Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
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 | 2,127,360.29 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
STATEMENTS_OF_FINANCIAL_CONDIT
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Investments | $16,759,393 | $18,589,455 |
Interest receivable (MS&Co.) | 392 | 165 |
Total Assets | 16,759,785 | 18,589,620 |
Liabilities: | ' | ' |
Redemptions payable | 700,202 | 529,590 |
Accrued brokerage fees (MS&Co.) | 62,752 | 70,894 |
Accrued management fees | 18,175 | 20,064 |
Total Liabilities | 781,129 | 620,548 |
Partners' Capital: | ' | ' |
Limited Partners (2,127,360.294 and 2,394,803.341 Units, respectively) | 15,713,650 | 17,703,845 |
General Partner (35,877.343 and 35,877.343 Units, respectively) | 265,006 | 265,227 |
Total Partners' Capital | 15,978,656 | 17,969,072 |
Total Liabilities and Partners' Capital | 16,759,785 | 18,589,620 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $7.39 | $7.39 |
Cambridge Master Fund [Member] | ' | ' |
ASSETS | ' | ' |
Investments | 11,172,108 | 11,299,138 |
KR Master Fund [Member] | ' | ' |
ASSETS | ' | ' |
Investments | $5,587,285 | $7,290,317 |
STATEMENTS_OF_FINANCIAL_CONDIT1
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
STATEMENTS OF FINANCIAL CONDITION (Unaudited) [Abstract] | ' | ' |
Limited Partners, Units (in units) | 2,127,360.29 | 2,394,803.34 |
General Partner, Units (in units) | 35,877.34 | 35,877.34 |
STATEMENTS_OF_INCOME_AND_EXPEN
STATEMENTS OF INCOME AND EXPENSES (Unaudited) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
INVESTMENT INCOME | ' | ' | ||
Interest income (MS&Co.) | $1,107 | $3,746 | ||
EXPENSES | ' | ' | ||
Brokerage fees (MS&Co.) | 198,386 | 263,326 | ||
Management fees | 57,026 | 104,029 | ||
Incentive fees | 0 | 66,870 | ||
Total Expenses | 255,412 | 434,225 | ||
NET INVESTMENT LOSS | -254,305 | -430,479 | ||
Trading profit (loss): | ' | ' | ||
Net realized | 0 | -22,621 | ||
Net change in unrealized | 0 | 140,381 | ||
Total Trading Results | 225,441 | 558,562 | ||
NET INCOME (LOSS) | -28,864 | 128,083 | ||
NET INCOME (LOSS) ALLOCATION | ' | ' | ||
Limited Partners | -28,643 | 126,551 | ||
General Partner | -221 | 1,532 | ||
NET INCOME (LOSS) PER UNIT | ' | ' | ||
Limited Partners (in dollars per unit) | $0 | [1],[2] | $0.04 | [1] |
General Partner (in dollars per unit) | $0 | [1],[2] | $0.04 | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 2,348,880.57 | 3,018,624.58 | ||
KR Master Fund [Member] | ' | ' | ||
Trading profit (loss): | ' | ' | ||
Net realized gain (loss) on investment | -240,940 | -188,824 | ||
Net change in unrealized appreciation on investment | 422,948 | 19,353 | ||
Cambridge Master Fund [Member] | ' | ' | ||
Trading profit (loss): | ' | ' | ||
Net realized gain (loss) on investment | -104,886 | 226,663 | ||
Net change in unrealized appreciation on investment | $148,319 | $383,610 | ||
[1] | Based on change in net asset value per Unit. | |||
[2] | Value less or equal to zero. |
STATEMENTS_OF_CHANGES_IN_PARTN
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) (USD $) | Limited Partners [Member] | General Partner [Member] | Total |
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 | 126,551 | 1,532 | 128,083 |
Redemptions | -1,476,433 | 0 | -1,476,433 |
Redemptions (in units) | ' | ' | -194,342.53 |
Balance at Mar. 31, 2013 | 21,691,645 | 273,190 | 21,964,835 |
Balance (in units) at Mar. 31, 2013 | ' | ' | 2,884,583.15 |
Balance at Dec. 31, 2013 | 17,703,845 | 265,227 | 17,969,072 |
Balance (in units) at Dec. 31, 2013 | ' | ' | 2,430,680.68 |
Increase/(decrease) in Partners' Capital [Roll Forward] | ' | ' | ' |
Net Loss | -28,643 | -221 | -28,864 |
Redemptions | -1,961,552 | 0 | -1,961,552 |
Redemptions (in units) | ' | ' | -267,443.05 |
Balance at Mar. 31, 2014 | $15,713,650 | $265,006 | $15,978,656 |
Balance (in units) at Mar. 31, 2014 | ' | ' | 2,163,237.64 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2014 | |
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. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). 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. | |
Effective April 1, 2014, the flat rate brokerage fee for the Partnership was reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of the Partnership’s net assets. |
Financial_Highlights
Financial Highlights | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Financial Highlights [Abstract] | ' | ||||||||
Financial Highlights | ' | ||||||||
2. Financial Highlights | |||||||||
Financial Highlights for the quarters ended March 31, 2014 and 2013 were as follows: | |||||||||
For the Quarters Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Per Unit Operating Performance: | |||||||||
Net asset value, January 1: | $ | 7.39 | $ | 7.57 | |||||
Interest Income | – | (3) | – | (3) | |||||
Expenses | (0.11 | ) | (0.15 | ) | |||||
Realized/Unrealized Income (1) | 0.11 | 0.19 | |||||||
Net Income (Loss) | – | (3) | 0.04 | ||||||
Net asset value, March 31: | $ | 7.39 | $ | 7.61 | |||||
Ratios to average net assets: | |||||||||
Net Investment Loss (2) | (6.2 | )% | (7.8 | )% | |||||
Expenses before Incentive Fees (2) | 6.2 | % | 6.6 | % | |||||
Expenses after Incentive Fees (2) | 6.2 | % | 7.8 | % | |||||
Total return before incentive fees | 0 | % | 0.8 | % | |||||
Total return after incentive fees | 0 | % | 0.5 | % | |||||
(1) Realized/Unrealized Income 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) Amount less than $0.005 per Unit. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2014 | |
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 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 Morgan Stanley Wealth Management and/or its affiliates. | |
Financial_Instruments
Financial Instruments | 3 Months Ended | ||
Mar. 31, 2014 | |||
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 on investment in KR Master Fund”, and “Net change in unrealized appreciation on investment in Cambridge 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.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. 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 Fund(s)”). 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 fair value of an exchange-traded contract 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 an 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’s (the “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 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 | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
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 March 31, 2014 and December 31, 2013, the Partnership held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts. | |||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long | Long | Short | Short | Net | Average | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | number of | ||||||||||||||||||||
Gain | Loss | Gain | Loss | Gain (Loss) | contracts | ||||||||||||||||||||
outstanding | |||||||||||||||||||||||||
for the three | |||||||||||||||||||||||||
months | |||||||||||||||||||||||||
(absolute | |||||||||||||||||||||||||
quantity) | |||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 826 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
The following tables summarize the net trading results of the Partnership for the quarter ended March 2013. | |||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2013 included in Total Trading Results: | |||||||||||||||||||||||||
Type of Instrument | $ | ||||||||||||||||||||||||
Commodity | (167,990 | ) | |||||||||||||||||||||||
Foreign currency | 798,495 | ||||||||||||||||||||||||
Unrealized currency loss | (71,943 | ) | |||||||||||||||||||||||
Total | 558,562 | ||||||||||||||||||||||||
Line items on the Statements of Income and Expenses for the Quarter Ended March 31, 2013: | |||||||||||||||||||||||||
Trading Results | $ | ||||||||||||||||||||||||
Net realized | (22,621 | ) | |||||||||||||||||||||||
Net change in unrealized | 140,381 | ||||||||||||||||||||||||
Net realized loss on investment in KR Master Fund | (188,824 | ) | |||||||||||||||||||||||
Net realized gain on investment in Cambridge Master Fund | 226,663 | ||||||||||||||||||||||||
Net change in unrealized appreciation on investment in KR Master Fund | 19,353 | ||||||||||||||||||||||||
Net change in unrealized appreciation on investment in Cambridge Master Fund | 383,610 | ||||||||||||||||||||||||
Total Trading Results | 558,562 |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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. | ||||||||||||||||||
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 consideration of 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. | ||||||||||||||||||
31-Mar-14 | 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 | – | 11,172,108 | n/a | 11,172,108 | ||||||||||||||
Investment in KR Master Fund | – | 5,587,285 | n/a | 5,587,285 | ||||||||||||||
Total Assets | – | 16,759,393 | n/a | 16,759,393 | ||||||||||||||
Unadjusted | ||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Assets | ||||||||||||||||||
Investment in Cambridge Master Fund | – | 11,299,138 | n/a | 11,299,138 | ||||||||||||||
Investment in KR Master Fund | – | 7,290,317 | n/a | 7,290,317 | ||||||||||||||
Total Assets | – | 18,589,455 | n/a | 18,589,455 | ||||||||||||||
During the period from January 1, 2014 to March 31, 2014, and the twelve months ended December 31, 2013, 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 and, from October 1, 2013 Cambridge Emerging Markets Alpha Programme, to invest together in one trading vehicle. The General Partner is also the general partner of Cambridge Master Fund. 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 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. The General Partner is also the general partner of KR Master Fund. 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 March 31, 2014 and December 31, 2013, is shown in the following tables. | ||||||||||||||||||
31-Mar-14 | ||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | ||||||||||||||||
KR Master Fund | $ | 28,930,902 | $ | 853,357 | $ | 28,077,545 | ||||||||||||
Cambridge Master Fund | 40,123,791 | 52,226 | 40,071,565 | |||||||||||||||
$ | 69,054,693 | $ | 905,583 | $ | 68,149,110 | |||||||||||||
31-Dec-13 | ||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | ||||||||||||||||
KR Master Fund | $ | 44,043,845 | $ | 1,456,785 | $ | 42,587,060 | ||||||||||||
Cambridge Master Fund | 37,549,964 | 28,580 | 37,521,384 | |||||||||||||||
$ | 81,593,809 | $ | 1,485,365 | $ | 80,108,444 | |||||||||||||
Summarized information for the Partnership’s investment in, and operations of, Cambridge Master Fund and KR Master Fund at March 31, 2014 and December 31, 2013 and for the period ended March 31, 2014 and March 31, 2013, is as follows: | ||||||||||||||||||
31-Mar-14 | For the three months ended March 31, 2014 | |||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | |||||||||||||
Partnership | Value | pro rata | Objective | Permitted | ||||||||||||||
Net Assets | Net | |||||||||||||||||
Income | ||||||||||||||||||
% | $ | $ | ||||||||||||||||
Cambridge Master Fund | 69.92 | 11,172,108 | 292,056 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
KR Master Fund | 34.97 | 5,587,285 | 97,261 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
31-Dec-13 | For the three months ended March 31, 2013 | |||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | |||||||||||||
Partnership | Value | pro rata | Objective | Permitted | ||||||||||||||
Net Assets | Net | |||||||||||||||||
Income (Loss) | ||||||||||||||||||
% | $ | $ | ||||||||||||||||
Cambridge Master Fund | 62.9 | 11,299,138 | 610,274 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
KR Master Fund | 40.6 | 7,290,317 | (169,471 | ) | Commodity | Monthly | ||||||||||||
Portfolio | ||||||||||||||||||
Cambridge Master Fund and KR Master Fund do not pay any management or incentive fees related to the Partnership’s investments. These fees are accrued and 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 March 31, 2014 and December 31, 2013, the Partnership owned approximately 27.88% and 30.11% of Cambridge Master Fund and 19.90% and 17.11% 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 quarters ended March 31, 2014 and 2013, to meet the requirements of Regulation S-X rule 3-09. | ||||||||||||||||||
31-Mar-14 | Investment | Net | Total | Net Income | ||||||||||||||
Income | Investment Loss | Trading Results | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Cambridge Master Fund | 2,977 | (44,946 | ) | 156,075 | 111,129 | |||||||||||||
KR Master Fund | 2,164 | (52,751 | ) | 957,264 | 904,513 | |||||||||||||
31-Mar-13 | Investment | Net | Total | Net | ||||||||||||||
Income | Investment Loss | Trading Results | Income/(Loss) | |||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Cambridge Master Fund | 2,645 | (19,763 | ) | 1,320,051 | 1,300,288 | |||||||||||||
KR Master Fund | 12,611 | (76,659 | ) | (1,654,722 | ) | (1,731,381 | ) |
Investment_Company_Status
Investment Company Status | 3 Months Ended |
Mar. 31, 2014 | |
Investment Company Status [Abstract] | ' |
Investment Company Status | ' |
7. Investment Company Status | |
Effective January 1, 2014, the Partnership adopted ASU 2013-08, “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company. |
Restricted_and_Unrestricted_Ca
Restricted and Unrestricted Cash | 3 Months Ended |
Mar. 31, 2014 | |
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 only on the offsetting 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 | 3 Months Ended |
Mar. 31, 2014 | |
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 March 31, 2014 and December 31, 2013. 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 2013 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 | 3 Months Ended |
Mar. 31, 2014 | |
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. |
Financial_Highlights_Tables
Financial Highlights (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Financial Highlights [Abstract] | ' | ||||||||
Financial Information Additional Disclosure | ' | ||||||||
Financial Highlights for the quarters ended March 31, 2014 and 2013 were as follows: | |||||||||
For the Quarters Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Per Unit Operating Performance: | |||||||||
Net asset value, January 1: | $ | 7.39 | $ | 7.57 | |||||
Interest Income | – | (3) | – | (3) | |||||
Expenses | (0.11 | ) | (0.15 | ) | |||||
Realized/Unrealized Income (1) | 0.11 | 0.19 | |||||||
Net Income (Loss) | – | (3) | 0.04 | ||||||
Net asset value, March 31: | $ | 7.39 | $ | 7.61 | |||||
Ratios to average net assets: | |||||||||
Net Investment Loss (2) | (6.2 | )% | (7.8 | )% | |||||
Expenses before Incentive Fees (2) | 6.2 | % | 6.6 | % | |||||
Expenses after Incentive Fees (2) | 6.2 | % | 7.8 | % | |||||
Total return before incentive fees | 0 | % | 0.8 | % | |||||
Total return after incentive fees | 0 | % | 0.5 | % | |||||
(1) Realized/Unrealized Income 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) Amount less than $0.005 per Unit. |
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivatives and Hedging [Abstract] | ' | ||||||||||||||||||||||||
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 December 31, 2013: | |||||||||||||||||||||||||
Futures and Forward Contracts | Long | Long | Short | Short | Net | Average | |||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | number of | ||||||||||||||||||||
Gain | Loss | Gain | Loss | Gain (Loss) | contracts | ||||||||||||||||||||
outstanding | |||||||||||||||||||||||||
for the three | |||||||||||||||||||||||||
months | |||||||||||||||||||||||||
(absolute | |||||||||||||||||||||||||
quantity) | |||||||||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 826 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
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 Quarter Ended March 31, 2013 included in Total Trading Results: | |||||||||||||||||||||||||
Type of Instrument | $ | ||||||||||||||||||||||||
Commodity | (167,990 | ) | |||||||||||||||||||||||
Foreign currency | 798,495 | ||||||||||||||||||||||||
Unrealized currency loss | (71,943 | ) | |||||||||||||||||||||||
Total | 558,562 | ||||||||||||||||||||||||
Line items on the Statements of Income and Expenses for the Quarter Ended March 31, 2013: | |||||||||||||||||||||||||
Trading Results | $ | ||||||||||||||||||||||||
Net realized | (22,621 | ) | |||||||||||||||||||||||
Net change in unrealized | 140,381 | ||||||||||||||||||||||||
Net realized loss on investment in KR Master Fund | (188,824 | ) | |||||||||||||||||||||||
Net realized gain on investment in Cambridge Master Fund | 226,663 | ||||||||||||||||||||||||
Net change in unrealized appreciation on investment in KR Master Fund | 19,353 | ||||||||||||||||||||||||
Net change in unrealized appreciation on investment in Cambridge Master Fund | 383,610 | ||||||||||||||||||||||||
Total Trading Results | 558,562 |
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
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. | ||||||||||||||||||
31-Mar-14 | 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 | – | 11,172,108 | n/a | 11,172,108 | ||||||||||||||
Investment in KR Master Fund | – | 5,587,285 | n/a | 5,587,285 | ||||||||||||||
Total Assets | – | 16,759,393 | n/a | 16,759,393 | ||||||||||||||
Unadjusted | ||||||||||||||||||
Quoted Prices in | Significant | |||||||||||||||||
Active Markets | Other | Significant | ||||||||||||||||
for Identical | Observable | Unobservable | ||||||||||||||||
Assets | Inputs | Inputs | ||||||||||||||||
31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | Total | ||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Assets | ||||||||||||||||||
Investment in Cambridge Master Fund | – | 11,299,138 | n/a | 11,299,138 | ||||||||||||||
Investment in KR Master Fund | – | 7,290,317 | n/a | 7,290,317 | ||||||||||||||
Total Assets | – | 18,589,455 | n/a | 18,589,455 | ||||||||||||||
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 March 31, 2014 and December 31, 2013, is shown in the following tables. | ||||||||||||||||||
31-Mar-14 | ||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | ||||||||||||||||
KR Master Fund | $ | 28,930,902 | $ | 853,357 | $ | 28,077,545 | ||||||||||||
Cambridge Master Fund | 40,123,791 | 52,226 | 40,071,565 | |||||||||||||||
$ | 69,054,693 | $ | 905,583 | $ | 68,149,110 | |||||||||||||
31-Dec-13 | ||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | ||||||||||||||||
KR Master Fund | $ | 44,043,845 | $ | 1,456,785 | $ | 42,587,060 | ||||||||||||
Cambridge Master Fund | 37,549,964 | 28,580 | 37,521,384 | |||||||||||||||
$ | 81,593,809 | $ | 1,485,365 | $ | 80,108,444 | |||||||||||||
Summary of Partnership's Investments | ' | |||||||||||||||||
Summarized information for the Partnership’s investment in, and operations of, Cambridge Master Fund and KR Master Fund at March 31, 2014 and December 31, 2013 and for the period ended March 31, 2014 and March 31, 2013, is as follows: | ||||||||||||||||||
31-Mar-14 | For the three months ended March 31, 2014 | |||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | |||||||||||||
Partnership | Value | pro rata | Objective | Permitted | ||||||||||||||
Net Assets | Net | |||||||||||||||||
Income | ||||||||||||||||||
% | $ | $ | ||||||||||||||||
Cambridge Master Fund | 69.92 | 11,172,108 | 292,056 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
KR Master Fund | 34.97 | 5,587,285 | 97,261 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
31-Dec-13 | For the three months ended March 31, 2013 | |||||||||||||||||
Investment | % of | Fair | Partnership’s | Investment | Redemption | |||||||||||||
Partnership | Value | pro rata | Objective | Permitted | ||||||||||||||
Net Assets | Net | |||||||||||||||||
Income (Loss) | ||||||||||||||||||
% | $ | $ | ||||||||||||||||
Cambridge Master Fund | 62.9 | 11,299,138 | 610,274 | Commodity | Monthly | |||||||||||||
Portfolio | ||||||||||||||||||
KR Master Fund | 40.6 | 7,290,317 | (169,471 | ) | 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 quarters ended March 31, 2014 and 2013, to meet the requirements of Regulation S-X rule 3-09. | ||||||||||||||||||
31-Mar-14 | Investment | Net | Total | Net Income | ||||||||||||||
Income | Investment Loss | Trading Results | ||||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Cambridge Master Fund | 2,977 | (44,946 | ) | 156,075 | 111,129 | |||||||||||||
KR Master Fund | 2,164 | (52,751 | ) | 957,264 | 904,513 | |||||||||||||
31-Mar-13 | Investment | Net | Total | Net | ||||||||||||||
Income | Investment Loss | Trading Results | Income/(Loss) | |||||||||||||||
$ | $ | $ | $ | |||||||||||||||
Cambridge Master Fund | 2,645 | (19,763 | ) | 1,320,051 | 1,300,288 | |||||||||||||
KR Master Fund | 12,611 | (76,659 | ) | (1,654,722 | ) | (1,731,381 | ) |
Organization_Details
Organization (Details) | 3 Months Ended | |
Mar. 31, 2014 | Apr. 01, 2014 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ' | ' |
Annual flat rate brokerage fees for the Partnerships (in hundredths) | 4.60% | ' |
Future annual flat rate brokerage fees for the Partnerships (in hundredths) | ' | 3.60% |
Financial_Highlights_Details
Financial Highlights (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Per Unit operating performance: [Abstract] | ' | ' | ||
Net asset value at the beginning of the period (in dollars per unit) | $7.39 | $7.57 | ||
Interest Income (in dollars per unit) | $0 | [1] | $0 | [1] |
Expenses (in dollars per unit) | ($0.11) | ($0.15) | ||
Realized/Unrealized Income (Loss) (in dollars per unit) | $0.11 | [2] | $0.19 | [2] |
Net Income (Loss) (in dollars per unit) | $0 | [3],[4] | $0.04 | [3] |
Net asset value at the end of the period (in dollars per unit) | $7.39 | $7.61 | ||
Ratios to average net assets: [Abstract] | ' | ' | ||
Net Investment Loss (in hundredths) | -6.20% | [5] | -7.80% | [5] |
Expenses before Incentive Fees (in hundredths) | 6.20% | [5] | 6.60% | [5] |
Expenses after Incentive Fees (in hundredths) | 6.20% | [5] | 7.80% | [5] |
Total return before incentive fees (in hundredths) | 0.00% | 0.80% | ||
Total return after incentive fees (in hundredths) | 0.00% | 0.50% | ||
[1] | Amount less than $0.005 per Unit. | |||
[2] | Realized/Unrealized Income 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] | Value less or equal to zero. | |||
[5] | Annualized (except for incentive fees if applicable). |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 3 Months Ended |
Mar. 31, 2014 | |
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% |
Derivatives_and_Hedging_Effect
Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||||||||||
Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Contract | Commodity [Member] | Foreign Currency [Member] | Options Purchased [Member] | KR Master Fund [Member] | Cambridge Master Fund [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | Futures and Forward Contracts [Member] | ||
Contract | Foreign Currency [Member] | Foreign Currency [Member] | Long [Member] | Long [Member] | Long [Member] | Long [Member] | Short [Member] | Short [Member] | Short [Member] | Short [Member] | |||||||||
Contract | Contract | Foreign Currency [Member] | Foreign Currency [Member] | Foreign Currency [Member] | Foreign Currency [Member] | ||||||||||||||
Futures and Forward Contracts [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $0 | ' | $0 |
Unrealized loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | 0 | ' | 0 |
Net Unrealized Gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized currency gain | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net unrealized gain on open contracts | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Contracts at Fair Value [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options purchased | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average number of contracts outstanding | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 826 | ' | ' | ' | ' | ' | ' | ' | ' |
Effect of Trading Activities on Statements of Income [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trading results | ' | ' | -167,990 | 798,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized currency gain (loss) | -71,943 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized | -22,621 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in unrealized | 140,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized gain (loss) on investment | ' | ' | ' | ' | ' | -188,824 | 226,663 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in unrealized appreciation (depreciation) on investment | ' | ' | ' | ' | ' | 19,353 | 383,610 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Trading Results | $558,562 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Investments [Abstract] | ' | ' | ' |
Total Assets | $69,054,693 | ' | $81,593,809 |
Total Liabilities | 905,583 | ' | 1,485,365 |
Total Capital | 68,149,110 | ' | 80,108,444 |
Summarized Information of Investments [Abstract] | ' | ' | ' |
Fair value | 16,759,393 | ' | 18,589,455 |
Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Total Assets | 16,759,393 | ' | 18,589,455 |
Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Total Assets | 0 | ' | 0 |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Total Assets | 16,759,393 | ' | 18,589,455 |
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Total Assets | ' | ' | ' |
KR Master Fund [Member] | ' | ' | ' |
Investments [Abstract] | ' | ' | ' |
Total Assets | 28,930,902 | ' | 44,043,845 |
Total Liabilities | 853,357 | ' | 1,456,785 |
Total Capital | 28,077,545 | ' | 42,587,060 |
Summarized Information of Investments [Abstract] | ' | ' | ' |
Percentage of partnership net assets (in hundredths) | 34.97% | ' | 40.60% |
Fair value | 5,587,285 | ' | 7,290,317 |
Partnership's pro rata Net Income (Loss) | 97,261 | -169,471 | ' |
Investment Objective | 'Commodity Portfolio | 'Commodity Portfolio | ' |
Redemption Permitted | 'Monthly | 'Monthly | ' |
Percentage of partnership owned (in hundredths) | 19.90% | ' | 17.11% |
Leverage as percentage of commodity program (in hundredths) | 150.00% | ' | ' |
Income Statement Information for Investments [Abstract] | ' | ' | ' |
Investment income | 2,164 | 12,611 | ' |
Net investment loss | -52,751 | -76,659 | ' |
Total trading results | 957,264 | -1,654,722 | ' |
Net income (loss) | 904,513 | -1,731,381 | ' |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | 5,587,285 | ' | 11,299,138 |
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 |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | 5,587,285 | ' | 11,299,138 |
KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | ' | ' | ' |
Cambridge Master Fund [Member] | ' | ' | ' |
Investments [Abstract] | ' | ' | ' |
Total Assets | 40,123,791 | ' | 37,549,964 |
Total Liabilities | 52,226 | ' | 28,580 |
Total Capital | 40,071,565 | ' | 37,521,384 |
Summarized Information of Investments [Abstract] | ' | ' | ' |
Percentage of partnership net assets (in hundredths) | 69.92% | ' | 62.90% |
Fair value | 11,172,108 | ' | 11,299,138 |
Partnership's pro rata Net Income (Loss) | 292,056 | 610,274 | ' |
Investment Objective | 'Commodity Portfolio | 'Commodity Portfolio | ' |
Redemption Permitted | 'Monthly | 'Monthly | ' |
Percentage of partnership owned (in hundredths) | 27.88% | ' | 30.11% |
Income Statement Information for Investments [Abstract] | ' | ' | ' |
Investment income | 2,977 | 2,645 | ' |
Net investment loss | -44,946 | -19,763 | ' |
Total trading results | 156,075 | 1,320,051 | ' |
Net income (loss) | 111,129 | 1,300,288 | ' |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | 11,172,108 | ' | 7,290,317 |
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 |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | 11,172,108 | ' | 7,290,317 |
Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Assets [Abstract] | ' | ' | ' |
Investment | ' | ' | ' |