Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Document Information [Line Items] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'WESTPORT FUTURES FUND L.P. | ' | ' |
Entity Central Index Key | '0001037189 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,054.29 | ' |
Entity Public Float | ' | ' | $27,992,958 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets: | ' | ' |
Investment in Master, at fair value (Note 5) | $26,099,527 | $31,089,645 |
Equity in trading account: | ' | ' |
Cash (Note 3c) | 7,627 | 123,654 |
Total assets | 26,107,154 | 31,215,455 |
Accrued expenses: | ' | ' |
Ongoing selling agent fees (Note 3c) | 114,219 | 136,558 |
Management fees (Note 3b) | 43,276 | 51,588 |
Professional fees | 26,060 | 82,779 |
Other | 1,105 | 40,875 |
Redemptions payable (Note 6) | 401,685 | 586,561 |
Total liabilities | 586,345 | 898,361 |
Partners' Capital: (Notes 1 and 6) | ' | ' |
General Partner, 307.0879 and 400.0879 unit equivalents outstanding at December 31, 2013 and 2012, respectively | 309,551 | 434,271 |
Limited Partners, 25,010.6507 and 27,530.6747 Redeemable Units outstanding at December 31, 2013 and 2012, respectively | 25,211,258 | 29,882,823 |
Total partners' capital | 25,520,809 | 30,317,094 |
Total liabilities and partners' capital | 26,107,154 | 31,215,455 |
Net asset value per unit | 1,008.02 | 1,085.44 |
Forward Contracts [Member] | ' | ' |
Equity in trading account: | ' | ' |
Net unrealized appreciation on open forward contracts | ' | $2,156 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
General partner's capital, units outstanding | 307.0879 | 400.0879 |
Limited partner's capital, units outstanding | 25,010.65 | 27,530.67 |
Condensed_Schedule_of_Investme
Condensed Schedule of Investments (USD $) | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' |
Net unrealized appreciation on open forward contracts | $2,156 |
Futures contracts purchased and sold, fair value | 31,089,645 |
Net fair value | 31,091,801 |
Net unrealized appreciation on open forward contracts, Partners' capital percentage | 0.01% |
Investment in Rabar Master Fund L.P, Partners' capital percentage | 102.55% |
Net fair value, Partners' Capital Percentage | 102.56% |
Metals [Member] | ' |
Schedule of Investments [Line Items] | ' |
Unrealized Appreciation on open forward contracts, Number of contracts | 2 |
Net unrealized appreciation on open forward contracts | $2,156 |
Net unrealized appreciation on open forward contracts, Partners' capital percentage | 0.01% |
Statements_of_Income_and_Expen
Statements of Income and Expenses (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Investment Income: | ' | ' | ' | |||
Interest income (Note 3c) | ' | $2,713 | $2,293 | |||
Interest income from investment in Master (Note 3c) | 8,290 | 17,714 | 15,431 | |||
Total investment income | 8,290 | 20,427 | 17,724 | |||
Expenses: | ' | ' | ' | |||
Ongoing selling agent fees (Note 3c) | 1,497,239 | 2,269,006 | 3,413,565 | |||
Clearing fees (Note 3c) | 195,471 | 131,020 | 82,966 | |||
Management fees (Note 3b) | 566,606 | 857,054 | 1,286,434 | |||
Incentive fees (Note 3b) | ' | ' | 5,273 | |||
Professional fees | 257,133 | [1] | 210,993 | [1] | 238,105 | [1] |
Other | 58,073 | 68,324 | 81,738 | |||
Total expenses | 2,574,522 | 3,536,397 | 5,108,081 | |||
Net investment income (loss) | -2,566,232 | -3,515,970 | -5,090,357 | |||
Net gains (losses) on trading of commodity interests and investment in Master: | ' | ' | ' | |||
Net realized gains (losses) on closed contracts | 2,156 | -506,083 | -329,159 | |||
Net realized gains (losses) on investment in Master | 70,162 | -8,918,261 | -1,647,307 | |||
Change in net unrealized gains (losses) on open contracts | -2,156 | -202,635 | -224,626 | |||
Change in net unrealized gains (losses) on investment in Master | 338,196 | -1,810,885 | -1,200,586 | |||
Total trading results | 408,358 | -11,437,864 | -3,401,678 | |||
Net income (loss) | ($2,157,874) | ($14,953,834) | ($8,492,035) | |||
Net income (loss) per unit (Note 7) | ($77.42) | [2] | ($430.78) | [2] | ($224.83) | [2] |
Weighted average units outstanding | 27,174.07 | 33,858.43 | 37,517.79 | |||
[1] | The years ended December 31, 2013, 2012 and 2011 includes $82,405, $90,025 and $49,204 of professional fees allocated from the Master. | |||||
[2] | Based on change in net asset value per unit. |
Statements_of_Income_and_Expen1
Statements of Income and Expenses (Parenthetical) (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Professional fees | $257,133 | [1] | $210,993 | [1] | $238,105 | [1] |
JWH Master and/or Rabar Master [Member] | ' | ' | ' | |||
Professional fees | $82,405 | $90,025 | $49,204 | |||
[1] | The years ended December 31, 2013, 2012 and 2011 includes $82,405, $90,025 and $49,204 of professional fees allocated from the Master. |
Statements_of_Changes_in_Partn
Statements of Changes in Partners' Capital (USD $) | Total | Limited Partners [Member] | General Partner [Member] |
Beginning balance, Partners' Capital at Dec. 31, 2010 | $64,695,711 | $63,999,138 | $696,573 |
Net income (loss) | -8,492,035 | -8,402,083 | -89,952 |
Subscriptions of 3,641.9988 Redeemable Units for 2011, 2,439.5216 Redeemable Units for 2012, 2,997.5130 Redeemable Units for 2013 | 6,184,782 | 6,184,782 | ' |
Redemptions of 4,143.4051 Redeemable Units for 2011, 11,166.3866 Redeemable Units for 2012, 5,517.5370 Redeemable Units and 93.0000 General Partner unit equivalents for 2013 | -6,807,251 | -6,807,251 | ' |
Net asset value per unit | 1,516.22 | ' | ' |
Ending balance, Partners' Capital at Dec. 31, 2011 | 55,581,207 | 54,974,586 | 606,621 |
Net income (loss) | -14,953,834 | -14,781,484 | -172,350 |
Subscriptions of 3,641.9988 Redeemable Units for 2011, 2,439.5216 Redeemable Units for 2012, 2,997.5130 Redeemable Units for 2013 | 3,383,212 | 3,383,212 | ' |
Redemptions of 4,143.4051 Redeemable Units for 2011, 11,166.3866 Redeemable Units for 2012, 5,517.5370 Redeemable Units and 93.0000 General Partner unit equivalents for 2013 | -13,693,491 | -13,693,491 | ' |
Net asset value per unit | 1,085.44 | ' | ' |
Ending balance, Partners' Capital at Dec. 31, 2012 | 30,317,094 | 29,882,823 | 434,271 |
Net income (loss) | -2,157,874 | -2,133,282 | -24,592 |
Subscriptions of 3,641.9988 Redeemable Units for 2011, 2,439.5216 Redeemable Units for 2012, 2,997.5130 Redeemable Units for 2013 | 3,130,122 | 3,130,122 | ' |
Redemptions of 4,143.4051 Redeemable Units for 2011, 11,166.3866 Redeemable Units for 2012, 5,517.5370 Redeemable Units and 93.0000 General Partner unit equivalents for 2013 | -5,768,533 | -5,668,405 | -100,128 |
Net asset value per unit | 1,008.02 | ' | ' |
Ending balance, Partners' Capital at Dec. 31, 2013 | $25,520,809 | $25,211,258 | $309,551 |
Statements_of_Changes_in_Partn1
Statements of Changes in Partners' Capital (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Limited Partners [Member] | ' | ' | ' |
Subscriptions of Redeemable Units | 2,997.51 | 2,439.52 | 3,642.00 |
Redemptions of Redeemable | 5,517.54 | 11,166.39 | 4,143.41 |
General Partner [Member] | ' | ' | ' |
Redemptions of Redeemable | 93 | ' | ' |
Partnership_Organization
Partnership Organization | 12 Months Ended |
Dec. 31, 2013 | |
Partnership Organization | ' |
1. Partnership Organization: | |
Westport Futures Fund L.P. (formerly, Westport JWH Futures Fund L.P.) (the “Partnership”) is a limited partnership organized on March 21, 1997 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures, options on futures contracts, forward, options on forwards, spot and swap contracts, cash commodities and any other rights or interest pertaining thereto including interest in commodity pools. The sectors traded include currencies, energy, grains, U.S. and non-U.S. interest rates, indices, softs, livestock and metals. The commodity interests that are traded by the Partnership, directly, and through its investment in the Master (as defined in Note 5 “Investment in Master”), are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. | |
Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. As of December 31, 2013, all trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar”). Effective December 1, 2012, Rabar replaced John W. Henry and Company Inc. (“JWH”) as the Partnerships sole trading advisor. References in this report to the “Advisor” refers to Chesapeake and/or Rabar as applicable. | |
During the period covered by the report, the Partnership’s commodity brokers were Morgan Stanley & Co. LLC (“MS&Co.”) and Citigroup Global Markets Inc. (“CGM”) | |
The General Partner and each limited partner of the Partnership (each a “Limited Partner”) share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no Limited Partner shall be liable for obligations of the Partnership in excess of its capital contribution and profits or losses, if any, net of distributions. | |
The Partnership will be liquidated upon the first to occur of the following: December 31, 2047; the net asset value per Redeemable Unit decreases to less than $400 per Redeemable Unit as of a close of any business day; or under certain other circumstances as defined in the Limited Partnership Agreement of the Partnership (the “Limited Partnership Agreement”). |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies | ' | ||||||||||||||||
2. Accounting Policies: | |||||||||||||||||
a. | Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. | ||||||||||||||||
b. | Statement of Cash Flows. The Partnership is not required to provide a Statement of Cash Flows. | ||||||||||||||||
c. | Partnership’s and Master’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses. | ||||||||||||||||
Partnership’s and the Master’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. 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 fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Partnership’s and the Master’s Level 1 assets and liabilities are actively traded. | |||||||||||||||||
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that, based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnerships Level 2 assets and liabilities. | |||||||||||||||||
The Partnership and the Master will separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required by GAAP. | |||||||||||||||||
On October 1, 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. | |||||||||||||||||
The Partnership and the Master consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange traded forwards, swaps and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master (or other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value of the Master (Level 2). The value of the Partnership’s investments in the Master reflects its proportional interest in the Master. As of and for the years ended December 31, 2013 and 2012, the Partnership and the Master (defined below) did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012 there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Rabar Master | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
Net fair value | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Forwards | $ | 2,156 | $ | 2,156 | $ | — | $ | — | |||||||||
Investment in Rabar Master | 31,089,645 | — | 31,089,645 | — | |||||||||||||
Total assets | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
Net fair value | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
d. | Futures Contracts. The Partnership and the Master trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. When the contract is closed, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses. | ||||||||||||||||
e. | London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Master record, a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses. | ||||||||||||||||
f. | Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. Forward foreign currency contracts are valued daily, and the Partnership’s and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses. | ||||||||||||||||
The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Statements of Income and Expenses. | |||||||||||||||||
g. | Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. | ||||||||||||||||
GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements. | |||||||||||||||||
The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability. | |||||||||||||||||
h. | Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that other than described in Note 9 to the financial statements, no events have occurred that require adjustment of or disclosure in the financial statements. | ||||||||||||||||
i. | Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements. | ||||||||||||||||
j. | Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 7, “Financial Highlights.” |
Agreements
Agreements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Agreements | ' | ||
3 | Agreements: | ||
a. | Limited Partnership Agreement: | ||
The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The General Partner has agreed to make capital contributions, so that its general partnership interest will be equal to the greater of (1) an amount that will entitle the General Partner to an interest of at least 1% in each material item of the Partnership income, gain, loss, deduction or credit and (2) the greater of (i) 1% of the partners’ contributions or (ii) $25,000. | |||
b. | Management Agreement: | ||
The General Partner, on behalf of the Partnership, entered into a management agreement (the “JWH Management Agreement”) with JWH, a registered commodity trading advisor. JWH was terminated as an advisor to the Partnership on November 30, 2012. On December 1, 2012, the General Partner entered into a management agreement (the “Rabar Management Agreement”) with Rabar a registered commodity trading advisor. The Advisor is not affiliated with the General Partner or CGM/MS&Co. and is not responsible for the organization or operation of the Partnership. The Partnership pays the Advisor a monthly management fee equal to 1/6 of 1% (2% per year) of month-end Net Assets allocated to the Advisor and an incentive fee payable quarterly equal to 20% of the New Trading Profits, as defined in the Rabar Management Agreement, earned by the Advisor for the Partnership. The Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership. Month-end Net Assets, for the purpose of calculating management fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s incentive fee accrual, the monthly management fee and any redemptions or distributions as of the end of such month. Rabar Management Agreement may be terminated upon 30 days’ notice by either party. Prior to its termination on November 30, 2012, JWH received a monthly management fee equal to 1/6 of 1% (2% per year) of month end net assets, allocated to JWH and a quarterly incentive fee equal to 20% of New Trading Profits earned by JWH for the Partnership. | |||
In allocating the assets of the Partnership to the Advisor, the General Partner considers the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time. | |||
c. | Customer Agreement/Selling Agent Agreement: | ||
Prior to and during part of the third quarter of 2013, the Partnership was party to a Customer Agreement with CGM (the “CGM Customer Agreement”). During the third quarter of 2013, the Partnership entered into a Customer Agreement with MS&Co. (the “MS&Co. Customer Agreement”) and, during the fourth quarter of 2013, a Selling Agent Agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (the “Selling Agreement”). The Partnership/Master has terminated the CGM Customer Agreement. | |||
Under the CGM Customer Agreement, the Partnership paid CGM a monthly brokerage fee equal to 11/14 of 1% (5.5% per year) of month-end Net Assets, in lieu of brokerage fees on a per trade basis. Effective February 1, 2011, the Partnership reduced the monthly brokerage fee paid to CGM to 5.25% per year of Month-end Net Assets. Month-end Net Assets, for the purpose of calculating brokerage fees were Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s brokerage fees, incentive fee accrual, the monthly management fee and other expenses and any redemptions or distributions as of the end of such month. The Partnership paid for exchange, service, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively the “CGM clearing fees”) directly and through its investment in the Master. CGM clearing fees were allocated to the Partnership based on its proportional share of (the Master/each Fund). During the term of the CGM Customer Agreement, all of the Partnership’s assets that were not held in the Master’s accounts at CGM were deposited in the Partnership’s account at CGM. The Partnership’s cash was deposited by CGM in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. CGM paid the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Master) brokerage account at a 30 day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on 3-month U.S. Treasury bills maturing in 30 days from the date on which such weekly rate is determined. | |||
Under the MS&Co. Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership will pay trading fees for the clearing and, where applicable, the execution of transactions, as well as exchange, clearing, user, give-up, floor brokerage and NFA fees (collectively the “MS&Co. clearing fees” and together with the CGM clearing fees, the “clearing fees”) through its investment in the Master. MS&Co. clearing fees are allocated to the Partnership based on its proportionate share of (the Master/each Fund). Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. All of the Partnership’s assets not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. MS&Co. has agreed to pay the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Master) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. The MS&Co. Customer Agreement may generally be terminated upon notice by either party. | |||
Under the Selling Agreement with Morgan Stanley Wealth Management, the Partnership will pay Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 5.25% per year of month-end Net Assets. Morgan Stanley Wealth Management will pay a portion of its ongoing selling agent fees to other properly licensed and/or registered selling agents and to financial advisors who have sold Redeemable Units. Month-end Net Assets, for the purpose of calculating ongoing selling agent fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fee, management fee, the incentive fee accrued, other expenses and any redemptions or distributions as of the end of such month. | |||
Certain prior year amounts have been reclassified to conform to current year presentation. Amounts reported separately on the Statements of Income and Expenses as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees. |
Trading_Activities
Trading Activities | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Trading Activities | ' | |||||||||||||||
4 | Trading Activities: | |||||||||||||||
The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. | ||||||||||||||||
During the second quarter of 2013, Rabar Master entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co, a registered futures commission merchant. Rabar Master commenced foreign exchange trading through an account at MS&Co on or about April 12, 2013 and futures trading through an account at MS&Co on or about June 24, 2013. | ||||||||||||||||
The MS&Co. Customer Agreement with the Partnership and the Master gives, and the CGM Customer Agreement with the Partnership and the Master gave, the Partnership and the Master, the legal right to net unrealized gains and losses on open futures and forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts on the Statements of Financial Condition as the criteria under ASC-20, “Balance Sheet,” have been met. | ||||||||||||||||
All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded by the Partnership during the years ended December 31, 2013 and 2012 were 0 and 207, respectively. The monthly average number of metal forward contracts traded by the Partnership during the years ended December 31, 2013, and 2012 were 1 and 35, respectively. | ||||||||||||||||
Brokerage fees were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Master. | ||||||||||||||||
For disclosures regarding the Master’s trading activities, see Note 4, “Trading Activities,” on the attached Master’s financial statements. | ||||||||||||||||
On January 1, 2013, the Partnership adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards (“IFRS”). The new guidance did not have a significant impact on the Partnership’s financial statements. | ||||||||||||||||
There were no direct investments as of December 31, 2013. | ||||||||||||||||
The following table summarizes the valuation of the Partnership’s direct investments as of December 31, 2012. | ||||||||||||||||
31-Dec-12 | Gross | Gross | Net Amounts | |||||||||||||
Amounts | Amounts | Presented in the | ||||||||||||||
Recognized | Offset in | Statement of | ||||||||||||||
the | Financial Condition | |||||||||||||||
Statement | ||||||||||||||||
of | ||||||||||||||||
Financial | ||||||||||||||||
Condition | ||||||||||||||||
Assets | ||||||||||||||||
Forwards | $ | 2,156 | $ | — | $ | 2,156 | ||||||||||
Total assets | $ | 2,156 | $ | — | $ | 2,156 | ||||||||||
Net fair value | $ | 2,156 | ||||||||||||||
The following table indicates the Partnership’s gross fair values of derivative instruments of futures and forward contracts traded directly by the Partnership as separate assets and liabilities as of December 31, 2012. | ||||||||||||||||
2012 | ||||||||||||||||
Assets | ||||||||||||||||
Forward Contracts | ||||||||||||||||
Metals | $ | 2,156 | ||||||||||||||
Net unrealized appreciation on open forward contracts | $ | 2,156 | * | |||||||||||||
* | This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. | |||||||||||||||
The following tables indicate the Partnership’s trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the years ended December 31, 2012 and 2011. | ||||||||||||||||
Sector | 2012 | 2011 | ||||||||||||||
Currencies | $ | (505,127 | ) | $ | (407,138 | ) | ||||||||||
Energy | (12,379 | ) | (13,431 | ) | ||||||||||||
Grains | 44,860 | (226,583 | ) | |||||||||||||
Interest Rates U.S. | (14,167 | ) | 357,641 | |||||||||||||
Interest Rates Non-U.S. | 165,160 | 348,096 | ||||||||||||||
Indices | (156,965 | ) | (581,447 | ) | ||||||||||||
Livestock | (19,290 | ) | (65,530 | ) | ||||||||||||
Metals | (147,597 | ) | 72,118 | |||||||||||||
Softs | (63,213 | ) | (37,511 | ) | ||||||||||||
Total | $ | (708,718 | )** | $ | (553,785 | )** | ||||||||||
** | This amount is in “Total trading results” on the Statements of Income and Expenses. |
Investment_in_the_Master
Investment in the Master | 12 Months Ended | |
Dec. 31, 2013 | ||
Investment in the Master | ' | |
5 | Investment in the Master: | |
JWH traded a portion of the assets allocated to JWH directly, in accordance with the systematic JWH Diversified Plus Program. The Partnership ceased allocating assets to be traded directly by JWH on November 30, 2012. | ||
On January 2, 2008, 80% of the assets allocated to JWH for trading were invested in JWH Master Fund LLC (“JWH Master”), a limited liability company organized under the laws of the State of New York. The Partnership purchased 29,209.3894 units of JWH Master (each, a “Unit of Member Interest”) with cash equal to $39,540,753. JWH Master was formed in order to permit accounts managed by JWH using the Global Analytics Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner was the managing member of JWH Master. Individual and pooled accounts managed by JWH, including the Partnership, were permitted to be non-managing members of JWH Master. The General Partner and JWH believed that trading through this structure promoted efficiency and economy in the trading process. The Partnership fully redeemed its investment in JWH Master on November 30, 2012 for cash equal to $28,623,928. | ||
On December 1, 2012, the Partnership allocated substantially all of its capital to the Rabar Master Fund L.P. (“Rabar Master”), a limited liability partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in Rabar Master with cash equal to $31,143,887. Rabar Master was formed in order to permit accounts managed now and in the future by the Advisor using the Diversified Program, a propriety, systematic trading program to invest together in one trading vehicle. The General Partner is also the general partner of Rabar Master. Rabar Master’s commodity broker is MS&Co. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of Rabar Master. The General Partner and the Advisor believe that trading through this master-feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in Rabar Master are approximately the same and redemption rights are not affected. | ||
For the period January 1, 2011 to November 30, 2013 trading activity related to JWH Master. For the period December 1, 2012 to December 31, 2013 trading activities were traded under Rabar Master. As such, references in this report to the “Master” refers to JWH Master and Rabar Master, as applicable. | ||
The Master’s trading of futures and forward contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through a commodity brokerage account maintained with MS&Co. | ||
A limited partner may withdraw all or part of their capital contribution and undistributed profits, if any from the Master as of the end of any day. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master. | ||
Management and incentive fees are charged at the Partnership level. All clearing fees are borne by the Partnership and through its investment in the Master. All other fees are charged at the Partnership level. | ||
As of December 31, 2013, the Partnership owned approximately 77.7% of Rabar Master. As of December 31, 2012, the Partnership owned approximately 100% of Rabar Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. | ||
The financial statements of the Master, including the Condensed Schedules of Investments are contained elsewhere in this report and should be read together with the Partnership’s financial statements. |
Subscriptions_Distributions_an
Subscriptions, Distributions and Redemptions | 12 Months Ended | |
Dec. 31, 2013 | ||
Subscriptions, Distributions and Redemptions | ' | |
6 | Subscriptions, Distributions and Redemptions: | |
Subscriptions are accepted monthly from investors and they become limited partners on the first day of the month after their subscription is processed. Distributions of profits, if any, will be made at the sole discretion of the General Partner and at such times as the General Partner may decide. A limited partner may require the Partnership to redeem their Redeemable Units at their net asset value as of the end of each month on three business days’ notice to the General Partner. There is no fee charged to limited Partners in connection with redemptions. |
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Financial Highlights | ' | ||||||||||||
7 | Financial Highlights: | ||||||||||||
Changes in the net asset value per unit for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net realized and unrealized gains (losses)* | $ | (45.32 | ) | $ | (398.05 | ) | $ | (182.30 | ) | ||||
Interest income | 0.32 | 0.62 | 0.5 | ||||||||||
Expenses** | (32.42 | ) | (33.35 | ) | (43.03 | ) | |||||||
Increase (decrease) for the year | (77.42 | ) | (430.78 | ) | (224.83 | ) | |||||||
Net asset value per unit, beginning of year | 1,085.44 | 1,516.22 | 1,741.05 | ||||||||||
Net asset value per unit, end of year | $ | 1,008.02 | $ | 1,085.44 | $ | 1,516.22 | |||||||
* | Includes ongoing selling agent and clearing fees. | ||||||||||||
** | Excludes ongoing selling agent and clearing fees. | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ratios to average net assets: | |||||||||||||
Net investment income (loss) | (9.2 | )% | (8.2 | )% | (8.1 | )% | |||||||
Incentive fees | — | % | — | % | 0.1 | % | |||||||
Net investment income (loss) before incentive fees*** | (9.2 | )% | (8.2 | )% | (8.0 | )% | |||||||
Operating expenses | 9.2 | % | 8.3 | % | 8 | % | |||||||
Incentive fees | — | % | — | % | 0.1 | % | |||||||
Total expenses and incentive fees | 9.2 | % | 8.3 | % | 8.1 | % | |||||||
Total return: | |||||||||||||
Total return before incentive fees | (7.1 | )% | (28.4 | )% | (12.9 | )% | |||||||
Incentive fees | — | % | — | % | — | % | |||||||
Total return after incentive fees | (7.1 | )% | (28.4 | )% | (12.9 | )% | |||||||
*** | Interest income less total expenses. | ||||||||||||
The above ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets. |
Financial_Instrument_Risks
Financial Instrument Risks | 12 Months Ended | |
Dec. 31, 2013 | ||
Financial Instrument Risks | ' | |
8 | Financial Instrument Risks: | |
In the normal course of business, the Partnership and the Master are parties to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forwards, swaps and option contracts. Certain swap contracts may also be traded on a swap execution facility on OTC. OTC contracts are negotiated between contracting parties and also include certain forwards, swaps and option contracts. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 0% to 11.8% of the Partnership’s and the Master’s contracts are traded OTC. | ||
The risk to the Limited Partners that have purchased Redeemable Units in the Partnership is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. | ||
Market risk is the potential for changes in the value of the financial instruments traded by the Partnership and the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Master are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. | ||
Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s and the Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s and the Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership and the Master had credit risk and concentration risk during the reporting period, as CGM and/or MS&Co. or their affiliates are the sole counterparties or brokers with respect to the Partnership’s and the Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM/MS&Co., the Partnership’s and the Master’s counterparty is an exchange or clearing organization. The Partnership/Master continue to be subject to such risks with respect to MS&Co. | ||
The General Partner monitors and attempts to control the Partnership’s and the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership and the Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. | ||
The majority of these instruments mature within one year of the inception date. However, due to the nature of the Partnership’s and the Master’s business, these instruments may not be held to maturity. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events | ' | |
9 | Subsequent Events: | |
Effective April 1, 2014, the monthly ongoing selling agent fee will be reduced from an annual rate of 5.25% to an annual rate of 3.0%. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
a. | |||||||||||||||||
Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. | |||||||||||||||||
Statement of Cash Flows | ' | ||||||||||||||||
b. | |||||||||||||||||
Statement of Cash Flows. The Partnership is not required to provide a Statement of Cash Flows. | |||||||||||||||||
Partnership's and Master's Investments | ' | ||||||||||||||||
c. | |||||||||||||||||
Partnership’s and Master’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses. | |||||||||||||||||
Partnership's and the Master's Fair Value Measurements | ' | ||||||||||||||||
Partnership’s and the Master’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. 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 fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Partnership’s and the Master’s Level 1 assets and liabilities are actively traded. | |||||||||||||||||
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that, based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnerships Level 2 assets and liabilities. | |||||||||||||||||
The Partnership and the Master will separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required by GAAP. | |||||||||||||||||
On October 1, 2012, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“ASC”) 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. | |||||||||||||||||
The Partnership and the Master consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange traded forwards, swaps and option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master (or other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value of the Master (Level 2). The value of the Partnership’s investments in the Master reflects its proportional interest in the Master. As of and for the years ended December 31, 2013 and 2012, the Partnership and the Master (defined below) did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012 there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Rabar Master | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
Net fair value | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Forwards | $ | 2,156 | $ | 2,156 | $ | — | $ | — | |||||||||
Investment in Rabar Master | 31,089,645 | — | 31,089,645 | — | |||||||||||||
Total assets | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
Net fair value | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
Futures Contracts | ' | ||||||||||||||||
d. | |||||||||||||||||
Futures Contracts. The Partnership and the Master trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. When the contract is closed, the Partnership and the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses. | |||||||||||||||||
London Metals Exchange Forward Contracts | ' | ||||||||||||||||
e. | |||||||||||||||||
London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Master record, a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses. | |||||||||||||||||
Forward Foreign Currency Contracts | ' | ||||||||||||||||
f. | Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed upon future date. Forward foreign currency contracts are valued daily, and the Partnership’s and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses. | ||||||||||||||||
The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Statements of Income and Expenses. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
g. | Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. | ||||||||||||||||
GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements. | |||||||||||||||||
The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability. | |||||||||||||||||
Subsequent Events | ' | ||||||||||||||||
h. | Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that other than described in Note 9 to the financial statements, no events have occurred that require adjustment of or disclosure in the financial statements. | ||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
i. | |||||||||||||||||
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements. | |||||||||||||||||
Net Income (Loss) per unit | ' | ||||||||||||||||
j. | |||||||||||||||||
Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 7, “Financial Highlights.” |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Schedule of Derivative Instruments Priced at Fair Value Using Unobservable Inputs | ' | ||||||||||||||||
As of and for the years ended December 31, 2013 and 2012, the Partnership and the Master (defined below) did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012 there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Rabar Master | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
Net fair value | $ | 26,099,527 | $ | — | $ | 26,099,527 | $ | — | |||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Forwards | $ | 2,156 | $ | 2,156 | $ | — | $ | — | |||||||||
Investment in Rabar Master | 31,089,645 | — | 31,089,645 | — | |||||||||||||
Total assets | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
Net fair value | $ | 31,091,801 | $ | 2,156 | $ | 31,089,645 | $ | — | |||||||||
Trading_Activities_Tables
Trading Activities (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Summary of Valuation Partnership's Direct Investments | ' | |||||||||||||||
The following table summarizes the valuation of the Partnership’s direct investments as of December 31, 2012. | ||||||||||||||||
31-Dec-12 | Gross | Gross | Net Amounts | |||||||||||||
Amounts | Amounts | Presented in the | ||||||||||||||
Recognized | Offset in | Statement of | ||||||||||||||
the | Financial Condition | |||||||||||||||
Statement | ||||||||||||||||
of | ||||||||||||||||
Financial | ||||||||||||||||
Condition | ||||||||||||||||
Assets | ||||||||||||||||
Forwards | $ | 2,156 | $ | — | $ | 2,156 | ||||||||||
Total assets | $ | 2,156 | $ | — | $ | 2,156 | ||||||||||
Net fair value | $ | 2,156 | ||||||||||||||
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded | ' | |||||||||||||||
The following table indicates the Partnership’s gross fair values of derivative instruments of futures and forward contracts traded directly by the Partnership as separate assets and liabilities as of December 31, 2012. | ||||||||||||||||
2012 | ||||||||||||||||
Assets | ||||||||||||||||
Forward Contracts | ||||||||||||||||
Metals | $ | 2,156 | ||||||||||||||
Net unrealized appreciation on open forward contracts | $ | 2,156 | * | |||||||||||||
* | This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. | |||||||||||||||
Trading Gains and Losses, by Market Sector, on Derivative Instruments | ' | |||||||||||||||
The following tables indicate the Partnership’s trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the years ended December 31, 2012 and 2011. | ||||||||||||||||
Sector | 2012 | 2011 | ||||||||||||||
Currencies | $ | (505,127 | ) | $ | (407,138 | ) | ||||||||||
Energy | (12,379 | ) | (13,431 | ) | ||||||||||||
Grains | 44,860 | (226,583 | ) | |||||||||||||
Interest Rates U.S. | (14,167 | ) | 357,641 | |||||||||||||
Interest Rates Non-U.S. | 165,160 | 348,096 | ||||||||||||||
Indices | (156,965 | ) | (581,447 | ) | ||||||||||||
Livestock | (19,290 | ) | (65,530 | ) | ||||||||||||
Metals | (147,597 | ) | 72,118 | |||||||||||||
Softs | (63,213 | ) | (37,511 | ) | ||||||||||||
Total | $ | (708,718 | )** | $ | (553,785 | )** | ||||||||||
** | This amount is in “Total trading results” on the Statements of Income and Expenses. |
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Changes in Net Asset Value Per Unit | ' | ||||||||||||
Changes in the net asset value per unit for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net realized and unrealized gains (losses)* | $ | (45.32 | ) | $ | (398.05 | ) | $ | (182.30 | ) | ||||
Interest income | 0.32 | 0.62 | 0.5 | ||||||||||
Expenses** | (32.42 | ) | (33.35 | ) | (43.03 | ) | |||||||
Increase (decrease) for the year | (77.42 | ) | (430.78 | ) | (224.83 | ) | |||||||
Net asset value per unit, beginning of year | 1,085.44 | 1,516.22 | 1,741.05 | ||||||||||
Net asset value per unit, end of year | $ | 1,008.02 | $ | 1,085.44 | $ | 1,516.22 | |||||||
* | Includes ongoing selling agent and clearing fees. | ||||||||||||
** | Excludes ongoing selling agent and clearing fees. | ||||||||||||
Ratios to Average Net Assets | ' | ||||||||||||
2013 | 2012 | 2011 | |||||||||||
Ratios to average net assets: | |||||||||||||
Net investment income (loss) | (9.2 | )% | (8.2 | )% | (8.1 | )% | |||||||
Incentive fees | — | % | — | % | 0.1 | % | |||||||
Net investment income (loss) before incentive fees*** | (9.2 | )% | (8.2 | )% | (8.0 | )% | |||||||
Operating expenses | 9.2 | % | 8.3 | % | 8 | % | |||||||
Incentive fees | — | % | — | % | 0.1 | % | |||||||
Total expenses and incentive fees | 9.2 | % | 8.3 | % | 8.1 | % | |||||||
Total return: | |||||||||||||
Total return before incentive fees | (7.1 | )% | (28.4 | )% | (12.9 | )% | |||||||
Incentive fees | — | % | — | % | — | % | |||||||
Total return after incentive fees | (7.1 | )% | (28.4 | )% | (12.9 | )% | |||||||
*** | Interest income less total expenses. |
Partnership_Organization_Addit
Partnership Organization - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' |
Maximum number of units sold by Limited Partnership | 0 |
Partnership liquidation date | 31-Dec-47 |
Partnership liquidation terms | 'The Partnership will be liquidated upon the first to occur of the following: December 31, 2047; the net asset value per Redeemable Unit decreases to less than $400 per Redeemable Unit as of a close of any business day; or under certain other circumstances as defined in the Limited Partnership Agreement of the Partnership (the "Limited Partnership Agreement"). |
Minimum [Member] | ' |
Related Party Transaction [Line Items] | ' |
The net asset value per Redeemable Unit | 400 |
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Transfers of assets or liabilities between Level 1 and Level 2 | $0 | $0 |
Provision for income tax | $0 | ' |
Accounting_Policies_Schedule_o
Accounting Policies - Schedule of Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Investment | $26,099,527 | $31,089,645 |
Total assets | ' | 31,091,801 |
Net fair value | 26,099,527 | 31,091,801 |
Forward Contracts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Derivative assets | ' | 2,156 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Investment | ' | ' |
Total assets | ' | 2,156 |
Net fair value | ' | 2,156 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Derivative assets | ' | 2,156 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Investment | 26,099,527 | 31,089,645 |
Total assets | ' | 31,089,645 |
Net fair value | 26,099,527 | 31,089,645 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Derivative assets | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Investment | ' | ' |
Total assets | ' | ' |
Net fair value | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Forward Contracts [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Derivative assets | ' | ' |
Agreements_Additional_Informat
Agreements - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Agreements [Line Items] | ' | ' | ' |
Percentage of interest on partners' capital | 1.00% | ' | ' |
Partners capital account contributions | $3,130,122 | $3,383,212 | $6,184,782 |
Percentage of partners' contribution | 1.00% | ' | ' |
Management fees description | 'The Partnership pays the Advisor a monthly management fee equal to 1/6 of 1% (2% per year) of month-end Net Assets allocated to the Advisor | ' | ' |
Incentive fees description | 'Payable quarterly equal to 20% of the New Trading Profits, as defined in the Rabar Management Agreement, earned by the Advisor for the Partnership | ' | ' |
Percentage of incentive fee payable | 20.00% | ' | ' |
Percentage of monthly management fees paid | 2.00% | ' | ' |
Citigroup Global Markets Inc. [Member] | Customer Agreement [Member] | ' | ' | ' |
Agreements [Line Items] | ' | ' | ' |
Percentage of brokerage fees on net assets | 5.50% | ' | ' |
CGM brokerage commission | 5.25% | ' | ' |
Customer agreement fee description | 'Under the CGM Customer Agreement, the Partnership paid CGM a monthly brokerage fee equal to 11/14 of 1% (5.5% per year) of month-end Net Assets, in lieu of brokerage fees on a per trade basis. | ' | ' |
Percentage of partnership interest on customer agreement | 80.00% | ' | ' |
3-month U.S. Treasury bills maturity period | '30 days | ' | ' |
Morgan Stanley [Member] | Customer Agreement [Member] | ' | ' | ' |
Agreements [Line Items] | ' | ' | ' |
Percentage of partnership interest on average daily equity maintained in cash for which interest is paid by CGM | 80.00% | ' | ' |
Morgan Stanley Wealth Management [Member] | Selling Agreement [Member] | ' | ' | ' |
Agreements [Line Items] | ' | ' | ' |
Per year brokerage fee | 5.25% | ' | ' |
Trading_Activities_Additional_
Trading Activities - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Contract | Contract | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | 0 | 2,156 |
Futures Contracts [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Average number of derivative contracts traded | 0 | 207 |
Metals [Member] | Forward Contracts [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Average number of derivative contracts traded | 1 | 35 |
Trading_Activities_Summary_of_
Trading Activities - Summary of Valuation Partnership's Direct Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | $0 | $2,156 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | ' | ' |
Net Amounts Presented in the Statement of Financial Condition, Assets | ' | 2,156 |
Net fair value | ' | 2,156 |
Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | ' | 2,156 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | ' | ' |
Net Amounts Presented in the Statement of Financial Condition, Assets | ' | $2,156 |
Trading_Activities_Gross_Fair_
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) (USD $) | Dec. 31, 2012 |
Trading Activity, Gains and Losses, Net [Line Items] | ' |
Derivative instruments of futures and forward contracts, Assets | $2,156 |
Forward Contracts [Member] | Derivative Assets [Member] | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' |
Net unrealized appreciation/depreciation on open futures and forward contracts | 2,156 |
Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member] | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' |
Derivative instruments of futures and forward contracts, Assets | $2,156 |
Trading_Activities_Trading_Gai
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | $408,358 | ($11,437,864) | ($3,401,678) |
Currencies [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -505,127 | -407,138 |
Energy [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -12,379 | -13,431 |
Grains [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | 44,860 | -226,583 |
Interest Rates U.S. [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -14,167 | 357,641 |
Interest Rates Non - U.S. [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | 165,160 | 348,096 |
Indices [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -156,965 | -581,447 |
Livestock [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -19,290 | -65,530 |
Metals [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | -147,597 | 72,118 |
Softs [Member] | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' |
Gain (loss) from trading | ' | ($63,213) | ($37,511) |
Investment_in_the_Master_Addit
Investment in the Master - Additional Information (Detail) (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Master [Member] | Master [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | ||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Assets invested in JWH Master | ' | ' | ' | 80.00% | ' | ' | ' |
Partnership purchased | 29,209.39 | ' | ' | ' | ' | ' | ' |
Cash paid | $39,540,753 | ' | ' | ' | ' | $31,143,887 | ' |
Investment redeemed | $5,768,533 | $13,693,491 | $6,807,251 | ' | $28,623,928 | ' | ' |
Percent of partnership | ' | ' | ' | ' | ' | 77.70% | 100.00% |
Subscriptions_Distributions_an1
Subscriptions, Distributions and Redemptions - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Partnership Equity And Distribution [Line Items] | ' |
Period for the limited partners to redeem the units | 'Three business days' notice |
Fee charged to limited partners | $0 |
Financial_Highlights_Changes_i
Financial Highlights - Changes in Net Asset Value Per Unit (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ' | ' | ' |
Net realized and unrealized gains (losses) | -45.32 | -398.05 | -182.3 |
Interest income | 0.32 | 0.62 | 0.5 |
Expenses | -32.42 | -33.35 | -43.03 |
Increase (decrease) for the year | -77.42 | -430.78 | -224.83 |
Net asset value per unit, beginning of year | 1,085.44 | 1,516.22 | 1,741.05 |
Net asset value per unit, end of year | 1,008.02 | 1,085.44 | 1,516.22 |
Financial_Highlights_Ratios_to
Financial Highlights - Ratios to Average Net Assets (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Ratios to average net assets: | ' | ' | ' |
Net investment income (loss) | -9.20% | -8.20% | -8.10% |
Incentive fees | ' | ' | 0.10% |
Net investment income (loss) before incentive fees | -9.20% | -8.20% | -8.00% |
Operating expenses | 9.20% | 8.30% | 8.00% |
Incentive fees | ' | ' | 0.10% |
Total expenses and incentive fees | 9.20% | 8.30% | 8.10% |
Total return: | ' | ' | ' |
Total return before incentive fees | -7.10% | -28.40% | -12.90% |
Incentive fees | ' | ' | ' |
Total return after incentive fees | -7.10% | -28.40% | -12.90% |
Financial_Instrument_Risks_Add
Financial Instrument Risks - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Derivative [Line Items] | ' |
General partner OTC minimum | 0.00% |
General partner OTC maximum | 11.80% |
Financial instruments maturity year | '1 year |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Event [Line Items] | ' |
Annual rate of agent fee | 5.25% |
Effective April 1, 2014 [Member] | ' |
Subsequent Event [Line Items] | ' |
Annual rate of agent fee | 3.00% |