Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Document And Entity Information [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ROGERS INTERNATIONAL RAW MATERIALS FUND LP |
Entity Central Index Key | 1,118,384 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding | shares | 0 |
Entity Public Float | $ | $ 0 |
Statements Of Financial Conditi
Statements Of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Equity in broker trading accounts: | ||
Cash at brokers | $ 1,932,056 | $ 2,269,630 |
Unrealized gain (loss) on open futures contracts, net | (186,937) | (505,782) |
Total equity in brokers trading accounts | 1,745,119 | 1,763,848 |
U.S. Government securities, at fair value | 2,999,396 | 9,498,692 |
Cash and cash equivalents | 1,743,738 | 265,878 |
Total assets | 6,488,253 | 11,528,418 |
LIABILITIES | ||
Brokerage commissions payable | 1,455 | 2,690 |
Accrued management fees - General Partner | 5,458 | 9,968 |
Administrative and other fees payable | 162,097 | 118,838 |
Withdrawals payable | 253,074 | 855,244 |
Total liabilities | 422,084 | 986,740 |
PARTNERS' CAPITAL (NET ASSETS) | ||
Partners' capital (net assets) | 6,066,169 | 10,541,678 |
Total liabilities and partners' capital (net assets) | $ 6,488,253 | $ 11,528,418 |
Condensed Schedule Of Investmen
Condensed Schedule Of Investments - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Unrealized Gain (Loss) on Open Long Futures Contracts | $ (186,937) | $ (505,782) | |
U.S Government securities [Member] | |||
Fair Value | $ 9,498,692 | ||
Percent of Partners' Capital (Net Assets) | 90.11% | ||
U.S Government securities [Member] | U.S. Treasury Bills due 2/12/2015 at 0.05%, principal amount $4,500,000 [Member] | |||
Fair Value | $ 4,499,760 | ||
Percent of Partners' Capital (Net Assets) | 42.69% | ||
U.S Government securities [Member] | U.S. Treasury Bills due 4/16/2015 at 0.04%, principal amount $1,500,000 [Member] | |||
Fair Value | $ 1,499,827 | ||
Percent of Partners' Capital (Net Assets) | 14.23% | ||
U.S Government securities [Member] | U.S. Treasury Bills due 5/21/2015 at 0.07%, principal amount $3,500,000 [Member] | |||
Fair Value | $ 3,499,105 | ||
Percent of Partners' Capital (Net Assets) | 33.19% | ||
U.S Government securities [Member] | U.S. Treasury Bills due 4/14/2016 at 0.07%, principal amount $3,000,000 [Member] | |||
Fair Value | $ 2,999,396 | ||
Percent of Partners' Capital (Net Assets) | 49.44% | ||
Futures Contracts [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (186,937) | $ (505,782) |
Percent of Partners' Capital (Net Assets) | [1] | (3.08%) | (4.80%) |
Futures Contracts [Member] | U.S. Futures Positions [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (151,709) | $ (396,271) |
Percent of Partners' Capital (Net Assets) | [1] | (2.50%) | (3.76%) |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (48,825) | $ (30,914) |
Percent of Partners' Capital (Net Assets) | [1] | (0.81%) | (0.29%) |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Metals [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (34,255) | $ (26,100) |
Percent of Partners' Capital (Net Assets) | [1] | (0.56%) | (0.25%) |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Energy [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (68,629) | $ (339,257) |
Percent of Partners' Capital (Net Assets) | [1] | (1.13%) | (3.22%) |
Futures Contracts [Member] | Foreign Futures Positions [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (35,228) | $ (109,511) |
Percent of Partners' Capital (Net Assets) | [1] | (0.58%) | (1.04%) |
Futures Contracts [Member] | Foreign Futures Positions [Member] | Agricultural [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (7,405) | $ 16,984 |
Percent of Partners' Capital (Net Assets) | [1] | (0.12%) | 0.16% |
Futures Contracts [Member] | Foreign Futures Positions [Member] | Metals [Member] | |||
Unrealized Gain (Loss) on Open Long Futures Contracts | [1] | $ (27,823) | $ (126,495) |
Percent of Partners' Capital (Net Assets) | [1] | (0.46%) | (1.20%) |
[1] | No individual futures contract position constitutes greater than 1 percent of Partners' Capital (Net Assets). |
Condensed Schedule Of Investme4
Condensed Schedule Of Investments (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Maximum percentage of individual futures contract position of net assets | 1.00% | 1.00% |
U.S Government securities [Member] | ||
Total cost | $ 2,998,967 | $ 9,497,527 |
U.S. Treasury Bills due 2/12/2015 at 0.05%, principal amount $4,500,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | Feb. 12, 2015 | |
Treasury Bill Effective Yield | 0.05% | |
Principal Amount | $ 4,500,000 | |
U.S. Treasury Bills due 4/16/2015 at 0.04%, principal amount $1,500,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | Apr. 16, 2015 | |
Treasury Bill Effective Yield | 0.04% | |
Principal Amount | $ 1,500,000 | |
U.S. Treasury Bills due 5/21/2015 at 0.07%, principal amount $3,500,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | May 21, 2015 | |
Treasury Bill Effective Yield | 0.07% | |
Principal Amount | $ 3,500,000 | |
U.S. Treasury Bills due 4/14/2016 at 0.07%, principal amount $3,000,000 [Member] | U.S Government securities [Member] | ||
US Treasury Bill Due | Apr. 14, 2016 | |
Treasury Bill Effective Yield | 0.07% | |
Principal Amount | $ 3,000,000 |
Statements Of Operations
Statements Of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Net trading gains (losses): | |||
Realized | [1] | $ (2,759,460) | $ (2,915,724) |
Change in unrealized | [1] | 318,845 | (278,574) |
Commissions | (27,302) | (39,746) | |
Net trading gains (losses) | (2,467,917) | (3,234,044) | |
Investment income: | |||
Interest income | 4,040 | 7,105 | |
Other income | 25,725 | ||
Total investment income | 4,040 | 32,830 | |
Expenses: | |||
Management fees - General Partner | 87,562 | 165,291 | |
Administrative fees and other fees | 159,655 | 249,901 | |
Total Expenses | 247,217 | 415,192 | |
Net Investment income (loss) | (243,177) | (382,362) | |
Net income (loss) | $ (2,711,094) | $ (3,616,406) | |
Net increase (decrease) in NAV per GP and LP unit: | |||
General Partner | $ (35.27) | $ (38.64) | |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | |||
Net income (loss) per General Partners | $ (46,345) | $ (50,768) | |
Net income (loss) per Limited Partners | (2,711,094) | (3,616,406) | |
Limited Partners-Series A [Member] | |||
Expenses: | |||
Net income (loss) | $ (2,539,232) | $ (3,378,096) | |
Net increase (decrease) in NAV per GP and LP unit: | |||
Limited Partners | $ (35.27) | $ (38.64) | |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | |||
Net income (loss) per Limited Partners | $ (2,539,232) | $ (3,378,096) | |
Limited Partners-Series B [Member] | |||
Expenses: | |||
Net income (loss) | $ (125,517) | $ (187,542) | |
Net increase (decrease) in NAV per GP and LP unit: | |||
Limited Partners | $ (34.37) | $ (38.06) | |
Net income (loss) per General and Limited Partners (based on weighted average number of units outstanding during the period): | |||
Net income (loss) per Limited Partners | $ (125,517) | $ (187,542) | |
[1] | Trading gains and losses is exclusive of brokerage commissions. |
Statements Of Changes In Partne
Statements Of Changes In Partners' Capital (Net Assets) - USD ($) | General Partner [Member] | Limited Partners-Series A [Member] | Limited Partners-Series B [Member] | Limited Partners [Member] | Total |
Partners' capital (net assets) at Dec. 31, 2013 | $ 210,692 | $ 17,354,304 | $ 871,206 | $ 18,225,510 | $ 18,436,202 |
Partners' capital (net assets), Units at Dec. 31, 2013 | 1,314 | 108,236 | 5,569 | ||
Net income (loss) | $ (50,768) | $ (3,378,096) | $ (187,542) | (3,565,638) | (3,616,406) |
Withdrawals | $ (4,129,524) | $ (148,594) | (4,278,118) | (4,278,118) | |
Withdrawals, Units | (27,328) | (1,049) | |||
Partners' capital (net assets) at Dec. 31, 2014 | $ 159,924 | $ 9,846,684 | $ 535,070 | 10,381,754 | 10,541,678 |
Partners' capital (net assets), Units at Dec. 31, 2014 | 1,314 | 80,908 | 4,520 | ||
Net income (loss) | $ (46,345) | $ (2,539,232) | $ (125,517) | (2,664,749) | (2,711,094) |
Withdrawals | $ (1,610,617) | $ (153,798) | (1,764,415) | (1,764,415) | |
Withdrawals, Units | (14,998) | (1,475) | |||
Partners' capital (net assets) at Dec. 31, 2015 | $ 113,579 | $ 5,696,835 | $ 255,755 | $ 5,952,590 | $ 6,066,169 |
Partners' capital (net assets), Units at Dec. 31, 2015 | 1,314 | 65,910 | 3,045 |
Statements Of Changes In Partn7
Statements Of Changes In Partners' Capital (Net Assets) (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Limited Partners-Series A [Member] | ||
Net asset value per unit | $ 86.43 | $ 121.70 |
Limited Partners-Series B [Member] | ||
Net asset value per unit | 83.99 | 118.36 |
General Partner [Member] | ||
Net asset value per unit | $ 86.43 | $ 121.70 |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 1. Significant Accounting Policies: Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. The Partnership commenced trading during November 2001. The Partnership will terminate on December 31, 2020 or earlier upon certain circumstances as defined in the Limited Partnership Agreement. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”). Beeland Interests, Inc. is the owner and sponsor of the Index. Accounting Policies : The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation . The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946. Net Assets: The valuation of net assets includes open commodity futures owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on settlement prices on the last business day of each month. Net assets are determined by subtracting liabilities from assets, which also equals partners’ capital. Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents include amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals. Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value. Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers. Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or 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, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Interest Income Recognition: The Partnership records interest income on the accrual basis. Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses. Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 201 2 . The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through December 31, 2015 . Note 1. Significant Accounting Policies (continued) : Profit and Loss Allocation: Limited partners and the General Partner share in the profits and losses of the Partnership in the proportion that each partner’s capital account bears to the total partners’ capital. Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5). Statement of Cash Flows : The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met: -During the years, substantially all of the Partnership’s investments were level 1 or 2; -Substantially all of the Partnership’s investments are carried at fair value; -The Partnership had little or no debt during the years; -The Partnership’s financial statements include a statement of changes in partners’ capital (net assets) . |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Fair Value Of Financial Instruments | Note 2. Fair Value of Financial Instruments : As described in Note 1, the Partnership records its investments at fair value. F air value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 . Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 . Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. Level 3 . Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. 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 following section describes the valuation techniques used by the Partnership to measure different financial instruments at fair value and includes the level within the fair value hierarchy in which the financial instrument is categorized. The fair values of exchange traded futures contracts are based upon exchange settlement prices. Money market funds included in cash at brokers are valued using quoted market prices. U.S. Government securities are stated at cost plus accrued interest, which approximates fair value based on quoted prices for identical assets in an active market. These financial instruments are categorized in Level 1 of the fair value hierarchy. The following table summarizes the Partnership’s assets measured at fair value on a recurring basis as of December 31, 2015 and 2014 using the fair value hierarchy: Note 2. Fair Value of Financial Instruments (continued) : 2015 2014 Description Level 1 Level 1 Equity in brokers trading account: Unrealized loss on open futures contracts, net* $ (186,937) $ (505,782) U.S. Government securities* 2,999,396 9,498,692 Cash and cash equivalents: Money market funds 1,553,238 198,304 $ 4,365,697 $ 9,191,214 * See the condensed schedule of investments for further description. During the years ended December 31, 2015 and 2014 , there were no Level 2 or Level 3 assets or liabilities. The Partnership assesses the levels of assets and liabilities measured at fair value at each measurement date, and transfers between levels are recognized on the accrual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1 , 2 , and 3 during the years ended December 31, 2015 and 2014. In addition, substantially all of the Partnership’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments. |
Derivative Transactions
Derivative Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Transactions [Abstract] | |
Derivative Transactions | Note 3. Derivative Transactions : The Partnership’s business is the speculative trading of futures contracts. The Partnership does not consider any derivative instruments to be hedging instruments, as this term is generally understood under FASB guidance. As of and for the years ended December 31, 2015 and 2014, the Partnership’s derivative contracts had the following impact on the statements of financial condition and statements of operations: Asset Derivatives Liability Derivatives Net Derivatives December 31, 2015 December 31, 2015 December 31, 2015 Fair Value Fair Value Fair Value* Futures positions: Agricultural $ 29,693 $ (85,923) $ (56,230) Metals 56,112 (118,190) (62,078) Energy 21,106 (89,735) (68,629) $ 106,911 $ (293,848) $ (186,937) Asset Derivatives Liability Derivatives Net Derivatives December 31, 2014 December 31, 2014 December 31, 2014 Fair Value Fair Value Fair Value* Futures positions: Agricultural $ 77,898 $ (91,828) $ (13,930) Metals 98,632 (251,227) (152,595) Energy 1,800 (341,057) (339,257) $ 178,330 $ (684,112) $ (505,782) * The net fair value of all assets and liability derivatives is included in equity in broker trading accounts in the statements of financial condition. Note 3. Derivative Transactions (continued): Trading Revenue** for the years ended December 31, 2015 and 2014: Type of Instrument 12/31/2015 12/31/2014 Type of Contract Agricultural $ (483,591) $ (351,735) Metal (661,292) (261,234) Energy (1,295,732) (2,581,329) $ (2,440,615) $ (3,194,298) Line Item in Statements of Operations Realized gains (losses) on futures contracts $ (2,759,460) $ (2,915,724) Change in unrealized gains (losses) on open futures contracts 318,845 (278,574) $ (2,440,615) $ (3,194,298) ** Trading gains and losses is exclusive of brokerage commissions. For the years ended December 31, 2015 and 2014 , the monthly average number of contracts bought and so ld was 376 and 561 , respectively. Year ended December 31, 2015 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition Assets US and foreign futures contracts $ 106,911 $ (106,911) $ - Liabilities US and foreign futures contracts $ 293,848 $ (106,911) $ 186,937 Derivatives Assets and Liabilities and Collateral Received by Counterparty As December 31, 2015 Net Amount of Unrealized Loss Presented in the Consolidated Statement Gross Amounts Not Offset in the Statement of Financial Condition Counterparty of Financial Condition Financial Instruments Cash Collateral Deposited Net Amount ADM Investor Services, Inc $ (186,937) $ - $ 186,937 $ - Total $ (186,937) $ - $ 186,937 $ - Note 3. Derivative Transactions (continued): Year ended December 31, 2014 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition Assets US and foreign futures contracts $ 178,330 $ (178,330) $ - Liabilities US and foreign futures contracts $ 684,112 $ (178,330) $ 505,782 Derivatives Assets and Liabilities and Collateral Received by Counterparty As December 31, 2014 Net Amount of Unrealized Loss Presented in the Consolidated Statement Gross Amounts Not Offset in the Statement of Financial Condition Counterparty of Financial Condition Financial Instruments Cash Collateral Deposited Net Amount ADM Investor Services, Inc $ (505,782) $ - $ 505,782 $ - Total $ (505,782) $ - $ 505,782 $ - |
Agreements And Related-Party Tr
Agreements And Related-Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Agreements And Related-Party Transactions [Abstract] | |
Agreements And Related-Party Transactions | Note 4 . Agreements and Related-Party Transactions: The Limited Partnership Agreement vests all responsibility and powers for the management of the business and affairs of the Partnership with the General Partner, Beeland Management Company, L.L.C. including trading decisions. The Partnership pays a monthly management fee to the General Partner equal to 0.08333% of the net assets of the Partnership at the close of the preceding month (1.00% per annum). The Partnership is responsible for the administrative and trading expenses related to its operations. The General Partner may incur certain expenses on behalf of the Partnership and charge the Partnership for its allo cable portion of these expenses. Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, and from April 2013 to December 2015 , common ownership, acts as the selling group manager for the Partnership . The Partnership pays Uhlmann a share of selling fees when units are sold by its registered brokers. Selling fees of up to 2% of the gross offering proceeds (which includes a 0.50% reallowance to Uhlmann) were charged to partners’ capital upon issuance of Series B Partnership units. In addition, there is an annual trailing servicing fee of up to 1% of the net asset value of the specific partner’s capital account payable to the soliciting broker-dealer for ongoing investor services. For all Series B units sold, the total trailing servicing fee is not to exceed 7.99% of the gross offering proceeds of the units sold. The Price Futures Group, Inc. (“PFG”), a related party to the General Partner through common management, and from April 2013 to December 2015 , common ownership , acts as the introducing broker for the Partnership, whereby certain accounts of the Partnership are introduced to the Partnership’s clearing broker. A portion of the brokerage fee paid by the Partnership for clearing transactions is paid to Price Futures , by the clearing broker. Note 4 . Agreements and Related-Party Transactions (continued) : A summary of fees charged by related parties to the Partnership is as follows: 2015 2014 Management fees – General Partner $ 87,562 $ 165,291 Trailing servicing fees – Uhlmann 62,967 118,050 |
Partnership Capital And Withdra
Partnership Capital And Withdrawals | 12 Months Ended |
Dec. 31, 2015 | |
Partnership Capital And Withdrawals [Abstract] | |
Partnership Capital And Withdrawals | Note 5 . Partnership Capital and Withdrawals: The Partnership accepts contributions as of the close of business on the last business day of each month for investment on the first day of the next succeeding month. The General Partner may accept or reject contributions and waive the minimum contribution amounts in its sole discretion. Effective November 1, 2010, the Partnership began accepting contributions for Series B units. The Partnership has been closed to Series A units contributions since October 31, 2005. Effective May 1, 2013, the Partnership ceased offering its units of limited partnership and is no longer accepting contributions. Series A and Series B units are identical with respect to participation in the Partnership’s profits or losses. Series B units do not, however, participate in any Partnership recoveries arising out of the bankruptcy of Refco Inc. and its affiliates. The purchase price of a unit is the net asset value per unit as of the end of each calendar month. Net asset value per unit is calculated as the net asset value at month-end divided by the number of outstanding units. The Partnership accepts withdrawals on a monthly basis. Requests for withdrawal should be received by the General Partner no later than six business days prior to the end of the month in which an investor chooses to withdraw . Requests for withdrawal should be sent to the General Partner by email, fax, or overnight courier. |
Financial Instruments With Off-
Financial Instruments With Off-Balance Sheet Credit And Market Risk | 12 Months Ended |
Dec. 31, 2015 | |
Financial Instruments With Off-Balance Sheet Credit And Market Risk [Abstract] | |
Financial Instruments With Off-Balance Sheet Credit And Market Risk | Note 6 . Financial Instruments with Off-Balance Sheet Credit and Market Risk: The Partnership is involved in trading activities that may have market and/or credit risk. Financial instruments employed in the Partnership’s operations may have market and/or credit risk in excess of the amounts recorded in the statement s of financial condition. Market Risk - Market risks arise from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional contract value of futures contracts entered. Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. The use of financial instruments may serve to modify or offset market risk associated with other transactions. Credit Risk - Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is generally the net unrealized gain on the open positions plus the value of the margin or collateral held by the counterparty. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges. Financial instruments traded off-exchange give rise to the risk of the failure of, or the inability or refusal to perform by, the counterparties to such trades. Concentration of Credit Risk - The Partnership clears all of its futures trades through one clearing broker, ADM Investor Services, Inc. In the event this counterparty does not fulfill its obligations, the Partnership may be exposed to risk. This risk of default depends on the creditworthiness of the counterparties to these transactions. The Partnership has a substantial portion of its assets on deposit with financial institutions in connection with its cash management activities. In the event of a financial institution’s insolvency, recovery of the Partnership’s assets on deposit may be limited to the amount of insurance or other protection afforded such deposits. The Partnership attempts to minimize this credit risk by monitoring the creditworthiness of the clearing broker and financial institutions. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights | Note 7 . Financial Highlights : Financial highlights for limited partners for the years ended December 31, 2015 and 2014 are as follows: Per Unit Performance Year ended Year ended December 31, 2015 December 31, 2014 Series A Series B Series A Series B Net asset value per unit at the beginning of the period $ 121.70 $ 118.36 $ 160.34 $ 156.42 Income (loss) from operations: Net trading gains (losses) (32.19) (31.24) (34.69) (34.13) Investment income 0.05 0.05 0.07 0.07 Expenses (3.13) (3.18) (4.02) (4.00) Net investment loss (3.08) (3.13) (3.95) (3.93) Net gain (loss) per unit (35.27) (34.37) (38.64) (38.06) Net asset value per unit at the end of the period $ 86.43 $ 83.99 $ 121.70 $ 118.36 Year ended Year ended December 31, 2015 December 31, 2014 Series A Series B Series A Series B Ratio of net investment loss to average partners’ capital (net assets) (1) (2.84) % (2.94) % (2.54) % (2.60) % Ratio of expenses to average partners' capital (net assets) (1)(2) 2.89 % 2.99 % 2.58 % 2.64 % Total return (3) (28.98) % (29.04) % (24.10) % (24.33) % The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions and the different fee arrangements (see Note 5). (1) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. |
Litigation
Litigation | 12 Months Ended |
Dec. 31, 2015 | |
Litigation [Abstract] | |
Litigation | Note 8 . Litigation: The Partnership was a beneficiary of a Litigation Trust which sought recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). In December 2014, the Partnership received additional amounts from the Litigation Trust and sold its interest in any future bankruptcy claims to a third party after giving consideration to such factors as the uncertainty regarding the timing and amount of any future potential distributions. With these final distributions, the Partnership has received the full value of its allowed claims in the Refco bankruptcy as well as excess recoveries of approximately $5.9 million. All Refco Bankruptcy related recoveries received by the Partnership, including excess recoveries except as described below, have been allocated among all partners in the Partnership who were partners as of October 31, 2005, on a pro-rata basis as of October 31, 2005, with redeemed partners receiving cash distributions. Final c ash distributions to redeemed partners from excess recoveries totaled approximately $434,424 for the year ended December 31, 2014 . At December 31, 2014, $337,499 of excess Refco related recoveries was payable to redeemed limited partners. All cash distributions were paid out to redeemed investors in December 2015. The Partnership has reserved $73,012 of the excess Refco related recoveries to apply to expenses incurred to administer ongoing communication with, and distributions and reporting to, redeemed limited partners with respect to Refco related recoveries received by the Partnership. These expenses include but are not limited to professional fees, printing, postage, and administration fees. |
Indemnification
Indemnification | 12 Months Ended |
Dec. 31, 2015 | |
Indemnification [Abstract] | |
Indemnification | Note 9. Indemnifications : In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties, both of which provide general indemnifications. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 10. Subsequent Events : From January 1, 2016 to March 30, 2016 there were withdrawals from the Partnership totaling $349,142 . |
Significant Accounting Polici18
Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Abstract] | |
Nature Of Business And Organization | Nature of Business and Organization: Rogers International Raw Materials Fund, L.P. (the "Partnership") is an Illinois Limited Partnership that was established in May 2000. The Partnership trades a portfolio primarily of commodity futures contracts, principally on recognized exchanges. The Partnership may also purchase contracts in the over the counter marketplace under certain circumstances. The Partnership invests and trades exclusively on the “long side” of the market. The Partnership’s investment strategy is designed to replicate the Rogers International Commodity Index® (the “Index”) and positions are rebalanced monthly to maintain the Index’s relative weightings. The Partnership commenced trading during November 2001. The Partnership will terminate on December 31, 2020 or earlier upon certain circumstances as defined in the Limited Partnership Agreement. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”). Beeland Interests, Inc. is the owner and sponsor of the Index. |
Accounting Policies | Accounting Policies : The Partnership follows Generally Accepted Accounting Principles (“GAAP”), as established by the Financial Accounting Standards Board (“FASB”), to ensure consistent reporting of financial condition and results of operation . The Partnership is an investment company and follows the accounting and reporting guidelines in FASB Topic 946. |
Net Assets | Net Assets: The valuation of net assets includes open commodity futures owned by the Partnership, if any, at the end of the period. The unrealized gain or loss on these contracts has been calculated based on settlement prices on the last business day of each month. Net assets are determined by subtracting liabilities from assets, which also equals partners’ capital. |
Cash And Cash Equivalents | Cash and Cash Equivalents: Cash and cash equivalents include highly liquid instruments with original maturities of three months or less at the date of acquisition. Cash and cash equivalents include amounts on deposit with a broker to facilitate payment of expenses and partner withdrawals. |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments: Securities and derivative financial instruments are recorded at fair value. |
Deposits With Brokers | Deposits with Brokers: The Partnership deposits assets with brokers subject to Commodity Futures Trading Commission regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such brokers. The Partnership earns interest income on its assets deposited with the brokers. |
Revenue Recognition | Revenue Recognition: Futures and forward contracts are recorded on a trade date basis and realized gains or losses are recognized when contracts are liquidated. Unrealized gains or 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, as there exists a right of offset of unrealized gains or losses. Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. |
Interest Income Recognition | Interest Income Recognition: The Partnership records interest income on the accrual basis. |
Use Of Estimates | Use of Estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation: Foreign currency is translated into U.S. dollars at the exchange rate prevailing on the last business day of each month. The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities and derivative financial instruments held. Such fluctuations are included with the net realized trading gains or losses. |
Income Taxes | Income Taxes: No provision for income taxes has been made in these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The Partnership is generally not subject to examination by U.S. federal or state taxing authorities for tax years before 201 2 . The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through December 31, 2015 . |
Profit And Loss Allocation | Profit and Loss Allocation: Limited partners and the General Partner share in the profits and losses of the Partnership in the proportion that each partner’s capital account bears to the total partners’ capital. |
Withdrawals Payable | Withdrawals Payable: Withdrawals approved by the General Partner prior to month-end with a fixed effective date and fixed amount are recorded as withdrawals payable as of month-end (See Note 5). |
Statement Of Cash Flows | Statement of Cash Flows : The Partnership has elected not to provide a statement of cash flows as permitted by GAAP as all of the following conditions have been met: -During the years, substantially all of the Partnership’s investments were level 1 or 2; -Substantially all of the Partnership’s investments are carried at fair value; -The Partnership had little or no debt during the years; -The Partnership’s financial statements include a statement of changes in partners’ capital (net assets) . |
Fair Value Of Financial Instr19
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Of Financial Instruments [Abstract] | |
Summary Of Partnership's Assets Measured At Fair Value On Recurring Basis | 2015 2014 Description Level 1 Level 1 Equity in brokers trading account: Unrealized loss on open futures contracts, net* $ (186,937) $ (505,782) U.S. Government securities* 2,999,396 9,498,692 Cash and cash equivalents: Money market funds 1,553,238 198,304 $ 4,365,697 $ 9,191,214 * See the condensed schedule of investments for further description. |
Derivative Transactions (Tables
Derivative Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Transactions [Abstract] | |
Impact Of Derivative Contracts On Statement Of Financial Conditions | Asset Derivatives Liability Derivatives Net Derivatives December 31, 2015 December 31, 2015 December 31, 2015 Fair Value Fair Value Fair Value* Futures positions: Agricultural $ 29,693 $ (85,923) $ (56,230) Metals 56,112 (118,190) (62,078) Energy 21,106 (89,735) (68,629) $ 106,911 $ (293,848) $ (186,937) Asset Derivatives Liability Derivatives Net Derivatives December 31, 2014 December 31, 2014 December 31, 2014 Fair Value Fair Value Fair Value* Futures positions: Agricultural $ 77,898 $ (91,828) $ (13,930) Metals 98,632 (251,227) (152,595) Energy 1,800 (341,057) (339,257) $ 178,330 $ (684,112) $ (505,782) * The net fair value of all assets and liability derivatives is included in equity in broker trading accounts in the statements of financial condition. |
Trading Gains And Losses From Derivative Contracts | Type of Instrument 12/31/2015 12/31/2014 Type of Contract Agricultural $ (483,591) $ (351,735) Metal (661,292) (261,234) Energy (1,295,732) (2,581,329) $ (2,440,615) $ (3,194,298) Line Item in Statements of Operations Realized gains (losses) on futures contracts $ (2,759,460) $ (2,915,724) Change in unrealized gains (losses) on open futures contracts 318,845 (278,574) $ (2,440,615) $ (3,194,298) ** Trading gains and losses is exclusive of brokerage commissions. |
Offsetting Assets And Liabilities, And Derivatives Assets and Liabilities And Collateral Received By Counterparty | Year ended December 31, 2015 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition Assets US and foreign futures contracts $ 106,911 $ (106,911) $ - Liabilities US and foreign futures contracts $ 293,848 $ (106,911) $ 186,937 Derivatives Assets and Liabilities and Collateral Received by Counterparty As December 31, 2015 Net Amount of Unrealized Loss Presented in the Consolidated Statement Gross Amounts Not Offset in the Statement of Financial Condition Counterparty of Financial Condition Financial Instruments Cash Collateral Deposited Net Amount ADM Investor Services, Inc $ (186,937) $ - $ 186,937 $ - Total $ (186,937) $ - $ 186,937 $ - Note 3. Derivative Transactions (continued): Year ended December 31, 2014 Gross Amount of Recognized Assets and Liabilities Gross Amounts Offset in the Consolidated Statement of Financial Condition Net Amount of Unrealized Loss Presented in the Consolidated Statement of Financial Condition Assets US and foreign futures contracts $ 178,330 $ (178,330) $ - Liabilities US and foreign futures contracts $ 684,112 $ (178,330) $ 505,782 Derivatives Assets and Liabilities and Collateral Received by Counterparty As December 31, 2014 Net Amount of Unrealized Loss Presented in the Consolidated Statement Gross Amounts Not Offset in the Statement of Financial Condition Counterparty of Financial Condition Financial Instruments Cash Collateral Deposited Net Amount ADM Investor Services, Inc $ (505,782) $ - $ 505,782 $ - Total $ (505,782) $ - $ 505,782 $ - |
Agreements And Related-Party 21
Agreements And Related-Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Agreements And Related-Party Transactions [Abstract] | |
Fees Charged By Related Parties To Partnership | 2015 2014 Management fees – General Partner $ 87,562 $ 165,291 Trailing servicing fees – Uhlmann 62,967 118,050 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Financial Highlights [Abstract] | |
Financial Highlights Ratio | Per Unit Performance Year ended Year ended December 31, 2015 December 31, 2014 Series A Series B Series A Series B Net asset value per unit at the beginning of the period $ 121.70 $ 118.36 $ 160.34 $ 156.42 Income (loss) from operations: Net trading gains (losses) (32.19) (31.24) (34.69) (34.13) Investment income 0.05 0.05 0.07 0.07 Expenses (3.13) (3.18) (4.02) (4.00) Net investment loss (3.08) (3.13) (3.95) (3.93) Net gain (loss) per unit (35.27) (34.37) (38.64) (38.06) Net asset value per unit at the end of the period $ 86.43 $ 83.99 $ 121.70 $ 118.36 Year ended Year ended December 31, 2015 December 31, 2014 Series A Series B Series A Series B Ratio of net investment loss to average partners’ capital (net assets) (1) (2.84) % (2.94) % (2.54) % (2.60) % Ratio of expenses to average partners' capital (net assets) (1)(2) 2.89 % 2.99 % 2.58 % 2.64 % Total return (3) (28.98) % (29.04) % (24.10) % (24.33) % The above ratios were calculated for the partners taken as a whole. The computation of such ratios was not based on the amount of expenses assessed and income allocated to an individual partner’s capital account, which may vary from these ratios based on the timing of capital transactions and the different fee arrangements (see Note 5). (1) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. |
Significant Accounting Polici23
Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Significant Accounting Policies [Abstract] | |
Provision for income taxes | $ 0 |
Material uncertain tax positions | 0 |
Liability for the payment of interest and penalties | 0 |
Debt | $ 0 |
Fair Value Of Financial Instr24
Fair Value Of Financial Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Liabilities at fair value | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
Liabilities at fair value | $ 0 | $ 0 |
Fair Value Of Financial Instr25
Fair Value Of Financial Instruments (Summary Of Partnership's Assets Measured At Fair Value On Recurring Basis) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) on open futures contracts, net | $ (186,937) | $ (505,782) | |
U.S. Government securities | 2,999,396 | 9,498,692 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) on open futures contracts, net | [1] | (186,937) | (505,782) |
Assets measured at fair value | 4,365,697 | 9,191,214 | |
U.S Government securities [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
U.S. Government securities | [1] | 2,999,396 | 9,498,692 |
Money market funds [Member] | Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Money market funds | $ 1,553,238 | $ 198,304 | |
[1] | See the condensed schedule of investments for further description. |
Derivative Transactions (Narrat
Derivative Transactions (Narrative) (Details) - contract | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Transactions [Abstract] | ||
Average contracts bought and sold | 376 | 561 |
Derivative Transactions (Impact
Derivative Transactions (Impact Of Derivative Contracts On The Statement Of Financial Condition) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | $ 106,911 | $ 178,330 | |
Liability Derivatives | (293,848) | (684,112) | |
Net Derivatives | [1] | (186,937) | (505,782) |
Agricultural [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 29,693 | 77,898 | |
Liability Derivatives | (85,923) | (91,828) | |
Net Derivatives | [1] | (56,230) | (13,930) |
Metals [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 56,112 | 98,632 | |
Liability Derivatives | (118,190) | (251,227) | |
Net Derivatives | [1] | (62,078) | (152,595) |
Energy [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Asset Derivatives | 21,106 | 1,800 | |
Liability Derivatives | (89,735) | (341,057) | |
Net Derivatives | [1] | $ (68,629) | $ (339,257) |
[1] | The net fair value of all assets and liability derivatives is included in equity in broker trading accounts in the statements of financial condition. |
Derivative Transactions (Tradin
Derivative Transactions (Trading Gains And Losses From Derivative Contracts) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Realized gains (losses) on future contracts | [1] | $ (2,759,460) | $ (2,915,724) |
Change in unrealized gains (losses) on open futures contracts | [1] | 318,845 | (278,574) |
Total trading gains (losses) | [1] | (2,440,615) | (3,194,298) |
Agricultural [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Total trading gains (losses) | [1] | (483,591) | (351,735) |
Metals [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Total trading gains (losses) | [1] | (661,292) | (261,234) |
Energy [Member] | |||
Trading Activity, Gains and Losses, Net [Line Items] | |||
Total trading gains (losses) | [1] | $ (1,295,732) | $ (2,581,329) |
[1] | Trading gains and losses is exclusive of brokerage commissions. |
Derivative Transactions (Offset
Derivative Transactions (Offsetting Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Gross Amount of Recognized Assets | $ 106,911 | $ 178,330 |
Gross Amount of Recognized Liabilities | 293,848 | 684,112 |
US And Foreign Futures [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross Amount of Recognized Assets | 106,911 | 178,330 |
Gross Amount of Recognized Liabilities | 293,848 | 684,112 |
Gross Amounts Offset in the Consolidated Statement of Financial Condition, Assets | (106,911) | (178,330) |
Gross Amounts Offset in the Consolidated Statement of Financial Condition, Liabilities | $ (106,911) | $ (178,330) |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral, Total | ||
Derivative Liability, Fair Value, Amount Not Offset Against Collateral, Total | $ 186,937 | $ 505,782 |
Derivative Transactions (Deriva
Derivative Transactions (Derivatives Assets and Liabilities And Collateral Received By Counterparty) (Details) - US And Foreign Futures [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Liabilities [Line Items] | ||
Liability Derivatives | $ (186,937) | $ (505,782) |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Liabilities | $ 186,937 | $ 505,782 |
Net Amount, Liabilities | ||
ADM Investor Services, Inc [Member] | ||
Offsetting Liabilities [Line Items] | ||
Liability Derivatives | $ (186,937) | $ (505,782) |
Gross Amounts Not Offset in the Statement of Financial Condition, Cash Collateral, Liabilities | $ 186,937 | $ 505,782 |
Net Amount, Liabilities |
Agreements And Related-Party 31
Agreements And Related-Party Transactions (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Monthly management fee to General Partner, percent | 0.08333% |
Management fees per annum, percent | 1.00% |
Annual trailing servicing fees, percent | 1.00% |
Maximum trailing servicing fees, percent | 7.99% |
Uhlmann [Member] | |
Related Party Transaction [Line Items] | |
Selling fees paid, percent | 2.00% |
Reallowance percentage | 0.50% |
Agreements And Related-Party 32
Agreements And Related-Party Transactions (Fees Charged By Related Parties To Partnership) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Management fees | $ 87,562 | $ 165,291 |
General Partner [Member] | ||
Related Party Transaction [Line Items] | ||
Management fees | 87,562 | 165,291 |
Uhlmann [Member] | ||
Related Party Transaction [Line Items] | ||
Trailing servicing fees | $ 62,967 | $ 118,050 |
Financial Highlights (Details)
Financial Highlights (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Limited Partners-Series A [Member] | |||
Financial Highlights [Line Items] | |||
Net asset value per unit at the beginning of the period | $ 121.70 | $ 160.34 | |
Net trading gains (losses) | (32.19) | (34.69) | |
Investment income | 0.05 | 0.07 | |
Expenses | (3.13) | (4.02) | |
Net investment loss | (3.08) | (3.95) | |
Net gain (loss) per unit | (35.27) | (38.64) | |
Net asset value per unit at the end of the period | $ 86.43 | $ 121.70 | |
Ratio of net investment gain (loss) to average partners' capital (net assets) | [1] | (2.84%) | (2.54%) |
Ratio of expenses to average partners' capital (net assets) | [1] | 2.89% | 2.58% |
Total return | (28.98%) | (24.10%) | |
Limited Partners-Series B [Member] | |||
Financial Highlights [Line Items] | |||
Net asset value per unit at the beginning of the period | $ 118.36 | $ 156.42 | |
Net trading gains (losses) | (31.24) | (34.13) | |
Investment income | 0.05 | 0.07 | |
Expenses | (3.18) | (4) | |
Net investment loss | (3.13) | (3.93) | |
Net gain (loss) per unit | (34.37) | (38.06) | |
Net asset value per unit at the end of the period | $ 83.99 | $ 118.36 | |
Ratio of net investment gain (loss) to average partners' capital (net assets) | [1] | (2.94%) | (2.60%) |
Ratio of expenses to average partners' capital (net assets) | [1] | 2.99% | 2.64% |
Total return | (29.04%) | (24.33%) | |
[1] | The ratio of expenses to average partners' capital (net asset) values does not include brokerage commissions. |
Litigation (Details)
Litigation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Litigation [Abstract] | ||
Recovered excess of security claims | $ 5,900,000 | |
Cash distribution to redeemed partners | $ 434,424 | |
Excess distributions | $ 73,012 | |
Recoveries payable to redeemed limited partners | $ 337,499 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Mar. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Withdrawals | $ 253,074 | $ 855,244 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Withdrawals | $ 349,142 |