Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CK0001037189 | |
Entity Registrant Name | WESTPORT FUTURES FUND L.P. | |
Entity Central Index Key | 1,037,189 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 19,786.9667 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | |||
Investment in Master(1), at fair value | [1] | $ 21,469,862 | $ 26,474,464 |
Cash | 79,527 | 5,730 | |
Total assets | 21,549,389 | 26,480,194 | |
Accrued expenses: | |||
Ongoing selling agent fees | 35,916 | 44,135 | |
Management fees | 35,693 | 43,974 | |
General Partner fees | 17,847 | 21,987 | |
Other | 97,675 | 51,692 | |
Redemptions payable to Limited Partners | 235,991 | 253,766 | |
Total liabilities | 423,122 | 415,554 | |
Partners' Capital: | |||
General Partner, 248.2379 Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively | 257,019 | 290,694 | |
Limited Partners, 20,156.2647 and 22,009.6377 Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively | 20,869,248 | 25,773,946 | |
Total partners' capital | 21,126,267 | 26,064,640 | |
Total liabilities and partners' capital | $ 21,549,389 | $ 26,480,194 | |
Net asset value per unit | $ 1,035.37 | $ 1,171.03 | |
[1] | Defined in Note 1. |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
General Partner, Redeemable Units outstanding | 248.2379 | 248.2379 |
Limited Partners, Redeemable Units outstanding | 20,156.2647 | 22,009.6377 |
Statements of Income and Expens
Statements of Income and Expenses and Changes in Partners' Capital - USD ($) | Total | Limited Partner [Member] | General Partner [Member] | |
Trading Results: | ||||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,008.02 | |||
Interest income allocated from Master | $ 3,162 | |||
Expenses allocated from Master | 233,564 | |||
Ongoing selling agent fees | 742,671 | |||
Management fees | 394,666 | |||
Other | 181,479 | |||
Total expenses | 1,552,380 | |||
Net investment income (loss) | (1,549,218) | |||
Net realized gains (losses) on closed contracts allocated from Master | 4,373,587 | |||
Net change in unrealized gains (losses) on open contracts allocated from Master | (108,367) | |||
Total trading results allocated from Master | 4,265,220 | |||
Net income (loss) | 2,716,002 | |||
Subscriptions - Limited Partners | 2,218,216 | |||
Redemptions | $ (4,290,595) | $ (65,700) | ||
Net increase (decrease) in Partners' Capital | 577,923 | |||
Partners' Capital, beginning of period at Dec. 31, 2013 | 25,520,809 | |||
Partners' Capital, end of period at Sep. 30, 2014 | $ 26,098,732 | |||
Trading Results: | ||||
Net income (loss) per unit | [1] | $ 108.37 | ||
Weighted average units outstanding | 24,968.0723 | |||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,071.09 | |||
Interest income allocated from Master | $ 652 | |||
Expenses allocated from Master | 80,801 | |||
Ongoing selling agent fees | 198,214 | |||
Management fees | 131,539 | |||
Other | 66,752 | |||
Total expenses | 477,306 | |||
Net investment income (loss) | (476,654) | |||
Net realized gains (losses) on closed contracts allocated from Master | 2,764,263 | |||
Net change in unrealized gains (losses) on open contracts allocated from Master | (1,167,970) | |||
Total trading results allocated from Master | 1,596,293 | |||
Net income (loss) | 1,119,639 | |||
Subscriptions - Limited Partners | 1,463,592 | |||
Redemptions | $ (2,008,722) | $ (65,700) | ||
Net increase (decrease) in Partners' Capital | 508,809 | |||
Partners' Capital, beginning of period at Jun. 30, 2014 | 25,589,923 | |||
Partners' Capital, end of period at Sep. 30, 2014 | $ 26,098,732 | |||
Trading Results: | ||||
Net income (loss) per unit | [1] | $ 45.30 | ||
Weighted average units outstanding | 24,225.7206 | |||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,116.39 | $ 1,116.39 | ||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,171.03 | $ 1,171.03 | ||
Interest income allocated from Master | $ 1,097 | |||
Expenses allocated from Master | 172,391 | |||
Ongoing selling agent fees | 367,145 | |||
Management fees | 365,020 | |||
General Partner fees | 182,509 | |||
Other | 200,413 | |||
Total expenses | 1,287,478 | |||
Net investment income (loss) | (1,286,381) | |||
Net realized gains (losses) on closed contracts allocated from Master | (1,249,632) | |||
Net change in unrealized gains (losses) on open contracts allocated from Master | (391,533) | |||
Total trading results allocated from Master | (1,641,165) | |||
Net income (loss) | (2,927,546) | |||
Subscriptions - Limited Partners | 2,123,330 | |||
Redemptions | $ (4,134,157) | |||
Net increase (decrease) in Partners' Capital | (4,938,373) | |||
Partners' Capital, beginning of period at Dec. 31, 2014 | 26,064,640 | |||
Partners' Capital, end of period at Sep. 30, 2015 | $ 21,126,267 | |||
Trading Results: | ||||
Net income (loss) per unit | [1] | $ (135.66) | ||
Weighted average units outstanding | 21,693.9143 | |||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,084.59 | |||
Interest income allocated from Master | $ 254 | |||
Expenses allocated from Master | 53,622 | |||
Ongoing selling agent fees | 110,780 | |||
Management fees | 110,053 | |||
General Partner fees | 55,026 | |||
Other | 65,505 | |||
Total expenses | 394,986 | |||
Net investment income (loss) | (394,732) | |||
Net realized gains (losses) on closed contracts allocated from Master | (647,055) | |||
Net change in unrealized gains (losses) on open contracts allocated from Master | 76 | |||
Total trading results allocated from Master | (646,979) | |||
Net income (loss) | (1,041,711) | |||
Subscriptions - Limited Partners | 1,479,000 | |||
Redemptions | $ (2,224,489) | |||
Net increase (decrease) in Partners' Capital | (1,787,200) | |||
Partners' Capital, beginning of period at Jun. 30, 2015 | 22,913,467 | |||
Partners' Capital, end of period at Sep. 30, 2015 | $ 21,126,267 | |||
Trading Results: | ||||
Net income (loss) per unit | [1] | $ (49.22) | ||
Weighted average units outstanding | 20,954.0376 | |||
Net asset value per unit (20,404.5026 and 23,377.8396 units outstanding at September 30, 2015 and 2014, respectively) | $ 1,035.37 | $ 1,035.37 | ||
[1] | Represents the change in net asset value per unit during the period. |
Statements of Income and Expen5
Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares | Sep. 30, 2015 | Sep. 30, 2014 |
Income Statement [Abstract] | ||
Net asset value per unit outstanding | 20,404.5026 | 23,377.8396 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Westport 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, forward, options on forward, spot and swap contracts, cash commodities and any other rights or interests pertaining thereto including interests in commodity pools. The Partnership may also engage in exchange for physical transactions. The sectors traded include U.S. and international markets for energy, currencies, interest rates, indices, agricultural products and metals. The Partnership commenced trading on August 1, 1997. The commodity interests that are traded by the Partnership, through its investment in Rabar Master Fund L.P. (“the Master”), are volatile and involve a high degree of market risk. The General Partner (defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills. The Partnership privately and continuously offers redeemable units (“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 September 30, 2015, 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 Partnership’s sole trading advisor. References in this report to the “Advisor” refers to JWH and/or Rabar as applicable. Effective December 1, 2012, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $31,143,887. The units of the Master are used solely for accounting purposes and do not represent units issued legally. The Master permits 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 the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the 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 the Master are approximately the same and redemption rights are not affected. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2015. A limited partner of the Master may withdraw all or part of its capital contributions and undistributed profits, if any, from the Master as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least 3 days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Master. As of September 30, 2015, the Partnership’s/Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.” or the “Company”), a registered futures commission merchant. The Master has entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in the Master, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions. The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management receives a monthly selling agent fee equal to 2.0% per year of adjusted month-end net assets. The selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisers of Morgan Stanley Wealth Management who sell Redeemable Units in the Partnership. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 5.25% to an annual rate of 3.0%. Effective October 1, 2014, the monthly ongoing selling agent fee was further reduced from an annual rate of 3.0% to its current annual rate of 2.0%. As of the same date, the Partnership began paying a fee to the General Partner (formerly, the administrative fee) at an annual rate of 1.0%. The October 1, 2014 fee changes offset each other and, accordingly, there was no change to the aggregate fees incurred by the Partnership. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator furnishes certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The costs of retaining the Administrator are allocated among the pools operated by the General Partner, including the Partnership. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2015, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2015, and 2014. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner 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. Certain prior period amounts have been reclassified to conform to current period presentation. In the financial highlights of the Partnership and the Master, the ongoing selling agent fees and clearing fees of the Partnership and the clearing fees of the Master, which were previously included in net realized and unrealized gains (losses) per unit and excluded from expenses per unit are now excluded from net realized and unrealized gains (losses) per unit and included in net investment loss per unit. This information was previously included as footnotes to the financial highlights tables. As of September 30, 2015, and December 31, 2014, the Partnership owned 100% of the Master. The Partnership intends to continue to invest all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forward, swaps and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Master engages in such trading through commodity brokerage accounts maintained by MS&Co. The Master’s Statements of Financial Condition, including Condensed Schedules of Investments and Statements of Income and Expenses and Changes in Partners’ Capital, are included herein. The General Partner and each limited partner of the Partnership 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 is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any. Due to the nature of commodities trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Partnership’s Investment: “Fair Value Measurements.” Master’s Investments: All commodity interests of the Master (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value 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 Master’s Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported on the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. Master’s Cash: Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. Income Taxes: Net Income (Loss) Per Unit Financial Highlights Recent Accounting Pronouncement. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014. The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2015 and December 31, 2014 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2015 and 2014, are presented below: Rabar Master Fund L. P. Statements of Financial Condition (Unaudited) December 31, Assets: Equity in trading account: Cash $ 19,222,208 $ 23,468,773 Cash margin 1,812,073 2,188,244 Net unrealized appreciation on open futures contracts 421,798 782,616 Net unrealized appreciation on open forward contracts 50,930 81,645 Total assets $ 21,507,009 $ 26,521,278 Liabilities and Partners’ Capital: Liabilities: Accrued expenses: Professional fees $ 37,166 $ 45,098 Clearing fees due to MS&Co. - 1,842 Total liabilities 37,166 46,940 Partners’ Capital: General Partner - - Limited Partner 21,469,843 26,474,338 Total liabilities and partners’ capital $ 21,507,009 $ 26,521,278 Rabar Master Fund L. P. Condensed Schedule of Investments September 30, 2015 (Unaudited) Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Currencies 13 $ 1,547 0.01 % Energy 3 (7,336) (0.03) Grains 74 5,410 0.03 Interest Rates U.S. 77 83,055 0.39 Interest Rates Non-U.S. 606 101,642 0.47 Livestock 15 34,210 0.16 Metals 1 (1,710) (0.01) Softs 28 (28,690) (0.13) Total futures contracts purchased 188,128 0.89 Futures Contracts Sold Currencies 86 (22,549) (0.11) Energy 36 37,420 0.17 Indices 33 32,630 0.15 Interest Rates Non-U.S. 14 (1,231) (0.01) Livestock 29 110,815 0.52 Metals 52 60,749 0.28 Softs 59 15,836 0.07 Total futures contracts sold 233,670 1.07 Net unrealized appreciation on open futures contracts 421,798 1.96 Unrealized Appreciation on Open Forward Contracts Currencies $3,146,278 42,866 0.20 Metals 31 66,687 0.31 Total unrealized appreciation on open forward contracts 109,553 0.51 Unrealized Depreciation on Open Forward Contracts Currencies $3,140,757 (45,493) (0.21) Metals 6 (13,130) (0.06) Total unrealized depreciation on open forward contracts (58,623) (0.27) Net unrealized appreciation on open forward contracts 50,930 0.24 Net fair value $ 472,728 2.20 % Rabar Master Fund L. P. Condensed Schedule of Investments December 31, 2014 Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Currencies 4 $ 6,820 0.03 % Grains 105 (58,577) (0.22) Indices 82 37,197 0.14 Interest Rates U.S. 72 15,983 0.06 Interest Rates Non-U.S. 719 409,148 1.54 Livestock 13 1,963 0.01 Metals 63 (7,858) (0.03) Softs 73 (29,560) (0.11) Total futures contracts purchased 375,116 1.42 Futures Contracts Sold Currencies 41 45,500 0.17 Energy 23 173,291 0.66 Interest Rates U.S. 13 (353) 0.00 * Livestock 6 310 0.00 * Metals 21 24,095 0.09 Softs 218 164,657 0.62 Total futures contracts sold 407,500 1.54 Net unrealized appreciation on open futures contracts 782,616 2.96 Unrealized Appreciation on Open Forward Contracts Currencies $5,104,227 105,650 0.40 Metals 34 82,420 0.31 Total unrealized appreciation on open forward contracts 188,070 0.71 Unrealized Depreciation on Open Forward Contracts Currencies $4,751,703 (54,439) (0.21) Metals 12 (51,986) (0.20) Total unrealized depreciation on open forward contracts (106,425) (0.41) Net unrealized appreciation on open forward contracts 81,645 0.30 Net fair value $ 864,261 3.26 % * Due to rounding Rabar Master Fund L. P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Investment Income: Interest income $ 254 $ 810 $ 1,097 $ 3,990 Expenses: Clearing fees 30,595 68,030 93,471 220,819 Professional fees 23,027 30,184 78,920 70,610 Total expenses 53,622 98,214 172,391 291,429 Net investment income (loss) (53,368) (97,404) (171,294) (287,439) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (647,055) 3,245,496 (1,249,632) 5,283,992 Net change in unrealized gains (losses) on open contracts 76 (1,360,087) (391,533) (18,290) Total trading results (646,979) 1,885,409 (1,641,165) 5,265,702 Net income (loss) (700,347) 1,788,005 (1,812,459) 4,978,263 Subscriptions 1,479,000 1,463,592 2,123,330 2,218,216 Redemptions (2,611,473) (9,188,282) (5,314,376) (12,665,854) Distribution of interest income to feeder funds (147) (810) (990) (3,990) Net increase (decrease) in Partners’ Capital (1,832,967) (5,937,495) (5,004,495) (5,473,365) Partners’ Capital, beginning of period 23,302,810 34,033,466 26,474,338 33,569,336 Partners’ Capital, end of period $ 21,469,843 $ 28,095,971 $ 21,469,843 $ 28,095,971 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (30.37) $ 64.97 $ (76.41) $ 170.35 Net investment loss (18.85) (19.67) (59.25) (61.98) Increase (decrease) for the period (49.22) 45.30 (135.66) 108.37 Net asset value per unit, beginning of period 1,084.59 1,071.09 1,171.03 1,008.02 Net asset value per unit, end of period $ 1,035.37 $ 1,116.39 $ 1,035.37 $ 1,116.39 Three Months Ended Nine Months Ended September 30 September 30, 2015 2014 2015 2014 Ratio to average net assets: * Net investment loss** (7.2) % (7.4) % (7.2) % (8.1) % Operating expenses 7.2 % 7.4 % 7.2 % 8.1 % Incentive fees - % - % - % - % Total expenses 7.2 % 7.4 % 7.2 % 8.1 % Total return: Total return before incentive fees (4.5) % 4.2 % (11.6) % 10.8 % Incentive fees - % - % - % - % Total return after incentive fees (4.5) % 4.2 % (11.6) % 10.8 % * Annualized. ** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Ratios to average net assets for the three and nine months ended September 30, 2015 and 2014, were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Ratio to average net assets:* Net investment income (loss)** (0.9) % (1.2) % (0.9) % (1.2) % Operating expenses 1.0 % 1.2 % 0.9 % 1.2 % Total return (3.0) % 5.7 % (7.4) % 16.3 % * Annualized. ** Interest income less total expenses. |
Trading Activities
Trading Activities | 9 Months Ended |
Sep. 30, 2015 | |
Brokers and Dealers [Abstract] | |
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 instruments. The Partnership invests substantially all of its assets through a “master/feeder” structure. The results of the Partnership’s pro rata share of the results of the Master’s trading activities are shown on the Statements of Income and Expenses and Changes in Partners’ Capital. The customer agreement among the Partnership, the Master and MS&Co. gives each of the Partnership and the Master, the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification 210-20, “Balance Sheet” Ongoing selling agent fees paid to Morgan Stanley Wealth Management are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) paid to MS&Co. are borne by the Master and allocated to the Partnership. All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three months ended September 30, 2015 and 2014 were 1,071 and 2,105, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2015 and 2014, were 1,264 and 2,327, respectively. The monthly average number of metal forward contracts traded by the Master during the three months ended September 30, 2015 and 2014 were 60 and 198, respectively. The monthly average number of metal forward contracts traded by the Master during the nine months ended September 30, 2015 and 2014, were 115 and 174, respectively. The monthly average notional values of currency forward contracts held by the Master during the three months ended September 30, 2015 and 2014 were $15,674,550 and $23,105,394, respectively. The monthly average notional values of currency forward contracts held by the Master during the nine months ended September 30, 2015 and 2014, were $16,424,314 and $13,791,786, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2015 and December 31, 2014, respectively. Gross Amounts Financial Net Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition September 30, 2015 Gross Amounts Financial Cash Collateral * Net Amount Assets Futures $ 539,489 $ (117,691) $ 421,798 $ - $ - $ 421,798 Forwards 109,553 (58,623) 50,930 - - 50,930 Total assets $ 649,042 $ (176,314) $ 472,728 $ - $ - $ 472,728 Liabilities Futures $ (117,691) $ 117,691 $ - $ - $ - $ - Forwards (58,623) 58,623 - - - - Total liabilities $ (176,314) $ 176,314 $ - $ - $ - $ - Net fair value $ 472,728 * Gross Amounts Net Amounts Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2014 Gross Amounts Financial Statements of Financial Cash Collateral * Net Amount Assets Futures $ 953,167 $ (170,551) $ 782,616 $ - $ - $ 782,616 Forwards 188,070 (106,425) 81,645 - - 81,645 Total assets $ 1,141,237 $ (276,976) $ 864,261 $ - $ - $ 864,261 Liabilities Futures $ (170,551) $ 170,551 $ - $ - $ - $ - Forwards (106,425) 106,425 - - - - Total liabilities $ (276,976) $ 276,976 $ - $ - $ - $ - Net fair value $ 864,261 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2015, and December 31, 2014. September 30, Assets Futures Contracts Currencies $ 17,376 Energy 37,420 Grains 11,853 Indices 35,671 Interest Rates U.S. 83,055 Interest Rates Non-U.S. 114,867 Livestock 145,025 Metals 66,677 Softs 27,545 Total unrealized appreciation on open futures contracts $ 539,489 Liabilities Futures Contracts Currencies $ (38,378) Energy (7,336) Grains (6,443) Indices (3,041) Interest Rates Non-U.S. (14,456) Metals (7,638) Softs (40,399) Total unrealized depreciation on open futures contracts $ (117,691) Net unrealized appreciation on open futures contracts $ 421,798 * September 30, Assets Forward Contracts Currencies $ 42,866 Metals 66,687 Total unrealized appreciation on open forward contracts $ 109,553 Liabilities Forward Contracts Currencies $ (45,493) Metals (13,130) Total unrealized depreciation on open forward contracts $ (58,623) Net unrealized appreciation on open forward contracts $ 50,930 ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. December 31, Assets Futures Contracts Currencies $ 56,190 Energy 173,291 Grains 25,950 Indices 49,637 Interest Rates U.S. 26,024 Interest Rates Non-U.S. 409,347 Livestock 5,663 Metals 34,164 Softs 172,901 Total unrealized appreciation on open futures contracts $ 953,167 Liabilities Futures Contracts Currencies $ (3,870) Grains (84,527) Indices (12,440) Interest Rates U.S. (10,041) Interest Rates Non-U.S. (552) Livestock (3,390) Metals (17,927) Softs (37,804) Total unrealized depreciation on open futures contracts $ (170,551) Net unrealized appreciation on open futures contracts $ 782,616 * December 31, Assets Forward Contracts Currencies $ 105,650 Metals 82,420 Total unrealized appreciation on open forward contracts $ 188,070 Liabilities Forward Contracts Currencies $ (54,439) Metals (51,986) Total unrealized depreciation on open forward contracts $ (106,425) Net unrealized appreciation on open forward contracts $ 81,645 ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. The following table indicates Master’s the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 Sector Currencies $ (79,748) $ 1,283,039 $ (400,142) $ 86,597 Energy (144,491) 69,257 (352,563) (62,321) Grains (461,072) (303,408) (532,104) 610,781 Indices (636,041) 3,963 (472,439) 323,933 Interest Rates U.S. 91,921 (241,058) 191,169 (185,553) Interest Rates Non-U.S. 146,522 503,300 93,313 1,668,782 Livestock 125,710 1,958 135,457 1,806,976 Metals 407,059 (318,489) (2,838) (576,595) Softs (96,839) 886,847 (301,018) 1,593,102 Total $ (646,979) *** $ 1,885,409 *** $ (1,641,165) *** $ 5,265,702 *** *** This amount is included in “Total trading results” on the Master’s Statements of Income and Expenses and Changes in Partner’s Capital. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Master’s Fair Value Measurements. The Master considers prices for exchange-traded commodity futures and forward contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills and non-exchange-traded forward 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). As of and for the periods ended September 30, 2015, and December 31, 2014, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the nine months ended September 30, 2015 and for the year ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2015 Total Level 1 Level 2 Level 3 Assets Futures $ 539,489 $ 539,489 $ - $ - Forwards 109,553 66,687 42,866 - Total assets $ 649,042 $ 606,176 $ 42,866 $ - Liabilities Futures $ 117,691 $ 117,691 $ - $ - Forwards 58,623 13,130 45,493 - Total liabilities 176,314 130,821 45,493 - Net fair value $ 472,728 $ 475,355 $ (2,627) $ - December 31, 2014 Total Level 1 Level 2 Level 3 Assets Futures $ 953,167 $ 953,167 $ - $ - Forwards 188,070 82,420 105,650 - Total assets $ 1,141,237 $ 1,035,587 $ 105,650 $ - Liabilities Futures $ 170,551 $ 170,551 $ - $ - Forwards 106,425 51,986 54,439 - Total Liabilities 276,976 222,537 54,439 $ - Net fair value $ 864,261 $ 813,050 $ 51,211 $ - |
Financial Instrument Risks
Financial Instrument Risks | 9 Months Ended |
Sep. 30, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 6. Financial Instrument Risks: In the normal course of business, the Partnership, indirectly through its investment in the Master, is party 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 on specific terms on 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 forward, swap and option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot be accurately predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating 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 at any given time approximately 10.7% to 24.1% of the Partnership’s/Master’s contracts are traded OTC. The Master trades 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 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 Master. When the contract is closed, the Master records 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 net change in unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, 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 Master’s 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 Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Statements of Income and Expenses and Changes in Partners’ Capital. 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 Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by 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 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 Master records 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 and Changes in Partners’ Capital. The risk to the limited partners that have purchased Redeemable Units is limited to 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 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. Each of 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 have credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker 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 MS&Co. the Partnership’s or the Master’s counterparty is an exchange or clearing organization. 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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial 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 | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. 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 there were no subsequent events requiring adjustment of or disclosure in the financial statements. |
Basis of Presentation and Sum13
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Partnership's Investment | Partnership’s Investment: “Fair Value Measurements.” |
Master's Investments | Master’s Investments: All commodity interests of the Master (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value 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 Master’s Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported on the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. |
Master's Cash | Master’s Cash: |
Investment Company Status | Investment Company Status: Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements. |
Income Taxes | Income Taxes: |
Net Income (Loss) per unit | Net Income (Loss) Per Unit Financial Highlights |
Recent Accounting Pronouncement | Recent Accounting Pronouncement. Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) |
Basis of Presentation and Sum14
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Statements of Financial Condition | Rabar Master Fund L. P. Statements of Financial Condition (Unaudited) December 31, Assets: Equity in trading account: Cash $ 19,222,208 $ 23,468,773 Cash margin 1,812,073 2,188,244 Net unrealized appreciation on open futures contracts 421,798 782,616 Net unrealized appreciation on open forward contracts 50,930 81,645 Total assets $ 21,507,009 $ 26,521,278 Liabilities and Partners’ Capital: Liabilities: Accrued expenses: Professional fees $ 37,166 $ 45,098 Clearing fees due to MS&Co. - 1,842 Total liabilities 37,166 46,940 Partners’ Capital: General Partner - - Limited Partner 21,469,843 26,474,338 Total liabilities and partners’ capital $ 21,507,009 $ 26,521,278 |
Condensed Schedule of Investments | Rabar Master Fund L. P. Condensed Schedule of Investments September 30, 2015 (Unaudited) Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Currencies 13 $ 1,547 0.01 % Energy 3 (7,336) (0.03) Grains 74 5,410 0.03 Interest Rates U.S. 77 83,055 0.39 Interest Rates Non-U.S. 606 101,642 0.47 Livestock 15 34,210 0.16 Metals 1 (1,710) (0.01) Softs 28 (28,690) (0.13) Total futures contracts purchased 188,128 0.89 Futures Contracts Sold Currencies 86 (22,549) (0.11) Energy 36 37,420 0.17 Indices 33 32,630 0.15 Interest Rates Non-U.S. 14 (1,231) (0.01) Livestock 29 110,815 0.52 Metals 52 60,749 0.28 Softs 59 15,836 0.07 Total futures contracts sold 233,670 1.07 Net unrealized appreciation on open futures contracts 421,798 1.96 Unrealized Appreciation on Open Forward Contracts Currencies $3,146,278 42,866 0.20 Metals 31 66,687 0.31 Total unrealized appreciation on open forward contracts 109,553 0.51 Unrealized Depreciation on Open Forward Contracts Currencies $3,140,757 (45,493) (0.21) Metals 6 (13,130) (0.06) Total unrealized depreciation on open forward contracts (58,623) (0.27) Net unrealized appreciation on open forward contracts 50,930 0.24 Net fair value $ 472,728 2.20 % Rabar Master Fund L. P. Condensed Schedule of Investments December 31, 2014 Notional ($)/ Fair Value % of Partners’ Futures Contracts Purchased Currencies 4 $ 6,820 0.03 % Grains 105 (58,577) (0.22) Indices 82 37,197 0.14 Interest Rates U.S. 72 15,983 0.06 Interest Rates Non-U.S. 719 409,148 1.54 Livestock 13 1,963 0.01 Metals 63 (7,858) (0.03) Softs 73 (29,560) (0.11) Total futures contracts purchased 375,116 1.42 Futures Contracts Sold Currencies 41 45,500 0.17 Energy 23 173,291 0.66 Interest Rates U.S. 13 (353) 0.00 * Livestock 6 310 0.00 * Metals 21 24,095 0.09 Softs 218 164,657 0.62 Total futures contracts sold 407,500 1.54 Net unrealized appreciation on open futures contracts 782,616 2.96 Unrealized Appreciation on Open Forward Contracts Currencies $5,104,227 105,650 0.40 Metals 34 82,420 0.31 Total unrealized appreciation on open forward contracts 188,070 0.71 Unrealized Depreciation on Open Forward Contracts Currencies $4,751,703 (54,439) (0.21) Metals 12 (51,986) (0.20) Total unrealized depreciation on open forward contracts (106,425) (0.41) Net unrealized appreciation on open forward contracts 81,645 0.30 Net fair value $ 864,261 3.26 % * Due to rounding |
Statements of Income and Expenses and Changes in Partners' Capital | Rabar Master Fund L. P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Investment Income: Interest income $ 254 $ 810 $ 1,097 $ 3,990 Expenses: Clearing fees 30,595 68,030 93,471 220,819 Professional fees 23,027 30,184 78,920 70,610 Total expenses 53,622 98,214 172,391 291,429 Net investment income (loss) (53,368) (97,404) (171,294) (287,439) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (647,055) 3,245,496 (1,249,632) 5,283,992 Net change in unrealized gains (losses) on open contracts 76 (1,360,087) (391,533) (18,290) Total trading results (646,979) 1,885,409 (1,641,165) 5,265,702 Net income (loss) (700,347) 1,788,005 (1,812,459) 4,978,263 Subscriptions 1,479,000 1,463,592 2,123,330 2,218,216 Redemptions (2,611,473) (9,188,282) (5,314,376) (12,665,854) Distribution of interest income to feeder funds (147) (810) (990) (3,990) Net increase (decrease) in Partners’ Capital (1,832,967) (5,937,495) (5,004,495) (5,473,365) Partners’ Capital, beginning of period 23,302,810 34,033,466 26,474,338 33,569,336 Partners’ Capital, end of period $ 21,469,843 $ 28,095,971 $ 21,469,843 $ 28,095,971 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Changes in Net Asset Value Per Unit | Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (30.37) $ 64.97 $ (76.41) $ 170.35 Net investment loss (18.85) (19.67) (59.25) (61.98) Increase (decrease) for the period (49.22) 45.30 (135.66) 108.37 Net asset value per unit, beginning of period 1,084.59 1,071.09 1,171.03 1,008.02 Net asset value per unit, end of period $ 1,035.37 $ 1,116.39 $ 1,035.37 $ 1,116.39 Three Months Ended Nine Months Ended September 30 September 30, 2015 2014 2015 2014 Ratio to average net assets: * Net investment loss** (7.2) % (7.4) % (7.2) % (8.1) % Operating expenses 7.2 % 7.4 % 7.2 % 8.1 % Incentive fees - % - % - % - % Total expenses 7.2 % 7.4 % 7.2 % 8.1 % Total return: Total return before incentive fees (4.5) % 4.2 % (11.6) % 10.8 % Incentive fees - % - % - % - % Total return after incentive fees (4.5) % 4.2 % (11.6) % 10.8 % * Annualized. ** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Ratios to average net assets for the three and nine months ended September 30, 2015 and 2014, were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Ratio to average net assets:* Net investment income (loss)** (0.9) % (1.2) % (0.9) % (1.2) % Operating expenses 1.0 % 1.2 % 0.9 % 1.2 % Total return (3.0) % 5.7 % (7.4) % 16.3 % * Annualized. ** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) - Rabar Master Fund L.P. [Member] | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities | The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2015 and December 31, 2014, respectively. Gross Amounts Financial Net Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition September 30, 2015 Gross Amounts Financial Cash Collateral * Net Amount Assets Futures $ 539,489 $ (117,691) $ 421,798 $ - $ - $ 421,798 Forwards 109,553 (58,623) 50,930 - - 50,930 Total assets $ 649,042 $ (176,314) $ 472,728 $ - $ - $ 472,728 Liabilities Futures $ (117,691) $ 117,691 $ - $ - $ - $ - Forwards (58,623) 58,623 - - - - Total liabilities $ (176,314) $ 176,314 $ - $ - $ - $ - Net fair value $ 472,728 * Gross Amounts Net Amounts Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2014 Gross Amounts Financial Statements of Financial Cash Collateral * Net Amount Assets Futures $ 953,167 $ (170,551) $ 782,616 $ - $ - $ 782,616 Forwards 188,070 (106,425) 81,645 - - 81,645 Total assets $ 1,141,237 $ (276,976) $ 864,261 $ - $ - $ 864,261 Liabilities Futures $ (170,551) $ 170,551 $ - $ - $ - $ - Forwards (106,425) 106,425 - - - - Total liabilities $ (276,976) $ 276,976 $ - $ - $ - $ - Net fair value $ 864,261 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s off-exchange-traded contracts, as applicable, has the right to offset the Master’s obligation with the Master’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. |
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2015, and December 31, 2014. September 30, Assets Futures Contracts Currencies $ 17,376 Energy 37,420 Grains 11,853 Indices 35,671 Interest Rates U.S. 83,055 Interest Rates Non-U.S. 114,867 Livestock 145,025 Metals 66,677 Softs 27,545 Total unrealized appreciation on open futures contracts $ 539,489 Liabilities Futures Contracts Currencies $ (38,378) Energy (7,336) Grains (6,443) Indices (3,041) Interest Rates Non-U.S. (14,456) Metals (7,638) Softs (40,399) Total unrealized depreciation on open futures contracts $ (117,691) Net unrealized appreciation on open futures contracts $ 421,798 * September 30, Assets Forward Contracts Currencies $ 42,866 Metals 66,687 Total unrealized appreciation on open forward contracts $ 109,553 Liabilities Forward Contracts Currencies $ (45,493) Metals (13,130) Total unrealized depreciation on open forward contracts $ (58,623) Net unrealized appreciation on open forward contracts $ 50,930 ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. December 31, Assets Futures Contracts Currencies $ 56,190 Energy 173,291 Grains 25,950 Indices 49,637 Interest Rates U.S. 26,024 Interest Rates Non-U.S. 409,347 Livestock 5,663 Metals 34,164 Softs 172,901 Total unrealized appreciation on open futures contracts $ 953,167 Liabilities Futures Contracts Currencies $ (3,870) Grains (84,527) Indices (12,440) Interest Rates U.S. (10,041) Interest Rates Non-U.S. (552) Livestock (3,390) Metals (17,927) Softs (37,804) Total unrealized depreciation on open futures contracts $ (170,551) Net unrealized appreciation on open futures contracts $ 782,616 * December 31, Assets Forward Contracts Currencies $ 105,650 Metals 82,420 Total unrealized appreciation on open forward contracts $ 188,070 Liabilities Forward Contracts Currencies $ (54,439) Metals (51,986) Total unrealized depreciation on open forward contracts $ (106,425) Net unrealized appreciation on open forward contracts $ 81,645 ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included 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 table indicates Master’s the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 Sector Currencies $ (79,748) $ 1,283,039 $ (400,142) $ 86,597 Energy (144,491) 69,257 (352,563) (62,321) Grains (461,072) (303,408) (532,104) 610,781 Indices (636,041) 3,963 (472,439) 323,933 Interest Rates U.S. 91,921 (241,058) 191,169 (185,553) Interest Rates Non-U.S. 146,522 503,300 93,313 1,668,782 Livestock 125,710 1,958 135,457 1,806,976 Metals 407,059 (318,489) (2,838) (576,595) Softs (96,839) 886,847 (301,018) 1,593,102 Total $ (646,979) *** $ 1,885,409 *** $ (1,641,165) *** $ 5,265,702 *** *** This amount is included in “Total trading results” on the Master’s Statements of Income and Expenses and Changes in Partner’s Capital. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Derivative Instruments Priced at Fair Value Using Unobservable Inputs | September 30, 2015 Total Level 1 Level 2 Level 3 Assets Futures $ 539,489 $ 539,489 $ - $ - Forwards 109,553 66,687 42,866 - Total assets $ 649,042 $ 606,176 $ 42,866 $ - Liabilities Futures $ 117,691 $ 117,691 $ - $ - Forwards 58,623 13,130 45,493 - Total liabilities 176,314 130,821 45,493 - Net fair value $ 472,728 $ 475,355 $ (2,627) $ - December 31, 2014 Total Level 1 Level 2 Level 3 Assets Futures $ 953,167 $ 953,167 $ - $ - Forwards 188,070 82,420 105,650 - Total assets $ 1,141,237 $ 1,035,587 $ 105,650 $ - Liabilities Futures $ 170,551 $ 170,551 $ - $ - Forwards 106,425 51,986 54,439 - Total Liabilities 276,976 222,537 54,439 $ - Net fair value $ 864,261 $ 813,050 $ 51,211 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Dec. 01, 2012 | Mar. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2015 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Maximum number of units sold by Limited Partnership | 0 | 0 | |||
Annual rate of General Partner fee | 1.00% | ||||
Rabar Master Fund L.P. [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Cash equal, Partnership purchased | $ 31,143,887 | ||||
Morgan Stanley Wealth Management [Member] | |||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||
Ongoing selling agent fee | 5.25% | 3.00% | 2.00% | 2.00% |
Basis of Presentation and Sum19
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2015 |
Debt Instrument [Line Items] | |||
Master's cash includes cash denominated in foreign currencies | $ 47,571 | $ 36,858 | $ 47,571 |
Cost of foreign currencies | $ 47,916 | 47,916 | |
Provision for income tax | $ 0 | ||
Income tax returns, description | No income tax returns are currently under examination. The 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. | ||
Rabar Master Fund L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Percentage of Partnership owned | 100.00% | 100.00% |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Equity in trading account: | ||
Cash | $ 79,527 | $ 5,730 |
Total assets | 21,549,389 | 26,480,194 |
Accrued expenses: | ||
Total liabilities | 423,122 | 415,554 |
Partners' Capital: | ||
General Partner | 257,019 | 290,694 |
Limited Partner | 20,869,248 | 25,773,946 |
Total liabilities and partners' capital | 21,549,389 | 26,480,194 |
Rabar Master Fund L.P. [Member] | ||
Equity in trading account: | ||
Cash | 19,222,208 | 23,468,773 |
Cash margin | 1,812,073 | 2,188,244 |
Total assets | 21,507,009 | 26,521,278 |
Accrued expenses: | ||
Professional fees | 37,166 | 45,098 |
Total liabilities | 37,166 | 46,940 |
Partners' Capital: | ||
General Partner | 0 | 0 |
Limited Partner | 21,469,843 | 26,474,338 |
Total liabilities and partners' capital | 21,507,009 | 26,521,278 |
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 421,798 | 782,616 |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | $ 50,930 | 81,645 |
Rabar Master Fund L.P. [Member] | Morgan Stanley and Company LLC [Member] | ||
Accrued expenses: | ||
Clearing fees due to MS&Co. | $ 1,842 |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail) - Rabar Master Fund L.P. [Member] | Sep. 30, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract |
Schedule of Investments [Line Items] | ||
Percentage of Partners' Capital | 2.20% | 3.26% |
Net fair value | $ 472,728 | $ 864,261 |
Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, fair value | $ 421,798 | $ 782,616 |
Percentage of Partners' Capital | 1.96% | 2.96% |
Futures Contracts [Member] | Long [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, fair value | $ 188,128 | $ 375,116 |
Percentage of Partners' Capital | 0.89% | 1.42% |
Futures Contracts [Member] | Long [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 13 | 4 |
Futures contracts purchased and sold, fair value | $ 1,547 | $ 6,820 |
Percentage of Partners' Capital | 0.01% | 0.03% |
Futures Contracts [Member] | Long [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 3 | |
Futures contracts purchased and sold, fair value | $ (7,336) | |
Percentage of Partners' Capital | (0.03%) | |
Futures Contracts [Member] | Long [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 74 | 105 |
Futures contracts purchased and sold, fair value | $ 5,410 | $ (58,577) |
Percentage of Partners' Capital | 0.03% | (0.22%) |
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 77 | 72 |
Futures contracts purchased and sold, fair value | $ 83,055 | $ 15,983 |
Percentage of Partners' Capital | 0.39% | 0.06% |
Futures Contracts [Member] | Long [Member] | Interest Rates Non - U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 606 | 719 |
Futures contracts purchased and sold, fair value | $ 101,642 | $ 409,148 |
Percentage of Partners' Capital | 0.47% | 1.54% |
Futures Contracts [Member] | Long [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 15 | 13 |
Futures contracts purchased and sold, fair value | $ 34,210 | $ 1,963 |
Percentage of Partners' Capital | 0.16% | 0.01% |
Futures Contracts [Member] | Long [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 1 | 63 |
Futures contracts purchased and sold, fair value | $ (1,710) | $ (7,858) |
Percentage of Partners' Capital | (0.01%) | (0.03%) |
Futures Contracts [Member] | Long [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 28 | 73 |
Futures contracts purchased and sold, fair value | $ (28,690) | $ (29,560) |
Percentage of Partners' Capital | (0.13%) | (0.11%) |
Futures Contracts [Member] | Long [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 82 | |
Futures contracts purchased and sold, fair value | $ 37,197 | |
Percentage of Partners' Capital | 0.14% | |
Futures Contracts [Member] | Short [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, fair value | $ 233,670 | $ 407,500 |
Percentage of Partners' Capital | 1.07% | 1.54% |
Futures Contracts [Member] | Short [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 86 | 41 |
Futures contracts purchased and sold, fair value | $ (22,549) | $ 45,500 |
Percentage of Partners' Capital | (0.11%) | 0.17% |
Futures Contracts [Member] | Short [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 36 | 23 |
Futures contracts purchased and sold, fair value | $ 37,420 | $ 173,291 |
Percentage of Partners' Capital | 0.17% | 0.66% |
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 13 | |
Futures contracts purchased and sold, fair value | $ (353) | |
Percentage of Partners' Capital | 0.00% | |
Futures Contracts [Member] | Short [Member] | Interest Rates Non - U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 14 | |
Futures contracts purchased and sold, fair value | $ (1,231) | |
Percentage of Partners' Capital | (0.01%) | |
Futures Contracts [Member] | Short [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 29 | 6 |
Futures contracts purchased and sold, fair value | $ 110,815 | $ 310 |
Percentage of Partners' Capital | 0.52% | 0.00% |
Futures Contracts [Member] | Short [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 52 | 21 |
Futures contracts purchased and sold, fair value | $ 60,749 | $ 24,095 |
Percentage of Partners' Capital | 0.28% | 0.09% |
Futures Contracts [Member] | Short [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 59 | 218 |
Futures contracts purchased and sold, fair value | $ 15,836 | $ 164,657 |
Percentage of Partners' Capital | 0.07% | 0.62% |
Futures Contracts [Member] | Short [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 33 | |
Futures contracts purchased and sold, fair value | $ 32,630 | |
Percentage of Partners' Capital | 0.15% | |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, fair value | $ 50,930 | $ 81,645 |
Percentage of Partners' Capital | 0.24% | 0.30% |
Unrealized appreciation on open forward contracts, fair value | $ 109,553 | $ 188,070 |
Forward Contracts [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of Partners' Capital | 0.51% | 0.71% |
Unrealized appreciation on open forward contracts, fair value | $ 109,553 | $ 188,070 |
Forward Contracts [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Forward Contracts, Notional value | $ 3,146,278 | $ 5,104,227 |
Percentage of Partners' Capital | 0.20% | 0.40% |
Unrealized appreciation on open forward contracts, fair value | $ 42,866 | $ 105,650 |
Forward Contracts [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 31 | 34 |
Percentage of Partners' Capital | 0.31% | 0.31% |
Unrealized appreciation on open forward contracts, fair value | $ 66,687 | $ 82,420 |
Forward Contracts [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of Partners' Capital | (0.27%) | (0.41%) |
Unrealized depreciation on open forward contracts, fair value | $ (58,623) | $ (106,425) |
Forward Contracts [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Forward Contracts, Notional value | $ 3,140,757 | $ 4,751,703 |
Percentage of Partners' Capital | (0.21%) | (0.21%) |
Unrealized depreciation on open forward contracts, fair value | $ (45,493) | $ (54,439) |
Forward Contracts [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Futures contracts purchased and sold, number of contracts | Contract | 6 | 12 |
Percentage of Partners' Capital | (0.06%) | (0.20%) |
Unrealized depreciation on open forward contracts, fair value | $ (13,130) | $ (51,986) |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Investment income: | ||||
Interest income | $ 254 | $ 652 | $ 1,097 | $ 3,162 |
Expenses: | ||||
Total expenses | 394,986 | 477,306 | 1,287,478 | 1,552,380 |
Net investment income (loss) | (394,732) | (476,654) | (1,286,381) | (1,549,218) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (647,055) | 2,764,263 | (1,249,632) | 4,373,587 |
Net change in unrealized gains (losses) on open contracts | 76 | (1,167,970) | (391,533) | (108,367) |
Total trading results | (646,979) | 1,596,293 | (1,641,165) | 4,265,220 |
Net income (loss) | (1,041,711) | 1,119,639 | (2,927,546) | 2,716,002 |
Subscriptions | 1,479,000 | 1,463,592 | 2,123,330 | 2,218,216 |
Net increase (decrease) in Partners' Capital | (1,787,200) | 508,809 | (4,938,373) | 577,923 |
Partners' Capital, beginning of period | 22,913,467 | 25,589,923 | 26,064,640 | 25,520,809 |
Partners' Capital, end of period | 21,126,267 | 26,098,732 | 21,126,267 | 26,098,732 |
Rabar Master Fund L.P. [Member] | ||||
Investment income: | ||||
Interest income | 254 | 810 | 1,097 | 3,990 |
Expenses: | ||||
Clearing fees | 30,595 | 68,030 | 93,471 | 220,819 |
Professional fees | 23,027 | 30,184 | 78,920 | 70,610 |
Total expenses | 53,622 | 98,214 | 172,391 | 291,429 |
Net investment income (loss) | (53,368) | (97,404) | (171,294) | (287,439) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (647,055) | 3,245,496 | (1,249,632) | 5,283,992 |
Net change in unrealized gains (losses) on open contracts | 76 | (1,360,087) | (391,533) | (18,290) |
Total trading results | (646,979) | 1,885,409 | (1,641,165) | 5,265,702 |
Net income (loss) | (700,347) | 1,788,005 | (1,812,459) | 4,978,263 |
Subscriptions | 1,479,000 | 1,463,592 | 2,123,330 | 2,218,216 |
Redemptions | (2,611,473) | (9,188,282) | (5,314,376) | (12,665,854) |
Distribution of interest income to feeder funds | (147) | (810) | (990) | (3,990) |
Net increase (decrease) in Partners' Capital | (1,832,967) | (5,937,495) | (5,004,495) | (5,473,365) |
Partners' Capital, beginning of period | 23,302,810 | 34,033,466 | 26,474,338 | 33,569,336 |
Partners' Capital, end of period | $ 21,469,843 | $ 28,095,971 | $ 21,469,843 | $ 28,095,971 |
Financial Highlights - Changes
Financial Highlights - Changes in Net Asset Value Per Unit (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Changes in the net asset value per unit: | ||||
Net asset value per unit, beginning of period | $ 1,171.03 | |||
Net asset value per unit, end of period | $ 1,035.37 | $ 1,116.39 | $ 1,035.37 | $ 1,116.39 |
Rabar Master Fund L.P. [Member] | ||||
Ratio to average net assets: | ||||
Net investment income (loss) | (0.90%) | (1.20%) | (0.90%) | (1.20%) |
Operating expenses | 1.00% | 1.20% | 0.90% | 1.20% |
Total return | (3.00%) | 5.70% | (7.40%) | 16.30% |
Limited Partner [Member] | ||||
Changes in the net asset value per unit: | ||||
Net realized and unrealized gains (losses) | $ (30.37) | $ 64.97 | $ (76.41) | $ 170.35 |
Net investment loss | (18.85) | (19.67) | (59.25) | (61.98) |
Increase (decrease) for the period | (49.22) | 45.30 | (135.66) | 108.37 |
Net asset value per unit, beginning of period | 1,084.59 | 1,071.09 | 1,171.03 | 1,008.02 |
Net asset value per unit, end of period | $ 1,035.37 | $ 1,116.39 | $ 1,035.37 | $ 1,116.39 |
Ratio to average net assets: | ||||
Net investment income (loss) | (7.20%) | (7.40%) | (7.20%) | (8.10%) |
Operating expenses | 7.20% | 7.40% | 7.20% | 8.10% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses | 7.20% | 7.40% | 7.20% | 8.10% |
Total return: | ||||
Total return before incentive fees | (4.50%) | 4.20% | (11.60%) | 10.80% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total return after incentive fees | (4.50%) | 4.20% | (11.60%) | 10.80% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2014USD ($)Contract | |
Derivative [Line Items] | ||||
Monthly average number of futures contracts traded | 1,071 | 2,105 | 1,264 | 2,327 |
Monthly average number of metals forward contracts traded | 60 | 198 | 115 | 174 |
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member] | ||||
Derivative [Line Items] | ||||
Average notional values of currency forward contracts | $ | $ 15,674,550 | $ 23,105,394 | $ 16,424,314 | $ 13,791,786 |
Trading Activities - Summary of
Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Master's Derivatives and their Offsetting Subject to Master Netting Arrangements or Similar Agreements (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Gross Amounts Recognized | $ 649,042 | $ 1,141,237 |
Gross Amounts Offset in the Statements of Financial Condition | (176,314) | (276,976) |
Net Amounts Presented in the Statements of Financial Condition | 472,728 | 864,261 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Assets | 0 | 0 |
Net Amount, Assets | 472,728 | 864,261 |
Gross Amounts Recognized | (176,314) | (276,976) |
Gross Amounts Offset in the Statements of Financial Condition | 176,314 | 276,976 |
Net Amounts Presented in the Statements of Financial Condition | 0 | 0 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Liabilities | 0 | 0 |
Net Amount, Liabilities | 0 | 0 |
Net fair value | 472,728 | 864,261 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 539,489 | 953,167 |
Gross Amounts Offset in the Statements of Financial Condition | (117,691) | (170,551) |
Net Amounts Presented in the Statements of Financial Condition | 421,798 | 782,616 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Assets | 0 | 0 |
Net Amount, Assets | 421,798 | 782,616 |
Gross Amounts Recognized | (117,691) | (170,551) |
Gross Amounts Offset in the Statements of Financial Condition | 117,691 | 170,551 |
Net Amounts Presented in the Statements of Financial Condition | 0 | 0 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Liabilities | 0 | 0 |
Net Amount, Liabilities | 0 | 0 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 109,553 | 188,070 |
Gross Amounts Offset in the Statements of Financial Condition | (58,623) | (106,425) |
Net Amounts Presented in the Statements of Financial Condition | 50,930 | 81,645 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Assets | 0 | 0 |
Net Amount, Assets | 50,930 | 81,645 |
Gross Amounts Recognized | (58,623) | (106,425) |
Gross Amounts Offset in the Statements of Financial Condition | 58,623 | 106,425 |
Net Amounts Presented in the Statements of Financial Condition | 0 | 0 |
Gross amounts Not offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | 0 |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received, Liabilities | 0 | 0 |
Net Amount, Liabilities | $ 0 | $ 0 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Futures Contracts [Member] | ||
Liabilities | ||
Net unrealized appreciation/depreciation on open futures and forward contracts | $ 421,798 | $ 782,616 |
Futures Contracts [Member] | Derivative Assets [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 539,489 | 953,167 |
Futures Contracts [Member] | Derivative Assets [Member] | Currencies [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 17,376 | 56,190 |
Futures Contracts [Member] | Derivative Assets [Member] | Energy [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 37,420 | 173,291 |
Futures Contracts [Member] | Derivative Assets [Member] | Grains [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 11,853 | 25,950 |
Futures Contracts [Member] | Derivative Assets [Member] | Indices [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 35,671 | 49,637 |
Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates U.S. [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 83,055 | 26,024 |
Futures Contracts [Member] | Derivative Assets [Member] | Interest Rates Non - U.S. [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 114,867 | 409,347 |
Futures Contracts [Member] | Derivative Assets [Member] | Livestock [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 145,025 | 5,663 |
Futures Contracts [Member] | Derivative Assets [Member] | Metals [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 66,677 | 34,164 |
Futures Contracts [Member] | Derivative Assets [Member] | Softs [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 27,545 | 172,901 |
Futures Contracts [Member] | Derivative Liabilities [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (117,691) | (170,551) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (38,378) | (3,870) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Energy [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (7,336) | |
Futures Contracts [Member] | Derivative Liabilities [Member] | Grains [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (6,443) | (84,527) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Indices [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (3,041) | (12,440) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates U.S. [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (10,041) | |
Futures Contracts [Member] | Derivative Liabilities [Member] | Interest Rates Non - U.S. [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (14,456) | (552) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Livestock [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (3,390) | |
Futures Contracts [Member] | Derivative Liabilities [Member] | Metals [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (7,638) | (17,927) |
Futures Contracts [Member] | Derivative Liabilities [Member] | Softs [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (40,399) | (37,804) |
Forward Contracts [Member] | ||
Liabilities | ||
Net unrealized appreciation/depreciation on open futures and forward contracts | 50,930 | 81,645 |
Assets | ||
Derivative instruments of futures and forward contracts Assets | 109,553 | 188,070 |
Forward Contracts [Member] | Derivative Assets [Member] | Currencies [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 42,866 | 105,650 |
Forward Contracts [Member] | Derivative Assets [Member] | Metals [Member] | ||
Assets | ||
Derivative instruments of futures and forward contracts Assets | 66,687 | 82,420 |
Forward Contracts [Member] | Derivative Liabilities [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (58,623) | (106,425) |
Forward Contracts [Member] | Derivative Liabilities [Member] | Currencies [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | (45,493) | (54,439) |
Forward Contracts [Member] | Derivative Liabilities [Member] | Metals [Member] | ||
Liabilities | ||
Derivative instruments of futures and forward contracts liabilities | $ (13,130) | $ (51,986) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Derivative [Line Items] | ||||
Trading gains and losses | $ (646,979) | $ 1,885,409 | $ (1,641,165) | $ 5,265,702 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (79,748) | 1,283,039 | (400,142) | 86,597 |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (144,491) | 69,257 | (352,563) | (62,321) |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (461,072) | (303,408) | (532,104) | 610,781 |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (636,041) | 3,963 | (472,439) | 323,933 |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 91,921 | (241,058) | 191,169 | (185,553) |
Interest Rates Non - U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 146,522 | 503,300 | 93,313 | 1,668,782 |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 125,710 | 1,958 | 135,457 | 1,806,976 |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 407,059 | (318,489) | (2,838) | (576,595) |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | $ (96,839) | $ 886,847 | $ (301,018) | $ 1,593,102 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Transfers of assets between Level 1 and Level 2 | $ 0 | $ 0 |
Transfers of liabilities between Level 1 and Level 2 | $ 0 | $ 0 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Assets | $ 649,042 | $ 1,141,237 |
Total Assets | 649,042 | 1,141,237 |
Derivative liabilities | 176,314 | 276,976 |
Net fair value | 472,728 | 864,261 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 539,489 | 953,167 |
Derivative liabilities | 117,691 | 170,551 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 109,553 | 188,070 |
Derivative liabilities | 58,623 | 106,425 |
Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Derivative [Line Items] | ||
Total Assets | 606,176 | 1,035,587 |
Derivative liabilities | 130,821 | 222,537 |
Net fair value | 475,355 | 813,050 |
Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 539,489 | 953,167 |
Derivative liabilities | 117,691 | 170,551 |
Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 66,687 | 82,420 |
Derivative liabilities | 13,130 | 51,986 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Derivative [Line Items] | ||
Total Assets | 42,866 | 105,650 |
Derivative liabilities | 45,493 | 54,439 |
Net fair value | (2,627) | 51,211 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative Assets | 42,866 | 105,650 |
Derivative liabilities | $ 45,493 | $ 54,439 |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Measurements Disclosure [Line Items] | |
Financial instruments maturity period | 1 year |
Credit Concentration Risk [Member] | Over the Counter [Member] | Minimum [Member] | |
Fair Value Measurements Disclosure [Line Items] | |
Concentration risk percentage | 10.70% |
Credit Concentration Risk [Member] | Over the Counter [Member] | Maximum [Member] | |
Fair Value Measurements Disclosure [Line Items] | |
Concentration risk percentage | 24.10% |