Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2013 | |
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 | ' |
Entity Registrant Name | 'SUPERFUND GOLD, L.P. | ' |
Entity Central Index Key | '0001433147 | ' |
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 | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | 0 | ' |
Entity Public Float | ' | $0 |
STATEMENTS_OF_ASSETS_AND_LIABI
STATEMENTS OF ASSETS AND LIABILITIES (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
ASSETS | ' | ' |
Due from brokers | $7,856,372 | $13,552,648 |
Unrealized appreciation on open forward contracts | 3 | 182,189 |
Unrealized gain on futures contracts purchased | 434,347 | 30,068 |
Unrealized gain on futures contracts sold | 336,188 | 155,131 |
Cash | 5,499,481 | 9,250,263 |
Total assets | 14,126,391 | 23,170,299 |
LIABILITIES | ' | ' |
Unrealized depreciation on open forward contracts | 5 | 101,789 |
Unrealized loss on futures contracts purchased | 623,378 | 89,610 |
Unrealized loss on futures contracts sold | 190,551 | ' |
Subscriptions received in advance | 15,000 | 84,515 |
Redemptions payable | 583,958 | 444,547 |
Management fees payable | 24,932 | 42,929 |
Fees payable | 22,160 | 40,220 |
Total liabilities | 1,459,984 | 803,610 |
NET ASSETS | 12,666,407 | 22,366,689 |
SERIES A | ' | ' |
ASSETS | ' | ' |
Due from brokers | 4,366,891 | 8,151,334 |
Unrealized appreciation on open forward contracts | 3 | 111,557 |
Unrealized gain on futures contracts purchased | 254,637 | ' |
Unrealized gain on futures contracts sold | 177,920 | 85,248 |
Cash | 4,314,062 | 7,542,936 |
Total assets | 9,113,513 | 15,891,075 |
LIABILITIES | ' | ' |
Unrealized depreciation on open forward contracts | 1 | 60,610 |
Unrealized loss on futures contracts purchased | 379,957 | 89,610 |
Unrealized loss on futures contracts sold | 110,852 | ' |
Subscriptions received in advance | 15,000 | 78,764 |
Redemptions payable | 279,141 | 280,745 |
Management fees payable | 16,139 | 29,368 |
Fees payable | 16,219 | 29,552 |
Total liabilities | 817,309 | 568,649 |
NET ASSETS | 8,296,204 | 15,322,426 |
Series A-1 | ' | ' |
LIABILITIES | ' | ' |
NET ASSETS | 6,261,154 | 11,986,641 |
Number of Units outstanding | 5,778.84 | 8,423.30 |
Net Asset Value per Unit | $1,083.46 | $1,423.03 |
Series A-2 | ' | ' |
LIABILITIES | ' | ' |
NET ASSETS | 2,035,050 | 3,335,785 |
Number of Units outstanding | 1,660.76 | 2,114.67 |
Net Asset Value per Unit | $1,225.37 | $1,577.45 |
SERIES B | ' | ' |
ASSETS | ' | ' |
Due from brokers | 3,489,481 | 5,401,314 |
Unrealized appreciation on open forward contracts | ' | 70,632 |
Unrealized gain on futures contracts purchased | 179,710 | 30,068 |
Unrealized gain on futures contracts sold | 158,268 | 69,883 |
Cash | 1,185,419 | 1,707,327 |
Total assets | 5,012,878 | 7,279,224 |
LIABILITIES | ' | ' |
Unrealized depreciation on open forward contracts | 4 | 41,179 |
Unrealized loss on futures contracts purchased | 243,421 | ' |
Unrealized loss on futures contracts sold | 79,699 | ' |
Subscriptions received in advance | ' | 5,751 |
Redemptions payable | 304,817 | 163,802 |
Management fees payable | 8,793 | 13,561 |
Fees payable | 5,941 | 10,668 |
Total liabilities | 642,675 | 234,961 |
NET ASSETS | 4,370,203 | 7,044,263 |
Series B-1 | ' | ' |
LIABILITIES | ' | ' |
NET ASSETS | 1,689,188 | 3,618,576 |
Number of Units outstanding | 1,849.74 | 3,258.28 |
Net Asset Value per Unit | $913.20 | $1,110.58 |
Series B-2 | ' | ' |
LIABILITIES | ' | ' |
NET ASSETS | $2,681,015 | $3,425,687 |
Number of Units outstanding | 2,691.95 | 2,885.69 |
Net Asset Value per Unit | $995.94 | $1,187.13 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest income | $2,297 | $3,425 | ||
Other income | 63 | 970 | ||
Total investment income | 2,360 | 4,395 | ||
Expenses | ' | ' | ||
Brokerage commissions | 404,392 | 637,078 | ||
Management fee | 403,544 | 593,767 | ||
Selling commission | 238,293 | 375,206 | ||
Operating expenses | 134,518 | 197,922 | ||
Loss on MF Global | ' | 12,764 | ||
Other | 17,792 | 18,874 | ||
Total expenses | 1,198,539 | 1,835,611 | ||
Net investment loss | -1,196,179 | -1,831,216 | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net realized gain (loss) on futures and forward contracts | -2,542,045 | -1,633,508 | ||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -219,385 | 1,995,277 | ||
Net gain (loss) on investments | -2,761,430 | 361,769 | ||
Net decrease in net assets from operations | -3,957,609 | -1,469,447 | ||
SERIES A | ' | ' | ||
Interest income | 1,395 | 1,885 | ||
Other income | 44 | 520 | ||
Total investment income | 1,439 | 2,405 | ||
Expenses | ' | ' | ||
Brokerage commissions | 231,669 | 347,717 | ||
Management fee | 267,413 | 382,247 | ||
Selling commission | 186,577 | 270,220 | ||
Operating expenses | 89,141 | 127,416 | ||
Loss on MF Global | ' | 6,925 | ||
Other | 6,573 | 7,984 | ||
Total expenses | 781,373 | 1,142,509 | ||
Net investment loss | -779,934 | -1,140,104 | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net realized gain (loss) on futures and forward contracts | -2,075,408 | -871,078 | ||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -104,835 | 1,250,375 | ||
Net gain (loss) on investments | -2,180,243 | 379,297 | ||
Net decrease in net assets from operations | -2,960,177 | -760,807 | ||
Series A-1 | ' | ' | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net decrease in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) | ($335.31) | [1] | ($78.96) | [1] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) | ($339.57) | ($73.12) | ||
Series A-2 | ' | ' | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net decrease in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) | ($350.02) | [2] | ($39.22) | [2] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) | ($352.08) | ($48.18) | ||
SERIES B | ' | ' | ||
Interest income | 902 | 1,540 | ||
Other income | 19 | 450 | ||
Total investment income | 921 | 1,990 | ||
Expenses | ' | ' | ||
Brokerage commissions | 172,723 | 289,361 | ||
Management fee | 136,131 | 211,520 | ||
Selling commission | 51,716 | 104,986 | ||
Operating expenses | 45,377 | 70,506 | ||
Loss on MF Global | ' | 5,839 | ||
Other | 11,219 | 10,890 | ||
Total expenses | 417,166 | 693,102 | ||
Net investment loss | -416,245 | -691,112 | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net realized gain (loss) on futures and forward contracts | -466,637 | -762,430 | ||
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -114,550 | 744,902 | ||
Net gain (loss) on investments | -581,187 | -17,528 | ||
Net decrease in net assets from operations | ($997,432) | ($708,640) | ||
Series B-1 | ' | ' | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net decrease in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) | ($177.73) | [3] | ($105.27) | [3] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) | ($197.38) | ($131.03) | ||
Series B-2 | ' | ' | ||
Realized and unrealized gain (loss) on investments | ' | ' | ||
Net decrease in net assets from operations per Unit (based upon weighted average number of Units outstanding during period) | ($198.06) | [4] | ($89.97) | [4] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during period) | ($191.19) | ($113.77) | ||
[1] | Weighted average number of Units outstanding for Series A-1 for the Years Ended December 31, 2013 and December 31, 2012: 7,041.299 and 8,629.77, respectively. | |||
[2] | Weighted average number of Units outstanding for Series A-2 for the Years Ended December 31, 2013 and December 31, 2012: 1,711.685 and 2,024.35, respectively. | |||
[3] | Weighted average number of Units outstanding for Series B-1 for the Years Ended December 31, 2013 and December 31, 2012: 2,318.575 and 4,102.09, respectively. | |||
[4] | Weighted average number of Units outstanding for Series B-2 for the Years Ended December 31, 2013 and December 31, 2012: 2,955.433 and 3,076.50, respectively. |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | ' | ' |
Net decrease in net assets from operations | ($3,957,609) | ($1,469,447) |
Changes in operating assets and liabilities: | ' | ' |
Purchases of U.S. government securities | ' | -7,948,374 |
Sales and maturities of U.S. government securities | ' | 14,350,000 |
Amortization of discounts and premiums | ' | -1,626 |
Increase in due from brokers | 5,696,276 | 3,952,949 |
Increase (decrease) in unrealized appreciation on open forward contracts | 182,186 | -47,201 |
Increase (decrease) in unrealized depreciation on open forward contracts | -101,784 | 6,392 |
Increase (decrease) in futures contracts purchased | 129,489 | -2,177,820 |
Increase in futures contracts sold | 9,494 | 223,352 |
Decrease in management fees payable | -17,997 | -64,727 |
Decrease in fees payable | -18,060 | -64,836 |
Net cash provided by operating activities | 1,921,995 | 6,758,662 |
Cash flows from financing activities | ' | ' |
Subscriptions, net of change in advanced subscriptions | 2,305,716 | 2,980,604 |
Redemptions, net of change in redemptions payable | -7,978,493 | -5,793,790 |
Net cash used in financing activities | -5,672,777 | -2,813,186 |
Net increase (decrease) in cash | -3,750,782 | 3,945,476 |
Cash, beginning of year | 9,250,263 | 5,304,787 |
Cash, end of year | 5,499,481 | 9,250,263 |
SERIES A | ' | ' |
Cash flows from operating activities | ' | ' |
Net decrease in net assets from operations | -2,960,177 | -760,807 |
Changes in operating assets and liabilities: | ' | ' |
Purchases of U.S. government securities | ' | -4,249,133 |
Sales and maturities of U.S. government securities | ' | 7,950,000 |
Amortization of discounts and premiums | ' | -867 |
Increase in due from brokers | 3,784,443 | 2,030,921 |
Increase (decrease) in unrealized appreciation on open forward contracts | 111,554 | -42,257 |
Increase (decrease) in unrealized depreciation on open forward contracts | -60,609 | 9,372 |
Increase (decrease) in futures contracts purchased | 35,710 | -1,322,213 |
Increase in futures contracts sold | 18,180 | 104,723 |
Decrease in management fees payable | -13,229 | -38,306 |
Decrease in fees payable | -13,333 | -40,994 |
Net cash provided by operating activities | 902,539 | 3,640,439 |
Cash flows from financing activities | ' | ' |
Subscriptions, net of change in advanced subscriptions | 1,110,151 | 2,526,295 |
Redemptions, net of change in redemptions payable | -5,241,564 | -2,949,774 |
Net cash used in financing activities | -4,131,413 | -423,479 |
Net increase (decrease) in cash | -3,228,874 | 3,216,960 |
Cash, beginning of year | 7,542,936 | 4,325,976 |
Cash, end of year | 4,314,062 | 7,542,936 |
SERIES B | ' | ' |
Cash flows from operating activities | ' | ' |
Net decrease in net assets from operations | -997,432 | -708,640 |
Changes in operating assets and liabilities: | ' | ' |
Purchases of U.S. government securities | ' | -3,699,241 |
Sales and maturities of U.S. government securities | ' | 6,400,000 |
Amortization of discounts and premiums | ' | -759 |
Increase in due from brokers | 1,911,833 | 1,922,028 |
Increase (decrease) in unrealized appreciation on open forward contracts | 70,632 | -4,944 |
Increase (decrease) in unrealized depreciation on open forward contracts | -41,175 | -2,980 |
Increase (decrease) in futures contracts purchased | 93,779 | -855,607 |
Increase in futures contracts sold | -8,686 | 118,629 |
Decrease in management fees payable | -4,768 | -26,421 |
Decrease in fees payable | -4,727 | -23,842 |
Net cash provided by operating activities | 1,019,456 | 3,118,223 |
Cash flows from financing activities | ' | ' |
Subscriptions, net of change in advanced subscriptions | 1,195,565 | 454,309 |
Redemptions, net of change in redemptions payable | -2,736,929 | -2,844,016 |
Net cash used in financing activities | -1,541,364 | -2,389,707 |
Net increase (decrease) in cash | -521,908 | 728,516 |
Cash, beginning of year | 1,707,327 | 978,811 |
Cash, end of year | $1,185,419 | $1,707,327 |
STATEMENTS_OF_OPERATIONS_Paren
STATEMENTS OF OPERATIONS (Parenthetical) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Series A-1 | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 7,041.30 | 8,629.77 |
Series A-2 | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 1,711.68 | 2,024.35 |
Series B-1 | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 2,318.57 | 4,102.09 |
Series B-2 | ' | ' |
Weighted Average Limited Partnership Units Outstanding, Basic | 2,955.43 | 3,076.50 |
Nature_of_Operations
Nature of Operations | 12 Months Ended | |
Dec. 31, 2013 | ||
Nature of Operations | ' | |
-1 | Nature of Operations | |
Organization and Business | ||
Superfund Gold, L.P., a Delaware limited partnership (the “Fund”), commenced operations on April 1, 2009. The Fund was organized to trade speculatively in the United States and international commodity futures and forward markets using a strategy developed by Superfund Capital Management, Inc., the general partner and trading advisor of the Fund (“Superfund Capital Management”). The Fund has issued two series of units of limited partnership interest (“Units”), each with a subseries, Series A-1/A-2 and Series B-1/B-2 (each a “Series”). Series A-1/A-2 and Series B-1/B-2 are traded and managed the same way, with the exception of the degree of leverage. Series B implements the Fund’s futures and forward trading program at a leverage level equal to approximately 1.5 times that implemented on behalf of Series A. Over the long term (periods of several years), the targeted average ratio of margin to equity for Series A is approximately 20% and approximately 30% for Series B. The leverage with which each of the Series is traded is the only difference between the Series. Sub-Series within a Series are not managed differently. Rather, Series A-1 Units and Series B-1 Units are subject to selling commissions. Series A-2 Units and Series B-2 Units are not subject to selling commissions but are available exclusively to: (i) investors participating in selling agent asset-based or fixed-fee investment programs or a registered investment adviser’s asset-based fee or fixed-fee advisory program through which an investment adviser recommends a portfolio allocation to the Fund and for which Superfund USA, LLC (“Superfund USA”) serves as selling agent, (ii) investors who purchased the Units through Superfund USA or an affiliated broker and who are commodity pools operated by commodity pool operators registered as such with the Commodity Futures Trading Commission and (iii) investors who have paid the maximum selling commission on their Series A-1 or Series B-1 Units (by re-designation of such Units as Series A-2 Units or Series B-2 Units as described herein). The foregoing eligibility requirements and selling commissions are the only differences between the Sub-Series within a Series. | ||
The term of the Fund commenced on the day on which the Certificate of Limited Partnership was filed with the Secretary of State of the State of Delaware pursuant to the provisions of the Delaware Revised Uniform Limited Partnership Act and shall end upon the first to occur of the following: (i) receipt by Superfund Capital Management of an approval to dissolve the Fund at a specified time by Limited Partners owning Units representing more than fifty percent (50%) of the outstanding Units of each Series then owned by Limited Partners of each Series, notice of which is sent by certified mail return receipt requested to Superfund Capital Management not less than 90 days prior to the effective date of such dissolution; (ii) withdrawal, insolvency or dissolution of Superfund Capital Management or any other event that causes Superfund Capital Management to cease to be the general partner of the Fund, unless (a) at the time of each event there is at least one remaining general partner of the Fund who carries on the business of the Fund (and each remaining general partner of the Fund is hereby authorized to carry on the business of general partner of the Fund in such an event), or (b) within 120 days after such event Limited Partners of a Series holding a majority of Units of such Series agree in writing to continue the business of the Fund and such Series and to the appointment, effective as of the date of such event, of one or more general partners of the Fund and such Series; (iii) a decline in the aggregate net assets of each Series to less than $500,000 at any time following commencement of trading in the Series; or (iv) any other event which shall make it unlawful for the existence of the Fund to be continued or which requires termination of the Fund. |
Basis_of_Presentation_and_Sign
Basis of Presentation and Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Basis of Presentation and Significant Accounting Policies | ' | ||||||||||||||||
-2 | Basis of Presentation and Significant Accounting Policies | ||||||||||||||||
(a) | Basis of Presentation | ||||||||||||||||
Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and presented for the Fund as a whole, as the SEC registrant, and for Series A and Series B individually. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series. | |||||||||||||||||
(b) | Valuation of Investments in Futures Contracts and Forward Contracts | ||||||||||||||||
All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available. Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. | |||||||||||||||||
(c) | Translation of Foreign Currency | ||||||||||||||||
Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period end exchange rates. Purchases and sales of investments and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations. | |||||||||||||||||
The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net realized and unrealized gain (loss) on investments in the statements of operations. | |||||||||||||||||
(d) | Investment Transactions, Investment Income and Expenses | ||||||||||||||||
Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series. | |||||||||||||||||
Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of assets and liabilities as gross gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting - Balance Sheet. | |||||||||||||||||
Set forth herein are instruments and transactions eligible for offset in the Statements of Assets and Liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of December 31, 2013, the Fund had on deposit $4,497,932 at ADM Investor Services, Inc., $621,042 at Barclays Capital Inc. and $2,737,398 at Citigroup Global Markets Inc. As of December 31, 2013, Series A had on deposit $2,493,850 at ADM Investor Services, Inc., $218,513 at Barclays Capital Inc. and $1,654,528 at Citigroup Global Markets Inc. As of December 31, 2013, Series B had on deposit $2,004,082 at ADM Investor Services, Inc., $402,529 at Barclays Capital Inc. and $1,082,870 at Citigroup Global Markets Inc. | |||||||||||||||||
(e) | Income Taxes | ||||||||||||||||
The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. | |||||||||||||||||
Superfund Capital Management has evaluated the application of ASC 740, Income Taxes (“ASC 740”) to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities. | |||||||||||||||||
(f) | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
(g) | Recently Issued Accounting Pronouncements | ||||||||||||||||
ASU 2013-08 | |||||||||||||||||
In June 2013, FASB ASU No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 contains new guidance regarding the approach to 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 and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Superfund Capital Management is evaluating the impact of ASU 2013-08 on the financial statements and disclosures. | |||||||||||||||||
ASU 2011-11 | |||||||||||||||||
In December 2011, FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. | |||||||||||||||||
In January 2013, FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Funds’ financial statements. | |||||||||||||||||
ASU 2011-04 | |||||||||||||||||
In May 2011, FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 requires reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 requires reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures. | |||||||||||||||||
(h) | Fair Value Measurements | ||||||||||||||||
The Fund follows ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. | ||||||||||||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts. | |||||||||||||||||
Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange- traded derivatives are classified within level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within level 2 of the fair value hierarchy. | |||||||||||||||||
OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward positions are typically classified within level 2 of the fair value hierarchy. | |||||||||||||||||
Certain OTC derivatives traded in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on level 1 and/or level 2 inputs that can be observed in the market for similar instruments, as well as unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances where the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. | |||||||||||||||||
As of and during the years ended December 31, 2013 and December 31, 2012, the Fund held no investments or derivative contracts valued using level 3 inputs. | |||||||||||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities measured at fair value on a recurring basis by the ASC 820 fair value hierarchy as of December 31, 2013: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 434,347 | 434,347 | — | ||||||||||||||
Futures contracts sold | 336,188 | 336,188 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 770,538 | $ | 770,535 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 5 | $ | — | $ | 5 | $ | — | |||||||||
Futures contracts purchased | 623,378 | 623,378 | — | — | |||||||||||||
Futures contracts sold | 190,551 | 190,551 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 813,934 | $ | 813,929 | $ | 5 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 254,637 | 254,637 | — | ||||||||||||||
Futures contracts sold | 177,920 | 177,920 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 432,560 | $ | 432,557 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||
Futures contracts purchased | 379,957 | 379,957 | — | — | |||||||||||||
Futures contracts sold | 110,852 | 110,852 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 490,810 | $ | 490,809 | $ | 1 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Futures contracts purchased | $ | 179,710 | $ | 179,710 | $ | — | $ | — | |||||||||
Futures contracts sold | 158,268 | 158,268 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 337,978 | $ | 337,978 | $ | — | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Futures contracts purchased | 243,421 | 243,421 | — | — | |||||||||||||
Futures contracts sold | 79,699 | 79,699 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 323,124 | $ | 323,120 | $ | 4 | $ | — | |||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2012: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 182,189 | $ | — | $ | 182,189 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 155,131 | 155,131 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 367,388 | $ | 185,199 | $ | 182,189 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 101,789 | $ | — | $ | 101,789 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 191,399 | $ | 89,610 | $ | 101,789 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 111,557 | $ | — | $ | 111,557 | $ | — | |||||||||
Futures contracts sold | 85,248 | 85,248 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 196,805 | $ | 85,248 | $ | 111,557 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 60,610 | $ | — | $ | 60,610 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 150,220 | $ | 89,610 | $ | 60,610 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 70,632 | $ | — | $ | 70,632 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 69,883 | 69,883 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 170,583 | $ | 99,951 | $ | 70,632 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
Total Liabilities Measured at Fair Value | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
For the years ended December 31, 2013 and 2012, there were no transfers between Level 1 and Level 2 assets and liabilities. |
Disclosure_of_derivative_instr
Disclosure of derivative instruments and hedging activities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Disclosure of derivative instruments and hedging activities | ' | ||||||||||||||||||||||||||||||||||||
-3 | Disclosure of derivative instruments and hedging activities | ||||||||||||||||||||||||||||||||||||
The Fund follows ASC 815, Disclosures about Derivative Instruments and Hedging Activities (“ASC 815”). ASC 815 is intended to improve financial reporting for derivative instruments by requiring enhanced disclosure that enables investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position. | |||||||||||||||||||||||||||||||||||||
Derivative instruments held by the Fund do not qualify as derivative instruments held as hedging instruments, as defined in ASC 815. Instead, the Fund includes derivative instruments in its trading activity. Per the requirements of ASC 815, the Fund discloses the gains and losses on its trading activities for both derivative and nonderivative instruments in the Statement of Operations for each Series. | |||||||||||||||||||||||||||||||||||||
The Fund engages in the speculative trading of forward contracts in currency and futures contracts in a wide range of commodities, including equity markets, interest rates, food and fiber, energy, livestock and metals. ASC 815 requires entities to recognize all derivatives instruments as either assets or liabilities at fair value in the statement of financial position. Investments in forward contracts and commodity futures contracts are recorded in the Statements of Assets and Liabilities as “unrealized appreciation or depreciation on open forward contracts and futures contracts purchased and futures contracts sold.” Since the derivatives held or sold by the Fund are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of ASC 815. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Fund’s realized and unrealized gain (loss) on investments in the Statements of Operations. | |||||||||||||||||||||||||||||||||||||
Superfund Capital Management believes futures and forward unrealized gains and losses expressed as a percentage of net assets is indicative of trading activity. Information concerning the fair value of the Fund’s derivatives held long or sold short, as well as information related to the annual average volume of the Fund’s derivative activity, is as follows: | |||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 434,347 | (623,378 | ) | (189,031 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 336,188 | (190,551 | ) | 145,637 | ||||||||||||||||||||||||||||||||
Totals | $ | 770,538 | $ | (813,934 | ) | $ | (43,396 | ) | |||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities Location | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
December 31, 2012 | at December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 182,189 | $ | — | $ | 182,189 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (101,789 | ) | (101,789 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 30,068 | (89,610 | ) | (59,542 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 155,131 | — | 155,131 | |||||||||||||||||||||||||||||||||
Totals | $ | 367,388 | $ | (191,399 | ) | $ | 175,989 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Loss on | Net Realized Loss on | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | Derivatives Recognized | Derivatives Recognized | Unrealized Depreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | in Income | in Income | on Derivatives | ||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (328,276 | ) | $ | (80,402 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (2,213,769 | ) | (138,983 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (2,542,045 | ) | $ | (219,385 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain (Loss) on Derivatives | Net Realized Gain(Loss) | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | Recognized in Income | on Derivatives | Unrealized Appreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | on Derivatives | |||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized gain on futures and forward contracts | $ | 263,199 | $ | 40,809 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (1,896,707 | ) | 1,954,468 | |||||||||||||||||||||||||||||||||
Total | $ | (1,633,508 | ) | $ | 1,995,277 | ||||||||||||||||||||||||||||||||
Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 3 | 0 | * | $ | — | — | $ | — | — | $ | (5 | ) | (0.0 | )* | $ | (2 | ) | |||||||||||||||||||
Currency | 34,356 | 0.3 | (13,987 | ) | (0.1 | ) | 67,051 | 0.5 | (3,916 | ) | (0.0 | )* | 83,504 | ||||||||||||||||||||||||
Financial | — | — | (11,330 | ) | (0.1 | ) | 115,315 | 0.9 | (11,094 | ) | (0.1 | ) | 92,891 | ||||||||||||||||||||||||
Food & Fiber | 4,780 | 0 | * | (35,294 | ) | (0.3 | ) | 61,459 | 0.5 | — | — | 30,945 | |||||||||||||||||||||||||
Indices | 226,092 | 1.8 | (13,372 | ) | (0.1 | ) | 168 | 0 | * | (11,208 | ) | (0.1 | ) | 201,680 | |||||||||||||||||||||||
Metals | 113,479 | 0.9 | (424,270 | ) | (3.3 | ) | 92,195 | 0.7 | (164,333 | ) | (1.3 | ) | (382,929 | ) | |||||||||||||||||||||||
Energy | 55,539 | 0.4 | (120,204 | ) | (0.9 | ) | — | — | — | — | (64,665 | ) | |||||||||||||||||||||||||
Livestock | 100 | 0 | * | (4,920 | ) | (0.0 | )* | — | — | — | — | (4,820 | ) | ||||||||||||||||||||||||
Totals | $ | 434,349 | 3.4 | $ | (623,377 | ) | (4.9 | ) | $ | 336,188 | 2.7 | $ | (190,556 | ) | (1.5 | ) | $ | (43,396 | ) | ||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 181,362 | 0.8 | $ | (16,748 | ) | (0.1 | ) | $ | 827 | 0 | * | $ | (85,041 | ) | (0.4 | ) | $ | 80,400 | ||||||||||||||||||
Currency | 80,981 | 0.4 | (91,145 | ) | (0.4 | ) | 260,503 | 1.2 | (2,294 | ) | (0.0 | )* | 248,045 | ||||||||||||||||||||||||
Financial | 172,165 | 0.8 | (15,042 | ) | (0.1 | ) | 1,613 | 0 | * | — | — | 158,736 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 123,461 | 0.5 | (3,116 | ) | (0.0 | )* | 120,345 | ||||||||||||||||||||||||||
Indices | 365,180 | 1.6 | (95,225 | ) | (0.4 | ) | — | — | (504 | ) | (0.0 | )* | 269,451 | ||||||||||||||||||||||||
Metals | 88,702 | 0.4 | (658,888 | ) | (2.9 | ) | 226,985 | 1 | (448,613 | ) | (2.0 | ) | (791,814 | ) | |||||||||||||||||||||||
Energy | 94,444 | 0.4 | (714 | ) | (0.0 | )* | 194,796 | 0.9 | (197,700 | ) | (0.9 | ) | 90,826 | ||||||||||||||||||||||||
Totals | $ | 982,834 | 4.4 | $ | (877,762 | ) | (3.9 | ) | $ | 808,185 | 3.6 | $ | (737,268 | ) | (3.3 | ) | $ | 175,989 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | of Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 47 | 34 | $ | 23 | $ | 58 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 389 | 201 | |||||||||||||||||||||||||||||||||||
Financial | 1,448 | 785 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 83 | 163 | |||||||||||||||||||||||||||||||||||
Indices | 1,274 | 103 | |||||||||||||||||||||||||||||||||||
Metals | 716 | 347 | |||||||||||||||||||||||||||||||||||
Livestock | 66 | 23 | |||||||||||||||||||||||||||||||||||
Energy | 303 | 190 | |||||||||||||||||||||||||||||||||||
Total | 4,326 | 1,846 | |||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value of | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 93 | 85 | $ | 495,922 | $ | 495,459 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 826 | 930 | |||||||||||||||||||||||||||||||||||
Financial | 2,395 | 552 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 88 | 182 | |||||||||||||||||||||||||||||||||||
Indices | 1,087 | 664 | |||||||||||||||||||||||||||||||||||
Metals | 771 | 240 | |||||||||||||||||||||||||||||||||||
Livestock | 31 | 110 | |||||||||||||||||||||||||||||||||||
Energy | 385 | 368 | |||||||||||||||||||||||||||||||||||
Total | 5,676 | 3,131 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (328,276 | ) | $ | (80,402 | ) | $ | (408,678 | ) | ||||||||||||||||||||||||||||
Currency | (448,607 | ) | (164,541 | ) | (613,148 | ) | |||||||||||||||||||||||||||||||
Financial | 644,407 | (65,845 | ) | 578,562 | |||||||||||||||||||||||||||||||||
Food & Fiber | (488,863 | ) | (89,400 | ) | (578,263 | ) | |||||||||||||||||||||||||||||||
Indices | 2,340,038 | (67,771 | ) | 2,272,267 | |||||||||||||||||||||||||||||||||
Metals | (3,893,370 | ) | 408,885 | (3,484,485 | ) | ||||||||||||||||||||||||||||||||
Livestock | 80,430 | (4,820 | ) | 75,610 | |||||||||||||||||||||||||||||||||
Energy | (447,804 | ) | (155,491 | ) | (603,295 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (2,542,045 | ) | $ | (219,385 | ) | $ | (2,761,430 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 263,199 | $ | 40,809 | $ | 304,008 | |||||||||||||||||||||||||||||||
Currency | (1,162,365 | ) | 94,280 | (1,068,085 | ) | ||||||||||||||||||||||||||||||||
Financial | 639,203 | 164,793 | 803,996 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (737,597 | ) | 66,335 | (671,262 | ) | ||||||||||||||||||||||||||||||||
Indices | 26,837 | 202,387 | 229,224 | ||||||||||||||||||||||||||||||||||
Metals | (1,278,198 | ) | 1,352,838 | 74,640 | |||||||||||||||||||||||||||||||||
Livestock | (64,462 | ) | (18,950 | ) | (83,412 | ) | |||||||||||||||||||||||||||||||
Energy | 679,875 | 92,785 | 772,660 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (1,633,508 | ) | $ | 1,995,277 | $ | 361,769 | ||||||||||||||||||||||||||||||
Superfund Gold, L.P. - Series A | |||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 254,637 | (379,957 | ) | (125,320 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 177,920 | (110,852 | ) | 67,068 | ||||||||||||||||||||||||||||||||
Totals | $ | 432,560 | $ | (490,810 | ) | $ | (58,250 | ) | |||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2012 | at December 31, 2012 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 111,557 | $ | — | $ | 111,557 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (60,610 | ) | (60,610 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | — | (89,610 | ) | (89,610 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 85,248 | — | 85,248 | |||||||||||||||||||||||||||||||||
Totals | $ | 196,805 | $ | (150,220 | ) | $ | 46,585 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Loss on | Net Realized | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Derivatives Recognized | Loss on | Unrealized | ||||||||||||||||||||||||||||||||||
in Income | Derivatives | Depreciation | |||||||||||||||||||||||||||||||||||
Recognized in | on Derivatives | ||||||||||||||||||||||||||||||||||||
Income | Recognized | ||||||||||||||||||||||||||||||||||||
in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (193,940 | ) | $ | (50,945 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (1,881,468 | ) | (53,890 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (2,075,408 | ) | $ | (104,835 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain (Loss) | Net Realized Gain (Loss) | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | on Derivatives | on Derivatives | Unrealized Appreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized gain on futures and forward contracts | $ | 121,297 | $ | 32,885 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (992,375 | ) | 1,217,490 | |||||||||||||||||||||||||||||||||
Total | $ | (871,078 | ) | $ | 1,250,375 | ||||||||||||||||||||||||||||||||
Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 3 | 0 | * | $ | — | — | $ | — | — | $ | (1 | ) | (0.0 | )* | $ | 2 | ||||||||||||||||||||
Currency | 19,106 | 0.2 | (7,387 | ) | (0.1 | ) | 37,407 | 0.5 | (2,118 | ) | (0.0 | )* | 47,008 | ||||||||||||||||||||||||
Financial | — | — | (6,327 | ) | (0.1 | ) | 61,890 | 0.7 | (6,511 | ) | (0.1 | ) | 49,052 | ||||||||||||||||||||||||
Food & Fiber | 4,780 | 0.1 | (20,582 | ) | (0.2 | ) | 31,349 | 0.4 | — | — | 15,547 | ||||||||||||||||||||||||||
Indices | 125,924 | 1.5 | (5,776 | ) | (0.1 | ) | 112 | 0 | * | (6,469 | ) | (0.1 | ) | 113,791 | |||||||||||||||||||||||
Metals | 68,111 | 0.8 | (276,060 | ) | (3.3 | ) | 47,162 | 0.6 | (95,754 | ) | (1.2 | ) | (256,541 | ) | |||||||||||||||||||||||
Energy | 36,615 | 0.4 | (60,704 | ) | (0.7 | ) | — | — | — | — | (24,089 | ) | |||||||||||||||||||||||||
Livestock | 100 | 0 | * | (3,120 | ) | (0.0 | )* | — | — | — | — | (3,020 | ) | ||||||||||||||||||||||||
Totals | $ | 254,639 | 3.1 | $ | (379,956 | ) | (4.6 | ) | $ | 177,920 | 2.1 | $ | (110,853 | ) | (1.3 | ) | $ | (58,250 | ) | ||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 111,070 | 0.7 | $ | (9,470 | ) | (0.1 | ) | $ | 487 | 0 | * | $ | (51,140 | ) | (0.3 | ) | $ | 50,947 | ||||||||||||||||||
Currency | 47,906 | 0.4 | (53,895 | ) | (0.4 | ) | 147,619 | 1 | (1,338 | ) | (0.0 | )* | 140,292 | ||||||||||||||||||||||||
Financial | 101,664 | 0.7 | (8,770 | ) | (0.1 | ) | 1,033 | 0 | * | — | — | 93,927 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 71,612 | 0.5 | (1,733 | ) | (0.0 | )* | 69,879 | ||||||||||||||||||||||||||
Indices | 220,513 | 1.5 | (56,336 | ) | (0.4 | ) | — | — | (277 | ) | (0.0 | )* | 163,900 | ||||||||||||||||||||||||
Metals | 50,177 | 0.3 | (444,540 | ) | (2.9 | ) | 132,145 | 0.9 | (257,418 | ) | (1.7 | ) | (519,636 | ) | |||||||||||||||||||||||
Energy | 54,057 | 0.4 | (386 | ) | (0.0 | )* | 105,825 | 0.7 | (112,220 | ) | (0.8 | ) | 47,276 | ||||||||||||||||||||||||
Totals | $ | 585,387 | 4 | $ | (573,397 | ) | (3.9 | ) | $ | 458,721 | 3.1 | $ | (424,126 | ) | (2.8 | ) | $ | 46,585 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
Series A average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value of | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 24 | 17 | $ | 13 | $ | 33 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 216 | 114 | |||||||||||||||||||||||||||||||||||
Financial | 819 | 431 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 48 | 92 | |||||||||||||||||||||||||||||||||||
Indices | 727 | 58 | |||||||||||||||||||||||||||||||||||
Metals | 411 | 199 | |||||||||||||||||||||||||||||||||||
Livestock | 40 | 12 | |||||||||||||||||||||||||||||||||||
Energy | 173 | 103 | |||||||||||||||||||||||||||||||||||
Total | 2,458 | 1,026 | |||||||||||||||||||||||||||||||||||
Series A average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 48 | 44 | $ | 271,002 | $ | 272,449 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 450 | 500 | |||||||||||||||||||||||||||||||||||
Financial | 1,301 | 300 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 47 | 100 | |||||||||||||||||||||||||||||||||||
Indices | 603 | 356 | |||||||||||||||||||||||||||||||||||
Metals | 435 | 131 | |||||||||||||||||||||||||||||||||||
Livestock | 17 | 60 | |||||||||||||||||||||||||||||||||||
Energy | 211 | 204 | |||||||||||||||||||||||||||||||||||
Total | 3,112 | 1,695 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Series A trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (193,940 | ) | $ | (50,945 | ) | $ | (244,885 | ) | ||||||||||||||||||||||||||||
Currency | (267,057 | ) | (93,284 | ) | (360,341 | ) | |||||||||||||||||||||||||||||||
Financial | 399,109 | (44,875 | ) | 354,234 | |||||||||||||||||||||||||||||||||
Food & Fiber | (291,672 | ) | (54,332 | ) | (346,004 | ) | |||||||||||||||||||||||||||||||
Indices | 1,338,054 | (50,109 | ) | 1,287,945 | |||||||||||||||||||||||||||||||||
Metals | (2,801,957 | ) | 263,095 | (2,538,862 | ) | ||||||||||||||||||||||||||||||||
Livestock | 49,830 | (3,020 | ) | 46,810 | |||||||||||||||||||||||||||||||||
Energy | (307,775 | ) | (71,365 | ) | (379,140 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (2,075,408 | ) | $ | (104,835 | ) | $ | (2,180,243 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 121,297 | $ | 32,885 | $ | 154,182 | |||||||||||||||||||||||||||||||
Currency | (570,390 | ) | 59,429 | (510,961 | ) | ||||||||||||||||||||||||||||||||
Financial | 348,139 | 97,969 | 446,108 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (406,993 | ) | 41,534 | (365,459 | ) | ||||||||||||||||||||||||||||||||
Indices | 100,339 | 133,157 | 233,496 | ||||||||||||||||||||||||||||||||||
Metals | (748,732 | ) | 845,222 | 96,490 | |||||||||||||||||||||||||||||||||
Livestock | (46,044 | ) | (9,670 | ) | (55,714 | ) | |||||||||||||||||||||||||||||||
Energy | 331,306 | 49,849 | 381,155 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (871,078 | ) | $ | 1,250,375 | $ | 379,297 | ||||||||||||||||||||||||||||||
Superfund Gold, L.P. - Series B | |||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | Net | |||||||||||||||||||||||||||||||||
Location | December 31, 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | $ | — | $ | (4 | ) | $ | (4 | ) | ||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 179,710 | (243,421 | ) | (63,711 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 158,268 | (79,699 | ) | 78,569 | ||||||||||||||||||||||||||||||||
Totals | $ | 337,978 | $ | (323,124 | ) | $ | 14,854 | ||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | Net | |||||||||||||||||||||||||||||||||
Location | December 31, 2012 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 70,632 | $ | — | $ | 70,632 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (41,179 | ) | (41,179 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 30,068 | — | 30,068 | |||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 69,883 | — | 69,883 | |||||||||||||||||||||||||||||||||
Totals | $ | 170,583 | $ | (41,179 | ) | $ | 129,404 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Loss on Derivatives | Net Realized Loss | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | on Derivatives | Unrealized | ||||||||||||||||||||||||||||||||||
Recognized in | Depreciation on | ||||||||||||||||||||||||||||||||||||
Income | Derivatives | ||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (134,336 | ) | $ | (29,457 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (332,301 | ) | (85,093 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (466,637 | ) | $ | (114,550 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Gain (Loss) on Derivatives | Net Realized | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | Gain (Loss) on | Unrealized | ||||||||||||||||||||||||||||||||||
Derivatives | Appreciation on | ||||||||||||||||||||||||||||||||||||
Recognized in | Derivatives | ||||||||||||||||||||||||||||||||||||
Income | Recognized in | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | 141,902 | $ | 7,924 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (904,332 | ) | 736,978 | |||||||||||||||||||||||||||||||||
Total | $ | (762,430 | ) | $ | 744,902 | ||||||||||||||||||||||||||||||||
Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | — | — | $ | — | — | $ | — | — | $ | (4 | ) | (0.0 | )* | $ | (4 | ) | ||||||||||||||||||||
Currency | 15,250 | 0.3 | (6,600 | ) | (0.2 | ) | 29,644 | 0.7 | (1,798 | ) | (0.0 | )* | 36,496 | ||||||||||||||||||||||||
Financial | — | — | (5,003 | ) | (0.1 | ) | 53,425 | 1.2 | (4,583 | ) | (0.1 | ) | 43,839 | ||||||||||||||||||||||||
Food & Fiber | — | — | (14,712 | ) | (0.3 | ) | 30,110 | 0.7 | — | — | 15,398 | ||||||||||||||||||||||||||
Indices | 100,168 | 2.3 | (7,596 | ) | (0.2 | ) | 56 | 0 | * | (4,739 | ) | (0.1 | ) | 87,889 | |||||||||||||||||||||||
Metals | 45,368 | 1 | (148,210 | ) | (3.4 | ) | 45,033 | 1 | (68,579 | ) | (1.6 | ) | (126,388 | ) | |||||||||||||||||||||||
Energy | 18,924 | 0.4 | (59,500 | ) | (1.4 | ) | — | — | — | — | (40,576 | ) | |||||||||||||||||||||||||
Livestock | — | — | (1,800 | ) | (0.0 | )* | — | — | — | — | (1,800 | ) | |||||||||||||||||||||||||
Totals | $ | 179,710 | 4.1 | $ | (243,421 | ) | (5.6 | ) | $ | 158,268 | 3.6 | $ | (79,703 | ) | (1.8 | ) | $ | 14,854 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 70,292 | 1 | $ | (7,278 | ) | (0.1 | ) | $ | 340 | 0 | * | $ | (33,901 | ) | (0.5 | ) | $ | 29,453 | ||||||||||||||||||
Currency | 33,075 | 0.5 | (37,250 | ) | (0.5 | ) | 112,884 | 1.5 | (956 | ) | (0.0 | )* | 107,753 | ||||||||||||||||||||||||
Financial | 70,501 | 1 | (6,272 | ) | (0.1 | ) | 580 | 0 | * | — | — | 64,809 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 51,849 | 0.7 | (1,383 | ) | (0.0 | )* | 50,466 | ||||||||||||||||||||||||||
Indices | 144,667 | 2 | (38,889 | ) | (0.6 | ) | — | — | (227 | ) | (0.0 | )* | 105,551 | ||||||||||||||||||||||||
Metals | 38,525 | 0.5 | (214,348 | ) | (3.0 | ) | 94,840 | 1.3 | (191,195 | ) | (2.7 | ) | (272,178 | ) | |||||||||||||||||||||||
Energy | 40,387 | 0.6 | (328 | ) | (0.0 | )* | 88,971 | 1.3 | (85,480 | ) | (1.2 | ) | 43,550 | ||||||||||||||||||||||||
Totals | $ | 397,447 | 5.6 | $ | (304,365 | ) | (4.3 | ) | $ | 349,464 | 4.8 | $ | (313,142 | ) | (4.4 | ) | $ | 129,404 | |||||||||||||||||||
Series B average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 23 | 17 | $ | 10 | $ | 25 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 173 | 87 | |||||||||||||||||||||||||||||||||||
Financial | 629 | 354 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 35 | 71 | |||||||||||||||||||||||||||||||||||
Indices | 547 | 45 | |||||||||||||||||||||||||||||||||||
Metals | 305 | 148 | |||||||||||||||||||||||||||||||||||
Livestock | 26 | 11 | |||||||||||||||||||||||||||||||||||
Energy | 130 | 87 | |||||||||||||||||||||||||||||||||||
Total | 1,868 | 820 | |||||||||||||||||||||||||||||||||||
Series B average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 45 | 41 | $ | 224,920 | $ | 223,010 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 376 | 430 | |||||||||||||||||||||||||||||||||||
Financial | 1,094 | 252 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 41 | 82 | |||||||||||||||||||||||||||||||||||
Indices | 484 | 308 | |||||||||||||||||||||||||||||||||||
Metals | 336 | 109 | |||||||||||||||||||||||||||||||||||
Livestock | 14 | 50 | |||||||||||||||||||||||||||||||||||
Energy | 174 | 164 | |||||||||||||||||||||||||||||||||||
Total | 2,564 | 1,436 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Series B trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (134,336 | ) | $ | (29,457 | ) | $ | (163,793 | ) | ||||||||||||||||||||||||||||
Currency | (181,550 | ) | (71,257 | ) | (252,807 | ) | |||||||||||||||||||||||||||||||
Financial | 245,298 | (20,970 | ) | 224,328 | |||||||||||||||||||||||||||||||||
Food & Fiber | (197,191 | ) | (35,068 | ) | (232,259 | ) | |||||||||||||||||||||||||||||||
Indices | 1,001,984 | (17,662 | ) | 984,322 | |||||||||||||||||||||||||||||||||
Metals | (1,091,413 | ) | 145,790 | (945,623 | ) | ||||||||||||||||||||||||||||||||
Livestock | 30,600 | (1,800 | ) | 28,800 | |||||||||||||||||||||||||||||||||
Energy | (140,029 | ) | (84,126 | ) | (224,155 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (466,637 | ) | $ | (114,550 | ) | $ | (581,187 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 141,902 | $ | 7,924 | $ | 149,826 | |||||||||||||||||||||||||||||||
Currency | (591,975 | ) | 34,851 | (557,124 | ) | ||||||||||||||||||||||||||||||||
Financial | 291,064 | 66,824 | 357,888 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (330,604 | ) | 24,801 | (305,803 | ) | ||||||||||||||||||||||||||||||||
Indices | (73,502 | ) | 69,230 | (4,272 | ) | ||||||||||||||||||||||||||||||||
Metals | (529,466 | ) | 507,616 | (21,850 | ) | ||||||||||||||||||||||||||||||||
Livestock | (18,418 | ) | (9,280 | ) | (27,698 | ) | |||||||||||||||||||||||||||||||
Energy | 348,569 | 42,936 | 391,505 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (762,430 | ) | $ | 744,902 | $ | (17,528 | ) | |||||||||||||||||||||||||||||
Due_fromto_Brokers
Due from/to Brokers | 12 Months Ended | |
Dec. 31, 2013 | ||
Due from/to Brokers | ' | |
-4 | Due from/to Brokers | |
Due from brokers consist of proceeds from securities sold. Amounts due from brokers may be restricted to the extent that they serve as deposits for securities sold short. Amounts due to brokers represent margin borrowings that are collateralized by certain securities. As of December 31, 2013, there were no amounts due to brokers. | ||
In the normal course of business, all of the Fund’s marketable securities transactions, money balances and marketable security positions are transacted with brokers. The Fund is subject to credit risk to the extent any broker with whom it conducts business is unable to fulfill contractual obligations on its behalf. |
Allocation_of_Net_Profits_and_
Allocation of Net Profits and Losses | 12 Months Ended | |
Dec. 31, 2013 | ||
Allocation of Net Profits and Losses | ' | |
-5 | Allocation of Net Profits and Losses | |
In accordance with the Third Amended and Restated Limited Partnership Agreement (the “Limited Partnership Agreement”), net profits and losses of the Fund are allocated to partners according to their respective interests in the Fund as of the beginning of each month. | ||
Subscriptions received in advance, if any, represent cash received prior to December 31 for contributions of the subsequent month and do not participate in the earnings of the Fund until the following January. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions | ' | |
-6 | Related Party Transactions | |
Superfund Capital Management shall be paid a management fee equal to one-twelfth of 2.25% of month-end net assets (2.25% per annum) and operating and ongoing offering expenses equal to one-twelfth of 0.75% of month-end net assets (0.75% per annum) when considered together, not to exceed the amount of actual expenses incurred. Superfund Capital Management will also be paid a monthly performance/incentive fee equal to 25% of the new appreciation without respect to interest income or any changes in net asset due to changes in value of the Fund’s dollar for dollar gold position. Trading losses will be carried forward and no further performance/incentive fee may be paid until the prior losses have been recovered. In addition, Superfund Capital Management receives a portion of the brokerage commissions paid by the Fund in connection with its futures trading. Superfund USA, LLC, an entity related to Superfund Capital Management by common ownership, shall be paid selling commissions equal to 2% of the month-end net asset value per Series A-1 Unit and Series B-1 Unit (one-twelfth of 2% per month). These amounts are included under “Selling commission” in the Statements of Operations. However, the maximum cumulative selling commission per Unit is limited to 10% of the gross offering proceeds of such Unit. | ||
As of December 31, 2013, Superfund Capital Management owned 514.918 Units of Series A-1, representing 8.9% of the total issued Units of Series A-1, and 434.258 Units of Series B-1, representing 23.5% of the total issued Units of Series B-1, having a combined value of $954,464. Losses allocated to Units of Series A-1 and Series B-1 owned by Superfund Capital Management were $260,564 for the year ended December 31, 2013. As of December 31, 2012, Superfund Capital Management owned 514.918 Units of Series A-1, representing 6.11% of the total issued Units of Series A-1, and 434.258 Units of Series B-1, representing 13.33% of the total issued Units of Series B-1, having a combined value of $1,215,022. Losses allocated to Units of Series A-1 and Series B-1 owned by Superfund Capital Management were $94,552 for the year ended December 31, 2012. Superfund Capital Management did not make any contributions to or withdrawals from any Series during year ended December 31, 2013. Superfund Capital Management’s ownership of Units of Series A-1 and Series B-1 is included in the overall changes in capital activity reported in the Statements of Changes in Net Assets. |
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Financial Highlights | ' | ||||||||
-7 | Financial Highlights | ||||||||
Financial highlights for year ended December 31, 2013, are as follows: | |||||||||
SERIES A-1 | SERIES A-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees | (23.9 | )% | (22.3 | )% | |||||
Incentive fees | 0 | 0 | |||||||
Total return after incentive fees | (23.9 | )% | (22.3 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 6.9 | % | 4.9 | % | |||||
Incentive fees | 0 | 0 | |||||||
Total expenses | 6.9 | % | 4.9 | % | |||||
Net investment loss | (6.9 | )% | (4.9 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,423.03 | $ | 1,577.45 | |||||
Net investment loss | (88.81 | ) | (70.73 | ) | |||||
Net loss on investments | (250.76 | ) | (281.35 | ) | |||||
Net asset value per unit, end of year | $ | 1,083.46 | $ | 1,225.37 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (335.31 | ) | $ | (350.02 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (339.57 | ) | $ | (352.08 | ) | |||
Financial highlights for year ended December 31, 2013, are as follows: | |||||||||
SERIES B-1 | SERIES B-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees | (17.8 | )% | (16.1 | )% | |||||
Incentive fees | 0 | 0 | |||||||
Total return after incentive fees | (17.8 | )% | (16.1 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 7.9 | % | 6 | % | |||||
Incentive fees | 0 | 0 | |||||||
Total expenses | 7.9 | % | 6 | % | |||||
Net investment loss | (7.9 | )% | (6.0 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,110.58 | $ | 1,187.13 | |||||
Net investment loss | (83.79 | ) | (68.69 | ) | |||||
Net loss on investments | (113.59 | ) | (122.50 | ) | |||||
Net asset value per unit, end of year | $ | 913.2 | $ | 995.94 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (177.73 | ) | $ | (198.06 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (197.38 | ) | $ | (191.19 | ) | |||
Financial highlights for year ended December 31, 2012, are as follows: | |||||||||
SERIES A-1 | SERIES A-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees and MF Global | (4.8 | )% | (2.9 | )% | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0 | 0 | |||||||
Total return after incentive fees | (4.8 | )% | (2.9 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 7.2 | % | 5.1 | % | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0 | 0 | |||||||
Total expenses | 7.2 | % | 5.1 | % | |||||
Net investment loss | (7.2 | )% | (5.2 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,496.15 | $ | 1,625.63 | |||||
Net investment loss | (111.73 | ) | (87.81 | ) | |||||
Net gain on investments | 38.61 | 39.63 | |||||||
Net asset value per unit, end of year | $ | 1,423.03 | $ | 1,577.45 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (78.96 | ) | $ | (39.22 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (73.12 | ) | $ | (48.18 | ) | |||
Financial highlights for year ended December 31, 2012, are as follows: | |||||||||
SERIES B-1 | SERIES B-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees and MF Global | (10.5 | )% | (8.7 | )% | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | -0.1 | (0.1 | ) | ||||||
Total return after incentive fees | (10.6 | )% | (8.8 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 8.2 | % | 6.2 | % | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0.1 | 0.1 | |||||||
Total expenses | 8.3 | % | 6.3 | % | |||||
Net investment loss | (8.2 | )% | (6.3 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,241.61 | $ | 1,300.90 | |||||
Net investment loss | (104.78 | ) | (83.87 | ) | |||||
Net loss on investments | (26.25 | ) | (29.90 | ) | |||||
Net asset value per unit, end of year | $ | 1,110.58 | $ | 1,187.13 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (105.27 | ) | $ | (89.97 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (131.03 | ) | $ | (113.77 | ) | |||
Financial_Instrument_Risk
Financial Instrument Risk | 12 Months Ended | |
Dec. 31, 2013 | ||
Financial Instrument Risk | ' | |
-8 | Financial Instrument Risk | |
In the normal course of its business, the Fund is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. The term “off-balance sheet risk” refers to an unrecorded potential liability that, even though it does not appear on the balance sheet, may result in a future obligation or loss. These financial instruments may include forwards, futures and options, whose values are based upon an underlying asset, index or reference rate, and generally represent future commitments to exchange currencies or cash flows, to purchase or sell other financial instruments at specific terms at specific 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 or OTC. Exchange traded instruments are standardized and include futures and certain option contracts. OTC contracts are negotiated between contracting parties and include forwards and certain options. 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. | ||
For the Fund, gross unrealized gains and losses related to exchange traded futures were $770,534 and $813,928, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $3 and $5, respectively, at December 31, 2013. | ||
For Series A, gross unrealized gains and losses related to exchange traded futures were $432,556 and $490,808, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $3 and $1, respectively, at December 31, 2013. | ||
For Series B, gross unrealized gains and losses related to exchange traded futures were $337,978 and $323,120, respectively, and gross unrealized gains and losses related to non-exchange traded forwards were $0 and $4, respectively, at December 31, 2013. | ||
Market risk is the potential for changes in the value of the financial instruments traded by the Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity prices. In entering into these contracts, there exists a market risk that such contracts may be significantly influenced by conditions, such as interest rate volatility, resulting in such contracts being less valuable. If the markets should move against all of the futures interest positions at the same time, and Superfund Capital Management is unable to offset such positions, the Fund could experience substantial losses. | ||
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. Credit risk with respect to exchange-traded instruments is reduced to the extent that an exchange or clearing organization acts as a counterparty to the transactions. The Fund’s risk of loss in the event of counterparty default is typically limited to the amounts recognized in the statements of assets and liabilities and not represented by the contract or notional amounts of the instruments. As the Fund’s assets are held in segregated accounts with futures commission merchants, the Fund has credit risk and concentration risk. The Fund’s futures commission merchants are currently ADM Investor Services, Inc., Barclays Capital Inc. and Citigroup Global Markets Inc. | ||
Superfund Capital Management monitors and attempts to control the Fund’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 Fund is subject. These monitoring systems allow Superfund Capital Management to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, on-line monitoring systems provide account analysis of futures and forward positions by sector, margin requirements, gain and loss transactions and collateral positions. |
Subscriptions_and_Redemptions
Subscriptions and Redemptions | 12 Months Ended | |
Dec. 31, 2013 | ||
Subscriptions and Redemptions | ' | |
-9 | Subscriptions and Redemptions | |
Investors must submit subscriptions at least five business days prior to the applicable month-end closing date and they will be accepted once payments are received and cleared. All subscription funds are required to be promptly transmitted to the escrow agent, U.S. Bank National Association. Subscriptions must be accepted or rejected by Superfund Capital Management within five business days of receipt, and the settlement date for the deposit of subscription funds in escrow must be within five business days of acceptance. No fees or costs will be assessed on any subscription while held in escrow, irrespective of whether the subscription is accepted or the subscription funds are returned. | ||
A limited partner of a Series (“Limited Partner”) may request any or all of his investment in such Series be redeemed by such Series at the net asset value of a Unit within such Series as of the end of each month, subject to a minimum redemption of $1,000 and subject further to such Limited Partner having an investment in such Series, after giving effect to the requested redemption, at least equal to the minimum initial investment amount of $10,000 (or such minimum as was in effect at the time such Limited Partner initially acquired its Units). Limited Partners must transmit a written request of such withdrawal to Superfund Capital Management not less than five business days prior to the end of the month (or such shorter period as permitted by Superfund Capital Management) as of which redemption is to be effective. Redemptions will generally be paid within twenty days after the date of redemption. However, in special circumstances, including, but not limited to, inability to liquidate dealers’ positions as of a redemption date or default or delay in payments due to each Series from clearing brokers, banks or other persons or entities, each Series may in turn delay payment to persons requesting redemption of the proportionate part of the net assets of each Series represented by the sums that are the subject of such default or delay. In the event that the estimated net asset value per Unit of a Series, or sub-Series thereof, after adjustments for distributions, as of the close of business on any business day is less than 50% of the net asset value per Unit of such Series, or sub-Series thereof, as of the most recent month-end, a special redemption period shall be established. In the event of a special redemption, Superfund Capital Management shall notify Limited Partners within such Series within seven business days thereafter and shall liquidate all open positions with respect to such Series as expeditiously as possible and suspend trading. Within ten business days after the date of suspension of trading, Superfund Capital Management shall declare a date (a “Special Redemption Date”) with respect to such Series. Such Special Redemption Date shall be a business day within 30 business days from the date of suspension of trading by such Series, and Superfund Capital Management shall mail notice of such date to each Limited Partner of such Series and assignee of Units within such Series of whom it has received written notice, by first-class mail, postage prepaid, not later than ten business days prior to such Special Redemption Date, together with instructions as to the procedure such Limited Partner or assignee must follow to have his interest in such Series redeemed on such date (only entire, not partial, interests may be so redeemed unless otherwise determined by Superfund Capital Management). Upon redemption pursuant to a Special Redemption Date, a Limited Partner or any other assignee of whom Superfund Capital Management has received written notice as described above, shall receive from the applicable Series an amount equal to the Net Asset Value of his interest in such Series, determined as of the close of business (as determined by Superfund Capital Management) on such Special Redemption Date. The details of the special redemption are set forth in Section 12 of the Limited Partnership Agreement. |
Indemnification
Indemnification | 12 Months Ended | |
Dec. 31, 2013 | ||
Indemnification | ' | |
-10 | Indemnification | |
In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on experience, the risk of loss from such claims is considered remote. |
Subsequent_events
Subsequent events | 12 Months Ended | |
Dec. 31, 2013 | ||
Subsequent events | ' | |
-11 | Subsequent events | |
Superfund Capital Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements. |
Basis_of_Presentation_and_Sign1
Basis of Presentation and Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
(a) | Basis of Presentation | ||||||||||||||||
Pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”), audited financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and presented for the Fund as a whole, as the SEC registrant, and for Series A and Series B individually. For the avoidance of doubt, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable only against the assets of such Series and not against the assets of the Fund generally or any other Series. Accordingly, the assets of one Series of the Fund include only those funds and other assets that are paid to, held by or distributed to the Fund on account of and for the benefit of that Series, including, without limitation, funds delivered to the Fund for the purchase of Units in that Series. | |||||||||||||||||
Valuation of Investments in Futures Contracts and Forward Contracts | ' | ||||||||||||||||
(b) | Valuation of Investments in Futures Contracts and Forward Contracts | ||||||||||||||||
All commodity interests (including derivative financial instruments and derivative commodity instruments) are used for trading purposes. The commodity interests are recorded on a trade date basis and open contracts are recorded in the statements of assets and liabilities at fair value on the last business day of the period, which represents market value for those commodity interests for which market quotes are readily available. Exchange-traded futures contracts are valued at settlement prices published by the recognized exchange. Any spot and forward foreign currency contracts held by the Fund will be valued at published settlement prices or at dealers’ quotes. | |||||||||||||||||
Translation of Foreign Currency | ' | ||||||||||||||||
(c) | Translation of Foreign Currency | ||||||||||||||||
Assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the period end exchange rates. Purchases and sales of investments and income and expenses that are denominated in foreign currencies are translated into U.S. dollar amounts on the transaction date. Adjustments arising from foreign currency transactions are reflected in the statements of operations. | |||||||||||||||||
The Fund does not isolate that portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in net realized and unrealized gain (loss) on investments in the statements of operations. | |||||||||||||||||
Investment Transactions, Investment Income and Expenses | ' | ||||||||||||||||
(d) | Investment Transactions, Investment Income and Expenses | ||||||||||||||||
Investment transactions are accounted for on a trade-date basis. Interest income and expenses are recognized on the accrual basis. Operating expenses of the Fund are allocated to each Series in proportion to the net asset value of the Series at the beginning of each month. Expenses directly attributable to a particular Series are charged directly to that Series. | |||||||||||||||||
Gains or losses are realized when contracts are liquidated. Unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the statements of assets and liabilities as gross gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 210-20, Offsetting - Balance Sheet. | |||||||||||||||||
Set forth herein are instruments and transactions eligible for offset in the Statements of Assets and Liabilities and which are subject to derivative clearing agreements with the Fund’s futures commission merchants. Each futures commission merchant nets margin held on behalf of each Series of the Fund or payment obligations of the futures commission merchant to each Series against any payment obligations of that Series to the futures commission merchant. Each Series is required to deposit margin at each futures commission merchant to meet the original and maintenance requirements established by that futures commission merchant, and/or the exchange or clearinghouse associated with the exchange on which the instrument is traded. The derivative clearing agreements give each futures commission merchant a security interest in this margin to secure any liabilities owed to the futures commission merchant arising from a default by the Series. As of December 31, 2013, the Fund had on deposit $4,497,932 at ADM Investor Services, Inc., $621,042 at Barclays Capital Inc. and $2,737,398 at Citigroup Global Markets Inc. As of December 31, 2013, Series A had on deposit $2,493,850 at ADM Investor Services, Inc., $218,513 at Barclays Capital Inc. and $1,654,528 at Citigroup Global Markets Inc. As of December 31, 2013, Series B had on deposit $2,004,082 at ADM Investor Services, Inc., $402,529 at Barclays Capital Inc. and $1,082,870 at Citigroup Global Markets Inc. | |||||||||||||||||
Income Taxes | ' | ||||||||||||||||
(e) | Income Taxes | ||||||||||||||||
The Fund does not record a provision for U.S. income taxes because the partners report their share of the Fund’s income or loss on their returns. The financial statements reflect the Fund’s transactions without adjustment, if any, required for income tax purposes. | |||||||||||||||||
Superfund Capital Management has evaluated the application of ASC 740, Income Taxes (“ASC 740”) to the Fund, to determine whether or not there are uncertain tax positions that require financial statement recognition. Based on this evaluation, the Fund has determined no reserves for uncertain tax position are required to be recorded as a result of the application of ASC 740. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. As a result, no income tax liability or expense has been recorded in the accompanying financial statements. The Fund files federal and various state tax returns. The 2010 through 2013 tax years generally remain subject to examination by the U.S. federal and most state tax authorities | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
(f) | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with U.S. GAAP requires Superfund Capital Management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Recently Issued Accounting Pronouncements | ' | ||||||||||||||||
(g) | Recently Issued Accounting Pronouncements | ||||||||||||||||
ASU 2013-08 | |||||||||||||||||
In June 2013, FASB ASU No. 2013-08, Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”). ASU 2013-08 contains new guidance regarding the approach to 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 and information required to be provided to any of its investees. The amendments in the update are effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. Superfund Capital Management is evaluating the impact of ASU 2013-08 on the financial statements and disclosures. | |||||||||||||||||
ASU 2011-11 | |||||||||||||||||
In December 2011, FASB issued ASU No. 2011-11, Disclosures about Offsetting Assets and Liabilities (“ASU 2011-11”). ASU 2011-11 requires disclosures to make financial statements that are prepared under U.S. GAAP more comparable to those prepared under International Financial Reporting Standards (“IFRS”). The new disclosure requirements mandate that entities disclose both gross and net information about instruments and transactions eligible for offset in the statement of assets and liabilities as well as instruments and transactions subject to an agreement similar to a master netting arrangement. In addition, ASU 2011-11 requires disclosure of collateral received and posted in connection with master netting agreements or similar arrangements. | |||||||||||||||||
In January 2013, FASB issued guidance to clarify the scope of disclosures about offsetting assets and liabilities. The amendments clarify that the scope of guidance issued in December 2011 to enhance disclosures around financial instrument and derivative instruments that are either (a) offset, or (b) subject to a master netting agreement or similar agreement, irrespective of whether they are offset, applies to derivatives, including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are either offset or subject to an enforceable master netting arrangement or similar agreement. The amendments are effective for interim and annual periods beginning on or after January 1, 2013. Adoption did not have a material impact on the Funds’ financial statements. | |||||||||||||||||
ASU 2011-04 | |||||||||||||||||
In May 2011, FASB issued ASU No. 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs”. ASU 2011-04 includes common requirements for measurement of and disclosure about fair value between U.S. GAAP and IFRS. ASU 2011-04 requires reporting entities to disclose the following information for fair value measurements categorized within Level 3 of the fair value hierarchy: quantitative information about the unobservable inputs used in the fair value measurement, the valuation processes used by the reporting entity and a narrative description of the sensitivity of the fair value measurement to changes in unobservable inputs and the interrelationships between those unobservable inputs. In addition, ASU 2011-04 requires reporting entities to make disclosures about amounts and reasons for all transfers in and out of Level 1 and Level 2 fair value measurements. The new and revised disclosures are effective for interim and annual reporting periods beginning after December 15, 2011. The Fund adopted ASU 2011-04 as of January 1, 2012. The adoption of the provisions of ASU 2011-04 has not had a material impact on the Fund’s financial statement disclosures. | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
(h) | Fair Value Measurements | ||||||||||||||||
The Fund follows ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements). The three levels of the fair value hierarchy under ASC 820 are described below: | |||||||||||||||||
Level 1 | Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. | ||||||||||||||||
Level 2 | Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly. | ||||||||||||||||
Level 3 | Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. | ||||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining fair value, the Fund separates its financial instruments into two categories: U.S. government securities and derivative contracts. | |||||||||||||||||
Derivative Contracts. Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded derivatives typically fall within level 1 or level 2 of the fair value hierarchy depending on whether they are deemed to be actively traded or not. The Fund has exposure to exchange-traded derivative contracts through the Fund’s trading of exchange-traded futures contracts. The Fund’s exchange-traded futures contract positions are valued daily at settlement prices published by the applicable exchanges. In such cases, provided they are deemed to be actively traded, exchange- traded derivatives are classified within level 1 of the fair value hierarchy. Less actively traded exchange-traded derivatives fall within level 2 of the fair value hierarchy. | |||||||||||||||||
OTC derivatives are valued using market transactions and other market evidence whenever possible, including market-based inputs to models, model calibration to market-clearing transactions, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Where models are used, the selection of a particular model to value an OTC derivative depends upon the contractual terms of, and specific risks inherent in, the instrument as well as the availability of pricing information in the market. For OTC derivatives that trade in liquid markets, such as generic forwards and swaps, model inputs can generally be verified and model selection does not involve significant management judgment. The OTC derivatives held by the Fund may include forwards and swaps. Spot and forward foreign currency contracts held by the Fund are valued at published daily settlement prices or at dealers’ quotes. The Fund’s forward positions are typically classified within level 2 of the fair value hierarchy. | |||||||||||||||||
Certain OTC derivatives traded in less liquid markets with limited pricing information, and the determination of fair value for these derivatives is inherently more difficult. Such instruments are classified within level 3 of the fair value hierarchy. Where the Fund does not have corroborating market evidence to support significant model inputs and cannot verify the model to market transactions, transaction price is initially used as the best estimate of fair value. Accordingly, when a pricing model is used to value such an instrument, the model is adjusted so that the model value at inception equals the transaction price. The valuations of these less liquid OTC derivatives are typically based on level 1 and/or level 2 inputs that can be observed in the market for similar instruments, as well as unobservable level 3 inputs. Subsequent to initial recognition, the Fund updates the level 1 and level 2 inputs to reflect observable market changes, with resulting gains and losses reflected within level 3. Level 3 inputs are only changed when corroborated by evidence such as similar market transactions, third-party pricing services and/or broker or dealer quotations, or other empirical market data. In circumstances where the Fund cannot verify the model value to market transactions, it is possible that a different valuation model could produce a materially different estimate of fair value. The Fund attempts to avoid holding less liquid OTC derivatives. However, once held, the market for any particular derivative contract could become less liquid during the holding period. | |||||||||||||||||
As of and during the years ended December 31, 2013 and December 31, 2012, the Fund held no investments or derivative contracts valued using level 3 inputs. | |||||||||||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities measured at fair value on a recurring basis by the ASC 820 fair value hierarchy as of December 31, 2013: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 434,347 | 434,347 | — | ||||||||||||||
Futures contracts sold | 336,188 | 336,188 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 770,538 | $ | 770,535 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 5 | $ | — | $ | 5 | $ | — | |||||||||
Futures contracts purchased | 623,378 | 623,378 | — | — | |||||||||||||
Futures contracts sold | 190,551 | 190,551 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 813,934 | $ | 813,929 | $ | 5 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 254,637 | 254,637 | — | ||||||||||||||
Futures contracts sold | 177,920 | 177,920 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 432,560 | $ | 432,557 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||
Futures contracts purchased | 379,957 | 379,957 | — | — | |||||||||||||
Futures contracts sold | 110,852 | 110,852 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 490,810 | $ | 490,809 | $ | 1 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Futures contracts purchased | $ | 179,710 | $ | 179,710 | $ | — | $ | — | |||||||||
Futures contracts sold | 158,268 | 158,268 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 337,978 | $ | 337,978 | $ | — | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Futures contracts purchased | 243,421 | 243,421 | — | — | |||||||||||||
Futures contracts sold | 79,699 | 79,699 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 323,124 | $ | 323,120 | $ | 4 | $ | — | |||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2012: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 182,189 | $ | — | $ | 182,189 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 155,131 | 155,131 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 367,388 | $ | 185,199 | $ | 182,189 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 101,789 | $ | — | $ | 101,789 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 191,399 | $ | 89,610 | $ | 101,789 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 111,557 | $ | — | $ | 111,557 | $ | — | |||||||||
Futures contracts sold | 85,248 | 85,248 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 196,805 | $ | 85,248 | $ | 111,557 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 60,610 | $ | — | $ | 60,610 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 150,220 | $ | 89,610 | $ | 60,610 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 70,632 | $ | — | $ | 70,632 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 69,883 | 69,883 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 170,583 | $ | 99,951 | $ | 70,632 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
Total Liabilities Measured at Fair Value | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
For the years ended December 31, 2013 and 2012, there were no transfers between Level 1 and Level 2 assets and liabilities. |
Basis_of_Presentation_and_Sign2
Basis of Presentation and Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Summary of Valuation of Fund's Assets and Liabilities | ' | ||||||||||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities measured at fair value on a recurring basis by the ASC 820 fair value hierarchy as of December 31, 2013: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 434,347 | 434,347 | — | ||||||||||||||
Futures contracts sold | 336,188 | 336,188 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 770,538 | $ | 770,535 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 5 | $ | — | $ | 5 | $ | — | |||||||||
Futures contracts purchased | 623,378 | 623,378 | — | — | |||||||||||||
Futures contracts sold | 190,551 | 190,551 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 813,934 | $ | 813,929 | $ | 5 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | $ | — | |||||||||
Futures contracts purchased | 254,637 | 254,637 | — | ||||||||||||||
Futures contracts sold | 177,920 | 177,920 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 432,560 | $ | 432,557 | $ | 3 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 1 | $ | — | $ | 1 | $ | — | |||||||||
Futures contracts purchased | 379,957 | 379,957 | — | — | |||||||||||||
Futures contracts sold | 110,852 | 110,852 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 490,810 | $ | 490,809 | $ | 1 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2013 | |||||||||||||||||
ASSETS | |||||||||||||||||
Futures contracts purchased | $ | 179,710 | $ | 179,710 | $ | — | $ | — | |||||||||
Futures contracts sold | 158,268 | 158,268 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 337,978 | $ | 337,978 | $ | — | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 4 | $ | — | $ | 4 | $ | — | |||||||||
Futures contracts purchased | 243,421 | 243,421 | — | — | |||||||||||||
Futures contracts sold | 79,699 | 79,699 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 323,124 | $ | 323,120 | $ | 4 | $ | — | |||||||||
The following table summarizes the valuation of the Fund’s assets and liabilities by the ASC 820 fair value hierarchy as of December 31, 2012: | |||||||||||||||||
Superfund Gold, L.P. | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 182,189 | $ | — | $ | 182,189 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 155,131 | 155,131 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 367,388 | $ | 185,199 | $ | 182,189 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 101,789 | $ | — | $ | 101,789 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 191,399 | $ | 89,610 | $ | 101,789 | $ | — | |||||||||
Superfund Gold, L.P. – Series A | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 111,557 | $ | — | $ | 111,557 | $ | — | |||||||||
Futures contracts sold | 85,248 | 85,248 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 196,805 | $ | 85,248 | $ | 111,557 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 60,610 | $ | — | $ | 60,610 | $ | — | |||||||||
Futures contracts purchased | 89,610 | 89,610 | — | — | |||||||||||||
Total Liabilities Measured at Fair Value | $ | 150,220 | $ | 89,610 | $ | 60,610 | $ | — | |||||||||
Superfund Gold, L.P. – Series B | |||||||||||||||||
Balance | Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2012 | |||||||||||||||||
ASSETS | |||||||||||||||||
Unrealized appreciation on open forward contracts | $ | 70,632 | $ | — | $ | 70,632 | $ | — | |||||||||
Futures contracts purchased | 30,068 | 30,068 | — | ||||||||||||||
Futures contracts sold | 69,883 | 69,883 | — | — | |||||||||||||
Total Assets Measured at Fair Value | $ | 170,583 | $ | 99,951 | $ | 70,632 | $ | — | |||||||||
LIABILITIES | |||||||||||||||||
Unrealized depreciation on open forward contracts | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
Total Liabilities Measured at Fair Value | $ | 41,179 | $ | — | $ | 41,179 | $ | — | |||||||||
Disclosure_of_derivative_instr1
Disclosure of derivative instruments and hedging activities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||
Fair Value of Funds Derivatives by Instrument Type | ' | ||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (5 | ) | (5 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 434,347 | (623,378 | ) | (189,031 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 336,188 | (190,551 | ) | 145,637 | ||||||||||||||||||||||||||||||||
Totals | $ | 770,538 | $ | (813,934 | ) | $ | (43,396 | ) | |||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities Location | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
December 31, 2012 | at December 31, 2012 | ||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 182,189 | $ | — | $ | 182,189 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (101,789 | ) | (101,789 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 30,068 | (89,610 | ) | (59,542 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 155,131 | — | 155,131 | |||||||||||||||||||||||||||||||||
Totals | $ | 367,388 | $ | (191,399 | ) | $ | 175,989 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Loss on | Net Realized Loss on | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | Derivatives Recognized | Derivatives Recognized | Unrealized Depreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | in Income | in Income | on Derivatives | ||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (328,276 | ) | $ | (80,402 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (2,213,769 | ) | (138,983 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (2,542,045 | ) | $ | (219,385 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain (Loss) on Derivatives | Net Realized Gain(Loss) | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | Recognized in Income | on Derivatives | Unrealized Appreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | on Derivatives | |||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized gain on futures and forward contracts | $ | 263,199 | $ | 40,809 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (1,896,707 | ) | 1,954,468 | |||||||||||||||||||||||||||||||||
Total | $ | (1,633,508 | ) | $ | 1,995,277 | ||||||||||||||||||||||||||||||||
Gross and Net Unrealized Gains and Losses by Long and Short Positions | ' | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 3 | 0 | * | $ | — | — | $ | — | — | $ | (5 | ) | (0.0 | )* | $ | (2 | ) | |||||||||||||||||||
Currency | 34,356 | 0.3 | (13,987 | ) | (0.1 | ) | 67,051 | 0.5 | (3,916 | ) | (0.0 | )* | 83,504 | ||||||||||||||||||||||||
Financial | — | — | (11,330 | ) | (0.1 | ) | 115,315 | 0.9 | (11,094 | ) | (0.1 | ) | 92,891 | ||||||||||||||||||||||||
Food & Fiber | 4,780 | 0 | * | (35,294 | ) | (0.3 | ) | 61,459 | 0.5 | — | — | 30,945 | |||||||||||||||||||||||||
Indices | 226,092 | 1.8 | (13,372 | ) | (0.1 | ) | 168 | 0 | * | (11,208 | ) | (0.1 | ) | 201,680 | |||||||||||||||||||||||
Metals | 113,479 | 0.9 | (424,270 | ) | (3.3 | ) | 92,195 | 0.7 | (164,333 | ) | (1.3 | ) | (382,929 | ) | |||||||||||||||||||||||
Energy | 55,539 | 0.4 | (120,204 | ) | (0.9 | ) | — | — | — | — | (64,665 | ) | |||||||||||||||||||||||||
Livestock | 100 | 0 | * | (4,920 | ) | (0.0 | )* | — | — | — | — | (4,820 | ) | ||||||||||||||||||||||||
Totals | $ | 434,349 | 3.4 | $ | (623,377 | ) | (4.9 | ) | $ | 336,188 | 2.7 | $ | (190,556 | ) | (1.5 | ) | $ | (43,396 | ) | ||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 181,362 | 0.8 | $ | (16,748 | ) | (0.1 | ) | $ | 827 | 0 | * | $ | (85,041 | ) | (0.4 | ) | $ | 80,400 | ||||||||||||||||||
Currency | 80,981 | 0.4 | (91,145 | ) | (0.4 | ) | 260,503 | 1.2 | (2,294 | ) | (0.0 | )* | 248,045 | ||||||||||||||||||||||||
Financial | 172,165 | 0.8 | (15,042 | ) | (0.1 | ) | 1,613 | 0 | * | — | — | 158,736 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 123,461 | 0.5 | (3,116 | ) | (0.0 | )* | 120,345 | ||||||||||||||||||||||||||
Indices | 365,180 | 1.6 | (95,225 | ) | (0.4 | ) | — | — | (504 | ) | (0.0 | )* | 269,451 | ||||||||||||||||||||||||
Metals | 88,702 | 0.4 | (658,888 | ) | (2.9 | ) | 226,985 | 1 | (448,613 | ) | (2.0 | ) | (791,814 | ) | |||||||||||||||||||||||
Energy | 94,444 | 0.4 | (714 | ) | (0.0 | )* | 194,796 | 0.9 | (197,700 | ) | (0.9 | ) | 90,826 | ||||||||||||||||||||||||
Totals | $ | 982,834 | 4.4 | $ | (877,762 | ) | (3.9 | ) | $ | 808,185 | 3.6 | $ | (737,268 | ) | (3.3 | ) | $ | 175,989 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
Average Contract Volume by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | of Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 47 | 34 | $ | 23 | $ | 58 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 389 | 201 | |||||||||||||||||||||||||||||||||||
Financial | 1,448 | 785 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 83 | 163 | |||||||||||||||||||||||||||||||||||
Indices | 1,274 | 103 | |||||||||||||||||||||||||||||||||||
Metals | 716 | 347 | |||||||||||||||||||||||||||||||||||
Livestock | 66 | 23 | |||||||||||||||||||||||||||||||||||
Energy | 303 | 190 | |||||||||||||||||||||||||||||||||||
Total | 4,326 | 1,846 | |||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value of | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 93 | 85 | $ | 495,922 | $ | 495,459 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 826 | 930 | |||||||||||||||||||||||||||||||||||
Financial | 2,395 | 552 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 88 | 182 | |||||||||||||||||||||||||||||||||||
Indices | 1,087 | 664 | |||||||||||||||||||||||||||||||||||
Metals | 771 | 240 | |||||||||||||||||||||||||||||||||||
Livestock | 31 | 110 | |||||||||||||||||||||||||||||||||||
Energy | 385 | 368 | |||||||||||||||||||||||||||||||||||
Total | 5,676 | 3,131 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Funds Trading Results by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (328,276 | ) | $ | (80,402 | ) | $ | (408,678 | ) | ||||||||||||||||||||||||||||
Currency | (448,607 | ) | (164,541 | ) | (613,148 | ) | |||||||||||||||||||||||||||||||
Financial | 644,407 | (65,845 | ) | 578,562 | |||||||||||||||||||||||||||||||||
Food & Fiber | (488,863 | ) | (89,400 | ) | (578,263 | ) | |||||||||||||||||||||||||||||||
Indices | 2,340,038 | (67,771 | ) | 2,272,267 | |||||||||||||||||||||||||||||||||
Metals | (3,893,370 | ) | 408,885 | (3,484,485 | ) | ||||||||||||||||||||||||||||||||
Livestock | 80,430 | (4,820 | ) | 75,610 | |||||||||||||||||||||||||||||||||
Energy | (447,804 | ) | (155,491 | ) | (603,295 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (2,542,045 | ) | $ | (219,385 | ) | $ | (2,761,430 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 263,199 | $ | 40,809 | $ | 304,008 | |||||||||||||||||||||||||||||||
Currency | (1,162,365 | ) | 94,280 | (1,068,085 | ) | ||||||||||||||||||||||||||||||||
Financial | 639,203 | 164,793 | 803,996 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (737,597 | ) | 66,335 | (671,262 | ) | ||||||||||||||||||||||||||||||||
Indices | 26,837 | 202,387 | 229,224 | ||||||||||||||||||||||||||||||||||
Metals | (1,278,198 | ) | 1,352,838 | 74,640 | |||||||||||||||||||||||||||||||||
Livestock | (64,462 | ) | (18,950 | ) | (83,412 | ) | |||||||||||||||||||||||||||||||
Energy | 679,875 | 92,785 | 772,660 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (1,633,508 | ) | $ | 1,995,277 | $ | 361,769 | ||||||||||||||||||||||||||||||
SERIES A | ' | ||||||||||||||||||||||||||||||||||||
Fair Value of Funds Derivatives by Instrument Type | ' | ||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2013 | at December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 3 | $ | — | $ | 3 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (1 | ) | (1 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 254,637 | (379,957 | ) | (125,320 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 177,920 | (110,852 | ) | 67,068 | ||||||||||||||||||||||||||||||||
Totals | $ | 432,560 | $ | (490,810 | ) | $ | (58,250 | ) | |||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and | Asset Derivatives at | Liability Derivatives | Net | |||||||||||||||||||||||||||||||||
Liabilities Location | December 31, 2012 | at December 31, 2012 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 111,557 | $ | — | $ | 111,557 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (60,610 | ) | (60,610 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | — | (89,610 | ) | (89,610 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 85,248 | — | 85,248 | |||||||||||||||||||||||||||||||||
Totals | $ | 196,805 | $ | (150,220 | ) | $ | 46,585 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Loss on | Net Realized | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Derivatives Recognized | Loss on | Unrealized | ||||||||||||||||||||||||||||||||||
in Income | Derivatives | Depreciation | |||||||||||||||||||||||||||||||||||
Recognized in | on Derivatives | ||||||||||||||||||||||||||||||||||||
Income | Recognized | ||||||||||||||||||||||||||||||||||||
in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (193,940 | ) | $ | (50,945 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (1,881,468 | ) | (53,890 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (2,075,408 | ) | $ | (104,835 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not | Location of Gain (Loss) | Net Realized Gain (Loss) | Net Change in | ||||||||||||||||||||||||||||||||||
Designated as Hedging | on Derivatives | on Derivatives | Unrealized Appreciation | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | Recognized in Income | on Derivatives | ||||||||||||||||||||||||||||||||||
Recognized in Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized gain on futures and forward contracts | $ | 121,297 | $ | 32,885 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (992,375 | ) | 1,217,490 | |||||||||||||||||||||||||||||||||
Total | $ | (871,078 | ) | $ | 1,250,375 | ||||||||||||||||||||||||||||||||
Gross and Net Unrealized Gains and Losses by Long and Short Positions | ' | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. – Series A gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 3 | 0 | * | $ | — | — | $ | — | — | $ | (1 | ) | (0.0 | )* | $ | 2 | ||||||||||||||||||||
Currency | 19,106 | 0.2 | (7,387 | ) | (0.1 | ) | 37,407 | 0.5 | (2,118 | ) | (0.0 | )* | 47,008 | ||||||||||||||||||||||||
Financial | — | — | (6,327 | ) | (0.1 | ) | 61,890 | 0.7 | (6,511 | ) | (0.1 | ) | 49,052 | ||||||||||||||||||||||||
Food & Fiber | 4,780 | 0.1 | (20,582 | ) | (0.2 | ) | 31,349 | 0.4 | — | — | 15,547 | ||||||||||||||||||||||||||
Indices | 125,924 | 1.5 | (5,776 | ) | (0.1 | ) | 112 | 0 | * | (6,469 | ) | (0.1 | ) | 113,791 | |||||||||||||||||||||||
Metals | 68,111 | 0.8 | (276,060 | ) | (3.3 | ) | 47,162 | 0.6 | (95,754 | ) | (1.2 | ) | (256,541 | ) | |||||||||||||||||||||||
Energy | 36,615 | 0.4 | (60,704 | ) | (0.7 | ) | — | — | — | — | (24,089 | ) | |||||||||||||||||||||||||
Livestock | 100 | 0 | * | (3,120 | ) | (0.0 | )* | — | — | — | — | (3,020 | ) | ||||||||||||||||||||||||
Totals | $ | 254,639 | 3.1 | $ | (379,956 | ) | (4.6 | ) | $ | 177,920 | 2.1 | $ | (110,853 | ) | (1.3 | ) | $ | (58,250 | ) | ||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 111,070 | 0.7 | $ | (9,470 | ) | (0.1 | ) | $ | 487 | 0 | * | $ | (51,140 | ) | (0.3 | ) | $ | 50,947 | ||||||||||||||||||
Currency | 47,906 | 0.4 | (53,895 | ) | (0.4 | ) | 147,619 | 1 | (1,338 | ) | (0.0 | )* | 140,292 | ||||||||||||||||||||||||
Financial | 101,664 | 0.7 | (8,770 | ) | (0.1 | ) | 1,033 | 0 | * | — | — | 93,927 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 71,612 | 0.5 | (1,733 | ) | (0.0 | )* | 69,879 | ||||||||||||||||||||||||||
Indices | 220,513 | 1.5 | (56,336 | ) | (0.4 | ) | — | — | (277 | ) | (0.0 | )* | 163,900 | ||||||||||||||||||||||||
Metals | 50,177 | 0.3 | (444,540 | ) | (2.9 | ) | 132,145 | 0.9 | (257,418 | ) | (1.7 | ) | (519,636 | ) | |||||||||||||||||||||||
Energy | 54,057 | 0.4 | (386 | ) | (0.0 | )* | 105,825 | 0.7 | (112,220 | ) | (0.8 | ) | 47,276 | ||||||||||||||||||||||||
Totals | $ | 585,387 | 4 | $ | (573,397 | ) | (3.9 | ) | $ | 458,721 | 3.1 | $ | (424,126 | ) | (2.8 | ) | $ | 46,585 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
Average Contract Volume by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Series A average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average Number | Average Number | Average Value of | Average Value of | ||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | Long Positions | Short Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 24 | 17 | $ | 13 | $ | 33 | |||||||||||||||||||||||||||||||
Average Number | Average Number | ||||||||||||||||||||||||||||||||||||
of Long Contracts | of Short Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 216 | 114 | |||||||||||||||||||||||||||||||||||
Financial | 819 | 431 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 48 | 92 | |||||||||||||||||||||||||||||||||||
Indices | 727 | 58 | |||||||||||||||||||||||||||||||||||
Metals | 411 | 199 | |||||||||||||||||||||||||||||||||||
Livestock | 40 | 12 | |||||||||||||||||||||||||||||||||||
Energy | 173 | 103 | |||||||||||||||||||||||||||||||||||
Total | 2,458 | 1,026 | |||||||||||||||||||||||||||||||||||
Series A average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 48 | 44 | $ | 271,002 | $ | 272,449 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 450 | 500 | |||||||||||||||||||||||||||||||||||
Financial | 1,301 | 300 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 47 | 100 | |||||||||||||||||||||||||||||||||||
Indices | 603 | 356 | |||||||||||||||||||||||||||||||||||
Metals | 435 | 131 | |||||||||||||||||||||||||||||||||||
Livestock | 17 | 60 | |||||||||||||||||||||||||||||||||||
Energy | 211 | 204 | |||||||||||||||||||||||||||||||||||
Total | 3,112 | 1,695 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Funds Trading Results by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Series A trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (193,940 | ) | $ | (50,945 | ) | $ | (244,885 | ) | ||||||||||||||||||||||||||||
Currency | (267,057 | ) | (93,284 | ) | (360,341 | ) | |||||||||||||||||||||||||||||||
Financial | 399,109 | (44,875 | ) | 354,234 | |||||||||||||||||||||||||||||||||
Food & Fiber | (291,672 | ) | (54,332 | ) | (346,004 | ) | |||||||||||||||||||||||||||||||
Indices | 1,338,054 | (50,109 | ) | 1,287,945 | |||||||||||||||||||||||||||||||||
Metals | (2,801,957 | ) | 263,095 | (2,538,862 | ) | ||||||||||||||||||||||||||||||||
Livestock | 49,830 | (3,020 | ) | 46,810 | |||||||||||||||||||||||||||||||||
Energy | (307,775 | ) | (71,365 | ) | (379,140 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (2,075,408 | ) | $ | (104,835 | ) | $ | (2,180,243 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 121,297 | $ | 32,885 | $ | 154,182 | |||||||||||||||||||||||||||||||
Currency | (570,390 | ) | 59,429 | (510,961 | ) | ||||||||||||||||||||||||||||||||
Financial | 348,139 | 97,969 | 446,108 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (406,993 | ) | 41,534 | (365,459 | ) | ||||||||||||||||||||||||||||||||
Indices | 100,339 | 133,157 | 233,496 | ||||||||||||||||||||||||||||||||||
Metals | (748,732 | ) | 845,222 | 96,490 | |||||||||||||||||||||||||||||||||
Livestock | (46,044 | ) | (9,670 | ) | (55,714 | ) | |||||||||||||||||||||||||||||||
Energy | 331,306 | 49,849 | 381,155 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (871,078 | ) | $ | 1,250,375 | $ | 379,297 | ||||||||||||||||||||||||||||||
SUPERFUND GOLD, L.P.- SERIES B | ' | ||||||||||||||||||||||||||||||||||||
Fair Value of Funds Derivatives by Instrument Type | ' | ||||||||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2013, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | Net | |||||||||||||||||||||||||||||||||
Location | December 31, 2013 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | $ | — | $ | (4 | ) | $ | (4 | ) | ||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 179,710 | (243,421 | ) | (63,711 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 158,268 | (79,699 | ) | 78,569 | ||||||||||||||||||||||||||||||||
Totals | $ | 337,978 | $ | (323,124 | ) | $ | 14,854 | ||||||||||||||||||||||||||||||
The fair value of the Fund’s derivatives by instrument type, as well as the location of those instruments on the Statement of Assets and Liabilities, as of December 31, 2012, is as follows: | |||||||||||||||||||||||||||||||||||||
Type of Instrument | Statement of Assets and Liabilities | Asset Derivatives at | Liability Derivatives at | Net | |||||||||||||||||||||||||||||||||
Location | December 31, 2012 | December 31, 2012 | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized appreciation on open forward contracts | $ | 70,632 | $ | — | $ | 70,632 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | Unrealized depreciation on open forward contracts | — | (41,179 | ) | (41,179 | ) | |||||||||||||||||||||||||||||||
Futures contracts | Futures contracts purchased | 30,068 | — | 30,068 | |||||||||||||||||||||||||||||||||
Futures contracts | Futures contracts sold | 69,883 | — | 69,883 | |||||||||||||||||||||||||||||||||
Totals | $ | 170,583 | $ | (41,179 | ) | $ | 129,404 | ||||||||||||||||||||||||||||||
Effects of Derivative Instruments on Statement of Operations | ' | ||||||||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Loss on Derivatives | Net Realized Loss | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | on Derivatives | Unrealized | ||||||||||||||||||||||||||||||||||
Recognized in | Depreciation on | ||||||||||||||||||||||||||||||||||||
Income | Derivatives | ||||||||||||||||||||||||||||||||||||
Recognized in | |||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | (134,336 | ) | $ | (29,457 | ) | ||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized loss on futures and forward contracts | (332,301 | ) | (85,093 | ) | ||||||||||||||||||||||||||||||||
Total | $ | (466,637 | ) | $ | (114,550 | ) | |||||||||||||||||||||||||||||||
Effects of Derivative Instruments on the Statement of Operations for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging | Location of Gain (Loss) on Derivatives | Net Realized | Net Change in | ||||||||||||||||||||||||||||||||||
Instruments under ASC 815 | Recognized in Income | Gain (Loss) on | Unrealized | ||||||||||||||||||||||||||||||||||
Derivatives | Appreciation on | ||||||||||||||||||||||||||||||||||||
Recognized in | Derivatives | ||||||||||||||||||||||||||||||||||||
Income | Recognized in | ||||||||||||||||||||||||||||||||||||
Income | |||||||||||||||||||||||||||||||||||||
Foreign exchange contracts | Net realized/unrealized loss on futures and forward contracts | $ | 141,902 | $ | 7,924 | ||||||||||||||||||||||||||||||||
Futures contracts | Net realized/unrealized gain (loss) on futures and forward contracts | (904,332 | ) | 736,978 | |||||||||||||||||||||||||||||||||
Total | $ | (762,430 | ) | $ | 744,902 | ||||||||||||||||||||||||||||||||
Gross and Net Unrealized Gains and Losses by Long and Short Positions | ' | ||||||||||||||||||||||||||||||||||||
Superfund Gold, L.P. – Series B gross and net unrealized gains and losses by long and short positions as of December 31, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | — | — | $ | — | — | $ | — | — | $ | (4 | ) | (0.0 | )* | $ | (4 | ) | ||||||||||||||||||||
Currency | 15,250 | 0.3 | (6,600 | ) | (0.2 | ) | 29,644 | 0.7 | (1,798 | ) | (0.0 | )* | 36,496 | ||||||||||||||||||||||||
Financial | — | — | (5,003 | ) | (0.1 | ) | 53,425 | 1.2 | (4,583 | ) | (0.1 | ) | 43,839 | ||||||||||||||||||||||||
Food & Fiber | — | — | (14,712 | ) | (0.3 | ) | 30,110 | 0.7 | — | — | 15,398 | ||||||||||||||||||||||||||
Indices | 100,168 | 2.3 | (7,596 | ) | (0.2 | ) | 56 | 0 | * | (4,739 | ) | (0.1 | ) | 87,889 | |||||||||||||||||||||||
Metals | 45,368 | 1 | (148,210 | ) | (3.4 | ) | 45,033 | 1 | (68,579 | ) | (1.6 | ) | (126,388 | ) | |||||||||||||||||||||||
Energy | 18,924 | 0.4 | (59,500 | ) | (1.4 | ) | — | — | — | — | (40,576 | ) | |||||||||||||||||||||||||
Livestock | — | — | (1,800 | ) | (0.0 | )* | — | — | — | — | (1,800 | ) | |||||||||||||||||||||||||
Totals | $ | 179,710 | 4.1 | $ | (243,421 | ) | (5.6 | ) | $ | 158,268 | 3.6 | $ | (79,703 | ) | (1.8 | ) | $ | 14,854 | |||||||||||||||||||
* | Due to rounding | ||||||||||||||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Long Positions Gross Unrealized | Short Positions Gross Unrealized | ||||||||||||||||||||||||||||||||||||
Gains | % of | Losses | % of | Gains | % of | Losses | % of | Net Unrealized | |||||||||||||||||||||||||||||
Net | Net | Net | Net | Gain (Loss) on | |||||||||||||||||||||||||||||||||
Assets | Assets | Assets | Assets | Open Positions | |||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 70,292 | 1 | $ | (7,278 | ) | (0.1 | ) | $ | 340 | 0 | * | $ | (33,901 | ) | (0.5 | ) | $ | 29,453 | ||||||||||||||||||
Currency | 33,075 | 0.5 | (37,250 | ) | (0.5 | ) | 112,884 | 1.5 | (956 | ) | (0.0 | )* | 107,753 | ||||||||||||||||||||||||
Financial | 70,501 | 1 | (6,272 | ) | (0.1 | ) | 580 | 0 | * | — | — | 64,809 | |||||||||||||||||||||||||
Food & Fiber | — | — | — | — | 51,849 | 0.7 | (1,383 | ) | (0.0 | )* | 50,466 | ||||||||||||||||||||||||||
Indices | 144,667 | 2 | (38,889 | ) | (0.6 | ) | — | — | (227 | ) | (0.0 | )* | 105,551 | ||||||||||||||||||||||||
Metals | 38,525 | 0.5 | (214,348 | ) | (3.0 | ) | 94,840 | 1.3 | (191,195 | ) | (2.7 | ) | (272,178 | ) | |||||||||||||||||||||||
Energy | 40,387 | 0.6 | (328 | ) | (0.0 | )* | 88,971 | 1.3 | (85,480 | ) | (1.2 | ) | 43,550 | ||||||||||||||||||||||||
Totals | $ | 397,447 | 5.6 | $ | (304,365 | ) | (4.3 | ) | $ | 349,464 | 4.8 | $ | (313,142 | ) | (4.4 | ) | $ | 129,404 | |||||||||||||||||||
Average Contract Volume by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Series B average* contract volume by market sector for the Year Ended December 31, 2013: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 23 | 17 | $ | 10 | $ | 25 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 173 | 87 | |||||||||||||||||||||||||||||||||||
Financial | 629 | 354 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 35 | 71 | |||||||||||||||||||||||||||||||||||
Indices | 547 | 45 | |||||||||||||||||||||||||||||||||||
Metals | 305 | 148 | |||||||||||||||||||||||||||||||||||
Livestock | 26 | 11 | |||||||||||||||||||||||||||||||||||
Energy | 130 | 87 | |||||||||||||||||||||||||||||||||||
Total | 1,868 | 820 | |||||||||||||||||||||||||||||||||||
Series B average* contract volume by market sector for the Year Ended December 31, 2012: | |||||||||||||||||||||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||||||||||||||
Number | Number | Value of | Value of | ||||||||||||||||||||||||||||||||||
of Long | of Short | Long | Short | ||||||||||||||||||||||||||||||||||
Contracts | Contracts | Positions | Positions | ||||||||||||||||||||||||||||||||||
Foreign Exchange | 45 | 41 | $ | 224,920 | $ | 223,010 | |||||||||||||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||||||||||||||
Number | Number | ||||||||||||||||||||||||||||||||||||
of Long | of Short | ||||||||||||||||||||||||||||||||||||
Contracts | Contracts | ||||||||||||||||||||||||||||||||||||
Currency | 376 | 430 | |||||||||||||||||||||||||||||||||||
Financial | 1,094 | 252 | |||||||||||||||||||||||||||||||||||
Food & Fiber | 41 | 82 | |||||||||||||||||||||||||||||||||||
Indices | 484 | 308 | |||||||||||||||||||||||||||||||||||
Metals | 336 | 109 | |||||||||||||||||||||||||||||||||||
Livestock | 14 | 50 | |||||||||||||||||||||||||||||||||||
Energy | 174 | 164 | |||||||||||||||||||||||||||||||||||
Total | 2,564 | 1,436 | |||||||||||||||||||||||||||||||||||
* | Based on quarterly holdings | ||||||||||||||||||||||||||||||||||||
Funds Trading Results by Market Sector | ' | ||||||||||||||||||||||||||||||||||||
Series B trading results by market sector: | |||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | (134,336 | ) | $ | (29,457 | ) | $ | (163,793 | ) | ||||||||||||||||||||||||||||
Currency | (181,550 | ) | (71,257 | ) | (252,807 | ) | |||||||||||||||||||||||||||||||
Financial | 245,298 | (20,970 | ) | 224,328 | |||||||||||||||||||||||||||||||||
Food & Fiber | (197,191 | ) | (35,068 | ) | (232,259 | ) | |||||||||||||||||||||||||||||||
Indices | 1,001,984 | (17,662 | ) | 984,322 | |||||||||||||||||||||||||||||||||
Metals | (1,091,413 | ) | 145,790 | (945,623 | ) | ||||||||||||||||||||||||||||||||
Livestock | 30,600 | (1,800 | ) | 28,800 | |||||||||||||||||||||||||||||||||
Energy | (140,029 | ) | (84,126 | ) | (224,155 | ) | |||||||||||||||||||||||||||||||
Total net trading losses | $ | (466,637 | ) | $ | (114,550 | ) | $ | (581,187 | ) | ||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||
Net Realized | Change in Net | Net Trading | |||||||||||||||||||||||||||||||||||
Gains (Losses) | Unrealized | Gains (Losses) | |||||||||||||||||||||||||||||||||||
Gains (Losses) | |||||||||||||||||||||||||||||||||||||
Foreign Exchange | $ | 141,902 | $ | 7,924 | $ | 149,826 | |||||||||||||||||||||||||||||||
Currency | (591,975 | ) | 34,851 | (557,124 | ) | ||||||||||||||||||||||||||||||||
Financial | 291,064 | 66,824 | 357,888 | ||||||||||||||||||||||||||||||||||
Food & Fiber | (330,604 | ) | 24,801 | (305,803 | ) | ||||||||||||||||||||||||||||||||
Indices | (73,502 | ) | 69,230 | (4,272 | ) | ||||||||||||||||||||||||||||||||
Metals | (529,466 | ) | 507,616 | (21,850 | ) | ||||||||||||||||||||||||||||||||
Livestock | (18,418 | ) | (9,280 | ) | (27,698 | ) | |||||||||||||||||||||||||||||||
Energy | 348,569 | 42,936 | 391,505 | ||||||||||||||||||||||||||||||||||
Total net trading gains (losses) | $ | (762,430 | ) | $ | 744,902 | $ | (17,528 | ) | |||||||||||||||||||||||||||||
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Summary of Financial Highlights | ' | ||||||||
Financial highlights for year ended December 31, 2013, are as follows: | |||||||||
SERIES A-1 | SERIES A-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees | (23.9 | )% | (22.3 | )% | |||||
Incentive fees | 0 | 0 | |||||||
Total return after incentive fees | (23.9 | )% | (22.3 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 6.9 | % | 4.9 | % | |||||
Incentive fees | 0 | 0 | |||||||
Total expenses | 6.9 | % | 4.9 | % | |||||
Net investment loss | (6.9 | )% | (4.9 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,423.03 | $ | 1,577.45 | |||||
Net investment loss | (88.81 | ) | (70.73 | ) | |||||
Net loss on investments | (250.76 | ) | (281.35 | ) | |||||
Net asset value per unit, end of year | $ | 1,083.46 | $ | 1,225.37 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (335.31 | ) | $ | (350.02 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (339.57 | ) | $ | (352.08 | ) | |||
Financial highlights for year ended December 31, 2013, are as follows: | |||||||||
SERIES B-1 | SERIES B-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees | (17.8 | )% | (16.1 | )% | |||||
Incentive fees | 0 | 0 | |||||||
Total return after incentive fees | (17.8 | )% | (16.1 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 7.9 | % | 6 | % | |||||
Incentive fees | 0 | 0 | |||||||
Total expenses | 7.9 | % | 6 | % | |||||
Net investment loss | (7.9 | )% | (6.0 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,110.58 | $ | 1,187.13 | |||||
Net investment loss | (83.79 | ) | (68.69 | ) | |||||
Net loss on investments | (113.59 | ) | (122.50 | ) | |||||
Net asset value per unit, end of year | $ | 913.2 | $ | 995.94 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (177.73 | ) | $ | (198.06 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (197.38 | ) | $ | (191.19 | ) | |||
Financial highlights for year ended December 31, 2012, are as follows: | |||||||||
SERIES A-1 | SERIES A-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees and MF Global | (4.8 | )% | (2.9 | )% | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0 | 0 | |||||||
Total return after incentive fees | (4.8 | )% | (2.9 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 7.2 | % | 5.1 | % | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0 | 0 | |||||||
Total expenses | 7.2 | % | 5.1 | % | |||||
Net investment loss | (7.2 | )% | (5.2 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,496.15 | $ | 1,625.63 | |||||
Net investment loss | (111.73 | ) | (87.81 | ) | |||||
Net gain on investments | 38.61 | 39.63 | |||||||
Net asset value per unit, end of year | $ | 1,423.03 | $ | 1,577.45 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (78.96 | ) | $ | (39.22 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (73.12 | ) | $ | (48.18 | ) | |||
Financial highlights for year ended December 31, 2012, are as follows: | |||||||||
SERIES B-1 | SERIES B-2 | ||||||||
Total return* | |||||||||
Total return before incentive fees and MF Global | (10.5 | )% | (8.7 | )% | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | -0.1 | (0.1 | ) | ||||||
Total return after incentive fees | (10.6 | )% | (8.8 | )% | |||||
Ratio to average partners’ capital | |||||||||
Operating expenses before incentive fees | 8.2 | % | 6.2 | % | |||||
Incentive fees | 0 | 0 | |||||||
MF Global | 0.1 | 0.1 | |||||||
Total expenses | 8.3 | % | 6.3 | % | |||||
Net investment loss | (8.2 | )% | (6.3 | )% | |||||
Net asset value per unit, beginning of year | $ | 1,241.61 | $ | 1,300.90 | |||||
Net investment loss | (104.78 | ) | (83.87 | ) | |||||
Net loss on investments | (26.25 | ) | (29.90 | ) | |||||
Net asset value per unit, end of year | $ | 1,110.58 | $ | 1,187.13 | |||||
* | Total return is calculated for each Series of the Fund taken as a whole. An individual investor’s return may vary from these returns based on the timing of capital transactions. | ||||||||
Other per Unit information: | |||||||||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | $ | (105.27 | ) | $ | (89.97 | ) | |||
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | $ | (131.03 | ) | $ | (113.77 | ) | |||
Condensed_Schedule_of_Investme
Condensed Schedule of Investments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.40% | |
Fair Value | ($2) | $80,400 | ||
Futures Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.30% | 0.40% | ||
Fair Value | -43,394 | 95,589 | ||
Unrealized Appreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.80% | |
Fair Value | 3 | 182,189 | ||
Unrealized Appreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.80% | |
Fair Value | 3 | 182,189 | ||
Unrealized Depreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.40% | |
Fair Value | -5 | -101,789 | ||
Unrealized Depreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.40% | |
Fair Value | -5 | -101,789 | ||
Futures Contracts Purchased | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -1.40% | -0.30% | ||
Fair Value | -189,031 | -59,542 | ||
Futures Contracts Purchased | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.20% | 0.00% | [1] | |
Fair Value | 20,369 | -10,164 | ||
Futures Contracts Purchased | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.50% | 0.40% | ||
Fair Value | -64,665 | 93,730 | ||
Futures Contracts Purchased | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.70% | ||
Fair Value | -11,330 | 157,123 | ||
Futures Contracts Purchased | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.20% | ' | ||
Fair Value | -30,514 | ' | ||
Futures Contracts Purchased | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 1.70% | 1.20% | ||
Fair Value | 212,720 | 269,955 | ||
Futures Contracts Purchased | Livestock | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | ' | |
Fair Value | -4,820 | ' | ||
Futures Contracts Purchased | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -2.50% | -2.60% | ||
Fair Value | -310,791 | -570,186 | ||
Futures Contracts Sold | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 1.10% | 0.70% | ||
Fair Value | 145,637 | 155,131 | ||
Futures Contracts Sold | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.50% | 1.20% | ||
Fair Value | 63,135 | 258,209 | ||
Futures Contracts Sold | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.80% | 0.00% | [1] | |
Fair Value | 104,221 | -2,904 | ||
Futures Contracts Sold | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.50% | 0.00% | [1] | |
Fair Value | 61,459 | 1,613 | ||
Futures Contracts Sold | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.50% | ||
Fair Value | -11,040 | 120,345 | ||
Futures Contracts Sold | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | ' | 0.00% | [1] | |
Fair Value | ' | -504 | ||
Futures Contracts Sold | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.60% | -1.00% | ||
Fair Value | -72,138 | -221,628 | ||
Futures And Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.30% | 0.80% | ||
Fair Value | -43,396 | 175,989 | ||
Futures And Forward Contracts | Australia | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.20% | ||
Fair Value | -17,985 | 33,214 | ||
Futures And Forward Contracts | European Monetary Union | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.10% | |
Fair Value | 268 | -22,837 | ||
Futures And Forward Contracts | UNITED KINGDOM | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.10% | |
Fair Value | 6,192 | -15,450 | ||
Futures And Forward Contracts | JAPAN | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.10% | 1.30% | ||
Fair Value | 13,085 | 282,720 | ||
Futures And Forward Contracts | UNITED STATES | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.80% | -1.30% | ||
Fair Value | -97,305 | -284,465 | ||
Futures And Forward Contracts | Other Countries | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.40% | 0.80% | ||
Fair Value | 52,349 | 182,807 | ||
SERIES A | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.30% | |
Fair Value | 2 | 50,947 | ||
SERIES A | Futures Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.70% | 0.00% | [1] | |
Fair Value | -58,252 | -4,362 | ||
SERIES A | Unrealized Appreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.70% | |
Fair Value | 3 | 111,557 | ||
SERIES A | Unrealized Appreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.70% | |
Fair Value | 3 | 111,557 | ||
SERIES A | Unrealized Depreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.40% | |
Fair Value | -1 | -60,610 | ||
SERIES A | Unrealized Depreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.40% | |
Fair Value | -1 | -60,610 | ||
SERIES A | Futures Contracts Purchased | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -1.50% | -0.50% | ||
Fair Value | -125,320 | -89,610 | ||
SERIES A | Futures Contracts Purchased | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.10% | 0.00% | [1] | |
Fair Value | 11,719 | -5,989 | ||
SERIES A | Futures Contracts Purchased | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.30% | 0.40% | ||
Fair Value | -24,089 | 53,671 | ||
SERIES A | Futures Contracts Purchased | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.60% | ||
Fair Value | -6,327 | 92,894 | ||
SERIES A | Futures Contracts Purchased | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.20% | ' | ||
Fair Value | -15,802 | ' | ||
SERIES A | Futures Contracts Purchased | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 1.40% | 1.10% | ||
Fair Value | 120,148 | 164,177 | ||
SERIES A | Futures Contracts Purchased | Livestock | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | ' | |
Fair Value | -3,020 | ' | ||
SERIES A | Futures Contracts Purchased | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -2.40% | -2.60% | ||
Fair Value | -207,949 | -394,363 | ||
SERIES A | Futures Contracts Sold | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.80% | 0.60% | ||
Fair Value | 67,068 | 85,248 | ||
SERIES A | Futures Contracts Sold | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.40% | 1.00% | ||
Fair Value | 35,289 | 146,281 | ||
SERIES A | Futures Contracts Sold | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.70% | -0.10% | ||
Fair Value | 55,379 | -6,395 | ||
SERIES A | Futures Contracts Sold | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.40% | 0.00% | [1] | |
Fair Value | 31,349 | 1,033 | ||
SERIES A | Futures Contracts Sold | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.50% | ||
Fair Value | -6,357 | 69,879 | ||
SERIES A | Futures Contracts Sold | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | ' | 0.00% | [1] | |
Fair Value | ' | -277 | ||
SERIES A | Futures Contracts Sold | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.60% | -0.80% | ||
Fair Value | -48,592 | -125,273 | ||
SERIES A | Futures And Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.70% | 0.30% | ||
Fair Value | -58,250 | 46,585 | ||
SERIES A | Futures And Forward Contracts | Australia | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.10% | ||
Fair Value | -10,382 | 18,911 | ||
SERIES A | Futures And Forward Contracts | European Monetary Union | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.10% | |
Fair Value | 124 | -13,510 | ||
SERIES A | Futures And Forward Contracts | UNITED KINGDOM | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.10% | |
Fair Value | 2,552 | -10,846 | ||
SERIES A | Futures And Forward Contracts | JAPAN | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.10% | 1.10% | ||
Fair Value | 9,002 | 170,893 | ||
SERIES A | Futures And Forward Contracts | UNITED STATES | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -1.10% | -1.40% | ||
Fair Value | -88,697 | -228,553 | ||
SERIES A | Futures And Forward Contracts | Other Countries | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.40% | 0.70% | ||
Fair Value | 29,151 | 109,690 | ||
SERIES B | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | 0.40% | |
Fair Value | -4 | 29,453 | ||
SERIES B | Futures Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.30% | 1.40% | ||
Fair Value | 14,858 | 99,951 | ||
SERIES B | Unrealized Appreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | ' | 1.00% | ||
Fair Value | ' | 70,632 | ||
SERIES B | Unrealized Appreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | ' | 1.00% | ||
Fair Value | ' | 70,632 | ||
SERIES B | Unrealized Depreciation on Open Forward Contracts | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.60% | |
Fair Value | -4 | -41,179 | ||
SERIES B | Unrealized Depreciation on Open Forward Contracts | Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.60% | |
Fair Value | -4 | -41,179 | ||
SERIES B | Futures Contracts Purchased | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -1.50% | 0.40% | ||
Fair Value | -63,711 | 30,068 | ||
SERIES B | Futures Contracts Purchased | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.20% | -0.10% | ||
Fair Value | 8,650 | -4,175 | ||
SERIES B | Futures Contracts Purchased | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.90% | 0.60% | ||
Fair Value | -40,576 | 40,059 | ||
SERIES B | Futures Contracts Purchased | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.90% | ||
Fair Value | -5,003 | 64,229 | ||
SERIES B | Futures Contracts Purchased | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.30% | ' | ||
Fair Value | -14,712 | ' | ||
SERIES B | Futures Contracts Purchased | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 2.10% | 1.50% | ||
Fair Value | 92,572 | 105,778 | ||
SERIES B | Futures Contracts Purchased | Livestock | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | ' | |
Fair Value | -1,800 | ' | ||
SERIES B | Futures Contracts Purchased | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -2.50% | -2.50% | ||
Fair Value | -102,842 | -175,823 | ||
SERIES B | Futures Contracts Sold | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 1.80% | 1.00% | ||
Fair Value | 78,569 | 69,883 | ||
SERIES B | Futures Contracts Sold | Currency | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.60% | 1.60% | ||
Fair Value | 27,846 | 111,928 | ||
SERIES B | Futures Contracts Sold | Energy | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 1.10% | 0.10% | ||
Fair Value | 48,842 | 3,491 | ||
SERIES B | Futures Contracts Sold | Financial | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.70% | 0.00% | [1] | |
Fair Value | 30,110 | 580 | ||
SERIES B | Futures Contracts Sold | Food And Fiber | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.10% | 0.70% | ||
Fair Value | -4,683 | 50,466 | ||
SERIES B | Futures Contracts Sold | Indices | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | ' | 0.00% | [1] | |
Fair Value | ' | -227 | ||
SERIES B | Futures Contracts Sold | Metals | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.50% | -1.40% | ||
Fair Value | -23,546 | -96,355 | ||
SERIES B | Futures And Forward Contracts | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.30% | 1.80% | ||
Fair Value | 14,854 | 129,404 | ||
SERIES B | Futures And Forward Contracts | Australia | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.20% | 0.20% | ||
Fair Value | -7,603 | 14,303 | ||
SERIES B | Futures And Forward Contracts | European Monetary Union | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.00% | [1] | -0.10% | |
Fair Value | 144 | -9,327 | ||
SERIES B | Futures And Forward Contracts | UNITED KINGDOM | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.10% | -0.10% | ||
Fair Value | 3,640 | -4,604 | ||
SERIES B | Futures And Forward Contracts | JAPAN | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.10% | 1.60% | ||
Fair Value | 4,083 | 111,827 | ||
SERIES B | Futures And Forward Contracts | UNITED STATES | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | -0.20% | -0.80% | ||
Fair Value | -8,608 | -55,912 | ||
SERIES B | Futures And Forward Contracts | Other Countries | ' | ' | ||
Summary of Investment Holdings [Line Items] | ' | ' | ||
Percentage of Net Assets | 0.50% | 1.00% | ||
Fair Value | $23,198 | $73,117 | ||
[1] | Due to rounding - amount is less than 0.05% |
Condensed_Schedule_of_Investme1
Condensed Schedule of Investments (Parenthetical) (Detail) (Maximum) | Dec. 31, 2013 | Dec. 31, 2012 |
Summary of Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | 0.05% | 0.05% |
SERIES A | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | 0.05% | 0.05% |
SERIES B | ' | ' |
Summary of Investment Holdings [Line Items] | ' | ' |
Percentage of Net Assets | 0.05% | 0.05% |
Statement_of_Changes_in_Net_As
Statement of Changes in Net Assets (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Decrease in net assets from operations | ' | ' |
Net investment loss | ($1,196,179) | ($1,831,216) |
Net realized loss on futures and forward contracts | -2,542,045 | -1,633,508 |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -219,385 | 1,995,277 |
Net decrease in net assets from operations | -3,957,609 | -1,469,447 |
Capital share transactions | ' | ' |
Issuance of Units | 2,375,231 | 3,810,089 |
Redemption of Units | -8,117,904 | -5,333,399 |
Net increase (decrease) in net assets from capital share transactions | -5,742,673 | -1,523,310 |
Net decrease in net assets | -9,700,282 | -2,992,757 |
Net assets, beginning of year | 22,366,689 | 25,359,446 |
Net assets, end of year | 12,666,407 | 22,366,689 |
SERIES A | ' | ' |
Decrease in net assets from operations | ' | ' |
Net investment loss | -779,934 | -1,140,104 |
Net realized loss on futures and forward contracts | -2,075,408 | -871,078 |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -104,835 | 1,250,375 |
Net decrease in net assets from operations | -2,960,177 | -760,807 |
Capital share transactions | ' | ' |
Issuance of Units | 1,173,915 | 2,783,531 |
Redemption of Units | -5,239,960 | -2,519,451 |
Net increase (decrease) in net assets from capital share transactions | -4,066,045 | 264,080 |
Net decrease in net assets | -7,026,222 | -496,727 |
Net assets, beginning of year | 15,322,426 | 15,819,153 |
Net assets, end of year | 8,296,204 | 15,322,426 |
Series A-1 | ' | ' |
Capital share transactions | ' | ' |
Net assets, beginning of year | 11,986,641 | ' |
Net assets, end of year | 6,261,154 | 11,986,641 |
Issuance of Units | 8,423.30 | 8,359.51 |
Issuance of Units | 339.09 | 1,481.65 |
Redemption of Units | -2,983.55 | -1,417.86 |
Series Units, end of year | 5,778.84 | 8,423.30 |
Series A-2 | ' | ' |
Capital share transactions | ' | ' |
Net assets, beginning of year | 3,335,785 | ' |
Net assets, end of year | 2,035,050 | 3,335,785 |
Issuance of Units | 2,114.67 | 2,037.42 |
Issuance of Units | 494.337 | 293.053 |
Redemption of Units | -948.246 | -215.808 |
Series Units, end of year | 1,660.76 | 2,114.67 |
SERIES B | ' | ' |
Decrease in net assets from operations | ' | ' |
Net investment loss | -416,245 | -691,112 |
Net realized loss on futures and forward contracts | -466,637 | -762,430 |
Net change in unrealized appreciation (depreciation) on futures and forward contracts | -114,550 | 744,902 |
Net decrease in net assets from operations | -997,432 | -708,640 |
Capital share transactions | ' | ' |
Issuance of Units | 1,201,316 | 1,026,558 |
Redemption of Units | -2,877,944 | -2,813,948 |
Net increase (decrease) in net assets from capital share transactions | -1,676,628 | -1,787,390 |
Net decrease in net assets | -2,674,060 | -2,496,030 |
Net assets, beginning of year | 7,044,263 | 9,540,293 |
Net assets, end of year | 4,370,203 | 7,044,263 |
Series B-1 | ' | ' |
Capital share transactions | ' | ' |
Net assets, beginning of year | 3,618,576 | ' |
Net assets, end of year | 1,689,188 | 3,618,576 |
Issuance of Units | 3,258.28 | 4,524.27 |
Issuance of Units | 184.07 | 309.453 |
Redemption of Units | -1,592.62 | -1,575.43 |
Series Units, end of year | 1,849.74 | 3,258.28 |
Series B-2 | ' | ' |
Capital share transactions | ' | ' |
Net assets, beginning of year | 3,425,687 | ' |
Net assets, end of year | $2,681,015 | $3,425,687 |
Issuance of Units | 2,885.69 | 3,015.56 |
Issuance of Units | 787.099 | 512.776 |
Redemption of Units | -980.835 | -642.644 |
Series Units, end of year | 2,691.95 | 2,885.69 |
Nature_of_Operations_Additiona
Nature of Operations - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | ' |
Percentage of Owning Units by Limited Partners of Outstanding Units of Each Series Having Right of Dissolution of Fund | 50.00% |
Minimum Notice Period for Dissolution | '90 days |
Minimum Aggregate Net Assets Position Not Resulting in Dissolution | $500,000 |
Period to Cease the General Partner of Fund | '120 days |
SERIES A | ' |
Limited Partners' Capital Account [Line Items] | ' |
Targeted Average Ratio of Margin to Equity Percentage | 20.00% |
SERIES B | ' |
Limited Partners' Capital Account [Line Items] | ' |
Targeted Average Ratio of Margin to Equity Percentage | 30.00% |
Leverage ratio used for implementation of fund's futures and forward trading program | 1.5 |
Basis_of_Presentation_and_Sign3
Basis of Presentation and Significant Accounting Policies - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Derivative Contracts Valued Using Level 3 Inputs During Period | $0 | $0 |
ADM Investor Services, Inc. | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 4,497,932 | ' |
ADM Investor Services, Inc. | SERIES A | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 2,493,850 | ' |
ADM Investor Services, Inc. | SERIES B | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 2,004,082 | ' |
Barclays Capital Inc. | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 621,042 | ' |
Barclays Capital Inc. | SERIES A | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 218,513 | ' |
Barclays Capital Inc. | SERIES B | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 402,529 | ' |
Citigroup Global Markets Inc | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 2,737,398 | ' |
Citigroup Global Markets Inc | SERIES A | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | 1,654,528 | ' |
Citigroup Global Markets Inc | SERIES B | ' | ' |
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items] | ' | ' |
Margin on deposit | $1,082,870 | ' |
Summary_of_Valuation_of_Funds_
Summary of Valuation of Fund's Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | $770,538 | $367,388 |
Total Liabilities Measured at Fair Value | 813,934 | 191,399 |
Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 434,347 | 30,068 |
Total Liabilities Measured at Fair Value | 623,378 | 89,610 |
Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 336,188 | 155,131 |
Total Liabilities Measured at Fair Value | 190,551 | ' |
Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 5 | 101,789 |
Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 182,189 |
Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 770,535 | 185,199 |
Total Liabilities Measured at Fair Value | 813,929 | 89,610 |
Fair Value, Inputs, Level 1 | Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 434,347 | 30,068 |
Total Liabilities Measured at Fair Value | 623,378 | 89,610 |
Fair Value, Inputs, Level 1 | Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 336,188 | 155,131 |
Total Liabilities Measured at Fair Value | 190,551 | ' |
Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 182,189 |
Total Liabilities Measured at Fair Value | 5 | 101,789 |
Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 5 | 101,789 |
Fair Value, Inputs, Level 2 | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 182,189 |
SERIES A | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 432,560 | 196,805 |
Total Liabilities Measured at Fair Value | 490,810 | 150,220 |
SERIES A | Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 254,637 | ' |
Total Liabilities Measured at Fair Value | 379,957 | 89,610 |
SERIES A | Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 177,920 | 85,248 |
Total Liabilities Measured at Fair Value | 110,852 | ' |
SERIES A | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 1 | 60,610 |
SERIES A | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 111,557 |
SERIES A | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 432,557 | 85,248 |
Total Liabilities Measured at Fair Value | 490,809 | 89,610 |
SERIES A | Fair Value, Inputs, Level 1 | Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 254,637 | ' |
Total Liabilities Measured at Fair Value | 379,957 | 89,610 |
SERIES A | Fair Value, Inputs, Level 1 | Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 177,920 | 85,248 |
Total Liabilities Measured at Fair Value | 110,852 | ' |
SERIES A | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 111,557 |
Total Liabilities Measured at Fair Value | 1 | 60,610 |
SERIES A | Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 1 | 60,610 |
SERIES A | Fair Value, Inputs, Level 2 | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 3 | 111,557 |
SERIES B | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 337,978 | 170,583 |
Total Liabilities Measured at Fair Value | 323,124 | 41,179 |
SERIES B | Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 179,710 | 30,068 |
Total Liabilities Measured at Fair Value | 243,421 | ' |
SERIES B | Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 158,268 | 69,883 |
Total Liabilities Measured at Fair Value | 79,699 | ' |
SERIES B | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 4 | 41,179 |
SERIES B | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | ' | 70,632 |
SERIES B | Fair Value, Inputs, Level 1 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 337,978 | 99,951 |
Total Liabilities Measured at Fair Value | 323,120 | ' |
SERIES B | Fair Value, Inputs, Level 1 | Futures Contracts Purchased | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 179,710 | 30,068 |
Total Liabilities Measured at Fair Value | 243,421 | ' |
SERIES B | Fair Value, Inputs, Level 1 | Futures Contracts Sold | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | 158,268 | 69,883 |
Total Liabilities Measured at Fair Value | 79,699 | ' |
SERIES B | Fair Value, Inputs, Level 2 | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | ' | 70,632 |
Total Liabilities Measured at Fair Value | 4 | 41,179 |
SERIES B | Fair Value, Inputs, Level 2 | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Liabilities Measured at Fair Value | 4 | 41,179 |
SERIES B | Fair Value, Inputs, Level 2 | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total Assets Measured at Fair Value | ' | $70,632 |
Fair_Value_of_Funds_Derivative
Fair Value of Fund's Derivatives by Instrument Type (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | $770,538 | $367,388 |
Liability Derivatives | -813,934 | -191,399 |
Net | -43,396 | 175,989 |
Foreign Exchange Contract | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 3 | 182,189 |
Net | 3 | 182,189 |
Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -5 | -101,789 |
Net | -5 | -101,789 |
Futures Contracts | Futures Contracts Purchased | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 434,347 | 30,068 |
Liability Derivatives | -623,378 | -89,610 |
Net | -189,031 | -59,542 |
Futures Contracts | Futures Contracts Sold | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 336,188 | 155,131 |
Liability Derivatives | -190,551 | ' |
Net | 145,637 | 155,131 |
SERIES A | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 432,560 | 196,805 |
Liability Derivatives | -490,810 | -150,220 |
Net | -58,250 | 46,585 |
SERIES A | Foreign Exchange Contract | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 3 | 111,557 |
Net | 3 | 111,557 |
SERIES A | Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -1 | -60,610 |
Net | -1 | -60,610 |
SERIES A | Futures Contracts | Futures Contracts Purchased | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 254,637 | ' |
Liability Derivatives | -379,957 | -89,610 |
Net | -125,320 | -89,610 |
SERIES A | Futures Contracts | Futures Contracts Sold | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 177,920 | 85,248 |
Liability Derivatives | -110,852 | ' |
Net | 67,068 | 85,248 |
SERIES B | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 337,978 | 170,583 |
Liability Derivatives | -323,124 | -41,179 |
Net | 14,854 | 129,404 |
SERIES B | Foreign Exchange Contract | Unrealized Appreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | ' | 70,632 |
Net | ' | 70,632 |
SERIES B | Foreign Exchange Contract | Unrealized Depreciation on Open Forward Contracts | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Liability Derivatives | -4 | -41,179 |
Net | -4 | -41,179 |
SERIES B | Futures Contracts | Futures Contracts Purchased | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 179,710 | 30,068 |
Liability Derivatives | -243,421 | ' |
Net | -63,711 | 30,068 |
SERIES B | Futures Contracts | Futures Contracts Sold | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Asset Derivatives | 158,268 | 69,883 |
Liability Derivatives | -79,699 | ' |
Net | $78,569 | $69,883 |
Effects_of_Derivative_Instrume
Effects of Derivative Instruments on Statement of Operations (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | ($2,542,045) | ($1,633,508) |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -219,385 | 1,995,277 |
Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -328,276 | 263,199 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -80,402 | 40,809 |
Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Futures Contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -2,213,769 | -1,896,707 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -138,983 | 1,954,468 |
SERIES A | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -2,075,408 | -871,078 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -104,835 | 1,250,375 |
SERIES A | Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -193,940 | 121,297 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -50,945 | 32,885 |
SERIES A | Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Futures Contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -1,881,468 | -992,375 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -53,890 | 1,217,490 |
SERIES B | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -466,637 | -762,430 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -114,550 | 744,902 |
SERIES B | Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Foreign Exchange Contract | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -134,336 | 141,902 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | -29,457 | 7,924 |
SERIES B | Net Realized/Unrealized Gain (Loss) on Futures and Forward Contracts | Futures Contracts | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gain (Loss) on Derivatives Recognized in Income | -332,301 | -904,332 |
Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | ($85,093) | $736,978 |
Gross_and_Net_Unrealized_Gains
Gross and Net Unrealized Gains and Losses by Long and Short Positions (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | ($43,396) | $175,989 | ||
Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -2 | 80,400 | ||
Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 83,504 | 248,045 | ||
Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 92,891 | 158,736 | ||
Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 30,945 | 120,345 | ||
Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 201,680 | 269,451 | ||
Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -382,929 | -791,814 | ||
Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -64,665 | 90,826 | ||
Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -4,820 | ' | ||
Long Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 434,349 | 982,834 | ||
Gains percentage of net assets | 3.40% | 4.40% | ||
Losses | -623,377 | -877,762 | ||
Loss percentage of net assets | -4.90% | -3.90% | ||
Long Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 3 | 181,362 | ||
Gains percentage of net assets | 0.00% | [1] | 0.80% | |
Losses | ' | -16,748 | ||
Loss percentage of net assets | ' | -0.10% | ||
Long Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 34,356 | 80,981 | ||
Gains percentage of net assets | 0.30% | 0.40% | ||
Losses | -13,987 | -91,145 | ||
Loss percentage of net assets | -0.10% | -0.40% | ||
Long Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 172,165 | ||
Gains percentage of net assets | ' | 0.80% | ||
Losses | -11,330 | -15,042 | ||
Loss percentage of net assets | -0.10% | -0.10% | ||
Long Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 4,780 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -35,294 | ' | ||
Loss percentage of net assets | -0.30% | ' | ||
Long Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 226,092 | 365,180 | ||
Gains percentage of net assets | 1.80% | 1.60% | ||
Losses | -13,372 | -95,225 | ||
Loss percentage of net assets | -0.10% | -0.40% | ||
Long Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 113,479 | 88,702 | ||
Gains percentage of net assets | 0.90% | 0.40% | ||
Losses | -424,270 | -658,888 | ||
Loss percentage of net assets | -3.30% | -2.90% | ||
Long Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 55,539 | 94,444 | ||
Gains percentage of net assets | 0.40% | 0.40% | ||
Losses | -120,204 | -714 | ||
Loss percentage of net assets | -0.90% | 0.00% | [1] | |
Long Position | Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 100 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -4,920 | ' | ||
Loss percentage of net assets | 0.00% | [1] | ' | |
Short Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 336,188 | 808,185 | ||
Gains percentage of net assets | 2.70% | 3.60% | ||
Losses | -190,556 | -737,268 | ||
Loss percentage of net assets | -1.50% | -3.30% | ||
Short Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 827 | ||
Gains percentage of net assets | ' | 0.00% | [1] | |
Losses | -5 | -85,041 | ||
Loss percentage of net assets | 0.00% | [1] | -0.40% | |
Short Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 67,051 | 260,503 | ||
Gains percentage of net assets | 0.50% | 1.20% | ||
Losses | -3,916 | -2,294 | ||
Loss percentage of net assets | 0.00% | [1] | 0.00% | [1] |
Short Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 115,315 | 1,613 | ||
Gains percentage of net assets | 0.90% | 0.00% | [1] | |
Losses | -11,094 | ' | ||
Loss percentage of net assets | -0.10% | ' | ||
Short Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 61,459 | 123,461 | ||
Gains percentage of net assets | 0.50% | 0.50% | ||
Losses | ' | -3,116 | ||
Loss percentage of net assets | ' | 0.00% | [1] | |
Short Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 168 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -11,208 | -504 | ||
Loss percentage of net assets | -0.10% | 0.00% | [1] | |
Short Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 92,195 | 226,985 | ||
Gains percentage of net assets | 0.70% | 1.00% | ||
Losses | -164,333 | -448,613 | ||
Loss percentage of net assets | -1.30% | -2.00% | ||
Short Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 194,796 | ||
Gains percentage of net assets | ' | 0.90% | ||
Losses | ' | -197,700 | ||
Loss percentage of net assets | ' | -0.90% | ||
SERIES A | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -58,250 | 46,585 | ||
SERIES A | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 2 | 50,947 | ||
SERIES A | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 47,008 | 140,292 | ||
SERIES A | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 49,052 | 93,927 | ||
SERIES A | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 15,547 | 69,879 | ||
SERIES A | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 113,791 | 163,900 | ||
SERIES A | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -256,541 | -519,636 | ||
SERIES A | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -24,089 | 47,276 | ||
SERIES A | Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -3,020 | ' | ||
SERIES A | Long Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 254,639 | 585,387 | ||
Gains percentage of net assets | 3.10% | 4.00% | ||
Losses | -379,956 | -573,397 | ||
Loss percentage of net assets | -4.60% | -3.90% | ||
SERIES A | Long Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 3 | 111,070 | ||
Gains percentage of net assets | 0.00% | [1] | 0.70% | |
Losses | ' | -9,470 | ||
Loss percentage of net assets | ' | -0.10% | ||
SERIES A | Long Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 19,106 | 47,906 | ||
Gains percentage of net assets | 0.20% | 0.40% | ||
Losses | -7,387 | -53,895 | ||
Loss percentage of net assets | -0.10% | -0.40% | ||
SERIES A | Long Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 101,664 | ||
Gains percentage of net assets | ' | 0.70% | ||
Losses | -6,327 | -8,770 | ||
Loss percentage of net assets | -0.10% | -0.10% | ||
SERIES A | Long Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 4,780 | ' | ||
Gains percentage of net assets | 0.10% | ' | ||
Losses | -20,582 | ' | ||
Loss percentage of net assets | -0.20% | ' | ||
SERIES A | Long Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 125,924 | 220,513 | ||
Gains percentage of net assets | 1.50% | 1.50% | ||
Losses | -5,776 | -56,336 | ||
Loss percentage of net assets | -0.10% | -0.40% | ||
SERIES A | Long Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 68,111 | 50,177 | ||
Gains percentage of net assets | 0.80% | 0.30% | ||
Losses | -276,060 | -444,540 | ||
Loss percentage of net assets | -3.30% | -2.90% | ||
SERIES A | Long Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 36,615 | 54,057 | ||
Gains percentage of net assets | 0.40% | 0.40% | ||
Losses | -60,704 | -386 | ||
Loss percentage of net assets | -0.70% | 0.00% | [1] | |
SERIES A | Long Position | Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 100 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -3,120 | ' | ||
Loss percentage of net assets | 0.00% | [1] | ' | |
SERIES A | Short Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 177,920 | 458,721 | ||
Gains percentage of net assets | 2.10% | 3.10% | ||
Losses | -110,853 | -424,126 | ||
Loss percentage of net assets | -1.30% | -2.80% | ||
SERIES A | Short Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 487 | ||
Gains percentage of net assets | ' | 0.00% | [1] | |
Losses | -1 | -51,140 | ||
Loss percentage of net assets | 0.00% | [1] | -0.30% | |
SERIES A | Short Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 37,407 | 147,619 | ||
Gains percentage of net assets | 0.50% | 1.00% | ||
Losses | -2,118 | -1,338 | ||
Loss percentage of net assets | 0.00% | [1] | 0.00% | [1] |
SERIES A | Short Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 61,890 | 1,033 | ||
Gains percentage of net assets | 0.70% | 0.00% | [1] | |
Losses | -6,511 | ' | ||
Loss percentage of net assets | -0.10% | ' | ||
SERIES A | Short Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 31,349 | 71,612 | ||
Gains percentage of net assets | 0.40% | 0.50% | ||
Losses | ' | -1,733 | ||
Loss percentage of net assets | ' | 0.00% | [1] | |
SERIES A | Short Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 112 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -6,469 | -277 | ||
Loss percentage of net assets | -0.10% | 0.00% | [1] | |
SERIES A | Short Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 47,162 | 132,145 | ||
Gains percentage of net assets | 0.60% | 0.90% | ||
Losses | -95,754 | -257,418 | ||
Loss percentage of net assets | -1.20% | -1.70% | ||
SERIES A | Short Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 105,825 | ||
Gains percentage of net assets | ' | 0.70% | ||
Losses | ' | -112,220 | ||
Loss percentage of net assets | ' | -0.80% | ||
SERIES B | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 14,854 | 129,404 | ||
SERIES B | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -4 | 29,453 | ||
SERIES B | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 36,496 | 107,753 | ||
SERIES B | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 43,839 | 64,809 | ||
SERIES B | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 15,398 | 50,466 | ||
SERIES B | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | 87,889 | 105,551 | ||
SERIES B | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -126,388 | -272,178 | ||
SERIES B | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -40,576 | 43,550 | ||
SERIES B | Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Net Unrealized Gain (Loss) on Open Positions | -1,800 | ' | ||
SERIES B | Long Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 179,710 | 397,447 | ||
Gains percentage of net assets | 4.10% | 5.60% | ||
Losses | -243,421 | -304,365 | ||
Loss percentage of net assets | -5.60% | -4.30% | ||
SERIES B | Long Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 70,292 | ||
Gains percentage of net assets | ' | 1.00% | ||
Losses | ' | -7,278 | ||
Loss percentage of net assets | ' | -0.10% | ||
SERIES B | Long Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 15,250 | 33,075 | ||
Gains percentage of net assets | 0.30% | 0.50% | ||
Losses | -6,600 | -37,250 | ||
Loss percentage of net assets | -0.20% | -0.50% | ||
SERIES B | Long Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 70,501 | ||
Gains percentage of net assets | ' | 1.00% | ||
Losses | -5,003 | -6,272 | ||
Loss percentage of net assets | -0.10% | -0.10% | ||
SERIES B | Long Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Losses | -14,712 | ' | ||
Loss percentage of net assets | -0.30% | ' | ||
SERIES B | Long Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 100,168 | 144,667 | ||
Gains percentage of net assets | 2.30% | 2.00% | ||
Losses | -7,596 | -38,889 | ||
Loss percentage of net assets | -0.20% | -0.60% | ||
SERIES B | Long Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 45,368 | 38,525 | ||
Gains percentage of net assets | 1.00% | 0.50% | ||
Losses | -148,210 | -214,348 | ||
Loss percentage of net assets | -3.40% | -3.00% | ||
SERIES B | Long Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 18,924 | 40,387 | ||
Gains percentage of net assets | 0.40% | 0.60% | ||
Losses | -59,500 | -328 | ||
Loss percentage of net assets | -1.40% | 0.00% | [1] | |
SERIES B | Long Position | Livestock | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Losses | -1,800 | ' | ||
Loss percentage of net assets | 0.00% | [1] | ' | |
SERIES B | Short Position | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 158,268 | 349,464 | ||
Gains percentage of net assets | 3.60% | 4.80% | ||
Losses | -79,703 | -313,142 | ||
Loss percentage of net assets | -1.80% | -4.40% | ||
SERIES B | Short Position | Foreign Exchange | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 340 | ||
Gains percentage of net assets | ' | 0.00% | [1] | |
Losses | -4 | -33,901 | ||
Loss percentage of net assets | 0.00% | [1] | -0.50% | |
SERIES B | Short Position | Currency | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 29,644 | 112,884 | ||
Gains percentage of net assets | 0.70% | 1.50% | ||
Losses | -1,798 | -956 | ||
Loss percentage of net assets | 0.00% | [1] | 0.00% | [1] |
SERIES B | Short Position | Financial | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 53,425 | 580 | ||
Gains percentage of net assets | 1.20% | 0.00% | [1] | |
Losses | -4,583 | ' | ||
Loss percentage of net assets | -0.10% | ' | ||
SERIES B | Short Position | Food And Fiber | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 30,110 | 51,849 | ||
Gains percentage of net assets | 0.70% | 0.70% | ||
Losses | ' | -1,383 | ||
Loss percentage of net assets | ' | 0.00% | [1] | |
SERIES B | Short Position | Indices | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 56 | ' | ||
Gains percentage of net assets | 0.00% | [1] | ' | |
Losses | -4,739 | -227 | ||
Loss percentage of net assets | -0.10% | 0.00% | [1] | |
SERIES B | Short Position | Metals | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | 45,033 | 94,840 | ||
Gains percentage of net assets | 1.00% | 1.30% | ||
Losses | -68,579 | -191,195 | ||
Loss percentage of net assets | -1.60% | -2.70% | ||
SERIES B | Short Position | Energy | ' | ' | ||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ||
Gains | ' | 88,971 | ||
Gains percentage of net assets | ' | 1.30% | ||
Losses | ' | ($85,480) | ||
Loss percentage of net assets | ' | -1.20% | ||
[1] | Due to rounding |
Average_Contract_Volume_by_Mar
Average Contract Volume by Market Sector (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Contract | Contract | |||
Long Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 4,326 | [1] | 5,676 | [1] |
Long Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 389 | [1] | 826 | [1] |
Long Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 1,448 | [1] | 2,395 | [1] |
Long Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 83 | [1] | 88 | [1] |
Long Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 1,274 | [1] | 1,087 | [1] |
Long Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 716 | [1] | 771 | [1] |
Long Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 66 | [1] | 31 | [1] |
Long Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 303 | [1] | 385 | [1] |
Long Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 47 | [1] | 93 | [1] |
Average Value of Positions | $23 | [1] | $495,922 | [1] |
Short Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 1,846 | [1] | 3,131 | [1] |
Short Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 201 | [1] | 930 | [1] |
Short Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 785 | [1] | 552 | [1] |
Short Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 163 | [1] | 182 | [1] |
Short Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 103 | [1] | 664 | [1] |
Short Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 347 | [1] | 240 | [1] |
Short Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 23 | [1] | 110 | [1] |
Short Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 190 | [1] | 368 | [1] |
Short Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 34 | [1] | 85 | [1] |
Average Value of Positions | 58 | [1] | 495,459 | [1] |
SERIES A | Long Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 2,458 | [1] | 3,112 | [1] |
SERIES A | Long Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 216 | [1] | 450 | [1] |
SERIES A | Long Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 819 | [1] | 1,301 | [1] |
SERIES A | Long Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 48 | [1] | 47 | [1] |
SERIES A | Long Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 727 | [1] | 603 | [1] |
SERIES A | Long Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 411 | [1] | 435 | [1] |
SERIES A | Long Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 40 | [1] | 17 | [1] |
SERIES A | Long Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 173 | [1] | 211 | [1] |
SERIES A | Long Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 24 | [1] | 48 | [1] |
Average Value of Positions | 13 | [1] | 271,002 | [1] |
SERIES A | Short Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 1,026 | [1] | 1,695 | [1] |
SERIES A | Short Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 114 | [1] | 500 | [1] |
SERIES A | Short Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 431 | [1] | 300 | [1] |
SERIES A | Short Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 92 | [1] | 100 | [1] |
SERIES A | Short Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 58 | [1] | 356 | [1] |
SERIES A | Short Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 199 | [1] | 131 | [1] |
SERIES A | Short Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 12 | [1] | 60 | [1] |
SERIES A | Short Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 103 | [1] | 204 | [1] |
SERIES A | Short Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 17 | [1] | 44 | [1] |
Average Value of Positions | 33 | [1] | 272,449 | [1] |
SERIES B | Long Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 1,868 | [1] | 2,564 | [1] |
SERIES B | Long Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 173 | [1] | 376 | [1] |
SERIES B | Long Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 629 | [1] | 1,094 | [1] |
SERIES B | Long Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 35 | [1] | 41 | [1] |
SERIES B | Long Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 547 | [1] | 484 | [1] |
SERIES B | Long Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 305 | [1] | 336 | [1] |
SERIES B | Long Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 26 | [1] | 14 | [1] |
SERIES B | Long Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 130 | [1] | 174 | [1] |
SERIES B | Long Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 23 | [1] | 45 | [1] |
Average Value of Positions | 10 | [1] | 224,920 | [1] |
SERIES B | Short Position | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 820 | [1] | 1,436 | [1] |
SERIES B | Short Position | Currency | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 87 | [1] | 430 | [1] |
SERIES B | Short Position | Financial | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 354 | [1] | 252 | [1] |
SERIES B | Short Position | Food And Fiber | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 71 | [1] | 82 | [1] |
SERIES B | Short Position | Indices | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 45 | [1] | 308 | [1] |
SERIES B | Short Position | Metals | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 148 | [1] | 109 | [1] |
SERIES B | Short Position | Livestock | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 11 | [1] | 50 | [1] |
SERIES B | Short Position | Energy | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 87 | [1] | 164 | [1] |
SERIES B | Short Position | Foreign Exchange | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Average Number of Contracts | 17 | [1] | 41 | [1] |
Average Value of Positions | $25 | [1] | $223,010 | [1] |
[1] | Based on quarterly holdings |
Funds_Trading_Results_by_Marke
Funds Trading Results by Market Sector (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | ($2,542,045) | ($1,633,508) |
Change in Net Unrealized Gains (Losses) | -219,385 | 1,995,277 |
Net Trading Gains (Losses) | -2,761,430 | 361,769 |
Foreign Exchange | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -328,276 | 263,199 |
Change in Net Unrealized Gains (Losses) | -80,402 | 40,809 |
Net Trading Gains (Losses) | -408,678 | 304,008 |
Currency | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -448,607 | -1,162,365 |
Change in Net Unrealized Gains (Losses) | -164,541 | 94,280 |
Net Trading Gains (Losses) | -613,148 | -1,068,085 |
Financial | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 644,407 | 639,203 |
Change in Net Unrealized Gains (Losses) | -65,845 | 164,793 |
Net Trading Gains (Losses) | 578,562 | 803,996 |
Food And Fiber | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -488,863 | -737,597 |
Change in Net Unrealized Gains (Losses) | -89,400 | 66,335 |
Net Trading Gains (Losses) | -578,263 | -671,262 |
Indices | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 2,340,038 | 26,837 |
Change in Net Unrealized Gains (Losses) | -67,771 | 202,387 |
Net Trading Gains (Losses) | 2,272,267 | 229,224 |
Metals | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -3,893,370 | -1,278,198 |
Change in Net Unrealized Gains (Losses) | 408,885 | 1,352,838 |
Net Trading Gains (Losses) | -3,484,485 | 74,640 |
Livestock | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 80,430 | -64,462 |
Change in Net Unrealized Gains (Losses) | -4,820 | -18,950 |
Net Trading Gains (Losses) | 75,610 | -83,412 |
Energy | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -447,804 | 679,875 |
Change in Net Unrealized Gains (Losses) | -155,491 | 92,785 |
Net Trading Gains (Losses) | -603,295 | 772,660 |
SERIES A | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -2,075,408 | -871,078 |
Change in Net Unrealized Gains (Losses) | -104,835 | 1,250,375 |
Net Trading Gains (Losses) | -2,180,243 | 379,297 |
SERIES A | Foreign Exchange | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -193,940 | 121,297 |
Change in Net Unrealized Gains (Losses) | -50,945 | 32,885 |
Net Trading Gains (Losses) | -244,885 | 154,182 |
SERIES A | Currency | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -267,057 | -570,390 |
Change in Net Unrealized Gains (Losses) | -93,284 | 59,429 |
Net Trading Gains (Losses) | -360,341 | -510,961 |
SERIES A | Financial | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 399,109 | 348,139 |
Change in Net Unrealized Gains (Losses) | -44,875 | 97,969 |
Net Trading Gains (Losses) | 354,234 | 446,108 |
SERIES A | Food And Fiber | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -291,672 | -406,993 |
Change in Net Unrealized Gains (Losses) | -54,332 | 41,534 |
Net Trading Gains (Losses) | -346,004 | -365,459 |
SERIES A | Indices | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 1,338,054 | 100,339 |
Change in Net Unrealized Gains (Losses) | -50,109 | 133,157 |
Net Trading Gains (Losses) | 1,287,945 | 233,496 |
SERIES A | Metals | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -2,801,957 | -748,732 |
Change in Net Unrealized Gains (Losses) | 263,095 | 845,222 |
Net Trading Gains (Losses) | -2,538,862 | 96,490 |
SERIES A | Livestock | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 49,830 | -46,044 |
Change in Net Unrealized Gains (Losses) | -3,020 | -9,670 |
Net Trading Gains (Losses) | 46,810 | -55,714 |
SERIES A | Energy | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -307,775 | 331,306 |
Change in Net Unrealized Gains (Losses) | -71,365 | 49,849 |
Net Trading Gains (Losses) | -379,140 | 381,155 |
SERIES B | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -466,637 | -762,430 |
Change in Net Unrealized Gains (Losses) | -114,550 | 744,902 |
Net Trading Gains (Losses) | -581,187 | -17,528 |
SERIES B | Foreign Exchange | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -134,336 | 141,902 |
Change in Net Unrealized Gains (Losses) | -29,457 | 7,924 |
Net Trading Gains (Losses) | -163,793 | 149,826 |
SERIES B | Currency | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -181,550 | -591,975 |
Change in Net Unrealized Gains (Losses) | -71,257 | 34,851 |
Net Trading Gains (Losses) | -252,807 | -557,124 |
SERIES B | Financial | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 245,298 | 291,064 |
Change in Net Unrealized Gains (Losses) | -20,970 | 66,824 |
Net Trading Gains (Losses) | 224,328 | 357,888 |
SERIES B | Food And Fiber | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -197,191 | -330,604 |
Change in Net Unrealized Gains (Losses) | -35,068 | 24,801 |
Net Trading Gains (Losses) | -232,259 | -305,803 |
SERIES B | Indices | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 1,001,984 | -73,502 |
Change in Net Unrealized Gains (Losses) | -17,662 | 69,230 |
Net Trading Gains (Losses) | 984,322 | -4,272 |
SERIES B | Metals | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -1,091,413 | -529,466 |
Change in Net Unrealized Gains (Losses) | 145,790 | 507,616 |
Net Trading Gains (Losses) | -945,623 | -21,850 |
SERIES B | Livestock | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | 30,600 | -18,418 |
Change in Net Unrealized Gains (Losses) | -1,800 | -9,280 |
Net Trading Gains (Losses) | 28,800 | -27,698 |
SERIES B | Energy | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Net Realized Gains (Losses) | -140,029 | 348,569 |
Change in Net Unrealized Gains (Losses) | -84,126 | 42,936 |
Net Trading Gains (Losses) | ($224,155) | $391,505 |
Due_From_To_Brokers_Additional
Due From To Brokers - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
Due to Brokers | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Related Party Transaction [Line Items] | ' | ' | ||
Incentive fees | 25.00% | ' | ||
Management fee | 2.25% | ' | ||
Offering expenses percentage | 0.75% | ' | ||
Maximum cumulative selling commission percentage | 10.00% | ' | ||
Superfund Capital Management | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Combined value | 954,464 | 1,215,022 | ||
Gains allocated to Units of Series A-1 and Series B-1 | 260,564 | 94,552 | ||
Series A-1 | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Incentive fees | 0.00% | [1] | 0.00% | [1] |
Selling commissions percentage | 2.00% | ' | ||
General partners ownership in capital accounts units issued percentage | 8.90% | 6.11% | ||
Series A-1 | Superfund Capital Management | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
General partners ownership in capital accounts units issued | 514.918 | 514.918 | ||
Series B-1 | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
Incentive fees | 0.00% | [1] | 0.00% | [1] |
Selling commissions percentage | 2.00% | ' | ||
General partners ownership in capital accounts units issued percentage | 23.50% | 13.33% | ||
Series B-1 | Superfund Capital Management | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ||
General partners ownership in capital accounts units issued | 434.258 | 434.258 | ||
[1] | Total return is calculated for each Series of the Fund taken as a whole. An individual investor's return may vary from these returns based on the timing of capital transactions. |
Financial_Highlights_Detail
Financial Highlights (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | |||
Limited Partners' Capital Account [Line Items] | ' | ' | ||
Incentive fees | 25.00% | ' | ||
Series A-1 | ' | ' | ||
Limited Partners' Capital Account [Line Items] | ' | ' | ||
Total return before incentive fees | -23.90% | [1] | -4.80% | [1] |
Incentive fees | 0.00% | [1] | 0.00% | [1] |
MF Global | ' | 0.00% | [1] | |
Total return after incentive fees | -23.90% | [1] | -4.80% | [1] |
Ratio to average partners' capital, Operating expenses before incentive fees | 6.90% | 7.20% | ||
Ratio to average partners' capital, Incentive fees | 0.00% | 0.00% | ||
Ratio to average partners' capital, MF Global | ' | 0.00% | ||
Ratio to average partners' capital, Total expenses | 6.90% | 7.20% | ||
Net investment loss | -6.90% | -7.20% | ||
Net asset value per unit, beginning of year | $1,423.03 | $1,496.15 | ||
Net investment loss | ($88.81) | ($111.73) | ||
Net gain on investments | ($250.76) | $38.61 | ||
Net asset value per unit, end of year | $1,083.46 | $1,423.03 | ||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | ($335.31) | [2] | ($78.96) | [2] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | ($339.57) | ($73.12) | ||
Series A-2 | ' | ' | ||
Limited Partners' Capital Account [Line Items] | ' | ' | ||
Total return before incentive fees | -22.30% | [1] | -2.90% | [1] |
Incentive fees | 0.00% | [1] | 0.00% | [1] |
MF Global | ' | 0.00% | [1] | |
Total return after incentive fees | -22.30% | [1] | -2.90% | [1] |
Ratio to average partners' capital, Operating expenses before incentive fees | 4.90% | 5.10% | ||
Ratio to average partners' capital, Incentive fees | 0.00% | 0.00% | ||
Ratio to average partners' capital, MF Global | ' | 0.00% | ||
Ratio to average partners' capital, Total expenses | 4.90% | 5.10% | ||
Net investment loss | -4.90% | -5.20% | ||
Net asset value per unit, beginning of year | $1,577.45 | $1,625.63 | ||
Net investment loss | ($70.73) | ($87.81) | ||
Net gain on investments | ($281.35) | $39.63 | ||
Net asset value per unit, end of year | $1,225.37 | $1,577.45 | ||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | ($350.02) | [3] | ($39.22) | [3] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | ($352.08) | ($48.18) | ||
Series B-1 | ' | ' | ||
Limited Partners' Capital Account [Line Items] | ' | ' | ||
Total return before incentive fees | -17.80% | [1] | -10.50% | [1] |
Incentive fees | 0.00% | [1] | 0.00% | [1] |
MF Global | ' | -0.10% | [1] | |
Total return after incentive fees | -17.80% | [1] | -10.60% | [1] |
Ratio to average partners' capital, Operating expenses before incentive fees | 7.90% | 8.20% | ||
Ratio to average partners' capital, Incentive fees | 0.00% | 0.00% | ||
Ratio to average partners' capital, MF Global | ' | 0.10% | ||
Ratio to average partners' capital, Total expenses | 7.90% | 8.30% | ||
Net investment loss | -7.90% | -8.20% | ||
Net asset value per unit, beginning of year | $1,110.58 | $1,241.61 | ||
Net investment loss | ($83.79) | ($104.78) | ||
Net gain on investments | ($113.59) | ($26.25) | ||
Net asset value per unit, end of year | $913.20 | $1,110.58 | ||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | ($177.73) | [4] | ($105.27) | [4] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | ($197.38) | ($131.03) | ||
Series B-2 | ' | ' | ||
Limited Partners' Capital Account [Line Items] | ' | ' | ||
Total return before incentive fees | -16.10% | [1] | -8.70% | [1] |
Incentive fees | 0.00% | [1] | 0.00% | [1] |
MF Global | ' | -0.10% | [1] | |
Total return after incentive fees | -16.10% | [1] | -8.80% | [1] |
Ratio to average partners' capital, Operating expenses before incentive fees | 6.00% | 6.20% | ||
Ratio to average partners' capital, Incentive fees | 0.00% | 0.00% | ||
Ratio to average partners' capital, MF Global | ' | 0.10% | ||
Ratio to average partners' capital, Total expenses | 6.00% | 6.30% | ||
Net investment loss | -6.00% | -6.30% | ||
Net asset value per unit, beginning of year | $1,187.13 | $1,300.90 | ||
Net investment loss | ($68.69) | ($83.87) | ||
Net gain on investments | ($122.50) | ($29.90) | ||
Net asset value per unit, end of year | $995.94 | $1,187.13 | ||
Net decrease in net assets from operations per Unit (based upon weighted average Number of Units during year) | ($198.06) | [5] | ($89.97) | [5] |
Net decrease in net assets from operations per Unit (based upon change in net asset value per Unit during year) | ($191.19) | ($113.77) | ||
[1] | Total return is calculated for each Series of the Fund taken as a whole. An individual investor's return may vary from these returns based on the timing of capital transactions. | |||
[2] | Weighted average number of Units outstanding for Series A-1 for the Years Ended December 31, 2013 and December 31, 2012: 7,041.299 and 8,629.77, respectively. | |||
[3] | Weighted average number of Units outstanding for Series A-2 for the Years Ended December 31, 2013 and December 31, 2012: 1,711.685 and 2,024.35, respectively. | |||
[4] | Weighted average number of Units outstanding for Series B-1 for the Years Ended December 31, 2013 and December 31, 2012: 2,318.575 and 4,102.09, respectively. | |||
[5] | Weighted average number of Units outstanding for Series B-2 for the Years Ended December 31, 2013 and December 31, 2012: 2,955.433 and 3,076.50, respectively. |
Financial_Instrument_Risk_Addi
Financial Instrument Risk - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Exchange Traded Futures | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | $770,534 |
Gross unrealized losses | 813,928 |
Non Exchange Traded Forwards | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | 3 |
Gross unrealized losses | 5 |
SERIES A | Exchange Traded Futures | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | 432,556 |
Gross unrealized losses | 490,808 |
SERIES A | Non Exchange Traded Forwards | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | 3 |
Gross unrealized losses | 1 |
SERIES B | Exchange Traded Futures | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | 337,978 |
Gross unrealized losses | 323,120 |
SERIES B | Non Exchange Traded Forwards | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Gross unrealized gains | 0 |
Gross unrealized losses | $4 |
Subscriptions_and_Redemptions_
Subscriptions and Redemptions - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Partners capital account redemptions | $8,117,904 | $5,333,399 |
Number of days for redemptions | '20 days | ' |
Net asset value per unit minimum decline rate | 50.00% | ' |
Minimum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Partners capital account redemptions | 1,000 | ' |
Maximum | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Partners capital account redemptions | $10,000 | ' |
Partners capital account, number of days for a written request for redemptions | '5 days | ' |
Maximum | Special Redemption Period | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Partners capital account, maximum number of days to notify partners about special redemption event | '7 days | ' |
Partners capital account, maximum number of business days to declare special redemption date | '10 days | ' |
Partners capital account, maximum number of business days from the date of suspension for special redemption date | '30 days | ' |
Partners capital account, maximum number of business days to mail notice of special redemption date | '10 days | ' |