Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'AAA Energy Opportunities Fund LLC | ' |
Entity Central Index Key | '0001529004 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 147,186.96 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Investment in Sydling AAA Master Fund LLC, at fair value (cost $141,477,962 and $173,959,066, respectively) | $123,299,455 | $155,211,763 |
Cash | 325,831 | 227,966 |
Receivable from Sydling AAA Master Fund LLC | 5,036,660 | 7,049,457 |
Total Assets | 128,661,946 | 162,489,186 |
LIABILITIES | ' | ' |
Subscriptions received in advance | 191,000 | 25,000 |
Redemptions payable | 4,792,054 | 6,779,022 |
Accrued expenses: | ' | ' |
Advisory fees | 160,382 | 202,827 |
Administrative fees | 53,461 | 67,609 |
Professional fees and other expenses | 165,594 | 202,965 |
Total Liabilities | 5,362,491 | 7,277,423 |
MEMBERS' CAPITAL | ' | ' |
Total Members' Capital | 123,299,455 | 155,211,763 |
Total Liabilities and Members' Capital | 128,661,946 | 162,489,186 |
Members' Capital per Redeemable Unit (based on 156,175.159 and 188,141.202 Redeemable Units) | $789.49 | $824.97 |
Member Designee | ' | ' |
MEMBERS' CAPITAL | ' | ' |
Total Members' Capital | 19,737 | 20,624 |
Special Member | ' | ' |
MEMBERS' CAPITAL | ' | ' |
Total Members' Capital | 200,358 | 209,363 |
Non-Managing Members | ' | ' |
MEMBERS' CAPITAL | ' | ' |
Total Members' Capital | $123,079,360 | $154,981,776 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Investment in Sydling AAA Master Fund LLC, cost (in dollars) | $141,477,962 | $173,959,066 |
Redeemable Units (in units) | 156,175.16 | 188,141.20 |
Member Designee | ' | ' |
Redeemable Units (in units) | 25 | 25 |
Special Member | ' | ' |
Redeemable Units (in units) | 253.781 | 253.781 |
Non-Managing Members | ' | ' |
Redeemable Units (in units) | 155,896.38 | 187,862.42 |
Statements_of_Operations_and_C
Statements of Operations and Changes in Members' Capital (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
INVESTMENT INCOME | ' | ' | ' | ' |
Interest allocated from Sydling AAA Master Fund LLC | $8,913 | $14,008 | $21,921 | $47,953 |
EXPENSES | ' | ' | ' | ' |
Expenses allocated from Sydling AAA Master Fund LLC | 1,253,833 | 2,341,606 | 2,629,153 | 4,782,205 |
Advisory fees | 503,345 | 890,545 | 1,062,366 | 1,813,733 |
Administrative fees | 167,782 | 296,848 | 354,122 | 604,578 |
Professional fees and other expenses | 92,290 | 103,125 | 179,166 | 206,250 |
Total Expenses | 2,017,250 | 3,632,124 | 4,224,807 | 7,406,766 |
NET INVESTMENT (LOSS) | -2,008,337 | -3,618,116 | -4,202,886 | -7,358,813 |
TRADING RESULTS | ' | ' | ' | ' |
Net realized gain/(loss) allocated from Sydling AAA Master Fund LLC | 145,101 | -5,602,365 | 2,326,697 | -14,989,984 |
Net change in unrealized appreciation/(depreciation) allocated from Sydling AAA Master Fund LLC | -1,496,212 | 7,191,040 | -4,102,569 | -1,675,367 |
Total Trading Results | -1,351,111 | 1,588,675 | -1,775,872 | -16,665,351 |
Net (loss) before incentive allocation to Special Member | -3,359,448 | -2,029,441 | -5,978,758 | -24,024,164 |
Net (loss) after incentive allocation to Special Member | -3,359,448 | -2,029,441 | -5,978,758 | -24,024,164 |
Subscriptions - Non-managing Members | 510,000 | 17,154,811 | 1,177,000 | 29,918,311 |
Redemptions - Non-managing Members | -11,602,446 | -30,889,453 | -27,110,550 | -44,972,177 |
Net (decrease) in Member's Capital | -14,451,894 | -15,764,083 | -31,912,308 | -39,078,030 |
Member's Capital, beginning of period | 137,751,349 | 237,156,632 | 155,211,763 | 260,470,579 |
Member's Capital, end of period | $123,299,455 | $221,392,549 | $123,299,455 | $221,392,549 |
Net (loss) per Redeemable Unit (in dollars per unit) | ($20.96) | ($7.72) | ($35.48) | ($87.94) |
Weighted average Redeemable Units outstanding (in units) | 162,860.39 | 261,379.01 | 172,825.60 | 267,844.74 |
General
General | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
General | ' | |||||||||||||
General | ' | |||||||||||||
1. General | ||||||||||||||
AAA Energy Opportunities Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 10, 2011. Trading operations of the Fund commenced on December 1, 2011. The Fund’s investment objective is to achieve capital appreciation through speculative trading, directly or indirectly, in commodity interests generally including, commodity futures and commodity option contracts on United States exchanges and certain foreign exchanges and swaps. The Fund intends to trade only energy and energy-related products but is authorized to trade commodity futures, swap and option contracts of any kind. The Fund privately and continually offers redeemable units of limited liability company interest in the Fund (“Redeemable Units”) to qualified investors and subscriptions are generally accepted monthly. There is no maximum number of Redeemable Units that may be sold by the Fund. The Fund invests substantially all of its assets in the Sydling AAA Master Fund LLC (“Master Fund”), also a Delaware limited liability company, which has the same investment objective as the Fund. The Master Fund’s Statement of Financial Condition, including Condensed Schedules of Investments and Statements of Operations and Changes in Members’ Capital are included herein. The percentage of the Master Fund’s capital owned by the Fund at June 30, 2014 and December 31, 2013 was 100%. The performance of the Fund is directly affected by the performance of the Master Fund. | ||||||||||||||
The Fund is member-managed for purposes of Delaware law. Pursuant to the Fund’s limited liability company agreement, as may be amended from time to time (the “LLC Agreement”), the members of the Fund (each, a “Member” and collectively, the “Members”) have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s commodity pool operator and trading manager. Sydling is registered with the Commodity Futures Trading Commission (“CFTC”) as a commodity pool operator and a commodity trading advisor and is a member of the National Futures Association (“NFA”) effective August 10, 2011. Sydling, a wholly owned subsidiary of UBS Alternatives LLC, was formed on August 4, 2011. UBS Alternatives LLC is a wholly owned subsidiary of UBS Americas Inc. which ultimately is a wholly owned subsidiary of UBS AG. | ||||||||||||||
BNY Mellon Investment Servicing (US) Inc. serves as administrator of the Fund. | ||||||||||||||
AAA Capital Management Advisors, Ltd. (the “Advisor”) serves as the trading advisor to the Fund and the Master Fund. In addition, the Advisor is also a special member of the Fund (in such capacity, the “Special Member”). | ||||||||||||||
Sydling and each Member share in the profits and losses of the Fund, after the allocation to the Special Member, if any, in proportion to the amount of limited liability company interest owned by each except that no Member shall be liable for obligations of the Fund in excess of such member’s capital contribution and profits, if any, net of distributions and losses, if any. | ||||||||||||||
The accompanying financial statements and notes are unaudited and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read in conjunction with the financial statements and notes included in the Fund’s Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (the “SEC”). | ||||||||||||||
The preparation of financial statements and accompanying notes in conformity with U.S. GAAP requires Sydling to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in financial statements and accompanying notes. As a result, actual results could differ from these estimates. | ||||||||||||||
Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. | ||||||||||||||
The Master Fund’s Statement of Financial Condition and Condensed Schedules of Investments as of June 30, 2014 and December 31, 2013 and Statements of Operations and Changes in Members’ Capital for the three and six months ended June 30, 2014 and 2013 are presented below: | ||||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Statements of Financial Condition | ||||||||||||||
(Unaudited) | ||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
ASSETS | ||||||||||||||
Cash (including restricted cash of $1,566,557 and $2,075,137, respectively) | $ | 127,334,296 | $ | 158,555,081 | ||||||||||
Future options purchased, at fair value (premiums paid $13,453,480 and $15,387,440, respectively) | 10,598,260 | 8,382,120 | ||||||||||||
Net unrealized appreciation on open futures contracts | — | 1,717,472 | ||||||||||||
Interest receivable | 14,594 | 1,672 | ||||||||||||
Total Assets | $ | 137,947,150 | $ | 168,656,345 | ||||||||||
LIABILITIES AND MEMBER’S CAPITAL | ||||||||||||||
Future options written, at fair value (premiums received $7,785,470 and $11,024,220, respectively) | $ | 2,602,136 | $ | 5,878,520 | ||||||||||
Net unrealized depreciation on open futures contracts | 6,572,831 | — | ||||||||||||
Redemptions payable | 5,036,660 | 7,049,457 | ||||||||||||
Accrued expenses: | ||||||||||||||
Brokerage fees | 375,409 | 474,646 | ||||||||||||
Professional fees and other expenses | 60,659 | 41,959 | ||||||||||||
Total Liabilities | 14,647,695 | 13,444,582 | ||||||||||||
MEMBER’S CAPITAL | ||||||||||||||
Non-Managing Members | 123,299,455 | 155,211,763 | ||||||||||||
Total Member’s Capital | 123,299,455 | 155,211,763 | ||||||||||||
Total Liabilities and Member’s Capital | $ | 137,947,150 | $ | 168,656,345 | ||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Condensed Schedule of Investments | ||||||||||||||
June 30, 2014 | ||||||||||||||
(Unaudited) | ||||||||||||||
Percent of | ||||||||||||||
Number of | Member’s | |||||||||||||
Contracts | Fair Value | Capital | ||||||||||||
FUTURE OPTIONS PURCHASED | ||||||||||||||
3,510 | ENERGY | |||||||||||||
Call | ||||||||||||||
931 | Crude Oil December 2014 | $ | 9,799,570 | 7.95 | % | |||||||||
578 | Other | 442,020 | 0.36 | % | ||||||||||
Total Call Options Purchased | 10,241,590 | 8.31 | % | |||||||||||
Put | ||||||||||||||
2,001 | Other | 356,670 | 0.29 | % | ||||||||||
Total Put Options Purchased | 356,670 | 0.29 | % | |||||||||||
Total Energy Options Purchased | 10,598,260 | 8.6 | % | |||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Premiums paid $13,453,480) | 10,598,260 | 8.6 | % | |||||||||||
FUTURE OPTIONS WRITTEN | ||||||||||||||
(3,053 | ) | ENERGY | ||||||||||||
Call | ||||||||||||||
(472 | ) | Other | (1,138,583 | ) | (0.92 | )% | ||||||||
Total Call Options Written | (1,138,583 | ) | (0.92 | )% | ||||||||||
Put | ||||||||||||||
(2,581 | ) | Other | (1,463,553 | ) | (1.19 | )% | ||||||||
Total Put Options Written | (1,463,553 | ) | (1.19 | )% | ||||||||||
Total Energy Options Written | (2,602,136 | ) | (2.11 | )% | ||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Premiums received $7,785,470) | (2,602,136 | ) | (2.11 | )% | ||||||||||
FUTURES CONTRACTS OWNED | ||||||||||||||
441 | ENERGY | 2,117,840 | 1.71 | % | ||||||||||
TOTAL FUTURES CONTRACTS OWNED | 2,117,840 | 1.71 | % | |||||||||||
FUTURES CONTRACTS SOLD | ||||||||||||||
(1,571 | ) | ENERGY | ||||||||||||
(1,079 | ) | WTI Crude August 2014 — December 2016 | (8,443,691 | ) | (6.85 | )% | ||||||||
(492 | ) | Other | (246,980 | ) | (0.20 | )% | ||||||||
TOTAL FUTURES CONTRACTS SOLD | (8,690,671 | ) | (7.05 | )% | ||||||||||
TOTAL FUTURES CONTRACTS | (6,572,831 | ) | (5.34 | )% | ||||||||||
TOTAL OPTIONS AND FUTURES | 1,423,293 | 1.15 | % | |||||||||||
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | 121,876,162 | 98.85 | % | |||||||||||
TOTAL MEMBER’S CAPITAL | $ | 123,299,455 | 100 | % | ||||||||||
Percentages shown represent a percentage of member’s capital as of June 30, 2014. | ||||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Condensed Schedule of Investments | ||||||||||||||
December 31, 2013 | ||||||||||||||
Percent of | ||||||||||||||
Number of | Member’s | |||||||||||||
Contracts | Fair Value | Capital | ||||||||||||
FUTURE OPTIONS PURCHASED | ||||||||||||||
2,053 | ENERGY | |||||||||||||
Call | ||||||||||||||
1,471 | Other | $ | 6,110,750 | 3.94 | % | |||||||||
Total Call Options Purchased | 6,110,750 | 3.94 | % | |||||||||||
Put | ||||||||||||||
582 | Other | 2,271,370 | 1.46 | % | ||||||||||
Total Put Options Purchased | 2,271,370 | 1.46 | % | |||||||||||
Total Energy Options Purchased | 8,382,120 | 5.4 | % | |||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Premiums paid $15,387,440) | 8,382,120 | 5.4 | % | |||||||||||
FUTURE OPTIONS WRITTEN | ||||||||||||||
(2,436 | ) | ENERGY | ||||||||||||
Call | ||||||||||||||
(1,405 | ) | Other | (2,041,620 | ) | (1.32 | )% | ||||||||
Total Call Options Purchased | (2,041,620 | ) | (1.32 | )% | ||||||||||
Put | ||||||||||||||
(1,031 | ) | Other | (3,836,900 | ) | (2.47 | )% | ||||||||
Total Put Options Purchased | (3,836,900 | ) | (2.47 | )% | ||||||||||
Total Energy Options Purchased | (5,878,520 | ) | (3.79 | )% | ||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Premiums received $11,024,220) | (5,878,520 | ) | (3.79 | )% | ||||||||||
FUTURES CONTRACTS OWNED | ||||||||||||||
1,330 | ENERGY | 558,030 | 0.36 | % | ||||||||||
TOTAL FUTURES CONTRACTS OWNED | 558,030 | 0.36 | % | |||||||||||
FUTURES CONTRACTS SOLD | ||||||||||||||
(1,560 | ) | ENERGY | 1,159,442 | 0.75 | % | |||||||||
TOTAL FUTURES CONTRACTS SOLD | 1,159,442 | 0.75 | % | |||||||||||
TOTAL FUTURES CONTRACTS | 1,717,472 | 1.11 | % | |||||||||||
TOTAL OPTIONS AND FUTURES | 4,221,072 | 2.72 | % | |||||||||||
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | 150,990,691 | 97.28 | % | |||||||||||
TOTAL MEMBER’S CAPITAL | $ | 155,211,763 | 100 | % | ||||||||||
Percentages shown represent a percentage of member’s capital as of December 31, 2013. | ||||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Statements of Operations and Changes in Member’s Capital | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
INVESTMENT INCOME | ||||||||||||||
Interest income | $ | 8,913 | $ | 14,008 | $ | 21,921 | $ | 47,953 | ||||||
EXPENSES | ||||||||||||||
Brokerage, clearing and transaction fees | 1,233,583 | 2,320,356 | 2,588,653 | 4,739,705 | ||||||||||
Professional fees | 20,250 | 21,250 | 40,500 | 42,500 | ||||||||||
Total Expenses | 1,253,833 | 2,341,606 | 2,629,153 | 4,782,205 | ||||||||||
NET INVESTMENT (LOSS) | (1,244,920 | ) | (2,327,598 | ) | (2,607,232 | ) | (4,734,252 | ) | ||||||
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS | ||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||
Options on futures | 296,090 | (240,212 | ) | 1,813,264 | (2,472,546 | ) | ||||||||
Futures | (150,989 | ) | (5,362,153 | ) | 513,433 | (12,517,438 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||
Options on futures | 3,872,854 | 2,023,127 | 4,187,734 | (5,480,005 | ) | |||||||||
Futures | (5,369,066 | ) | 5,167,913 | (8,290,303 | ) | 3,804,638 | ||||||||
Net Realized and Unrealized Gain/(Loss) from Derivative Instruments | (1,351,111 | ) | 1,588,675 | (1,775,872 | ) | (16,665,351 | ) | |||||||
Net (loss) | (2,596,031 | ) | (738,923 | ) | (4,383,104 | ) | (21,399,603 | ) | ||||||
INCREASE/(DECREASE) IN MEMBER’S CAPITAL FROM CAPITAL TRANSACTIONS | ||||||||||||||
Subscriptions | 510,000 | 17,154,811 | 1,177,000 | 29,918,311 | ||||||||||
Redemptions | (12,365,863 | ) | (32,224,507 | ) | (28,706,204 | ) | (47,685,810 | ) | ||||||
Net (Decrease) in Member’s Capital Derived from Capital Transactions | (11,855,863 | ) | (15,069,696 | ) | (27,529,204 | ) | (17,767,499 | ) | ||||||
Net (Decrease) in Member’s Capital | (14,451,894 | ) | (15,808,619 | ) | (31,912,308 | ) | (39,167,102 | ) | ||||||
Member’s Capital, Beginning of Period | 137,751,349 | 237,275,393 | 155,211,763 | 260,633,876 | ||||||||||
Member’s Capital, End of Period | $ | 123,299,455 | $ | 221,466,774 | $ | 123,299,455 | $ | 221,466,774 | ||||||
Financial_Highlights
Financial Highlights | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Financial Highlights | ' | |||||||||||||
Financial Highlights | ' | |||||||||||||
2. Financial Highlights | ||||||||||||||
Changes in the net asset value per Redeemable Unit for the three and six months ended June 30, 2014 and 2013 are as follows: | ||||||||||||||
Three | Three | Six | Six | |||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Per share operating performance: (a) | ||||||||||||||
Members’ capital per Redeemable Unit, beginning of period | $ | 810.45 | $ | 880.06 | $ | 824.97 | $ | 960.28 | ||||||
Income/(loss) from investment operations: | ||||||||||||||
Net investment income/(loss) and incentive allocation | (12.09 | ) | (13.36 | ) | (24.12 | ) | (26.93 | ) | ||||||
Net realized and unrealized gain/(loss) from investment activities | (8.87 | ) | 5.64 | (11.36 | ) | (61.01 | ) | |||||||
Total from investment operations | (20.96 | ) | (7.72 | ) | (35.48 | ) | (87.94 | ) | ||||||
Members’ capital per Redeemable Unit, end of period | $ | 789.49 | $ | 872.34 | $ | 789.49 | $ | 872.34 | ||||||
Ratio/Supplemental Data: (b) | ||||||||||||||
Ratio of net investment loss to average Members’ capital | (6.08 | )% | (6.31 | )% | (6.03 | )% | (6.19 | )% | ||||||
Ratio of total expenses to average Members’ capital | 6.11 | % | 6.34 | % | 6.06 | % | 6.23 | % | ||||||
Ratio of incentive allocation to average Members’ capital | — | % | — | % | — | % | — | % | ||||||
Ratio of total expenses and incentive allocation to average Members’ capital | 6.11 | % | 6.34 | % | 6.06 | % | 6.23 | % | ||||||
Total return before incentive allocation | (2.59 | )% | (0.88 | )% | (4.30 | )% | (9.16 | )% | ||||||
Incentive allocation | — | — | — | — | % | |||||||||
Total return after incentive allocation | (2.59 | )% | (0.88 | )% | (4.30 | )% | (9.16 | )% | ||||||
Members’ capital at end of period | $ | 123,299,455 | $ | 221,392,549 | $ | 123,299,455 | $ | 221,392,549 | ||||||
The computation of ratios to average Members’ capital and total return based on the amount of expenses and incentive allocation assessed to an individual Member’s capital may vary from these ratios and total return based on the timing of capital transactions. | ||||||||||||||
(a) Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month-end prior to the reduction of redeemed units. | ||||||||||||||
(b) The ratios to average Members’ capital are annualized. The average Members’ capital used in the above ratios is an average of each month-end Members’ capital during the period. | ||||||||||||||
Financial Highlights of the Master Fund: | ||||||||||||||
Three | Three | Six | Six | |||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Ratio/Supplemental Data: (a) | ||||||||||||||
Ratio of net investment (loss) to average member’s capital | (3.77 | )% | (4.06 | )% | (3.74 | )% | (3.98 | )% | ||||||
Ratio of total expenses to average member’s capital | 3.8 | % | 4.08 | % | 3.77 | % | 4.02 | % | ||||||
Total return | (2.03 | )% | (0.32 | )% | (3.22 | )% | (8.51 | )% | ||||||
Member’s capital at end of period | $ | 123,299,455 | $ | 221,466,774 | $ | 123,299,455 | $ | 221,466,774 | ||||||
Total return and the ratios to average member’s capital are calculated for investor’s capital taken as a whole. An individual investor’s capital may vary from these ratios and total return based on the timing of capital transactions. | ||||||||||||||
(a) The ratios to average Member’s capital are annualized. The average Member’s capital used in the above ratios is an average of each month-end member’s capital during the period. |
Trading_Activities
Trading Activities | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Trading Activities | ' | |||||||||||||
Trading Activities | ' | |||||||||||||
3. Trading Activities | ||||||||||||||
The Fund was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The Fund invests substantially all of its assets through a “master/feeder” structure. The Fund’s pro rata share of the results of the Master Fund’s trading activities is shown in the Fund’s Statements of Operations and Changes in Members’ Capital. | ||||||||||||||
The Customer Agreement between the Master Fund and UBS Securities LLC (“UBS Securities”), the Master Fund’s commodity broker, gives the Master Fund the legal right to net unrealized gains and losses on open futures contracts. Futures contracts are executed on exchanges and are typically liquidated by entering into offsetting contracts. The Master Fund nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts on the Master Fund’s Statements of Financial Condition. Options on futures contracts are settled on a gross basis and therefore are disclosed on a gross basis on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
All of the commodity interests owned by the Master Fund are held for trading purposes. The average number of futures contracts traded for the three months ended June 30, 2014 and 2013, based on a monthly calculation, was 4,315 and 8,866, respectively. The average number of options contracts traded for the three months ended June 30, 2014 and 2013, based on a monthly calculation, was 1,877 and 6,063, respectively. The average number of futures contracts traded for the six months ended June 30, 2014 and 2013, based on a monthly calculation, was 3,731 and 8,930, respectively. The average number of options contracts traded for the six months ended June 30, 2014 and 2013, based on a monthly calculation, was 1,609 and 5,712, respectively. | ||||||||||||||
The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of June 30, 2014 and December 31, 2013. | ||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
ASSETS | ||||||||||||||
Futures Contracts | ||||||||||||||
Energy | $ | 2,471,106 | $ | 2,678,080 | ||||||||||
Total unrealized appreciation on open futures contracts | $ | 2,471,106 | $ | 2,678,080 | ||||||||||
LIABILITIES | ||||||||||||||
Futures Contracts | ||||||||||||||
Energy | $ | (9,043,937 | ) | $ | (960,608 | ) | ||||||||
Total unrealized depreciation on open futures contracts | $ | (9,043,937 | ) | $ | (960,608 | ) | ||||||||
Net unrealized appreciation (depreciation) on open futures contracts * | $ | (6,572,831 | ) | $ | 1,717,472 | |||||||||
ASSETS | ||||||||||||||
Options Purchased | ||||||||||||||
Energy | $ | 10,598,260 | $ | 8,382,120 | ||||||||||
Options Purchased ** | $ | 10,598,260 | $ | 8,382,120 | ||||||||||
LIABILITIES | ||||||||||||||
Options Written | ||||||||||||||
Energy | $ | (2,602,136 | ) | $ | (5,878,520 | ) | ||||||||
Options Written *** | $ | (2,602,136 | ) | $ | (5,878,520 | ) | ||||||||
* These amounts are presented as “Net unrealized appreciation (depreciation) on open futures contracts” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
** These amounts are presented as “Future options purchased, at fair value” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
***These amounts are presented as “Future options written, at fair value” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2014 and 2013. | ||||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Sector | Gain/(loss) from | Gain/(loss) from | Gain/(loss) from | Gain/(loss) from | ||||||||||
trading | trading | trading | trading | |||||||||||
Energy | $ | (1,351,111 | ) | $ | 1,588,675 | $ | (1,775,872 | ) | $ | (16,665,351 | ) | |||
$ | (1,351,111 | )**** | $ | 1,588,675 | **** | $ | (1,775,872 | )**** | $ | (16,665,351 | )**** | |||
**** These amounts are presented as “Net Realized and Unrealized Gain/(Loss) from Derivative Instruments” on the Master Fund’s Statements of Operations and Changes in Members’ Capital. | ||||||||||||||
The volume of activity of futures and futures options that are presented in the Master Fund’s Condensed Schedule of Investments is consistent with the average monthly activity during the three and six months ended June 30, 2014 and 2013. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
4. Fair Value Measurements | ||||||||||||||
Fund Fair Value Measurements. The Fund values its investments at fair value, in accordance with U.S. GAAP, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. | ||||||||||||||
Various inputs are used in determining the fair value of the Fund’s investments which are summarized in the three broad levels listed below. | ||||||||||||||
Level 1 — quoted prices (unadjusted) in active markets for identical securities | ||||||||||||||
Level 2 — other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment spreads, credit risk, etc.) | ||||||||||||||
Level 3 — significant unobservable inputs (including Sydling’s own assumptions and indicative non-binding broker quotes) | ||||||||||||||
Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in its Statements of Financial Condition. The Fund determines the appropriate classes for those disclosures on the basis of the nature and risks of the assets and liabilities and their classification in the fair value hierarchy (i.e., Level 1, Level 2, and Level 3). | ||||||||||||||
The Fund values investments in the Master Fund, where there are no other rights or obligations inherent within the ownership interest held by the Fund, based on the end of the day net asset value of the Master Fund (Level 2). The value of the Fund’s investment in the Master Fund reflects its proportional interest in the Master Fund. As of and for the periods ended June 30, 2014 and December 31, 2013, the Fund did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets (Level 1) or priced at fair value using unobservable inputs through the application of Sydling’s assumptions and internal valuation pricing models (Level 3). | ||||||||||||||
The Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the periods ended June 30, 2014 and December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. | ||||||||||||||
Master Fund Fair Value Measurements. For assets and liabilities measured at fair value on a recurring basis during the period, the Master Fund provides quantitative disclosures about the fair value measurements separately for each class of assets and liabilities, as well as a reconciliation of beginning and ending balances of Level 3 assets and liabilities broken down by class. | ||||||||||||||
The Master Fund considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). As of and for the periods ended June 30, 2014 and December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations were not readily available and which were priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of Sydling’s assumptions and internal valuation pricing models (Level 3). The gross presentation of the fair value of the Master Fund’s derivatives by instrument type is shown in Note 3, “Trading Activities.” | ||||||||||||||
The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the periods ended June 30, 2014 and December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. | ||||||||||||||
The following is a summary of the Master Fund’s investments at fair value. The inputs or methodology used for valuing derivative instruments are not necessarily an indication of the risk associated with investing in those derivative instruments. | ||||||||||||||
ASSET TABLE (Unaudited) | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||||
Future Options Purchased | $ | 10,598,260 | $ | 10,598,260 | $ | — | $ | — | ||||||
Total Assets | $ | 10,598,260 | $ | 10,598,260 | $ | — | $ | — | ||||||
LIABILITIES TABLE (Unaudited) | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||||
Future Options Written | $ | (2,602,136 | ) | $ | (2,602,136 | ) | $ | — | $ | — | ||||
Futures Contracts | $ | (6,572,831 | ) | $ | (6,572,831 | ) | $ | — | $ | — | ||||
Total Liabilities | $ | (9,174,967 | ) | $ | (9,174,967 | ) | $ | — | $ | — | ||||
ASSET TABLE | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Future Options Purchased | $ | 8,382,120 | $ | 8,382,120 | $ | — | $ | — | ||||||
Futures Contracts | $ | 1,717,472 | $ | 1,717,472 | $ | — | $ | — | ||||||
Total Assets | $ | 10,099,592 | $ | 10,099,592 | $ | — | $ | — | ||||||
LIABILITIES TABLE | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Future Options Written | $ | (5,878,520 | ) | $ | (5,878,520 | ) | $ | — | $ | — | ||||
Total Liabilities | $ | (5,878,520 | ) | $ | (5,878,520 | ) | $ | — | $ | — | ||||
Financial_Instrument_Risks
Financial Instrument Risks | 6 Months Ended |
Jun. 30, 2014 | |
Financial Instrument Risks | ' |
Financial Instrument Risks | ' |
5. Financial Instrument Risks | |
In the normal course of business, the Master Fund is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forward, option and swap contracts, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures contracts and certain forward and option contracts. OTC contracts are negotiated between contracting parties and include swap contracts and certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. | |
The risk to an investor in the Master Fund is limited to the amount of such investor’s capital contribution to the Master Fund and its share of the Master Fund’s assets and undistributed profits. This limited liability is a consequence of the organization of the Master Fund as a limited liability company under Delaware law. | |
Market risk is the potential for changes in the value of the financial instruments traded by the Master Fund due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master Fund is exposed to a market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short. | |
Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Master Fund’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in its Statements of Financial Condition and not represented by the contract or notional amounts of the instruments. The Master Fund has credit risk and concentration risk because the sole counterparty or broker with respect to the Master Fund’s assets is UBS Securities or an affiliate thereof. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through UBS Securities, the Master Fund’s counterparty is an exchange or clearing organization. Futures contracts are conducted through regulated exchanges which have margin requirements, and are settled in cash on a daily basis, thereby minimizing credit risk. | |
The Advisor will concentrate the Master Fund’s trading in energy-related markets. Concentration in a limited number of commodity interests may subject the Master Fund’s account to greater volatility than if a more diversified portfolio of contracts were traded on behalf of the Master Fund. | |
As both a buyer and seller of options, the Master Fund pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Master Fund to potentially unlimited liability; for purchased options the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. As such, the Master Fund does not consider these contracts to be guarantees. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policies | ' |
Significant Accounting Policies | ' |
6. Significant Accounting Policies | |
The Fund’s and the Master Fund’s accounting policies are the same and are consistent with the accounting policies in the Fund’s financial statements on Form 10-K. | |
Statement of Cash Flows. The Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standards Codification (“ASC”) 230. | |
Investment in Master Fund. The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the capital of the Master Fund at June 30, 2014 and December 31, 2013. Valuation of securities held by the Master Fund is discussed in the Notes to the Master Fund’s financial statements. The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses. The performance of the Fund is directly attributable to the performance of the Master Fund. The Fund records its subscription and withdrawal of the capital account related to its investment in the Master Fund on the transaction date. The Master Fund will adjust the capital account of the Fund. Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund. | |
Subscriptions Received in Advance. Subscriptions received in advance represent amounts paid by the non-managing Members for a percentage ownership into the Fund which have not yet been added as Members’ capital as of June 30, 2014 and December 31, 2013. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Fund’s Statements of Financial Condition. | |
Redemptions Payable. Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective June 30, 2014 and December 31, 2013 have been reflected as redemptions payable in the Statements of Financial Condition. | |
Income Taxes. The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. | |
Sydling has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statements of Income. For the periods ended June 30, 2014 and December 31, 2013, the Master Fund did not incur any interest or penalties. | |
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies (Topic 946), which creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure non-controlling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. The Fund and the Master Fund are investment companies as described in ASU No. 2013-08. The Fund carries its investment in the Master Fund at fair value and therefore, there is no impact to the Fund’s financial statements as a result of adopting the pronouncement. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events | ' |
Subsequent Events | ' |
7. Subsequent Events | |
Sydling has evaluated the impact of all subsequent events on the Fund through the date of the filing. Subsequent to June 30, 2014, additional subscriptions were received from the non-managing Members totaling $260,000. Subsequent to June 30, 2014, redemptions of $7,266,694 will be paid to the non-managing Members. Sydling has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Significant Accounting Policies | ' |
Statement of Cash Flows | ' |
Statement of Cash Flows. The Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standards Codification (“ASC”) 230. | |
Investment in Master Fund | ' |
Investment in Master Fund. The Fund records its investment in the Master Fund at fair value and is represented by the Fund’s proportionate interest in the capital of the Master Fund at June 30, 2014 and December 31, 2013. Valuation of securities held by the Master Fund is discussed in the Notes to the Master Fund’s financial statements. The Fund records its pro rata share of the Master Fund’s income, expenses and realized and unrealized gains and losses. The performance of the Fund is directly attributable to the performance of the Master Fund. The Fund records its subscription and withdrawal of the capital account related to its investment in the Master Fund on the transaction date. The Master Fund will adjust the capital account of the Fund. Brokerage, clearing and transaction fees are incurred by the Master Fund and are reflected in the pro rata allocation received by the Fund from the Master Fund. | |
Subscriptions Received in Advance | ' |
Subscriptions Received in Advance. Subscriptions received in advance represent amounts paid by the non-managing Members for a percentage ownership into the Fund which have not yet been added as Members’ capital as of June 30, 2014 and December 31, 2013. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Fund’s Statements of Financial Condition. | |
Redemptions Payable | ' |
Redemptions Payable. Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity, capital withdrawals effective June 30, 2014 and December 31, 2013 have been reflected as redemptions payable in the Statements of Financial Condition. | |
Income Taxes | ' |
Income Taxes. The Fund is classified as a partnership for U.S. federal income tax purposes, and the Fund will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. | |
Sydling has analyzed the Master Fund’s tax positions for the open tax period and has concluded that no provision is required in the Master Fund’s financial statements. The Master Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in its Statements of Income. For the periods ended June 30, 2014 and December 31, 2013, the Master Fund did not incur any interest or penalties. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements. In June 2013, the FASB issued ASU No. 2013-08, Financial Services — Investment Companies (Topic 946), which creates a two-tiered approach to assess whether an entity is an investment company. The guidance will also require an investment company to measure non-controlling ownership interests in other investment companies at fair value and will require additional disclosures relating to investment company status, any changes thereto and information about financial support provided or contractually required to be provided to any of the investment company’s investees. The guidance is effective for financial statements with fiscal years beginning on or after December 15, 2013 and interim periods within those fiscal years. The Fund and the Master Fund are investment companies as described in ASU No. 2013-08. The Fund carries its investment in the Master Fund at fair value and therefore, there is no impact to the Fund’s financial statements as a result of adopting the pronouncement. |
General_Tables
General (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
General | ' | |||||||||||||
Statement of financial condition | ' | |||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Statements of Financial Condition | ||||||||||||||
(Unaudited) | ||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
ASSETS | ||||||||||||||
Cash (including restricted cash of $1,566,557 and $2,075,137, respectively) | $ | 127,334,296 | $ | 158,555,081 | ||||||||||
Future options purchased, at fair value (premiums paid $13,453,480 and $15,387,440, respectively) | 10,598,260 | 8,382,120 | ||||||||||||
Net unrealized appreciation on open futures contracts | — | 1,717,472 | ||||||||||||
Interest receivable | 14,594 | 1,672 | ||||||||||||
Total Assets | $ | 137,947,150 | $ | 168,656,345 | ||||||||||
LIABILITIES AND MEMBER’S CAPITAL | ||||||||||||||
Future options written, at fair value (premiums received $7,785,470 and $11,024,220, respectively) | $ | 2,602,136 | $ | 5,878,520 | ||||||||||
Net unrealized depreciation on open futures contracts | 6,572,831 | — | ||||||||||||
Redemptions payable | 5,036,660 | 7,049,457 | ||||||||||||
Accrued expenses: | ||||||||||||||
Brokerage fees | 375,409 | 474,646 | ||||||||||||
Professional fees and other expenses | 60,659 | 41,959 | ||||||||||||
Total Liabilities | 14,647,695 | 13,444,582 | ||||||||||||
MEMBER’S CAPITAL | ||||||||||||||
Non-Managing Members | 123,299,455 | 155,211,763 | ||||||||||||
Total Member’s Capital | 123,299,455 | 155,211,763 | ||||||||||||
Total Liabilities and Member’s Capital | $ | 137,947,150 | $ | 168,656,345 | ||||||||||
Condensed schedule of investments | ' | |||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Condensed Schedule of Investments | ||||||||||||||
June 30, 2014 | ||||||||||||||
(Unaudited) | ||||||||||||||
Percent of | ||||||||||||||
Number of | Member’s | |||||||||||||
Contracts | Fair Value | Capital | ||||||||||||
FUTURE OPTIONS PURCHASED | ||||||||||||||
3,510 | ENERGY | |||||||||||||
Call | ||||||||||||||
931 | Crude Oil December 2014 | $ | 9,799,570 | 7.95 | % | |||||||||
578 | Other | 442,020 | 0.36 | % | ||||||||||
Total Call Options Purchased | 10,241,590 | 8.31 | % | |||||||||||
Put | ||||||||||||||
2,001 | Other | 356,670 | 0.29 | % | ||||||||||
Total Put Options Purchased | 356,670 | 0.29 | % | |||||||||||
Total Energy Options Purchased | 10,598,260 | 8.6 | % | |||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Premiums paid $13,453,480) | 10,598,260 | 8.6 | % | |||||||||||
FUTURE OPTIONS WRITTEN | ||||||||||||||
(3,053 | ) | ENERGY | ||||||||||||
Call | ||||||||||||||
(472 | ) | Other | (1,138,583 | ) | (0.92 | )% | ||||||||
Total Call Options Written | (1,138,583 | ) | (0.92 | )% | ||||||||||
Put | ||||||||||||||
(2,581 | ) | Other | (1,463,553 | ) | (1.19 | )% | ||||||||
Total Put Options Written | (1,463,553 | ) | (1.19 | )% | ||||||||||
Total Energy Options Written | (2,602,136 | ) | (2.11 | )% | ||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Premiums received $7,785,470) | (2,602,136 | ) | (2.11 | )% | ||||||||||
FUTURES CONTRACTS OWNED | ||||||||||||||
441 | ENERGY | 2,117,840 | 1.71 | % | ||||||||||
TOTAL FUTURES CONTRACTS OWNED | 2,117,840 | 1.71 | % | |||||||||||
FUTURES CONTRACTS SOLD | ||||||||||||||
(1,571 | ) | ENERGY | ||||||||||||
(1,079 | ) | WTI Crude August 2014 — December 2016 | (8,443,691 | ) | (6.85 | )% | ||||||||
(492 | ) | Other | (246,980 | ) | (0.20 | )% | ||||||||
TOTAL FUTURES CONTRACTS SOLD | (8,690,671 | ) | (7.05 | )% | ||||||||||
TOTAL FUTURES CONTRACTS | (6,572,831 | ) | (5.34 | )% | ||||||||||
TOTAL OPTIONS AND FUTURES | 1,423,293 | 1.15 | % | |||||||||||
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | 121,876,162 | 98.85 | % | |||||||||||
TOTAL MEMBER’S CAPITAL | $ | 123,299,455 | 100 | % | ||||||||||
Percentages shown represent a percentage of member’s capital as of June 30, 2014. | ||||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Condensed Schedule of Investments | ||||||||||||||
December 31, 2013 | ||||||||||||||
Percent of | ||||||||||||||
Number of | Member’s | |||||||||||||
Contracts | Fair Value | Capital | ||||||||||||
FUTURE OPTIONS PURCHASED | ||||||||||||||
2,053 | ENERGY | |||||||||||||
Call | ||||||||||||||
1,471 | Other | $ | 6,110,750 | 3.94 | % | |||||||||
Total Call Options Purchased | 6,110,750 | 3.94 | % | |||||||||||
Put | ||||||||||||||
582 | Other | 2,271,370 | 1.46 | % | ||||||||||
Total Put Options Purchased | 2,271,370 | 1.46 | % | |||||||||||
Total Energy Options Purchased | 8,382,120 | 5.4 | % | |||||||||||
TOTAL FUTURE OPTIONS PURCHASED (Premiums paid $15,387,440) | 8,382,120 | 5.4 | % | |||||||||||
FUTURE OPTIONS WRITTEN | ||||||||||||||
(2,436 | ) | ENERGY | ||||||||||||
Call | ||||||||||||||
(1,405 | ) | Other | (2,041,620 | ) | (1.32 | )% | ||||||||
Total Call Options Purchased | (2,041,620 | ) | (1.32 | )% | ||||||||||
Put | ||||||||||||||
(1,031 | ) | Other | (3,836,900 | ) | (2.47 | )% | ||||||||
Total Put Options Purchased | (3,836,900 | ) | (2.47 | )% | ||||||||||
Total Energy Options Purchased | (5,878,520 | ) | (3.79 | )% | ||||||||||
TOTAL FUTURE OPTIONS WRITTEN (Premiums received $11,024,220) | (5,878,520 | ) | (3.79 | )% | ||||||||||
FUTURES CONTRACTS OWNED | ||||||||||||||
1,330 | ENERGY | 558,030 | 0.36 | % | ||||||||||
TOTAL FUTURES CONTRACTS OWNED | 558,030 | 0.36 | % | |||||||||||
FUTURES CONTRACTS SOLD | ||||||||||||||
(1,560 | ) | ENERGY | 1,159,442 | 0.75 | % | |||||||||
TOTAL FUTURES CONTRACTS SOLD | 1,159,442 | 0.75 | % | |||||||||||
TOTAL FUTURES CONTRACTS | 1,717,472 | 1.11 | % | |||||||||||
TOTAL OPTIONS AND FUTURES | 4,221,072 | 2.72 | % | |||||||||||
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | 150,990,691 | 97.28 | % | |||||||||||
TOTAL MEMBER’S CAPITAL | $ | 155,211,763 | 100 | % | ||||||||||
Percentages shown represent a percentage of member’s capital as of December 31, 2013. | ||||||||||||||
Statements of operations and changes in member's capital | ' | |||||||||||||
Sydling AAA Master Fund LLC | ||||||||||||||
Statements of Operations and Changes in Member’s Capital | ||||||||||||||
(Unaudited) | ||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
INVESTMENT INCOME | ||||||||||||||
Interest income | $ | 8,913 | $ | 14,008 | $ | 21,921 | $ | 47,953 | ||||||
EXPENSES | ||||||||||||||
Brokerage, clearing and transaction fees | 1,233,583 | 2,320,356 | 2,588,653 | 4,739,705 | ||||||||||
Professional fees | 20,250 | 21,250 | 40,500 | 42,500 | ||||||||||
Total Expenses | 1,253,833 | 2,341,606 | 2,629,153 | 4,782,205 | ||||||||||
NET INVESTMENT (LOSS) | (1,244,920 | ) | (2,327,598 | ) | (2,607,232 | ) | (4,734,252 | ) | ||||||
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS | ||||||||||||||
Net realized gain/(loss) from: | ||||||||||||||
Options on futures | 296,090 | (240,212 | ) | 1,813,264 | (2,472,546 | ) | ||||||||
Futures | (150,989 | ) | (5,362,153 | ) | 513,433 | (12,517,438 | ) | |||||||
Net change in unrealized appreciation/(depreciation) on: | ||||||||||||||
Options on futures | 3,872,854 | 2,023,127 | 4,187,734 | (5,480,005 | ) | |||||||||
Futures | (5,369,066 | ) | 5,167,913 | (8,290,303 | ) | 3,804,638 | ||||||||
Net Realized and Unrealized Gain/(Loss) from Derivative Instruments | (1,351,111 | ) | 1,588,675 | (1,775,872 | ) | (16,665,351 | ) | |||||||
Net (loss) | (2,596,031 | ) | (738,923 | ) | (4,383,104 | ) | (21,399,603 | ) | ||||||
INCREASE/(DECREASE) IN MEMBER’S CAPITAL FROM CAPITAL TRANSACTIONS | ||||||||||||||
Subscriptions | 510,000 | 17,154,811 | 1,177,000 | 29,918,311 | ||||||||||
Redemptions | (12,365,863 | ) | (32,224,507 | ) | (28,706,204 | ) | (47,685,810 | ) | ||||||
Net (Decrease) in Member’s Capital Derived from Capital Transactions | (11,855,863 | ) | (15,069,696 | ) | (27,529,204 | ) | (17,767,499 | ) | ||||||
Net (Decrease) in Member’s Capital | (14,451,894 | ) | (15,808,619 | ) | (31,912,308 | ) | (39,167,102 | ) | ||||||
Member’s Capital, Beginning of Period | 137,751,349 | 237,275,393 | 155,211,763 | 260,633,876 | ||||||||||
Member’s Capital, End of Period | $ | 123,299,455 | $ | 221,466,774 | $ | 123,299,455 | $ | 221,466,774 |
Financial_Highlights_Tables
Financial Highlights (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Financial Highlights | ' | |||||||||||||
Schedule of financial highlights reflecting changes in net asset value per Redeemable Unit and relevant ratios | ' | |||||||||||||
Three | Three | Six | Six | |||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Per share operating performance: (a) | ||||||||||||||
Members’ capital per Redeemable Unit, beginning of period | $ | 810.45 | $ | 880.06 | $ | 824.97 | $ | 960.28 | ||||||
Income/(loss) from investment operations: | ||||||||||||||
Net investment income/(loss) and incentive allocation | (12.09 | ) | (13.36 | ) | (24.12 | ) | (26.93 | ) | ||||||
Net realized and unrealized gain/(loss) from investment activities | (8.87 | ) | 5.64 | (11.36 | ) | (61.01 | ) | |||||||
Total from investment operations | (20.96 | ) | (7.72 | ) | (35.48 | ) | (87.94 | ) | ||||||
Members’ capital per Redeemable Unit, end of period | $ | 789.49 | $ | 872.34 | $ | 789.49 | $ | 872.34 | ||||||
Ratio/Supplemental Data: (b) | ||||||||||||||
Ratio of net investment loss to average Members’ capital | (6.08 | )% | (6.31 | )% | (6.03 | )% | (6.19 | )% | ||||||
Ratio of total expenses to average Members’ capital | 6.11 | % | 6.34 | % | 6.06 | % | 6.23 | % | ||||||
Ratio of incentive allocation to average Members’ capital | — | % | — | % | — | % | — | % | ||||||
Ratio of total expenses and incentive allocation to average Members’ capital | 6.11 | % | 6.34 | % | 6.06 | % | 6.23 | % | ||||||
Total return before incentive allocation | (2.59 | )% | (0.88 | )% | (4.30 | )% | (9.16 | )% | ||||||
Incentive allocation | — | — | — | — | % | |||||||||
Total return after incentive allocation | (2.59 | )% | (0.88 | )% | (4.30 | )% | (9.16 | )% | ||||||
Members’ capital at end of period | $ | 123,299,455 | $ | 221,392,549 | $ | 123,299,455 | $ | 221,392,549 | ||||||
The computation of ratios to average Members’ capital and total return based on the amount of expenses and incentive allocation assessed to an individual Member’s capital may vary from these ratios and total return based on the timing of capital transactions. | ||||||||||||||
(a) Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month-end prior to the reduction of redeemed units. | ||||||||||||||
(b) The ratios to average Members’ capital are annualized. The average Members’ capital used in the above ratios is an average of each month-end Members’ capital during the period. | ||||||||||||||
Master Fund | ' | |||||||||||||
Financial Highlights | ' | |||||||||||||
Schedule of financial highlights reflecting changes in net asset value per Redeemable Unit and relevant ratios | ' | |||||||||||||
Three | Three | Six | Six | |||||||||||
Months Ended | Months Ended | Months Ended | Months Ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Ratio/Supplemental Data: (a) | ||||||||||||||
Ratio of net investment (loss) to average member’s capital | (3.77 | )% | (4.06 | )% | (3.74 | )% | (3.98 | )% | ||||||
Ratio of total expenses to average member’s capital | 3.8 | % | 4.08 | % | 3.77 | % | 4.02 | % | ||||||
Total return | (2.03 | )% | (0.32 | )% | (3.22 | )% | (8.51 | )% | ||||||
Member’s capital at end of period | $ | 123,299,455 | $ | 221,466,774 | $ | 123,299,455 | $ | 221,466,774 | ||||||
Total return and the ratios to average member’s capital are calculated for investor’s capital taken as a whole. An individual investor’s capital may vary from these ratios and total return based on the timing of capital transactions. | ||||||||||||||
(a) The ratios to average Member’s capital are annualized. The average Member’s capital used in the above ratios is an average of each month-end member’s capital during the period. |
Trading_Activities_Tables
Trading Activities (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Trading Activities | ' | |||||||||||||
Schedule of gross fair values of derivative instruments of futures and options contracts as separate assets and liabilities | ' | |||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||
ASSETS | ||||||||||||||
Futures Contracts | ||||||||||||||
Energy | $ | 2,471,106 | $ | 2,678,080 | ||||||||||
Total unrealized appreciation on open futures contracts | $ | 2,471,106 | $ | 2,678,080 | ||||||||||
LIABILITIES | ||||||||||||||
Futures Contracts | ||||||||||||||
Energy | $ | (9,043,937 | ) | $ | (960,608 | ) | ||||||||
Total unrealized depreciation on open futures contracts | $ | (9,043,937 | ) | $ | (960,608 | ) | ||||||||
Net unrealized appreciation (depreciation) on open futures contracts * | $ | (6,572,831 | ) | $ | 1,717,472 | |||||||||
ASSETS | ||||||||||||||
Options Purchased | ||||||||||||||
Energy | $ | 10,598,260 | $ | 8,382,120 | ||||||||||
Options Purchased ** | $ | 10,598,260 | $ | 8,382,120 | ||||||||||
LIABILITIES | ||||||||||||||
Options Written | ||||||||||||||
Energy | $ | (2,602,136 | ) | $ | (5,878,520 | ) | ||||||||
Options Written *** | $ | (2,602,136 | ) | $ | (5,878,520 | ) | ||||||||
* These amounts are presented as “Net unrealized appreciation (depreciation) on open futures contracts” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
** These amounts are presented as “Future options purchased, at fair value” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
***These amounts are presented as “Future options written, at fair value” on the Master Fund’s Statements of Financial Condition. | ||||||||||||||
Schedule of trading gains and losses, by market sector, on derivative instruments | ' | |||||||||||||
Three months ended | Three months ended | Six months ended | Six months ended | |||||||||||
June 30, 2014 | June 30, 2013 | June 30, 2014 | June 30, 2013 | |||||||||||
Sector | Gain/(loss) from | Gain/(loss) from | Gain/(loss) from | Gain/(loss) from | ||||||||||
trading | trading | trading | trading | |||||||||||
Energy | $ | (1,351,111 | ) | $ | 1,588,675 | $ | (1,775,872 | ) | $ | (16,665,351 | ) | |||
$ | (1,351,111 | )**** | $ | 1,588,675 | **** | $ | (1,775,872 | )**** | $ | (16,665,351 | )**** | |||
**** These amounts are presented as “Net Realized and Unrealized Gain/(Loss) from Derivative Instruments” on the Master Fund’s Statements of Operations and Changes in Members’ Capital. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Jun. 30, 2014 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Summary of the fund's investments at fair value | ' | |||||||||||||
ASSET TABLE (Unaudited) | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||||
Future Options Purchased | $ | 10,598,260 | $ | 10,598,260 | $ | — | $ | — | ||||||
Total Assets | $ | 10,598,260 | $ | 10,598,260 | $ | — | $ | — | ||||||
LIABILITIES TABLE (Unaudited) | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
June 30, 2014 | ||||||||||||||
Future Options Written | $ | (2,602,136 | ) | $ | (2,602,136 | ) | $ | — | $ | — | ||||
Futures Contracts | $ | (6,572,831 | ) | $ | (6,572,831 | ) | $ | — | $ | — | ||||
Total Liabilities | $ | (9,174,967 | ) | $ | (9,174,967 | ) | $ | — | $ | — | ||||
ASSET TABLE | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Future Options Purchased | $ | 8,382,120 | $ | 8,382,120 | $ | — | $ | — | ||||||
Futures Contracts | $ | 1,717,472 | $ | 1,717,472 | $ | — | $ | — | ||||||
Total Assets | $ | 10,099,592 | $ | 10,099,592 | $ | — | $ | — | ||||||
LIABILITIES TABLE | ||||||||||||||
Description | Total Fair Value at | Level 1 | Level 2 | Level 3 | ||||||||||
December 31, 2013 | ||||||||||||||
Future Options Written | $ | (5,878,520 | ) | $ | (5,878,520 | ) | $ | — | $ | — | ||||
Total Liabilities | $ | (5,878,520 | ) | $ | (5,878,520 | ) | $ | — | $ | — |
General_Details
General (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
General | ' | ' | ' | ' | ' | ' |
Maximum number of Redeemable Units that may be sold by the Fund | 0 | ' | ' | ' | ' | ' |
Number of members to be liable for obligations of the Fund in excess of capital contribution and profits | 0 | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Total Assets | $128,661,946 | $162,489,186 | ' | ' | ' | ' |
LIABILITIES AND MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Redemptions payable | 4,792,054 | 6,779,022 | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' | ' |
Professional fees and other expenses | 165,594 | 202,965 | ' | ' | ' | ' |
Total Liabilities | 5,362,491 | 7,277,423 | ' | ' | ' | ' |
MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Total Member's Capital | 123,299,455 | 155,211,763 | 137,751,349 | 221,392,549 | 237,156,632 | 260,470,579 |
Total Liabilities and Members' Capital | 128,661,946 | 162,489,186 | ' | ' | ' | ' |
Non-Managing Members | ' | ' | ' | ' | ' | ' |
MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Total Member's Capital | 123,079,360 | 154,981,776 | ' | ' | ' | ' |
Sydling AAA Master Fund LLC | ' | ' | ' | ' | ' | ' |
Statement | ' | ' | ' | ' | ' | ' |
Ownership percentage in Master fund | 100.00% | 100.00% | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' | ' |
Cash (including restricted cash of $1,566,557 and $2,075,137, respectively) | 127,334,296 | 158,555,081 | ' | ' | ' | ' |
Future options purchased, at fair value (premiums paid $13,453,480 and $15,387,440, respectively) | 10,598,260 | 8,382,120 | ' | ' | ' | ' |
Net unrealized appreciation on open futures contracts | ' | 1,717,472 | ' | ' | ' | ' |
Interest receivable | 14,594 | 1,672 | ' | ' | ' | ' |
Total Assets | 137,947,150 | 168,656,345 | ' | ' | ' | ' |
LIABILITIES AND MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Future options written, at fair value (premiums received $7,785,470 and $11,024,220, respectively) | 2,602,136 | 5,878,520 | ' | ' | ' | ' |
Net unrealized depreciation on open futures contracts | 6,572,831 | ' | ' | ' | ' | ' |
Redemptions payable | 5,036,660 | 7,049,457 | ' | ' | ' | ' |
Accrued expenses: | ' | ' | ' | ' | ' | ' |
Brokerage fees | 375,409 | 474,646 | ' | ' | ' | ' |
Professional fees and other expenses | 60,659 | 41,959 | ' | ' | ' | ' |
Total Liabilities | 14,647,695 | 13,444,582 | ' | ' | ' | ' |
MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Total Member's Capital | 123,299,455 | 155,211,763 | 137,751,349 | 221,466,774 | 237,275,393 | 260,633,876 |
Total Liabilities and Members' Capital | 137,947,150 | 168,656,345 | ' | ' | ' | ' |
Sydling AAA Master Fund LLC | Non-Managing Members | ' | ' | ' | ' | ' | ' |
MEMBER'S CAPITAL | ' | ' | ' | ' | ' | ' |
Total Member's Capital | $123,299,455 | $155,211,763 | ' | ' | ' | ' |
General_Details_2
General (Details 2) (Sydling AAA Master Fund LLC, USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Sydling AAA Master Fund LLC | ' | ' |
Restricted cash | $1,566,557 | $2,075,137 |
Premiums paid | 13,453,480 | 15,387,440 |
Premiums received | $7,785,470 | $11,024,220 |
General_Details_3
General (Details 3) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Total Member's Capital | $123,299,455 | $137,751,349 | $155,211,763 | $221,392,549 | $237,156,632 | $260,470,579 |
Sydling AAA Master Fund LLC | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Options Purchased | 10,598,260 | ' | 8,382,120 | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -2,602,136 | ' | -5,878,520 | ' | ' | ' |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | 121,876,162 | ' | 150,990,691 | ' | ' | ' |
Total Member's Capital | 123,299,455 | 137,751,349 | 155,211,763 | 221,466,774 | 237,275,393 | 260,633,876 |
Other assets in excess of other liabilities as percent of member's capital | 98.85% | ' | 97.28% | ' | ' | ' |
Member's capital as percent of investments | 100.00% | ' | 100.00% | ' | ' | ' |
Premiums paid | 13,453,480 | ' | 15,387,440 | ' | ' | ' |
Premiums received | 7,785,470 | ' | 11,024,220 | ' | ' | ' |
Sydling AAA Master Fund LLC | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Options Purchased | 10,598,260 | ' | 8,382,120 | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -2,602,136 | ' | -5,878,520 | ' | ' | ' |
Sydling AAA Master Fund LLC | Futures Contracts | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Percent of Member's Capital | -5.34% | ' | 1.11% | ' | ' | ' |
TOTAL FUTURES CONTRACTS | -6,572,831 | ' | 1,717,472 | ' | ' | ' |
Sydling AAA Master Fund LLC | Futures and Options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
FUTURES OPTIONS PURCHASED | 1,423,293 | ' | 4,221,072 | ' | ' | ' |
Percent of Member's Capital | 1.15% | ' | 2.72% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Futures Options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Options Purchased | 10,598,260 | ' | 8,382,120 | ' | ' | ' |
Percent of Member's Capital | 8.60% | ' | 5.40% | ' | ' | ' |
Premiums paid | 13,453,480 | ' | 15,387,440 | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Futures Options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | 3,510 | ' | 2,053 | ' | ' | ' |
Options Purchased | 10,598,260 | ' | 8,382,120 | ' | ' | ' |
Percent of Member's Capital | 8.60% | ' | 5.40% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Call options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Options Purchased | 10,241,590 | ' | 6,110,750 | ' | ' | ' |
Percent of Member's Capital | 8.31% | ' | 3.94% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Call options | ENERGY | Crude Oil December 2014 | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | 931 | ' | ' | ' | ' | ' |
Options Purchased | 9,799,570 | ' | ' | ' | ' | ' |
Percent of Member's Capital | 7.95% | ' | ' | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Call options | ENERGY | Other call options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | 578 | ' | 1,471 | ' | ' | ' |
Options Purchased | 442,020 | ' | 6,110,750 | ' | ' | ' |
Percent of Member's Capital | 0.36% | ' | 3.94% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Put options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Options Purchased | 356,670 | ' | 2,271,370 | ' | ' | ' |
Percent of Member's Capital | 0.29% | ' | 1.46% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Put options | ENERGY | Other put options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | 2,001 | ' | 582 | ' | ' | ' |
Options Purchased | 356,670 | ' | 2,271,370 | ' | ' | ' |
Percent of Member's Capital | 0.29% | ' | 1.46% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Futures Contracts | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
TOTALS FUTURES CONTRACTS OWNED | 2,117,840 | ' | 558,030 | ' | ' | ' |
Percent of Member's Capital | 1.71% | ' | 0.36% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract purchased or owned | Futures Contracts | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | 441 | ' | 1,330 | ' | ' | ' |
TOTALS FUTURES CONTRACTS OWNED | 2,117,840 | ' | 558,030 | ' | ' | ' |
Percent of Member's Capital | 1.71% | ' | 0.36% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -2,602,136 | ' | -5,878,520 | ' | ' | ' |
Percent of Member's Capital | -2.11% | ' | -3.79% | ' | ' | ' |
Premiums received | 7,785,470 | ' | 11,024,220 | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -3,053 | ' | -2,436 | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -2,602,136 | ' | -5,878,520 | ' | ' | ' |
Percent of Member's Capital | -2.11% | ' | -3.79% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Call options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -1,138,583 | ' | -2,041,620 | ' | ' | ' |
Percent of Member's Capital | -0.92% | ' | -1.32% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Call options | ENERGY | Other call options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -472 | ' | -1,405 | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -1,138,583 | ' | -2,041,620 | ' | ' | ' |
Percent of Member's Capital | -0.92% | ' | -1.32% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Put options | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -1,463,553 | ' | -3,836,900 | ' | ' | ' |
Percent of Member's Capital | -1.19% | ' | -2.47% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Put options | ENERGY | Other put options | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -2,581 | ' | -1,031 | ' | ' | ' |
FUTURE OPTIONS WRITTEN | -1,463,553 | ' | -3,836,900 | ' | ' | ' |
Percent of Member's Capital | -1.19% | ' | -2.47% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Contracts | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
TOTALS FUTURES CONTRACTS SOLD | -8,690,671 | ' | 1,159,442 | ' | ' | ' |
Percent of Member's Capital | -7.05% | ' | 0.75% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Contracts | ENERGY | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -1,571 | ' | -1,560 | ' | ' | ' |
TOTALS FUTURES CONTRACTS SOLD | ' | ' | 1,159,442 | ' | ' | ' |
Percent of Member's Capital | ' | ' | 0.75% | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Contracts | ENERGY | WTI Crude August 2014 - December 2016 | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -1,079 | ' | ' | ' | ' | ' |
TOTALS FUTURES CONTRACTS SOLD | -8,443,691 | ' | ' | ' | ' | ' |
Percent of Member's Capital | -6.85% | ' | ' | ' | ' | ' |
Sydling AAA Master Fund LLC | Contract written or sold | Futures Contracts | ENERGY | Other Energy | ' | ' | ' | ' | ' | ' |
Condensed Schedule of Investments | ' | ' | ' | ' | ' | ' |
Number of Contracts | -492 | ' | ' | ' | ' | ' |
TOTALS FUTURES CONTRACTS SOLD | ($246,980) | ' | ' | ' | ' | ' |
Percent of Member's Capital | -0.20% | ' | ' | ' | ' | ' |
General_Details_4
General (Details 4) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
EXPENSES | ' | ' | ' | ' |
Total Expenses | $2,017,250 | $3,632,124 | $4,224,807 | $7,406,766 |
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS | ' | ' | ' | ' |
Subscriptions | 510,000 | 17,154,811 | 1,177,000 | 29,918,311 |
Redemptions | -11,602,446 | -30,889,453 | -27,110,550 | -44,972,177 |
Net (decrease) in Member's Capital | -14,451,894 | -15,764,083 | -31,912,308 | -39,078,030 |
Member's Capital, beginning of period | 137,751,349 | 237,156,632 | 155,211,763 | 260,470,579 |
Member's Capital, end of period | 123,299,455 | 221,392,549 | 123,299,455 | 221,392,549 |
Sydling AAA Master Fund LLC | ' | ' | ' | ' |
INVESTMENT INCOME | ' | ' | ' | ' |
Interest income | 8,913 | 14,008 | 21,921 | 47,953 |
EXPENSES | ' | ' | ' | ' |
Brokerage, clearing and transaction fees | 1,233,583 | 2,320,356 | 2,588,653 | 4,739,705 |
Professional fees | 20,250 | 21,250 | 40,500 | 42,500 |
Total Expenses | 1,253,833 | 2,341,606 | 2,629,153 | 4,782,205 |
NET INVESTMENT (LOSS) | -1,244,920 | -2,327,598 | -2,607,232 | -4,734,252 |
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS | ' | ' | ' | ' |
Net Realized and Unrealized Gain/(Loss) from Derivative Instruments | -1,351,111 | 1,588,675 | -1,775,872 | -16,665,351 |
Net (loss) | -2,596,031 | -738,923 | -4,383,104 | -21,399,603 |
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS | ' | ' | ' | ' |
Subscriptions | 510,000 | 17,154,811 | 1,177,000 | 29,918,311 |
Redemptions | -12,365,863 | -32,224,507 | -28,706,204 | -47,685,810 |
Net (Decrease) in Member's Capital Derived from Capital Transactions | -11,855,863 | -15,069,696 | -27,529,204 | -17,767,499 |
Net (decrease) in Member's Capital | -14,451,894 | -15,808,619 | -31,912,308 | -39,167,102 |
Member's Capital, beginning of period | 137,751,349 | 237,275,393 | 155,211,763 | 260,633,876 |
Member's Capital, end of period | 123,299,455 | 221,466,774 | 123,299,455 | 221,466,774 |
Sydling AAA Master Fund LLC | Options on futures | ' | ' | ' | ' |
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS | ' | ' | ' | ' |
Net realized gain/(loss) | 296,090 | -240,212 | 1,813,264 | -2,472,546 |
Net change in unrealized appreciation/(depreciation) | 3,872,854 | 2,023,127 | 4,187,734 | -5,480,005 |
Sydling AAA Master Fund LLC | Futures | ' | ' | ' | ' |
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM DERIVATIVE INSTRUMENTS | ' | ' | ' | ' |
Net realized gain/(loss) | -150,989 | -5,362,153 | 513,433 | -12,517,438 |
Net change in unrealized appreciation/(depreciation) | ($5,369,066) | $5,167,913 | ($8,290,303) | $3,804,638 |
Financial_Highlights_Details
Financial Highlights (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Per share operating performance: | ' | ' | ' | ' |
Members' capital per Redeemable Unit, beginning of period (in dollars per unit) | $810.45 | $880.06 | $824.97 | $960.28 |
Income/(loss) from investment operations: | ' | ' | ' | ' |
Net investment income/(loss) and incentive allocation (in dollars per unit) | ($12.09) | ($13.36) | ($24.12) | ($26.93) |
Net realized and unrealized gain/(loss) from investment activities (in dollars per unit) | ($8.87) | $5.64 | ($11.36) | ($61.01) |
Total from investment operations (in dollars per unit) | ($20.96) | ($7.72) | ($35.48) | ($87.94) |
Members' capital per Redeemable Unit, end of period (in dollars per unit) | $789.49 | $872.34 | $789.49 | $872.34 |
Ratio/Supplemental Data: | ' | ' | ' | ' |
Ratio of net investment loss to average Members' capital (as a percent) | -6.08% | -6.31% | -6.03% | -6.19% |
Ratio of total expenses to average Members' capital (as a percent) | 6.11% | 6.34% | 6.06% | 6.23% |
Ratio of total expenses and incentive allocation to average Members' capital (as a percent) | 6.11% | 6.34% | 6.06% | 6.23% |
Total return before incentive allocation (as a percent) | -2.59% | -0.88% | -4.30% | -9.16% |
Total return after incentive allocation (as a percent) | -2.59% | -0.88% | -4.30% | -9.16% |
Member's capital at end of period | $123,299,455 | $221,392,549 | $123,299,455 | $221,392,549 |
Master Fund | ' | ' | ' | ' |
Ratio/Supplemental Data: | ' | ' | ' | ' |
Ratio of net investment loss to average Members' capital (as a percent) | 3.77% | -4.06% | -3.74% | -3.98% |
Ratio of total expenses to average Members' capital (as a percent) | 3.80% | 4.08% | 3.77% | 4.02% |
Total return (as a percent) | -2.03% | -0.32% | -3.22% | -8.51% |
Member's capital at end of period | $123,299,455 | $221,466,774 | $123,299,455 | $221,466,774 |
Trading_Activities_Details
Trading Activities (Details) (Sydling AAA Master Fund LLC, USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
ASSETS | ' | ' | ' | ' | ' |
Options Purchased | $10,598,260 | ' | $10,598,260 | ' | $8,382,120 |
LIABILITIES | ' | ' | ' | ' | ' |
Options Written | -2,602,136 | ' | -2,602,136 | ' | -5,878,520 |
Trading gains and losses, by market sector, on derivative instruments | ' | ' | ' | ' | ' |
Gain/(loss) from trading | -1,351,111 | 1,588,675 | -1,775,872 | -16,665,351 | ' |
Energy | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Options Purchased | 10,598,260 | ' | 10,598,260 | ' | 8,382,120 |
LIABILITIES | ' | ' | ' | ' | ' |
Options Written | -2,602,136 | ' | -2,602,136 | ' | -5,878,520 |
Trading gains and losses, by market sector, on derivative instruments | ' | ' | ' | ' | ' |
Gain/(loss) from trading | -1,351,111 | 1,588,675 | -1,775,872 | -16,665,351 | ' |
Futures Contracts | ' | ' | ' | ' | ' |
Gross fair values of derivative instruments of futures and options contracts as separate assets and liabilities | ' | ' | ' | ' | ' |
Monthly average number of derivative contracts traded | 4,315 | 8,866 | 3,731 | 8,930 | ' |
ASSETS | ' | ' | ' | ' | ' |
Total unrealized appreciation on open futures contracts | 2,471,106 | ' | 2,471,106 | ' | 2,678,080 |
LIABILITIES | ' | ' | ' | ' | ' |
Total unrealized depreciation on open futures contracts | -9,043,937 | ' | -9,043,937 | ' | -960,608 |
Net unrealized appreciation (depreciation) on open futures contracts | -6,572,831 | ' | -6,572,831 | ' | 1,717,472 |
Futures Contracts | Energy | ' | ' | ' | ' | ' |
ASSETS | ' | ' | ' | ' | ' |
Total unrealized appreciation on open futures contracts | 2,471,106 | ' | 2,471,106 | ' | 2,678,080 |
LIABILITIES | ' | ' | ' | ' | ' |
Total unrealized depreciation on open futures contracts | ($9,043,937) | ' | ($9,043,937) | ' | ($960,608) |
Futures Options | ' | ' | ' | ' | ' |
Gross fair values of derivative instruments of futures and options contracts as separate assets and liabilities | ' | ' | ' | ' | ' |
Monthly average number of derivative contracts traded | 1,877 | 6,063 | 1,609 | 5,712 | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fund's investments at fair value | ' | ' |
Amount of transfers amongst levels 1, 2 and 3 of the valuation hierarchy | $0 | $0 |
Sydling AAA Master Fund LLC | ' | ' |
Fund's investments at fair value | ' | ' |
Amount of transfers amongst levels 1, 2 and 3 of the valuation hierarchy | 0 | 0 |
Sydling AAA Master Fund LLC | Recurring Basis | Total Fair Value | ' | ' |
ASSET | ' | ' |
Total Assets | 10,598,260 | 10,099,592 |
LIABILITIES | ' | ' |
Total Liabilities | -9,174,967 | -5,878,520 |
Sydling AAA Master Fund LLC | Recurring Basis | Total Fair Value | Futures Contracts | ' | ' |
ASSET | ' | ' |
Total Assets | ' | 1,717,472 |
LIABILITIES | ' | ' |
Total Liabilities | -6,572,831 | ' |
Sydling AAA Master Fund LLC | Recurring Basis | Total Fair Value | Futures Options | Contract purchased | ' | ' |
ASSET | ' | ' |
Total Assets | 10,598,260 | 8,382,120 |
Sydling AAA Master Fund LLC | Recurring Basis | Total Fair Value | Futures Options | Contract written | ' | ' |
LIABILITIES | ' | ' |
Total Liabilities | -2,602,136 | -5,878,520 |
Sydling AAA Master Fund LLC | Recurring Basis | Level 1 | ' | ' |
ASSET | ' | ' |
Total Assets | 10,598,260 | 10,099,592 |
LIABILITIES | ' | ' |
Total Liabilities | -9,174,967 | -5,878,520 |
Sydling AAA Master Fund LLC | Recurring Basis | Level 1 | Futures Contracts | ' | ' |
ASSET | ' | ' |
Total Assets | ' | 1,717,472 |
LIABILITIES | ' | ' |
Total Liabilities | -6,572,831 | ' |
Sydling AAA Master Fund LLC | Recurring Basis | Level 1 | Futures Options | Contract purchased | ' | ' |
ASSET | ' | ' |
Total Assets | 10,598,260 | 8,382,120 |
Sydling AAA Master Fund LLC | Recurring Basis | Level 1 | Futures Options | Contract written | ' | ' |
LIABILITIES | ' | ' |
Total Liabilities | ($2,602,136) | ($5,878,520) |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (Master Fund, USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Master Fund | ' | ' | ' | ' |
Income Taxes | ' | ' | ' | ' |
Income tax liability or expense | $0 | $0 | $0 | $0 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Subsequent Events | ' | ' | ' | ' |
Additional subscription received | $510,000 | $17,154,811 | $1,177,000 | $29,918,311 |
Subsequent event | Non-Managing Members | ' | ' | ' | ' |
Subsequent Events | ' | ' | ' | ' |
Additional subscription received | ' | ' | 260,000 | ' |
Redemptions to be paid | ' | ' | $7,266,694 | ' |