Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 16,621.9717 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Assets: | |||
Investment in the Master(1) , at fair value | [1] | $ 16,873,378 | $ 19,181,327 |
Cash at MS&Co. | 87,456 | 110,752 | |
Cash at bank | 607 | ||
Total assets | 16,961,441 | 19,292,079 | |
Accrued expenses: | |||
Ongoing selling agent fees | 28,269 | 32,153 | |
Management fees | 28,049 | 31,895 | |
General Partner fees | 14,025 | 15,948 | |
Professional fees | 103,569 | 122,669 | |
Redemptions payable to Limited Partners | 87,282 | 935,814 | |
Total liabilities | 261,194 | 1,138,479 | |
Partners' Capital: | |||
General Partner, 248.2379 Redeemable Units outstanding at June 30, 2016 and December 31, 2015 | 242,905 | 238,732 | |
Limited Partners, 16,818.6817 and 18,628.2377 Redeemable Units outstanding at June 30, 2016 and December 31, 2015, respectively | 16,457,342 | 17,914,868 | |
Total partners' capital (net asset value) | 16,700,247 | 18,153,600 | |
Total liabilities and partners' capital | $ 16,961,441 | $ 19,292,079 | |
Net asset value per Redeemable Unit | $ 978.52 | $ 961.71 | |
[1] | Defined in Note 1. |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
General Partner, Redeemable Units outstanding | 248.2379 | 248.2379 |
Limited Partners, Redeemable Units outstanding | 16,818.6817 | 18,628.2377 |
Statements of Income and Expens
Statements of Income and Expenses and Changes in Partners' Capital | USD ($)$ / sharesshares | |
Investment Income: | ||
Interest income allocated from the Master | $ 843 | |
Expenses: | ||
Expenses allocated from the Master | 118,769 | |
Ongoing selling agent fees | 256,365 | |
Management fees | 254,967 | |
General Partner fees | 127,483 | |
Professional fees | 134,908 | |
Total expenses | 892,492 | |
Net investment loss | (891,649) | |
Net gains (losses) on investment in the Master: | ||
Net realized gains (losses) on closed contracts allocated from the Master | (602,577) | |
Net change in unrealized gains (losses) on open contracts allocated from the Master | (391,609) | |
Total trading results | (994,186) | |
Net income (loss) | (1,885,835) | |
Subscriptions - Limited Partners | 644,330 | |
Redemptions - Limited Partners | (1,909,668) | |
Net increase (decrease) in Partners' Capital | (3,151,173) | |
Partners' Capital, beginning of period at Dec. 31, 2014 | 26,064,640 | |
Partners' Capital, end of period at Jun. 30, 2015 | $ 22,913,467 | |
Net gains (losses) on investment in the Master: | ||
Net income (loss) per Redeemable Unit | $ / shares | $ (86.44) | [1] |
Weighted average Redeemable Units outstanding | shares | 22,063.8526 | |
Interest income allocated from the Master | $ 376 | |
Expenses allocated from the Master | 56,091 | |
Ongoing selling agent fees | 122,637 | |
Management fees | 121,929 | |
General Partner fees | 60,964 | |
Professional fees | 53,664 | |
Total expenses | 415,285 | |
Net investment loss | (414,909) | |
Net realized gains (losses) on closed contracts allocated from the Master | (1,617,525) | |
Net change in unrealized gains (losses) on open contracts allocated from the Master | 114,223 | |
Total trading results | (1,503,302) | |
Net income (loss) | (1,918,211) | |
Subscriptions - Limited Partners | 88,000 | |
Redemptions - Limited Partners | (1,251,377) | |
Net increase (decrease) in Partners' Capital | (3,081,588) | |
Partners' Capital, beginning of period at Mar. 31, 2015 | 25,995,055 | |
Partners' Capital, end of period at Jun. 30, 2015 | $ 22,913,467 | |
Net gains (losses) on investment in the Master: | ||
Net income (loss) per Redeemable Unit | $ / shares | $ (87.86) | [1] |
Weighted average Redeemable Units outstanding | shares | 21,869.8083 | |
Net asset value per Redeemable Unit (17,066.9196 and 21,126.3356 Redeemable Units outstanding at June 30, 2016 and 2015, respectively) | $ / shares | $ 1,084.59 | |
Net asset value per Redeemable Unit (17,066.9196 and 21,126.3356 Redeemable Units outstanding at June 30, 2016 and 2015, respectively) | $ / shares | $ 961.71 | |
Interest income allocated from the Master | $ 13,381 | |
Expenses allocated from the Master | 78,482 | |
Ongoing selling agent fees | 177,281 | |
Management fees | 175,965 | |
General Partner fees | 87,982 | |
Professional fees | 102,843 | |
Total expenses | 622,553 | |
Net investment loss | (609,172) | |
Net realized gains (losses) on closed contracts allocated from the Master | 221,956 | |
Net change in unrealized gains (losses) on open contracts allocated from the Master | 694,832 | |
Total trading results | 916,788 | |
Net income (loss) | 307,616 | |
Redemptions - Limited Partners | (1,760,969) | |
Net increase (decrease) in Partners' Capital | (1,453,353) | |
Partners' Capital, beginning of period at Dec. 31, 2015 | 18,153,600 | |
Partners' Capital, end of period at Jun. 30, 2016 | $ 16,700,247 | |
Net gains (losses) on investment in the Master: | ||
Net income (loss) per Redeemable Unit | $ / shares | $ 16.81 | [1] |
Weighted average Redeemable Units outstanding | shares | 18,038.8748 | |
Interest income allocated from the Master | $ 6,376 | |
Expenses allocated from the Master | 42,888 | |
Ongoing selling agent fees | 85,417 | |
Management fees | 84,738 | |
General Partner fees | 42,369 | |
Professional fees | 51,187 | |
Total expenses | 306,599 | |
Net investment loss | (300,223) | |
Net realized gains (losses) on closed contracts allocated from the Master | (79,127) | |
Net change in unrealized gains (losses) on open contracts allocated from the Master | 593,369 | |
Total trading results | 514,242 | |
Net income (loss) | 214,019 | |
Redemptions - Limited Partners | (783,031) | |
Net increase (decrease) in Partners' Capital | (569,012) | |
Partners' Capital, beginning of period at Mar. 31, 2016 | 17,269,259 | |
Partners' Capital, end of period at Jun. 30, 2016 | $ 16,700,247 | |
Net gains (losses) on investment in the Master: | ||
Net income (loss) per Redeemable Unit | $ / shares | $ 12.96 | [1] |
Weighted average Redeemable Units outstanding | shares | 17,538.5083 | |
Net asset value per Redeemable Unit (17,066.9196 and 21,126.3356 Redeemable Units outstanding at June 30, 2016 and 2015, respectively) | $ / shares | $ 978.52 | |
[1] | Represents the change in net asset value per Redeemable Unit during the period. |
Statements of Income and Expen5
Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares | Jun. 30, 2016 | Jun. 30, 2015 |
Income Statement [Abstract] | ||
Net asset value per Redeemable Unit outstanding | 17,066.9196 | 21,126.3356 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Westport Futures Fund L.P. (the “Partnership”) is a limited partnership organized under the partnership laws of the State of New York on March 21, 1997, to engage, directly and indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures, option on futures, forward, option on forward, spot and swap contracts, cash commodities and any other rights or interests pertaining thereto including interests in commodity pools. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The Partnership commenced trading on August 1, 1997. The commodity interests that are indirectly 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 and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. 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. All trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar” or the “Advisor”). On 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 Master permits accounts managed now and in the future by Rabar using the Diversified Program, a proprietary and 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 as if the Partnership traded directly 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 June 30, 2016. Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. During the reporting periods ended June 30, 2016 and 2015, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in a non-trading account at JP Morgan Chase Bank, N.A. As of June 30, 2016 and December 31, 2015, the Partnership owned 100% of the 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 Master’s trading of futures, forward, swaps and option contracts, if applicable, on commodities is done primarily on U.S. 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. 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. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end net assets. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Redeemable Units in 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 cost of retaining the Administrator is 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2016, and 2015. 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, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. Due to the nature of commodity 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. Use of Estimates: Statement of Cash Flows: Partnership’s Investment: Master’s Investments: Master’s Cash: Fair Value of Financial Instruments: “Financial Instruments” Investment Company Status: “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Income Taxes: Net Income (Loss) per Redeemable Unit: “Financial Services – Investment Companies” Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.” 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, 2015. The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2016 and December 31, 2015 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and six months ended June 30, 2016 and 2015, are presented below: Rabar Master Fund L. P. Statements of Financial Condition (Unaudited) June 30, December 31, 2016 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $0, and $10,249,398 at June 30, 2016 and December 31, 2015, respectively) $ - $ 10,248,341 Cash at MS&Co. 14,702,921 7,722,577 Cash margin 1,502,998 1,233,230 Net unrealized appreciation on open futures contracts 583,394 20,178 Net unrealized appreciation on open forward contracts 111,360 - Total equity in trading account 16,900,673 19,224,326 Cash at bank 607 - Total assets $ 16,901,280 $ 19,224,326 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 21,489 Accrued expenses: Professional fees 30,065 22,293 Total liabilities 30,065 43,782 Partners’ Capital: General Partner - - Limited Partner 16,871,215 19,180,544 Total liabilities and partners’ capital $ 16,901,280 $ 19,224,326 Rabar Master Fund L. P. Condensed Schedule of Investments June 30, 2016 (Unaudited) Notional ($)/Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Currencies 26 $ 16,294 0.10 % Energy 28 10,230 0.06 Grains 40 41,470 0.25 Indices 24 9,420 0.06 Interest Rates U.S. 88 153,945 0.91 Interest Rates Non-U.S. 405 230,421 1.37 Metals 53 112,900 0.67 Softs 58 60,271 0.36 Total futures contracts purchased 634,951 3.78 Futures Contracts Sold Currencies 20 (2,421) (0.01) Energy 21 (26,543) (0.16) Indices 20 (11,572) (0.07) Interest Rates Non-U.S. 20 (935) (0.01) Livestock 20 628 0.00 * Metals 18 (10,714) (0.06) Total futures contracts sold (51,557) (0.31) Net unrealized appreciation on open futures contracts $ 583,394 3.47 % Unrealized Appreciation on Open Forward Contracts Currencies $3,096,931 $ 141,550 0.84 % Metals 21 19,602 0.12 Total unrealized appreciation on open forward contracts 161,152 0.96 Unrealized Depreciation on Open Forward Contracts Currencies $728,096 (3,946) (0.02) Metals 21 (45,846) (0.27) Total unrealized depreciation on open forward contracts (49,792) (0.29) Net unrealized appreciation on open forward contracts $ 111,360 0.67 % * Due to rounding Rabar Master Fund L. P. Condensed Schedule of Investments December 31, 2015 Notional ($)/Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Currencies 43 $ 18,890 0.10 % Energy 3 1,730 0.01 Grains 20 (6,256) (0.03) Indices 40 (13,822) (0.07) Interest Rates U.S. 3 (4,969) (0.03) Interest Rates Non-U.S. 190 16,623 0.09 Livestock 10 1,880 0.01 Metals 1 (2,960) (0.02) Softs 87 (17,087) (0.09) Total futures contracts purchased (5,971) (0.03) Futures Contracts Sold Currencies 35 48,572 0.25 Indices 9 3,592 0.02 Interest Rates U.S. 27 (2,625) (0.02) Interest Rates Non-U.S. 110 (530) (0.00) * Livestock 7 (12,145) (0.06) Metals 72 (10,366) (0.05) Softs 21 (349) (0.00) * Total futures contracts sold 26,149 0.14 Net unrealized appreciation on open futures contracts $ 20,178 0.11 % Unrealized Appreciation on Open Forward Contracts Currencies $ 4,358,723 $ 69,575 0.36 % Metals 3 3,906 0.02 Total unrealized appreciation on open forward contracts 73,481 0.38 Unrealized Depreciation on Open Forward Contracts Currencies $ 2,196,032 (45,651) (0.24) Metals 43 (49,319) (0.26) Total unrealized depreciation on open forward contracts (94,970) (0.50) Net unrealized depreciation on open forward contracts $ (21,489) (0.12) % U.S. Government Securities % of Partners’ Face Amount Maturity Date Description Fair Value Capital $10,250,000 3/3/2016 U.S. Treasury bills, 0.015% (Amortized cost of $10,249,398) $ 10,248,341 53.43 % * Due to rounding Rabar Master Fund L. P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Investment Income: Interest income $ 6,376 $ 376 $ 13,381 $ 843 Expenses: Clearing fees 22,368 32,781 37,438 62,876 Professional fees 20,520 23,310 41,044 55,893 Total expenses 42,888 56,091 78,482 118,769 Net investment income (loss) (36,512) (55,715) (65,101) (117,926) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (79,127) (1,617,525) 221,956 (602,577) Net change in unrealized gains (losses) on open contracts 593,369 114,223 694,832 (391,609) Total trading results 514,242 (1,503,302) 916,788 (994,186) Net income (loss) 477,730 (1,559,017) 851,687 (1,112,112) Subscriptions - 88,000 - 644,330 Redemptions (1,162,999) (1,488,781) (3,151,051) (2,702,903) Distributions of interest income to feeder fund (5,818) (376) (9,965) (843) Net increase (decrease) in Partners’ Capital (691,087) (2,960,174) (2,309,329) (3,171,528) Partners’ Capital, beginning of period 17,562,302 26,262,984 19,180,544 26,474,338 Partners’ Capital, end of period $ 16,871,215 $ 23,302,810 $ 16,871,215 $ 23,302,810 |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 30.08 $ (68.88) $ 50.58 $ (46.04) Net investment loss (17.12) (18.98) (33.77) (40.40) Increase (decrease) for the period 12.96 (87.86) 16.81 (86.44) Net asset value per Redeemable Unit, beginning of period 965.56 1,172.45 961.71 1,171.03 Net asset value per Redeemable Unit, end of period $ 978.52 $ 1,084.59 $ 978.52 $ 1,084.59 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (7.2) % (6.8) % (7.0) % (7.1) % Operating expenses 7.3 % 6.8 % 7.2 % 7.1 % Incentive fees - % - % - % - % Total expenses 7.3 % 6.8 % 7.2 % 7.1 % Total return: Total return before incentive fees 1.3 % (7.5) % 1.7 % (7.4) % Incentive fees - % - % - % - % Total return after incentive fees 1.3 % (7.5) % 1.7 % (7.4) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (other than incentive fees). *** 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 partners’ capital of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (0.9) % (0.9) % (0.7) % (0.9) % Operating expenses 1.0 % 0.9 % 0.9 % 0.9 % Total return 2.9 % (6.0) % 4.9 % (4.5) % * Annualized. ** Interest income 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 partners’ capital. |
Trading Activities
Trading Activities | 6 Months Ended |
Jun. 30, 2016 | |
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 Partnership’s pro rata share of the results of the Master’s trading activities is shown on the Statements of Income and Expenses and Changes in Partners’ Capital. The futures brokerage account agreements with MS&Co. give 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 open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet” Trading and transaction fees are based on the number of trades executed by the Advisor for the Master. All 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 during the three months ended June 30, 2016 and 2015 were 883 and 1,261, respectively. The monthly average number of futures contracts traded during the six months ended June 30, 2016 and 2015, were 858 and 1,361, respectively. The monthly average number of metal forward contracts traded during the three months ended June 30, 2016 and 2015 were 72 and 182, respectively. The monthly average number of metal forward contracts traded during the six months ended June 30, 2016 and 2015 were 64 and 143, respectively. The monthly average notional value of currency forward contracts held during the three months ended June 30, 2016 and 2015 were $7,646,993 and $17,019,623, respectively. The monthly average notional value of currency forward contracts held during the six months ended June 30, 2016 and 2015 were $8,243,960 and $16,799,196, 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 June 30, 2016 and December 31, 2015, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ June 30, 2016 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 726,745 $ (143,351) $ 583,394 $ - $ - $ 583,394 Forwards 161,152 (49,792) 111,360 - - 111,360 Total assets $ 887,897 $ (193,143) $ 694,754 $ - $ - $ 694,754 Liabilities Futures $ (143,351) $ 143,351 $ - $ - $ - $ - Forwards (49,792) 49,792 - - - - Total liabilities $ (193,143) $ 193,143 $ - $ - $ - $ - Net fair value $ 694,754 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2015 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 157,979 $ (137,801) $ 20,178 $ - $ - $ 20,178 Forwards 73,481 (73,481) - - - - Total assets $ 231,460 $ (211,282) $ 20,178 $ - $ - $ 20,178 Liabilities Futures $ (137,801) $ 137,801 $ - $ - $ - $ - Forwards (94,970) 73,481 (21,489) - - (21,489) Total liabilities $ (232,771) $ 211,282 $ (21,489) $ - $ - $ (21,489) Net fair value $ (1,311) * * 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 and/or U.S. Treasury bills 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 in 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 June 30, 2016, and December 31, 2015. June 30, 2016 Assets Futures Contracts Currencies $ 28,885 Energy 11,943 Grains 55,845 Indices 21,123 Interest Rates U.S. 155,633 Interest Rates Non-U.S. 233,298 Livestock 10,340 Metals 141,847 Softs 67,831 Total unrealized appreciation on open futures contracts 726,745 Liabilities Futures Contracts Currencies (15,012) Energy (28,256) Grains (14,375) Indices (23,275) Interest Rates U.S. (1,688) Interest Rates Non-U.S. (3,812) Livestock (9,712) Metals (39,661) Softs (7,560) Total unrealized depreciation on open futures contracts (143,351) Net unrealized appreciation on open futures contracts $ 583,394 * Assets Forward Contracts Currencies $ 141,550 Metals 19,602 Total unrealized appreciation on open forward contracts 161,152 Liabilities Forward Contracts Currencies (3,946) Metals (45,846) Total unrealized depreciation on open forward contracts (49,792) Net unrealized appreciation on open forward contracts $ 111,360 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Master’s Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Currencies $ 70,795 Energy 2,050 Indices 17,362 Interest Rates U.S. 906 Interest Rates Non-U.S. 42,819 Livestock 3,890 Metals 8,210 Softs 11,947 Total unrealized appreciation on open futures contracts 157,979 Liabilities Futures Contracts Currencies (3,333) Energy (320) Grains (6,256) Indices (27,592) Interest Rates U.S. (8,500) Interest Rates Non-U.S. (26,726) Livestock (14,155) Metals (21,536) Softs (29,383) Total unrealized depreciation on open futures contracts (137,801) Net unrealized appreciation on open futures contracts $ 20,178 * Assets Forward Contracts Currencies $ 69,575 Metals 3,906 Total unrealized appreciation on open forward contracts 73,481 Liabilities Forward Contracts Currencies (45,651) Metals (49,319) Total unrealized depreciation on open forward contracts (94,970) Net unrealized depreciation on open forward contracts $ (21,489) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Master’s Statements of Financial Condition. The following table indicates the Master’s trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2016 and 2015. Three Months Ended June 30, Six Months Ended June 30, Sector 2016 2015 2016 2015 Currencies $ (21,871) $ (125,714) $ 74,563 $ (320,394) Energy (86,849) (161,444) (99,345) (208,072) Grains 378,614 302,962 383,678 (71,032) Indices (253,024) (338,836) (411,685) 163,602 Interest Rates U.S. 186,617 (152,478) 399,703 99,248 Interest Rates non-U.S. 425,511 (635,730) 997,184 (53,209) Livestock 18,413 (59,542) 8,155 9,747 Metals (138,491) (373,167) (370,361) (409,897) Softs 5,322 40,647 (65,104) (204,179) Total $ 514,242 * $ (1,503,302) * $ 916,788 * $ (994,186) * * This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partner’s Capital. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Master’s Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Master considers prices for exchange-traded commodity futures, forwards, swaps and option 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, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker-quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2016 and December 31, 2015, and for the periods ended June 30, 2016 and 2015, 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 reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. June 30, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 726,745 $ 726,745 $ - $ - Forwards 161,152 19,602 141,550 - Total assets $ 887,897 $ 746,347 $ 141,550 $ - Liabilities Futures $ 143,351 $ 143,351 $ - $ - Forwards 49,792 45,846 3,946 - Total liabilities $ 193,143 $ 189,197 $ 3,946 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets Futures $ 157,979 $ 157,979 $ - $ - Forwards 73,481 3,906 69,575 - U.S. Treasury bills 10,248,341 - 10,248,341 - Total assets $ 10,479,801 $ 161,885 $ 10,317,916 $ - Liabilities Futures $ 137,801 $ 137,801 $ - $ - Forwards 94,970 49,319 45,651 - Total liabilities $ 232,771 $ 187,120 $ 45,651 $ - |
Financial Instrument Risks
Financial Instrument Risks | 6 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 6. Financial Instrument Risks: In the normal course of business, the Partnership, 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 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 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. 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 at any given time approximately 0.3% to 16.4% of the Partnership’s/Master’s contracts are traded OTC. Futures Contracts. Forward Foreign Currency Contracts. London Metals Exchange Forward Contracts. 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 Master’s Statements of Income and Expenses and Changes in Partners’ Capital. The risk to the limited partners that have purchased Redeemable Units 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 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 Master is exposed to market risk equal to the value of the 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/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/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master has 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/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Master’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s/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/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/Master’s business, these instruments may not be held to maturity. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
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 has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements. |
Basis of Presentation and Sum13
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates: |
Statement of Cash Flows | Statement of Cash Flows: |
Partnership's Investment | Partnership’s Investment: |
Master's Investments | Master’s Investments: |
Master's Cash | Master’s Cash: |
Fair Value of Financial Instruments | Fair Value of Financial Instruments: “Financial Instruments” |
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 Redeemable Unit | Net Income (Loss) per Redeemable Unit: “Financial Services – Investment Companies” |
Recent Accounting Pronouncement | Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.” |
Basis of Presentation and Sum14
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Statements of Financial Condition | Rabar Master Fund L. P. Statements of Financial Condition (Unaudited) June 30, December 31, 2016 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $0, and $10,249,398 at June 30, 2016 and December 31, 2015, respectively) $ - $ 10,248,341 Cash at MS&Co. 14,702,921 7,722,577 Cash margin 1,502,998 1,233,230 Net unrealized appreciation on open futures contracts 583,394 20,178 Net unrealized appreciation on open forward contracts 111,360 - Total equity in trading account 16,900,673 19,224,326 Cash at bank 607 - Total assets $ 16,901,280 $ 19,224,326 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 21,489 Accrued expenses: Professional fees 30,065 22,293 Total liabilities 30,065 43,782 Partners’ Capital: General Partner - - Limited Partner 16,871,215 19,180,544 Total liabilities and partners’ capital $ 16,901,280 $ 19,224,326 |
Condensed Schedule of Investments | Rabar Master Fund L. P. Condensed Schedule of Investments June 30, 2016 (Unaudited) Notional ($)/Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Currencies 26 $ 16,294 0.10 % Energy 28 10,230 0.06 Grains 40 41,470 0.25 Indices 24 9,420 0.06 Interest Rates U.S. 88 153,945 0.91 Interest Rates Non-U.S. 405 230,421 1.37 Metals 53 112,900 0.67 Softs 58 60,271 0.36 Total futures contracts purchased 634,951 3.78 Futures Contracts Sold Currencies 20 (2,421) (0.01) Energy 21 (26,543) (0.16) Indices 20 (11,572) (0.07) Interest Rates Non-U.S. 20 (935) (0.01) Livestock 20 628 0.00 * Metals 18 (10,714) (0.06) Total futures contracts sold (51,557) (0.31) Net unrealized appreciation on open futures contracts $ 583,394 3.47 % Unrealized Appreciation on Open Forward Contracts Currencies $3,096,931 $ 141,550 0.84 % Metals 21 19,602 0.12 Total unrealized appreciation on open forward contracts 161,152 0.96 Unrealized Depreciation on Open Forward Contracts Currencies $728,096 (3,946) (0.02) Metals 21 (45,846) (0.27) Total unrealized depreciation on open forward contracts (49,792) (0.29) Net unrealized appreciation on open forward contracts $ 111,360 0.67 % * Due to rounding Rabar Master Fund L. P. Condensed Schedule of Investments December 31, 2015 Notional ($)/Number % of Partners’ of Contracts Fair Value Capital Futures Contracts Purchased Currencies 43 $ 18,890 0.10 % Energy 3 1,730 0.01 Grains 20 (6,256) (0.03) Indices 40 (13,822) (0.07) Interest Rates U.S. 3 (4,969) (0.03) Interest Rates Non-U.S. 190 16,623 0.09 Livestock 10 1,880 0.01 Metals 1 (2,960) (0.02) Softs 87 (17,087) (0.09) Total futures contracts purchased (5,971) (0.03) Futures Contracts Sold Currencies 35 48,572 0.25 Indices 9 3,592 0.02 Interest Rates U.S. 27 (2,625) (0.02) Interest Rates Non-U.S. 110 (530) (0.00) * Livestock 7 (12,145) (0.06) Metals 72 (10,366) (0.05) Softs 21 (349) (0.00) * Total futures contracts sold 26,149 0.14 Net unrealized appreciation on open futures contracts $ 20,178 0.11 % Unrealized Appreciation on Open Forward Contracts Currencies $ 4,358,723 $ 69,575 0.36 % Metals 3 3,906 0.02 Total unrealized appreciation on open forward contracts 73,481 0.38 Unrealized Depreciation on Open Forward Contracts Currencies $ 2,196,032 (45,651) (0.24) Metals 43 (49,319) (0.26) Total unrealized depreciation on open forward contracts (94,970) (0.50) Net unrealized depreciation on open forward contracts $ (21,489) (0.12) % U.S. Government Securities % of Partners’ Face Amount Maturity Date Description Fair Value Capital $10,250,000 3/3/2016 U.S. Treasury bills, 0.015% (Amortized cost of $10,249,398) $ 10,248,341 53.43 % * 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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 Investment Income: Interest income $ 6,376 $ 376 $ 13,381 $ 843 Expenses: Clearing fees 22,368 32,781 37,438 62,876 Professional fees 20,520 23,310 41,044 55,893 Total expenses 42,888 56,091 78,482 118,769 Net investment income (loss) (36,512) (55,715) (65,101) (117,926) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (79,127) (1,617,525) 221,956 (602,577) Net change in unrealized gains (losses) on open contracts 593,369 114,223 694,832 (391,609) Total trading results 514,242 (1,503,302) 916,788 (994,186) Net income (loss) 477,730 (1,559,017) 851,687 (1,112,112) Subscriptions - 88,000 - 644,330 Redemptions (1,162,999) (1,488,781) (3,151,051) (2,702,903) Distributions of interest income to feeder fund (5,818) (376) (9,965) (843) Net increase (decrease) in Partners’ Capital (691,087) (2,960,174) (2,309,329) (3,171,528) Partners’ Capital, beginning of period 17,562,302 26,262,984 19,180,544 26,474,338 Partners’ Capital, end of period $ 16,871,215 $ 23,302,810 $ 16,871,215 $ 23,302,810 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 30.08 $ (68.88) $ 50.58 $ (46.04) Net investment loss (17.12) (18.98) (33.77) (40.40) Increase (decrease) for the period 12.96 (87.86) 16.81 (86.44) Net asset value per Redeemable Unit, beginning of period 965.56 1,172.45 961.71 1,171.03 Net asset value per Redeemable Unit, end of period $ 978.52 $ 1,084.59 $ 978.52 $ 1,084.59 Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (7.2) % (6.8) % (7.0) % (7.1) % Operating expenses 7.3 % 6.8 % 7.2 % 7.1 % Incentive fees - % - % - % - % Total expenses 7.3 % 6.8 % 7.2 % 7.1 % Total return: Total return before incentive fees 1.3 % (7.5) % 1.7 % (7.4) % Incentive fees - % - % - % - % Total return after incentive fees 1.3 % (7.5) % 1.7 % (7.4) % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (other than incentive fees). *** 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 partners’ capital of the Partnership and includes the income and expenses allocated from the Master. Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (0.9) % (0.9) % (0.7) % (0.9) % Operating expenses 1.0 % 0.9 % 0.9 % 0.9 % Total return 2.9 % (6.0) % 4.9 % (4.5) % * Annualized. ** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Brokers and Dealers [Abstract] | |
Summary of Valuation of Master's Investments | 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 June 30, 2016 and December 31, 2015, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ June 30, 2016 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 726,745 $ (143,351) $ 583,394 $ - $ - $ 583,394 Forwards 161,152 (49,792) 111,360 - - 111,360 Total assets $ 887,897 $ (193,143) $ 694,754 $ - $ - $ 694,754 Liabilities Futures $ (143,351) $ 143,351 $ - $ - $ - $ - Forwards (49,792) 49,792 - - - - Total liabilities $ (193,143) $ 193,143 $ - $ - $ - $ - Net fair value $ 694,754 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2015 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 157,979 $ (137,801) $ 20,178 $ - $ - $ 20,178 Forwards 73,481 (73,481) - - - - Total assets $ 231,460 $ (211,282) $ 20,178 $ - $ - $ 20,178 Liabilities Futures $ (137,801) $ 137,801 $ - $ - $ - $ - Forwards (94,970) 73,481 (21,489) - - (21,489) Total liabilities $ (232,771) $ 211,282 $ (21,489) $ - $ - $ (21,489) Net fair value $ (1,311) * * 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 and/or U.S. Treasury bills 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 in 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 June 30, 2016, and December 31, 2015. June 30, 2016 Assets Futures Contracts Currencies $ 28,885 Energy 11,943 Grains 55,845 Indices 21,123 Interest Rates U.S. 155,633 Interest Rates Non-U.S. 233,298 Livestock 10,340 Metals 141,847 Softs 67,831 Total unrealized appreciation on open futures contracts 726,745 Liabilities Futures Contracts Currencies (15,012) Energy (28,256) Grains (14,375) Indices (23,275) Interest Rates U.S. (1,688) Interest Rates Non-U.S. (3,812) Livestock (9,712) Metals (39,661) Softs (7,560) Total unrealized depreciation on open futures contracts (143,351) Net unrealized appreciation on open futures contracts $ 583,394 * Assets Forward Contracts Currencies $ 141,550 Metals 19,602 Total unrealized appreciation on open forward contracts 161,152 Liabilities Forward Contracts Currencies (3,946) Metals (45,846) Total unrealized depreciation on open forward contracts (49,792) Net unrealized appreciation on open forward contracts $ 111,360 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Master’s Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Currencies $ 70,795 Energy 2,050 Indices 17,362 Interest Rates U.S. 906 Interest Rates Non-U.S. 42,819 Livestock 3,890 Metals 8,210 Softs 11,947 Total unrealized appreciation on open futures contracts 157,979 Liabilities Futures Contracts Currencies (3,333) Energy (320) Grains (6,256) Indices (27,592) Interest Rates U.S. (8,500) Interest Rates Non-U.S. (26,726) Livestock (14,155) Metals (21,536) Softs (29,383) Total unrealized depreciation on open futures contracts (137,801) Net unrealized appreciation on open futures contracts $ 20,178 * Assets Forward Contracts Currencies $ 69,575 Metals 3,906 Total unrealized appreciation on open forward contracts 73,481 Liabilities Forward Contracts Currencies (45,651) Metals (49,319) Total unrealized depreciation on open forward contracts (94,970) Net unrealized depreciation on open forward contracts $ (21,489) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Master’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Master’s Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following table indicates the Master’s trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2016 and 2015. Three Months Ended June 30, Six Months Ended June 30, Sector 2016 2015 2016 2015 Currencies $ (21,871) $ (125,714) $ 74,563 $ (320,394) Energy (86,849) (161,444) (99,345) (208,072) Grains 378,614 302,962 383,678 (71,032) Indices (253,024) (338,836) (411,685) 163,602 Interest Rates U.S. 186,617 (152,478) 399,703 99,248 Interest Rates non-U.S. 425,511 (635,730) 997,184 (53,209) Livestock 18,413 (59,542) 8,155 9,747 Metals (138,491) (373,167) (370,361) (409,897) Softs 5,322 40,647 (65,104) (204,179) Total $ 514,242 * $ (1,503,302) * $ 916,788 * $ (994,186) * * This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partner’s Capital. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | June 30, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 726,745 $ 726,745 $ - $ - Forwards 161,152 19,602 141,550 - Total assets $ 887,897 $ 746,347 $ 141,550 $ - Liabilities Futures $ 143,351 $ 143,351 $ - $ - Forwards 49,792 45,846 3,946 - Total liabilities $ 193,143 $ 189,197 $ 3,946 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets Futures $ 157,979 $ 157,979 $ - $ - Forwards 73,481 3,906 69,575 - U.S. Treasury bills 10,248,341 - 10,248,341 - Total assets $ 10,479,801 $ 161,885 $ 10,317,916 $ - Liabilities Futures $ 137,801 $ 137,801 $ - $ - Forwards 94,970 49,319 45,651 - Total liabilities $ 232,771 $ 187,120 $ 45,651 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2016 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Maximum number of units sold by Limited Partnership | 0 | 0 | |
Percentage of Partnership owned | 100.00% | 100.00% | |
Morgan Stanley Wealth Management [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ongoing selling agent fee | 2.00% | ||
Rabar Master Fund L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Partnership purchased in cash | $ 31,143,887 |
Basis of Presentation and Sum19
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash denominated in foreign currencies | $ 41,151 | $ 50,189 |
Cash denominated in foreign currencies, proceeds | $ 51,168 | |
Cash denominated in foreign currencies, cost | 41,405 | |
Provision for income tax | $ 0 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 | |
Equity in trading account: | |||
Investment in U.S. Treasury bills, at fair value (amortized cost $0, and $10,249,398 at June 30, 2016 and December 31, 2015, respectively) | [1] | $ 16,873,378 | $ 19,181,327 |
Cash at MS&Co. | 87,456 | 110,752 | |
Cash at bank | 607 | ||
Total assets | 16,961,441 | 19,292,079 | |
Accrued expenses: | |||
Professional fees | 103,569 | 122,669 | |
Total liabilities | 261,194 | 1,138,479 | |
Partners' Capital: | |||
General Partner | 242,905 | 238,732 | |
Limited Partner | 16,457,342 | 17,914,868 | |
Total liabilities and partners' capital | 16,961,441 | 19,292,079 | |
Futures [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation (depreciation) on open contracts | 583,394 | 20,178 | |
Forward Contracts [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation (depreciation) on open contracts | 111,360 | (21,489) | |
Rabar Master Fund L.P. [Member] | |||
Equity in trading account: | |||
Investment in U.S. Treasury bills, at fair value (amortized cost $0, and $10,249,398 at June 30, 2016 and December 31, 2015, respectively) | 10,248,341 | ||
Cash at MS&Co. | 14,702,921 | 7,722,577 | |
Cash margin | 1,502,998 | 1,233,230 | |
Total equity in trading account | 16,900,673 | 19,224,326 | |
Cash at bank | 607 | ||
Total assets | 16,901,280 | 19,224,326 | |
Accrued expenses: | |||
Professional fees | 30,065 | 22,293 | |
Total liabilities | 30,065 | 43,782 | |
Partners' Capital: | |||
General Partner | 0 | 0 | |
Limited Partner | 16,871,215 | 19,180,544 | |
Total liabilities and partners' capital | 16,901,280 | 19,224,326 | |
Rabar Master Fund L.P. [Member] | Futures [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation (depreciation) on open contracts | 583,394 | 20,178 | |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation (depreciation) on open contracts | $ 111,360 | $ (21,489) | |
[1] | Defined in Note 1. |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Parenthetical) (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Rabar Master Fund L.P. [Member] | ||
Condensed Financial Statements, Captions [Line Items] | ||
Investment in U.S. Treasury bills, cost | $ 0 | $ 10,249,398 |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)Derivative | Jun. 30, 2016USD ($)Derivative | ||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | [1] | $ 19,181,327 | $ 16,873,378 |
Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | (21,489) | 111,360 | |
Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | 20,178 | 583,394 | |
Rabar Master Fund L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | 10,248,341 | ||
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ (21,489) | $ 111,360 | |
Percentage of Partners' Capital | (0.12%) | 0.00% | |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation on open futures/forward contracts | $ 3,906 | $ 19,602 | |
Net unrealized depreciation on futures/forward contracts | (49,319) | (45,846) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ 20,178 | $ 583,394 | |
Percentage of Partners' Capital | 0.11% | 3.47% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ (5,971) | $ 634,951 | |
Percentage of Partners' Capital | (0.03%) | 3.78% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 1 | 53 | |
Investment in Master, at fair value | $ (2,960) | $ 112,900 | |
Percentage of Partners' Capital | (0.02%) | 0.67% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 43 | 26 | |
Investment in Master, at fair value | $ 18,890 | $ 16,294 | |
Percentage of Partners' Capital | 0.10% | 0.10% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Energy [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 3 | 28 | |
Investment in Master, at fair value | $ 1,730 | $ 10,230 | |
Percentage of Partners' Capital | 0.01% | 0.06% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Grains [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 20 | 40 | |
Investment in Master, at fair value | $ (6,256) | $ 41,470 | |
Percentage of Partners' Capital | (0.03%) | 0.25% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Indices [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 40 | 24 | |
Investment in Master, at fair value | $ (13,822) | $ 9,420 | |
Percentage of Partners' Capital | (0.07%) | 0.06% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Interest Rates U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 3 | 88 | |
Investment in Master, at fair value | $ (4,969) | $ 153,945 | |
Percentage of Partners' Capital | (0.03%) | 0.91% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Interest Rates Non - U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 190 | 405 | |
Investment in Master, at fair value | $ 16,623 | $ 230,421 | |
Percentage of Partners' Capital | 0.09% | 1.37% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Livestock [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 10 | ||
Investment in Master, at fair value | $ 1,880 | ||
Percentage of Partners' Capital | 0.01% | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | Softs [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 87 | 58 | |
Investment in Master, at fair value | $ (17,087) | $ 60,271 | |
Percentage of Partners' Capital | (0.09%) | 0.36% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ 26,149 | $ (51,557) | |
Percentage of Partners' Capital | 0.14% | (0.31%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 72 | 18 | |
Investment in Master, at fair value | $ (10,366) | $ (10,714) | |
Percentage of Partners' Capital | (0.05%) | (0.06%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 35 | 20 | |
Investment in Master, at fair value | $ 48,572 | $ (2,421) | |
Percentage of Partners' Capital | 0.25% | (0.01%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Energy [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 21 | ||
Investment in Master, at fair value | $ (26,543) | ||
Percentage of Partners' Capital | (0.16%) | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Indices [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 9 | 20 | |
Investment in Master, at fair value | $ 3,592 | $ (11,572) | |
Percentage of Partners' Capital | 0.02% | (0.07%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Interest Rates U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 27 | ||
Investment in Master, at fair value | $ (2,625) | ||
Percentage of Partners' Capital | (0.02%) | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Interest Rates Non - U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 110 | 20 | |
Investment in Master, at fair value | $ (530) | $ (935) | |
Percentage of Partners' Capital | 0.00% | (0.01%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Livestock [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 7 | 20 | |
Investment in Master, at fair value | $ (12,145) | $ 628 | |
Percentage of Partners' Capital | (0.06%) | 0.00% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | Softs [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 21 | ||
Investment in Master, at fair value | $ (349) | ||
Percentage of Partners' Capital | 0.00% | ||
Rabar Master Fund L.P. [Member] | U.S. Treasury bills [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Face Amount | $ 10,250,000 | ||
Investment, Maturity Date | Mar. 3, 2016 | ||
Investment, Fair Value | $ 10,248,341 | ||
Percentage of Partners' Capital | 53.43% | ||
Rabar Master Fund L.P. [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized depreciation on futures/forward contracts | $ (94,970) | $ (49,792) | |
Percentage of Partners' Capital | (0.50%) | (0.29%) | |
Rabar Master Fund L.P. [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 43 | 21 | |
Percentage of Partners' Capital | (0.26%) | (0.27%) | |
Rabar Master Fund L.P. [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Notional | $ 2,196,032 | $ 728,096 | |
Net unrealized depreciation on futures/forward contracts | $ (45,651) | $ (3,946) | |
Percentage of Partners' Capital | (0.24%) | (0.02%) | |
Rabar Master Fund L.P. [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation on open futures/forward contracts | $ 73,481 | $ 161,152 | |
Percentage of Partners' Capital | 0.38% | 0.96% | |
Rabar Master Fund L.P. [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 3 | 21 | |
Percentage of Partners' Capital | 0.02% | 0.12% | |
Rabar Master Fund L.P. [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Notional | $ 4,358,723 | $ 3,096,931 | |
Net unrealized appreciation on open futures/forward contracts | $ 69,575 | $ 141,550 | |
Percentage of Partners' Capital | 0.36% | 0.84% | |
[1] | Defined in Note 1. |
Basis of Presentation and Sum23
Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Parenthetical) (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Jun. 30, 2016 | |
Schedule of Investments [Line Items] | ||
Investment in U.S. Treasury bills, Amortized cost | $ 10,249,398 | $ 0 |
U.S. Treasury bills [Member] | ||
Schedule of Investments [Line Items] | ||
Investment, interest rate | 0.015% | |
Investment in U.S. Treasury bills, Amortized cost | $ 10,249,398 |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses and Changes in Partners' Capital (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment Income: | ||||
Interest income | $ 6,376 | $ 376 | $ 13,381 | $ 843 |
Expenses: | ||||
Professional fees | 51,187 | 53,664 | 102,843 | 134,908 |
Total expenses | 306,599 | 415,285 | 622,553 | 892,492 |
Net investment income (loss) | (300,223) | (414,909) | (609,172) | (891,649) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (79,127) | (1,617,525) | 221,956 | (602,577) |
Net change in unrealized gains (losses) on open contracts | 593,369 | 114,223 | 694,832 | (391,609) |
Total trading results | 514,242 | (1,503,302) | 916,788 | (994,186) |
Net income (loss) | 214,019 | (1,918,211) | 307,616 | (1,885,835) |
Subscriptions | 88,000 | 644,330 | ||
Redemptions | (783,031) | (1,251,377) | (1,760,969) | (1,909,668) |
Net increase (decrease) in Partners' Capital | (569,012) | (3,081,588) | (1,453,353) | (3,151,173) |
Partners' Capital, beginning of period | 17,269,259 | 25,995,055 | 18,153,600 | 26,064,640 |
Partners' Capital, end of period | 16,700,247 | 22,913,467 | 16,700,247 | 22,913,467 |
Rabar Master Fund L.P. [Member] | ||||
Investment Income: | ||||
Interest income | 6,376 | 376 | 13,381 | 843 |
Expenses: | ||||
Clearing fees | 22,368 | 32,781 | 37,438 | 62,876 |
Professional fees | 20,520 | 23,310 | 41,044 | 55,893 |
Total expenses | 42,888 | 56,091 | 78,482 | 118,769 |
Net investment income (loss) | (36,512) | (55,715) | (65,101) | (117,926) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (79,127) | (1,617,525) | 221,956 | (602,577) |
Net change in unrealized gains (losses) on open contracts | 593,369 | 114,223 | 694,832 | (391,609) |
Total trading results | 514,242 | (1,503,302) | 916,788 | (994,186) |
Net income (loss) | 477,730 | (1,559,017) | 851,687 | (1,112,112) |
Subscriptions | 88,000 | 644,330 | ||
Redemptions | (1,162,999) | (1,488,781) | (3,151,051) | (2,702,903) |
Distributions of interest income to feeder fund | (5,818) | (376) | (9,965) | (843) |
Net increase (decrease) in Partners' Capital | (691,087) | (2,960,174) | (2,309,329) | (3,171,528) |
Partners' Capital, beginning of period | 17,562,302 | 26,262,984 | 19,180,544 | 26,474,338 |
Partners' Capital, end of period | $ 16,871,215 | $ 23,302,810 | $ 16,871,215 | $ 23,302,810 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Per Redeemable Unit Performance (for a unit oustanding throughout the period): | ||||
Net asset value per Redeemable Unit, beginning of period | $ 961.71 | |||
Net asset value per Redeemable Unit, end of period | $ 978.52 | $ 1,084.59 | $ 978.52 | $ 1,084.59 |
Rabar Master Fund L.P. [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (0.90%) | (0.90%) | (0.70%) | (0.90%) |
Operating expenses | 1.00% | 0.90% | 0.90% | 0.90% |
Total return | 2.90% | (6.00%) | 4.90% | (4.50%) |
Limited Partner [Member] | ||||
Per Redeemable Unit Performance (for a unit oustanding throughout the period): | ||||
Net realized and unrealized gains (losses) | $ 30.08 | $ (68.88) | $ 50.58 | $ (46.04) |
Net investment loss | (17.12) | (18.98) | (33.77) | (40.40) |
Increase (decrease) for the period | 12.96 | (87.86) | 16.81 | (86.44) |
Net asset value per Redeemable Unit, beginning of period | 965.56 | 1,172.45 | 961.71 | 1,171.03 |
Net asset value per Redeemable Unit, end of period | $ 978.52 | $ 1,084.59 | $ 978.52 | $ 1,084.59 |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (7.20%) | (6.80%) | (7.00%) | (7.10%) |
Operating expenses | 7.30% | 6.80% | 7.20% | 7.10% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses | 7.30% | 6.80% | 7.20% | 7.10% |
Total return: | ||||
Total return before incentive fees | 1.30% | (7.50%) | 1.70% | (7.40%) |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total return after incentive fees | 1.30% | (7.50%) | 1.70% | (7.40%) |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2016USD ($)Contract | Jun. 30, 2015USD ($)Contract | |
Derivative [Line Items] | ||||
Monthly average number of futures contracts traded | 883 | 1,261 | 858 | 1,361 |
Monthly average number of metals forward contracts traded | 72 | 182 | 64 | 143 |
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member] | ||||
Derivative [Line Items] | ||||
Average notional value of currency forward contracts held | $ | $ 7,646,993 | $ 17,019,623 | $ 8,243,960 | $ 16,799,196 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Master's Investments (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 887,897 | $ 231,460 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (193,143) | (211,282) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 694,754 | 20,178 |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 694,754 | 20,178 |
Gross Amounts Recognized, Liabilities | (193,143) | (232,771) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 193,143 | 211,282 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | (21,489) | |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | (21,489) | |
Net fair value | 694,754 | (1,311) |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 726,745 | 157,979 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (143,351) | (137,801) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 583,394 | 20,178 |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 583,394 | 20,178 |
Gross Amounts Recognized, Liabilities | (143,351) | (137,801) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 143,351 | 137,801 |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | 0 | 0 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 161,152 | 73,481 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (49,792) | (73,481) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 111,360 | |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 111,360 | |
Gross Amounts Recognized, Liabilities | (49,792) | (94,970) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 49,792 | 73,481 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | (21,489) | |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | $ 0 | 0 |
Net Amount, Liabilities | $ (21,489) |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Futures [Member] | ||
Derivative [Line Items] | ||
Net unrealized appreciation (depreciation) on open futures and forward contracts | $ 583,394 | $ 20,178 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Net unrealized appreciation (depreciation) on open futures and forward contracts | 111,360 | (21,489) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (143,351) | (137,801) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (15,012) | (3,333) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (28,256) | (320) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (14,375) | (6,256) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (23,275) | (27,592) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (1,688) | (8,500) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (3,812) | (26,726) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (9,712) | (14,155) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (39,661) | (21,536) |
Derivative Financial Instruments, Liabilities [Member] | Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (7,560) | (29,383) |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (49,792) | (94,970) |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (3,946) | (45,651) |
Derivative Financial Instruments, Liabilities [Member] | Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities | (45,846) | (49,319) |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 726,745 | 157,979 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 28,885 | 70,795 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 11,943 | 2,050 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 55,845 | |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 21,123 | 17,362 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 155,633 | 906 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 233,298 | 42,819 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 10,340 | 3,890 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 141,847 | 8,210 |
Derivative Financial Instruments, Assets [Member] | Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 67,831 | 11,947 |
Derivative Financial Instruments, Assets [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 161,152 | 73,481 |
Derivative Financial Instruments, Assets [Member] | Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | 141,550 | 69,575 |
Derivative Financial Instruments, Assets [Member] | Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures and forward contracts | $ 19,602 | $ 3,906 |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative [Line Items] | ||||
Trading gains and losses | $ 514,242 | $ (1,503,302) | $ 916,788 | $ (994,186) |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (21,871) | (125,714) | 74,563 | (320,394) |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (86,849) | (161,444) | (99,345) | (208,072) |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 378,614 | 302,962 | 383,678 | (71,032) |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (253,024) | (338,836) | (411,685) | 163,602 |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 186,617 | (152,478) | 399,703 | 99,248 |
Interest Rates Non - U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 425,511 | (635,730) | 997,184 | (53,209) |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 18,413 | (59,542) | 8,155 | 9,747 |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (138,491) | (373,167) | (370,361) | (409,897) |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | $ 5,322 | $ 40,647 | $ (65,104) | $ (204,179) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
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 Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative assets | $ 887,897 | $ 10,479,801 |
Derivative liabilities | 193,143 | 232,771 |
Futures [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 726,745 | 157,979 |
Derivative liabilities | 143,351 | 137,801 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 161,152 | 73,481 |
Derivative liabilities | 49,792 | 94,970 |
U.S. Treasury bills [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 10,248,341 | |
Level 1 [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 746,347 | 161,885 |
Derivative liabilities | 189,197 | 187,120 |
Level 1 [Member] | Futures [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 726,745 | 157,979 |
Derivative liabilities | 143,351 | 137,801 |
Level 1 [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 19,602 | 3,906 |
Derivative liabilities | 45,846 | 49,319 |
Level 2 [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 141,550 | 10,317,916 |
Derivative liabilities | 3,946 | 45,651 |
Level 2 [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative assets | 141,550 | 69,575 |
Derivative liabilities | $ 3,946 | 45,651 |
Level 2 [Member] | U.S. Treasury bills [Member] | ||
Derivative [Line Items] | ||
Derivative assets | $ 10,248,341 |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
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 | 0.30% |
Credit Concentration Risk [Member] | Over the Counter [Member] | Maximum [Member] | |
Fair Value Measurements Disclosure [Line Items] | |
Concentration risk percentage | 16.40% |