Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY & COMMODITY L.P. |
Entity Central Index Key | '0001097396 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 2,573,614.98 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
STATEMENTS_OF_FINANCIAL_CONDIT
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Investments | $18,926,751 | $17,030,434 |
Trading Equity: | ' | ' |
Cash | 0 | 6,788,072 |
Net unrealized gain on open contracts (MS&Co.) | 0 | 43,205 |
Total Trading Equity | 18,926,751 | 23,861,711 |
Interest receivable (MS&Co.) | 142 | 710 |
Total Assets | 18,926,893 | 23,862,421 |
Liabilities: | ' | ' |
Redemptions payable | 268,416 | 422,017 |
Accrued brokerage fees (MS&Co.) | 73,357 | 90,602 |
Accrued management fees | 27,330 | 36,617 |
Total Liabilities | 369,103 | 549,236 |
Partners' Capital: | ' | ' |
Limited Partners (2,573,614.985 and 3,043,048.335 Units, respectively) | 18,302,702 | 23,041,527 |
General Partner (35,877.343 and 35,877.343 Units, respectively) | 255,088 | 271,658 |
Total Partners' Capital | 18,557,790 | 23,313,185 |
Total Liabilities and Partners' Capital | 18,926,893 | 23,862,421 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $7.11 | $7.57 |
Cambridge Master Fund [Member] | ' | ' |
ASSETS | ' | ' |
Investments | 10,824,362 | 6,920,831 |
KR Master Fund [Member] | ' | ' |
ASSETS | ' | ' |
Investments | $8,102,389 | $10,109,603 |
STATEMENTS_OF_FINANCIAL_CONDIT1
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
STATEMENTS OF FINANCIAL CONDITION (Unaudited) [Abstract] | ' | ' |
Limited Partners, Units (in units) | 2,573,614.98 | 3,043,048.33 |
General Partner, Units (in units) | 35,877.34 | 35,877.34 |
CONDENSED_SCHEDULE_OF_INVESTME
CONDENSED SCHEDULE OF INVESTMENTS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Investment Holdings [Line Items] | ' | ' |
Net unrealized gain on open contracts | $0 | $43,205 |
Percentage of Partners' Capital (in hundredths) | ' | 0.19% |
Unrealized currency gain | 0 | 1,833 |
Unrealized currency gain percentage of Partners' Capital (in hundredths) | ' | 0.01% |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Net unrealized gain on open contracts | 0 | 5,545 |
Percentage of Partners' Capital (in hundredths) | ' | 0.02% |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Net unrealized gain on open contracts | 0 | 5,545 |
Percentage of Partners' Capital (in hundredths) | ' | 0.02% |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Net unrealized gain on open contracts | 0 | 35,827 |
Percentage of Partners' Capital (in hundredths) | ' | 0.16% |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Net unrealized gain on open contracts | $0 | $35,827 |
Percentage of Partners' Capital (in hundredths) | ' | 0.16% |
STATEMENTS_OF_INCOME_AND_EXPEN
STATEMENTS OF INCOME AND EXPENSES (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
INVESTMENT INCOME | ' | ' | ' | ' | ||||
Interest income (MS&Co. & Morgan Stanley Wealth Management) | $1,072 | $5,039 | $6,447 | $12,548 | ||||
EXPENSES | ' | ' | ' | ' | ||||
Brokerage fees (MS&Co.) | 231,562 | 318,607 | 745,132 | 1,061,365 | ||||
Management fees | 86,133 | 129,835 | 286,007 | 432,478 | ||||
Incentive fees | 0 | 0 | 165,296 | 0 | ||||
Total Expenses | 317,695 | 448,442 | 1,196,435 | 1,493,843 | ||||
NET INVESTMENT LOSS | -316,623 | -443,403 | -1,189,988 | -1,481,295 | ||||
Trading profit (loss): | ' | ' | ' | ' | ||||
Net realized | -109,732 | -168,008 | 444,474 | -455,500 | ||||
Net change in unrealized | 109,718 | 127,362 | -43,205 | 182,719 | ||||
Total Trading Results | -1,373,317 | 693,799 | -23,730 | -1,080,116 | ||||
NET INCOME (LOSS) | -1,689,940 | 250,396 | -1,213,718 | -2,561,411 | ||||
NET INCOME (LOSS) ALLOCATION | ' | ' | ' | ' | ||||
Limited Partners | -1,667,493 | 247,126 | -1,197,148 | -2,528,609 | ||||
General Partner | -22,447 | 3,270 | -16,570 | -32,802 | ||||
NET INCOME (LOSS) PER UNIT | ' | ' | ' | ' | ||||
Limited Partners (in dollars per unit) | ($0.63) | [1] | $0.07 | [1] | ($0.46) | [1] | ($0.67) | [1] |
General Partner (in dollars per unit) | ($0.63) | [1] | $0.07 | [1] | ($0.46) | [1] | ($0.67) | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 2,694,442.18 | 3,467,451 | 2,847,592.93 | 3,711,953.19 | ||||
Cambridge Master Fund [Member] | ' | ' | ' | ' | ||||
Trading profit (loss): | ' | ' | ' | ' | ||||
Net realized gain (loss) on investment | -1,269,753 | 0 | 286,885 | 0 | ||||
Net change in unrealized appreciation (depreciation) on investment | -49,372 | 0 | -178,159 | 0 | ||||
KR Master Fund [Member] | ' | ' | ' | ' | ||||
Trading profit (loss): | ' | ' | ' | ' | ||||
Net realized gain (loss) on investment | -87,100 | 810,662 | -283,163 | 250,819 | ||||
Net change in unrealized appreciation (depreciation) on investment | 32,922 | -339,193 | -250,562 | -184,954 | ||||
FL Master Fund [Member] | ' | ' | ' | ' | ||||
Trading profit (loss): | ' | ' | ' | ' | ||||
Net realized gain (loss) on investment | 0 | -114,312 | 0 | -1,545,644 | ||||
Net change in unrealized appreciation (depreciation) on investment | $0 | $377,288 | $0 | $672,444 | ||||
[1] | Based on change in net asset value per Unit. |
STATEMENTS_OF_CHANGES_IN_PARTN
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) (USD $) | Limited Partners [Member] | General Partner [Member] | Total |
Balance at Dec. 31, 2011 | $34,396,076 | $418,228 | $34,814,304 |
Balance (in units) at Dec. 31, 2011 | ' | ' | 4,032,291.40 |
Increase/(decrease) in Partners' Capital [Roll Forward] | ' | ' | ' |
Net Loss | -2,528,609 | -32,802 | -2,561,411 |
Redemptions | -6,126,823 | -100,001 | -6,226,824 |
Redemptions (in units) | ' | ' | -760,864.10 |
Balance at Sep. 30, 2012 | 25,740,644 | 285,425 | 26,026,069 |
Balance (in units) at Sep. 30, 2012 | ' | ' | 3,271,427.31 |
Balance at Dec. 31, 2012 | 23,041,527 | 271,658 | 23,313,185 |
Balance (in units) at Dec. 31, 2012 | ' | ' | 3,078,925.68 |
Increase/(decrease) in Partners' Capital [Roll Forward] | ' | ' | ' |
Net Loss | -1,197,148 | -16,570 | -1,213,718 |
Redemptions | -3,541,677 | 0 | -3,541,677 |
Redemptions (in units) | ' | ' | -469,433.35 |
Balance at Sep. 30, 2013 | $18,302,702 | $255,088 | $18,557,790 |
Balance (in units) at Sep. 30, 2013 | ' | ' | 2,609,492.33 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2013 | |
Organization [Abstract] | ' |
Organization | ' |
1. Organization | |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 4. Financial Instruments). The Partnership is one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Select L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley Smith Barney Spectrum Technical L.P. (collectively, the “Spectrum Series”). | |
Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is wholly-owned indirectly by Morgan Stanley. Prior to June 2013, Citigroup Inc. was the indirect minority owner of MSSBH. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). This entity, where the Partnership continues to maintain a cash account, previously acted as a non-clearing commodity broker for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSSBH. | |
The clearing commodity broker is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of options on foreign currency forward contracts. MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley. The trading advisors to the Partnership are The Cambridge Strategy (Assets Management) Limited (“Cambridge”) and Krom River Investment Management (Cayman) Limited (together with its affiliate, Krom River Trading AG, “Krom River”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). | |
Cambridge and Krom River manage the assets of the Partnership through its investments in Cambridge Master Fund L.P. (“Cambridge Master Fund”) and KR Master Fund L.P. (“KR Master Fund”), respectively. Ceres is a general partner to Cambridge Master Fund and KR Master Fund. |
Financial_Highlights
Financial Highlights | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Highlights [Abstract] | ' | ||||||||||||||||
Financial Highlights | ' | ||||||||||||||||
2. Financial Highlights | |||||||||||||||||
Financial Highlights for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Per Unit operating performance: | |||||||||||||||||
Net asset value at the beginning of the period: | $ | 7.74 | $ | 7.89 | $ | 7.57 | $ | 8.63 | |||||||||
Interest Income | – | (3) | – | (3) | – | (3) | – | (3) | |||||||||
Expenses | (0.12 | ) | (0.13 | ) | (0.42 | ) | (0.41 | ) | |||||||||
Realized/Unrealized Income (Loss) (1) | (0.51 | ) | 0.2 | (0.04 | ) | (0.26 | ) | ||||||||||
Net Income (Loss) | (0.63 | ) | 0.07 | (0.46 | ) | (0.67 | ) | ||||||||||
Net asset value, September 30: | $ | 7.11 | $ | 7.96 | $ | 7.11 | $ | 7.96 | |||||||||
Ratios to average net assets: | |||||||||||||||||
Net Investment Loss (2) | (6.5 | )% | (6.5 | )% | (7.3 | )% | (6.7 | )% | |||||||||
Expenses before Incentive Fees (2) | 6.6 | % | 6.6 | % | 6.5 | % | 6.7 | % | |||||||||
Expenses after Incentive Fees (2) | 6.6 | % | 6.6 | % | 7.3 | % | 6.7 | % | |||||||||
Net Income (Loss) (2) | (34.9 | )% | 3.7 | % | (7.4 | )% | (18.1 | )% | |||||||||
Total return before incentive fees | (8.1 | )% | 0.9 | % | (5.3 | )% | (8.6 | )% | |||||||||
Total return after incentive fees | (8.1 | )% | 0.9 | % | (6.1 | )% | (8.6 | )% | |||||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||||||
-2 | Annualized (except for incentive fees if applicable). | ||||||||||||||||
-3 | Amounts less than $0.005 per Unit. | ||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
3. Related Party Transactions | |
The Partnership’s cash is on deposit in commodity brokerage accounts with Morgan Stanley. Monthly, MS&Co. pays the Partnership interest income on 100% of the average daily equity maintained in cash in | |
the Partnership’s account during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid by MS&Co. to the Partnership. For purposes of such interest payments, net assets do not include monies due to the Partnership on Futures Interests that have not been received. The Partnership pays brokerage fees to MS&Co. |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||
4. Financial Instruments | |||||||||||||||||||
The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized” trading profit (loss), “Net change in unrealized appreciation (depreciation) on investment in KR Master Fund”, “Net change in unrealized depreciation on investment in Cambridge Master Fund” and “Net change in unrealized appreciation on investments in FL Master Fund” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures 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.) of 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. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. | |||||||||||||||||||
The Partnership may invest in affiliated underlying master funds (“Master Funds”). The Partnership records its investments in Master Funds at fair value on the basis of the net asset value of the Master Funds as of the Partnership’s reporting date. | |||||||||||||||||||
The Partnership may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying assets at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount. | |||||||||||||||||||
Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition and are subsequently adjusted to fair values. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss within the Statements of Income and Expenses. | |||||||||||||||||||
The fair value of exchange-traded contracts is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The fair value of off-exchange-traded contracts is based on the fair value quoted by the counterparty. | |||||||||||||||||||
The Partnership’s contracts are accounted for on a trade-date basis. The Partnership accounts for its derivative investments as described in Note 5. Derivatives and Hedging as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”). A derivative is defined as a financial instrument or other contract that has all three of the following characteristics: | |||||||||||||||||||
1) | a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both; | ||||||||||||||||||
2) | Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and | ||||||||||||||||||
3) | Terms that require or permit net settlement. | ||||||||||||||||||
Generally, derivatives include futures, forward, swaps or options contracts, and other financial instruments with similar characteristics such as caps, floors, and collars. | |||||||||||||||||||
The net unrealized gains on open contracts, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows: | |||||||||||||||||||
Date | Net Unrealized Gains on Open Contracts | Longest Maturities | |||||||||||||||||
Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | |||||||||||||||
$ | $ | $ | |||||||||||||||||
Dec. 31, 2012 | – | 43,205 | 43,205 | – | Feb. 2013 | ||||||||||||||
In general, the risks associated with off-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to an off-exchange-traded contract. The Partnership had credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership traded was limited to the unrealized gains amounts reflected in the Partnership’s Statements of Financial Condition. The net unrealized gains on open contracts are further disclosed by type of contract and corresponding fair value level in Note 6. Fair Value Measurements and Disclosures. | |||||||||||||||||||
The Partnership also had credit risk because MS&Co. and/or MSCG acted as the futures commission merchants or the counterparties with respect to most of the Partnership’s assets. With respect to the Partnership’s off-exchange-traded forward currency contracts and forward currency options contracts, there were no daily settlements of variation in value, nor was there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership was required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership accounts with the counterparty, which was accomplished by daily maintenance of the cash balance in a custody account held at MS&Co. for the benefit of MS&Co. With respect to those off-exchange-traded forward currency contracts, the Partnership was at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. With respect to those off-exchange-traded forward currency options contracts, the Partnership was at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform. The Partnership had a master netting agreement with each counterparty. The primary terms were based on industry standard master agreements. These agreements, which sought to reduce both the Partnership’s and the counterparties’ exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s or MSCG’s bankruptcy or insolvency. | |||||||||||||||||||
The futures, forwards and options traded by the Partnership involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date. | |||||||||||||||||||
Derivatives_and_Hedging
Derivatives and Hedging | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivatives and Hedging [Abstract] | ' | ||||||||||||||||||||||||
Derivatives and Hedging | ' | ||||||||||||||||||||||||
5. Derivatives and Hedging | |||||||||||||||||||||||||
The Partnership’s objective was to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors for the Partnership would take speculative positions in Futures Interests where they felt the best profit opportunities existed for their trading strategy. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. | |||||||||||||||||||||||||
On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of accounting principles generally accepted in the United States of America (“U.S. GAAP”) and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnership’s financial statements. | |||||||||||||||||||||||||
As of September 30, 2013, the Partnership held no futures and forward contracts; therefore; there were no net unrealized gains and losses on futures or forward contracts. | |||||||||||||||||||||||||
The following tables summarize the valuation of the Partnership’s investments as of December 31, 2012: | |||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2012: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | – | – | – | ||||||||||||||||||||||
Forwards | 47,414 | (41,869 | ) | 5,545 | |||||||||||||||||||||
Total Assets | 47,414 | (41,869 | ) | 5,545 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | – | – | – | ||||||||||||||||||||||
Forwards | 58,435 | (22,608 | ) | 35,827 | |||||||||||||||||||||
Total Liabilities | 58,435 | (22,608 | ) | 35,827 | |||||||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||||||
Total net unrealized gain on open contracts | 43,205 | ||||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Financial Condition as of September 30, 2013: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long Unrealized | Long Unrealized | Short | Short Unrealized | Net Unrealized | Average number of contracts | |||||||||||||||||||
Gain | Loss | Unrealized | Loss | Gain (Loss) | outstanding | ||||||||||||||||||||
Gain | for the nine months (absolute quantity) | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 1,101 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Option Contracts at Fair Value | $ | Average number of contracts outstanding for the nine months absolute quantity) | |||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long | Long | Short | Short | Net | Average | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | number of | ||||||||||||||||||||
Gain | Loss | Gain | Loss | Gain | contracts | ||||||||||||||||||||
outstanding | |||||||||||||||||||||||||
for the year | |||||||||||||||||||||||||
(absolute | |||||||||||||||||||||||||
quantity) | |||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | 47,414 | (41,869 | ) | 58,435 | (22,608 | ) | 41,372 | 1,498 | |||||||||||||||||
Total | 47,414 | (41,869 | ) | 58,435 | (22,608 | ) | 41,372 | ||||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||||||
Total net unrealized gain on open contracts | 43,205 | ||||||||||||||||||||||||
The following tables summarize the net trading results of the Partnership for the three and nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2013 included in Total Trading Results: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||||||||||
Type of Instrument | $ | $ | |||||||||||||||||||||||
Commodity | (54,747 | ) | (532,816 | ) | |||||||||||||||||||||
Foreign currency | (1,401,841 | ) | 510,918 | ||||||||||||||||||||||
Unrealized currency gain (loss) | 83,271 | (1,832 | ) | ||||||||||||||||||||||
Total | (1,373,317 | ) | (23,730 | ) | |||||||||||||||||||||
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2013: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||||||||||
Trading Results | $ | $ | |||||||||||||||||||||||
Net realized | (109,732 | ) | 444,474 | ||||||||||||||||||||||
Net change in unrealized | 109,718 | (43,205 | ) | ||||||||||||||||||||||
Net realized loss on investment in KR Master Fund | (87,100 | ) | (283,163 | ) | |||||||||||||||||||||
Net realized gain (loss) on investment in Cambridge Master Fund | (1,269,753 | ) | 286,885 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in KR Master Fund | 32,922 | (250,562 | ) | ||||||||||||||||||||||
Net change in unrealized depreciation on investment in Cambridge Master Fund | (49,372 | ) | (178,159 | ) | |||||||||||||||||||||
Total Trading Results | (1,373,317 | ) | (23,730 | ) | |||||||||||||||||||||
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012 included in Total Trading Results: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||||||||||||||||||
Type of Instrument | $ | $ | |||||||||||||||||||||||
Commodity | 682,995 | (887,947 | ) | ||||||||||||||||||||||
Foreign currency | (4,452 | ) | (204,347 | ) | |||||||||||||||||||||
Unrealized currency loss | 15,256 | 12,178 | |||||||||||||||||||||||
Total | 693,799 | (1,080,116 | ) | ||||||||||||||||||||||
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||||||||||||||||||
Trading Results | $ | $ | |||||||||||||||||||||||
Net realized | (168,008 | ) | (455,500 | ) | |||||||||||||||||||||
Net change in unrealized | 127,362 | 182,719 | |||||||||||||||||||||||
Net realized gain on investment in KR Master Fund | 810,662 | 250,819 | |||||||||||||||||||||||
Net realized loss on investment in FL Master Fund | (114,312 | ) | (1,545,644 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in KR Master Fund | 377,288 | 672,444 | |||||||||||||||||||||||
Net change in unrealized appreciation on investment in FL Master Fund | (339,193 | ) | (184,954 | ) | |||||||||||||||||||||
Total Trading Results | 693,799 | (1,080,116 | ) | ||||||||||||||||||||||
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements and Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements and Disclosures | ' | ||||||||||||||||||||
6. Fair Value Measurements and Disclosures | |||||||||||||||||||||
On October 1, 2012, the FASB issued ASU 2012-04, “Technical Corrections and Improvements”, which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures”. When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. The ASU also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments are effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not have a significant impact on the Partnership’s financial statements. | |||||||||||||||||||||
Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 - unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 - inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates and credit risk); and Level 3 - unobservable inputs for the asset or liability (including the Partnership’s own assumptions used in determining the fair value of investments). | |||||||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||||||||||||||||||||
The Partnership’s assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements. | |||||||||||||||||||||
30-Sep-13 | Unadjusted Quoted | Significant | Significant | Total | |||||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Assets | |||||||||||||||||||||
Investment in Cambridge Master Fund | – | 10,824,362 | n/a | 10,824,362 | |||||||||||||||||
Investment in KR Master Fund | – | 8,102,389 | n/a | 8,102,389 | |||||||||||||||||
Total Assets | – | 18,926,751 | n/a | 18,926,751 | |||||||||||||||||
31-Dec-12 | Unadjusted Quoted | Significant Other | Significant | Total | |||||||||||||||||
Prices in Active | Observable Inputs | Unobservable | |||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Assets | |||||||||||||||||||||
Investment in KR Master Fund | – | 10,109,603 | n/a | 10,109,603 | |||||||||||||||||
Investment in Cambridge Master Fund | – | 6,920,831 | n/a | 6,920,831 | |||||||||||||||||
Forwards | – | 105,849 | n/a | 105,849 | |||||||||||||||||
Total Assets | – | 17,136,283 | n/a | 17,136,283 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Forwards | – | 64,477 | n/a | 64,477 | |||||||||||||||||
Total Liabilities | – | 64,477 | n/a | 64,477 | |||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||
*Net fair value | – | 17,071,806 | n/a | 17,073,639 | |||||||||||||||||
*This amount comprises the “Net unrealized gain on open contracts” and “Investment in Cambridge Master Fund” and “Investment in KR Master Fund” on the Statements of Financial Condition. | |||||||||||||||||||||
During the period January 1, 2013 to September 30, 2013, and the twelve months ended December 31, 2012, there were no Level 3 assets and liabilities and there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||||||
Investment in Cambridge Master Fund and KR Master Fund | |||||||||||||||||||||
On November 1, 2012, the assets allocated to Cambridge for trading were invested in the Cambridge Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. Cambridge Master Fund was formed to permit accounts managed now and in the future by Cambridge using Cambridge Asian Markets Alpha Programme to invest together in one trading vehicle. Individual and pooled accounts currently managed by Cambridge, including the Partnership, are permitted to be limited partners of Cambridge Master Fund. The General Partner and Cambridge believe that trading through this structure should provide efficiency and economy in the trading process. | |||||||||||||||||||||
On January 1, 2012, the assets allocated to Flintlock Capital Asset Management, LLC (“Flintlock”) for trading were invested in FL Master Fund L.P. (“FL Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. FL Master Fund was formed to permit accounts managed now or in the future by Flintlock using the 2x Flintlock Commodity Opportunities Partners, LP, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner was also the general partner for FL Master Fund. Individual and pooled accounts managed by Flintlock, including the Partnership, were permitted to be limited partners of FL Master Fund. The General Partner and Flintlock believed that trading through this structure should promote efficiency and economy in the trading process. The Partnership fully redeemed its investment in FL Master Fund effective October 10, 2012. | |||||||||||||||||||||
On January 1, 2012, the assets allocated to Krom River for trading were invested in the KR Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. KR Master Fund was formed in order to permit commodity pools managed now or in the future by Krom River using the Commodity Program at 150% Leverage, a fundamental and technical trading system, to invest together in one trading vehicle. Individual and pooled accounts currently managed by Krom River, including the Partnership, are permitted to be limited partners of KR Master Fund. The General Partner and Krom River believe that trading through this structure should promote efficiency and economy in the trading process. | |||||||||||||||||||||
Summarized information, reflecting the total assets, liabilities and capital of Cambridge Master Fund and KR Master Fund as of September 30, 2013 and December 31, 2012, is shown in the following tables. | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||
KR Master Fund | $ | 60,507,136 | $ | 2,232,615 | $ | 58,274,521 | |||||||||||||||
Cambridge Master Fund | 27,240,674 | 38,501 | 27,202,173 | ||||||||||||||||||
$ | 87,747,810 | $ | 2,271,116 | $ | 85,476,694 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||
KR Master Fund | $ | 116,058,406 | $ | 1,168,169 | $ | 114,890,237 | |||||||||||||||
Cambridge Master Fund | 14,372,049 | 31,163 | 14,340,886 | ||||||||||||||||||
$ | 130,430,455 | $ | 1,199,332 | $ | 129,231,123 | ||||||||||||||||
Summarized information for the Partnership’s investment in, and operations of, Cambridge Master Fund and KR Master Fund for the period ended September 30, 2013 and investment in, and operations of, Cambridge Master Fund, KR Master Fund and FL Master Fund for the period ended December 31, 2012, is as follows: | |||||||||||||||||||||
30-Sep-13 | For the three months ended September 30, 2013 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net Loss | ||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
Cambridge Master Fund | 58.3 | 10,824,362 | (1,319,124 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
KR Master Fund | 43.7 | 8,102,389 | (54,178 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
30-Sep-13 | For the nine months ended September 30, 2013 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
Cambridge Master Fund | 58.3 | 10,824,362 | 108,727 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
KR Master Fund | 43.7 | 8,102,389 | (533,725 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
31-Dec-12 | For the three months ended September 30, 2012 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net Income | ||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
KR Master Fund | 43.4 | 10,109,603 | 471,471 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
Cambridge Master Fund | 29.7 | 6,920,831 | – | – | – | ||||||||||||||||
FL Master Fund | – | – | 262,976 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
31-Dec-12 | For the nine months ended September 30, 2012 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
KR Master Fund | 43.4 | 10,109,603 | 65,866 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
Cambridge Master Fund | 29.7 | 6,920,831 | – | – | – | ||||||||||||||||
FL Master Fund | – | – | (873,200 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
The Partnership’s investment into Cambridge Master Fund and KR Master Fund do not pay any management, incentive, or administrative fees. These fees are paid by the Partnership. The Partnership reimburses Cambridge Master Fund and KR Master Fund for all brokerage related fees borne by Cambridge Master Fund and KR Master Fund on behalf of the Partnership’s investments. | |||||||||||||||||||||
As of September 30, 2013 and December 31, 2012, the Partnership owned approximately 39.79% and 48.23% of Cambridge Master Fund and 13.90% and 8.80% of KR Master Fund, respectively. It is the Partnership’s intention to continue to invest in Cambridge Master Fund and KR Master Fund. The performance of the Partnership is directly affected by the performance of Cambridge Master Fund and KR Master Fund. | |||||||||||||||||||||
The tables below represent summarized income statement information for Cambridge Master Fund and KR Master Fund for the three and nine months ended September 30, 2013 and 2012, to meet the requirements of Regulation S-X rule 3-09, as follows: | |||||||||||||||||||||
For the Three Months | Investment | Net | Total | Net Loss | |||||||||||||||||
Ended September 30, 2013 | Income | Investment Loss | Trading Results | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Cambridge Master Fund | 1,382 | (9,603 | ) | (3,121,089 | ) | (3,130,692 | ) | ||||||||||||||
KR Master Fund | 2,745 | (71,980 | ) | (404,809 | ) | (476,789 | ) | ||||||||||||||
For the Nine Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2013 | Income | Investment Loss | Trading Results | Income/(Loss) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Cambridge Master Fund | 5,474 | (38,020 | ) | 79,930 | 41,910 | ||||||||||||||||
KR Master Fund | 20,071 | (235,574 | ) | (4,932,402 | ) | (5,167,976 | ) | ||||||||||||||
For the Three Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2012 | Income | Investment Loss | Trading Results | Income | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
FL Master Fund | 4,755 | (204,696 | ) | 979,760 | 775,064 | ||||||||||||||||
KR Master Fund | 15,048 | (173,873 | ) | 4,605,264 | 4,431,391 | ||||||||||||||||
For the Nine Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2012 | Income | Investment Loss | Trading Results | Income (Loss) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
FL Master Fund | 12,552 | (446,191 | ) | (3,294,917 | ) | (3,741,108 | ) | ||||||||||||||
KR Master Fund | 39,080 | (368,147 | ) | 901,800 | 533,653 | ||||||||||||||||
Other_Pronouncements
Other Pronouncements | 9 Months Ended |
Sep. 30, 2013 | |
Other Pronouncements [Abstract] | ' |
Other Pronouncements | ' |
7. Other Pronouncements | |
In June 2013, the FASB issued ASU 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements. |
Restricted_and_Unrestricted_Ca
Restricted and Unrestricted Cash | 9 Months Ended |
Sep. 30, 2013 | |
Restricted and Unrestricted Cash [Abstract] | ' |
Restricted and Unrestricted Cash | ' |
8. Restricted and Unrestricted Cash | |
As reflected on the Partnership’s Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign | |
currency forwards and options contracts and offset unrealized losses on offset London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. | |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
9. Income Taxes | |
No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of the Partnership’s revenues and expenses for income tax purposes. The Partnership files U.S. federal and state tax returns. | |
The guidance issued by the FASB on income taxes clarifies the accounting for uncertainty in income taxes recognized in the Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnership has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of September 30, 2013 and December 31, 2012. If applicable, the Partnership recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
10. Subsequent Events | |
Management of Ceres performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements other than disclosed below other than disclosed below. | |
Effective October 1, 2013, the management fee payable by the Partnership to Krom River was reduced from a monthly management fee rate equal to 1/12 of 2% (a 2% annual rate) per month of net assets allocated to Krom River on a first day of each month to a monthly management fee rate equal to 1/12 of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month. | |
Effective October 1, 2013, the General Partner has determined that the Partnership's assets allocated to Cambridge shall be allocated 50% to Cambridge's Asian Markets Alpha Programme, and 50% to Cambridge's Emerging Markets Alpha Programme. |
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Highlights [Abstract] | ' | ||||||||||||||||
Financial Information Additional Disclosure | ' | ||||||||||||||||
Financial Highlights for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||
Ended September 30, | Ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Per Unit operating performance: | |||||||||||||||||
Net asset value at the beginning of the period: | $ | 7.74 | $ | 7.89 | $ | 7.57 | $ | 8.63 | |||||||||
Interest Income | – | (3) | – | (3) | – | (3) | – | (3) | |||||||||
Expenses | (0.12 | ) | (0.13 | ) | (0.42 | ) | (0.41 | ) | |||||||||
Realized/Unrealized Income (Loss) (1) | (0.51 | ) | 0.2 | (0.04 | ) | (0.26 | ) | ||||||||||
Net Income (Loss) | (0.63 | ) | 0.07 | (0.46 | ) | (0.67 | ) | ||||||||||
Net asset value, September 30: | $ | 7.11 | $ | 7.96 | $ | 7.11 | $ | 7.96 | |||||||||
Ratios to average net assets: | |||||||||||||||||
Net Investment Loss (2) | (6.5 | )% | (6.5 | )% | (7.3 | )% | (6.7 | )% | |||||||||
Expenses before Incentive Fees (2) | 6.6 | % | 6.6 | % | 6.5 | % | 6.7 | % | |||||||||
Expenses after Incentive Fees (2) | 6.6 | % | 6.6 | % | 7.3 | % | 6.7 | % | |||||||||
Net Income (Loss) (2) | (34.9 | )% | 3.7 | % | (7.4 | )% | (18.1 | )% | |||||||||
Total return before incentive fees | (8.1 | )% | 0.9 | % | (5.3 | )% | (8.6 | )% | |||||||||
Total return after incentive fees | (8.1 | )% | 0.9 | % | (6.1 | )% | (8.6 | )% | |||||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||||||
-2 | Annualized (except for incentive fees if applicable). | ||||||||||||||||
-3 | Amounts less than $0.005 per Unit. | ||||||||||||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Financial Instruments [Abstract] | ' | ||||||||||||||||||
Net Unrealized Gain on Open Contracts | ' | ||||||||||||||||||
The net unrealized gains on open contracts, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows: | |||||||||||||||||||
Date | Net Unrealized Gains on Open Contracts | Longest Maturities | |||||||||||||||||
Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | |||||||||||||||
$ | $ | $ | |||||||||||||||||
Dec. 31, 2012 | – | 43,205 | 43,205 | – | Feb. 2013 | ||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Derivatives and Hedging [Abstract] | ' | ||||||||||||||||||||||||
Offsetting Of Derivative Assets And Liabilities | ' | ||||||||||||||||||||||||
The following tables summarize the valuation of the Partnership’s investments as of December 31, 2012: | |||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2012: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statement of | Statement of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | – | – | – | ||||||||||||||||||||||
Forwards | 47,414 | (41,869 | ) | 5,545 | |||||||||||||||||||||
Total Assets | 47,414 | (41,869 | ) | 5,545 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | – | – | – | ||||||||||||||||||||||
Forwards | 58,435 | (22,608 | ) | 35,827 | |||||||||||||||||||||
Total Liabilities | 58,435 | (22,608 | ) | 35,827 | |||||||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||||||
Total net unrealized gain on open contracts | 43,205 | ||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Financial Condition | ' | ||||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Financial Condition as of September 30, 2013: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long Unrealized | Long Unrealized | Short | Short Unrealized | Net Unrealized | Average number of contracts | |||||||||||||||||||
Gain | Loss | Unrealized | Loss | Gain (Loss) | outstanding | ||||||||||||||||||||
Gain | for the nine months (absolute quantity) | ||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 1,101 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Option Contracts at Fair Value | $ | Average number of contracts outstanding for the nine months absolute quantity) | |||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long | Long | Short | Short | Net | Average | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | number of | ||||||||||||||||||||
Gain | Loss | Gain | Loss | Gain | contracts | ||||||||||||||||||||
outstanding | |||||||||||||||||||||||||
for the year | |||||||||||||||||||||||||
(absolute | |||||||||||||||||||||||||
quantity) | |||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | 47,414 | (41,869 | ) | 58,435 | (22,608 | ) | 41,372 | 1,498 | |||||||||||||||||
Total | 47,414 | (41,869 | ) | 58,435 | (22,608 | ) | 41,372 | ||||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||||||
Total net unrealized gain on open contracts | 43,205 | ||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Income and Expenses | ' | ||||||||||||||||||||||||
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2013 included in Total Trading Results: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||||||||||
Type of Instrument | $ | $ | |||||||||||||||||||||||
Commodity | (54,747 | ) | (532,816 | ) | |||||||||||||||||||||
Foreign currency | (1,401,841 | ) | 510,918 | ||||||||||||||||||||||
Unrealized currency gain (loss) | 83,271 | (1,832 | ) | ||||||||||||||||||||||
Total | (1,373,317 | ) | (23,730 | ) | |||||||||||||||||||||
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2013: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2013 | Ended September 30, 2013 | ||||||||||||||||||||||||
Trading Results | $ | $ | |||||||||||||||||||||||
Net realized | (109,732 | ) | 444,474 | ||||||||||||||||||||||
Net change in unrealized | 109,718 | (43,205 | ) | ||||||||||||||||||||||
Net realized loss on investment in KR Master Fund | (87,100 | ) | (283,163 | ) | |||||||||||||||||||||
Net realized gain (loss) on investment in Cambridge Master Fund | (1,269,753 | ) | 286,885 | ||||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in KR Master Fund | 32,922 | (250,562 | ) | ||||||||||||||||||||||
Net change in unrealized depreciation on investment in Cambridge Master Fund | (49,372 | ) | (178,159 | ) | |||||||||||||||||||||
Total Trading Results | (1,373,317 | ) | (23,730 | ) | |||||||||||||||||||||
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012 included in Total Trading Results: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||||||||||||||||||
Type of Instrument | $ | $ | |||||||||||||||||||||||
Commodity | 682,995 | (887,947 | ) | ||||||||||||||||||||||
Foreign currency | (4,452 | ) | (204,347 | ) | |||||||||||||||||||||
Unrealized currency loss | 15,256 | 12,178 | |||||||||||||||||||||||
Total | 693,799 | (1,080,116 | ) | ||||||||||||||||||||||
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012: | |||||||||||||||||||||||||
For the Three Months | For the Nine Months | ||||||||||||||||||||||||
Ended September 30, 2012 | Ended September 30, 2012 | ||||||||||||||||||||||||
Trading Results | $ | $ | |||||||||||||||||||||||
Net realized | (168,008 | ) | (455,500 | ) | |||||||||||||||||||||
Net change in unrealized | 127,362 | 182,719 | |||||||||||||||||||||||
Net realized gain on investment in KR Master Fund | 810,662 | 250,819 | |||||||||||||||||||||||
Net realized loss on investment in FL Master Fund | (114,312 | ) | (1,545,644 | ) | |||||||||||||||||||||
Net change in unrealized appreciation (depreciation) on investment in KR Master Fund | 377,288 | 672,444 | |||||||||||||||||||||||
Net change in unrealized appreciation on investment in FL Master Fund | (339,193 | ) | (184,954 | ) | |||||||||||||||||||||
Total Trading Results | 693,799 | (1,080,116 | ) |
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 9 Months Ended | ||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||
Fair Value Measurements and Disclosures [Abstract] | ' | ||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||||||
The Partnership’s assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements. | |||||||||||||||||||||
30-Sep-13 | Unadjusted Quoted | Significant | Significant | Total | |||||||||||||||||
Prices in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical Assets | Inputs | (Level 3) | |||||||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Assets | |||||||||||||||||||||
Investment in Cambridge Master Fund | – | 10,824,362 | n/a | 10,824,362 | |||||||||||||||||
Investment in KR Master Fund | – | 8,102,389 | n/a | 8,102,389 | |||||||||||||||||
Total Assets | – | 18,926,751 | n/a | 18,926,751 | |||||||||||||||||
31-Dec-12 | Unadjusted Quoted | Significant Other | Significant | Total | |||||||||||||||||
Prices in Active | Observable Inputs | Unobservable | |||||||||||||||||||
Markets for | (Level 2) | Inputs | |||||||||||||||||||
Identical Assets | (Level 3) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Assets | |||||||||||||||||||||
Investment in KR Master Fund | – | 10,109,603 | n/a | 10,109,603 | |||||||||||||||||
Investment in Cambridge Master Fund | – | 6,920,831 | n/a | 6,920,831 | |||||||||||||||||
Forwards | – | 105,849 | n/a | 105,849 | |||||||||||||||||
Total Assets | – | 17,136,283 | n/a | 17,136,283 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Forwards | – | 64,477 | n/a | 64,477 | |||||||||||||||||
Total Liabilities | – | 64,477 | n/a | 64,477 | |||||||||||||||||
Unrealized currency gain | 1,833 | ||||||||||||||||||||
*Net fair value | – | 17,071,806 | n/a | 17,073,639 | |||||||||||||||||
*This amount comprises the “Net unrealized gain on open contracts” and “Investment in Cambridge Master Fund” and “Investment in KR Master Fund” on the Statements of Financial Condition. | |||||||||||||||||||||
Schedule of Assets, Liabilities and Capital Investments | ' | ||||||||||||||||||||
Summarized information reflecting the total assets, liabilities and capital of Cambridge Master Fund and KR Master Fund as of September 30, 2013 and December 31, 2012, is shown in the following tables. | |||||||||||||||||||||
30-Sep-13 | |||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||
KR Master Fund | $ | 60,507,136 | $ | 2,232,615 | $ | 58,274,521 | |||||||||||||||
Cambridge Master Fund | 27,240,674 | 38,501 | 27,202,173 | ||||||||||||||||||
$ | 87,747,810 | $ | 2,271,116 | $ | 85,476,694 | ||||||||||||||||
31-Dec-12 | |||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||
KR Master Fund | $ | 116,058,406 | $ | 1,168,169 | $ | 114,890,237 | |||||||||||||||
Cambridge Master Fund | 14,372,049 | 31,163 | 14,340,886 | ||||||||||||||||||
$ | 130,430,455 | $ | 1,199,332 | $ | 129,231,123 | ||||||||||||||||
Summary of Partnership's Investments | ' | ||||||||||||||||||||
Summarized information for the Partnership’s investment in, and operations of, Cambridge Master Fund and KR Master Fund for the period ended September 30, 2013 and investment in, and operations of, Cambridge Master Fund, KR Master Fund and FL Master Fund for the period ended December 31, 2012, is as follows: | |||||||||||||||||||||
30-Sep-13 | For the three months ended September 30, 2013 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net Loss | ||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
Cambridge Master Fund | 58.3 | 10,824,362 | (1,319,124 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
KR Master Fund | 43.7 | 8,102,389 | (54,178 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
30-Sep-13 | For the nine months ended September 30, 2013 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
Cambridge Master Fund | 58.3 | 10,824,362 | 108,727 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
KR Master Fund | 43.7 | 8,102,389 | (533,725 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
31-Dec-12 | For the three months ended September 30, 2012 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net Income | ||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
KR Master Fund | 43.4 | 10,109,603 | 471,471 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
Cambridge Master Fund | 29.7 | 6,920,831 | – | – | – | ||||||||||||||||
FL Master Fund | – | – | 262,976 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
31-Dec-12 | For the nine months ended September 30, 2012 | ||||||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||
Partnership | Value | pro rata | Objective | Permitted | |||||||||||||||||
Net Assets | Net | ||||||||||||||||||||
Income (Loss) | |||||||||||||||||||||
% | $ | $ | |||||||||||||||||||
KR Master Fund | 43.4 | 10,109,603 | 65,866 | Commodity | Monthly | ||||||||||||||||
Portfolio | |||||||||||||||||||||
Cambridge Master Fund | 29.7 | 6,920,831 | – | – | – | ||||||||||||||||
FL Master Fund | – | – | (873,200 | ) | Commodity | Monthly | |||||||||||||||
Portfolio | |||||||||||||||||||||
Income Statement Information of Investments | ' | ||||||||||||||||||||
The tables below represent summarized income statement information for Cambridge Master Fund and KR Master Fund for the three and nine months ended September 30, 2013 and 2012, to meet the requirements of Regulation S-X rule 3-09, as follows: | |||||||||||||||||||||
For the Three Months | Investment | Net | Total | Net Loss | |||||||||||||||||
Ended September 30, 2013 | Income | Investment Loss | Trading Results | ||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Cambridge Master Fund | 1,382 | (9,603 | ) | (3,121,089 | ) | (3,130,692 | ) | ||||||||||||||
KR Master Fund | 2,745 | (71,980 | ) | (404,809 | ) | (476,789 | ) | ||||||||||||||
For the Nine Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2013 | Income | Investment Loss | Trading Results | Income/(Loss) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
Cambridge Master Fund | 5,474 | (38,020 | ) | 79,930 | 41,910 | ||||||||||||||||
KR Master Fund | 20,071 | (235,574 | ) | (4,932,402 | ) | (5,167,976 | ) | ||||||||||||||
For the Three Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2012 | Income | Investment Loss | Trading Results | Income | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
FL Master Fund | 4,755 | (204,696 | ) | 979,760 | 775,064 | ||||||||||||||||
KR Master Fund | 15,048 | (173,873 | ) | 4,605,264 | 4,431,391 | ||||||||||||||||
For the Nine Months | Investment | Net | Total | Net | |||||||||||||||||
Ended September 30, 2012 | Income | Investment Loss | Trading Results | Income (Loss) | |||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||
FL Master Fund | 12,552 | (446,191 | ) | (3,294,917 | ) | (3,741,108 | ) | ||||||||||||||
KR Master Fund | 39,080 | (368,147 | ) | 901,800 | 533,653 |
Financial_Highlights_Details
Financial Highlights (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Per Unit operating performance: [Abstract] | ' | ' | ' | ' | ||||
Net asset value at the beginning of the period (in dollars per unit) | $7.74 | $7.89 | $7.57 | $8.63 | ||||
Interest Income (in dollars per unit) | $0 | [1] | $0 | [1] | $0 | [1] | $0 | [1] |
Expenses (in dollars per unit) | ($0.12) | ($0.13) | ($0.42) | ($0.41) | ||||
Realized/Unrealized Income (Loss) (in dollars per unit) | ($0.51) | [2] | $0.20 | [2] | ($0.04) | [2] | ($0.26) | [2] |
Net Income (Loss) (in dollars per unit) | ($0.63) | [3] | $0.07 | [3] | ($0.46) | [3] | ($0.67) | [3] |
Net asset value at the end of the period (in dollars per unit) | $7.11 | $7.96 | $7.11 | $7.96 | ||||
Ratios to average net assets: [Abstract] | ' | ' | ' | ' | ||||
Net Investment Loss (in hundredths) | -6.50% | [4] | -6.50% | [4] | -7.30% | [4] | -6.70% | [4] |
Expenses before Incentive Fees (in hundredths) | 6.60% | [4] | 6.60% | [4] | 6.50% | [4] | 6.70% | [4] |
Expenses after Incentive Fees (in hundredths) | 6.60% | [4] | 6.60% | [4] | 7.30% | [4] | 6.70% | [4] |
Net Income (Loss) (in hundredths) | -34.90% | [4] | 3.70% | [4] | -7.40% | [4] | -18.10% | [4] |
Total return before incentive fees (in hundredths) | -8.10% | 0.90% | -5.30% | -8.60% | ||||
Total return after incentive fees (in hundredths) | -8.10% | 0.90% | -6.10% | -8.60% | ||||
Amount is less than (in dollars per unit) | $0.01 | $0.01 | $0.01 | $0.01 | ||||
[1] | Amounts less than $0.005 per Unit. | |||||||
[2] | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | |||||||
[3] | Based on change in net asset value per Unit. | |||||||
[4] | Annualized (except for incentive fees if applicable). |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Cash holdings percentage for margin requirements used in interest income calculation (in hundredths) | 100.00% |
Percentage of monthly average of 4-week U.S. treasury bill discount rate as rate from partnership interest income (in hundredths) | 80.00% |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 |
Exchange-Traded [Member] | Off-Exchange-Traded [Member] | |||
Investment Holdings [Line Items] | ' | ' | ' | ' |
Net unrealized gain on open contracts | $0 | $43,205 | $0 | $43,205 |
Longest maturity date | ' | ' | ' | 28-Feb-13 |
Derivatives_and_Hedging_Detail
Derivatives and Hedging (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Offsetting of Derivative Assets [Line Items] | ' | ' |
Gross Amounts Recognized | $0 | $47,414 |
Gross Amounts Offset in the Statements of Financial Condition | 0 | -41,869 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 5,545 |
Offsetting of Derivative Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized | 0 | 58,435 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | -22,608 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 35,827 |
Unrealized currency gain (loss) | 0 | 1,833 |
Total net unrealized gain on open contracts | 0 | 43,205 |
Futures [Member] | ' | ' |
Offsetting of Derivative Assets [Line Items] | ' | ' |
Gross Amounts Recognized | 0 | 0 |
Gross Amounts Offset in the Statements of Financial Condition | 0 | 0 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Offsetting of Derivative Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized | 0 | 0 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | 0 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Forward Contracts [Member] | ' | ' |
Offsetting of Derivative Assets [Line Items] | ' | ' |
Gross Amounts Recognized | 0 | 47,414 |
Gross Amounts Offset in the Statements of Financial Condition | 0 | -41,869 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 5,545 |
Offsetting of Derivative Liabilities [Line Items] | ' | ' |
Gross Amounts Recognized | 0 | 58,435 |
Gross Amounts Offset in the Statement of Financial Condition | 0 | -22,608 |
Net Amounts Presented in the Statement of Financial Condition | $0 | $35,827 |
Derivatives_and_Hedging_Effect
Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Unrealized currency gain | $0 | ' | $0 | ' | $1,833 |
Total net unrealized gain on open contracts | 0 | ' | 0 | ' | 43,205 |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Unrealized currency gain (loss) | 83,271 | 15,256 | -1,832 | 12,178 | ' |
Net realized | -109,732 | -168,008 | 444,474 | -455,500 | ' |
Net change in unrealized | 109,718 | 127,362 | -43,205 | 182,719 | ' |
Total Trading Results | -1,373,317 | 693,799 | -23,730 | -1,080,116 | ' |
Commodity [Member] | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Trading results | -54,747 | 682,995 | -532,816 | -887,947 | ' |
Foreign Currency [Member] | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Trading results | -1,401,841 | -4,452 | 510,918 | -204,347 | ' |
Options Purchased [Member] | ' | ' | ' | ' | ' |
Options Contracts at Fair Value [Abstract] | ' | ' | ' | ' | ' |
Options purchased | 0 | ' | 0 | ' | ' |
Average number of contracts outstanding | 1 | ' | 1 | ' | ' |
KR Master Fund [Member] | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net realized gain (loss) on investment | -87,100 | 810,662 | -283,163 | 250,819 | ' |
Net change in unrealized appreciation (depreciation) on investment | 32,922 | 377,288 | -250,562 | 672,444 | ' |
Cambridge Master Fund [Member] | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net realized gain (loss) on investment | -1,269,753 | ' | 286,885 | ' | ' |
Net change in unrealized appreciation (depreciation) on investment | -49,372 | ' | -178,159 | ' | ' |
FL Master Fund [Member] | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' |
Net realized gain (loss) on investment | ' | -114,312 | ' | -1,545,644 | ' |
Net change in unrealized appreciation (depreciation) on investment | ' | -339,193 | ' | -184,954 | ' |
Futures and Forward Contracts [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Net Unrealized Gain | 0 | ' | 0 | ' | 41,372 |
Unrealized currency gain | 0 | ' | 0 | ' | 1,833 |
Total net unrealized gain on open contracts | 0 | ' | 0 | ' | 43,205 |
Futures and Forward Contracts [Member] | Foreign Currency [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Net Unrealized Gain | 0 | ' | 0 | ' | 41,372 |
Options Contracts at Fair Value [Abstract] | ' | ' | ' | ' | ' |
Average number of contracts outstanding | 1,101 | ' | 1,101 | ' | 1,498 |
Futures and Forward Contracts [Member] | Long [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Unrealized gain | 0 | ' | 0 | ' | 47,414 |
Unrealized loss | 0 | ' | 0 | ' | -41,869 |
Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Unrealized gain | 0 | ' | 0 | ' | 47,414 |
Unrealized loss | 0 | ' | 0 | ' | -41,869 |
Futures and Forward Contracts [Member] | Short [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Unrealized gain | 0 | ' | 0 | ' | 58,435 |
Unrealized loss | 0 | ' | 0 | ' | -22,608 |
Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member] | ' | ' | ' | ' | ' |
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' |
Unrealized gain | 0 | ' | 0 | ' | 58,435 |
Unrealized loss | $0 | ' | $0 | ' | ($22,608) |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | ||
Investments [Abstract] | ' | ' | ' | ' | ' | |
Total Assets | $87,747,810 | ' | $87,747,810 | ' | $130,430,455 | |
Total Liabilities | 2,271,116 | ' | 2,271,116 | ' | 1,199,332 | |
Total Capital | 85,476,694 | ' | 85,476,694 | ' | 129,231,123 | |
Summarized Information of Investments [Abstract] | ' | ' | ' | ' | ' | |
Percentage of partnership net assets (in hundredths) | ' | ' | ' | ' | 0.19% | |
Fair value | 18,926,751 | ' | 18,926,751 | ' | 17,030,434 | |
Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 105,849 | |
Total Assets | 18,926,751 | ' | 18,926,751 | ' | 17,136,283 | |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 64,477 | |
Total Liabilities | ' | ' | ' | ' | 64,477 | |
Assets and Liabilities Measured at Fair Value [Abstract] | ' | ' | ' | ' | ' | |
Unrealized currency gain (loss) | ' | ' | ' | ' | 1,833 | |
Net fair value | ' | ' | ' | ' | 17,073,639 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 0 | |
Total Assets | 0 | ' | 0 | ' | 0 | |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 0 | |
Total Liabilities | ' | ' | ' | ' | 0 | |
Assets and Liabilities Measured at Fair Value [Abstract] | ' | ' | ' | ' | ' | |
Net fair value | ' | ' | ' | ' | 0 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 105,849 | |
Total Assets | 18,926,751 | ' | 18,926,751 | ' | 17,136,283 | |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | 64,477 | |
Total Liabilities | ' | ' | ' | ' | 64,477 | |
Assets and Liabilities Measured at Fair Value [Abstract] | ' | ' | ' | ' | ' | |
Net fair value | ' | ' | ' | ' | 17,071,806 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | ' | |
Total Assets | ' | ' | ' | ' | ' | |
Liabilities [Abstract] | ' | ' | ' | ' | ' | |
Forwards | ' | ' | ' | ' | ' | |
Total Liabilities | ' | ' | ' | ' | ' | |
Assets and Liabilities Measured at Fair Value [Abstract] | ' | ' | ' | ' | ' | |
Net fair value | ' | ' | ' | ' | ' | [1] |
KR Master Fund [Member] | ' | ' | ' | ' | ' | |
Investments [Abstract] | ' | ' | ' | ' | ' | |
Total Assets | 60,507,136 | ' | 60,507,136 | ' | 116,058,406 | |
Total Liabilities | 2,232,615 | ' | 2,232,615 | ' | 1,168,169 | |
Total Capital | 58,274,521 | ' | 58,274,521 | ' | 114,890,237 | |
Summarized Information of Investments [Abstract] | ' | ' | ' | ' | ' | |
Percentage of partnership net assets (in hundredths) | 43.70% | ' | 43.70% | ' | 43.40% | |
Fair value | 8,102,389 | ' | 8,102,389 | ' | 10,109,603 | |
Partnerships's pro rata Net Income (Loss) | -54,178 | 471,471 | -533,725 | 65,866 | ' | |
Investment Objective | 'Commodity Portfolio | 'Commodity Portfolio | 'Commodity Portfolio | 'Commodity Portfolio | ' | |
Redemption Permitted | 'Monthly | 'Monthly | 'Monthly | 'Monthly | ' | |
Percentage of partnership owned (in hundredths) | 13.90% | ' | 13.90% | ' | 8.80% | |
Leverage as percentage of commodity program (in hundredths) | 150.00% | ' | 150.00% | ' | ' | |
Income Statement Information for Investments [Abstract] | ' | ' | ' | ' | ' | |
Investment income | 2,745 | 15,048 | 20,071 | 39,080 | ' | |
Net investment loss | -71,980 | -173,873 | -235,574 | -368,147 | ' | |
Total trading results | -404,809 | 4,605,264 | -4,932,402 | 901,800 | ' | |
Net income (loss) | -476,789 | 4,431,391 | -5,167,976 | 533,653 | ' | |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 8,102,389 | ' | 8,102,389 | ' | 10,109,603 | |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 0 | ' | 0 | ' | 0 | |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 8,102,389 | ' | 8,102,389 | ' | 10,109,603 | |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | ' | ' | ' | ' | ' | |
FL Master Fund [Member] | ' | ' | ' | ' | ' | |
Summarized Information of Investments [Abstract] | ' | ' | ' | ' | ' | |
Percentage of partnership net assets (in hundredths) | ' | ' | ' | ' | 0.00% | |
Fair value | ' | ' | ' | ' | 0 | |
Partnerships's pro rata Net Income (Loss) | ' | 262,976 | ' | -873,200 | ' | |
Investment Objective | ' | 'Commodity Portfolio | ' | 'Commodity Portfolio | ' | |
Redemption Permitted | ' | 'Monthly | ' | 'Monthly | ' | |
Income Statement Information for Investments [Abstract] | ' | ' | ' | ' | ' | |
Investment income | ' | 4,755 | ' | 12,552 | ' | |
Net investment loss | ' | -204,696 | ' | -446,191 | ' | |
Total trading results | ' | 979,760 | ' | -3,294,917 | ' | |
Net income (loss) | ' | 775,064 | ' | -3,741,108 | ' | |
Cambridge Master Fund [Member] | ' | ' | ' | ' | ' | |
Investments [Abstract] | ' | ' | ' | ' | ' | |
Total Assets | 27,240,674 | ' | 27,240,674 | ' | 14,372,049 | |
Total Liabilities | 38,501 | ' | 38,501 | ' | 31,163 | |
Total Capital | 27,202,173 | ' | 27,202,173 | ' | 14,340,886 | |
Summarized Information of Investments [Abstract] | ' | ' | ' | ' | ' | |
Percentage of partnership net assets (in hundredths) | 58.30% | ' | 58.30% | ' | 29.70% | |
Fair value | 10,824,362 | ' | 10,824,362 | ' | 6,920,831 | |
Partnerships's pro rata Net Income (Loss) | -1,319,124 | 0 | 108,727 | 0 | ' | |
Investment Objective | 'Commodity Portfolio | ' | 'Commodity Portfolio | ' | ' | |
Redemption Permitted | 'Monthly | ' | 'Monthly | ' | ' | |
Percentage of partnership owned (in hundredths) | 37.79% | ' | 37.79% | ' | 48.23% | |
Income Statement Information for Investments [Abstract] | ' | ' | ' | ' | ' | |
Investment income | 1,382 | ' | 5,474 | ' | ' | |
Net investment loss | -9,603 | ' | -38,020 | ' | ' | |
Total trading results | -3,121,089 | ' | 79,930 | ' | ' | |
Net income (loss) | -3,130,692 | ' | 41,910 | ' | ' | |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 10,824,362 | ' | 10,824,362 | ' | 6,920,831 | |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 0 | ' | 0 | ' | 0 | |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | 10,824,362 | ' | 10,824,362 | ' | 6,920,831 | |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' | |
Assets [Abstract] | ' | ' | ' | ' | ' | |
Investment | ' | ' | ' | ' | ' | |
[1] | This amount comprises the bNet unrealized gain on open contractsb and bInvestment in Cambridge Master Fundb and bInvestment in KR Master Fundb on the Statements of Financial Condition. |
Subsequent_Events_Details
Subsequent Events (Details) | 9 Months Ended | 0 Months Ended | ||
Sep. 30, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | |
Krom River [Member] | Subsequent Events [Member] | Subsequent Events [Member] | Subsequent Events [Member] | |
Krom River [Member] | Cambridge [Member] | Cambridge [Member] | ||
Asian Markets Alpha Programme [Member] | Emerging Markets Alpha Programme [Member] | |||
Subsequent Events [Line Items] | ' | ' | ' | ' |
Management fee, monthly basis (in hundredths) | 0.17% | 0.08% | ' | ' |
Management fee, annual basis (in hundredths) | 2.00% | 1.00% | ' | ' |
Asset allocation (in hundredths) | ' | ' | 50.00% | 50.00% |