.57 | % | 1.57 | % | ||||||
4.67 | % | 2.67 | % | ||||||||
* Beginning October 22, 2013, the Trust unbundled these expenses; these expenses are approximately, 0.92% of the net asset value for both Class A and Class B. | |||||||||||
** Effective October 22, 2013, the Managing Owner fee was reduced to 0.50% and waived for the 4th quarter, 2013. | |||||||||||
*** Effective October 22, 2013, Underwriting expenses were waived for the 4th quarter, 2013. |
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | ' | ||||||||||||||||||||||||
Financial Summary [Table Text Block] | 'The following financial highlights show the Trust’s financial performance of the Trading units for the periods ended December 31, 2013, 2012 or 2011. Total return is calculated as the change in a theoretical beneficial owner’s investment over the entire period, and is not annualized. Total return is calculated based on the aggregate return of the Trust’s Trading units taken as a whole. | ||||||||||||||||||||||||
Class A | Class B | ||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||
Per share operating performance: | |||||||||||||||||||||||||
Net asset value of Trading units, beginning of period | $ | 76.92 | $ | 91.32 | $ | 100.64 | $ | 83.34 | $ | 96.98 | $ | 104.75 | |||||||||||||
Total Trading income (loss): | |||||||||||||||||||||||||
Trading gain (loss) | 1.37 | (7.26 | ) | (0.27 | ) | 1.53 | (7.78 | ) | (0.28 | ) | |||||||||||||||
Investment income | 0.2 | 0.39 | 0.2 | 0.22 | 0.42 | 0.22 | |||||||||||||||||||
Expenses | (7.24 | ) | (7.53 | ) | (9.25 | ) | (6.35 | ) | (6.28 | ) | (7.71 | ) | |||||||||||||
Trading income (loss) | (5.67 | ) | (14.40 | ) | (9.32 | ) | (4.60 | ) | (13.64 | ) | (7.77 | ) | |||||||||||||
Net asset value of Trading units, end of period | $ | 71.25 | $ | 76.92 | $ | 91.32 | $ | 78.74 | $ | 83.34 | $ | 96.98 | |||||||||||||
Total return: | |||||||||||||||||||||||||
Total return before incentive fees | (6.72 | %) | (15.66 | %) | (8.88 | %) | (4.79 | %) | (13.95 | %) | (7.08 | %) | |||||||||||||
Less incentive fee allocations | (0.66 | %) | (0.11 | %) | (0.38 | %) | (0.73 | %) | (0.11 | %) | (0.34 | %) | |||||||||||||
Total return | (7.38 | %) | (15.77 | %) | (9.26 | %) | (5.52 | %) | (14.06 | %) | (7.42 | %) | |||||||||||||
Ratios to average net assets: | |||||||||||||||||||||||||
Trading income (loss) | (8.61 | %) | (17.28 | %) | (10.32 | %) | (5.78 | %) | (15.40 | %) | (7.94 | %) | |||||||||||||
Expenses: | |||||||||||||||||||||||||
Expenses, less incentive fees | (9.30 | %) | (9.15 | %) | (9.30 | %) | (7.33 | %) | (7.19 | %) | (7.34 | %) | |||||||||||||
Incentive fees | (0.66 | %) | (0.11 | %) | (0.38 | %) | (0.73 | %) | (0.11 | %) | (0.34 | %) | |||||||||||||
Total expenses | (9.96 | %) | (9.26 | %) | (9.68 | %) | (8.06 | %) | (7.30 | %) | (7.68 | %) |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||
ScheduleOfClientRelatedAndTradingDerivativeInstrumentsTableTextBlock | 'The Trust does not utilize “hedge accounting” and instead “marks-to-market” its derivatives through operations. | |||||||||||||
As of December 31, 2013 | ||||||||||||||
Asset | Liability | |||||||||||||
Type of | Derivatives | Derivatives | Net | |||||||||||
Futures Contracts | Fair Value | Fair Value | Fair Value | |||||||||||
Agriculture | $ | 223,192 | $ | (37,817 | ) | $ | 185,375 | |||||||
Currency | 94,958 | (1,663 | ) | 93,295 | ||||||||||
Energy | 15,843 | (38,517 | ) | (22,674 | ) | |||||||||
Indices | 438,814 | (46,548 | ) | 392,266 | ||||||||||
Interest Rates | 129,505 | (94,051 | ) | 35,454 | ||||||||||
Metals | 78,920 | - | 78,920 | |||||||||||
$ | 981,232 | $ | (218,596 | ) | $ | 762,636 | ||||||||
As of December 31, 2012 | ||||||||||||||
Asset | Liability | |||||||||||||
Type of | Derivatives | Derivatives | Net | |||||||||||
Futures Contracts | Fair Value | Fair Value | Fair Value | |||||||||||
Agriculture | $ | 678,316 | $ | (369,972 | ) | $ | 308,344 | |||||||
Currency | 94,041 | (185,622 | ) | (91,581 | ) | |||||||||
Energy | 76,522 | (202,853 | ) | (126,331 | ) | |||||||||
Indices | 60,504 | (55,851 | ) | 4,653 | ||||||||||
Interest Rates | 30,579 | (20,778 | ) | 9,801 | ||||||||||
Metals | 23,749 | (23,693 | ) | 56 | ||||||||||
$ | 963,711 | $ | (858,769 | ) | $ | 104,942 | ||||||||
Schedule of Derivative Instruments Included in Trading Activities [Table Text Block] | 'Trading gain (loss) for the following periods: | |||||||||||||
Year ended December 31 | ||||||||||||||
Type of Futures Contracts | 2013 | 2012 | 2011 | |||||||||||
Agriculture | $ | 441,400 | $ | (361,619 | ) | $ | (1,105,067 | ) | ||||||
Currency | (221,046 | ) | (598,618 | ) | (1,380,681 | ) | ||||||||
Energy | (430,320 | ) | (483,184 | ) | 63,841 | |||||||||
Indices | 394,694 | (655,571 | ) | 865,269 | ||||||||||
Interest Rates | (204,765 | ) | 162,682 | 935,552 | ||||||||||
Metals | 229,275 | (462,793 | ) | 276,344 | ||||||||||
$ | 209,238 | $ | (2,399,103 | ) | $ | (344,742 | ) |
Schedule_of_Investments_Detail
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Long Positions | ' | ' |
Fair Value | $762,636 | $260,744 |
Long [Member] | South Korea Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 4.30% |
Fair Value | 0 | 999,316 |
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 4.30% |
Fair Value | 0 | 999,542 |
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 6.45% |
Fair Value | 0 | 1,500,105 |
Long [Member] | Chili Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 4.30% |
Fair Value | 0 | 999,222 |
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 4.30% |
Fair Value | 0 | 999,611 |
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 9.67% | 0.00% |
Fair Value | 1,465,195 | 0 |
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | US Government Corporations and Agencies Securities [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 23.67% |
Fair Value | 0 | 5,502,285 |
Long [Member] | Agriculture [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | -0.15% | -1.04% |
Fair Value | -22,282 | -241,904 |
Long [Member] | Agriculture [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 2.59% |
Fair Value | 0 | 601,497 |
Long [Member] | Agriculture [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 0.46% |
Fair Value | 0 | 107,423 |
Long [Member] | Currency [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.31% | 0.12% |
Fair Value | 46,836 | 28,665 |
Long [Member] | Energy [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | -0.14% | 0.33% |
Fair Value | -21,904 | 77,294 |
Long [Member] | Energy [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 0.08% |
Fair Value | 0 | 19,520 |
Long [Member] | Indices [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 2.98% | 0.22% |
Fair Value | 450,939 | 50,444 |
Long [Member] | Interest Rates [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | -0.92% | 0.08% |
Fair Value | -138,783 | 19,455 |
Long [Member] | Metal [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.03% | 0.08% |
Fair Value | 5,005 | 18,129 |
Long [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 17.20% |
Fair Value | 0 | 3,997,691 |
Long [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 9.67% | 6.45% |
Fair Value | 1,465,195 | 1,500,105 |
Long [Member] | Fixed Income Securities [Member] | United States Short-Term Investment Funds [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | 0.02% |
Fair Value | 0 | 3,600 |
Long [Member] | Fixed Income Securities [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 1,465,195 | 11,003,681 |
Long [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 319,811 | -47,917 |
Long [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 0 | 601,497 |
Long [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 0 | 126,943 |
Short [Member] | Agriculture [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 1.37% | 1.39% |
Fair Value | 207,657 | 324,276 |
Short [Member] | Agriculture [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.44% |
Fair Value | 0 | -102,345 |
Short [Member] | Agriculture [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -1.64% |
Fair Value | 0 | -380,603 |
Short [Member] | Currency [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.31% | 0.20% |
Fair Value | 46,459 | 47,442 |
Short [Member] | Currency [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.41% |
Fair Value | 0 | -95,775 |
Short [Member] | Currency [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.31% |
Fair Value | 0 | -71,913 |
Short [Member] | Energy [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | -0.01% | -0.22% |
Fair Value | -770 | -51,455 |
Short [Member] | Energy [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.46% |
Fair Value | 0 | -106,850 |
Short [Member] | Energy [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.28% |
Fair Value | 0 | -64,840 |
Short [Member] | Indices [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | -0.39% | -0.05% |
Fair Value | -58,673 | -11,941 |
Short [Member] | Indices [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.09% |
Fair Value | 0 | -21,850 |
Short [Member] | Indices [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.05% |
Fair Value | 0 | -12,000 |
Short [Member] | Interest Rates [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 1.15% | 0.03% |
Fair Value | 174,237 | 7,003 |
Short [Member] | Interest Rates [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.07% |
Fair Value | 0 | -16,656 |
Short [Member] | Metal [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.49% | -0.03% |
Fair Value | 73,915 | -6,664 |
Short [Member] | Metal [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.02% |
Fair Value | 0 | -4,550 |
Short [Member] | Metal [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Percentage of Net Assets | 0.00% | -0.03% |
Fair Value | 0 | -6,860 |
Short [Member] | Future [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 442,825 | 308,661 |
Short [Member] | Put Option [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | 0 | -348,026 |
Short [Member] | Call Option [Member] | ' | ' |
Long Positions | ' | ' |
Fair Value | $0 | ($536,216) |
Schedule_of_Investments_Detail1
Schedule of Investments (Details) - Condensed Consolidated Schedule of Investments (Futures and Options on Futures Contracts) (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | $0 | $978,634 |
Long [Member] | South Korea Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 999,316 |
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 999,542 |
Long [Member] | Australia Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 1,504,227 |
Long [Member] | Chili Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 999,222 |
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Commercial Paper [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 999,611 |
Long [Member] | United States Financials [Member] | Fixed Income Securities [Member] | Corporate Bond Securities [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 1,501,697 | 0 |
Long [Member] | Agriculture [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums paid | 0 | 437,577 |
Long [Member] | Agriculture [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums paid | 0 | 237,430 |
Long [Member] | Energy [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums paid | 0 | 78,410 |
Long [Member] | Fixed Income Securities [Member] | US Government Corporations and Agencies Securities [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 5,500,084 |
Long [Member] | Fixed Income Securities [Member] | United States Short-Term Investment Funds [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 0 | 3,600 |
Long [Member] | Fixed Income Securities [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
Cost | 1,501,697 | 11,005,602 |
Short [Member] | Agriculture [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 106,627 |
Short [Member] | Agriculture [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 460,664 |
Short [Member] | Currency [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 73,421 |
Short [Member] | Currency [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 83,423 |
Short [Member] | Energy [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 87,040 |
Short [Member] | Energy [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 68,200 |
Short [Member] | Indices [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 39,900 |
Short [Member] | Indices [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | ' |
Short [Member] | Interest Rates [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 29,469 |
Short [Member] | Metal [Member] | Put Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | 0 | 6,300 |
Short [Member] | Metal [Member] | Call Option [Member] | ' | ' |
Investment Holdings, Other than Securities [Line Items] | ' | ' |
premiums received | $0 | $6,790 |
General_Information_and_Summar1
General Information and Summary (Details) | 12 Months Ended |
Dec. 31, 2013 | |
General Information and Summary (Details) [Line Items] | ' |
Trust Termination Description | 'The Trust will be terminated on December 31, 2026, unless terminated earlier upon the occurrence of one of the following: (1) beneficial owners holding more than 50% of the outstanding units notify the Managing Owner to dissolve the Trust as of a specific date; (2) 120 days after the filing of a bankruptcy petition by or against the Managing Owner, unless the bankruptcy court approves the sale and assignment of the interests of the Managing Owner to a purchaser/assignor that assumes the duties of the Managing Owner; (3) 120 days after the notice of the retirement, resignation, or withdrawal of the Managing Owner, unless beneficial owners holding more than 50% of the outstanding units appoint a successor; (4) 90 days after the insolvency of the Managing Owner or any other event that would cause the Managing Owner to cease being managing owner of the Trust, unless beneficial owners holding more than 50% of the outstanding units appoint a successor; (5) dissolution of the Managing Owner; (6) insolvency or bankruptcy of the Trust; (7) a decrease in the net asset value to less than $2,500,000; (8) a decline in the net asset value per unit to $50 or less; (9) dissolution of the Trust; or (10) any event that would make it unlawful for the existence of the Trust to be continued or require dissolution of the Trust. |
Trust Termination Date | 31-Dec-26 |
US Bank [Member] | ' |
General Information and Summary (Details) [Line Items] | ' |
Compensation Terms for Manager of LLC | '(1) an initial acceptance fee of $120,000; (2) an annual fee of $25,000; (3) a distribution fee of $25,000 per distribution; (4) out-of-pocket expenses; and (5) an hourly fee for all personnel at the then expected hourly rate ($350 per hour at the time the agreement was executed) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Percentage of Interest-bearing Domestic Deposits to Deposits | 100.00% |
United States of America, Dollars | ' |
Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Interest Earned on Trust's Average Daily Balance on Deposit | '100% of the average four-week Treasury bill rate for that month in respect of deposits denominated in dollars. |
Foreign Currencies [Member] | ' |
Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Interest Earned on Trust's Average Daily Balance on Deposit | 'For deposits denominated in other currencies, the Trust earns interest at a rate of one-month LIBOR less 100 basis points. |
Maximum [Member] | ' |
Summary of Significant Accounting Policies (Details) [Line Items] | ' |
Offering Costs as Percentage of Month-end Net Asset Value | 0.50% |
Fees_Details
Fees (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Quarterly Rate [Member] | ' |
Fees (Details) [Line Items] | ' |
Advisors Incentive Fee as a Percentage of New Trading Profit | 25.00% |
Minimum [Member] | Monthly Rate [Member] | ' |
Fees (Details) [Line Items] | ' |
Management Fee as a Percentage of Net Assets | 0.08% |
Maximum [Member] | Annual Rate [Member] | ' |
Fees (Details) [Line Items] | ' |
Management Fee as a Percentage of Net Assets | 1.00% |
Income_Taxes_Details
Income Taxes (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Minimum [Member] | ' |
Income Taxes (Details) [Line Items] | ' |
Examination Period of State and Local Income Tax Returns | '3 years |
Maximum [Member] | ' |
Income Taxes (Details) [Line Items] | ' |
Examination Period of State and Local Income Tax Returns | '5 years |
Trading_Activities_and_Related1
Trading Activities and Related Risks (Details) (Fixed Income Securities [Member], Maximum [Member]) | Dec. 31, 2013 |
Fixed Income Securities [Member] | Maximum [Member] | ' |
Trading Activities and Related Risks (Details) [Line Items] | ' |
Investment Owned, Percent of Net Assets | 40.00% |
Assets_Held_at_Refco_Capital_M2
Assets Held at Refco Capital Markets, Ltd. (Details) (USD $) | 0 Months Ended | 43 Months Ended | 96 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||
Aug. 05, 2013 | Dec. 05, 2012 | Oct. 31, 2012 | Dec. 01, 2011 | Aug. 30, 2011 | Jun. 02, 2011 | Dec. 30, 2010 | Oct. 15, 2010 | Aug. 01, 2010 | Jun. 04, 2010 | 19-May-10 | Dec. 30, 2009 | Jun. 29, 2009 | Dec. 31, 2008 | Jun. 26, 2008 | Apr. 29, 2008 | Mar. 28, 2008 | Dec. 31, 2007 | Sep. 19, 2007 | Aug. 29, 2007 | Jul. 03, 2007 | Jun. 28, 2007 | Jun. 07, 2007 | Apr. 20, 2007 | Dec. 29, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Oct. 31, 2005 | |
LLC Equity/Non-Trading [Member] | LLC Equity/Non-Trading [Member] | |||||||||||||||||||||||||||||
Assets Held at Refco Capital Markets, Ltd. (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Instruments, Owned, Principal Investments, at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,465,195 | $1,465,195 | $11,003,681 | ' | $57,544,206 |
Substitute Units Held by Affiliates (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,273,288 |
Cash and Cash Equivalents, at Carrying Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,301,182 | 1,301,182 | 8,659,507 | ' | 1,000,000 |
Assets Held-in-trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,544,206 | ' |
Asset Impairment Charges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,590,557 | 3,856,315 | 6,643,944 | ' | 0 | ' | 39,580,944 | ' |
Net Assets Held-in-trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,963,262 | ' |
Percentage of Fair Value Under Carring Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | ' |
Amounts Received from Recovery of Impared Trust Before Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Capital Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | $970,550 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Proceeds, Percentage of Distribution | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 57.25% | ' | ' | ' | ' |
Assets_Held_at_Refco_Capital_M3
Assets Held at Refco Capital Markets, Ltd. (Details) - Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM (USD $) | 0 Months Ended | 96 Months Ended | ||||||||||||||||||||||||||||||||
Aug. 05, 2013 | Dec. 05, 2012 | Oct. 31, 2012 | Dec. 01, 2011 | Aug. 30, 2011 | Jun. 02, 2011 | Dec. 30, 2010 | Oct. 15, 2010 | Aug. 01, 2010 | Jun. 04, 2010 | 19-May-10 | Dec. 30, 2009 | Jun. 29, 2009 | Dec. 31, 2008 | Jun. 26, 2008 | Apr. 29, 2008 | Mar. 28, 2008 | Dec. 31, 2007 | Sep. 19, 2007 | Aug. 29, 2007 | Jul. 03, 2007 | Jun. 28, 2007 | Jun. 07, 2007 | Apr. 20, 2007 | Dec. 29, 2006 | Dec. 31, 2013 | |||||||||
Recoveries from RCM, Distributions Paid by US Bank from the LLC, and Effect on Impaired Value of Assets Held at RCM [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Amounts Received from RCM | $240,556 | [1] | $294,875 | [1] | $404,908 | [1] | $0 | $1,328,832 | [1] | $343,664 | [1] | $563,163 | [1] | $282,790 | [1] | $0 | $14,329,450 | [1] | $1,695,150 | $1,102,612 | $2,748,048 | $769,001 | $701,148 | $0 | $1,046,068 | $2,708,467 | $2,584,070 | $0 | $5,654 | $4,783,640 | $265,758 | $2,787,629 | $10,319,318 | $49,304,801 |
Balance of Impaired Value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3,590,557 | 3,856,315 | 6,643,944 | 0 | ||||||||
Collections in Excess of Impaired Value | 240,556 | [1] | 294,875 | [1] | 404,908 | [1] | 0 | 1,328,832 | [1] | 343,664 | [1] | 563,163 | [1] | 282,790 | [1] | 0 | 14,329,450 | [1] | 1,695,150 | 1,102,612 | 2,748,048 | 769,001 | 701,148 | 0 | 1,046,068 | 2,708,467 | 2,584,070 | 0 | 5,654 | 1,193,083 | 0 | 0 | 0 | 32,341,539 |
Cash Distributions to Non-Participating Owners | 0 | 0 | 0 | 3,689,555 | 0 | 0 | 0 | 0 | 16,076,112 | 0 | 0 | 0 | 0 | 0 | 0 | 2,241,680 | 0 | 0 | 0 | 2,787,947 | 0 | 0 | 0 | 0 | 4,180,958 | 28,976,252 | ||||||||
Additional Units in Trust for Participating Owners, Units (in Shares) | 0 | 0 | 0 | 6,168 | 0 | 0 | 0 | 0 | 40,839 | 0 | 0 | 0 | 0 | 0 | 0 | 10,736 | 0 | 0 | 0 | 23,183 | 0 | 0 | 0 | 0 | 54,914 | 135,840 | ||||||||
Additional Units in Trust for Participating Owners, Dollars | $0 | $0 | $0 | $561,489 | $0 | $0 | $0 | $0 | $3,928,806 | $0 | $0 | $0 | $0 | $0 | $0 | $1,053,815 | $0 | $0 | $0 | $1,758,626 | $0 | $0 | $0 | $0 | $5,154,711 | $12,457,447 | ||||||||
[1] | The collections on June 4, 2010 were from a settlement agreement (the "Settlement Agreement") reached with Cargill, Inc. and Cargill Investors Services, Inc. (together, "Cargill"). The gross collections of $15,300,000 on June 4, 2010, were reduced by $970,550, which represented Cargill's percentage of distributions, as defined in the Settlement Agreement. All subsequent collections are shown net and were reduced by Cargill's percentage of distributions at 57.25% of the gross collections. |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) - Schedule of Fair Value, Assets and Liabilities Measured on a Recurring Basis (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Futures positions | $762,636 | $260,744 |
Purchased options on futures contracts | 0 | 728,440 |
Fixed income securities | 1,465,195 | 11,003,681 |
Liabilities | ' | ' |
Options written on futures contracts | 0 | 884,242 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Assets | ' | ' |
Futures positions | 762,636 | 260,744 |
Purchased options on futures contracts | ' | 728,440 |
Fixed income securities | 0 | 0 |
Total assets | 762,636 | 989,184 |
Liabilities | ' | ' |
Options written on futures contracts | ' | 884,242 |
Total fair value | 762,636 | 104,942 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Assets | ' | ' |
Futures positions | 0 | 0 |
Purchased options on futures contracts | ' | 0 |
Fixed income securities | 1,465,195 | 11,003,681 |
Total assets | 1,465,195 | 11,003,681 |
Liabilities | ' | ' |
Options written on futures contracts | ' | 0 |
Total fair value | 1,465,195 | 11,003,681 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Assets | ' | ' |
Futures positions | 0 | 0 |
Purchased options on futures contracts | ' | 0 |
Fixed income securities | 0 | 0 |
Total assets | 0 | 0 |
Liabilities | ' | ' |
Options written on futures contracts | ' | 0 |
Total fair value | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets | ' | ' |
Futures positions | 762,636 | 260,744 |
Purchased options on futures contracts | ' | 728,440 |
Fixed income securities | 1,465,195 | 11,003,681 |
Total assets | 2,227,831 | 11,992,865 |
Liabilities | ' | ' |
Options written on futures contracts | ' | 884,242 |
Total fair value | $2,227,831 | $11,108,623 |
Operations_Details
Operations (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Operations (Details) [Line Items] | ' |
Written Notice Period for Redemption | '5 days |
Payment Period for Redemption of Units | '10 days |
October 22, 2013 Reduction [Member] | Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.50% |
October 22, 2013 Reduction [Member] | Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.50% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 1.57% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 1.57% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee as a Percentage of Net Assets | 0.92% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee as a Percentage of Net Assets | 0.92% |
Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.75% |
Managing Owner [Member] | Managing Owner Fees [Member] | Annual Rate [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.75% |
Annual Rate [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 4.67% |
Annual Rate [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 2.67% |
Monthly Rate [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.39% |
Monthly Rate [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) [Line Items] | ' |
Brokerage Fee | 0.23% |
Operations_Details_Schedule_of
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit (Annual Rate [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 0.75% |
Managing Owner [Member] | Managing Owner Fees [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 0.75% |
Managing Owner [Member] | Underwriting Expenses [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 0.35% |
Managing Owner [Member] | Underwriting Expenses [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 0.35% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 1.57% |
Managing Owner [Member] | Clearing, NFA and Exchange Fees [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 1.57% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class A [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 2.00% |
Selling Agent [Member] | Selling Commission [Member] | Capital Unit, Class B [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 0.00% |
Capital Unit, Class A [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 4.67% |
Capital Unit, Class B [Member] | ' |
Operations (Details) - Schedule of Brokerage Fees Across Each Class of Unit [Line Items] | ' |
Brokerage Fee | 2.67% |
Financial_Highlights_Details_S
Financial Highlights (Details) - Schedule of Finanacial Highlights (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Capital Unit, Class A [Member] | ' | ' | ' |
Per share operating performance: | ' | ' | ' |
Net asset value of Trading units, beginning of period (in Dollars per share) | $76.92 | $91.32 | $100.64 |
Trading gain (loss) (in Dollars per share) | $1.37 | ($7.26) | ($0.27) |
Investment income (in Dollars per share) | $0.20 | $0.39 | $0.20 |
Expenses (in Dollars per share) | ($7.24) | ($7.53) | ($9.25) |
Trading income (loss) (in Dollars per share) | ($5.67) | ($14.40) | ($9.32) |
Net asset value of Trading units, end of period (in Dollars per share) | $71.25 | $76.92 | $91.32 |
Total return: | ' | ' | ' |
Total return before incentive fees | -6.72% | -15.66% | -8.88% |
Less incentive fee allocations | -0.66% | -0.11% | -0.38% |
Total return | -7.38% | -15.77% | -9.26% |
Ratios to average net assets: | ' | ' | ' |
Trading income (loss) | -8.61% | -17.28% | -10.32% |
Expenses: | ' | ' | ' |
Expenses, less incentive fees | -9.30% | -9.15% | -9.30% |
Incentive fees | -0.66% | -0.11% | -0.38% |
Total expenses | -9.96% | -9.26% | -9.68% |
Capital Unit, Class B [Member] | ' | ' | ' |
Per share operating performance: | ' | ' | ' |
Net asset value of Trading units, beginning of period (in Dollars per share) | $83.34 | $96.98 | $104.75 |
Trading gain (loss) (in Dollars per share) | $1.53 | ($7.78) | ($0.28) |
Investment income (in Dollars per share) | $0.22 | $0.42 | $0.22 |
Expenses (in Dollars per share) | ($6.35) | ($6.28) | ($7.71) |
Trading income (loss) (in Dollars per share) | ($4.60) | ($13.64) | ($7.77) |
Net asset value of Trading units, end of period (in Dollars per share) | $78.74 | $83.34 | $96.98 |
Total return: | ' | ' | ' |
Total return before incentive fees | -4.79% | -13.95% | -7.08% |
Less incentive fee allocations | -0.73% | -0.11% | -0.34% |
Total return | -5.52% | -14.06% | -7.42% |
Ratios to average net assets: | ' | ' | ' |
Trading income (loss) | -5.78% | -15.40% | -7.94% |
Expenses: | ' | ' | ' |
Expenses, less incentive fees | -7.33% | -7.19% | -7.34% |
Incentive fees | -0.73% | -0.11% | -0.34% |
Total expenses | -8.06% | -7.30% | -7.68% |
Cash_Management_Agreement_with1
Cash Management Agreement with Affiliate (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Related Party Transactions [Abstract] | ' | ' | ' |
Management Fee, Description | 'RJOIM is paid an annual fee, currently 0.20% calculated and accrued daily at a rate equal to 1/360 of the principal balance. | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $1,301,182 | $8,659,507 | ' |
Financial Instruments, Owned, Principal Investments, at Fair Value | 1,465,195 | 11,003,681 | ' |
Noninterest Expense Investment Advisory Fees | $28,101 | $51,521 | $62,625 |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | $981,232 | $963,711 |
Liability Derivatives Fair Value | -218,596 | -858,769 |
Net Fair Value | 762,636 | 104,942 |
Agriculture [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 223,192 | 678,316 |
Liability Derivatives Fair Value | -37,817 | -369,972 |
Net Fair Value | 185,375 | 308,344 |
Currency [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 94,958 | 94,041 |
Liability Derivatives Fair Value | -1,663 | -185,622 |
Net Fair Value | 93,295 | -91,581 |
Energy [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 15,843 | 76,522 |
Liability Derivatives Fair Value | -38,517 | -202,853 |
Net Fair Value | -22,674 | -126,331 |
Indices [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 438,814 | 60,504 |
Liability Derivatives Fair Value | -46,548 | -55,851 |
Net Fair Value | 392,266 | 4,653 |
Interest Rates [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 129,505 | 30,579 |
Liability Derivatives Fair Value | -94,051 | -20,778 |
Net Fair Value | 35,454 | 9,801 |
Metal [Member] | ' | ' |
Derivative Instruments and Hedging Activities (Details) - Schedule of Derivatives Not Designated as Hedging Instruments [Line Items] | ' | ' |
Asset Derivatives Fair Value | 78,920 | 23,749 |
Liability Derivatives Fair Value | 0 | -23,693 |
Net Fair Value | $78,920 | $56 |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Details) - Schedule of Trading Gains (Losses) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | $209,238 | ($2,399,103) | ($344,742) |
Agriculture [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | 441,400 | -361,619 | -1,105,067 |
Currency [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | -221,046 | -598,618 | -1,380,681 |
Energy [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | -430,320 | -483,184 | 63,841 |
Indices [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | 394,694 | -655,571 | 865,269 |
Interest Rates [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | -204,765 | 162,682 | 935,552 |
Metal [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Trading gain (loss) | $229,275 | ($462,793) | $276,344 |
Subsequent_Events_Details
Subsequent Events. (Details) (Subsequent Event [Member]) | 0 Months Ended |
Jan. 15, 2014 | |
Subsequent Events. (Details) [Line Items] | ' |
Subsequent Event, Description | 'Pursuant to an Investment Management Agreement dated August 30, 2013, the Managing Owner appointed RPM Risk & Portfolio Management Aktiebolag, a limited liability company organized under the laws of Sweden, as investment manager to the Trust. In connection with such appointment, the Trust discontinued its offering of the Class A and Class B units of the Trust. The Trust began offering Class C and Class D units on January 15, 2014. |
Capital Unit, Class C [Member] | ' |
Subsequent Events. (Details) [Line Items] | ' |
Expenses Excluding Incentive Fees, Percentage | 6.30% |
Capital Unit, Class D [Member] | ' |
Subsequent Events. (Details) [Line Items] | ' |
Expenses Excluding Incentive Fees, Percentage | 11.12% |