Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | CAVENDISH FUTURES FUND LLC | ||
Entity Central Index Key | 1,562,622 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock Shares Outstanding At Public Float Date | 131,720.836 | ||
Entity Public Float | $ 151,652,425 | ||
Entity Common Stock, Shares Outstanding | 149,353.146 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | |
ASSETS | |||
Investment in Sydling WNT Master Fund LLC, at fair value (cost $148,679,254 and $83,859,327, respectively) | $ 171,511,951 | $ 105,608,724 | |
Cash (Note 3e) | 3,771,989 | 5,973,766 | |
Receivable from Sydling WNT Master Fund LLC | 1,294,370 | 3,381,488 | |
Total Assets | 176,578,310 | 114,963,978 | |
LIABILITIES | |||
Subscriptions received in advance (Note 3e) | 3,541,000 | 5,911,500 | |
Redemption payable | 1,001,677 | 58,880 | |
Incentive fee payable (Note 4b) | 3,027,080 | ||
Accrued expenses: | |||
Advisory fees (Note 4b) | 216,002 | 136,095 | |
Administrative fees (Notes 4a and 4c) | 72,001 | 45,365 | |
Professional fees and other expenses | 235,679 | 168,768 | |
Organizational costs (Note 5) | 15,131 | ||
Total Liabilities | 5,066,359 | 9,362,819 | |
MEMBERS' CAPITAL | |||
Total Members' Capital | 171,511,951 | 105,601,159 | |
Total Liabilities and Member's Capital | $ 176,578,310 | $ 114,963,978 | |
Members' Capital per unit (based on 142,641.192 units and 87,511.813 units) | [1] | $ 1,202.19 | $ 1,206.36 |
Member Designee | |||
MEMBERS' CAPITAL | |||
Total Members' Capital | $ 30,055 | $ 30,159 | |
Non-Managing Members | |||
MEMBERS' CAPITAL | |||
Total Members' Capital | $ 171,481,896 | $ 105,571,000 | |
[1] | Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at monthend prior to the reduction of redeemed units |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Investment in Sydling WNT Master Fund LLC, at cost | $ 148,679,254 | $ 83,859,327 |
Redeemable Units (in units) | 142,666.192 | 87,536.813 |
Member Designee | ||
Redeemable Units (in units) | 25 | 25 |
Non-Managing Members | ||
Redeemable Units (in units) | 142,641.192 | 87,511.813 |
Statements of Operations
Statements of Operations - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
INVESTMENT INCOME | |||
Interest allocated from Sydling WNT Master Fund LLC | $ 11,371 | $ 42,256 | $ 19,485 |
EXPENSES | |||
Expenses allocated from Sydling WNT Master Fund LLC | 1,306,199 | 5,549,875 | 2,891,426 |
Incentive fee (Note 4b) | 449,717 | 2,112,137 | 4,172,680 |
Advisory fees (Note 4b) | 501,620 | 2,297,061 | 1,164,404 |
Administrative fees (Notes 4a and 4c) | 167,207 | 765,687 | 388,135 |
Professional fees and other expenses | 207,500 | 416,457 | 442,478 |
Organizational costs (Note 5) | 181,566 | ||
Total Expenses | 2,813,809 | 11,141,217 | 9,059,123 |
NET INVESTMENT (LOSS) | (2,802,438) | (11,098,961) | (9,039,638) |
TRADING RESULTS | |||
Net realized gain allocated from Sydling WNT Master Fund LLC | 1,772,152 | 13,310,782 | 20,608,567 |
Net change in unrealized (depreciation)/ appreciation allocated from Sydling WNT Master Fund LLC | 2,096,940 | (3,575,855) | 2,894,622 |
Total Trading Results | 3,869,092 | 9,734,927 | 23,503,189 |
Net income (loss) | $ 1,066,654 | $ (1,364,034) | $ 14,463,551 |
Net income (loss) per unit (in dollars per unit) | $ 28.57 | $ (4.17) | $ 177.79 |
Statements of Changes in Member
Statements of Changes in Members' Capital - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase/Decrease in Members' Capital | |||
Member's Capital at Beginning of Year | $ 105,601,159 | $ 46,935,428 | |
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units | $ 26,207,375 | ||
Subscriptions,59,786.173 Units, 43,735.258 Units and 20,677.739 Units of Non-Managing Member interest for the period ended December 31, 2015, 2014 and 2013, respectively | 20,890,109 | 72,817,016 | 46,124,770 |
Redemptions, 4,656.794 Units, 1,829.957 Units and 1,253.602 Units of Non-Managing Member interest for the period ended December 31, 2015, 2014 and 2013, respectively | (1,228,710) | (5,542,190) | (1,922,590) |
Net Income (loss) | 1,066,654 | (1,364,034) | 14,463,551 |
Members' Capital, at End of Period/Year | 46,935,428 | 171,511,951 | 105,601,159 |
Non-Managing Members | |||
Increase/Decrease in Members' Capital | |||
Member's Capital at Beginning of Year | 105,571,000 | 46,909,714 | |
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units | 26,182,375 | ||
Subscriptions,59,786.173 Units, 43,735.258 Units and 20,677.739 Units of Non-Managing Member interest for the period ended December 31, 2015, 2014 and 2013, respectively | 20,890,109 | 72,817,016 | 46,124,770 |
Redemptions, 4,656.794 Units, 1,829.957 Units and 1,253.602 Units of Non-Managing Member interest for the period ended December 31, 2015, 2014 and 2013, respectively | (1,228,710) | (5,542,190) | (1,922,590) |
Net Income (loss) | 1,065,940 | (1,363,930) | 14,459,106 |
Members' Capital, at End of Period/Year | 46,909,714 | 171,481,896 | 105,571,000 |
Member Designee | |||
Increase/Decrease in Members' Capital | |||
Member's Capital at Beginning of Year | 30,159 | 25,714 | |
Initial capital contributions, 26,182.375 Units of Non-Managing Member interest and the Member Designee's contribution representing 25.000 units | 25,000 | ||
Net Income (loss) | 714 | (104) | 4,445 |
Members' Capital, at End of Period/Year | $ 25,714 | $ 30,055 | $ 30,159 |
Statements of Changes in Membe6
Statements of Changes in Members' Capital (Parenthetical) - shares | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-Managing Members | |||
Initial capital contributions (in units) | 26,182.375 | ||
Subscriptions of Non-Managing Member interest (in units) | 20,677.739 | 59,786.173 | 43,735.258 |
Redemptions of Non-Managing Member Interest (in units) | 1,253.602 | 4,656.794 | 1,829.957 |
Member Designee | |||
Initial capital contributions (in units) | 25 |
Financial Highlights
Financial Highlights - USD ($) | 10 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Per share operating performance: a | ||||
Members' capital per unit, beginning of year/period (in dollars per unit) | [1] | $ 1,206.36 | $ 1,028.57 | |
Income from investment operations: | ||||
Net investment income/(loss) (in dollars per unit) | [1] | $ (76.37) | (92.63) | (120.41) |
Net realized and unrealized gain/(loss) from investment activities (in dollars per unit) | [1],[2] | 104.94 | 88.46 | 298.20 |
Total from investment operations (in dollars per unit) | [1] | 28.57 | (4.17) | 177.79 |
Members' capital per unit, end of year/period | [1] | $ 1,028.57 | $ 1,202.19 | $ 1,206.36 |
Ratio/Supplemental Data: | ||||
Ratio of net investment loss to average Members' capital (as a percent) | [3] | (8.35%) | (7.47%) | (12.18%) |
Ratio of operating expenses to average Members' capital before incentive fee (as a percent) | [3] | 7.05% | 6.08% | 6.58% |
Ratio of incentive fee to average Members' capital (as a percent) | [3] | 1.34% | 1.42% | 5.62% |
Ratio of operating expenses to average Members' capital after incentive fee (as a percent) | [3] | 8.39% | 7.50% | 12.20% |
Total return before incentive fee (as a percent) | [3],[4] | 4.09% | 1.07% | 22.91% |
Incentive fee (as a percent) | [3] | (1.23%) | (1.42%) | (5.62%) |
Total return after incentive fee (as a percent) | [3] | 2.86% | (0.35%) | 17.29% |
Members' Capital, at End of Period/Year | $ 46,935,428 | $ 171,511,951 | $ 105,601,159 | |
[1] | Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at monthend prior to the reduction of redeemed units | |||
[2] | Net realized and unrealized gain/(loss) from investment activities has been adjusted to reflect organization costs amortized over 24 months for the purpose of subscriptions and redemptions (Note 5). | |||
[3] | The ratios to average members’ capital are annualized. The average members’ capital used in the above ratios is calculated by using members’ capital after periodend withdrawals. | |||
[4] | Total return assumes a purchase of an interest in the Fund at the beginning of the year and a sale of the Fund interest on the last day of the year noted. Total return assumes a purchase of an interest in the Fund at the beginning of the period and a sale of the Fund interest on the last day of the period noted. For the period from February 19, 2013 (commencement of trading operations) through December 31, 2013, where the period is less than the fiscal year, total return has not been annualized. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization | |
Organization | 1. Organization Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Fund commenced on February 19, 2013. The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivative transactions upon approval of Sydling. The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund. The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s capital owned by the Fund at December 31, 2015 and 2014 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 limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s trading manager and commodity pool operator. Sydling is registered 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. In 2015, UBS AG transferred its ownership interest in UBS Americas Inc. to UBS Americas Holding LLC, a wholly owned subsidiary of UBS AG which is a wholly owned subsidiary of UBS Group AG. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund. The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly. A qualified investor is an accredited investor as defined in Regulation D under the Securities Exchange Act of 1933. There is no maximum number of units that may be sold in the Fund. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months. In general, the Fund will make payment for redeemed units within ten business days following the redemption date. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2015 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | 2. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). This amendment requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to disclose that fact. Management will also be required to evaluate and disclose whether it plans to alleviate that doubt. This amendment is effective for fiscal years ending after December 15, 2016. Commencing in fiscal year 2016, the Fund will perform an analysis and make disclosures as required. The Fund does not expect that the adoption of ASU No. 2014-15 will have a material impact on the Fund’s financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. b. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the 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 its investment 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 years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements. d. 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 members’ capital of the Master Fund at December 31, 2015 and 2014. 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 redemption 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. e. Subscriptions Received in Advance Subscriptions received in advance represent the 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 December 31, 2015 and 2014. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition. f. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. g. 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. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Related Party Transactions and
Related Party Transactions and Other Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions and Other Agreements | |
Related Party Transactions and Other Agreements | 4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund. The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred administrative fees of $765,687, $388,135 and $167,207, respectively, of which $72,001, and $45,365 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2015 and 2014, respectively. Each unit, when purchased by a member, shall be fully paid and non-assessable. No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any. b. Trading Advisory Agreement Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with Sydling or UBS Securities LLC, the Master Fund’s commodity broker, or its affiliates and is not responsible for the organization or operation of the Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund. During the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. The Trading Advisory Agreement may be terminated upon notice by either party. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred advisory fees of $2,297,061, $1,164,404 and $501,620, respectively of which $216,002 and $136,095 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2015 and 2014, respectively. In addition, the Advisor receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units. The amounts of $2,112,137, $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, respectively. In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. Sydling may modify or terminate the allocation of assets to the Advisor at any time. c. Administration Agreement Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator. The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees. Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator. |
Organization Costs
Organization Costs | 12 Months Ended |
Dec. 31, 2015 | |
Organization Costs | |
Organization Costs | 5. Organization Costs In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”). These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI. These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments. The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation. All of these costs have been reimbursed to UBSFSI by the Fund in March 2015. |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2015 | |
Subscriptions, Distributions and Redemptions | |
Subscriptions, Distributions and Redemptions | 6. Subscriptions, Distributions and Redemptions The Fund will offer units privately through its selling agent, UBSFSI. The Fund may engage additional selling agents in the future, including selling agents affiliated or unaffiliated with Sydling. The minimum initial subscription in the Fund is $25,000 (or $10,000 in the case of ERISA Plans). The minimum additional investment for those who are current members and are qualified investors is $10,000. Sydling may, in its sole discretion, lower these amounts. Subscriptions for units are made five business days prior to the end of a month and are made at the net asset value (“NAV”) on the first day of the following month. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Distributions, if any, will be made at the sole discretion of Sydling. Contingent upon 5 days’ prior notice to the trading manager, redemptions of the Fund’s units are made at the NAV as of the end of any month, provided that such units were held for three full months. The units are classified as a liability when a member elects to redeem and informs the trading manager. Sydling may, in its sole discretion, modify the length of required notices or other restrictions. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events | |
Subsequent Events | 7. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 21, 2016, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the non-managing members totaling $18,366,653. Subsequent to year end redemptions were paid to the non-managing members totaling $1,322,640. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Significant Accounting Polici15
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies | |
Use of Estimates | a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. |
Statement of Cash Flows | b. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . |
Fair Value Measurements | c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the 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 its investment 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 years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements. |
Investment in Master Fund | d. 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 members’ capital of the Master Fund at December 31, 2015 and 2014. 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 redemption 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 | e. Subscriptions Received in Advance Subscriptions received in advance represent the 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 December 31, 2015 and 2014. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition. |
Redemptions Payable | f. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. |
Income Taxes | g. 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. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Organization (Details)
Organization (Details) - shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Organization | ||
Ownership percentage in Master fund | 100.00% | 100.00% |
Maximum number of Redeemable Units that may be sold by the Fund | 0 | |
Notice period for redemption of units | 5 days | |
Period for which units are required to be held for redemptions at the NAV on the last day of any month | 3 months | |
Maximum number of business days from redemption date within which the entity will make payment for redeemed units | 10 days |
Significant Accounting Polici17
Significant Accounting Policies (Details) - USD ($) | Feb. 28, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Taxes | |||||
Income tax liability or expense | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Sydling WNT Master Fund LLC | |||||
Income Taxes | |||||
Income tax liability or expense | $ 0 |
Related Party Transactions an18
Related Party Transactions and Other Agreements (Details) | Feb. 28, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)advisor | Dec. 31, 2014USD ($) | Dec. 31, 2015USD ($) |
Related Party Transactions and Other Agreements | |||||||
Administrative fees | $ 167,207 | $ 765,687 | $ 388,135 | ||||
Administrative Fees remained payable | 72,001 | 45,365 | $ 72,001 | ||||
Advisory fees | 501,620 | 2,297,061 | 1,164,404 | ||||
Advisory Fees remained payable | 216,002 | 136,095 | 216,002 | ||||
Incentive Fee Expense | 449,717 | $ 2,112,137 | 4,172,680 | ||||
Limited Liability Company Agreement | Sydling Futures Management LLC | |||||||
Related Party Transactions and Other Agreements | |||||||
Monthly administration fee as a percentage of members' capital | 0.042% | ||||||
Annual administration fee as a percentage of members' capital | 0.50% | ||||||
Administrative fees | 167,207 | $ 765,687 | 388,135 | ||||
Administrative Fees remained payable | $ 72,001 | 45,365 | $ 72,001 | ||||
Limited Liability Company Agreement | Sydling Futures Management LLC | Minimum | |||||||
Related Party Transactions and Other Agreements | |||||||
Number of advisors selected to make trading decisions | advisor | 1 | ||||||
Trading Advisory Agreement | |||||||
Related Party Transactions and Other Agreements | |||||||
Monthly advisory fee as a percentage of members' capital | 0.125% | 0.125% | 0.125% | 0.125% | |||
Advisory fees | $ 501,620 | $ 2,297,061 | 1,164,404 | ||||
Advisory Fees remained payable | $ 216,002 | $ 136,095 | $ 216,002 | ||||
Annual advisory fee as a percentage of members' capital | 1.50% | 1.50% | 1.50% | 1.50% | |||
Trading Advisory Agreement | Special Member | |||||||
Related Party Transactions and Other Agreements | |||||||
Quarterly incentive fee as a percentage of new trading profits | 20.00% |
Organization Costs (Details)
Organization Costs (Details) | 10 Months Ended | 12 Months Ended |
Dec. 31, 2013USD ($) | Dec. 31, 2015item | |
Organization Costs | ||
Organizational costs paid by UBS Financial Services Inc. | $ | $ 181,566 | |
Number of monthly installments for reimbursement | item | 24 |
Subscriptions, Distributions 20
Subscriptions, Distributions and Redemptions (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Subscriptions, Distributions and Redemptions | |
Minimum initial subscription | $ 25,000 |
Minimum initial subscription in case of ERISA Plans | 10,000 |
Minimum additional investment requirement for current members and are qualified investors | $ 10,000 |
Minimum number of business days prior to the month end up to which subscriptions are made | 5 days |
Notice period for redemption of units | 5 days |
Period for which units are required to be held for redemptions at the NAV on the last day of any month | 3 months |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent event - Non-Managing Members | Mar. 21, 2016USD ($) |
Subsequent events | |
Additional subscription received | $ 18,366,653 |
Redemptions to be paid | $ 1,322,640 |
Statements of Financial Condi22
Statements of Financial Condition - Sydling - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
ASSETS | ||
Total Assets | $ 176,578,310 | $ 114,963,978 |
LIABILITIES AND MEMBER'S CAPITAL | ||
Redemption payable | 1,001,677 | 58,880 |
Accrued expenses: | ||
Professional fees and other expenses | 235,679 | 168,768 |
Total Liabilities | 5,066,359 | 9,362,819 |
MEMBER'S CAPITAL | ||
Member's capital at end of year | 171,511,951 | 105,601,159 |
Total Members' Capital | 171,511,951 | 105,601,159 |
Total Liabilities and Member's Capital | 176,578,310 | 114,963,978 |
Non-Managing Members | ||
MEMBER'S CAPITAL | ||
Member's capital at end of year | 171,481,896 | 105,571,000 |
Total Members' Capital | 171,481,896 | 105,571,000 |
Sydling WNT Master Fund LLC | ||
ASSETS | ||
Cash (including restricted cash of $20,104,777 and $10,545,800, respectively) | 171,893,278 | 104,413,436 |
Net unrealized appreciation on open futures contracts | 1,415,707 | 4,991,562 |
Interest receivable | 25,725 | 3,879 |
Total Assets | 173,334,710 | 109,408,877 |
LIABILITIES AND MEMBER'S CAPITAL | ||
Redemption payable | 1,294,370 | 3,381,488 |
Accrued expenses: | ||
Brokerage commissions | 505,493 | 318,818 |
Professional fees and other expenses | 22,896 | 99,847 |
Total Liabilities | 1,822,759 | 3,800,153 |
MEMBER'S CAPITAL | ||
Member's capital at end of year | 171,511,951 | 105,608,724 |
Total Members' Capital | 171,511,951 | 105,608,724 |
Total Liabilities and Member's Capital | 173,334,710 | 109,408,877 |
Sydling WNT Master Fund LLC | Non-Managing Members | ||
MEMBER'S CAPITAL | ||
Member's capital at end of year | 171,511,951 | 105,608,724 |
Total Members' Capital | $ 171,511,951 | $ 105,608,724 |
Statements of Financial Condi23
Statements of Financial Condition (Parenthetical) - Sydling - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Sydling WNT Master Fund LLC | ||
Restricted cash | $ 20,104,777 | $ 10,545,800 |
Condensed Schedule of Investmen
Condensed Schedule of Investments - Sydling | Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract |
Total Members' Capital | $ 171,511,951 | $ 105,601,159 |
Sydling WNT Master Fund LLC | ||
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | $ 170,096,244 | |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES AS PERCENT OF MEMBER'S CAPITAL | 99.18% | |
Total Members' Capital | $ 171,511,951 | $ 105,608,724 |
Percent of Member's Capital | 100.00% | 100.00% |
Sydling WNT Master Fund LLC | Futures Contracts | ||
TOTAL FUTURES CONTRACTS | $ 1,415,707 | $ 4,991,562 |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | $ 100,617,162 | |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES AS PERCENT OF MEMBER'S CAPITAL | 95.27% | |
Percent of Member's Capital | 0.82% | 4.73% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | ||
TOTAL FUTURES CONTRACTS OWNED | $ (772,440) | $ 2,336,341 |
Percent of Member's Capital | (0.45%) | 2.21% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Currencies | ||
Number of Contracts owned | contract | 323 | 7 |
TOTAL FUTURES CONTRACTS OWNED | $ 140,883 | $ 13,550 |
TOTAL FUTURES CONTRACTS SOLD | $ 1,134,845 | |
Percent of Member's Capital | 0.08% | 0.01% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Energy | ||
Number of Contracts owned | contract | 53 | |
TOTAL FUTURES CONTRACTS OWNED | $ (485,510) | |
Percent of Member's Capital | (0.46%) | |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Financials | ||
Number of Contracts owned | contract | 5,778 | 4,186 |
TOTAL FUTURES CONTRACTS OWNED | $ (1,194,580) | $ 2,088,606 |
Percent of Member's Capital | (0.70%) | 1.98% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Grains | ||
Number of Contracts owned | contract | 94 | 210 |
TOTAL FUTURES CONTRACTS OWNED | $ 10,686 | $ (67,454) |
Percent of Member's Capital | 0.01% | (0.06%) |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Index | ||
Number of Contracts owned | contract | 754 | 684 |
TOTAL FUTURES CONTRACTS OWNED | $ 267,181 | $ 1,106,120 |
Percent of Member's Capital | 0.16% | 1.05% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Materials | ||
Number of Contracts owned | contract | 24 | |
TOTAL FUTURES CONTRACTS OWNED | $ 3,430 | |
Percent of Member's Capital | 0.00% | |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Meats | ||
Number of Contracts owned | contract | 1 | 23 |
TOTAL FUTURES CONTRACTS OWNED | $ (40) | $ (63,853) |
Percent of Member's Capital | 0.00% | (0.06%) |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | Metals | ||
Number of Contracts owned | contract | 55 | |
TOTAL FUTURES CONTRACTS OWNED | $ (255,118) | |
Percent of Member's Capital | (0.25%) | |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | ||
TOTAL FUTURES CONTRACTS SOLD | $ 2,188,147 | $ 2,655,221 |
Percent of Member's Capital | 1.27% | 2.52% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Currencies | ||
Number of Contracts owned | contract | 1,148 | 779 |
TOTAL FUTURES CONTRACTS SOLD | $ 732,243 | |
Percent of Member's Capital | 0.43% | 1.08% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Energy | ||
Number of Contracts owned | contract | 667 | 142 |
TOTAL FUTURES CONTRACTS SOLD | $ 350,328 | $ 1,058,034 |
Percent of Member's Capital | 0.20% | 1.00% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Financials | ||
Number of Contracts owned | contract | 196 | 31 |
TOTAL FUTURES CONTRACTS SOLD | $ (9,629) | $ (2,701) |
Percent of Member's Capital | (0.01%) | 0.00% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Grains | ||
Number of Contracts owned | contract | 869 | 139 |
TOTAL FUTURES CONTRACTS SOLD | $ 520,477 | $ 142,842 |
Percent of Member's Capital | 0.30% | 0.14% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Index | ||
Number of Contracts owned | contract | 501 | 48 |
TOTAL FUTURES CONTRACTS SOLD | $ (154,135) | $ (79,855) |
Percent of Member's Capital | (0.09%) | (0.08%) |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Industrials | ||
Number of Contracts owned | contract | 3 | 1 |
TOTAL FUTURES CONTRACTS SOLD | $ 3,058 | $ 693 |
Percent of Member's Capital | 0.00% | 0.00% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Materials | ||
Number of Contracts owned | contract | 17 | |
TOTAL FUTURES CONTRACTS SOLD | $ 1,055 | |
Percent of Member's Capital | 0.00% | |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Meats | ||
Number of Contracts owned | contract | 114 | 36 |
TOTAL FUTURES CONTRACTS SOLD | $ (189,420) | $ 72,730 |
Percent of Member's Capital | (0.11%) | 0.07% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | Metals | ||
Number of Contracts owned | contract | 496 | 135 |
TOTAL FUTURES CONTRACTS SOLD | $ 935,225 | $ 327,578 |
Percent of Member's Capital | 0.55% | 0.31% |
Statements of Operations - Sydl
Statements of Operations - Sydling - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
EXPENSES | |||
Organizational expenses | $ 181,566 | ||
Total Expenses | 2,813,809 | $ 11,141,217 | $ 9,059,123 |
Net change in unrealized appreciation/(depreciation) on: | |||
Net income (loss) | 1,066,654 | (1,364,034) | 14,463,551 |
Sydling WNT Master Fund LLC | |||
INVESTMENT INCOME | |||
Interest income | 11,371 | 42,256 | 19,485 |
Total Investment Income | 11,371 | 42,256 | 19,485 |
EXPENSES | |||
Brokerage, clearing and transaction fees | 1,209,244 | 5,527,858 | 2,801,413 |
Professional fees | 85,000 | 22,017 | 90,013 |
Organizational expenses | 11,955 | ||
Total Expenses | 1,306,199 | 5,549,875 | 2,891,426 |
Net Investment (Loss) | (1,294,828) | (5,507,619) | (2,871,941) |
Net realized gain/(loss) from: | |||
Futures | 1,772,152 | 13,310,782 | 20,608,567 |
Net change in unrealized appreciation/(depreciation) on: | |||
Futures | 2,096,940 | (3,575,855) | 2,894,622 |
Net Realized and Change in Unrealized Gain/(Loss) from Derivative Instruments | 3,869,092 | 9,734,927 | 23,503,189 |
Net income (loss) | $ 2,574,264 | $ 4,227,308 | $ 20,631,248 |
Statements of Changes in Memb26
Statements of Changes in Member's Capital - Sydling - USD ($) | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS | |||
Net investment (loss) | $ (2,802,438) | $ (11,098,961) | $ (9,039,638) |
Net income (loss) | 1,066,654 | (1,364,034) | 14,463,551 |
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS | |||
Member's Capital at Beginning of Year | 105,601,159 | 46,935,428 | |
Members' Capital, at End of Period/Year | 46,935,428 | 171,511,951 | 105,601,159 |
Sydling WNT Master Fund LLC | |||
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS | |||
Net investment (loss) | (1,294,828) | (5,507,619) | (2,871,941) |
Net realized gain/(loss) from derivative instruments | 1,772,152 | 13,310,782 | 20,608,567 |
Net change in unrealized appreciation/(depreciation) on derivative instruments | 2,096,940 | (3,575,855) | 2,894,622 |
Net income (loss) | 2,574,264 | 4,227,308 | 20,631,248 |
INCREASE/(DECREASE) IN MEMBER'S CAPITAL FROM CAPITAL TRANSACTIONS | |||
Subscriptions | 47,097,484 | 72,817,016 | 46,124,770 |
Redemptions | (2,637,971) | (11,141,097) | (8,181,071) |
Net Increase (Decrease) in Member's Capital Derived from Capital Transactions | 44,459,513 | 61,675,919 | 37,943,699 |
Net Increase (Decrease) in Member's Capital | 47,033,777 | 65,903,227 | 58,574,947 |
Member's Capital at Beginning of Year | 105,608,724 | 47,033,777 | |
Members' Capital, at End of Period/Year | $ 47,033,777 | $ 171,511,951 | $ 105,608,724 |
Financial Highlights - Sydling
Financial Highlights - Sydling - USD ($) | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Ratio/Supplemental Data: | ||||||
Ratio of net investment loss to average member's capital (as a percent) | [1] | (8.35%) | (7.47%) | (12.18%) | ||
Member's capital at end of year | $ 46,935,428 | $ 171,511,951 | $ 105,601,159 | |||
Sydling WNT Master Fund LLC | ||||||
Ratio/Supplemental Data: | ||||||
Ratio of net investment loss to average member's capital (as a percent) | (3.84%) | (3.70%) | [2] | (3.85%) | [2] | |
Ratio of total expenses to average member's capital (as a percent) | 3.87% | 3.73% | [2] | 3.87% | [2] | |
Total return (as a percent) | 6.99% | 3.63% | [3] | 25.73% | [3] | |
Member's capital at end of year | $ 47,033,777 | $ 171,511,951 | $ 105,608,724 | |||
[1] | The ratios to average members’ capital are annualized. The average members’ capital used in the above ratios is calculated by using members’ capital after periodend withdrawals. | |||||
[2] | The ratios to average member’s capital are annualized. The average member’s capitals used in the above ratios are calculated by using member’s capital after yearend withdrawals. | |||||
[3] | Total return assumes a purchase of an interest in the Master Fund at the beginning of the year and a sale of the Master Fund interest on the last day of the year noted. For the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, where the period is less than the fiscal year, total return has not been annualized. |
Organization - Sydling
Organization - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Organization | |
Organization | 1. Organization Cavendish Futures Fund LLC (the “Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Fund commenced on February 19, 2013. The Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivative transactions upon approval of Sydling. The Fund invests substantially all of its assets in Sydling WNT Master Fund LLC (the “Master Fund”), also a Delaware limited liability company, that has the same investment objective as the Fund. The financial statements of the Master Fund, including the condensed schedule of investments, are included elsewhere in this report and should be read with the Fund’s financial statements. The percentage of the Master Fund’s capital owned by the Fund at December 31, 2015 and 2014 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 limited liability company agreement of the Fund, as may be amended from time to time (the “LLC Agreement”), the members of the Fund have appointed Sydling Futures Management LLC (“Sydling”) to act as the Fund’s trading manager and commodity pool operator. Sydling is registered 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. In 2015, UBS AG transferred its ownership interest in UBS Americas Inc. to UBS Americas Holding LLC, a wholly owned subsidiary of UBS AG which is a wholly owned subsidiary of UBS Group AG. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Fund and the Master Fund. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Fund. The Fund privately and continually offers units of limited liability company interest in the Fund to qualified investors and are generally accepted monthly. A qualified investor is an accredited investor as defined in Regulation D under the Securities Exchange Act of 1933. There is no maximum number of units that may be sold in the Fund. Sydling may reject any subscription for any reason for a reasonable period of time after receipt. Generally, units may be redeemed on the last day of any month with five days written notice provided that such units are held for three full months. In general, the Fund will make payment for redeemed units within ten business days following the redemption date. |
Sydling WNT Master Fund LLC | |
Organization | |
Organization | 1. Organization Sydling WNT Master Fund LLC (the “Master Fund”) is a Delaware limited liability company formed on August 7, 2012. Trading operations of the Master Fund commenced on February 19, 2013. The Master Fund’s investment objective is to seek to achieve capital appreciation through speculative trading in U.S. and international futures, options on futures and forward markets. The Fund may also engage in swap and other derivate transactions upon approval of Sydling Futures Management LLC (“Sydling”). The member of the Master Fund appointed Sydling as the member designee (the “Member Designee”) to manage the business and affairs of the Master Fund and to act as the Master Fund’s commodity pool operator. Sydling is registered 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. In 2015, UBS AG transferred its ownership interest in UBS Americas Inc. to UBS Americas Holding LLC, a wholly owned subsidiary of UBS AG which is a wholly owned subsidiary of UBS Group AG. The Master Fund’s investors consist exclusively of Cavendish Futures Fund LLC (the “Feeder”). The Feeder invests substantially all of its assets in the Master Fund. Winton Capital Management Limited (the “Advisor” or “WNT”) serves as the trading advisor to the Master Fund and the Feeder. BNY Mellon Investment Servicing (US) Inc. serves as administrator (the “Administrator”) of the Master Fund. UBS Securities LLC (“UBS”) is the commodity broker (the “Commodity Broker”) for the Master Fund. UBS is also an affiliate of Sydling. |
Accounting Developments - Sydli
Accounting Developments - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Developments | |
Accounting Developments | 2. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). This amendment requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to disclose that fact. Management will also be required to evaluate and disclose whether it plans to alleviate that doubt. This amendment is effective for fiscal years ending after December 15, 2016. Commencing in fiscal year 2016, the Fund will perform an analysis and make disclosures as required. The Fund does not expect that the adoption of ASU No. 2014-15 will have a material impact on the Fund’s financial statements. |
Sydling WNT Master Fund LLC | |
Accounting Developments | |
Accounting Developments | 2. Accounting Developments In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements — Going Concern (Subtopic ASC 205-40) (“ASU No. 2014-15”). This amendment requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and, if so, to disclose that fact. Management will also be required to evaluate and disclose whether it plans to alleviate that doubt. This amendment is effective for fiscal years ending after December 15, 2016. Commencing in fiscal year 2016, the Fund will perform an analysis and make disclosures as required. The Fund does not expect that the adoption of ASU No. 2014-15 will have a material impact on the Fund’s financial statements. |
Significant Accounting Polici30
Significant Accounting Policies - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. b. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the 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 its investment 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 years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements. d. 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 members’ capital of the Master Fund at December 31, 2015 and 2014. 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 redemption 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. e. Subscriptions Received in Advance Subscriptions received in advance represent the 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 December 31, 2015 and 2014. The amount paid is held as cash in the Fund’s escrow account and represents the cash on the Statements of Financial Condition. f. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. g. 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. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Sydling WNT Master Fund LLC | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period. Actual results could differ from those estimates. b. Statement of Cash Flows The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities). U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly. In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities. Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition. The Master 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). For assets and liabilities measured at fair value on a recurring basis during the year, 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, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’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 6, “Trading Activities”. At December 31, 2015 and 2014, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Description Total Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — ASSET TABLE Description Total Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — The Master Fund trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master Fund each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master Fund. When the contract is closed, the Master Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations. The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition. d. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. e. Cash Cash represents cash held on deposit and in segregated accounts with UBS. The Master Fund considers all cash and short term deposits with original maturity of three months or less to be cash or cash equivalents. There are no cash equivalents held as at December 31, 2015 and 2014. Cash includes cash margin of $20,104,777 and $10,545,800 held by UBS against open derivative positions at December 31, 2015 and 2014, respectively. Cash includes foreign cash balances equal to $4,747,092 and $1,537,593 at December 31, 2015 and 2014, respectively. f. Income and Expenses Recognition All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination. g. Master Fund Expenses The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member. h. Member’s Capital Value Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member. Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund. The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder. i. Income Taxes The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Related Party Transactions an31
Related Party Transactions and Other Agreements - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions and Other Agreements | |
Related Party Transactions and Other Agreements | 4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement Sydling administers the business affairs of the Fund including selecting one or more advisors to make trading decisions for the Fund. The Fund will pay Sydling a monthly administration fee in return for its services equal to 1/12 of 0.50% (0.50% per year) of month-end adjusted members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating administration fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred administrative fees of $765,687, $388,135 and $167,207, respectively, of which $72,001, and $45,365 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2015 and 2014, respectively. Each unit, when purchased by a member, shall be fully paid and non-assessable. No member shall be liable for Fund obligations in excess of the capital contributed by the member, plus such member’s share of undistributed profits, if any. b. Trading Advisory Agreement Sydling, on behalf of the Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with Sydling or UBS Securities LLC, the Master Fund’s commodity broker, or its affiliates and is not responsible for the organization or operation of the Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Fund. During the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund paid the Advisor a monthly advisory fee equal to 1/12 of 1.5% (1.5% per year) of month-end members’ capital of the Fund. Month-end members’ capital, for the purpose of calculating advisory fees are members’ capital, as defined in the Limited Liability Company Agreement, prior to the reduction of the current month’s incentive allocation accrual, the monthly advisory fee, Sydling’s administration fee and any redemptions or distributions as of the end of such month. The Trading Advisory Agreement may be terminated upon notice by either party. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund incurred advisory fees of $2,297,061, $1,164,404 and $501,620, respectively of which $216,002 and $136,095 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2015 and 2014, respectively. In addition, the Advisor receives a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Trading Advisory Agreement, earned on behalf of the Fund during each calendar quarter and are issued as special member units. The amounts of $2,112,137, $4,172,680 and $449,717 represent the incentive fees earned on new trading profits earned for the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, respectively. In allocating substantially all of the assets of the Fund to the Master Fund, Sydling considered the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. Sydling may modify or terminate the allocation of assets to the Advisor at any time. c. Administration Agreement Sydling, on behalf of the Fund, has entered into an administration agreement with the Administrator. The Administrator will assist Sydling in performing certain day-to-day tasks on behalf of the Fund, including but not limited to, calculating daily or periodic portfolio valuations, reconciling cash and portfolio positions, providing portfolio reporting, maintaining books and records and calculating all fund fees. Sydling will pay a portion of the administrative fee it receives from the Fund to the Administrator. |
Sydling WNT Master Fund LLC | |
Related Party Transactions and Other Agreements | |
Related Party Transactions and Other Agreements | 4. Related Party Transactions and Other Agreements a. Limited Liability Company Agreement The Member Designee administers the business affairs of the Master Fund including selecting one or more advisors to make trading decisions for the Master Fund. b. Trading Advisory Agreement The Member Designee, on behalf of the Master Fund, has entered into an advisory agreement (the “Trading Advisory Agreement”) with the Advisor, a registered commodity trading advisor. The Advisor is not affiliated with the Member Designee or UBS and is not responsible for the organization or operation of the Master Fund. The Trading Advisory Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Master Fund. All advisory fees in connection with the Trading Advisory Agreement shall be borne by the Feeder. The Trading Advisory Agreement may be terminated upon notice by either party. c. Customer Agreement The Master Fund has entered into a customer agreement (the “Customer Agreement”) with UBS whereby UBS provides services which include, among other things, the execution of transactions for the Master Fund’s account in accordance with orders placed by the Advisor. With respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder will pay UBS a monthly brokerage fee equal to 3.5% per year of adjusted member’s capital allocated pro rata from the Master Fund. In addition, the Feeder will pay or reimburse UBS its allocable share of all actual transaction fees (including floor brokerage, exchange, clearing, give-up, user and NFA fees) estimated at approximately 0.10% of member’s capital per year. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund incurred brokerage commissions and trading fees of $5,527,858, $2,801,413 and $1,209,244, respectively, of which the brokerage commissions of $505,493 and $318,818 remained payable and are reflected on the Statements of Financial Condition as of December 31, 2015 and 2014, respectively. |
Organization Costs - Sydling
Organization Costs - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Organization Costs | |
Organization Costs | 5. Organization Costs In 2013, organization costs of $181,566 relating to the issuance and marketing of the Fund’s units offered were initially paid by UBS Financial Services Inc. (“UBSFSI”). These costs have been recorded as organization costs in the Statements of Financial Condition and represent the amount due to UBSFSI. These costs are being reimbursed to UBSFSI by the Fund in 24 monthly installments. The monthly installments will reduce the members’ capital for the purpose of calculating administrative and advisory fees and the incentive allocation. All of these costs have been reimbursed to UBSFSI by the Fund in March 2015. |
Sydling WNT Master Fund LLC | |
Organization Costs | |
Organization Costs | 5. Organization Costs In 2013, organization costs of $11,955 relating to the formation of the Master Fund were initially paid by UBS Financial Services Inc., an affiliate of Sydling and a selling agent for the Feeder. |
Trading Activities - Sydling
Trading Activities - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Sydling WNT Master Fund LLC | |
Trading Activities | |
Trading Activities | 6. Trading Activities The Master Fund was formed for the purpose of trading contacts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Master Fund’s trading activities are shown in the Statements of Operations. The Customer Agreement between the Master Fund and UBS 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 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 years ended December 31, 2015 and 2014, based on a monthly calculation, was 5,952 and 2,651, respectively. The Master Fund follows authoritative standards of accounting for derivative instruments, which establish disclosure requirements for entities to present enhanced information in order to provide users of financial statements with an improved degree of transparency and understanding of how and why an entity uses derivative instruments, how derivative instruments are accounted for, and how derivative instruments affect an entity’s financial position, results of operations and its cash flows. In order to provide such information to financial statement users, the Master Fund provides qualitative disclosures about an entity’s associated risk exposures, quantitative disclosures about fair value amounts of derivative instruments and the gains and losses from derivative instruments. The following table indicated the gross fair values of derivative instruments of futures contracts as separate assets and liabilities as of December 31, 2015 and 2014. December 31, 2015 December 31, 2014 ASSETS Futures Contracts Currencies $ $ Energy Financials Grains Index Industrials Materials Meats — Metals Total unrealized appreciation on open futures contracts $ $ LIABILITIES Futures Contracts Currencies $ ) $ ) Energy ) ) Financials ) ) Grains ) ) Index ) ) Materials — ) Meats ) ) Metals ) ) Total unrealized depreciation on open futures contracts $ ) $ ) Net unrealized appreciation on open futures contracts* $ $ * These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013. For the year ended For the year ended For the period ended December 31, 2015 December 31, 2014 December 31, 2013 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ $ $ Energy ) Financials ) Grains ) Index ) ) Industrials ) ) Materials ) ) ) Meats Metals $ ** $ ** $ ** ** These amounts are shown in “Net Realized and Unrealized Gain from Derivative Instruments” on the Statements of Operations. |
Financial Instruments Risks - S
Financial Instruments Risks - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Sydling WNT Master Fund LLC | |
Financial Instruments Risks | |
Financial Instruments Risks | 7. Financial Instruments 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, forwards and options on futures whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments are standardized and include futures and certain forward and options contracts. OTC contracts are negotiated between contracting parties and include certain swaps, forwards and options 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. For the years ended December 31, 2015 and 2014, the Master Fund traded futures contracts only. The risk to the members that have purchased interests in the Master Fund is limited to the amount of their capital contributions to the Master Fund and their 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 applicable 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 the 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. Credit risk with respect to exchange-traded instruments is reduced to the extent that through UBS, 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. |
Subsequent Events - Sydling
Subsequent Events - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events | |
Subsequent Events | 7. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 21, 2016, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the non-managing members totaling $18,366,653. Subsequent to year end redemptions were paid to the non-managing members totaling $1,322,640. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Sydling WNT Master Fund LLC | |
Subsequent Events | |
Subsequent Events | 8. Subsequent Events Management has evaluated the impact of all subsequent events on the Master Fund through March 21, 2016, the date these financial statements were available to be issued. Subsequent to year end additional subscriptions were received from the Fund totaling $21,907,653. Subsequent to year end redemptions were paid to the Fund totaling $1,989,396. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Significant Accounting Polici36
Significant Accounting Policies (Policies) - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Statements of Cash Flows | |
Use of Estimates | a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in members’ capital from operations during the reporting period. Actual results could differ from those estimates. |
Statement of Cash Flows | b. Statements of Cash Flows The Fund is not required to provide a Statements of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . |
Fair Value Measurements | c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Fund’s line items in the 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 its investment 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 years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Fund did not hold any derivative instruments that are based on unadjusted quoted prices in active markets for identical assets (Level 2) or priced at fair value using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). For disclosures regarding the Master Fund’s investments and fair value measurements, see Note 3, “Significant Accounting Policies” on the attached Master Fund’s financial statements. |
Redemptions Payable | f. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. |
Income Taxes | g. 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. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Sydling WNT Master Fund LLC | |
Statements of Cash Flows | |
Use of Estimates | a. Use of Estimates The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in member’s capital from operations during the reporting period. Actual results could differ from those estimates. |
Statement of Cash Flows | b. Statement of Cash Flows The Master Fund is not required to provide a Statement of Cash Flows in accordance with Accounting Standard Codification (“ASC”) 230, Statement of Cash Flows . |
Fair Value Measurements | c. Fair Value Measurements FASB Accounting Standards Codification (“ASC”) 820, “ Fair Value Measurements ” (“ASC 820”), defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy which prioritizes the inputs to valuation techniques. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Valuation techniques, as specified by ASC 820, are used to measure fair value. All financial instruments at fair value are categorized into one of three fair value hierarchy levels, based upon the lowest level input that is significant to the financial instrument’s fair value measurement in its entirety: Level 1 — quoted market prices (unadjusted) in active markets for identical assets or liabilities. Level 2 — valuation techniques for which all significant inputs are market observable, either directly or indirectly. Level 3 — valuation techniques which include significant inputs that are not based on observable market data. The Master Fund recognizes transfers into and out of the levels indicated above at the end of the reporting period. During the years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, there were no transfers amongst Levels 1, 2 and 3 of the valuation hierarchy. U.S. GAAP provides guidance in determining whether there has been a significant decrease in the volume and level of activity for an asset or liability when compared with normal market activity for such asset or liability (or similar assets or liabilities). U.S. GAAP also provides guidance on identifying circumstances that indicate a transaction with regards to such an asset or liability is not orderly. In its consideration, the Master Fund must consider inputs and valuation techniques used for each class of assets and liabilities. Judgment is used to determine the appropriate classes of assets and liabilities for which disclosures about fair value measurements are provided. Fair value measurement disclosure for each class of assets and liabilities requires greater disaggregation than the Master Fund’s line items in the Statements of Financial Condition. The Master 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). For assets and liabilities measured at fair value on a recurring basis during the year, 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, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets (Level 1). The values of non exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers who derive fair values for those assets from observable inputs (Level 2) and for those contracts that are priced using unobservable inputs through the application of management’s assumptions and internal valuation pricing models (Level 3). As of and for the years ended December 31, 2015 and 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not hold any derivative instruments for which market quotations are not readily available and which are priced by broker-dealers who derive fair values for these assets from observable inputs (Level 2) or that are priced at fair value using unobservable inputs through the application of management’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 6, “Trading Activities”. At December 31, 2015 and 2014, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Description Total Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — ASSET TABLE Description Total Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — The Master Fund trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a derivable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Master Fund each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Master Fund. When the contract is closed, the Master Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Operations. The fair value of the Master Fund’s assets and liabilities which qualify as financial instruments approximates the carrying amounts presented in the Statements of Financial Condition. |
Redemptions Payable | d. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2015 and 2014 have been reflected as redemptions payable in the Statements of Financial Condition. |
Cash | e. Cash Cash represents cash held on deposit and in segregated accounts with UBS. The Master Fund considers all cash and short term deposits with original maturity of three months or less to be cash or cash equivalents. There are no cash equivalents held as at December 31, 2015 and 2014. Cash includes cash margin of $20,104,777 and $10,545,800 held by UBS against open derivative positions at December 31, 2015 and 2014, respectively. Cash includes foreign cash balances equal to $4,747,092 and $1,537,593 at December 31, 2015 and 2014, respectively. |
Income and Expenses Recognition | f. Income and Expenses Recognition All of the income and expenses and realized and unrealized gains and losses on trading of commodity interests are determined on each valuation day and allocated to the Feeder at the time of such determination. |
Master Fund Expenses | g. Master Fund Expenses The Master Fund bears all expenses incurred in its business, including, but not limited to, the following: all costs and expenses related to portfolio transactions and positions for the Master Fund’s account; legal fees; accounting and auditing fees; custodial fees; costs of computing the Master Fund’s member’s capital value, including valuation services provided by third parties; all costs with respect to communications to investors; and other types of expenses approved by the member. |
Member's Capital Value | h. Member’s Capital Value Member’s capital of the Master Fund is calculated by the Administrator as of the close of business at the end of any fiscal period in accordance with the valuation principles set forth below or as may be determined from time to time pursuant to policies established by the member. Profits and losses from trading in the Master Fund, net of transaction fees, will be allocated pro rata to the capital account of the Feeder based on the member’s capital in the capital account compared to the aggregate member’s capital of all other capital accounts in the Master Fund. The Master Fund’s expenses will be charged pro rata to the capital accounts of the Feeder. |
Income Taxes | i. Income Taxes The Master Fund is classified as a partnership for U.S. federal income tax purposes and will not pay U.S. federal income tax. As a result, no income tax liability or expense has been recorded in the financial statements. U.S. GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Master Fund’s financial statements to determine whether the tax positions are “more-likely-than not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Master Fund level not deemed to meet the “more-likely-than not” threshold would be recorded as a tax benefit or expense in the current year. Management 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 the Statements of Operations. For the years ended December 31, 2015, 2014 and for the period from February 19, 2013 (commencement of trading operations) to December 31, 2013, the Master Fund did not incur any interest or penalties. |
Significant Accounting Polici37
Significant Accounting Policies (Tables) - Sydling | 12 Months Ended |
Dec. 31, 2015 | |
Sydling WNT Master Fund LLC | |
Significant Accounting Policies | |
Summary of financial instruments recorded at fair value | ASSET TABLE Description Total Fair Value at December 31, 2015 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — ASSET TABLE Description Total Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Futures Contracts $ $ $ — $ — Total Assets $ $ $ — $ — |
Trading Activities (Tables) - S
Trading Activities (Tables) - Sydling - Sydling WNT Master Fund LLC | 12 Months Ended |
Dec. 31, 2015 | |
Trading Activities | |
Schedule of gross fair values of derivative instruments of futures contracts as separate assets and liabilities | December 31, 2015 December 31, 2014 ASSETS Futures Contracts Currencies $ $ Energy Financials Grains Index Industrials Materials Meats — Metals Total unrealized appreciation on open futures contracts $ $ LIABILITIES Futures Contracts Currencies $ ) $ ) Energy ) ) Financials ) ) Grains ) ) Index ) ) Materials — ) Meats ) ) Metals ) ) Total unrealized depreciation on open futures contracts $ ) $ ) Net unrealized appreciation on open futures contracts* $ $ * These amounts are shown in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. |
Schedule of trading gains and losses, by market sector, on derivative instruments | For the year ended For the year ended For the period ended December 31, 2015 December 31, 2014 December 31, 2013 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ $ $ Energy ) Financials ) Grains ) Index ) ) Industrials ) ) Materials ) ) ) Meats Metals $ ** $ ** $ ** ** These amounts are shown in “Net Realized and Unrealized Gain from Derivative Instruments” on the Statements of Operations. |
Significant Accounting Polici39
Significant Accounting Policies (Details) - Sydling - USD ($) | Feb. 28, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
ASSET | |||||
Income tax liability or expense | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Sydling WNT Master Fund LLC | |||||
ASSET | |||||
Amount of transfers amongst levels 1, 2 and 3 of the valuation hierarchy | $ 0 | $ 0 | $ 0 | 0 | 0 |
Cash equivalents | 0 | 0 | |||
Cash margin | 20,104,777 | 10,545,800 | |||
Foreign cash balances | 4,747,092 | 1,537,593 | |||
Income tax liability or expense | 0 | ||||
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | |||||
ASSET | |||||
Total Assets | 1,415,707 | 4,991,562 | |||
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Futures Contracts | |||||
ASSET | |||||
Total Assets | 1,415,707 | 4,991,562 | |||
Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | |||||
ASSET | |||||
Total Assets | 1,415,707 | 4,991,562 | |||
Sydling WNT Master Fund LLC | Recurring Basis | Level 1 | Futures Contracts | |||||
ASSET | |||||
Total Assets | $ 1,415,707 | $ 4,991,562 |
Related Party Transactions an40
Related Party Transactions and Other Agreements (Details) - Sydling - Sydling WNT Master Fund LLC | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)advisor | Dec. 31, 2014USD ($) | |
Related Party Transactions and Other Agreements | |||
Brokerage, clearing and transaction fees | $ 1,209,244 | $ 5,527,858 | $ 2,801,413 |
Brokerage commissions payable | $ 505,493 | 318,818 | |
Limited Liability Company Agreement | Minimum | |||
Related Party Transactions and Other Agreements | |||
Number of advisors selected to make trading decisions | advisor | 1 | ||
Customer Agreement | |||
Related Party Transactions and Other Agreements | |||
Annual brokerage fee payable by Feeder as a percentage of adjusted member's capital | 3.50% | ||
Annual transaction fees as a percentage of member's capital | 0.10% | ||
Brokerage, clearing and transaction fees | $ 1,209,244 | $ 5,527,858 | 2,801,413 |
Brokerage commissions payable | $ 505,493 | $ 318,818 |
Organization Costs (Details) -
Organization Costs (Details) - Sydling | 10 Months Ended |
Dec. 31, 2013USD ($) | |
Organization Costs | |
Organization costs | $ 181,566 |
Sydling WNT Master Fund LLC | |
Organization Costs | |
Organization costs | $ 11,955 |
Trading Activities (Details) -
Trading Activities (Details) - Sydling - Sydling WNT Master Fund LLC | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($)contract | Dec. 31, 2014USD ($)contract | |
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | $ 3,869,092 | $ 9,734,927 | $ 23,503,189 |
Currencies | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | 808,460 | 1,487,446 | 4,729,007 |
Energy | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | (1,016,108) | 9,339,097 | 6,768,173 |
Financials | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | (2,394,770) | 3,143,613 | 13,315,461 |
Grains | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | 848,011 | 233,536 | (2,109,878) |
Index | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | 4,549,702 | (7,252,769) | (332,006) |
Industrials | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | (20,075) | 11,880 | (3,740) |
Materials | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | (44,605) | (149,880) | (82,840) |
Meats | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | 32,135 | 516,381 | 865,117 |
Metals | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain/(loss) from trading | $ 1,106,342 | $ 2,405,623 | $ 353,895 |
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 | contract | 5,952 | 2,651 | |
ASSETS | |||
Total unrealized appreciation on open futures contracts | $ 4,787,187 | $ 6,563,742 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (3,371,480) | (1,572,180) | |
TOTAL FUTURES CONTRACTS | 1,415,707 | 4,991,562 | |
Futures Contracts | Currencies | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 966,615 | 1,153,935 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (93,490) | (5,540) | |
Futures Contracts | Energy | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 834,260 | 1,058,034 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (483,932) | (485,510) | |
Futures Contracts | Financials | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 695,436 | 2,418,331 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (1,899,644) | (332,427) | |
Futures Contracts | Grains | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 636,305 | 191,418 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (105,142) | (116,030) | |
Futures Contracts | Index | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 571,447 | 1,337,472 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (458,400) | (311,207) | |
Futures Contracts | Industrials | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 3,058 | 693 | |
Futures Contracts | Materials | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 3,430 | 1,385 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (330) | ||
Futures Contracts | Meats | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 72,730 | ||
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (189,460) | (63,853) | |
Futures Contracts | Metals | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 1,076,636 | 329,744 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | $ (141,412) | $ (257,283) |
Subsequent Events (Details) - S
Subsequent Events (Details) - Sydling - USD ($) | Mar. 21, 2016 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 |
Sydling WNT Master Fund LLC | ||||
Subsequent Events | ||||
Additional subscription received | $ 47,097,484 | $ 72,817,016 | $ 46,124,770 | |
Subsequent event | Non-Managing Members | ||||
Subsequent Events | ||||
Additional subscription received | $ 18,366,653 | |||
Redemptions to be paid | 1,322,640 | |||
Subsequent event | Sydling WNT Master Fund LLC | ||||
Subsequent Events | ||||
Additional subscription received | 21,907,653 | |||
Redemptions to be paid | $ 1,989,396 |