Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 11,044.2197 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Assets: | |||
Investment in the Master, at fair value | [1] | $ 9,800,346 | $ 12,822,628 |
Cash at MS&Co. | 77,849 | 103,670 | |
Cash at bank | 631 | 217 | |
Total assets | 9,878,826 | 12,926,515 | |
Accrued expenses: | |||
Ongoing selling agent fees | 16,465 | 21,544 | |
Management fees | 16,299 | 21,310 | |
General Partner fees | 8,149 | 10,655 | |
Professional fees | 82,983 | 118,929 | |
Redemptions payable to General Partner | 14,999 | ||
Redemptions payable to Limited Partners | 44,163 | 119,829 | |
Total liabilities | 168,059 | 307,266 | |
Partners' Capital: | |||
General Partner, 129.0669 and 151.7109 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively | 111,081 | 139,555 | |
Limited Partners, 11,154.0527 and 13,566.7717 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively | 9,599,686 | 12,479,694 | |
Total partners' capital (net asset value) | 9,710,767 | 12,619,249 | |
Total liabilities and partners' capital | $ 9,878,826 | $ 12,926,515 | |
Net asset value per Redeemable Unit | $ 860.65 | $ 919.87 | |
[1] | Defined in Note 1. |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
General Partner Redeemable Units outstanding | 129.0669 | 151.7109 |
Limited Partners Redeemable Units outstanding | 11,154.0527 | 13,566.7717 |
Statements of Income and Expens
Statements of Income and Expenses and Changes in Partners' Capital - USD ($) | Total | General Partner [Member] | Limited Partners [Member] | |
Net gains (losses) on investment in the Master: | ||||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 961.71 | |||
Interest income allocated from the Master | $ 20,413 | |||
Expenses allocated from the Master | 121,453 | |||
Ongoing selling agent fees | 257,880 | |||
Management fees | 255,902 | |||
General Partner fees | 127,950 | |||
Professional fees | 153,803 | |||
Total expenses | 916,988 | |||
Net investment loss | (896,575) | |||
Net realized gains (losses) on closed contracts allocated from the Master | 51,816 | |||
Net change in unrealized gains (losses) on open contracts allocated from the Master | 430,229 | |||
Total trading results | 482,045 | |||
Net income (loss) | (414,530) | |||
Redemptions | $ (75,000) | $ (3,392,075) | ||
Net increase (decrease) in Partners' Capital | (3,881,605) | |||
Partners' Capital, beginning of period at Dec. 31, 2015 | 18,153,600 | |||
Partners' Capital, end of period at Sep. 30, 2016 | $ 14,271,995 | |||
Net gains (losses) on investment in the Master: | ||||
Net income (loss) per Redeemable Unit | [1] | $ (26.79) | ||
Weighted average Redeemable Units outstanding | 17,544.6955 | |||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 978.52 | |||
Interest income allocated from the Master | $ 7,032 | |||
Expenses allocated from the Master | 42,971 | |||
Ongoing selling agent fees | 80,599 | |||
Management fees | 79,937 | |||
General Partner fees | 39,968 | |||
Professional fees | 50,960 | |||
Total expenses | 294,435 | |||
Net investment loss | (287,403) | |||
Net realized gains (losses) on closed contracts allocated from the Master | (170,140) | |||
Net change in unrealized gains (losses) on open contracts allocated from the Master | (264,603) | |||
Total trading results | (434,743) | |||
Net income (loss) | (722,146) | |||
Redemptions | (75,000) | $ (1,631,106) | ||
Net increase (decrease) in Partners' Capital | (2,428,252) | |||
Partners' Capital, beginning of period at Jun. 30, 2016 | 16,700,247 | |||
Partners' Capital, end of period at Sep. 30, 2016 | $ 14,271,995 | |||
Net gains (losses) on investment in the Master: | ||||
Net income (loss) per Redeemable Unit | [1] | $ (43.60) | ||
Weighted average Redeemable Units outstanding | 16,556.3369 | |||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 934.92 | $ 934.92 | ||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 919.87 | $ 919.87 | ||
Interest income allocated from the Master | $ 47,696 | |||
Expenses allocated from the Master | 125,909 | |||
Ongoing selling agent fees | 170,241 | |||
Management fees | 168,140 | |||
General Partner fees | 84,070 | |||
Professional fees | 74,792 | |||
Total expenses | 623,152 | |||
Net investment loss | (575,456) | |||
Net realized gains (losses) on closed contracts allocated from the Master | (44,365) | |||
Net change in unrealized gains (losses) on open contracts allocated from the Master | (124,099) | |||
Total trading results | (168,464) | |||
Net income (loss) | (743,920) | |||
Redemptions | $ (20,000) | $ (2,144,562) | ||
Net increase (decrease) in Partners' Capital | (2,908,482) | |||
Partners' Capital, beginning of period at Dec. 31, 2016 | 12,619,249 | |||
Partners' Capital, end of period at Sep. 30, 2017 | $ 9,710,767 | |||
Net gains (losses) on investment in the Master: | ||||
Net income (loss) per Redeemable Unit | [1] | $ (59.22) | ||
Weighted average Redeemable Units outstanding | 12,608.7889 | |||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 883.24 | |||
Interest income allocated from the Master | $ 19,187 | |||
Expenses allocated from the Master | 22,713 | |||
Ongoing selling agent fees | 52,552 | |||
Management fees | 51,953 | |||
General Partner fees | 25,977 | |||
Professional fees | 15,103 | |||
Total expenses | 168,298 | |||
Net investment loss | (149,111) | |||
Net realized gains (losses) on closed contracts allocated from the Master | (42,210) | |||
Net change in unrealized gains (losses) on open contracts allocated from the Master | (60,304) | |||
Total trading results | (102,514) | |||
Net income (loss) | (251,625) | |||
Redemptions | $ (821,537) | |||
Net increase (decrease) in Partners' Capital | (1,073,162) | |||
Partners' Capital, beginning of period at Jun. 30, 2017 | 10,783,929 | |||
Partners' Capital, end of period at Sep. 30, 2017 | $ 9,710,767 | |||
Net gains (losses) on investment in the Master: | ||||
Net income (loss) per Redeemable Unit | [1] | $ (22.59) | ||
Weighted average Redeemable Units outstanding | 11,802.2349 | |||
Net asset value per Redeemable Unit (11,283.1196 and 15,265.4236 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) | $ 860.65 | $ 860.65 | ||
[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 | Sep. 30, 2017 | Sep. 30, 2016 |
Income Statement [Abstract] | ||
Net asset value per Redeemable Unit outstanding | 11,283.1196 | 15,265.4236 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2017 | |
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, options on futures, forwards, options on forwards, 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. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD 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 January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by Rabar Market Research Inc. (“Rabar” or the “Advisor”). During the reporting periods ended September 30, 2017 and 2016, 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 non-trading 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 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. 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. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017. As of September 30, 2017 and December 31, 2016, the Partnership owned approximately 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, swap 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 with 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 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, the execution of transactions as well as exchange, clearing, user, give-up, 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 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 | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2017 and 2016. 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 10-K”) 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. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investment. Master’s Investments. first-in, first-out Master’s Cash. Income Taxes “Income Taxes,” “more-likely-than-not” more-likely-than-not Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” 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 The Master’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2017 and December 31, 2016 and Statements of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2017 and 2016, are presented below: Rabar Master Fund L.P. Statements of Financial Condition September 30, December 31, 2017 2016 (Unaudited) Assets: Equity in trading account: Unrestricted cash $ 8,154,018 $ 10,578,857 Restricted cash 1,643,628 2,097,376 Net unrealized appreciation on open futures contracts 96,808 283,716 Total equity in trading account 9,894,454 12,959,949 Cash at bank 631 217 Total assets $ 9,895,085 $ 12,960,166 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ 54,425 $ 116,774 Accrued expenses: Professional fees 46,188 23,890 Total liabilities 100,613 140,664 Partners’ Capital: General Partner - - Limited Partners 9,794,472 12,819,502 Total partners’ capital (net asset value) 9,794,472 12,819,502 Total liabilities and partners’ capital $ 9,895,085 $ 12,960,166 Rabar Master Fund L.P. Condensed Schedule of Investments September 30, 2017 (Unaudited) Notional ($)/ Number of Contracts Fair Value % of Partners’ Futures Contracts Purchased Currencies 59 $ (31,741 ) (0.32 ) % Energy 68 (427 ) (0.00 ) * Grains 15 (8,065 ) (0.08 ) Indices 135 149,327 1.52 Interest Rates Non-U.S. 76 (4,363 ) (0.04 ) Livestock 31 (9,595 ) (0.10 ) Metals 48 (31,903 ) (0.33 ) Total futures contracts purchased 63,233 0.65 Futures Contracts Sold Currencies 6 (7,542 ) (0.08 ) Energy 19 2,399 0.02 Interest Rates U.S. 9 (484 ) (0.00 ) * Interest Rates Non-U.S. 150 21,591 0.22 Metals 1 705 0.01 Softs 68 16,906 0.17 Total futures contracts sold 33,575 0.34 Net unrealized appreciation on open futures contracts $ 96,808 0.99 % Unrealized Appreciation on Open Forward Contracts Metals 14 $ 36,134 0.37 % Total unrealized appreciation on open forward contracts 36,134 0.37 Unrealized Depreciation on Open Forward Contracts Metals 29 (90,559 ) (0.93 ) Total unrealized depreciation on open forward contracts (90,559 ) (0.93 ) Net unrealized depreciation on open forward contracts $ (54,425) (0.56 ) % * Due to rounding Rabar Master Fund L.P. Condensed Schedule of Investments December 31, 2016 Notional ($)/ Number of Contracts Fair Value % of Partners’ Futures Contracts Purchased Currencies 12 $ 15,468 0.12 % Energy 77 98,103 0.77 Grains 136 (14,053 ) (0.11 ) Indices 146 101,018 0.78 Interest Rates Non-U.S. 187 20,765 0.16 Livestock 22 11,100 0.09 Metals 16 (15,575 ) (0.12 ) Softs 73 (337 ) (0.00 ) * Total futures contracts purchased 216,489 1.69 Futures Contracts Sold Currencies 34 27,304 0.21 Interest Rates U.S. 18 6,617 0.05 Interest Rates Non-U.S. 184 (4,831 ) (0.04 ) Livestock 1 (250 ) (0.00 ) * Metals 12 (724 ) (0.01 ) Softs 19 39,111 0.31 Total futures contracts sold 67,227 0.52 Net unrealized appreciation on open futures contracts $ 283,716 2.21 % Unrealized Appreciation on Open Forward Contracts Currencies $ 1,191,326 $ 10,297 0.08 % Metals 4 10,102 0.08 Total unrealized appreciation on open forward contracts 20,399 0.16 Unrealized Depreciation on Open Forward Contracts Currencies $ 2,218,684 (26,628 ) (0.21 ) Metals 42 (110,545 ) (0.86 ) Total unrealized depreciation on open forward contracts (137,173 ) (1.07 ) Net unrealized depreciation on open forward contracts $ (116,774 ) (0.91 ) % * Due to rounding Rabar Master Fund L.P. Statements of Income and Expenses and Changes in Partners’ Capital (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Investment Income: Interest income $ 19,187 $ 7,032 $ 47,696 $ 20,413 Expenses: Clearing fees 21,268 22,867 63,571 60,305 Professional fees 1,445 20,104 62,338 61,148 Total expenses 22,713 42,971 125,909 121,453 Net investment loss (3,526 ) (35,939 ) (78,213 ) (101,040 ) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (42,210 ) (170,140 ) (44,365 ) 51,816 Net change in unrealized gains (losses) on open contracts (60,304 ) (264,603 ) (124,099 ) 430,229 Total trading results (102,514 ) (434,743 ) (168,464 ) 482,045 Net income (loss) (106,040 ) (470,682 ) (246,677 ) 381,005 Redemptions (1,109,297 ) (1,609,975 ) (2,730,657 ) (4,761,026 ) Distribution of interest income to feeder fund (19,187 ) (7,032 ) (47,696 ) (16,997 ) Net increase (decrease) in Partners’ Capital (1,234,524 ) (2,087,689 ) (3,025,030 ) (4,397,018 ) Partners’ Capital, beginning of period 11,028,996 16,871,215 12,819,502 19,180,544 Partners’ Capital, end of period $ 9,794,472 $ 14,783,526 $ 9,794,472 $ 14,783,526 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2017 | |
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, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (9.96 ) $ (26.24 ) $ (13.58 ) $ 24.31 Net investment loss (12.63 ) (17.36 ) (45.64 ) (51.10 ) Increase (decrease) for the period (22.59 ) (43.60 ) (59.22 ) (26.79 ) Net asset value per Redeemable Unit, beginning of period 883.24 978.52 919.87 961.71 Net asset value per Redeemable Unit, end of period $ 860.65 $ 934.92 $ 860.65 $ 934.92 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.8 ) % (7.3 ) % (6.9 ) % (7.1 ) % Operating expense 6.5 % 7.5 % 7.5 % 7.3 % Incentive fees - % - % - % - % Total expenses 6.5 % 7.5 % 7.5 % 7.3 % Total return: Total return before incentive fees (2.6 ) % (4.5 ) % (6.4 ) % (2.8 ) % Incentive fees - % - % - % - % Total return after incentive fees (2.6 ) % (4.5 ) % (6.4 ) % (2.8 ) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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 include 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 nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (0.1 ) % (0.9 ) % (0.9 ) % (0.8 ) % Operating expenses 0.9 % 1.1 % 1.5 % 0.9 % Total return (1.2 ) % (2.9 ) % (2.2 ) % 1.9 % * 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 | 9 Months Ended |
Sep. 30, 2017 | |
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 interests. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata 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 Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and 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 and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Master’s limited partners, including 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, 2017 and 2016 were 716 and 976, respectively. The monthly average number of futures contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 777 and 897, respectively. The monthly average number of metals forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were 57 and 86, respectively. The monthly average number of metals forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were 54 and 72, respectively. The monthly average notional value of currency forward contracts traded by the Master during the three months ended September 30, 2017 and 2016 were $7,363,500 and $6,178,632, respectively. The monthly average notional value of currency forward contracts traded by the Master during the nine months ended September 30, 2017 and 2016 were $7,929,234 and $7,555,517, 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, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Cash Collateral Assets Futures $ 308,610 $ (211,802 ) $ 96,808 $ - $ - $ 96,808 Forwards 36,134 (36,134 ) - - - - Total assets $ 344,744 $ (247,936 ) $ 96,808 $ - $ - $ 96,808 Liabilities Futures $ (211,802) $ 211,802 $ - $ - $ - $ - Forwards (90,559 ) 36,134 (54,425 ) - - (54,425) Total liabilities $ (302,361 ) $ 247,936 $ (54,425 ) $ - $ - $ (54,425) Net fair value $ 42,383 * Gross Amounts Amounts Gross Amounts Not Offset in the December 31, 2016 Gross Amounts Statements of Statements of Financial Cash Collateral Net Amount Assets Futures $ 387,769 $ (104,053 ) $ 283,716 $ - $ - $ 283,716 Forwards 20,399 (20,399 ) - - - - Total assets $ 408,168 $ (124,452 ) $ 283,716 $ - $ - $ 283,716 Liabilities Futures $ (104,053) $ 104,053 $ - $ - $ - $ - Forwards (137,173 ) 20,399 (116,774 ) - - (116,774) Total liabilities $ (241,226 ) $ 124,452 $ (116,774 ) $ - $ - $ (116,774) Net fair value $ 166,942 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s non-exchange-traded 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, 2017, and December 31, 2016, respectively. September 30, Assets Futures Contracts Currencies $ 11,838 Energy 54,954 Grains 160 Indices 151,988 Interest Rates U.S. 109 Interest Rates Non-U.S. 25,749 Livestock 34,100 Metals 4,993 Softs 24,719 Total unrealized appreciation on open futures contracts 308,610 Liabilities Futures Contracts Currencies (51,121 ) Energy (52,982 ) Grains (8,225 ) Indices (2,661 ) Interest Rates U.S. (593 ) Interest Rates Non-U.S. (8,521 ) Livestock (43,695 ) Metals (36,191 ) Softs (7,813 ) Total unrealized depreciation on open futures contracts (211,802 ) Net unrealized appreciation on open futures contracts $ 96,808 * Assets Forward Contracts Metals $ 36,134 Total unrealized appreciation on open forward contracts 36,134 Liabilities Forward Contracts Metals (90,559 ) Total unrealized depreciation on open forward contracts (90,559 ) Net unrealized depreciation on open forward contracts $ (54,425 ) ** * 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. December 31, Assets Futures Contracts Currencies $ 49,993 Energy 100,333 Grains 9,358 Indices 121,663 Interest Rates U.S. 10,016 Interest Rates Non-U.S. 30,238 Livestock 13,220 Metals 5,283 Softs 47,665 Total unrealized appreciation on open futures contracts 387,769 Liabilities Futures Contracts Currencies (7,221 ) Energy (2,230 ) Grains (23,411 ) Indices (20,645 ) Interest Rates U.S. (3,399 ) Interest Rates Non-U.S. (14,304 ) Livestock (2,370 ) Metals (21,582 ) Softs (8,891 ) Total unrealized depreciation on open futures contracts (104,053 ) Net unrealized appreciation on open futures contracts $ 283,716 * Assets Forward Contracts Currencies $ 10,297 Metals 10,102 Total unrealized appreciation on open forward contracts 20,399 Liabilities Forward Contracts Currencies (26,628 ) Metals (110,545 ) Total unrealized depreciation on open forward contracts (137,173 ) Net unrealized depreciation on open forward contracts $ (116,774 ) ** * 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 nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended September 30, September 30, Sector 2017 2016 2017 2016 Currencies $ 21,451 $ (183,278 ) $ (354,603 ) $ (108,715 ) Energy 15,808 (49,244 ) (531,131 ) (148,589 ) Grains (113,722 ) (201,932 ) (79,347 ) 181,746 Indices 164,928 37,169 997,950 (374,516 ) Interest Rates U.S. (67,320 ) (133,797 ) (133,117 ) 624,493 Interest Rates Non-U.S. (37,398 ) (4,120 ) (194,299 ) 634,477 Livestock (142,448 ) 244,505 113,882 252,660 Metals 196,896 (185,559 ) (103,016 ) (555,920 ) Softs (140,709 ) 41,513 115,217 (23,591 ) Total $ (102,514 ) * ** $ (434,743 ) * ** $ (168,464 ) * ** $ 482,045 * ** *** This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
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 The Master considers prices for exchange-traded commodity futures, forward, swap 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 September 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 308,610 $ 308,610 $ - $ - Forwards 36,134 36,134 - - Total assets $ 344,744 $ 344,744 $ - $ - Liabilities Futures $ 211,802 $ 211,802 $ - $ - Forwards 90,559 90,559 - - Total liabilities $ 302,361 $ 302,361 $ - $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 387,769 $ 387,769 $ - $ - Forwards 20,399 10,102 10,297 - Total assets $ 408,168 $ 397,871 $ 10,297 $ - Liabilities Futures $ 104,053 $ 104,053 $ - $ - Forwards 137,173 110,545 26,628 - Total liabilities $ 241,226 $ 214,598 $ 26,628 $ - |
Financial Instrument Risks
Financial Instrument Risks | 9 Months Ended |
Sep. 30, 2017 | |
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 over-the-counter Futures Contracts Forward Foreign Currency Contracts London Metals Exchange Forward Contracts 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 held 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 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/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 mitigate 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 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. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Master’s business, these instruments may not be held to maturity. In the ordinary course of business, the Master enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Master’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Master. The Master considers the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued 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) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates. |
Profit Allocation | Profit Allocation. |
Statement of Cash Flows | Statement of Cash Flows. “Statement of Cash Flows.” |
Partnership's Investment | Partnership’s Investment. |
Master's Investments | Master’s Investments. first-in, first-out |
Master's Cash | Master’s Cash. |
Income Taxes | Income Taxes “Income Taxes,” “more-likely-than-not” more-likely-than-not |
Investment Company Status | Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” |
Net Income (Loss) per Redeemable Unit | Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” |
Basis of Presentation and Sum14
Basis of Presentation and Summary of Significant Accounting Policies (Tables) - Rabar Master Fund L.P. [Member] | 9 Months Ended |
Sep. 30, 2017 | |
Statements of Financial Condition | Rabar Master Fund L.P. Statements of Financial Condition September 30, December 31, 2017 2016 (Unaudited) Assets: Equity in trading account: Unrestricted cash $ 8,154,018 $ 10,578,857 Restricted cash 1,643,628 2,097,376 Net unrealized appreciation on open futures contracts 96,808 283,716 Total equity in trading account 9,894,454 12,959,949 Cash at bank 631 217 Total assets $ 9,895,085 $ 12,960,166 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ 54,425 $ 116,774 Accrued expenses: Professional fees 46,188 23,890 Total liabilities 100,613 140,664 Partners’ Capital: General Partner - - Limited Partners 9,794,472 12,819,502 Total partners’ capital (net asset value) 9,794,472 12,819,502 Total liabilities and partners’ capital $ 9,895,085 $ 12,960,166 |
Condensed Schedule of Investments | Rabar Master Fund L.P. Condensed Schedule of Investments September 30, 2017 (Unaudited) Notional ($)/ Number of Contracts Fair Value % of Partners’ Futures Contracts Purchased Currencies 59 $ (31,741 ) (0.32 ) % Energy 68 (427 ) (0.00 ) * Grains 15 (8,065 ) (0.08 ) Indices 135 149,327 1.52 Interest Rates Non-U.S. 76 (4,363 ) (0.04 ) Livestock 31 (9,595 ) (0.10 ) Metals 48 (31,903 ) (0.33 ) Total futures contracts purchased 63,233 0.65 Futures Contracts Sold Currencies 6 (7,542 ) (0.08 ) Energy 19 2,399 0.02 Interest Rates U.S. 9 (484 ) (0.00 ) * Interest Rates Non-U.S. 150 21,591 0.22 Metals 1 705 0.01 Softs 68 16,906 0.17 Total futures contracts sold 33,575 0.34 Net unrealized appreciation on open futures contracts $ 96,808 0.99 % Unrealized Appreciation on Open Forward Contracts Metals 14 $ 36,134 0.37 % Total unrealized appreciation on open forward contracts 36,134 0.37 Unrealized Depreciation on Open Forward Contracts Metals 29 (90,559 ) (0.93 ) Total unrealized depreciation on open forward contracts (90,559 ) (0.93 ) Net unrealized depreciation on open forward contracts $ (54,425) (0.56 ) % * Due to rounding Rabar Master Fund L.P. Condensed Schedule of Investments December 31, 2016 Notional ($)/ Number of Contracts Fair Value % of Partners’ Futures Contracts Purchased Currencies 12 $ 15,468 0.12 % Energy 77 98,103 0.77 Grains 136 (14,053 ) (0.11 ) Indices 146 101,018 0.78 Interest Rates Non-U.S. 187 20,765 0.16 Livestock 22 11,100 0.09 Metals 16 (15,575 ) (0.12 ) Softs 73 (337 ) (0.00 ) * Total futures contracts purchased 216,489 1.69 Futures Contracts Sold Currencies 34 27,304 0.21 Interest Rates U.S. 18 6,617 0.05 Interest Rates Non-U.S. 184 (4,831 ) (0.04 ) Livestock 1 (250 ) (0.00 ) * Metals 12 (724 ) (0.01 ) Softs 19 39,111 0.31 Total futures contracts sold 67,227 0.52 Net unrealized appreciation on open futures contracts $ 283,716 2.21 % Unrealized Appreciation on Open Forward Contracts Currencies $ 1,191,326 $ 10,297 0.08 % Metals 4 10,102 0.08 Total unrealized appreciation on open forward contracts 20,399 0.16 Unrealized Depreciation on Open Forward Contracts Currencies $ 2,218,684 (26,628 ) (0.21 ) Metals 42 (110,545 ) (0.86 ) Total unrealized depreciation on open forward contracts (137,173 ) (1.07 ) Net unrealized depreciation on open forward contracts $ (116,774 ) (0.91 ) % * 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Investment Income: Interest income $ 19,187 $ 7,032 $ 47,696 $ 20,413 Expenses: Clearing fees 21,268 22,867 63,571 60,305 Professional fees 1,445 20,104 62,338 61,148 Total expenses 22,713 42,971 125,909 121,453 Net investment loss (3,526 ) (35,939 ) (78,213 ) (101,040 ) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (42,210 ) (170,140 ) (44,365 ) 51,816 Net change in unrealized gains (losses) on open contracts (60,304 ) (264,603 ) (124,099 ) 430,229 Total trading results (102,514 ) (434,743 ) (168,464 ) 482,045 Net income (loss) (106,040 ) (470,682 ) (246,677 ) 381,005 Redemptions (1,109,297 ) (1,609,975 ) (2,730,657 ) (4,761,026 ) Distribution of interest income to feeder fund (19,187 ) (7,032 ) (47,696 ) (16,997 ) Net increase (decrease) in Partners’ Capital (1,234,524 ) (2,087,689 ) (3,025,030 ) (4,397,018 ) Partners’ Capital, beginning of period 11,028,996 16,871,215 12,819,502 19,180,544 Partners’ Capital, end of period $ 9,794,472 $ 14,783,526 $ 9,794,472 $ 14,783,526 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Financial Highlights | Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (9.96 ) $ (26.24 ) $ (13.58 ) $ 24.31 Net investment loss (12.63 ) (17.36 ) (45.64 ) (51.10 ) Increase (decrease) for the period (22.59 ) (43.60 ) (59.22 ) (26.79 ) Net asset value per Redeemable Unit, beginning of period 883.24 978.52 919.87 961.71 Net asset value per Redeemable Unit, end of period $ 860.65 $ 934.92 $ 860.65 $ 934.92 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.8 ) % (7.3 ) % (6.9 ) % (7.1 ) % Operating expense 6.5 % 7.5 % 7.5 % 7.3 % Incentive fees - % - % - % - % Total expenses 6.5 % 7.5 % 7.5 % 7.3 % Total return: Total return before incentive fees (2.6 ) % (4.5 ) % (6.4 ) % (2.8 ) % Incentive fees - % - % - % - % Total return after incentive fees (2.6 ) % (4.5 ) % (6.4 ) % (2.8 ) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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. |
Rabar Master Fund L.P. [Member] | |
Financial Highlights | Financial Highlights of the Master: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: * Net investment loss ** (0.1 ) % (0.9 ) % (0.9 ) % (0.8 ) % Operating expenses 0.9 % 1.1 % 1.5 % 0.9 % Total return (1.2 ) % (2.9 ) % (2.2 ) % 1.9 % * Annualized. ** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) - Rabar Master Fund L.P. [Member] | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Cash Collateral Assets Futures $ 308,610 $ (211,802 ) $ 96,808 $ - $ - $ 96,808 Forwards 36,134 (36,134 ) - - - - Total assets $ 344,744 $ (247,936 ) $ 96,808 $ - $ - $ 96,808 Liabilities Futures $ (211,802) $ 211,802 $ - $ - $ - $ - Forwards (90,559 ) 36,134 (54,425 ) - - (54,425) Total liabilities $ (302,361 ) $ 247,936 $ (54,425 ) $ - $ - $ (54,425) Net fair value $ 42,383 * Gross Amounts Amounts Gross Amounts Not Offset in the December 31, 2016 Gross Amounts Statements of Statements of Financial Cash Collateral Net Amount Assets Futures $ 387,769 $ (104,053 ) $ 283,716 $ - $ - $ 283,716 Forwards 20,399 (20,399 ) - - - - Total assets $ 408,168 $ (124,452 ) $ 283,716 $ - $ - $ 283,716 Liabilities Futures $ (104,053) $ 104,053 $ - $ - $ - $ - Forwards (137,173 ) 20,399 (116,774 ) - - (116,774) Total liabilities $ (241,226 ) $ 124,452 $ (116,774 ) $ - $ - $ (116,774) Net fair value $ 166,942 * * In the event of default by the Master, MS&Co., the Master’s commodity futures broker and the sole counterparty to the Master’s non-exchange-traded |
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, 2017, and December 31, 2016, respectively. September 30, Assets Futures Contracts Currencies $ 11,838 Energy 54,954 Grains 160 Indices 151,988 Interest Rates U.S. 109 Interest Rates Non-U.S. 25,749 Livestock 34,100 Metals 4,993 Softs 24,719 Total unrealized appreciation on open futures contracts 308,610 Liabilities Futures Contracts Currencies (51,121 ) Energy (52,982 ) Grains (8,225 ) Indices (2,661 ) Interest Rates U.S. (593 ) Interest Rates Non-U.S. (8,521 ) Livestock (43,695 ) Metals (36,191 ) Softs (7,813 ) Total unrealized depreciation on open futures contracts (211,802 ) Net unrealized appreciation on open futures contracts $ 96,808 * Assets Forward Contracts Metals $ 36,134 Total unrealized appreciation on open forward contracts 36,134 Liabilities Forward Contracts Metals (90,559 ) Total unrealized depreciation on open forward contracts (90,559 ) Net unrealized depreciation on open forward contracts $ (54,425 ) ** * 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. December 31, Assets Futures Contracts Currencies $ 49,993 Energy 100,333 Grains 9,358 Indices 121,663 Interest Rates U.S. 10,016 Interest Rates Non-U.S. 30,238 Livestock 13,220 Metals 5,283 Softs 47,665 Total unrealized appreciation on open futures contracts 387,769 Liabilities Futures Contracts Currencies (7,221 ) Energy (2,230 ) Grains (23,411 ) Indices (20,645 ) Interest Rates U.S. (3,399 ) Interest Rates Non-U.S. (14,304 ) Livestock (2,370 ) Metals (21,582 ) Softs (8,891 ) Total unrealized depreciation on open futures contracts (104,053 ) Net unrealized appreciation on open futures contracts $ 283,716 * Assets Forward Contracts Currencies $ 10,297 Metals 10,102 Total unrealized appreciation on open forward contracts 20,399 Liabilities Forward Contracts Currencies (26,628 ) Metals (110,545 ) Total unrealized depreciation on open forward contracts (137,173 ) Net unrealized depreciation on open forward contracts $ (116,774 ) ** * 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 nine months ended September 30, 2017 and 2016. Three Months Ended Nine Months Ended September 30, September 30, Sector 2017 2016 2017 2016 Currencies $ 21,451 $ (183,278 ) $ (354,603 ) $ (108,715 ) Energy 15,808 (49,244 ) (531,131 ) (148,589 ) Grains (113,722 ) (201,932 ) (79,347 ) 181,746 Indices 164,928 37,169 997,950 (374,516 ) Interest Rates U.S. (67,320 ) (133,797 ) (133,117 ) 624,493 Interest Rates Non-U.S. (37,398 ) (4,120 ) (194,299 ) 634,477 Livestock (142,448 ) 244,505 113,882 252,660 Metals 196,896 (185,559 ) (103,016 ) (555,920 ) Softs (140,709 ) 41,513 115,217 (23,591 ) Total $ (102,514 ) * ** $ (434,743 ) * ** $ (168,464 ) * ** $ 482,045 * ** *** This amount is in “Total trading results” in the Master’s Statements of Income and Expenses and Changes in Partners’ Capital. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Rabar Master Fund L.P. [Member] | |
Derivative Instrument Fair Value Based on Hierarchy | September 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 308,610 $ 308,610 $ - $ - Forwards 36,134 36,134 - - Total assets $ 344,744 $ 344,744 $ - $ - Liabilities Futures $ 211,802 $ 211,802 $ - $ - Forwards 90,559 90,559 - - Total liabilities $ 302,361 $ 302,361 $ - $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 387,769 $ 387,769 $ - $ - Forwards 20,399 10,102 10,297 - Total assets $ 408,168 $ 397,871 $ 10,297 $ - Liabilities Futures $ 104,053 $ 104,053 $ - $ - Forwards 137,173 110,545 26,628 - Total liabilities $ 241,226 $ 214,598 $ 26,628 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2017 |
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] | |||
Percentage of Partnership owned | 100.00% | 100.00% |
Basis of Presentation and Sum19
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Cash denominated in foreign currencies | $ 123,418 | $ 59,053 |
Cash denominated in foreign currencies, proceeds | 123,669 | |
Cost of foreign currencies | $ 59,262 | |
Uncertain tax position | $ 0 | |
Earliest Tax Year [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Open tax year | 2,013 | |
Latest Tax Year [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Open tax year | 2,016 |
Basis of Presentation and Sum20
Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Equity in trading account: | ||||||
Cash at bank | $ 631 | $ 217 | ||||
Total assets | 9,878,826 | 12,926,515 | ||||
Accrued expenses: | ||||||
Professional fees | 82,983 | 118,929 | ||||
Total liabilities | 168,059 | 307,266 | ||||
Partners' Capital: | ||||||
General Partner | 111,081 | 139,555 | ||||
Limited Partners | 9,599,686 | 12,479,694 | ||||
Total partners' capital (net asset value) | 9,710,767 | $ 10,783,929 | 12,619,249 | $ 14,271,995 | $ 16,700,247 | $ 18,153,600 |
Total liabilities and partners' capital | 9,878,826 | 12,926,515 | ||||
Rabar Master Fund L.P. [Member] | ||||||
Equity in trading account: | ||||||
Unrestricted cash | 8,154,018 | 10,578,857 | ||||
Restricted cash | 1,643,628 | 2,097,376 | ||||
Net unrealized appreciation on open contracts | 96,808 | 283,716 | ||||
Total equity in trading account | 9,894,454 | 12,959,949 | ||||
Cash at bank | 631 | 217 | ||||
Total assets | 9,895,085 | 12,960,166 | ||||
Liabilities: | ||||||
Net unrealized depreciation on open forward contracts | 54,425 | 116,774 | ||||
Accrued expenses: | ||||||
Professional fees | 46,188 | 23,890 | ||||
Total liabilities | 100,613 | 140,664 | ||||
Partners' Capital: | ||||||
General Partner | 0 | 0 | ||||
Limited Partners | 9,794,472 | 12,819,502 | ||||
Total partners' capital (net asset value) | 9,794,472 | $ 11,028,996 | 12,819,502 | $ 14,783,526 | $ 16,871,215 | $ 19,180,544 |
Total liabilities and partners' capital | 9,895,085 | 12,960,166 | ||||
Rabar Master Fund L.P. [Member] | Futures [Member] | ||||||
Equity in trading account: | ||||||
Net unrealized appreciation on open contracts | 96,808 | 283,716 | ||||
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ||||||
Liabilities: | ||||||
Net unrealized depreciation on open forward contracts | $ 54,425 | $ 116,774 |
Basis of Presentation and Sum21
Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedule of Investments (Detail) | Sep. 30, 2017USD ($)Derivative | Dec. 31, 2016USD ($)Derivative | |
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | [1] | $ 9,800,346 | $ 12,822,628 |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ (54,425) | $ (116,774) | |
Percentage of Partners' Capital | (0.56%) | (0.91%) | |
Total unrealized appreciation on open contracts | $ 36,134 | $ 20,399 | |
Total unrealized depreciation on open contracts | (90,559) | (137,173) | |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Notional | 1,191,326 | ||
Total unrealized appreciation on open contracts | 10,297 | ||
Notional | 2,218,684 | ||
Total unrealized depreciation on open contracts | (26,628) | ||
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | 36,134 | 10,102 | |
Total unrealized depreciation on open contracts | (90,559) | (110,545) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 96,808 | $ 283,716 | |
Percentage of Partners' Capital | 0.99% | 2.21% | |
Total unrealized appreciation on open contracts | $ 308,610 | $ 387,769 | |
Total unrealized depreciation on open contracts | (211,802) | (104,053) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ 63,233 | $ 216,489 | |
Percentage of Partners' Capital | 0.65% | 1.69% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Investment in Master, at fair value | $ 33,575 | $ 67,227 | |
Percentage of Partners' Capital | 0.34% | 0.52% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 11,838 | $ 49,993 | |
Total unrealized depreciation on open contracts | $ (51,121) | $ (7,221) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 59 | 12 | |
Investment in Master, at fair value | $ (31,741) | $ 15,468 | |
Percentage of Partners' Capital | (0.32%) | 0.12% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Currencies [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 6 | 34 | |
Investment in Master, at fair value | $ (7,542) | $ 27,304 | |
Percentage of Partners' Capital | (0.08%) | 0.21% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Grains [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 160 | $ 9,358 | |
Total unrealized depreciation on open contracts | $ (8,225) | $ (23,411) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Grains [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 15 | 136 | |
Investment in Master, at fair value | $ (8,065) | $ (14,053) | |
Percentage of Partners' Capital | (0.08%) | (0.11%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Indices [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 151,988 | $ 121,663 | |
Total unrealized depreciation on open contracts | $ (2,661) | $ (20,645) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Indices [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 135 | 146 | |
Investment in Master, at fair value | $ 149,327 | $ 101,018 | |
Percentage of Partners' Capital | 1.52% | 0.78% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 25,749 | $ 30,238 | |
Total unrealized depreciation on open contracts | $ (8,521) | $ (14,304) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 76 | 187 | |
Investment in Master, at fair value | $ (4,363) | $ 20,765 | |
Percentage of Partners' Capital | (0.04%) | 0.16% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates Non - U.S. [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 150 | 184 | |
Investment in Master, at fair value | $ 21,591 | $ (4,831) | |
Percentage of Partners' Capital | 0.22% | (0.04%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 34,100 | $ 13,220 | |
Total unrealized depreciation on open contracts | $ (43,695) | $ (2,370) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 31 | 22 | |
Investment in Master, at fair value | $ (9,595) | $ 11,100 | |
Percentage of Partners' Capital | (0.10%) | 0.09% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Livestock [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 1 | ||
Investment in Master, at fair value | $ (250) | ||
Percentage of Partners' Capital | 0.00% | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 4,993 | $ 5,283 | |
Total unrealized depreciation on open contracts | $ (36,191) | $ (21,582) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 48 | 16 | |
Investment in Master, at fair value | $ (31,903) | $ (15,575) | |
Percentage of Partners' Capital | (0.33%) | (0.12%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Metals [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 1 | 12 | |
Investment in Master, at fair value | $ 705 | $ (724) | |
Percentage of Partners' Capital | 0.01% | (0.01%) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 54,954 | $ 100,333 | |
Total unrealized depreciation on open contracts | $ (52,982) | $ (2,230) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 68 | 77 | |
Investment in Master, at fair value | $ (427) | $ 98,103 | |
Percentage of Partners' Capital | 0.00% | 0.77% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Energy [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 19 | ||
Investment in Master, at fair value | $ 2,399 | ||
Percentage of Partners' Capital | 0.02% | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates U.S. [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 109 | $ 10,016 | |
Total unrealized depreciation on open contracts | $ (593) | $ (3,399) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Interest Rates U.S. [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 9 | 18 | |
Investment in Master, at fair value | $ (484) | $ 6,617 | |
Percentage of Partners' Capital | 0.00% | 0.05% | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 24,719 | $ 47,665 | |
Total unrealized depreciation on open contracts | $ (7,813) | $ (8,891) | |
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member] | Contracts Purchased [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 73 | ||
Investment in Master, at fair value | $ (337) | ||
Percentage of Partners' Capital | 0.00% | ||
Rabar Master Fund L.P. [Member] | Futures [Member] | Softs [Member] | Contracts Sold [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 68 | 19 | |
Investment in Master, at fair value | $ 16,906 | $ 39,111 | |
Percentage of Partners' Capital | 0.17% | 0.31% | |
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | 0.37% | 0.16% | |
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | 0.08% | ||
Rabar Master Fund L.P. [Member] | Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 14 | 4 | |
Percentage of Partners' Capital | 0.37% | 0.08% | |
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | (0.93%) | (1.07%) | |
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | (0.21%) | ||
Rabar Master Fund L.P. [Member] | Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 29 | 42 | |
Percentage of Partners' Capital | (0.93%) | (0.86%) | |
[1] | Defined in Note 1. |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investment Income: | ||||
Interest income | $ 19,187 | $ 7,032 | $ 47,696 | $ 20,413 |
Expenses: | ||||
Professional fees | 15,103 | 50,960 | 74,792 | 153,803 |
Total expenses | 168,298 | 294,435 | 623,152 | 916,988 |
Net investment loss | (149,111) | (287,403) | (575,456) | (896,575) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (42,210) | (170,140) | (44,365) | 51,816 |
Net change in unrealized gains (losses) on open contracts | (60,304) | (264,603) | (124,099) | 430,229 |
Total trading results | (102,514) | (434,743) | (168,464) | 482,045 |
Net income (loss) | (251,625) | (722,146) | (743,920) | (414,530) |
Net increase (decrease) in Partners' Capital | (1,073,162) | (2,428,252) | (2,908,482) | (3,881,605) |
Partners' Capital, beginning of period | 10,783,929 | 16,700,247 | 12,619,249 | 18,153,600 |
Partners' Capital, end of period | 9,710,767 | 14,271,995 | 9,710,767 | 14,271,995 |
Rabar Master Fund L.P. [Member] | ||||
Investment Income: | ||||
Interest income | 19,187 | 7,032 | 47,696 | 20,413 |
Expenses: | ||||
Clearing fees | 21,268 | 22,867 | 63,571 | 60,305 |
Professional fees | 1,445 | 20,104 | 62,338 | 61,148 |
Total expenses | 22,713 | 42,971 | 125,909 | 121,453 |
Net investment loss | (3,526) | (35,939) | (78,213) | (101,040) |
Net gains (losses) on trading of commodity interests: | ||||
Net realized gains (losses) on closed contracts | (42,210) | (170,140) | (44,365) | 51,816 |
Net change in unrealized gains (losses) on open contracts | (60,304) | (264,603) | (124,099) | 430,229 |
Total trading results | (102,514) | (434,743) | (168,464) | 482,045 |
Net income (loss) | (106,040) | (470,682) | (246,677) | 381,005 |
Redemptions | (1,109,297) | (1,609,975) | (2,730,657) | (4,761,026) |
Distribution of interest income to feeder fund | (19,187) | (7,032) | (47,696) | (16,997) |
Net increase (decrease) in Partners' Capital | (1,234,524) | (2,087,689) | (3,025,030) | (4,397,018) |
Partners' Capital, beginning of period | 11,028,996 | 16,871,215 | 12,819,502 | 19,180,544 |
Partners' Capital, end of period | $ 9,794,472 | $ 14,783,526 | $ 9,794,472 | $ 14,783,526 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net asset value per Redeemable Unit, beginning of period | $ 919.87 | |||
Net asset value per Redeemable Unit, end of period | $ 860.65 | $ 934.92 | $ 860.65 | $ 934.92 |
Rabar Master Fund L.P. [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (0.10%) | (0.90%) | (0.90%) | (0.80%) |
Operating expenses | 0.90% | 1.10% | 1.50% | 0.90% |
Total return | (1.20%) | (2.90%) | (2.20%) | 1.90% |
Limited Partners [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | $ (9.96) | $ (26.24) | $ (13.58) | $ 24.31 |
Net investment loss | (12.63) | (17.36) | (45.64) | (51.10) |
Increase (decrease) for the period | (22.59) | (43.60) | (59.22) | (26.79) |
Net asset value per Redeemable Unit, beginning of period | 883.24 | 978.52 | 919.87 | 961.71 |
Net asset value per Redeemable Unit, end of period | $ 860.65 | $ 934.92 | $ 860.65 | $ 934.92 |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (5.80%) | (7.30%) | (6.90%) | (7.10%) |
Operating expenses | 6.50% | 7.50% | 7.50% | 7.30% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses | 6.50% | 7.50% | 7.50% | 7.30% |
Total return: | ||||
Total return before incentive fees | (2.60%) | (4.50%) | (6.40%) | (2.80%) |
Incentive fees | (0.00%) | (0.00%) | (0.00%) | (0.00%) |
Total return after incentive fees | (2.60%) | (4.50%) | (6.40%) | (2.80%) |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - Rabar Master Fund L.P. [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($)Contract | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Monthly average number of futures contracts traded | 716 | 976 | 777 | 897 |
Monthly average number of metals forward contracts traded | 57 | 86 | 54 | 72 |
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average notional values of currency forward contracts | $ | $ 7,363,500 | $ 6,178,632 | $ 7,929,234 | $ 7,555,517 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Master's Investments (Detail) - Rabar Master Fund L.P. [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 344,744 | $ 408,168 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (247,936) | (124,452) |
Amounts Presented in the Statements of Financial Condition, Assets | 96,808 | 283,716 |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 96,808 | 283,716 |
Gross Amounts Recognized, Liabilities | (302,361) | (241,226) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 247,936 | 124,452 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (54,425) | (116,774) |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | (54,425) | (116,774) |
Net fair value | 42,383 | 166,942 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 308,610 | 387,769 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (211,802) | (104,053) |
Amounts Presented in the Statements of Financial Condition, Assets | 96,808 | 283,716 |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 96,808 | 283,716 |
Gross Amounts Recognized, Liabilities | (211,802) | (104,053) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 211,802 | 104,053 |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | 0 | 0 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 36,134 | 20,399 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (36,134) | (20,399) |
Financial Instruments, Assets | 0 | 0 |
Cash Collateral Received/Pledged, Assets | 0 | 0 |
Gross Amounts Recognized, Liabilities | (90,559) | (137,173) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 36,134 | 20,399 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (54,425) | (116,774) |
Financial Instruments, Liabilities | 0 | 0 |
Cash Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | $ (54,425) | $ (116,774) |
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, 2017 | Dec. 31, 2016 |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 308,610 | $ 387,769 |
Total unrealized depreciation on open contracts | (211,802) | (104,053) |
Net unrealized appreciation (depreciation) on open contracts | 96,808 | 283,716 |
Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 11,838 | 49,993 |
Total unrealized depreciation on open contracts | (51,121) | (7,221) |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 54,954 | 100,333 |
Total unrealized depreciation on open contracts | (52,982) | (2,230) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 160 | 9,358 |
Total unrealized depreciation on open contracts | (8,225) | (23,411) |
Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 151,988 | 121,663 |
Total unrealized depreciation on open contracts | (2,661) | (20,645) |
Futures [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 109 | 10,016 |
Total unrealized depreciation on open contracts | (593) | (3,399) |
Futures [Member] | Interest Rates Non - U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 25,749 | 30,238 |
Total unrealized depreciation on open contracts | (8,521) | (14,304) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 34,100 | 13,220 |
Total unrealized depreciation on open contracts | (43,695) | (2,370) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 4,993 | 5,283 |
Total unrealized depreciation on open contracts | (36,191) | (21,582) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 24,719 | 47,665 |
Total unrealized depreciation on open contracts | (7,813) | (8,891) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 36,134 | 20,399 |
Total unrealized depreciation on open contracts | (90,559) | (137,173) |
Net unrealized appreciation (depreciation) on open contracts | (54,425) | (116,774) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 10,297 | |
Total unrealized depreciation on open contracts | (26,628) | |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 36,134 | 10,102 |
Total unrealized depreciation on open contracts | $ (90,559) | $ (110,545) |
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, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative [Line Items] | ||||
Trading gains and losses | $ (102,514) | $ (434,743) | $ (168,464) | $ 482,045 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 21,451 | (183,278) | (354,603) | (108,715) |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 15,808 | (49,244) | (531,131) | (148,589) |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (113,722) | (201,932) | (79,347) | 181,746 |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 164,928 | 37,169 | 997,950 | (374,516) |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (67,320) | (133,797) | (133,117) | 624,493 |
Interest Rates Non - U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (37,398) | (4,120) | (194,299) | 634,477 |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (142,448) | 244,505 | 113,882 | 252,660 |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 196,896 | (185,559) | (103,016) | (555,920) |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | $ (140,709) | $ 41,513 | $ 115,217 | $ (23,591) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
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) - Rabar Master Fund L.P. [Member] - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 344,744 | $ 408,168 |
Derivative liabilities | 302,361 | 241,226 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 308,610 | 387,769 |
Derivative liabilities | 211,802 | 104,053 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 36,134 | 20,399 |
Derivative liabilities | 90,559 | 137,173 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 344,744 | 397,871 |
Derivative liabilities | 302,361 | 214,598 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 308,610 | 387,769 |
Derivative liabilities | 211,802 | 104,053 |
Level 1 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 36,134 | 10,102 |
Derivative liabilities | $ 90,559 | 110,545 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 10,297 | |
Derivative liabilities | 26,628 | |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 10,297 | |
Derivative liabilities | $ 26,628 |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2017 | |
Concentration Risk [Line Items] | |
Financial instruments maturity period | 1 year |
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Minimum [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 0.00% |
Credit Concentration Risk [Member] | Master's Contracts [Member] | Over the Counter [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 13.90% |