Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document Document And Entity Information [Abstract] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Entity Registrant Name | 'ROGERS INTERNATIONAL RAW MATERIALS FUND LP |
Entity Central Index Key | '0001118384 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Smaller Reporting Company |
Entity Common Stock, Shares Outstanding | 0 |
Statements_Of_Financial_Condit
Statements Of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Equity in broker trading accounts: | ' | ' |
Cash at brokers | $3,373,928 | $5,669,131 |
Unrealized loss on open futures contracts, net | -114,010 | -50,123 |
Total equity in brokers trading accounts | 3,259,918 | 5,619,008 |
U.S. Government securities, at fair value | 17,298,568 | 19,441,749 |
Cash and cash equivalents | 208,266 | 3,643,786 |
Total assets | 20,766,752 | 28,704,543 |
LIABILITIES | ' | ' |
Brokerage commissions payable | 4,357 | 4,357 |
Accrued management fees - General Partner | 17,468 | 23,510 |
Administrative and other fees payable | 144,270 | 249,876 |
Withdrawals payable | 451,270 | 2,656,516 |
Total liabilities | 617,365 | 2,934,259 |
PARTNERS' CAPITAL (NET ASSETS) | ' | ' |
Partners' capital (net assets) | 20,149,387 | 25,770,284 |
Total liabilities and partners' capital (net assets) | $20,766,752 | $28,704,543 |
Condensed_Schedule_Of_Investme
Condensed Schedule Of Investments (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Unrealized Gain (Loss) on Open Long Futures Contracts | ($114,010) | ($50,123) |
Futures Contracts [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | -114,010 | -50,123 |
Percent of Partners' Capital (Net Assets) | -0.57% | -0.19% |
Futures Contracts [Member] | U.S. Futures Positions [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | -190,468 | -338,504 |
Percent of Partners' Capital (Net Assets) | -0.95% | -1.31% |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Agricultural [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | -42,915 | -337,574 |
Percent of Partners' Capital (Net Assets) | -0.21% | -1.31% |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Metals [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | 35,320 | -44,370 |
Percent of Partners' Capital (Net Assets) | 0.17% | -0.17% |
Futures Contracts [Member] | U.S. Futures Positions [Member] | Energy [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | -182,873 | 43,440 |
Percent of Partners' Capital (Net Assets) | -0.91% | 0.17% |
Futures Contracts [Member] | Foreign Futures Positions [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | 76,458 | 288,381 |
Percent of Partners' Capital (Net Assets) | 0.38% | 1.12% |
Futures Contracts [Member] | Foreign Futures Positions [Member] | Agricultural [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | -29,133 | -502 |
Percent of Partners' Capital (Net Assets) | -0.14% | 0.00% |
Futures Contracts [Member] | Foreign Futures Positions [Member] | Metals [Member] | ' | ' |
Unrealized Gain (Loss) on Open Long Futures Contracts | 105,591 | 288,883 |
Percent of Partners' Capital (Net Assets) | 0.52% | 1.12% |
U.S Government Securities [Member] | ' | ' |
Fair Value | 17,298,568 | 19,441,749 |
Percent of Partners' Capital (Net Assets) | 85.85% | 75.44% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 10/03/2013 At .03%, Principal Amount $1,000,000 [Member] | ' | ' |
Fair Value | 999,997 | ' |
Percent of Partners' Capital (Net Assets) | 4.96% | ' |
U.S Government Securities [Member] | U.S. Treasury Bills Due 2/13/2014 At .02%, Principal Amount $8,300,000 [Member] | ' | ' |
Fair Value | 8,299,390 | ' |
Percent of Partners' Capital (Net Assets) | 41.19% | ' |
U.S Government Securities [Member] | U.S. Treasury Bills Due 3/20/2014 At .03%, Principal Amount $4,000,000 [Member] | ' | ' |
Fair Value | 3,999,890 | ' |
Percent of Partners' Capital (Net Assets) | 19.85% | ' |
U.S Government Securities [Member] | U.S. Treasury Bills Due 5/01/2014 At .01%, Principal Amount $4,000,000 [Member] | ' | ' |
Fair Value | 3,999,291 | ' |
Percent of Partners' Capital (Net Assets) | 19.85% | ' |
U.S Government Securities [Member] | U.S. Treasury Bills Due 1/10/2013 At 0.09%, Principal Amount $2,100,000 [Member] | ' | ' |
Fair Value | ' | 2,097,948 |
Percent of Partners' Capital (Net Assets) | ' | 8.14% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 2/7/2013 At 0.12%, Principal Amount $1,150,000 [Member] | ' | ' |
Fair Value | ' | 1,149,858 |
Percent of Partners' Capital (Net Assets) | ' | 4.46% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 2/14/2013 At 0.1%, Principal Amount $2,100,000 [Member] | ' | ' |
Fair Value | ' | 2,097,741 |
Percent of Partners' Capital (Net Assets) | ' | 8.14% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 2/14/2013 At 0.05%, Principal Amount $1,500,000 [Member] | ' | ' |
Fair Value | ' | 1,499,917 |
Percent of Partners' Capital (Net Assets) | ' | 5.82% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 2/14/2013 At 0.04%, Principal Amount $800,000 [Member] | ' | ' |
Fair Value | ' | 799,964 |
Percent of Partners' Capital (Net Assets) | ' | 3.10% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 3/07/2013 At 0.1%, Principal Amount $2,100,000 [Member] | ' | ' |
Fair Value | ' | 2,097,619 |
Percent of Partners' Capital (Net Assets) | ' | 8.14% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 3/07/2013 At 0.06%, Principal Amount $4,000,000 [Member] | ' | ' |
Fair Value | ' | 3,999,596 |
Percent of Partners' Capital (Net Assets) | ' | 15.52% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 3/14/2013 At 0.06%, Principal Amount $1,500,000 [Member] | ' | ' |
Fair Value | ' | 1,499,811 |
Percent of Partners' Capital (Net Assets) | ' | 5.82% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 3/14/2013 At 0.04%, Principal Amount $800,000 [Member] | ' | ' |
Fair Value | ' | 799,936 |
Percent of Partners' Capital (Net Assets) | ' | 3.10% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 4/18/2013 At 0.04%, Principal Amount $1,500,000 [Member] | ' | ' |
Fair Value | ' | 1,499,678 |
Percent of Partners' Capital (Net Assets) | ' | 5.82% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 4/18/2013 At 0.05%, Principal Amount $900,000 [Member] | ' | ' |
Fair Value | ' | 899,875 |
Percent of Partners' Capital (Net Assets) | ' | 3.50% |
U.S Government Securities [Member] | U.S. Treasury Bills Due 5/02/2013 At 0.06%, Principal Amount $1,000,000 [Member] | ' | ' |
Fair Value | ' | $999,806 |
Percent of Partners' Capital (Net Assets) | ' | 3.88% |
Condensed_Schedule_Of_Investme1
Condensed Schedule Of Investments (Parenthetical) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Total cost | $17,298,240 | $19,437,729 |
Maximum percentage of individual futures contract position of net assets | 1.00% | 1.00% |
U.S. Treasury Bills Due 10/03/2013 At .03%, Principal Amount $1,000,000 [Member] | ' | ' |
US Treasury Bill Due | 3-Oct-13 | ' |
Treasury Bill Effective Yield | 0.03% | ' |
Principal Amount | 1,000,000 | ' |
U.S. Treasury Bills Due 2/13/2014 At .02%, Principal Amount $8,300,000 [Member] | ' | ' |
US Treasury Bill Due | 13-Feb-14 | ' |
Treasury Bill Effective Yield | 0.02% | ' |
Principal Amount | 8,300,000 | ' |
U.S. Treasury Bills Due 3/20/2014 At .03%, Principal Amount $4,000,000 [Member] | ' | ' |
US Treasury Bill Due | 20-Mar-14 | ' |
Treasury Bill Effective Yield | 0.03% | ' |
Principal Amount | 4,000,000 | ' |
U.S. Treasury Bills Due 5/01/2014 At .01%, Principal Amount $4,000,000 [Member] | ' | ' |
US Treasury Bill Due | 1-May-14 | ' |
Treasury Bill Effective Yield | 0.01% | ' |
Principal Amount | 4,000,000 | ' |
U.S. Treasury Bills Due 1/10/2013 At 0.09%, Principal Amount $2,100,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 10-Jan-13 |
Treasury Bill Effective Yield | ' | 0.09% |
Principal Amount | ' | 2,100,000 |
U.S. Treasury Bills Due 2/7/2013 At 0.12%, Principal Amount $1,150,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 7-Feb-13 |
Treasury Bill Effective Yield | ' | 0.12% |
Principal Amount | ' | 1,150,000 |
U.S. Treasury Bills Due 2/14/2013 At 0.1%, Principal Amount $2,100,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 14-Feb-13 |
Treasury Bill Effective Yield | ' | 0.10% |
Principal Amount | ' | 2,100,000 |
U.S. Treasury Bills Due 2/14/2013 At 0.05%, Principal Amount $1,500,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 14-Feb-13 |
Treasury Bill Effective Yield | ' | 0.05% |
Principal Amount | ' | 1,500,000 |
U.S. Treasury Bills Due 2/14/2013 At 0.04%, Principal Amount $800,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 14-Feb-13 |
Treasury Bill Effective Yield | ' | 0.04% |
Principal Amount | ' | 800,000 |
U.S. Treasury Bills Due 3/07/2013 At 0.1%, Principal Amount $2,100,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 7-Mar-13 |
Treasury Bill Effective Yield | ' | 0.10% |
Principal Amount | ' | 2,100,000 |
U.S. Treasury Bills Due 3/07/2013 At 0.06%, Principal Amount $4,000,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 7-Mar-13 |
Treasury Bill Effective Yield | ' | 0.06% |
Principal Amount | ' | 4,000,000 |
U.S. Treasury Bills Due 3/14/2013 At 0.06%, Principal Amount $1,500,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 14-Mar-13 |
Treasury Bill Effective Yield | ' | 0.06% |
Principal Amount | ' | 1,500,000 |
U.S. Treasury Bills Due 3/14/2013 At 0.04%, Principal Amount $800,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 14-Mar-13 |
Treasury Bill Effective Yield | ' | 0.04% |
Principal Amount | ' | 800,000 |
U.S. Treasury Bills Due 4/18/2013 At 0.04%, Principal Amount $1,500,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 18-Apr-13 |
Treasury Bill Effective Yield | ' | 0.04% |
Principal Amount | ' | 1,500,000 |
U.S. Treasury Bills Due 4/18/2013 At 0.05%, Principal Amount $900,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 18-Apr-13 |
Treasury Bill Effective Yield | ' | 0.05% |
Principal Amount | ' | 900,000 |
U.S. Treasury Bills Due 5/02/2013 At 0.06%, Principal Amount $1,000,000 [Member] | ' | ' |
US Treasury Bill Due | ' | 2-May-13 |
Treasury Bill Effective Yield | ' | 0.06% |
Principal Amount | ' | $1,000,000 |
Statements_Of_Operations
Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net trading gains (losses): | ' | ' | ' | ' |
Realized | $418,601 | $2,835,256 | ($760,005) | ($62,180) |
Change in unrealized | 489,836 | 193,829 | -63,887 | 1,738,495 |
Commissions | -10,153 | -13,646 | -36,569 | -50,348 |
Total trading gains (losses) | 898,284 | 3,015,439 | -860,461 | 1,625,967 |
Investment income: | ' | ' | ' | ' |
Interest income | 1,943 | 5,094 | 8,170 | 22,493 |
Other income | 41,632 | ' | 41,632 | ' |
Gain from MF Global (Note 4) | ' | 817,140 | ' | 817,140 |
Total investment income | 43,575 | 822,234 | 49,802 | 839,633 |
Expenses: | ' | ' | ' | ' |
Management fees-General Partner | 52,308 | 70,872 | 173,294 | 236,841 |
Administrative fees and other expenses | 96,015 | 169,845 | 314,173 | 538,216 |
Total Expenses | 148,323 | 240,717 | 487,467 | 775,057 |
Net Investment gain (loss) | -104,748 | 581,517 | -437,665 | 64,576 |
Net income (loss) | 793,536 | 3,596,956 | -1,298,126 | 1,690,543 |
General Partner [Member] | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' |
Net income (loss) | ' | ' | -14,168 | 29,914 |
Net decrease in NAV per GP and LP unit: | ' | ' | ' | ' |
Net increase (decrease) in NAV per GP unit | 5.92 | 21.07 | -9.27 | 9.67 |
Net loss per General and Limited Partners (based on weighted average number of units outstanding during the period): | ' | ' | ' | ' |
Net income (loss) per General Partners | 8,521 | 48,664 | -14,168 | 29,914 |
Limited Partners-Series A [Member] | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' |
Net income (loss) | ' | ' | -1,225,961 | 1,594,645 |
Net decrease in NAV per GP and LP unit: | ' | ' | ' | ' |
Net increase (decrease) in NAV per LP unit | $5.92 | $21.07 | ($9.27) | $9.67 |
Net loss per General and Limited Partners (based on weighted average number of units outstanding during the period): | ' | ' | ' | ' |
Net income (loss) per Limited Partners | 753,130 | 3,430,079 | -1,225,961 | 1,594,645 |
Limited Partners-Series B [Member] | ' | ' | ' | ' |
Expenses: | ' | ' | ' | ' |
Net income (loss) | ' | ' | -57,997 | 65,984 |
Net decrease in NAV per GP and LP unit: | ' | ' | ' | ' |
Net increase (decrease) in NAV per LP unit | $5.44 | $20.72 | ($9.46) | $9.47 |
Net loss per General and Limited Partners (based on weighted average number of units outstanding during the period): | ' | ' | ' | ' |
Net income (loss) per Limited Partners | $31,885 | $118,213 | ($57,997) | $65,984 |
Statements_Of_Changes_In_Partn
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, 2011 | $584,022 | $33,611,272 | $690,297 | $34,301,569 | $34,885,591 |
Partners' capital (net assets), Units at Dec. 31, 2011 | 3,444 | 198,238 | 4,135 | ' | ' |
Contributions | ' | ' | 355,231 | 355,231 | 355,231 |
Contributions, Units | ' | ' | 2,171 | ' | ' |
Net income (loss) | 29,914 | 1,594,645 | 65,984 | 1,660,629 | 1,690,543 |
Withdrawals | -200,000 | -6,697,578 | -19,860 | -6,717,438 | -6,917,438 |
Withdrawals, Units | -1,134 | -39,170 | -117 | ' | ' |
Partners' capital (net assets) at Sep. 30, 2012 | 413,936 | 28,508,339 | 1,091,652 | 29,599,991 | 30,013,927 |
Partners' capital (net assets), Units at Sep. 30, 2012 | 2,310 | 159,068 | 6,189 | ' | ' |
Partners' capital (net assets) at Dec. 31, 2012 | 299,995 | 24,371,666 | 1,098,623 | 25,470,289 | 25,770,284 |
Partners' capital (net assets), Units at Dec. 31, 2012 | 1,732 | 140,726 | 6,485 | ' | ' |
Contributions | ' | ' | 25,117 | 25,117 | 25,117 |
Contributions, Units | ' | ' | 144 | ' | ' |
Net income (loss) | -14,168 | -1,225,961 | -57,997 | -1,283,958 | -1,298,126 |
Withdrawals | -50,000 | -4,126,799 | -171,089 | -4,297,888 | -4,347,888 |
Withdrawals, Units | -293 | -24,692 | -1,035 | ' | ' |
Partners' capital (net assets) at Sep. 30, 2013 | $235,827 | $19,018,906 | $894,654 | $19,913,560 | $20,149,387 |
Partners' capital (net assets), Units at Sep. 30, 2013 | 1,439 | 116,034 | 5,594 | ' | ' |
Statements_Of_Changes_In_Partn1
Statements Of Changes In Partners' Capital (Net Assets) (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Limited Partners-Series A [Member] | ' | ' |
Net asset value per unit | $163.91 | $179.22 |
Limited Partners-Series B [Member] | ' | ' |
Net asset value per unit | $159.93 | $176.39 |
General Partner [Member] | ' | ' |
Net asset value per unit | $163.91 | $179.22 |
Significant_Accounting_Policie
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
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 and forward 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. James B. Rogers designed the Index. | |
The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”). | |
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. | |
Net Assets: The valuation of net assets includes open commodity futures contracts 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 closing prices on the last business day of each month. Net asset value is 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 represent 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. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term. | |
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. | |
Note 1.Significant Accounting Policies (Continued): | |
Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred. | |
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 2009. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through September 30, 2013. | |
Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held. | |
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 6). | |
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 year, substantially all of the Partnership’s investments were highly liquid; | |
-Substantially all of the Partnership’s investments are carried at fair value; | |
-The Partnership had little or no debt during the year; | |
-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets). | |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurements [Abstract] | ' | ||||||
Fair Value Measurements | ' | ||||||
Note 2.Fair Value Measurements: | |||||||
As described in Note 1, the Partnership records its investments at fair value. Fair 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. | |||||||
Note 2. Fair Value Measurements (Continued): | |||||||
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 and cash equivalents 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 September 30, 2013 and December 31, 2012 using the fair value hierarchy: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Description | Level 1 | Level 1 | |||||
Equity in brokers trading account: | |||||||
Unrealized gain (loss) on open futures contracts, net* | $ | -114,010 | $ | -50,123 | |||
U.S. Government securities* | 17,298,568 | 19,441,749 | |||||
Cash and cash equivalents | |||||||
Money market funds | 65,397 | 3,112,326 | |||||
Total assets at fair value | $ | 17,249,955 | $ | 22,503,953 | |||
*See condensed schedules of investments for further description. | |||||||
At September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012 there were no Level 2 or Level 3 assets or liabilities. The Partnership assesses the levels of the investments at each measurement day, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer. There were no transfers among Levels 1, 2 and 3 during the year. | |||||||
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 | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Transactions [Abstract] | ' | ||||||||||||
Derivative Transactions | ' | ||||||||||||
Note 3.Derivative Transactions | |||||||||||||
Qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk related contingent features in derivative agreements are presented. | |||||||||||||
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 September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012, 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 | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-13 | |||||||||||
Fair Value | Fair Value | Fair Value* | |||||||||||
Futures positions: | |||||||||||||
Agricultural | $ | 119,030 | $ | -191,077 | $ | -72,047 | |||||||
Metals | 171,331 | -30,420 | 140,911 | ||||||||||
Energy | -182,874 | -182,874 | |||||||||||
Totals | $ | 290,361 | $ | -404,371 | $ | -114,010 | |||||||
*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition. | |||||||||||||
Asset Derivatives | Liability Derivatives | Net Derivatives | |||||||||||
31-Dec-12 | 31-Dec-12 | 31-Dec-12 | |||||||||||
Fair Value | Fair Value | Fair Value* | |||||||||||
Futures positions: | |||||||||||||
Agricultural | $ | 104,777 | $ | -442,852 | $ | -338,075 | |||||||
Metals | 394,948 | -150,435 | 244,513 | ||||||||||
Energy | 83,363 | -39,924 | 43,439 | ||||||||||
Totals | $ | 583,088 | $ | -633,211 | $ | -50,123 | |||||||
*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition. | |||||||||||||
Note 3. Derivative Transactions (Continued): | |||||||||||||
Trading revenue for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
Type of Contract | 30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Agricultural | $ | -16,474 | $ | 768,069 | $ | -702,665 | $ | 694,694 | |||||
Metals | 653,706 | 1,513,704 | 429,875 | 1,505,323 | |||||||||
Energy | 271,205 | 747,312 | -551,102 | -523,702 | |||||||||
$ | 908,437 | $ | 3,029,085 | $ | -823,892 | $ | 1,676,315 | ||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Line Item in Statements of Operations | |||||||||||||
Realized | $ | 418,601 | $ | 2,835,256 | $ | -760,005 | $ | -62,180 | |||||
Change in unrealized | 489,836 | 193,829 | -63,887 | 1,738,495 | |||||||||
$ | 908,437 | $ | 3,029,085 | $ | -823,892 | $ | 1,676,315 | ||||||
Trading income is exclusive of brokerage commissions. | |||||||||||||
For the three and nine months ended September 30, 2013 and 2012, the monthly average number of contracts bought and sold was 509, 610, 670, and 905, respectively. | |||||||||||||
MF_Global_Bankruptcy
MF Global Bankruptcy | 9 Months Ended | |
Sep. 30, 2013 | ||
MF Global Bankruptcy [Abstract] | ' | |
MF Global Bankruptcy | ' | |
Note 4. MF Global Bankruptcy: | ||
On October 31, 2011, MF Global Inc., the Partnership’s clearing broker at that time (“MF Global”), reported to the Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) possible deficiencies in customer segregated accounts held at the firm. As a result, the SEC and CFTC determined that a liquidation led by the Securities Investor Protection Corporation (“SIPC”) would be the safest and most prudent course of action to protect customer accounts and assets, and a SIPC led liquidation commenced. As of October 31, 2011, the Partnership held $5,131,353 of partners’ capital in customer segregated and secured accounts at MF Global Inc. on deposit as required to support futures positions. The majority of the Partnership’s assets were then, and are now, held in bank custody accounts. | ||
Through December 31, 2011, this receivable was reduced by $2,174,797 comprised of disbursements initiated by the bankruptcy trustee, as well as other trading related activities. The Partnership filed appropriate claims with the bankruptcy trustee for remaining amounts due (the MF Global Claim). However, due to the inherent uncertainty in the timing and results of the liquidation process from the bankruptcy proceedings, the Partnership recognized a 2.78% (or $1,130,702) loss on the MF Global Claim, which was an estimate of the Partnership’s pro-rata share of the projected MF Global asset shortfall. | ||
Note 1. | The Partnership received $295,025 in distributions from the MF Global bankruptcy trustee during 2012. At September 30, 2012, the Partnership wrote up the value of its MF Global bankruptcy claims by $817,140, based on information received regarding independent third party bids for the claims. Due to uncertainties surrounding the eventual timing and recovery amounts available through the MF Global bankruptcy process, in October 2012, the General Partner concluded that selling the Partnership’s bankruptcy claims was in the best interest of the Partnership and its investors. Accordingly, the Partnership sold its claims on November 1, 2012, recognizing an additional $82,206 in income as of October 31, 2012, to write up the claims to the final sale amount. Income recognized from each of the September 30, 2012 and October 31, 2012 write-ups was allocated to the investors in the Partnership in the month in which each such event occurred. The final net loss sustained by the Partnership related to the MF Global bankruptcy, after the sale of the MF Global claims, was $231,356. | |
Agreements_And_RelatedParty_Tr
Agreements And Related-Party Transactions | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Agreements And Related-Party Transactions [Abstract] | ' | ||||||||||||
Agreements And Related-Party Transactions | ' | ||||||||||||
Note 5.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 allocable portion of these expenses. | |||||||||||||
Uhlmann Price Securities L.L.C. (“Uhlmann”), a party related to the General Partner by reason of common management, and effective April 1, 2013, 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) are 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 effective April 1, 2013, 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 PFG by the clearing broker. | |||||||||||||
Fund Dynamics, LLC, an affiliate of the General Partner through common management, and effective April 1, 2013, common ownership, acts as the Partnership’s administrator. Fund Dynamics, LLC calculates both the daily and monthly Net Asset Value (“NAV”), prepares the monthly accounting package, and prepares monthly investor statements. | |||||||||||||
A summary of fees charged by related parties to the Partnership is as follows: | |||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Management fees – General Partner | $ | 52,307 | $ | 70,872 | $ | 173,294 | $ | 236,841 | |||||
Administrative fees – Fund Dynamics | 12,464 | 16,829 | 40,906 | 55,312 | |||||||||
Trailing servicing fees – Uhlmann | 38,882 | 45,206 | 125,514 | 150,206 | |||||||||
Selling Fees – Uhlmann | - | 5,746 | 513 | 7,250 | |||||||||
Partnership_Capital_And_Withdr
Partnership Capital And Withdrawals | 9 Months Ended |
Sep. 30, 2013 | |
Partnership Capital And Withdrawals [Abstract] | ' |
Partnership Capital And Withdrawals | ' |
Note 6. 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. | |
Note 6. Partnership Capital and Withdrawals (Continued): | |
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 | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments With Off-Balance Sheet Credit And Market Risk [Abstract] | ' |
Financial Instruments With Off-Balance Sheet Credit And Market Risk | ' |
Note 7. 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 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. | |
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 | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financial Highlights [Abstract] | ' | |||||||||||||
Financial Highlights | ' | |||||||||||||
Note 8. Financial Highlights: | ||||||||||||||
Financial highlights for limited partners for the three and nine months ended September 30, 2013 and 2012 are as follows: | ||||||||||||||
Per Unit Performance | ||||||||||||||
Series A | Series B | Series A | Series B | |||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Net asset value per unit at the beginning of the period | $ | 157.99 | $ | 154.48 | $ | 158.15 | $ | 155.67 | ||||||
Income (loss) from operations: | ||||||||||||||
Net trading gains (losses) | 7.07 | 6.59 | 17.65 | 16.77 | ||||||||||
Investment income: | 0.02 | 0.01 | 4.84 | 5.45 | ||||||||||
Expenses: | -1.17 | -1.15 | -1.42 | -1.5 | ||||||||||
Net investment gain (loss) | -1.15 | -1.14 | 3.42 | 3.95 | ||||||||||
Net gain (loss) per unit | 5.92 | 5.45 | 21.07 | 20.72 | ||||||||||
Net asset value per unit at the end of the period | $ | 163.91 | $ | 159.93 | $ | 179.22 | $ | 176.39 | ||||||
Per Unit Performance | ||||||||||||||
Series A | Series B | Series A | Series B | |||||||||||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Net asset value per unit at the beginning of the period | $ | 173.18 | $ | 169.39 | $ | 169.55 | $ | 166.92 | ||||||
Income (loss) from operations: | ||||||||||||||
Net trading gains (losses) | -5.74 | -5.97 | 9.36 | 7.43 | ||||||||||
Investment income: | 0.06 | 0.06 | 4.54 | 6.30 | ||||||||||
Expenses: | -3.59 | -3.55 | -4.23 | -4.26 | ||||||||||
Net investment gain (loss) | -3.53 | -3.49 | 0.31 | 2.04 | ||||||||||
Net gain (loss) per unit | -9.27 | -9.46 | 9.67 | 9.47 | ||||||||||
Net asset value per unit at the end of the period | $ | 163.91 | $ | 159.93 | $ | 179.22 | $ | 176.39 | ||||||
Series A | Series B | Series A | Series B | |||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1) | -2.9 | % | -2.95 | % | 7.32 | % | 9.40 | % | ||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) | 2.86 | % | 2.89 | % | 3.04 | % | 3.56 | % | ||||||
Total return (3) | 3.75 | % | 3.53 | % | 13.32 | % | 13.31 | % | ||||||
Series A | Series B | Series A | Series B | |||||||||||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1) | -4.34 | % | -4.39 | % | 0.26 | % | 1.62 | % | ||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) | 4.27 | % | 4.32 | % | 3.62 | % | 3.36 | % | ||||||
Total return (3) | -5.35 | % | -5.58 | % | 5.70 | % | 5.67 | % | ||||||
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 (see Note 5). | ||||||||||||||
(1) Annualized. | ||||||||||||||
(2 ) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. | ||||||||||||||
(3)Not annualized. | ||||||||||||||
Litigation
Litigation | 9 Months Ended | |
Sep. 30, 2013 | ||
Litigation [Abstract] | ' | |
Litigation | ' | |
Note 9.Litigation: | ||
The Partnership is a beneficiary of a Litigation Trust which is seeking recoveries from third parties, related to the 2005 bankruptcy of Refco, Inc. and numerous affiliates (the “Refco Bankruptcy”). As of September 30, 2013, the Partnership has received the full value of its allowed claims in the Refco Bankruptcy and has recovered approximately $5.7 million in excess of its allowed securities claim in the Refco Bankruptcy and may receive additional Refco Bankruptcy related recoveries, although there can be no assurance that it will or that any additional recoveries will be material. Management is unable to estimate the amounts of any such additional recoveries. | ||
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. Cash distributions to redeemed partners from excess | ||
Note 9. Litigation (Continued); | ||
recoveries during the nine months ending September 30, 2013 totaled approximately $434,424. There were no cash distributions to redeemed partners for the year ended December 31, 2012. | ||
Pursuant to Section 12.2 of the Partnership’s Agreement of Limited Partnership, the Partnership reimbursed the General Partner approximately $7,796 from excess recoveries for legal costs incurred by the General Partner defending against suits related to the Refco Bankruptcy in 2010. There are no fees due under these arrangements as of September 30, 2013 and December 31, 2012, respectively. | ||
The Partnership has reserved $69,646 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. At September 30, 2013 and December 31, 2012, $0 and $4,646 of these expenses is included in administrative and other fees payable on the statement of financial condition. | ||
Note 1. | At September 30, 2013 and December 31, 2012, $178,990 and $456,561 in excess Refco related recoveries were payable to redeemed limited partners. | |
Indemnifications
Indemnifications | 9 Months Ended |
Sep. 30, 2013 | |
Indemnifications [Abstract] | ' |
Indemnifications | ' |
Note 10.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. | |
Interim_Financial_Statements
Interim Financial Statements | 9 Months Ended | |
Sep. 30, 2013 | ||
Interim Financial Statements [Abstract] | ' | |
Interim Financial Statements | ' | |
Note 11.Interim Financial Statements: | ||
Note 1. | The statements of financial condition, including the condensed schedule of investments, as of September 30, 2013, the statement of operations and changes in partners’ capital (net assets) for the nine months ended September 30, 2013 and 2012 and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of the General Partner, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of the financial position as of September 30, 2013, results of operations and changes in partner’s capital (net assets) for the three and nine months ended September 30, 2013 and 2012. The results of operation for three and nine months ended September 30, 2013 and 2012 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Partnership’s Form 10-K as filed with the SEC. | |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12.Subsequent Events: | |
Subsequent to September 30, 2013, withdrawals totaled approximately $338,894. | |
Significant_Accounting_Policie1
Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2013 | |
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 and forward 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. James B. Rogers designed the Index. | |
The Partnership commenced trading during November 2001 with assets raised from the offering of its original units of limited partnership interest, now referred to as "Series A" units, and offered Series A units through October 2005. The Partnership began offering Series B units in November 2010. Series A units and Series B units are identical with respect to their participation in the profits and losses of the Partnership; however, Series B units do not participate in any Partnership expenses or recoveries related to the bankruptcy of Refco Inc. and its affiliates. The Partnership’s General Partner and commodity pool operator is Beeland Management Company, L.L.C. (the “General Partner”). | |
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. | |
Net Assets | ' |
Net Assets: The valuation of net assets includes open commodity futures contracts 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 closing prices on the last business day of each month. Net asset value is 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 represent 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. The Partnership’s estimate regarding the carrying value of its receivable from MF Global, Inc. (Note 4) is a significant estimate and due to the uncertainty of future events, this estimate could change in the near term. | |
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. | |
Ongoing Offering Expenses | ' |
Ongoing Offering Expenses: Ongoing offering expenses are accrued on an ongoing basis and charged to expense as incurred. | |
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 2009. The Partnership has no material uncertain tax positions, and accordingly, has not recorded a liability for the payment of interest or penalties through September 30, 2013. | |
Profit and Loss Allocation | ' |
Profit and Loss Allocation: Profits and losses of the Partnership are allocated by series based on the number of units held. | |
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 6). | |
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 year, substantially all of the Partnership’s investments were highly liquid; | |
-Substantially all of the Partnership’s investments are carried at fair value; | |
-The Partnership had little or no debt during the year; | |
-The Partnership’s financial statements include a statement of changes in partners’ capital (net assets). | |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Fair Value Measurements [Abstract] | ' | ||||||
Summary of Partnership's Assets Measured at Fair Value on Recurring Basis | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Description | Level 1 | Level 1 | |||||
Equity in brokers trading account: | |||||||
Unrealized gain (loss) on open futures contracts, net* | $ | -114,010 | $ | -50,123 | |||
U.S. Government securities* | 17,298,568 | 19,441,749 | |||||
Cash and cash equivalents | |||||||
Money market funds | 65,397 | 3,112,326 | |||||
Total assets at fair value | $ | 17,249,955 | $ | 22,503,953 | |||
*See condensed schedules of investments for further description. | |||||||
Derivative_Transactions_Tables
Derivative Transactions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Derivative Transactions [Abstract] | ' | ||||||||||||
Impact of Derivative Contracts on Statement of Financial Conditions | ' | ||||||||||||
Asset Derivatives | Liability Derivatives | Net Derivatives | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-13 | |||||||||||
Fair Value | Fair Value | Fair Value* | |||||||||||
Futures positions: | |||||||||||||
Agricultural | $ | 119,030 | $ | -191,077 | $ | -72,047 | |||||||
Metals | 171,331 | -30,420 | 140,911 | ||||||||||
Energy | -182,874 | -182,874 | |||||||||||
Totals | $ | 290,361 | $ | -404,371 | $ | -114,010 | |||||||
*The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition. | |||||||||||||
Asset Derivatives | Liability Derivatives | Net Derivatives | |||||||||||
31-Dec-12 | 31-Dec-12 | 31-Dec-12 | |||||||||||
Fair Value | Fair Value | Fair Value* | |||||||||||
Futures positions: | |||||||||||||
Agricultural | $ | 104,777 | $ | -442,852 | $ | -338,075 | |||||||
Metals | 394,948 | -150,435 | 244,513 | ||||||||||
Energy | 83,363 | -39,924 | 43,439 | ||||||||||
Totals | $ | 583,088 | $ | -633,211 | $ | -50,123 | |||||||
*The net fair value of all asset and liability derivative is included in equity in broker trading accounts in the statements of financial condition. | |||||||||||||
Trading Gains and Losses from Derivative Contracts | ' | ||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
Type of Contract | 30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||
Agricultural | $ | -16,474 | $ | 768,069 | $ | -702,665 | $ | 694,694 | |||||
Metals | 653,706 | 1,513,704 | 429,875 | 1,505,323 | |||||||||
Energy | 271,205 | 747,312 | -551,102 | -523,702 | |||||||||
$ | 908,437 | $ | 3,029,085 | $ | -823,892 | $ | 1,676,315 | ||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Line Item in Statements of Operations | |||||||||||||
Realized | $ | 418,601 | $ | 2,835,256 | $ | -760,005 | $ | -62,180 | |||||
Change in unrealized | 489,836 | 193,829 | -63,887 | 1,738,495 | |||||||||
$ | 908,437 | $ | 3,029,085 | $ | -823,892 | $ | 1,676,315 | ||||||
Recovered_Sheet1
Agreements and Related-Party Transactions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Agreements And Related-Party Transactions [Abstract] | ' | ||||||||||||
Fees Charged by Related Parties to Partnership | ' | ||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | ||||||||||
Management fees – General Partner | $ | 52,307 | $ | 70,872 | $ | 173,294 | $ | 236,841 | |||||
Administrative fees – Fund Dynamics | 12,464 | 16,829 | 40,906 | 55,312 | |||||||||
Trailing servicing fees – Uhlmann | 38,882 | 45,206 | 125,514 | 150,206 | |||||||||
Selling Fees – Uhlmann | - | 5,746 | 513 | 7,250 | |||||||||
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Financial Highlights [Abstract] | ' | |||||||||||||
Financial Highlights for Limited Partners | ' | |||||||||||||
Per Unit Performance | ||||||||||||||
Series A | Series B | Series A | Series B | |||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Net asset value per unit at the beginning of the period | $ | 157.99 | $ | 154.48 | $ | 158.15 | $ | 155.67 | ||||||
Income (loss) from operations: | ||||||||||||||
Net trading gains (losses) | 7.07 | 6.59 | 17.65 | 16.77 | ||||||||||
Investment income: | 0.02 | 0.01 | 4.84 | 5.45 | ||||||||||
Expenses: | -1.17 | -1.15 | -1.42 | -1.5 | ||||||||||
Net investment gain (loss) | -1.15 | -1.14 | 3.42 | 3.95 | ||||||||||
Net gain (loss) per unit | 5.92 | 5.45 | 21.07 | 20.72 | ||||||||||
Net asset value per unit at the end of the period | $ | 163.91 | $ | 159.93 | $ | 179.22 | $ | 176.39 | ||||||
Per Unit Performance | ||||||||||||||
Series A | Series B | Series A | Series B | |||||||||||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Net asset value per unit at the beginning of the period | $ | 173.18 | $ | 169.39 | $ | 169.55 | $ | 166.92 | ||||||
Income (loss) from operations: | ||||||||||||||
Net trading gains (losses) | -5.74 | -5.97 | 9.36 | 7.43 | ||||||||||
Investment income: | 0.06 | 0.06 | 4.54 | 6.30 | ||||||||||
Expenses: | -3.59 | -3.55 | -4.23 | -4.26 | ||||||||||
Net investment gain (loss) | -3.53 | -3.49 | 0.31 | 2.04 | ||||||||||
Net gain (loss) per unit | -9.27 | -9.46 | 9.67 | 9.47 | ||||||||||
Net asset value per unit at the end of the period | $ | 163.91 | $ | 159.93 | $ | 179.22 | $ | 176.39 | ||||||
Financial Highlights Ratio | ' | |||||||||||||
Series A | Series B | Series A | Series B | |||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1) | -2.9 | % | -2.95 | % | 7.32 | % | 9.40 | % | ||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) | 2.86 | % | 2.89 | % | 3.04 | % | 3.56 | % | ||||||
Total return (3) | 3.75 | % | 3.53 | % | 13.32 | % | 13.31 | % | ||||||
Series A | Series B | Series A | Series B | |||||||||||
Nine months ended | Nine months ended | Nine months ended | Nine months ended | |||||||||||
30-Sep-13 | 30-Sep-13 | 30-Sep-12 | 30-Sep-12 | |||||||||||
Ratio of net investment gain (loss) to average partners’ capital (net assets)(1) | -4.34 | % | -4.39 | % | 0.26 | % | 1.62 | % | ||||||
Ratio of expenses to average partners' capital (net assets) (1)(2) | 4.27 | % | 4.32 | % | 3.62 | % | 3.36 | % | ||||||
Total return (3) | -5.35 | % | -5.58 | % | 5.70 | % | 5.67 | % | ||||||
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 (see Note 5). | ||||||||||||||
(1) Annualized. | ||||||||||||||
(2 ) The ratio of expenses to average partners’ capital (net asset) values does not include brokerage commissions. | ||||||||||||||
(3)Not annualized. | ||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
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_Measurements_Narrat
Fair Value Measurements (Narrative) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Transfers among Level 1, 2, and 3 | $0 | ' | ' |
Level 2 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets at fair value | 0 | 0 | 0 |
Liabilities at fair value | 0 | 0 | 0 |
Level 3 [Member] | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' |
Assets at fair value | 0 | 0 | 0 |
Liabilities at fair value | $0 | $0 | $0 |
Fair_Value_Measurements_Summar
Fair Value Measurements (Summary Of Partnership's Assets Measured At Fair Value On Recurring Basis) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Unrealized gain (loss) on open futures contracts, net | ($114,010) | ($50,123) | ||
Fair Value Measurements, Recurring [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Unrealized gain (loss) on open futures contracts, net | -114,010 | [1] | -50,123 | [1] |
Assets at fair value | 17,249,955 | 22,503,953 | ||
Fair Value Measurements, Recurring [Member] | U.S Government Securities [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets at fair value | 17,298,568 | [1] | 19,441,749 | [1] |
Fair Value Measurements, Recurring [Member] | Money Market Funds [Member] | Level 1 [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Assets at fair value | $65,397 | $3,112,326 | ||
[1] | See condensed schedules of investments for further description. |
Derivative_Transactions_Narrat
Derivative Transactions (Narrative) (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
contract | contract | contract | contract | |
Derivative Transactions [Abstract] | ' | ' | ' | ' |
Average contracts bought and sold | 509 | 610 | 670 | 905 |
Derivative_Transactions_Impact
Derivative Transactions (Impact Of Derivative Contracts On Statement Of Financial Conditions) (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
Derivative [Line Items] | ' | ' | ||
Asset Derivatives | $290,361 | $583,088 | ||
Liability Derivatives | -404,371 | -633,211 | ||
Net Derivatives | -114,010 | [1] | -50,123 | [1] |
Agricultural [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Asset Derivatives | 119,030 | 104,777 | ||
Liability Derivatives | -191,077 | -442,852 | ||
Net Derivatives | -72,047 | [1] | -338,075 | [1] |
Metals [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Asset Derivatives | 171,331 | 394,948 | ||
Liability Derivatives | -30,420 | -150,435 | ||
Net Derivatives | 140,911 | [1] | 244,513 | [1] |
Energy [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Asset Derivatives | ' | 83,363 | ||
Liability Derivatives | -182,874 | -39,924 | ||
Net Derivatives | ($182,874) | [1] | $43,439 | [1] |
[1] | The net fair value of all asset and liability derivative is included in equity in brokers trading accounts in the statements of financial condition. |
Derivative_Transactions_Tradin
Derivative Transactions (Trading Gains And Losses From Derivative Contracts) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Trading Revenue | $908,437 | $3,029,085 | ($823,892) | $1,676,315 |
Realized | 418,601 | 2,835,256 | -760,005 | -62,180 |
Change in unrealized | 489,836 | 193,829 | -63,887 | 1,738,495 |
Agricultural [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Trading Revenue | -16,474 | 768,069 | -702,665 | 694,694 |
Metals [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Trading Revenue | 653,706 | 1,513,704 | 429,875 | 1,505,323 |
Energy [Member] | ' | ' | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' | ' | ' |
Trading Revenue | $271,205 | $747,312 | ($551,102) | ($523,702) |
MF_Global_Bankruptcy_Details
MF Global Bankruptcy (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Oct. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2012 | Oct. 31, 2011 | |
MF Global Inc. [Member] | MF Global Inc. [Member] | MF Global Inc. [Member] | MF Global Inc. [Member] | |||||
Due To And From Broker-Dealers And Clearing Organizations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
General Partners' Capital Account | ' | ' | ' | ' | ' | ' | ' | $5,131,353 |
Receivable reduced by bankruptcy | ' | ' | ' | ' | ' | 2,174,797 | ' | ' |
Partnership loss percentage | ' | ' | ' | ' | ' | 2.78% | ' | ' |
Partnership recognized loss | ' | ' | ' | ' | ' | 1,130,702 | ' | ' |
Proceeds from bankruptcy distributions | ' | ' | ' | ' | ' | ' | 295,025 | ' |
Claims value adjustment amount | ' | ' | ' | ' | ' | ' | 817,140 | ' |
Claims, additional income | ' | ' | ' | ' | 82,206 | ' | ' | ' |
Net loss | $793,536 | $3,596,956 | ($1,298,126) | $1,690,543 | $231,356 | ' | ' | ' |
Agreements_And_RelatedParty_Tr1
Agreements And Related-Party Transactions (Narrative) (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transaction [Line Items] | ' |
Monthly management fee to General Partner | 0.08% |
Management fees | 1.00% |
Annual trailing servicing fees | 1.00% |
Maximum trailing servicing fees | 7.99% |
Uhlmann [Member] | ' |
Related Party Transaction [Line Items] | ' |
Effective date of acquisition of Beeland Management | 1-Apr-13 |
Selling fees paid | 2.00% |
Reallowance | 0.50% |
Agreements_And_RelatedParty_Tr2
Agreements And Related-Party Transactions (Fees Charged By Related Parties To Partnership) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management fees-General Partner | $52,308 | $70,872 | $173,294 | $236,841 |
General Partner [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Management fees-General Partner | 52,307 | 70,872 | 173,294 | 236,841 |
Fund Dynamics [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Administrative fees-Fund Dynamics | 12,464 | 16,829 | 40,906 | 55,312 |
Uhlmann [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Trailing servicing fees-Uhlmann | 38,882 | 45,206 | 125,514 | 150,206 |
Selling Fees-Uhlmann | ' | $5,746 | $513 | $7,250 |
Financial_Highlights_Financial
Financial Highlights (Financial Highlights For Limited Partners) (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Series A [Member] | ' | ' | ' | ' |
Auction Market Preferred Securities, Stock Series [Line Items] | ' | ' | ' | ' |
Net asset value per unit at the beginning of the period | 157.99 | 158.15 | 173.18 | 169.55 |
Net trading gain (losses) | 7.07 | 17.65 | -5.74 | 9.36 |
Investment income: | 0.02 | 4.84 | 0.06 | 4.54 |
Expenses: | -1.17 | -1.42 | -3.59 | -4.23 |
Net investment gain (loss) | -1.15 | 3.42 | -3.53 | 0.31 |
Net gain (loss) per unit | $5.92 | $21.07 | ($9.27) | $9.67 |
Net asset value per unit at the end of the period | 163.91 | 179.22 | 163.91 | 179.22 |
Series B [Member] | ' | ' | ' | ' |
Auction Market Preferred Securities, Stock Series [Line Items] | ' | ' | ' | ' |
Net asset value per unit at the beginning of the period | 154.48 | 155.67 | 169.39 | 166.92 |
Net trading gain (losses) | 6.59 | 16.77 | -5.97 | 7.43 |
Investment income: | 0.01 | 5.45 | 0.06 | 6.3 |
Expenses: | -1.15 | -1.5 | -3.55 | -4.26 |
Net investment gain (loss) | -1.14 | 3.95 | -3.49 | 2.04 |
Net gain (loss) per unit | $5.45 | $20.72 | ($9.46) | $9.47 |
Net asset value per unit at the end of the period | 159.93 | 176.39 | 159.93 | 176.39 |
Financial_Highlights_Financial1
Financial Highlights (Financial Highlights Ratio) (Detail) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Series A [Member] | ' | ' | ' | ' | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ' | ' | ' | ' | ||||
Ratio of net investment gain (loss) to average partners' capital (net assets) | -2.90% | [1] | 7.32% | [1] | -4.34% | [1] | 0.26% | [1] |
Ratio of expenses to average partners' capital (net assets) | 2.86% | [1],[2] | 3.04% | [1],[2] | 4.27% | [1],[2] | 3.62% | [1],[2] |
Total return | 3.75% | [3] | 13.32% | [3] | -5.35% | [3] | 5.70% | [3] |
Series B [Member] | ' | ' | ' | ' | ||||
Auction Market Preferred Securities, Stock Series [Line Items] | ' | ' | ' | ' | ||||
Ratio of net investment gain (loss) to average partners' capital (net assets) | -2.95% | [1] | 9.40% | [1] | -4.39% | [1] | 1.62% | [1] |
Ratio of expenses to average partners' capital (net assets) | 2.89% | [1],[2] | 3.56% | [1],[2] | 4.32% | [1],[2] | 3.36% | [1],[2] |
Total return | 3.53% | [3] | 13.31% | [3] | -5.58% | [3] | 5.67% | [3] |
[1] | Annualized. | |||||||
[2] | The ratio of expenses to average partnersb capital (net asset) values does not include brokerage commissions. | |||||||
[3] | Not annualized. |
Litigation_Detail
Litigation (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | |
Loss Contingencies [Line Items] | ' | ' | ' |
Recovered excess of security claims | $5,700,000 | ' | ' |
Excess distributions | 434,424 | 0 | ' |
Amount reserved to apply to expense incurred to administer | 69,646 | ' | ' |
Expenses included in administrative and other fees payable | 0 | 4,646 | ' |
Recoveries payable to redeemed limited partners | 178,990 | 456,561 | ' |
General Partner [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Excess distributions | $0 | $0 | $7,796 |
Subsequent_Events_Detail
Subsequent Events (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Subsequent Event [Line Items] | ' | ' |
Withdrawals | $451,270 | $2,656,516 |
Subsequent Event [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Withdrawals | $338,894 | ' |