Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'ck0001140509 | ' |
Entity Registrant Name | 'TIDEWATER FUTURES FUND LP | ' |
Entity Central Index Key | '0001140509 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 7,909.74 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Equity in trading account: | ' | ' |
Investment in Master, at fair value | $7,732,869 | $33,092 |
Cash | 120,516 | 11,048,533 |
Net unrealized appreciation on open forward contracts | ' | 33,092 |
Total trading equity | 7,853,385 | 11,081,625 |
Interest receivable | ' | 480 |
Total assets | 7,853,385 | 11,082,105 |
Accrued expenses: | ' | ' |
Brokerage fees | 32,722 | 46,175 |
Management fees | 12,800 | 9,118 |
Other | 140,561 | 93,878 |
Redemptions payable | 119,232 | 786,523 |
Total liabilities | 305,315 | 935,694 |
Partners' Capital: | ' | ' |
General Partner, 110.9703 and 184.9703 unit equivalents outstanding at September 30, 2013 and December 31, 2012, respectively | 103,625 | 190,233 |
Limited Partners, 7,972.1543 and 9,680.7683 Redeemable Units outstanding at September 30, 2013 and December 31, 2012, respectively | 7,444,445 | 9,956,178 |
Total partners' capital | 7,548,070 | 10,146,411 |
Total liabilities and partners' capital | $7,853,385 | $11,082,105 |
Net asset value per unit | 933.81 | 1,028.45 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) | Sep. 30, 2013 | Dec. 31, 2012 |
General Partner, unit equivalents outstanding | 110.9703 | 184.9703 |
Limited Partners, Redeemable Units outstanding | 7,972.15 | 9,680.77 |
Condensed_Schedule_of_Investme
Condensed Schedule of Investments (USD $) | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' |
Fair Value | $33,092 |
% of Partners' Capital | 0.33% |
Unrealized Appreciation on Open Forward Contracts [Member] | ' |
Schedule of Investments [Line Items] | ' |
Fair Value | 107,916 |
% of Partners' Capital | 1.06% |
Unrealized Appreciation on Open Forward Contracts [Member] | Metals [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of Contracts | 47 |
Fair Value | 107,916 |
% of Partners' Capital | 1.06% |
Unrealized Depreciation on Open Forward Contracts [Member] | ' |
Schedule of Investments [Line Items] | ' |
Fair Value | -74,824 |
% of Partners' Capital | -0.73% |
Unrealized Depreciation on Open Forward Contracts [Member] | Metals [Member] | ' |
Schedule of Investments [Line Items] | ' |
Number of Contracts | 53 |
Fair Value | ($74,824) |
% of Partners' Capital | -0.73% |
Statements_of_Income_and_Expen
Statements of Income and Expenses and Changes in Partners' Capital (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Investment income: | ' | ' | ' | ' | ||||
Interest income | $300 | $1,990 | $1,882 | $5,870 | ||||
Expenses: | ' | ' | ' | ' | ||||
Brokerage fees including clearing fees | 112,651 | [1] | 207,866 | [1] | 374,772 | [1] | 748,379 | [1] |
Management fees | 39,392 | 78,926 | 131,402 | 282,414 | ||||
Other | 50,075 | [2] | 38,107 | [2] | 204,591 | [2] | 142,650 | [2] |
Total expenses | 202,118 | 324,899 | 710,765 | 1,173,443 | ||||
Management fees waived | 0 | -39,463 | 0 | -53,620 | ||||
Net expense | 202,118 | 285,436 | 710,765 | 1,119,823 | ||||
Net investment income (loss) | -201,818 | -283,446 | -708,883 | -1,113,953 | ||||
Net gains (losses) on trading of commodity interests: | ' | ' | ' | ' | ||||
Net realized gains (losses) on closed contracts | 0 | -280,971 | 28,396 | -3,134,877 | ||||
Net realized gains (losses) on investment in Master | -212,176 | 0 | -132,633 | 0 | ||||
Change in net unrealized gains (losses) on open contracts | 0 | 69,031 | -33,092 | -909,899 | ||||
Change in net unrealized gains (losses) on investment in Master | 143,934 | 0 | 39,144 | 0 | ||||
Total trading results | -68,242 | -211,940 | -98,185 | -4,044,776 | ||||
Net income (loss) | -270,060 | -495,386 | -807,068 | -5,158,729 | ||||
Subscriptions - Limited Partners | ' | 0 | 50,000 | 342,162 | ||||
Redemptions - Limited Partners | -389,450 | -2,750,176 | -1,766,262 | -5,883,845 | ||||
Redemptions - General Partner | 0 | 0 | -75,011 | 0 | ||||
Net increase (decrease) in Partners' Capital | -659,510 | -3,245,562 | -2,598,341 | -10,700,412 | ||||
Partners' Capital, beginning of period | 8,207,580 | 16,062,373 | 10,146,411 | 23,517,223 | ||||
Partners' Capital, end of period | $7,548,070 | $12,816,811 | $7,548,070 | $12,816,811 | ||||
Net asset value per unit (8,083.1246 and 11,348.9776 units outstanding at September 30, 2013 and 2012, respectively) | 933.81 | 1,129.34 | 933.81 | 1,129.34 | ||||
Net income (loss) unit | ($32.42) | [3] | ($44.40) | [3] | ($94.64) | [3] | ($349.31) | [3] |
Weighted average units outstanding | 8,333.33 | 13,186.34 | 8,826.95 | 14,691.53 | ||||
[1] | Three months ended September 30, 2013 includes $12,199 of clearing fees allocated from the Master. Nine months ended September 30, 2013 includes $40,224 of clearing fees allocated from the Master. | |||||||
[2] | Three months ended September 30, 2013 includes $0 of Professional fees allocated from the Master. Nine months ended September 30, 2013 includes $23,826 of Professional fees allocated from the Master. | |||||||
[3] | Based on change in net asset value per unit |
Statements_of_Income_and_Expen1
Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) (USD $) | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | |||
Net asset value unit outstanding | 8,083.12 | 11,348.98 | ' | ' |
Clearing fees | ' | ' | $12,199 | $40,224 |
Professional fees | ' | ' | $0 | $23,826 |
General
General | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
General | ' | ||||||||||||
1. General: | |||||||||||||
Tidewater Futures Fund L.P. (the “Partnership”) is a limited partnership organized on February 23, 1995 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures contracts, options, swaps and forward contracts. The Partnership may also engage in exchange for physical transactions. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The commodity interests that are traded by the Partnership through its investment in the Master (as defined below) are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units interest (“Redeemable Units”) in the Partnership to qualified investors who were existing limited partners in the Partnership as of February 1, 2012. There is no maximum number of Redeemable Units that may be sold by the Partnership. | |||||||||||||
Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a Publicly held company whose shares are listed on the New York Stock Exchange and Morgan Stanley is engaged in various financial businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc. (“CGM”), the sole owner of which is Citigroup Inc. As of September 30, 2013, all trading decisions for the Partnership are made by Rabar Market Research, Inc. (“Rabar”). Effective January 1, 2013, Rabar replaced Chesapeake Capital Corporation (“Chesapeake”) as the Partnership’s sole trading advisor. References in this report to the “Advisor” refers to Chesapeake and/or Rabar as applicable. | |||||||||||||
Effective January 1, 2013, the Partnership allocated substantially all of its capital to the Rabar Master Fund L.P. (the “Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased an interest in the Master with cash equal to $10,145,418. The Master was formed in order to permit accounts managed by the Advisor using the Diversified Program, the Advisor’s propriety, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. In addition, the Master’s commodity, brokers were CGM and Morgan Stanley & Co. (“MS&Co.”) during the reporting period. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same and redemption rights are not affected. | |||||||||||||
The General Partner of the Partnership and the Master is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2013. | |||||||||||||
At September 30, 2013, the Partnership owned approximately 22.1% of the Master. It is the Partnership’s intention to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Master’s trading of futures, forwards, swaps and options contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. During the period the Master engaged in such trading through commodity brokerage accounts maintained with CGM and/or MS&Co. The Master’s Statements of Financial Condition, Condensed Schedule of Investments and Statements of Income and Expenses and Changes in Partner’s Capital are included herein. | |||||||||||||
The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any. | |||||||||||||
The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at September 30, 2013 and December 31, 2012 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2013 and 2012. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2012. | |||||||||||||
The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. | |||||||||||||
Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. | |||||||||||||
The Master’s Statement of Financial Condition and Condensed Schedule of Investments as of September 30, 2013 and Statement of Income and Expenses and Changes in Partners’ Capital for the three and nine months ended September 30, 2013, are presented below: | |||||||||||||
Rabar Master Fund L. P. | |||||||||||||
Statements of Financial Condition | |||||||||||||
(Unaudited) | December 31, | ||||||||||||
September 30, | |||||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
Equity in trading account: | |||||||||||||
Cash | $ | 30,241,491 | $ | 26,947,476 | |||||||||
Cash margin | 4,014,591 | 3,587,402 | |||||||||||
Net unrealized appreciation on open futures contracts | 785,692 | 608,427 | |||||||||||
Total assets | $ | 35,041,774 | $ | 31,143,305 | |||||||||
Liabilities and Partners’ Capital: | |||||||||||||
Liabilities: | |||||||||||||
Net unrealized depreciation on open forward contracts | $ | 72,666 | $ | 21,795 | |||||||||
Accrued expenses: | |||||||||||||
Professional fees | 52,106 | 25,500 | |||||||||||
Due to Westport Futures Fund L.P. | — | 7,665 | |||||||||||
Due to MS&C | 2,991 | — | |||||||||||
Total liabilities | 127,763 | 54,960 | |||||||||||
Partners’ Capital: | |||||||||||||
General Partner | — | — | |||||||||||
Limited Partners | 34,914,011 | 31,088,345 | |||||||||||
Total liabilities and partners’ capital | $ | 35,041,774 | $ | 31,143,305 | |||||||||
Rabar Master Fund L.P. | |||||||||||||
Condensed Schedule of Investments | |||||||||||||
30-Sep-13 | |||||||||||||
(Unaudited) | |||||||||||||
Notional ($)/ | Fair Value | % of Partners’ | |||||||||||
Number of | Capital | ||||||||||||
Contracts | |||||||||||||
Futures Contracts Purchased | |||||||||||||
Currencies | 428 | $ | 741,531 | 2.12 | % | ||||||||
Energy | 50 | (114,259 | ) | (0.33 | ) | ||||||||
Grains | 11 | (8,550 | ) | (0.02 | ) | ||||||||
Indices | 366 | (185,884 | ) | (0.53 | ) | ||||||||
Interest Rates U.S. | 32 | 8,333 | 0.02 | ||||||||||
Interest Rates Non - U.S. | 434 | 172,802 | 0.5 | ||||||||||
Livestock | 103 | 120,455 | 0.34 | ||||||||||
Metals | 17 | (7,966 | ) | (0.02 | ) | ||||||||
Softs | 94 | 69,310 | 0.2 | ||||||||||
Total futures contracts purchased | 795,772 | 2.28 | |||||||||||
Futures Contracts Sold | |||||||||||||
Currencies | 26 | (5,202 | ) | (0.02 | ) | ||||||||
Energy | 2 | (230 | ) | (0.00 | )* | ||||||||
Indices | 13 | (2,149 | ) | (0.01 | ) | ||||||||
Interest Rates Non - U.S. | 53 | (3,979 | ) | (0.01 | ) | ||||||||
Metals | 4 | (3,760 | ) | (0.01 | ) | ||||||||
Softs | 74 | 5,240 | 0.02 | ||||||||||
Total futures contracts sold | (10,080 | ) | (0.03 | ) | |||||||||
Unrealized Appreciation on Open Forward Contracts | |||||||||||||
Currencies | $ | 3,533,680 | 32,826 | 0.09 | |||||||||
Metals | 45 | 24,303 | 0.07 | ||||||||||
Total unrealized appreciation on open forward contracts | 57,129 | 0.16 | |||||||||||
Unrealized Depreciation on Open Forward Contracts | |||||||||||||
Currencies | $ | 3,748,807 | (29,949 | ) | (0.08 | ) | |||||||
Metals | 75 | (99,846 | ) | (0.29 | ) | ||||||||
Total unrealized depreciation on open forward contracts | (129,795 | ) | (0.37 | ) | |||||||||
Net fair value | $ | 713,026 | 2.04 | % | |||||||||
* | Due to rounding | ||||||||||||
Rabar Master Fund L.P. | |||||||||||||
Condensed Schedule of Investments | |||||||||||||
31-Dec-12 | |||||||||||||
Notional ($)/ | Fair Value | % of Partners’ | |||||||||||
Number of | Capital | ||||||||||||
Contracts | |||||||||||||
Futures Contracts Purchased | |||||||||||||
Currencies | 185 | $ | 188,465 | 0.61 | % | ||||||||
Energy | 65 | 34,420 | 0.11 | ||||||||||
Grains | 25 | (23,350 | ) | (0.08 | ) | ||||||||
Indices | 228 | 11,172 | 0.04 | ||||||||||
Interest Rates U.S. | 104 | 15,484 | 0.05 | ||||||||||
Interest Rates Non - U.S. | 663 | 70,971 | 0.23 | ||||||||||
Livestock | 46 | (13,488 | ) | (0.04 | ) | ||||||||
Metals | 49 | 12,849 | 0.04 | ||||||||||
Softs | 32 | (2,337 | ) | (0.01 | ) | ||||||||
Total futures contracts purchased | 294,186 | 0.95 | |||||||||||
Futures Contracts Sold | |||||||||||||
Currencies | 51 | 268,984 | 0.87 | ||||||||||
Grains | 43 | 32,588 | 0.1 | ||||||||||
Interest Rates Non - U.S. | 22 | (696 | ) | (0.00 | )* | ||||||||
Livestock | 5 | 1,000 | 0 | * | |||||||||
Metals | 1 | 1,065 | 0 | * | |||||||||
Softs | 5 | 11,300 | 0.04 | ||||||||||
Total futures contracts sold | 314,241 | 1.01 | |||||||||||
Unrealized Appreciation on Open Forward Contracts | |||||||||||||
Currencies | $ | 9,080,279 | 42,366 | 0.14 | |||||||||
Metals | 29 | 19,876 | 0.06 | ||||||||||
Total unrealized appreciation on open forward contracts | 62,242 | 0.2 | |||||||||||
Unrealized Depreciation on Open Forward Contracts | |||||||||||||
Currencies | $ | 8,659,321 | (45,677 | ) | (0.15 | ) | |||||||
Metals | 18 | (38,360 | ) | (0.12 | ) | ||||||||
Total unrealized depreciation on open forward contracts | (84,037 | ) | (0.27 | ) | |||||||||
Net fair value | $ | 586,632 | 1.89 | % | |||||||||
* | Due to rounding | ||||||||||||
Rabar Master Fund L. P. | |||||||||||||
Statement of Income and Expenses and Changes in Partners’ Capital | |||||||||||||
(Unaudited) | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
30-Sep-13 | September 30, 2013 | ||||||||||||
Investment Income: | |||||||||||||
Interest income | $ | 1,353 | $ | 7,957 | |||||||||
Total investment income | 1,353 | 7,957 | |||||||||||
Expenses: | |||||||||||||
Clearing fees | 55,016 | 174,074 | |||||||||||
Professional fees | — | 98,710 | |||||||||||
Total expenses | 55,016 | 272,784 | |||||||||||
Net investment income (loss) | (53,663 | ) | (264,827 | ) | |||||||||
Trading Results: | |||||||||||||
Net gains (losses) on trading of commodity interests: | |||||||||||||
Net realized gains (losses) on closed contracts | (957,451 | ) | (647,068 | ) | |||||||||
Change in net unrealized gains (losses) on open contracts | 649,593 | 126,394 | |||||||||||
Total trading results | (307,858 | ) | (520,674 | ) | |||||||||
Net income (loss) | (361,521 | ) | (785,501 | ) | |||||||||
Subscriptions | 683,262 | 12,496,743 | |||||||||||
Redemptions | (2,590,136 | ) | (7,877,619 | ) | |||||||||
Distribution of interest income to feeder funds | (1,353 | ) | (7,957 | ) | |||||||||
Net increase (decrease) in Partners’ Capital | (2,269,748 | ) | 3,825,666 | ||||||||||
Partners’ Capital, beginning of period | 37,183,759 | 31,088,345 | |||||||||||
Partners’ Capital, end of period | $ | 34,914,011 | $ | 34,914,011 | |||||||||
Financial_Highlights
Financial Highlights | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Financial Highlights | ' | ||||||||||||||||
2. Financial Highlights: | |||||||||||||||||
Changes in the net asset value per unit for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net realized and unrealized gains (losses) * | $ | (21.72 | ) | $ | (38.67 | ) | $ | (57.20 | ) | $ | (324.92 | ) | |||||
Interest income | 0.04 | 0.16 | 0.22 | 0.42 | |||||||||||||
Expenses ** | (10.74 | ) | (5.89 | )*** | (37.66 | ) | (24.81 | )*** | |||||||||
Increase (decrease) for the period | (32.42 | ) | (44.40 | ) | (94.64 | ) | (349.31 | ) | |||||||||
Net asset value per unit, beginning of period | 966.23 | 1,173.74 | 1,028.45 | 1,478.65 | |||||||||||||
Net asset value per unit, end of period | $ | 933.81 | $ | 1,129.34 | $ | 933.81 | $ | 1,129.34 | |||||||||
* | Includes brokerage fees and clearing fees. | ||||||||||||||||
** | Excludes brokerage fees and clearing fees. | ||||||||||||||||
*** | Expenses per unit would have been ($8.88) and ($28.78) for the three and nine months ended September 30, 2012, respectively, had it not been for the Management fee waived by the Advisor. | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Ratios to average net assets: **** | |||||||||||||||||
Net investment income (loss) | (10.2 | )% | (7.4 | )% | (10.9 | )% | (7.9 | )% | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Net investment income (loss) before incentive fees ***** | (10.2 | )% | (7.4 | )% | (10.9 | )% | (7.9 | )% | |||||||||
Operating expense | 10.2 | % | 7.5 | %****** | 10.9 | % | 8 | %****** | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total expenses and incentive fee | 10.2 | % | 7.5 | % | 10.9 | % | 8 | % | |||||||||
Total return: | |||||||||||||||||
Total return before incentive fees | (3.4 | )% | (3.8 | )% | (9.2 | )% | (23.6 | )% | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total return after incentive fees | (3.4 | )% | (3.8 | )% | (9.2 | )% | (23.6 | )% | |||||||||
**** | Annualized (other than incentive fees). | ||||||||||||||||
***** | Interest income less total expenses | ||||||||||||||||
****** | Percentages are after management fee waivers. The Advisors voluntarily waived a portion of the management fee (equal to 0.03% of the Adjusted Net Assets for each period). | ||||||||||||||||
The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets. | |||||||||||||||||
Financial Highlights of the Master: | |||||||||||||||||
Ratios to average net assets for the three and nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Ratios to average net assets:* | |||||||||||||||||
Net investment income (loss)** | (0.6 | )% | (0.9 | )% | |||||||||||||
Operating expenses | 0.6 | % | 1 | % | |||||||||||||
Total return | (1.0 | )% | (1.3 | )% | |||||||||||||
* | Annualized. | ||||||||||||||||
** | Interest income less total expenses. | ||||||||||||||||
The above ratios may vary for individual investors based on the timing of capital transactions during the period. | |||||||||||||||||
Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets. |
Trading_Activities
Trading Activities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Trading Activities | ' | ||||||||||||
3. Trading Activities: | |||||||||||||
The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. As of January 1, 2013, the Partnership invests substantially all of its assets through a “master/feeder” structure. The results of the Partnership’s trading activities and the Partnership’s pro rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital. | |||||||||||||
During the second quarter of 2013, the Master entered into a futures brokerage account agreement and a foreign exchange brokerage account agreement with Morgan Stanley & Co. LLC (“MS&Co”), a registered futures commission merchant. The Master commenced foreign exchange trading through an account at MS&Co on or about April 12, 2013 and futures trading through an account at MS&Co on or about June 24, 2013. Effective September 4, 2013, the Partnership entered into a futures brokerage account agreement with MS&Co and began transferring the brokerage account of the Partnership from CGM to MS&Co. The Partnership, through its investment in the Master, will pay MS&Co trading fees for the clearing and, where applicable, execution of transactions. See Part II, Item 5 for additional information. | |||||||||||||
The customer agreement between the Partnership and CGM and MS&Co. and the Master and CGM and MS&Co, as applicable, give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20 “Balance Sheet,” have been met. | |||||||||||||
Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance, subscriptions and redemptions. | |||||||||||||
Management and incentive fees are charged at the Partnership level. All trading, exchange, clearing, user, give -up, floor brokerage and National Future Association Fees (collectively, the “clearing fees”) are borne by the Partnership indirectly, through its investment in the Master. All other fees are charged at the Partnership level. | |||||||||||||
All of the commodity interests owned by the Master are held for trading purposes. The monthly average number of futures contracts traded by the Master during the three and nine months ended September 30, 2013 was 1,588 and 1,619, respectively. The monthly average number of metal forward contracts traded by the Master during the three and nine months ended September 30, 2013 was 351 and 230, respectively. The monthly average notional values of currency forward contracts held by the Master during the three and nine months ended September 30, 2013 was $13,680,259 and $27,325,049, respectively. | |||||||||||||
On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Reporting Financial Standards (“IFRS”). The new guidance did not have a significant impact on the Partnership’s financial statements. | |||||||||||||
The following tables summarize the valuation of the Master’s investments as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
30-Sep-13 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Futures | $ | 1,178,737 | $ | (382,966 | ) | $ | 795,771 | ||||||
Forwards | 52,843 | (25,505 | ) | 27,338 | |||||||||
Total assets | $ | 1,231,580 | $ | (408,471 | ) | $ | 823,109 | ||||||
Liabilities | |||||||||||||
Futures | $ | 31,560 | $ | (41,639 | ) | $ | (10,079 | ) | |||||
Forwards | 4,286 | (104,290 | ) | (100,004 | ) | ||||||||
Total liabilities | $ | 35,846 | $ | (145,929 | ) | $ | (110,083 | ) | |||||
Net unrealized appreciation on open futures contracts | $ | 785,692 | |||||||||||
Net unrealized depreciation on open forward contracts | (72,666 | ) | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 713,026 | |||||||||||
31-Dec-12 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Futures | $ | 531,939 | $ | (237,753 | ) | $ | 294,186 | ||||||
Forwards | 52,692 | (47,171 | ) | 5,521 | |||||||||
Total assets | $ | 584,631 | $ | (284,924 | ) | $ | 299,707 | ||||||
Liabilities | |||||||||||||
Futures | $ | 320,283 | $ | (6,042 | ) | $ | 314,241 | ||||||
Forwards | 9,549 | (36,865 | ) | (27,316 | ) | ||||||||
Total liabilities | $ | 329,832 | $ | (42,907 | ) | $ | 286,925 | ||||||
Net unrealized appreciation on open futures contracts | $ | 608,427 | |||||||||||
Net unrealized depreciation on open forward contracts | (21,795 | ) | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 586,632 | |||||||||||
The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2013 and December 31, 2012. | |||||||||||||
September 30, | |||||||||||||
2013 | |||||||||||||
Assets | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | 752,389 | |||||||||||
Energy | 340 | ||||||||||||
Grains | 750 | ||||||||||||
Indices | 39,371 | ||||||||||||
Interest Rates U.S. | 8,864 | ||||||||||||
Interest Rates Non-U.S. | 173,901 | ||||||||||||
Livestock | 124,745 | ||||||||||||
Metals | 4,645 | ||||||||||||
Softs | 105,293 | ||||||||||||
Total unrealized appreciation on open futures contracts | $ | 1,210,298 | |||||||||||
Liabilities | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | (16,060 | ) | |||||||||||
Energy | (114,829 | ) | |||||||||||
Grains | (9,300 | ) | |||||||||||
Indices | (227,404 | ) | |||||||||||
Interest Rates U.S. | (531 | ) | |||||||||||
Interest Rates Non-U.S. | (5,078 | ) | |||||||||||
Livestock | (4,290 | ) | |||||||||||
Metals | (16,371 | ) | |||||||||||
Softs | (30,743 | ) | |||||||||||
Total unrealized depreciation on open futures contracts | $ | (424,606 | ) | ||||||||||
Net unrealized appreciation on open futures contracts | $ | 785,692 | * | ||||||||||
September 30, | |||||||||||||
2013 | |||||||||||||
Assets | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | 32,826 | |||||||||||
Metals | 24,303 | ||||||||||||
Total unrealized appreciation on open forward contracts | $ | 57,129 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | (29,949 | ) | ||||||||||
Metals | (99,846 | ) | |||||||||||
Total unrealized depreciation on open forward contracts | $ | (129,795 | ) | ||||||||||
Net unrealized depreciation on open forward contracts | $ | (72,666 | )** | ||||||||||
* | This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition. | ||||||||||||
** | This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statements of Financial Condition. | ||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Assets | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | 531,967 | |||||||||||
Energy | 50,339 | ||||||||||||
Grains | 36,788 | ||||||||||||
Indices | 82,744 | ||||||||||||
Interest Rates Non-U.S. | 100,828 | ||||||||||||
Interest Rates U.S. | 17,070 | ||||||||||||
Livestock | 1,000 | ||||||||||||
Metals | 20,187 | ||||||||||||
Softs | 11,300 | ||||||||||||
Total unrealized appreciation on open futures contracts | $ | 852,223 | |||||||||||
Liabilities | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | (74,519 | ) | ||||||||||
Energy | (15,918 | ) | |||||||||||
Grains | (27,550 | ) | |||||||||||
Indices | (71,572 | ) | |||||||||||
Interest Rates Non-U.S. | (30,553 | ) | |||||||||||
Interest Rates U.S. | (1,586 | ) | |||||||||||
Livestock | (13,488 | ) | |||||||||||
Metals | (6,273 | ) | |||||||||||
Softs | (2,337 | ) | |||||||||||
Total unrealized depreciation on open futures contracts | $ | (243,796 | ) | ||||||||||
Net unrealized appreciation on open futures contracts | $ | 608,427 | * | ||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Assets | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | 42,366 | |||||||||||
Metals | 19,876 | ||||||||||||
Total unrealized appreciation on open forward contracts | $ | 62,242 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | (45,677 | ) | ||||||||||
Metals | (38,360 | ) | |||||||||||
Total unrealized depreciation on open forward contracts | $ | (84,037 | ) | ||||||||||
Net unrealized depreciation on open forward contracts | $ | (21,795 | )** | ||||||||||
* | This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statement of Financial Condition. | ||||||||||||
** | This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statement of Financial Condition. | ||||||||||||
The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2013. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Sector | 30-Sep-13 | 30-Sep-13 | |||||||||||
Currencies | $ | 162,469 | $ | (29,951 | ) | ||||||||
Energy | (20,701 | ) | (778,022 | ) | |||||||||
Grains | 170,710 | 280,714 | |||||||||||
Indices | 563,988 | 830,330 | |||||||||||
Interest Rates U.S. | (162,041 | ) | (258,700 | ) | |||||||||
Interest Rates non-U.S. | (323,441 | ) | (744,786 | ) | |||||||||
Livestock | 80,120 | 487,581 | |||||||||||
Metals | (599,982 | ) | (50,057 | ) | |||||||||
Softs | (178,980 | ) | (257,783 | ) | |||||||||
Total | $ | (307,858 | )*** | $ | (520,674 | )*** | |||||||
*** | This amount is in “Total trading results” on the Master’s Statement of Income and Expenses and Changes in Partner’s Capital. | ||||||||||||
All of the commodity interests owned by the Partnership were held for trading purposes. The monthly average number of futures contracts traded by the Partnership during the three and nine months ended September 30, 2012 was 920 and 1,316, respectively. The monthly average number of metal forward contracts traded by the Partnership during the three and nine months ended September 30, 2012 was 142 and 102, respectively. The monthly average notional value of currency forward contracts held by the Partnership during the three and nine months ended September 30, 2012 was $0 and $685,407, respectively. | |||||||||||||
The following table summarizes the valuation of the Partnership’s investments as of December 31, 2012. | |||||||||||||
31-Dec-12 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Forwards | $ | 22,026 | $ | (52,730 | ) | $ | (30,704 | ) | |||||
Total Assets | $ | 22,026 | $ | (52,730 | ) | $ | (30,704 | ) | |||||
Liabilities | |||||||||||||
Forwards | $ | 85,890 | $ | (22,094 | ) | $ | 63,796 | ||||||
Total Liabilities | $ | 85,890 | $ | (22,094 | ) | $ | 63,796 | ||||||
Net unrealized appreciation on open forward contracts | $ | 33,092 | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 33,092 | |||||||||||
The following table indicates the Partnership’s gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of December 31, 2012. | |||||||||||||
Assets | December 31, 2012 | ||||||||||||
Forward Contracts | |||||||||||||
Metals | $ | 107,916 | |||||||||||
Total unrealized appreciation on open forward contracts | $ | 107,916 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Metals | $ | (74,824 | ) | ||||||||||
Total unrealized depreciation on open forward contracts | $ | (74,824 | ) | ||||||||||
Net unrealized appreciation on open forward contracts | $ | 33,092 | **** | ||||||||||
**** | This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. | ||||||||||||
The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2012. | |||||||||||||
Sector | Three Months Ended | Nine Months Ended | |||||||||||
September 30, 2012 | 30-Sep-12 | ||||||||||||
Gain (loss) from trading | Gain (loss) from trading | ||||||||||||
Currencies | $ | (87,929 | ) | $ | (1,520,668 | ) | |||||||
Energy | (235,095 | ) | (682,782 | ) | |||||||||
Grains | 474,707 | (313,086 | ) | ||||||||||
Indices | 85,058 | (877,327 | ) | ||||||||||
Interest Rates U.S. | 30,406 | 264,612 | |||||||||||
Interest Rates Non-U.S. | 97,753 | 588,830 | |||||||||||
Livestock | 168,340 | (6,315 | ) | ||||||||||
Metals | (355,677 | ) | (322,234 | ) | |||||||||
Softs | (389,503 | ) | (1,175,806 | ) | |||||||||
Total | $ | (211,940 | )***** | $ | (4,044,776 | )***** | |||||||
***** | This amount is in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital. |
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4. Fair Value Measurements: | |||||||||||||||||
Partnership’s Investments. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. | |||||||||||||||||
Partnership’s and the Master’s Fair Value Measurements. Fair value is defined as 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 under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. | |||||||||||||||||
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s Level 2 assets and liabilities. | |||||||||||||||||
The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. | |||||||||||||||||
On October 1, 2012, the Financial Accounting Standards Board (the “FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments are effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. | |||||||||||||||||
The Partnership and the Master consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in the Master (or other commodity pools) with no rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of day net asset value of the Master (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the period ended September 30, 2013, the Partnership did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets (Level 1) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). As of and for the period ended December 31, 2012, the Partnership did not hold any derivative instruments that were priced at broker-dealers who derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the nine months ended September 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2. | |||||||||||||||||
September 30, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 7,732,869 | $ | 0 | $ | 7,732,869 | $ | 0 | |||||||||
Net fair value | $ | 7,732,869 | $ | 0 | $ | 7,732,869 | $ | 0 | |||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Forwards | $ | 107,916 | $ | 107,916 | $ | 0 | $ | 0 | |||||||||
Total assets | $ | 107,916 | $ | 107,916 | $ | 0 | $ | 0 | |||||||||
Liabilities | |||||||||||||||||
Forwards | $ | 74,824 | $ | 74,824 | $ | 0 | $ | 0 | |||||||||
Total liabilities | $ | 74,824 | $ | 74,824 | $ | 0 | $ | 0 | |||||||||
Net fair value | $ | 33,092 | $ | 33,092 | $ | 0 | $ | 0 | |||||||||
Master’s Investments. All commodity interests of the Master (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. | |||||||||||||||||
Master’s Fair Value Measurements. Fair value is defined as 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 under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Master’s Level 1 assets and liabilities are actively traded. | |||||||||||||||||
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Master’s Level 2 assets and liabilities. | |||||||||||||||||
The Master will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. | |||||||||||||||||
The Master considers prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the period ended September 30, 2013 and for the twelve months ended December 31, 2012, the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the nine months ended September 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||
September 30, 2013 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Futures | $ | 1,210,298 | $ | 1,210,298 | $ | 0 | $ | 0 | |||||||||
Forwards | 57,129 | 24,303 | 32,826 | 0 | |||||||||||||
Total assets | $ | 1,267,427 | $ | 1,234,601 | $ | 32,826 | $ | 0 | |||||||||
Liabilities | |||||||||||||||||
Futures | $ | 424,606 | $ | 424,606 | $ | 0 | $ | 0 | |||||||||
Forwards | 129,795 | 99,846 | 29,949 | 0 | |||||||||||||
Total Liabilities | 554,401 | 524,452 | 29,949 | 0 | |||||||||||||
Net fair value | $ | 713,026 | $ | 710,149 | $ | 2,877 | $ | 0 | |||||||||
December 31, 2012 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Futures | $ | 852,223 | $ | 852,223 | $ | — | $ | — | |||||||||
Forwards | 62,242 | 19,876 | 42,366 | — | |||||||||||||
Total assets | $ | 914,465 | $ | 872,099 | $ | 42,366 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Futures | $ | 243,796 | $ | 243,796 | $ | — | $ | — | |||||||||
Forwards | 84,037 | 38,360 | 45,677 | — | |||||||||||||
Total liabilities | 327,833 | 282,156 | 45,677 | — | |||||||||||||
Net fair value | $ | 586,632 | $ | 589,943 | $ | (3,311 | ) | $ | — | ||||||||
Financial_Instrument_Risks
Financial Instrument Risks | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instrument Risks | ' |
5. Financial Instrument Risks: | |
In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specified terms on specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility, or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include swaps and certain forward and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 4.7% to 16.8% of the Partnership’s/Master’s contracts are traded OTC. | |
The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. | |
Market risk is the potential for changes in the value of the financial instruments traded by the Partnership and the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Master are exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. | |
Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s and the Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s and the Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership and the Master had credit risk and concentration risk during the reporting period as CGM and/or MS & Co. or their affiliates were the counterparties or brokers with respect to the Partnership’s and the Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that through CGM or MS & Co., the Partnership’s and the Master’s counterparty is an exchange or clearing organization. The Partnership and the Master continue to be subject to such risks. | |
The General Partner monitors and attempts to control the Partnership’s and the Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions. | |
The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s and the Master’s business, these instruments may not be held to maturity. |
Critical_Accounting_Policies
Critical Accounting Policies | 9 Months Ended |
Sep. 30, 2013 | |
Critical Accounting Policies | ' |
6. Critical Accounting Policies: | |
Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. | |
Partnership’s and the Master’s Investments. The Partnership values its investment in the Master at its net asset value per unit as calculated by the Master. The Master values its investments as described in Note 2 of the Master’s notes to the annual financial statements as of December 31, 2012. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Partnership’s and the Master’s Fair Value Measurements. Fair value is defined as 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 under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Master’s Level 1 assets and liabilities are actively traded. | |
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Master’s Level 2 assets and liabilities. | |
The Partnership and the Master will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. | |
The Partnership and the Master consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). Investments in the Master (or other commodity pools) with no rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of day net asset value of the Master (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended September 30, 2013 and for the twelve months ended December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). There were no transfer of assets or liabilities between Level 1 and Level 2 during the nine months ended September 30, 2013 and for the year ended December 31, 2012. | |
Futures Contracts. The Master trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master on each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. When the contract is closed, the Master records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. | |
GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. | |
The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability. | |
Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that other than that referenced in Note 3 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements. | |
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements. | |
Net Income (Loss) per Unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.” |
Critical_Accounting_Policies_P
Critical Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Use of Estimates | ' |
Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. | |
Partnership's and the Master's Investments | ' |
Partnership’s and the Master’s Investments. The Partnership values its investment in the Master at its net asset value per unit as calculated by the Master. The Master values its investments as described in Note 2 of the Master’s notes to the annual financial statements as of December 31, 2012. All commodity interests held by the Partnership and the Master including derivative financial instruments and derivative commodity instruments are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Partnership's and the Master's Fair Value Measurements | ' |
Partnership’s and the Master’s Fair Value Measurements. Fair value is defined as 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 under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement falls in its entirety shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. Management has concluded that based on available information in the marketplace, the Master’s Level 1 assets and liabilities are actively traded. | |
GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. Management has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Master’s Level 2 assets and liabilities. | |
The Partnership and the Master will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP. | |
The Partnership and the Master consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2). Investments in the Master (or other commodity pools) with no rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of day net asset value of the Master (Level 2). The value of the Partnership’s investment in the Master reflects its proportional interest in the Master. As of and for the periods ended September 30, 2013 and for the twelve months ended December 31, 2012, the Partnership and the Master did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). There were no transfer of assets or liabilities between Level 1 and Level 2 during the nine months ended September 30, 2013 and for the year ended December 31, 2012. | |
Futures Contracts | ' |
Futures Contracts. The Master trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master on each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. When the contract is closed, the Master records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Forward Foreign Currency Contracts | ' |
Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Master agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Master’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
The Master does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) on investments in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
London Metals Exchange Forward Contracts | ' |
London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Master are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Master each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Master record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. | |
Income Taxes | ' |
Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. | |
GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner concluded that no provision for income tax is required in the Partnership’s financial statements. | |
The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability. | |
Subsequent Events | 'Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that other than that referenced in Note 3 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements. |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements. | |
Net Income (Loss) per Unit | ' |
Net Income (Loss) per Unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.” |
Financial_Highlights_Tables
Financial Highlights (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Changes in Net Asset Value Per Unit | ' | ||||||||||||||||
Changes in the net asset value per unit for the three and nine months ended September 30, 2013 and 2012 were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net realized and unrealized gains (losses) * | $ | (21.72 | ) | $ | (38.67 | ) | $ | (57.20 | ) | $ | (324.92 | ) | |||||
Interest income | 0.04 | 0.16 | 0.22 | 0.42 | |||||||||||||
Expenses ** | (10.74 | ) | (5.89 | )*** | (37.66 | ) | (24.81 | )*** | |||||||||
Increase (decrease) for the period | (32.42 | ) | (44.40 | ) | (94.64 | ) | (349.31 | ) | |||||||||
Net asset value per unit, beginning of period | 966.23 | 1,173.74 | 1,028.45 | 1,478.65 | |||||||||||||
Net asset value per unit, end of period | $ | 933.81 | $ | 1,129.34 | $ | 933.81 | $ | 1,129.34 | |||||||||
* | Includes brokerage fees and clearing fees. | ||||||||||||||||
** | Excludes brokerage fees and clearing fees. | ||||||||||||||||
*** | Expenses per unit would have been ($8.88) and ($28.78) for the three and nine months ended September 30, 2012, respectively, had it not been for the Management fee waived by the Advisor. | ||||||||||||||||
Changes in Net Asset Value Per Unit | ' | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Ratios to average net assets: **** | |||||||||||||||||
Net investment income (loss) | (10.2 | )% | (7.4 | )% | (10.9 | )% | (7.9 | )% | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Net investment income (loss) before incentive fees ***** | (10.2 | )% | (7.4 | )% | (10.9 | )% | (7.9 | )% | |||||||||
Operating expense | 10.2 | % | 7.5 | %****** | 10.9 | % | 8 | %****** | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total expenses and incentive fee | 10.2 | % | 7.5 | % | 10.9 | % | 8 | % | |||||||||
Total return: | |||||||||||||||||
Total return before incentive fees | (3.4 | )% | (3.8 | )% | (9.2 | )% | (23.6 | )% | |||||||||
Incentive fees | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total return after incentive fees | (3.4 | )% | (3.8 | )% | (9.2 | )% | (23.6 | )% | |||||||||
**** | Annualized (other than incentive fees). | ||||||||||||||||
***** | Interest income less total expenses | ||||||||||||||||
****** | Percentages are after management fee waivers. The Advisors voluntarily waived a portion of the management fee (equal to 0.03% of the Adjusted Net Assets for each period). | ||||||||||||||||
Rabar Master Fund L.P. [Member] | ' | ||||||||||||||||
Changes in Net Asset Value Per Unit | ' | ||||||||||||||||
Financial Highlights of the Master: | |||||||||||||||||
Ratios to average net assets for the three and nine months ended September 30, 2013, were as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
September 30, | September 30, | ||||||||||||||||
2013 | 2013 | ||||||||||||||||
Ratios to average net assets:* | |||||||||||||||||
Net investment income (loss)** | (0.6 | )% | (0.9 | )% | |||||||||||||
Operating expenses | 0.6 | % | 1 | % | |||||||||||||
Total return | (1.0 | )% | (1.3 | )% | |||||||||||||
* | Annualized. | ||||||||||||||||
** | Interest income less total expenses. |
Trading_Activities_Tables
Trading Activities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Summary of Valuation Partnership's Investments | ' | ||||||||||||
The following table summarizes the valuation of the Partnership’s investments as of December 31, 2012. | |||||||||||||
31-Dec-12 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Forwards | $ | 22,026 | $ | (52,730 | ) | $ | (30,704 | ) | |||||
Total Assets | $ | 22,026 | $ | (52,730 | ) | $ | (30,704 | ) | |||||
Liabilities | |||||||||||||
Forwards | $ | 85,890 | $ | (22,094 | ) | $ | 63,796 | ||||||
Total Liabilities | $ | 85,890 | $ | (22,094 | ) | $ | 63,796 | ||||||
Net unrealized appreciation on open forward contracts | $ | 33,092 | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 33,092 | |||||||||||
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | ' | ||||||||||||
The following table indicates the Partnership’s gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of December 31, 2012. | |||||||||||||
Assets | December 31, 2012 | ||||||||||||
Forward Contracts | |||||||||||||
Metals | $ | 107,916 | |||||||||||
Total unrealized appreciation on open forward contracts | $ | 107,916 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Metals | $ | (74,824 | ) | ||||||||||
Total unrealized depreciation on open forward contracts | $ | (74,824 | ) | ||||||||||
Net unrealized appreciation on open forward contracts | $ | 33,092 | **** | ||||||||||
**** | This amount is in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition. | ||||||||||||
Trading Gains and Losses, by Market Sector, on Derivative Instruments | ' | ||||||||||||
The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2012. | |||||||||||||
Sector | Three Months Ended | Nine Months Ended | |||||||||||
September 30, 2012 | 30-Sep-12 | ||||||||||||
Gain (loss) from trading | Gain (loss) from trading | ||||||||||||
Currencies | $ | (87,929 | ) | $ | (1,520,668 | ) | |||||||
Energy | (235,095 | ) | (682,782 | ) | |||||||||
Grains | 474,707 | (313,086 | ) | ||||||||||
Indices | 85,058 | (877,327 | ) | ||||||||||
Interest Rates U.S. | 30,406 | 264,612 | |||||||||||
Interest Rates Non-U.S. | 97,753 | 588,830 | |||||||||||
Livestock | 168,340 | (6,315 | ) | ||||||||||
Metals | (355,677 | ) | (322,234 | ) | |||||||||
Softs | (389,503 | ) | (1,175,806 | ) | |||||||||
Total | $ | (211,940 | )***** | $ | (4,044,776 | )***** | |||||||
***** | This amount is in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital. | ||||||||||||
Rabar Master Fund L.P. [Member] | ' | ||||||||||||
Summary of Valuation Partnership's Investments | ' | ||||||||||||
The following tables summarize the valuation of the Master’s investments as of September 30, 2013 and December 31, 2012, respectively. | |||||||||||||
30-Sep-13 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Futures | $ | 1,178,737 | $ | (382,966 | ) | $ | 795,771 | ||||||
Forwards | 52,843 | (25,505 | ) | 27,338 | |||||||||
Total assets | $ | 1,231,580 | $ | (408,471 | ) | $ | 823,109 | ||||||
Liabilities | |||||||||||||
Futures | $ | 31,560 | $ | (41,639 | ) | $ | (10,079 | ) | |||||
Forwards | 4,286 | (104,290 | ) | (100,004 | ) | ||||||||
Total liabilities | $ | 35,846 | $ | (145,929 | ) | $ | (110,083 | ) | |||||
Net unrealized appreciation on open futures contracts | $ | 785,692 | |||||||||||
Net unrealized depreciation on open forward contracts | (72,666 | ) | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 713,026 | |||||||||||
31-Dec-12 | Gross Amounts | Gross Amounts | Net Amounts | ||||||||||
Recognized | Offset in the | Presented in the | |||||||||||
Statement of | Statement of | ||||||||||||
Financial | Financial | ||||||||||||
Condition | Condition | ||||||||||||
Assets | |||||||||||||
Futures | $ | 531,939 | $ | (237,753 | ) | $ | 294,186 | ||||||
Forwards | 52,692 | (47,171 | ) | 5,521 | |||||||||
Total assets | $ | 584,631 | $ | (284,924 | ) | $ | 299,707 | ||||||
Liabilities | |||||||||||||
Futures | $ | 320,283 | $ | (6,042 | ) | $ | 314,241 | ||||||
Forwards | 9,549 | (36,865 | ) | (27,316 | ) | ||||||||
Total liabilities | $ | 329,832 | $ | (42,907 | ) | $ | 286,925 | ||||||
Net unrealized appreciation on open futures contracts | $ | 608,427 | |||||||||||
Net unrealized depreciation on open forward contracts | (21,795 | ) | |||||||||||
Total net unrealized gain (loss) on total contracts | $ | 586,632 | |||||||||||
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | ' | ||||||||||||
The following tables indicate the Master’s gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2013 and December 31, 2012. | |||||||||||||
September 30, | |||||||||||||
2013 | |||||||||||||
Assets | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | 752,389 | |||||||||||
Energy | 340 | ||||||||||||
Grains | 750 | ||||||||||||
Indices | 39,371 | ||||||||||||
Interest Rates U.S. | 8,864 | ||||||||||||
Interest Rates Non-U.S. | 173,901 | ||||||||||||
Livestock | 124,745 | ||||||||||||
Metals | 4,645 | ||||||||||||
Softs | 105,293 | ||||||||||||
Total unrealized appreciation on open futures contracts | $ | 1,210,298 | |||||||||||
Liabilities | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | (16,060 | ) | |||||||||||
Energy | (114,829 | ) | |||||||||||
Grains | (9,300 | ) | |||||||||||
Indices | (227,404 | ) | |||||||||||
Interest Rates U.S. | (531 | ) | |||||||||||
Interest Rates Non-U.S. | (5,078 | ) | |||||||||||
Livestock | (4,290 | ) | |||||||||||
Metals | (16,371 | ) | |||||||||||
Softs | (30,743 | ) | |||||||||||
Total unrealized depreciation on open futures contracts | $ | (424,606 | ) | ||||||||||
Net unrealized appreciation on open futures contracts | $ | 785,692 | * | ||||||||||
September 30, | |||||||||||||
2013 | |||||||||||||
Assets | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | 32,826 | |||||||||||
Metals | 24,303 | ||||||||||||
Total unrealized appreciation on open forward contracts | $ | 57,129 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | (29,949 | ) | ||||||||||
Metals | (99,846 | ) | |||||||||||
Total unrealized depreciation on open forward contracts | $ | (129,795 | ) | ||||||||||
Net unrealized depreciation on open forward contracts | $ | (72,666 | )** | ||||||||||
* | This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statements of Financial Condition. | ||||||||||||
** | This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statements of Financial Condition. | ||||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Assets | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | 531,967 | |||||||||||
Energy | 50,339 | ||||||||||||
Grains | 36,788 | ||||||||||||
Indices | 82,744 | ||||||||||||
Interest Rates Non-U.S. | 100,828 | ||||||||||||
Interest Rates U.S. | 17,070 | ||||||||||||
Livestock | 1,000 | ||||||||||||
Metals | 20,187 | ||||||||||||
Softs | 11,300 | ||||||||||||
Total unrealized appreciation on open futures contracts | $ | 852,223 | |||||||||||
Liabilities | |||||||||||||
Futures Contracts | |||||||||||||
Currencies | $ | (74,519 | ) | ||||||||||
Energy | (15,918 | ) | |||||||||||
Grains | (27,550 | ) | |||||||||||
Indices | (71,572 | ) | |||||||||||
Interest Rates Non-U.S. | (30,553 | ) | |||||||||||
Interest Rates U.S. | (1,586 | ) | |||||||||||
Livestock | (13,488 | ) | |||||||||||
Metals | (6,273 | ) | |||||||||||
Softs | (2,337 | ) | |||||||||||
Total unrealized depreciation on open futures contracts | $ | (243,796 | ) | ||||||||||
Net unrealized appreciation on open futures contracts | $ | 608,427 | * | ||||||||||
December 31, | |||||||||||||
2012 | |||||||||||||
Assets | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | 42,366 | |||||||||||
Metals | 19,876 | ||||||||||||
Total unrealized appreciation on open forward contracts | $ | 62,242 | |||||||||||
Liabilities | |||||||||||||
Forward Contracts | |||||||||||||
Currencies | $ | (45,677 | ) | ||||||||||
Metals | (38,360 | ) | |||||||||||
Total unrealized depreciation on open forward contracts | $ | (84,037 | ) | ||||||||||
Net unrealized depreciation on open forward contracts | $ | (21,795 | )** | ||||||||||
* | This amount is in “Net unrealized appreciation on open futures contracts” on the Master’s Statement of Financial Condition. | ||||||||||||
** | This amount is in “Net unrealized depreciation on open forward contracts” on the Master’s Statement of Financial Condition. | ||||||||||||
Trading Gains and Losses, by Market Sector, on Derivative Instruments | ' | ||||||||||||
The following table indicates the Master’s total trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2013. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
Sector | 30-Sep-13 | 30-Sep-13 | |||||||||||
Currencies | $ | 162,469 | $ | (29,951 | ) | ||||||||
Energy | (20,701 | ) | (778,022 | ) | |||||||||
Grains | 170,710 | 280,714 | |||||||||||
Indices | 563,988 | 830,330 | |||||||||||
Interest Rates U.S. | (162,041 | ) | (258,700 | ) | |||||||||
Interest Rates non-U.S. | (323,441 | ) | (744,786 | ) | |||||||||
Livestock | 80,120 | 487,581 | |||||||||||
Metals | (599,982 | ) | (50,057 | ) | |||||||||
Softs | (178,980 | ) | (257,783 | ) | |||||||||
Total | $ | (307,858 | )*** | $ | (520,674 | )*** | |||||||
*** | This amount is in “Total trading results” on the Master’s Statement of Income and Expenses and Changes in Partner’s Capital. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Derivative Instruments Priced at Fair Value Using Unobservable Inputs | ' | ||||||||||||||||
As of and for the period ended December 31, 2012, the Partnership did not hold any derivative instruments that were priced at broker-dealers who derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the nine months ended September 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2. | |||||||||||||||||
September 30, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2013 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 7,732,869 | $ | 0 | $ | 7,732,869 | $ | 0 | |||||||||
Net fair value | $ | 7,732,869 | $ | 0 | $ | 7,732,869 | $ | 0 | |||||||||
December 31, | Quoted Prices in | Significant Other | Significant | ||||||||||||||
2012 | Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Forwards | $ | 107,916 | $ | 107,916 | $ | 0 | $ | 0 | |||||||||
Total assets | $ | 107,916 | $ | 107,916 | $ | 0 | $ | 0 | |||||||||
Liabilities | |||||||||||||||||
Forwards | $ | 74,824 | $ | 74,824 | $ | 0 | $ | 0 | |||||||||
Total liabilities | $ | 74,824 | $ | 74,824 | $ | 0 | $ | 0 | |||||||||
Net fair value | $ | 33,092 | $ | 33,092 | $ | 0 | $ | 0 | |||||||||
Schedule of Fair Value Measurement | ' | ||||||||||||||||
During the nine months ended September 30, 2013 and for the year ended December 31, 2012, there were no transfers of assets or liabilities between Level 1 and Level 2. | |||||||||||||||||
September 30, 2013 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Futures | $ | 1,210,298 | $ | 1,210,298 | $ | 0 | $ | 0 | |||||||||
Forwards | 57,129 | 24,303 | 32,826 | 0 | |||||||||||||
Total assets | $ | 1,267,427 | $ | 1,234,601 | $ | 32,826 | $ | 0 | |||||||||
Liabilities | |||||||||||||||||
Futures | $ | 424,606 | $ | 424,606 | $ | 0 | $ | 0 | |||||||||
Forwards | 129,795 | 99,846 | 29,949 | 0 | |||||||||||||
Total Liabilities | 554,401 | 524,452 | 29,949 | 0 | |||||||||||||
Net fair value | $ | 713,026 | $ | 710,149 | $ | 2,877 | $ | 0 | |||||||||
December 31, 2012 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and | |||||||||||||||||
Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Futures | $ | 852,223 | $ | 852,223 | $ | — | $ | — | |||||||||
Forwards | 62,242 | 19,876 | 42,366 | — | |||||||||||||
Total assets | $ | 914,465 | $ | 872,099 | $ | 42,366 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Futures | $ | 243,796 | $ | 243,796 | $ | — | $ | — | |||||||||
Forwards | 84,037 | 38,360 | 45,677 | — | |||||||||||||
Total liabilities | 327,833 | 282,156 | 45,677 | — | |||||||||||||
Net fair value | $ | 586,632 | $ | 589,943 | $ | (3,311 | ) | $ | — | ||||||||
General_Additional_Information
General - Additional Information (Detail) (Rabar Master Fund L.P. [Member], USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Rabar Master Fund L.P. [Member] | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' |
Partnership purchased in cash | $10,145,418 |
Percent of partnership | 22.10% |
Financial_Highlights_Changes_i
Financial Highlights - Changes in Net Asset Value Per Unit (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Net realized and unrealized gains (losses) | -21.72 | -38.67 | -57.2 | -324.92 |
Interest income | 0.04 | 0.16 | 0.22 | 0.42 |
Expenses | -10.74 | -5.89 | -37.66 | -24.81 |
Increase (decrease) for the period | -32.42 | -44.4 | -94.64 | -349.31 |
Net asset value per unit, beginning of period | 966.23 | 1,173.74 | 1,028.45 | 1,478.65 |
Net asset value per unit, end of period | 933.81 | 1,129.34 | 933.81 | 1,129.34 |
Financial_Highlights_Changes_i1
Financial Highlights - Changes in Net Asset Value Per Unit (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Expenses before management fee waiver | ($8.88) | ($28.78) |
Financial_Highlights_Percentag
Financial Highlights - Percentage of Financial Performance of Net Assets (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Ratios to average net assets: | ' | ' | ' | ' |
Net investment income (loss) | -10.20% | -7.40% | -10.90% | -7.90% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Net investment income (loss) before incentive fees | -10.20% | -7.40% | -10.90% | -7.90% |
Operating expense | 10.20% | 7.50% | 10.90% | 8.00% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses and incentive fees | 10.20% | 7.50% | 10.90% | 8.00% |
Total return before incentive fees | -3.40% | -3.80% | -9.20% | -23.60% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total return after incentive fees | -3.40% | -3.80% | -9.20% | -23.60% |
Financial_Highlights_Percentag1
Financial Highlights - Percentage of Financial Performance of Net Assets (Parenthetical) (Detail) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | |
Percentage of management fee voluntarily waived by Advisor | 0.03% | 0.03% |
Financial_Highlights_Change_in
Financial Highlights - Change in Net Asset Value Per Unit (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Ratios to average net assets: | ' | ' | ' | ' |
Net investment income (loss) | -10.20% | -7.40% | -10.90% | -7.90% |
Operating expenses | 10.20% | 7.50% | 10.90% | 8.00% |
Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Ratios to average net assets: | ' | ' | ' | ' |
Net investment income (loss) | -0.60% | ' | -0.90% | ' |
Operating expenses | 0.60% | ' | 1.00% | ' |
Total return | -1.00% | ' | -1.30% | ' |
Trading_Activities_Additional_
Trading Activities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended |
Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Futures Contracts [Member] | Futures Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | Rabar Master Fund L.P. [Member] | |
Contract | Contract | Contract | Contract | Futures Contracts [Member] | Futures Contracts [Member] | Forward Contracts [Member] | Forward Contracts [Member] | |||
Contract | Contract | Contract | Contract | |||||||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average number of futures and metal forward contracts traded | 920 | 1,316 | 142 | 102 | ' | ' | 1,588 | 1,619 | 351 | 230 |
Average notional values of currency forward contracts held by master | ' | ' | ' | ' | $13,680,259 | $27,325,049 | ' | ' | ' | ' |
Average notional values of currency forward contracts held by the partnership | ' | ' | $685,407 | $685,407 | ' | ' | ' | ' | ' | ' |
Trading_Activities_Summary_of_
Trading Activities - Summary of Valuation Partnership's Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | ' | $22,026 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | ' | -52,730 |
Net Amounts Presented in the Statement of Financial Condition, Assets | ' | 30,704 |
Gross Amounts Recognized, Liabilities | ' | 85,890 |
Gross Amounts Offset in the Statement of Financial Condition, Liabilities | ' | -22,094 |
Net Amounts Presented in the Statement of Financial Condition, Liabilities | ' | 63,796 |
Net unrealized appreciation on open forward contracts | ' | 33,092 |
Total net unrealized gain (loss) on total contracts | ' | 33,092 |
Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | 1,231,580 | 584,631 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | -408,471 | -284,924 |
Net Amounts Presented in the Statement of Financial Condition, Assets | 823,109 | 299,707 |
Gross Amounts Recognized, Liabilities | 35,846 | 329,832 |
Gross Amounts Offset in the Statement of Financial Condition, Liabilities | -145,929 | -42,907 |
Net Amounts Presented in the Statement of Financial Condition, Liabilities | 110,083 | 286,925 |
Total net unrealized gain (loss) on total contracts | 713,026 | 586,632 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | 1,178,737 | 531,939 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | -382,966 | -237,753 |
Net Amounts Presented in the Statement of Financial Condition, Assets | 795,771 | 294,186 |
Gross Amounts Recognized, Liabilities | 31,560 | 320,283 |
Gross Amounts Offset in the Statement of Financial Condition, Liabilities | -41,639 | -6,042 |
Net Amounts Presented in the Statement of Financial Condition, Liabilities | 10,079 | 314,241 |
Net unrealized appreciation on open forward contracts | 785,692 | 608,427 |
Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | ' | 22,026 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | ' | -52,730 |
Net Amounts Presented in the Statement of Financial Condition, Assets | ' | 30,704 |
Gross Amounts Recognized, Liabilities | ' | 85,890 |
Gross Amounts Offset in the Statement of Financial Condition, Liabilities | ' | -22,094 |
Net Amounts Presented in the Statement of Financial Condition, Liabilities | ' | 63,796 |
Forward Contracts [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Gross Amounts Recognized, Assets | 52,843 | 52,692 |
Gross Amounts Offset in the Statement of Financial Condition, Assets | -25,505 | -47,171 |
Net Amounts Presented in the Statement of Financial Condition, Assets | 27,338 | 5,521 |
Gross Amounts Recognized, Liabilities | 4,286 | 9,549 |
Gross Amounts Offset in the Statement of Financial Condition, Liabilities | -104,290 | -36,865 |
Net Amounts Presented in the Statement of Financial Condition, Liabilities | 100,004 | -27,316 |
Net unrealized depreciation on open forward contracts | ($72,666) | ($21,795) |
Trading_Activities_Gross_Fair_
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | $1,267,427 | $914,465 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -554,401 | -327,833 |
Net unrealized appreciation on open future and forward contracts | 713,026 | 586,632 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 1,210,298 | 852,223 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -424,606 | -243,796 |
Net unrealized appreciation on open future and forward contracts | 785,692 | 608,427 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Currencies [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 752,389 | 531,967 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -16,060 | -74,519 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Energy [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 340 | 50,339 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -114,829 | -15,918 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Grains [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 750 | 36,788 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -9,300 | -27,550 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Indices [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 39,371 | 82,744 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -227,404 | -71,572 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Interest Rates Non-U.S. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 173,901 | 100,828 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -5,078 | -30,553 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Interest Rates U.S. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 8,864 | 17,070 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -531 | -1,586 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Livestock [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 124,745 | 1,000 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -4,290 | -13,488 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Metals [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 4,645 | 20,187 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -16,371 | -6,273 |
Futures Contracts [Member] | Rabar Master Fund L.P. [Member] | Softs [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 105,293 | 11,300 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -30,743 | -2,337 |
Forward Contracts [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | ' | 107,916 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | ' | -74,824 |
Net unrealized appreciation on open future and forward contracts | ' | 33,092 |
Forward Contracts [Member] | Metals [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | ' | 107,916 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | ' | -74,824 |
Forward Contracts [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 57,129 | 62,242 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -129,795 | -84,037 |
Net unrealized appreciation on open future and forward contracts | -72,666 | -21,795 |
Forward Contracts [Member] | Rabar Master Fund L.P. [Member] | Currencies [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 32,826 | 42,366 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | -29,949 | -45,677 |
Forward Contracts [Member] | Rabar Master Fund L.P. [Member] | Metals [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Total unrealized appreciation on open futures and forward contracts, Assets | 24,303 | 19,876 |
Total unrealized depreciation on open futures and forward contracts, Liabilities | ($99,846) | ($38,360) |
Trading_Activities_Trading_Gai
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ($68,242) | ($211,940) | ($98,185) | ($4,044,776) |
Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | -307,858 | ' | -520,674 | ' |
Currencies [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | -87,929 | ' | -1,520,668 |
Currencies [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | 162,469 | ' | -29,951 | ' |
Energy [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | -235,095 | ' | -682,782 |
Energy [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | -20,701 | ' | -778,022 | ' |
Grains [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | 474,707 | ' | -313,086 |
Grains [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | 170,710 | ' | 280,714 | ' |
Indices [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | 85,058 | ' | -877,327 |
Indices [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | 563,988 | ' | 830,330 | ' |
Interest Rates U.S. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | 30,406 | ' | 264,612 |
Interest Rates U.S. [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | -162,041 | ' | -258,700 | ' |
Interest Rates Non-U.S. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | 97,753 | ' | 588,830 |
Interest Rates Non-U.S. [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | -323,441 | ' | -744,786 | ' |
Livestock [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | 168,340 | ' | -6,315 |
Livestock [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | 80,120 | ' | 487,581 | ' |
Metals [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | -355,677 | ' | -322,234 |
Metals [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | -599,982 | ' | -50,057 | ' |
Softs [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ' | -389,503 | ' | -1,175,806 |
Softs [Member] | Rabar Master Fund L.P. [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Total | ($178,980) | ' | ($257,783) | ' |
Fair_Value_Measurements_Deriva
Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Investment in Master | $7,732,869 | $33,092 |
Total assets | ' | 107,916 |
Liabilities | ' | ' |
Total liabilities | ' | 74,824 |
Net fair value | 7,732,869 | 33,092 |
Forward Contracts [Member] | ' | ' |
Assets | ' | ' |
Forwards | ' | 107,916 |
Liabilities | ' | ' |
Forwards | ' | 74,824 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Assets | ' | ' |
Investment in Master | 0 | ' |
Total assets | ' | 107,916 |
Liabilities | ' | ' |
Total liabilities | ' | 74,824 |
Net fair value | 0 | 33,092 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member] | ' | ' |
Assets | ' | ' |
Forwards | ' | 107,916 |
Liabilities | ' | ' |
Forwards | ' | 74,824 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets | ' | ' |
Investment in Master | 7,732,869 | ' |
Total assets | ' | 0 |
Liabilities | ' | ' |
Total liabilities | ' | 0 |
Net fair value | 7,732,869 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ' | ' |
Assets | ' | ' |
Forwards | ' | 0 |
Liabilities | ' | ' |
Forwards | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Assets | ' | ' |
Investment in Master | 0 | ' |
Total assets | ' | 0 |
Liabilities | ' | ' |
Total liabilities | ' | 0 |
Net fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Forward Contracts [Member] | ' | ' |
Assets | ' | ' |
Forwards | ' | 0 |
Liabilities | ' | ' |
Forwards | ' | $0 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value Measurement (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Forward Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | ' | $107,916 |
Total liabilities | ' | 74,824 |
Net fair value | ' | 33,092 |
Rabar Master Fund L.P. [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 1,267,427 | 914,465 |
Total liabilities | 554,401 | 327,833 |
Net fair value | 713,026 | 586,632 |
Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 1,210,298 | 852,223 |
Total liabilities | 424,606 | 243,796 |
Net fair value | 785,692 | 608,427 |
Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 57,129 | 62,242 |
Total liabilities | 129,795 | 84,037 |
Net fair value | -72,666 | -21,795 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 1,234,601 | 872,099 |
Total liabilities | 524,452 | 282,156 |
Net fair value | 710,149 | 589,943 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 1,210,298 | 852,223 |
Total liabilities | 424,606 | 243,796 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 24,303 | 19,876 |
Total liabilities | 99,846 | 38,360 |
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 32,826 | 42,366 |
Total liabilities | 29,949 | 45,677 |
Net fair value | 2,877 | -3,311 |
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 0 | ' |
Total liabilities | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 32,826 | 42,366 |
Total liabilities | 29,949 | 45,677 |
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 0 | ' |
Total liabilities | 0 | ' |
Net fair value | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member] | Futures Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 0 | ' |
Total liabilities | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Rabar Master Fund L.P. [Member] | Forward Contracts [Member] | ' | ' |
Fair Value Measurements Of Financial Instruments [Line Items] | ' | ' |
Total assets | 0 | ' |
Total liabilities | $0 | ' |
Financial_Instrument_Risks_Add
Financial Instrument Risks - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Financial Instruments [Line Items] | ' |
Partnership contracts traded in OTC minimum | 4.70% |
Partnership contracts traded in OTC maximum | 16.80% |