Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||||
Dec. 31, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | Feb. 28, 2014 | Jun. 30, 2013 | |
Redeemable Units of Class A [Member] | Redeemable Units of Class A [Member] | Redeemable Units of Class D [Member] | Redeemable Units of Class D [Member] | Redeemable Units of Class Z [Member] | Redeemable Units of Class Z [Member] | ||
Document Information [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' | ' | ' |
Trading Symbol | 'ABFF | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'MANAGED FUTURES PREMIER ABINGDON L.P. | ' | ' | ' | ' | ' | ' |
Entity Central Index Key | '0001386164 | ' | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 151,476.82 | ' | 8,284.64 | ' | 437.8172 | ' |
Entity Public Float | ' | ' | $190,994,794 | ' | $12,484,529 | ' | $656,379 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
General Partner [Member] | General Partner [Member] | General Partner [Member] | General Partner [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | Limited Partners [Member] | |||
Class D [Member] | Class D [Member] | Class Z [Member] | Class Z [Member] | Class A [Member] | Class A [Member] | Class D [Member] | Class D [Member] | Class Z [Member] | Class Z [Member] | |||
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in Master, at fair value | $210,999,080 | $210,916,733 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | 244,482 | 256,315 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | 211,243,562 | 211,173,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ongoing selling agent fees | 752,273 | 761,773 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Management fees | 262,923 | 262,820 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Administrative fees | 87,641 | 87,607 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Professional fees | 128,895 | 143,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | 23,860 | 11,879 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemptions payable | 6,586,491 | 4,318,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | 7,842,083 | 5,586,082 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partners' Capital: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
General Partner | ' | ' | ' | ' | 2,446,264 | 2,382,308 | ' | ' | ' | ' | ' | ' |
Limited Partners | ' | ' | ' | ' | ' | ' | 186,273,315 | 192,728,746 | 14,111,594 | 9,842,846 | 570,306 | 633,066 |
Total partners' capital | 203,401,479 | 205,586,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities and partners' capital | $211,243,562 | $211,173,048 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 |
Class A [Member] | General Partner [Member] | ' | ' |
General Partner, Unit outstanding | 0 | 0 |
Class A [Member] | Limited Partners [Member] | ' | ' |
Limited Partners, Redeemable Units outstanding | 160,634.87 | 179,273.03 |
Class D [Member] | General Partner [Member] | ' | ' |
General Partner, Unit outstanding | 0 | 0 |
Class D [Member] | Limited Partners [Member] | ' | ' |
Limited Partners, Redeemable Units outstanding | 13,318.42 | 10,287.66 |
Class Z [Member] | General Partner [Member] | ' | ' |
General Partner, Unit outstanding | 2,308.91 | 2,508.91 |
Class Z [Member] | Limited Partners [Member] | ' | ' |
Limited Partners, Redeemable Units outstanding | 538.2952 | 666.7152 |
Statements_of_Income_and_Expen
Statements of Income and Expenses (USD $) | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
Income: | ' | ' | ' | |||
Interest income allocated from Master (Note 3c) | $61,332 | $112,462 | $49,042 | |||
Expenses: | ' | ' | ' | |||
Expenses allocated from Master | 297,491 | 310,059 | 139,970 | |||
Ongoing selling agent fees (Note 3c) | 9,145,329 | 10,147,976 | 9,261,975 | |||
Management fees (Note 3b) | 3,174,889 | 3,499,354 | 3,368,110 | |||
Administrative fees (Note 3a) | 1,058,297 | 1,166,451 | 1,048,624 | |||
Incentive fees (Note 3b) | ' | ' | 948,965 | |||
Professional fees | 191,850 | 181,793 | 283,453 | |||
Other | 108,587 | 83,986 | 44,743 | |||
Total expenses | 13,976,443 | 15,389,619 | 15,095,840 | |||
Net investment income (loss) | -13,915,111 | -15,277,157 | -15,046,798 | |||
Trading results: | ' | ' | ' | |||
Net realized gains (losses) on closed contracts allocated from Master | 23,810,242 | -5,681,969 | 21,110,601 | |||
Change in net unrealized gains (losses) on open contracts allocated from Master | 6,588,404 | -2,289,230 | -2,207,537 | |||
Net trading gain (loss) allocated from Master | 30,398,646 | -7,971,199 | 18,903,064 | |||
Net income (loss) | 16,483,535 | -23,248,356 | 3,856,266 | |||
Class A [Member] | ' | ' | ' | |||
Trading results: | ' | ' | ' | |||
Net income (loss) | 14,932,283 | -22,180,890 | 3,612,081 | |||
Net income (loss) allocation by class | ' | ' | ' | |||
Net income (loss) allocation by class | 14,932,283 | -22,180,890 | 3,612,081 | |||
Net income (loss) per redeemable unit | ' | ' | ' | |||
Net income (loss) per redeemable unit | $84.55 | [1] | ($111.20) | [1] | $22.59 | [1] |
Weighted average units outstanding | ' | ' | ' | |||
Weighted average units outstanding | 176,759.72 | 194,876.05 | 170,725.97 | |||
Class D [Member] | ' | ' | ' | |||
Trading results: | ' | ' | ' | |||
Net income (loss) | 1,217,600 | -868,112 | 192,879 | |||
Net income (loss) allocation by class | ' | ' | ' | |||
Net income (loss) allocation by class | 1,217,600 | -868,112 | 192,879 | |||
Net income (loss) per redeemable unit | ' | ' | ' | |||
Net income (loss) per redeemable unit | $102.79 | [1] | ($71.52) | [1] | $28.28 | [1] |
Weighted average units outstanding | ' | ' | ' | |||
Weighted average units outstanding | 11,909.75 | 11,303.53 | 9,856.85 | |||
Class Z [Member] | ' | ' | ' | |||
Trading results: | ' | ' | ' | |||
Net income (loss) | 333,652 | -199,354 | 51,306 | |||
Net income (loss) allocation by class | ' | ' | ' | |||
Net income (loss) allocation by class | $333,652 | ($199,354) | $51,306 | |||
Net income (loss) per redeemable unit | ' | ' | ' | |||
Net income (loss) per redeemable unit | $109.95 | [1] | ($63.33) | [1] | $12.87 | [1] |
Weighted average units outstanding | ' | ' | ' | |||
Weighted average units outstanding | 3,152.35 | 3,133.76 | 1,239.22 | |||
[1] | Based on change in net asset value per unit. |
Statements_of_Changes_in_Partn
Statements of Changes in Partners' Capital (USD $) | Total | Limited Partners [Member] | General Partner [Member] | Class A [Member] | Class A [Member] | Class A [Member] | Class D [Member] | Class D [Member] | Class D [Member] | Class Z [Member] | Class Z [Member] | Class Z [Member] |
Limited Partners [Member] | General Partner [Member] | Limited Partners [Member] | General Partner [Member] | Limited Partners [Member] | General Partner [Member] | |||||||
Balance, value at Dec. 31, 2010 | $157,857,693 | ' | ' | $157,857,693 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance, units at Dec. 31, 2010 | 135,654.71 | ' | ' | 135,654.71 | ' | ' | ' | ' | ' | ' | ' | ' |
Subscriptions, value | ' | 115,980,924 | 2,190,348 | ' | 103,880,764 | ' | ' | 11,584,785 | ' | ' | 515,375 | 2,190,348 |
Subscriptions, units | ' | 100,330.37 | 2,212.72 | ' | 88,367.63 | ' | ' | 11,453.77 | ' | ' | 508.9665 | 2,212.72 |
Net Income (Loss) | 3,856,266 | ' | ' | 3,612,081 | ' | ' | 192,879 | ' | ' | 51,306 | ' | ' |
Redemptions, value | ' | -40,626,747 | -2,190,348 | ' | -40,552,499 | -2,190,348 | ' | ' | ' | ' | -74,248 | ' |
Redemptions, units | ' | -34,561.00 | -1,878.68 | ' | -34,488.00 | -1,878.68 | ' | ' | ' | ' | -73 | ' |
Net asset value per unit | ' | ' | ' | 1,186.26 | ' | ' | 1,028.28 | ' | ' | 1,012.87 | ' | ' |
Balance, value at Dec. 31, 2011 | 237,068,136 | ' | ' | 222,607,691 | ' | ' | 11,777,664 | ' | ' | 2,682,781 | ' | ' |
Balance, units at Dec. 31, 2011 | 201,758.12 | ' | ' | 187,655.66 | ' | ' | 11,453.77 | ' | ' | 2,648.69 | ' | ' |
Subscriptions, value | ' | 45,036,157 | 300,000 | ' | 44,722,210 | ' | ' | 82,000 | ' | ' | 231,947 | 300,000 |
Subscriptions, units | ' | 39,340.75 | 296.1881 | ' | 39,028.72 | ' | ' | 81.2847 | ' | ' | 230.7487 | 296.1881 |
Net Income (Loss) | -23,248,356 | ' | ' | -22,180,890 | ' | ' | -868,112 | ' | ' | -199,354 | ' | ' |
Redemptions, value | ' | -53,568,971 | ' | ' | -52,420,265 | ' | ' | -1,148,706 | ' | ' | ' | ' |
Redemptions, units | ' | -48,658.75 | ' | ' | -47,411.35 | ' | ' | -1,247.40 | ' | ' | ' | ' |
Net asset value per unit | ' | ' | ' | 1,075.06 | ' | ' | 956.76 | ' | ' | 949.54 | ' | ' |
Balance, value at Dec. 31, 2012 | 205,586,966 | ' | ' | 192,728,746 | ' | ' | 9,842,846 | ' | ' | 3,015,374 | ' | ' |
Balance, units at Dec. 31, 2012 | 192,736.31 | ' | ' | 179,273.03 | ' | ' | 10,287.66 | ' | ' | 3,175.62 | ' | ' |
Subscriptions, value | ' | 47,084,292 | ' | ' | 43,972,521 | ' | ' | 3,051,148 | ' | ' | 60,623 | ' |
Subscriptions, units | ' | 42,906.70 | ' | ' | 39,818.86 | ' | ' | 3,030.76 | ' | ' | 57.088 | ' |
Net Income (Loss) | 16,483,535 | ' | ' | 14,932,283 | ' | ' | 1,217,600 | ' | ' | 333,652 | ' | ' |
Redemptions, value | ' | -65,552,490 | -200,824 | ' | -65,360,235 | ' | ' | ' | ' | ' | -192,255 | -200,824 |
Redemptions, units | ' | -58,642.53 | -200 | ' | -58,457.02 | ' | ' | ' | ' | ' | -185.508 | -200 |
Net asset value per unit | ' | ' | ' | 1,159.61 | ' | ' | 1,059.55 | ' | ' | 1,059.49 | ' | ' |
Balance, value at Dec. 31, 2013 | $203,401,479 | ' | ' | $186,273,315 | ' | ' | $14,111,594 | ' | ' | $3,016,570 | ' | ' |
Balance, units at Dec. 31, 2013 | 176,800.49 | ' | ' | 160,634.87 | ' | ' | 13,318.42 | ' | ' | 2,847.20 | ' | ' |
Partnership_Organization
Partnership Organization | 12 Months Ended | |
Dec. 31, 2013 | ||
Partnership Organization | ' | |
1 | Partnership Organization: | |
Managed Futures Premier Abingdon L.P. (the “Partnership”) is a limited partnership organized on November 8, 2005, 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 sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The Partnership commenced trading on February 1, 2007. The commodity interests that are traded by the Partnership through its investment in CMF Winton Master L.P. (the “Master”) are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest in the Partnership (“Redeemable Units”) to qualified investors. 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. Morgan Stanley is engaged in various financial services and other 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., the sole owner of which is Citigroup Inc. As of December 31, 2013, all trading decisions for the Partnership are made by the Advisor (defined below). | ||
On February 1, 2007, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of New York, having the same investment objective as the Partnership. The Partnership purchased 9,017.0917 units of the Master with cash equal to $12,945,000. The Master was formed in order to permit accounts managed by Winton Capital Management Limited (the “Advisor”) using the Diversified Program without Equities (formerly, the Diversified Program), the Advisor’s proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. 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. During the period covered by this report, the Partnership’s/Master’s commodity brokers were Citigroup Global Markets Inc. (“CGM”) and Morgan Stanley & Co. LLC (“MS&Co.”). | ||
On April 1, 2011, the Partnership began offering “Class A” Redeemable Units, “Class D” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to April 1, 2011 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in the Class A Units did not change. “Class D” Redeemable Units and “Class Z” Redeemable Units were first issued on April 1, 2011, and August 1, 2011, respectively. Class A, Class D and Class Z will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Units that a Limited Partner receives upon a subscription will generally depend upon the amount invested in the Partnership or the status of the Limited Partner, although the General Partner may determine to offer Redeemable Units to investors at its discretion. Class Z Units were offered to certain employees of Morgan Stanley Smith Barney and its affiliates (and their family members). Class A Units, Class D Units, and Class Z Units are identical, except that Class D Units are subject to a monthly ongoing selling agent fee (formerly, a brokerage fee) equal to 1/12th of 1.875% (a 1.875% annual rate) of the Net Assets of Class D as of the ending of each month, and Class Z Units are subject to a monthly ongoing selling agent fee (formerly, a brokerage fee) equal to 1/12th of 1.125% (a 1.125% annual rate) of the Net Assets of Class Z as of the ending of each month, which differs from the Class A monthly ongoing selling agent fee (formerly, a brokerage fee) of 1/12th of 4.5% (a 4.5% annual rate) of the net assets of Class A. | ||
The financial statements of the Master, including the Condensed Schedules of Investments, are contained elsewhere in this report and should be read together with the Partnership’s financial statements. | ||
As of December 31, 2013 and 2012, the Partnership owned approximately 29.9% and 27.8%, respectively, of the Master. The Partnership intends 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 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 shall be liable for obligations of the Partnership in excess of its initial capital contribution and profits, if any, net of distributions and losses, if any. | ||
The Partnership will be liquidated upon the first to occur of the following: December 31, 2025; when the net asset value per Redeemable Unit decreases to less than $400 per Redeemable Unit as of the close of business on any business day; a decline in net assets after trading commences to less than $1,000,000; or under certain circumstances as defined in the Limited Partnership Agreement of the Partnership (the “Limited Partnership Agreement”). |
Accounting_Policies
Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Accounting Policies | ' | ||||||||||||||||
2 | Accounting Policies: | ||||||||||||||||
a. | Use of Estimates. 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. | ||||||||||||||||
b. | Statement of Cash Flows. The Partnership is not required to provide a Statement of Cash Flows. | ||||||||||||||||
c. | Partnership’s Investments. The Partnership values its investment in the Master at the Master’s net asset value per unit as calculated by the Master. The Master values its investments as described in Note 2, “Accounting Policies,” on the attached Master’s financial statements. | ||||||||||||||||
Partnership’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 (“FASB”) issued Accounting Standards Update (“ASU”) 2012-04, “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“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 Partnership values investments in the Master where there are no other rights or obligations inherent within the ownership interest held by the Partnership based on the end of the 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 years ended December 31, 2013 and 2012, the Partnership did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012, there were no transfers of assets and liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2013 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
Net fair value | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2012 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Net fair value | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Master’s Investments and Fair Value Measurements. For disclosures regarding the Master’s investments and fair value measurements, see Note 2, “Accounting Policies,” on the attached Master’s financial statements. | |||||||||||||||||
d. | 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 2013 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. | |||||||||||||||||
e. | 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 described in Note 8 to the financial statements, no events have occured that require adjustments to or disclosure in the financial statements. | ||||||||||||||||
f. | Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. 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. | ||||||||||||||||
g. | Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 6, “Financial Highlights”. |
Agreements
Agreements | 12 Months Ended | ||
Dec. 31, 2013 | |||
Agreements | ' | ||
3 | Agreements: | ||
a. | Limited Partnership Agreement: | ||
The General Partner administers the business and affairs of the Partnership. The Partnership pays the General Partner a monthly administrative fee in return for its services to the Partnership equal to 1/24 of 1% (0.5% per year) of month-end Net Assets per Class, for each outstanding Class. Month-end Net Assets per Class, for the purpose of calculating administrative fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee accrual, the General Partner’s administrative fee and any redemptions or distributions as of the end of such month. This fee may be increased or decreased at the discretion of the General Partner. | |||
b. | Management Agreement: | ||
The General Partner, on behalf of the Partnership, has entered into a management agreement (the “Management Agreement”) with the Advisor. The Management Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Partnership allocated to the Advisor by the General Partner. The Partnership is obligated to pay the Advisor a monthly management fee equal to 1/12 of 1.5% (1.5% per year) of month-end Net Assets per Class, for each outstanding Class, allocated to the Advisor. Month-end Net Assets per Class, for each outstanding Class, for the purpose of calculating management fees are Net Assets per Class, for each outstanding Class, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee accrual, the General Partner’s administrative fee and any redemptions or distributions as of the end of such month. Effective April 1, 2011, the Advisor reduced the management fee it receives from the Partnership from an annual rate of 2% of adjusted net assets to an annual rate of 1.5% of adjusted net assets. The Management Agreement may be terminated upon notice by either party. | |||
In addition, the Partnership is obligated to pay the Advisor an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, allocated pro rata from the Master, earned by the Advisor for the Partnership during each calender quarter. | |||
In allocating substantially all of the assets of the Partnership to the Master, the General Partner considers the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time. | |||
c. | Customer Agreement/Selling Agent Agreement: | ||
Prior to and during part of the fourth quarter of 2013, the Partnership was party to a Customer Agreement with CGM (the “CGM Customer Agreement”). During the fourth quarter of 2013, the Partnership entered into a Customer Agreement with MS&Co. (the “MS&Co. Customer Agreement”) and a Selling Agent Agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (the “Selling Agreement”). The Partnership terminated the CGM Customer Agreement. | |||
Under the CGM Customer Agreement, the Partnership paid CGM a monthly brokerage fee equal to (i) 4.5% per year of month-end Net Assets for Class A Units, (ii) 1.875% per year of month-end Net Assets for Class D Units and (iii) 1.125% per year of month-end Net Assets for Class Z Units, in each case in lieu of brokerage fees on a per trade basis. Month-end Net Assets, for the purpose of calculating brokerage fees were Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s brokerage fees, incentive fee accrual, the monthly management fee, the General Partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month. The Partnership paid exchange, service, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “CGM clearing fees”) through its investment in the Master. CGM clearing fees were allocated to the Partnership based on its proportionate share of the Master. During the term of the CGM Customer Agreement, all of the Partnership’s assets that were not held in the Master’s accounts at CGM were deposited in the Partnership’s account at CGM. The Partnership’s cash was deposited by CGM in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. CGM paid the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at a 30-day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on 3-month U.S. Treasury bills maturing 30 days from the date on which such weekly rate is determined. | |||
Under the MS&Co. Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership pays trading fees for the clearing and, where applicable, execution of transactions, as well as exchange, clearing, user, give-up, floor brokerage and NFA fees (collectively, the “MS&Co. clearing fees,” and together with the CGM clearing fees, the “clearing fees”) through its investment in the Master. MS&Co. clearing fees are allocated to the Partnership based on its proportionate share of the Master. All of the Partnership’s assets not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. MS&Co. has agreed to pay the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. The MS&Co. Customer Agreement may generally be terminated upon notice by either party. | |||
Under the Selling Agreement with Morgan Stanley Wealth Management, the Partnership will pay Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal (i) 4.5% per year of month-end Net Assets for Class A Units, (ii) 1.875% per year of month-end Net Assets for Class D Units and (iii) 1.125% per year of month-end Net Assets for Class Z Units. Morgan Stanley Wealth Management will pay a portion of its ongoing selling agent fees to other properly licensed and/or registered selling agents and to financial advisors who have sold Redeemable Units. Month-end Net Assets, for the purpose of calculating ongoing selling agent fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fee, management fee, the incentive fee accrued, the General Partner’s administrative fee and other expenses and any redemptions or distributions as of the end of such month. Ongoing selling agent fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. This fee may be increased or decreased at any time upon agreement of the Partnership and Morgan Stanley Wealth Management. |
Trading_Activities
Trading Activities | 12 Months Ended | |
Dec. 31, 2013 | ||
Trading Activities | ' | |
4 | Trading Activities: | |
The Partnership was formed for the purpose of trading commodity interest, including derivative financial instruments and derivative commodity instruments. The Partnership invests substantially all of its assets through a “master-feeder” structure. The Partnership’s pro rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses. | ||
During the second quarter of 2013, the Master entered into a foreign exchange brokerage account agreement with MS&Co., a registered futures commission merchant. The Master commenced foreign exchange trading through an account at MS&Co. on or about May 1, 2013. During the third quarter of 2013, the Master also entered into a futures brokerage account agreement with MS&Co. The Master commenced futures trading through an account at MS&Co. on or about July 22, 2013. | ||
The MS&Co. Customer Agreement with the Partnership and the Master gives, and the CGM Customer Agreement with the Partnership and the Customer Agreement between CGM and the Master each gave, the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures, exchange-cleared swaps and open forward contracts. The Partnership/Master net, for financial reporting purposes, the unrealized gains and losses on open futures exchange-cleared swaps and open forward contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met. | ||
Brokerage fees were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor for the Master. | ||
For disclosures regarding the Master’s trading activities, see Note 4, “Trading Activities,” on the attached Master’s financial statements. |
Subscriptions_Distributions_an
Subscriptions, Distributions and Redemptions | 12 Months Ended | |
Dec. 31, 2013 | ||
Subscriptions, Distributions and Redemptions | ' | |
5 | Subscriptions, Distributions and Redemptions: | |
Subscriptions are accepted monthly from investors and they become limited partners on the first day of the month after their subscription is processed. Distributions of profits, if any, will be made at the sole discretion of the General Partner and at such times as the General Partner may decide. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value per Redeemable Unit as of the last day of any month on three business days’ notice to the General Partner. There is no fee charged to limited partners in connection with redemptions. |
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Financial Highlights | ' | ||||||||||||||||||||||||||||||||||||
6 | Financial Highlights: | ||||||||||||||||||||||||||||||||||||
Changes in the net asset value per unit for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | For the | For the | |||||||||||||||||||||||||||||||||
period | period | ||||||||||||||||||||||||||||||||||||
1-Apr-11 | 1-Aug-11 | ||||||||||||||||||||||||||||||||||||
(commencement | (commencement | ||||||||||||||||||||||||||||||||||||
of operations) | of operations) | ||||||||||||||||||||||||||||||||||||
to December 31, | to December 31, | ||||||||||||||||||||||||||||||||||||
2011 | 2011 | ||||||||||||||||||||||||||||||||||||
Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses)* | $ 108.22 | $124.19 | $131.25 | $ | (87.87 | ) | $ | (51.03 | ) | $ | (43.08 | ) | $ | 54.57 | $ | 53.71 | $ | 26.22 | |||||||||||||||||||
Interest income allocated from Master | 0.33 | 0.31 | 0.3 | 0.55 | 0.48 | 0.48 | 0.3 | 0.06 | 0.02 | ||||||||||||||||||||||||||||
Expenses** | -24 | -21.71 | -21.6 | (23.88 | ) | (20.97 | ) | (20.73 | ) | (32.28 | ) | (25.49 | ) | (13.37 | ) | ||||||||||||||||||||||
Increase (decrease) for the year | 84.55 | 102.79 | 109.95 | (111.20 | ) | (71.52 | ) | (63.33 | ) | 22.59 | 28.28 | 12.87 | |||||||||||||||||||||||||
Net asset value per unit, beginning of year | 1,075.06 | 956.76 | 949.54 | 1,186.26 | 1,028.28 | 1,012.87 | 1,163.67 | 1,000.00 | 1,000.00 | ||||||||||||||||||||||||||||
Net asset value per unit, end of year | $1,159.61 | $1,059.55 | $1,059.49 | $ | 1,075.06 | $ | 956.76 | $ | 949.54 | $ | 1,186.26 | $ | 1,028.28 | $ | 1,012.87 | ||||||||||||||||||||||
* | Includes ongoing selling agent fees and clearing fees allocated from the Master. | ||||||||||||||||||||||||||||||||||||
** | Excludes ongoing selling agent fees and clearing fees allocated from the Master. | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | For the period | For the period | |||||||||||||||||||||||||||||||||
1-Apr-11 | 1-Aug-11 | ||||||||||||||||||||||||||||||||||||
(commencement of | (commencement of | ||||||||||||||||||||||||||||||||||||
operations) to | operations) to | ||||||||||||||||||||||||||||||||||||
December 31, 2011 | December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z | |||||||||||||||||||||||||||||
Ratios to Average Net Assets: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss) | (7.0 | )% | (4.2 | )% | (3.1 | )% | (6.8 | )% | (4.1 | )% | (3.6 | )% | (7.6 | )% | (4.9 | )% | (2.3 | )% | |||||||||||||||||||
Incentive fees | — | — | % | — | % | — | % | — | % | — | % | 0.5 | % | 0.6 | % | 0 | %***** | ||||||||||||||||||||
Net investment income (loss) before incentive fees **** | (7.0 | )% | (4.2 | )% | (3.1 | )% | (6.8 | )% | (4.1 | )% | (3.6 | )% | (7.1 | ) | (4.3 | )*** | (2.3 | )%*** | |||||||||||||||||||
Operating expenses | 7 | % | 4.2 | % | 3.1 | % | 6.9 | % | 4.1 | % | 3.6 | % | 7.2 | % | 4.3 | %*** | 2.3 | %*** | |||||||||||||||||||
Incentive fees | — | % | — | % | — | % | — | % | — | % | — | % | 0.5 | % | 0.6 | % | 0 | %***** | |||||||||||||||||||
Total expenses and incentive fee | 7 | % | 4.2 | % | 3.1 | % | 6.9 | % | 4.1 | % | 3.6 | % | 7.7 | 4.9 | 2.3 | % | |||||||||||||||||||||
Total return: | |||||||||||||||||||||||||||||||||||||
Total return before incentive fees | 7.9 | % | 10.7 | % | 11.6 | % | (9.4 | )% | (7.0 | )% | (6.3 | )% | 2.3 | % | 3.4 | % | 1.3 | % | |||||||||||||||||||
Incentive fees | — | % | — | % | — | % | — | % | — | % | — | % | (0.4 | )% | (0.6 | )% | (0.0 | )%***** | |||||||||||||||||||
Total return after incentive fees | 7.9 | % | 10.7 | % | 11.6 | % | (9.4 | )% | (7.0 | )% | (6.3 | )% | 1.9 | % | 2.8 | % | 1.3 | % | |||||||||||||||||||
*** | Annualized. | ||||||||||||||||||||||||||||||||||||
**** | Interest income less total expenses. | ||||||||||||||||||||||||||||||||||||
***** | Due to rounding. | ||||||||||||||||||||||||||||||||||||
The above ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average net assets. |
Financial_Instrument_Risks
Financial Instrument Risks | 12 Months Ended | |
Dec. 31, 2013 | ||
Financial Instrument Risks | ' | |
7 | 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 specific terms at 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 forwards, swaps and option contracts. Certain swaps may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forwards and option contracts. Specific market movements of commodities or futures underlying an option cannot be accurately predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related 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 0.3% to 34.2% of the Partnership’s/Master’s contracts are traded OTC. | ||
The risk to the limited partners that have purchased Redeemable Units is limited to their share of the Partnership’s net assets and undistributed profits. This limited liability is a consequence 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/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/Master is 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/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/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/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/Master’s assets. Credit risk during the reporting period with respect to exchange-traded instruments is reduced to the extent that, through CGM and/or MS&Co., the Partnership’s/Master’s counterparty is an exchange or clearing organization. The Partnership/Master continue to be subject to such risks with respect to MS&Co. | ||
As both a buyer and seller of options, the Partnership/Master pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Master to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Master does not consider these contracts to be guarantees. | ||
The General Partner monitors and attempts to control the Partnership’s/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/Master 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 instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Master’s business, these instruments may not be held to maturity. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent Events | ' | |
8 | Subsequent Events: | |
Effective April 1, 2014, the monthly ongoing selling agent fee will be reduced from (i) an annual rate of 4.5% to an annual rate of 2.5% of month-end Net Assets for Class A Units, (ii) an annual rate of 1.875% to an annual rate of 1.25% of month-end Net Assets for Class D Units and (iii) an annual rate of 1.125% to an annual rate of 0.5% of month-end Net Assets for Class Z Units. |
Accounting_Policies_Policies
Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates. 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. | |||||||||||||||||
Statement of Cash Flows | ' | ||||||||||||||||
Statement of Cash Flows. The Partnership is not required to provide a Statement of Cash Flows. | |||||||||||||||||
Partnership's Investments | ' | ||||||||||||||||
Partnership’s Investments. The Partnership values its investment in the Master at the Master’s net asset value per unit as calculated by the Master. The Master values its investments as described in Note 2, “Accounting Policies,” on the attached Master’s financial statements. | |||||||||||||||||
Partnership's Fair Value Measurements | ' | ||||||||||||||||
Partnership’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 (“FASB”) issued Accounting Standards Update (“ASU”) 2012-04, “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to Accounting Standards Codification (“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 Partnership values investments in the Master where there are no other rights or obligations inherent within the ownership interest held by the Partnership based on the end of the 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 years ended December 31, 2013 and 2012, the Partnership did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012, there were no transfers of assets and liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2013 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
Net fair value | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2012 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Net fair value | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Master's Investments and Fair Value Measurements | ' | ||||||||||||||||
Master’s Investments and Fair Value Measurements. For disclosures regarding the Master’s investments and fair value measurements, see Note 2, “Accounting Policies,” on the attached Master’s financial statements. | |||||||||||||||||
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 2013 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 described in Note 8 to the financial statements, no events have occured that require adjustments to or disclosure in the financial statements. | |||||||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. 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 6, “Financial Highlights”. |
Accounting_Policies_Tables
Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Partnership's Fair Value Measurements | ' | ||||||||||||||||
As of and for the years ended December 31, 2013 and 2012, the Partnership did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). During the years ended December 31, 2013 and 2012, there were no transfers of assets and liabilities between Level 1 and Level 2. | |||||||||||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2013 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
Net fair value | $ | 210,999,080 | $ | — | $ | 210,999,080 | $ | — | |||||||||
December 31, | Quoted Prices | Significant Other | Significant | ||||||||||||||
2012 | in Active Markets | Observable Inputs | Unobservable | ||||||||||||||
for Identical | (Level 2) | Inputs (Level 3) | |||||||||||||||
Assets and Liabilities | |||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Investment in Master | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Net fair value | $ | 210,916,733 | $ | — | $ | 210,916,733 | $ | — | |||||||||
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Changes in Net Asset Value Per Unit for Each Class | ' | ||||||||||||||||||||||||||||||||||||
Changes in the net asset value per unit for the years ended December 31, 2013, 2012 and 2011 were as follows: | |||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | For the | For the | |||||||||||||||||||||||||||||||||
period | period | ||||||||||||||||||||||||||||||||||||
1-Apr-11 | 1-Aug-11 | ||||||||||||||||||||||||||||||||||||
(commencement | (commencement | ||||||||||||||||||||||||||||||||||||
of operations) | of operations) | ||||||||||||||||||||||||||||||||||||
to December 31, | to December 31, | ||||||||||||||||||||||||||||||||||||
2011 | 2011 | ||||||||||||||||||||||||||||||||||||
Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z | |||||||||||||||||||||||||||||
Net realized and unrealized gains (losses)* | $ 108.22 | $124.19 | $131.25 | $ | (87.87 | ) | $ | (51.03 | ) | $ | (43.08 | ) | $ | 54.57 | $ | 53.71 | $ | 26.22 | |||||||||||||||||||
Interest income allocated from Master | 0.33 | 0.31 | 0.3 | 0.55 | 0.48 | 0.48 | 0.3 | 0.06 | 0.02 | ||||||||||||||||||||||||||||
Expenses** | -24 | -21.71 | -21.6 | (23.88 | ) | (20.97 | ) | (20.73 | ) | (32.28 | ) | (25.49 | ) | (13.37 | ) | ||||||||||||||||||||||
Increase (decrease) for the year | 84.55 | 102.79 | 109.95 | (111.20 | ) | (71.52 | ) | (63.33 | ) | 22.59 | 28.28 | 12.87 | |||||||||||||||||||||||||
Net asset value per unit, beginning of year | 1,075.06 | 956.76 | 949.54 | 1,186.26 | 1,028.28 | 1,012.87 | 1,163.67 | 1,000.00 | 1,000.00 | ||||||||||||||||||||||||||||
Net asset value per unit, end of year | $1,159.61 | $1,059.55 | $1,059.49 | $ | 1,075.06 | $ | 956.76 | $ | 949.54 | $ | 1,186.26 | $ | 1,028.28 | $ | 1,012.87 | ||||||||||||||||||||||
* | Includes ongoing selling agent fees and clearing fees allocated from the Master. | ||||||||||||||||||||||||||||||||||||
** | Excludes ongoing selling agent fees and clearing fees allocated from the Master. | ||||||||||||||||||||||||||||||||||||
Percentage of Changes in Net Asset Value Per Unit for Each Class | ' | ||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | For the period | For the period | |||||||||||||||||||||||||||||||||
1-Apr-11 | 1-Aug-11 | ||||||||||||||||||||||||||||||||||||
(commencement of | (commencement of | ||||||||||||||||||||||||||||||||||||
operations) to | operations) to | ||||||||||||||||||||||||||||||||||||
December 31, 2011 | December 31, 2011 | ||||||||||||||||||||||||||||||||||||
Class A | Class D | Class Z | Class A | Class D | Class Z | Class A | Class D | Class Z | |||||||||||||||||||||||||||||
Ratios to Average Net Assets: | |||||||||||||||||||||||||||||||||||||
Net investment income (loss) | (7.0 | )% | (4.2 | )% | (3.1 | )% | (6.8 | )% | (4.1 | )% | (3.6 | )% | (7.6 | )% | (4.9 | )% | (2.3 | )% | |||||||||||||||||||
Incentive fees | — | — | % | — | % | — | % | — | % | — | % | 0.5 | % | 0.6 | % | 0 | %***** | ||||||||||||||||||||
Net investment income (loss) before incentive fees **** | (7.0 | )% | (4.2 | )% | (3.1 | )% | (6.8 | )% | (4.1 | )% | (3.6 | )% | (7.1 | ) | (4.3 | )*** | (2.3 | )%*** | |||||||||||||||||||
Operating expenses | 7 | % | 4.2 | % | 3.1 | % | 6.9 | % | 4.1 | % | 3.6 | % | 7.2 | % | 4.3 | %*** | 2.3 | %*** | |||||||||||||||||||
Incentive fees | — | % | — | % | — | % | — | % | — | % | — | % | 0.5 | % | 0.6 | % | 0 | %***** | |||||||||||||||||||
Total expenses and incentive fee | 7 | % | 4.2 | % | 3.1 | % | 6.9 | % | 4.1 | % | 3.6 | % | 7.7 | 4.9 | 2.3 | % | |||||||||||||||||||||
Total return: | |||||||||||||||||||||||||||||||||||||
Total return before incentive fees | 7.9 | % | 10.7 | % | 11.6 | % | (9.4 | )% | (7.0 | )% | (6.3 | )% | 2.3 | % | 3.4 | % | 1.3 | % | |||||||||||||||||||
Incentive fees | — | % | — | % | — | % | — | % | — | % | — | % | (0.4 | )% | (0.6 | )% | (0.0 | )%***** | |||||||||||||||||||
Total return after incentive fees | 7.9 | % | 10.7 | % | 11.6 | % | (9.4 | )% | (7.0 | )% | (6.3 | )% | 1.9 | % | 2.8 | % | 1.3 | % | |||||||||||||||||||
*** | Annualized. | ||||||||||||||||||||||||||||||||||||
**** | Interest income less total expenses. | ||||||||||||||||||||||||||||||||||||
***** | Due to rounding. |
Partnership_Organization_Addit
Partnership Organization - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 01, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Feb. 01, 2007 |
Class A [Member] | Class A [Member] | Class A [Member] | Class Z [Member] | Class Z [Member] | Class Z [Member] | Class D [Member] | Class D [Member] | Class D [Member] | Redeemable Units [Member] | CMF Winton Master L.P. [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum number of units sold by Limited Partnership | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value Partnership purchase | ' | ' | $12,945,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party transactions, units of Partnership purchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,017.09 |
Percentage of brokerage fee | ' | ' | ' | 4.50% | ' | ' | ' | 1.13% | ' | ' | 1.88% | ' | ' | ' |
Description of brokerage fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Class A Units, Class D Units, and Class Z Units are identical, except that Class D Units are subject to a monthly ongoing selling agent fee (formerly, a brokerage fee) equal to 1/12th of 1.875% (a 1.875% annual rate) of the Net Assets of Class D as of the ending of each month, and Class Z Units are subject to a monthly ongoing selling agent fee (formerly, a brokerage fee) equal to 1/12th of 1.125% (a 1.125% annual rate) of the Net Assets of Class Z as of the ending of each month, which differs from the Class A monthly ongoing selling agent fee (formerly, a brokerage fee) of 1/12th of 4.5% (a 4.5% annual rate) of the net assets of Class A. | ' | ' | ' |
Percentage of Partnership owned | 29.90% | 27.80% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset value per Redeemable Unit decreases | ' | ' | ' | 84.55 | -111.2 | 22.59 | 12.87 | 109.95 | -63.33 | 28.28 | 102.79 | -71.52 | 400 | ' |
Decline in net assets | ' | $1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounting_Policies_Additional
Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Transfers of assets or liabilities between Level 1 and Level 2 | $0 | $0 |
Accounting_Policies_Partnershi
Accounting Policies - Partnership's Fair Value Measurements (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | $210,999,080 | $210,916,733 |
CMF Winton Master L.P. [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | 210,999,080 | 210,916,733 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | ' | ' |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | CMF Winton Master L.P. [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | 210,999,080 | 210,916,733 |
Significant Other Observable Inputs (Level 2) [Member] | CMF Winton Master L.P. [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | 210,999,080 | 210,916,733 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | CMF Winton Master L.P. [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Investment in Master | ' | ' |
Agreements_Additional_Informat
Agreements - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Administrative fees agreement description | 'The Partnership pays the General Partner a monthly administrative fee in return for its services to the Partnership equal to 1/24of 1% (0.5% per year) of month-end Net Assets per Class, for each outstanding Class. |
Administrative fee, per month | 0.04% |
Administrative fee, per year | 0.50% |
Management fees agreement description | 'The Partnership is obligated to pay the Advisor a monthly management fee equal to 1/12of 1.5% (1.5% per year) of month-end Net Assets per Class, for each outstanding Class, allocated to the Advisor. |
Management fee on net assets, per month | 0.08% |
Management fee on net assets, per year | 1.50% |
Annual rate of management fee | 1.50% |
Incentive fees agreement description | 'The Partnership is obligated to pay the Advisor an incentive fee, payable quarterly, equal to 20% of the New Trading Profits, as defined in the Management Agreement, allocated pro rata from the Master, earned by the Advisor for the Partnership during each calender quarter. |
Incentive fee | 20.00% |
Customer agreement description | 'The Partnership paid CGM a monthly brokerage fee equal to (i) 4.5% per year of month-end Net Assets for Class A Units, (ii) 1.875% per year of month-end Net Assets for Class D Units and (iii) 1.125% per year of month-end Net Assets for Class Z Units, in each case in lieu of brokerage fees on a per trade basis. |
Partnership interest percentage | 80.00% |
Prior Period [Member] | ' |
Annual rate of management fee | 2.00% |
Class A Units [Member] | ' |
Brokerage fee on net assets | 4.50% |
Class D Units [Member] | ' |
Brokerage fee on net assets | 1.88% |
Class Z Units [Member] | ' |
Brokerage fee on net assets | 1.13% |
Subscriptions_Distributions_an1
Subscriptions, Distributions and Redemptions - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Fee charged to limited partners | $0 |
Financial_Highlights_Changes_i
Financial Highlights - Changes in Net Asset Value Per Unit for Each Class (Detail) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class A [Member] | Class A [Member] | Class A [Member] | Class D [Member] | Class D [Member] | Class D [Member] | Class Z [Member] | Class Z [Member] | Class Z [Member] | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net realized and unrealized gains (losses) | 108.22 | -87.87 | 54.57 | 53.71 | 124.19 | -51.03 | 26.22 | 131.25 | -43.08 |
Interest income allocated from Master | 0.33 | 0.55 | 0.3 | 0.06 | 0.31 | 0.48 | 0.02 | 0.3 | 0.48 |
Expenses | -24 | -23.88 | -32.28 | -25.49 | -21.71 | -20.97 | -13.37 | -21.6 | -20.73 |
Increase (decrease) for the year | 84.55 | -111.2 | 22.59 | 28.28 | 102.79 | -71.52 | 12.87 | 109.95 | -63.33 |
Net asset value per unit, beginning of year | 1,075.06 | 1,186.26 | 1,163.67 | 1,000 | 956.76 | 1,028.28 | 1,000 | 949.54 | 1,012.87 |
Net asset value per unit, end of year | 1,159.61 | 1,075.06 | 1,186.26 | 1,028.28 | 1,059.55 | 956.76 | 1,012.87 | 1,059.49 | 949.54 |
Financial_Highlights_Percentag
Financial Highlights - Percentage of Changes in Net Asset Value Per Unit for Each Class (Detail) | 12 Months Ended | 9 Months Ended | 12 Months Ended | 5 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class A [Member] | Class A [Member] | Class A [Member] | Class D [Member] | Class D [Member] | Class D [Member] | Class Z [Member] | Class Z [Member] | Class Z [Member] | |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net investment income (loss) | -7.00% | -6.80% | -7.60% | -4.90% | -4.20% | -4.10% | -2.30% | -3.10% | -3.60% |
Incentive fees | ' | ' | 0.50% | 0.60% | ' | ' | 0.00% | ' | ' |
Net investment income (loss) before incentive fees | -7.00% | -6.80% | -7.10% | -4.30% | -4.20% | -4.10% | -2.30% | -3.10% | -3.60% |
Operating expenses | 7.00% | 6.90% | 7.20% | 4.30% | 4.20% | 4.10% | 2.30% | 3.10% | 3.60% |
Incentive fees | ' | ' | 0.50% | 0.60% | ' | ' | 0.00% | ' | ' |
Total expenses and incentive fee | 7.00% | 6.90% | 7.70% | 4.90% | 4.20% | 4.10% | 2.30% | 3.10% | 3.60% |
Total return before incentive fees | 7.90% | -9.40% | 2.30% | 3.40% | 10.70% | -7.00% | 1.30% | 11.60% | -6.30% |
Incentive fees | ' | ' | -0.40% | -0.60% | ' | ' | 0.00% | ' | ' |
Total return after incentive fees | 7.90% | -9.40% | 1.90% | 2.80% | 10.70% | -7.00% | 1.30% | 11.60% | -6.30% |
Financial_Instrument_Risks_Add
Financial Instrument Risks - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Financial Instruments [Line Items] | ' |
Contracts are traded OTC, minimum | 0.30% |
Contracts are traded OTC, maximum | 34.20% |
Maturity period of financial instruments | '1 year |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 01, 2014 | Apr. 01, 2014 | Apr. 01, 2014 | |
Class A [Member] | Class D [Member] | Class Z [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Class A [Member] | Class D [Member] | Class Z [Member] | ||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Brokerage fees payable | 4.50% | 1.88% | 1.13% | ' | ' | ' |
Reduced brokerage fees payable | ' | ' | ' | 2.50% | 1.25% | 0.50% |