Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 28, 2021 | Jun. 30, 2020 | |
Document and Entity Information | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Registrant Name | CAVENDISH FUTURES FUND LLC | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock Shares Outstanding At Public Float Date | 69,242.398 | ||
Entity Central Index Key | 0001562622 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Amendment Flag | false | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Public Float | $ 58,726,893 | ||
Entity Common Stock, Shares Outstanding | 37,860.117 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | |
ASSETS | |||
Investment in Sydling WNT Master Fund LLC, at fair value (cost $44,051,233 and $100,326,442, respectively) | $ 33,949,966 | $ 99,746,345 | |
Cash (Note 3f) | 169,367 | 629,266 | |
Receivable from Sydling WNT Master Fund LLC | 2,732,453 | 1,504,212 | |
Total Assets | 36,851,786 | 101,879,823 | |
LIABILITIES | |||
Subscriptions received in advance (Note 3f) | 495,200 | ||
Redemption payable | 2,665,958 | 1,312,233 | |
Accrued expenses: | |||
Advisory fees (Note 4b) | 45,846 | 126,534 | |
Administrative fees (Notes 4a and 4c) | 15,282 | 42,178 | |
Professional fees and other expenses | 174,734 | 157,333 | |
Total Liabilities | 2,901,820 | 2,133,478 | |
MEMBERS' CAPITAL | |||
Total Members' Capital | 33,949,966 | 99,746,345 | |
Total Liabilities and Members' Capital | $ 36,851,786 | $ 101,879,823 | |
Members' Capital per unit (based on 41,862.887 units and 90,676.372 units) | [1] | $ 810.98 | $ 1,100.03 |
Member Designee | |||
MEMBERS' CAPITAL | |||
Total Members' Capital | $ 20,275 | $ 27,501 | |
Non-managing members | |||
MEMBERS' CAPITAL | |||
Total Members' Capital | $ 33,929,691 | $ 99,718,844 | |
[1] | Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month- end prior to the reduction of redeemed units. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in Sydling WNT Master Fund LLC, at cost | $ 44,051,233 | $ 100,326,442 |
Member Designee | ||
Redeemable Units (in units) | 25 | 25 |
Non-managing members | ||
Redeemable Units (in units) | 41,837.887 | 90,651.372 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
INVESTMENT INCOME | ||||
Interest income allocated from Sydling WNT Master Fund LLC | $ 641,078 | $ 2,784,628 | $ 3,329,852 | |
EXPENSES | ||||
Expenses allocated from Sydling WNT Master Fund LLC | 2,426,770 | 4,607,702 | 6,584,047 | |
Incentive fee (Note 4b) | 311,386 | |||
Advisory fees (Note 4b) | 960,605 | 1,869,369 | 2,701,743 | |
Administrative fees (Notes 4a) | 320,202 | 623,123 | 900,581 | |
Professional fees and other expenses | 257,527 | 345,396 | 361,494 | |
Total Expenses | 3,965,104 | 7,445,590 | 10,859,251 | |
NET INVESTMENT INCOME/(LOSS) | (3,324,026) | (4,660,962) | (7,529,399) | |
TRADING RESULTS | ||||
Net realized gain/(loss) allocated from Sydling WNT Master Fund LLC | (24,093,933) | (771,428) | 7,985,729 | |
Net change in unrealized appreciation/(depreciation) allocated from Sydling WNT Master Fund LLC | 3,152,593 | 2,334,889 | (9,213,330) | |
Total Trading Results | (20,941,340) | 1,563,461 | (1,227,601) | |
Net Income (Loss) | $ (24,265,366) | $ (3,097,501) | $ (8,757,000) | |
Net income/(loss) per unit of Members' Capital | [1] | $ (289.05) | $ (26.59) | $ (58.74) |
[1] | Represents the changes in Members’ Capital per unit. |
Statements of Changes in Member
Statements of Changes in Members' Capital - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase/Decrease in Members' Capital | |||
Members' Capital, beginning of period | $ 99,746,345 | $ 162,308,934 | $ 183,350,875 |
Subscriptions, of non-managing member interest | 1,026,430 | 5,263,000 | 12,779,900 |
Redemptions, units of non-managing member interest | (42,557,443) | (64,728,088) | (25,064,841) |
Net income (loss) | (24,265,366) | (3,097,501) | (8,757,000) |
Members' capital at end of year | 33,949,966 | 99,746,345 | 162,308,934 |
Non-managing members | |||
Increase/Decrease in Members' Capital | |||
Members' Capital, beginning of period | 99,718,844 | 162,280,769 | 183,321,241 |
Subscriptions, of non-managing member interest | 1,026,430 | 5,263,000 | 12,779,900 |
Redemptions, units of non-managing member interest | (42,557,443) | (64,728,088) | (25,064,841) |
Net income (loss) | (24,258,140) | (3,096,837) | (8,755,531) |
Members' capital at end of year | 33,929,691 | 99,718,844 | 162,280,769 |
Member Designee | |||
Increase/Decrease in Members' Capital | |||
Members' Capital, beginning of period | 27,501 | 28,165 | 29,634 |
Net income (loss) | (7,226) | (664) | (1,469) |
Members' capital at end of year | $ 20,275 | $ 27,501 | $ 28,165 |
Statements of Changes in Memb_2
Statements of Changes in Members' Capital (Parenthetical) - Non-managing members - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subscriptions of non-managing member interest (in units) | 992.720 | 4,666.710 | 10,901.036 |
Redemptions of non-managing member interest (in units) | 49,806.205 | 58,058.108 | 21,512.536 |
Financial Highlights
Financial Highlights - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Per share operating performance: | ||||
Members' capital per unit, beginning of year | [1] | $ 1,100.03 | $ 1,126.62 | $ 1,185.36 |
Income from investment operations: | ||||
Net investment income/(loss) | [1] | (46.90) | (42.69) | (48.89) |
Net realized and unrealized gain/(loss) from investment activities | [1] | (242.15) | 16.10 | (9.85) |
Total from investment operations | [1] | (289.05) | (26.59) | (58.74) |
Members' capital per unit, end of year | [1] | $ 810.98 | $ 1,100.03 | $ 1,126.62 |
Ratio/Supplemental Data: | ||||
Ratio of net investment income/(loss) to average Members' capital | [2] | (5.24%) | (3.81%) | (4.23%) |
Ratio of operating expenses to average Members' capital before incentive fee | [2] | 6.25% | 6.09% | 5.93% |
Ratio of incentive fee to average Members' capital | [2] | 0.18% | ||
Ratio of operating expenses to average Members' capital after incentive fee | [2] | 6.25% | 6.09% | 6.11% |
Total return before incentive fee | [3] | (26.28%) | (2.36%) | (4.78%) |
Incentive fee | [3] | (0.18%) | ||
Total return after incentive fee | [3] | (26.28%) | (2.36%) | (4.96%) |
Members' capital at end of year | $ 33,949,966 | $ 99,746,345 | $ 162,308,934 | |
[1] | Per share operating performance is calculated on a monthly basis by dividing each line item by the outstanding units at month- end prior to the reduction of redeemed units. | |||
[2] | The average members’ capital used in the above ratios is calculated by using monthly members’ capital after period-end withdrawals. Ratios include the Fund’s share of income and expense allocated from the Master Fund. | |||
[3] | 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 is reflected after all investment-related and operating expenses, including the Advisory and Administrative fees. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 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, 2020 and 2019 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” or “Member Designee”) 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 (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holdings LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The term of the Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Fund to dissolve if the Fund's aggregate net assets decline to less than $1,000,000. 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. |
Going Concern
Going Concern | 12 Months Ended |
Dec. 31, 2020 | |
Going Concern | |
Going Concern | 2. Going Concern Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Fund’s ability to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . b. 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. c. 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 . d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy. e. 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, 2020 and 2019. 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. f. 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, 2020 and 2019. The amount paid is held as cash in the Fund’s escrow account and represents the majority of the cash on the Statements of Financial Condition. g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. h. 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. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. 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 31,2020, 2019 and 2018, 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, 2020 | |
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, 2020, 2019 and 2018, the Fund incurred administrative fees of $320,202 , $623,123 and $900,581 , respectively, of which $15,282, and $42,178 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2020 and 2019, 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. 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, 2020, 2019 and 2018, the Fund incurred advisory fees of $960,605, $1,869,369 and $2,701,743, respectively of which $45,846 and $126,534 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2020 and 2019, 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 amount of $311,386 represent the incentive fee earned on new trading profits earned for the year ended December 31, 2018. For the years ended December 31, 2020 and 2019, the Fund did not earned any incentive fees. 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 in full satisfaction of fees owed to the Administrator. |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2020 | |
Subscriptions, Distributions and Redemptions | |
Subscriptions, Distributions and Redemptions | 5. Subscriptions, Distributions and Redemptions The Fund will offer units privately through its selling agent, UBS Financial Services Inc. 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. The Fund elected to stop offering units as of June 30, 2020. 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, 2020 | |
Subsequent Events | |
Subsequent Events | 6. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 26, 2021, the date these financial statements were available to be issued. Subsequent to year end redemptions were paid to the non‑managing members totaling $3,281,349. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Basis of Presentation | a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . |
Use of Estimates | b. 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 | c. 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 | d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy. |
Investment in Master Fund | e. 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, 2020 and 2019. 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 | f. 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, 2020 and 2019. The amount paid is held as cash in the Fund’s escrow account and represents the majority of the cash on the Statements of Financial Condition. |
Redemptions Payable | g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. |
Income Taxes | h. 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. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. 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 31,2020, 2019 and 2018, the Master Fund did not incur any interest or penalties. |
Organization (Details)
Organization (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)$ / itemshares | Dec. 31, 2019 | |
Ownership percentage in Master Fund | 100.00% | 100.00% |
Maximum number of Redeemable Units that may be sold by the Fund (in shares) | shares | 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 | |
Sydling WNT Master Fund LLC | ||
Decline in net asset value (per unit) | $ / item | 400 | |
Aggregate net assets decline | $ | $ 1,000,000 | |
Sydling WNT Master Fund LLC | Minimum | ||
Percentage of interest owned | 50.00% |
Related Party Transactions an_2
Related Party Transactions and Other Agreements (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)advisor | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transactions and Other Agreements | |||
Administrative fees | $ 320,202 | $ 623,123 | $ 900,581 |
Administrative Fees remained payable | 15,282 | 42,178 | |
Advisory fees | 960,605 | 1,869,369 | 2,701,743 |
Advisory Fees remained payable | $ 45,846 | 126,534 | |
Incentive Fee Expense | 311,386 | ||
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 | $ 320,202 | 623,123 | 900,581 |
Administrative Fees remained payable | $ 15,282 | 42,178 | |
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% | ||
Annual advisory fee as a percentage of members' capital | 1.50% | ||
Advisory fees | $ 960,605 | 1,869,369 | $ 2,701,743 |
Advisory Fees remained payable | $ 45,846 | $ 126,534 | |
Trading Advisory Agreement | Special Member | |||
Related Party Transactions and Other Agreements | |||
Quarterly incentive fee as a percentage of new trading profits | 20.00% |
Subscriptions, Distributions _2
Subscriptions, Distributions and Redemptions (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
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) | Mar. 26, 2021USD ($) |
Subsequent events | Non-managing members | |
Subsequent Events | |
Redemptions to be paid | $ 3,281,349 |
Statements of Financial Condi_3
Statements of Financial Condition - Sydling - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Total Assets | $ 36,851,786 | $ 101,879,823 |
LIABILITIES AND MEMBER'S CAPITAL | ||
Redemption payable | 2,665,958 | 1,312,233 |
Accrued expenses: | ||
Professional fees and other expenses | 174,734 | 157,333 |
Total Liabilities | 2,901,820 | 2,133,478 |
MEMBER'S CAPITAL | ||
Member's capital | 33,949,966 | 99,746,345 |
Liabilities and Equity | 36,851,786 | 101,879,823 |
Sydling WNT Master Fund LLC | ||
ASSETS | ||
Investments in U.S. Treasury Bills, at fair value (cost $84,907,799 and $0, respectively) | 29,996,558 | 84,927,113 |
Cash (including restricted cash of $12,857,135 and $15,356,440, respectively) | 5,384,608 | 18,296,632 |
Net unrealized appreciation on open futures contracts | 1,502,152 | |
Interest receivable | 4,766 | 49,207 |
Total Assets | 36,888,084 | 103,272,952 |
LIABILITIES AND MEMBER'S CAPITAL | ||
Net unrealized depreciation on open futures contracts | 1,670,355 | |
Redemption payable | 2,732,453 | 1,504,212 |
Accrued expenses: | ||
Selling agent fees | 107,303 | 296,178 |
Professional fees and other expenses | 98,362 | 55,862 |
Total Liabilities | 2,938,118 | 3,526,607 |
MEMBER'S CAPITAL | ||
Member's capital | 33,949,966 | 99,746,345 |
Liabilities and Equity | $ 36,888,084 | $ 103,272,952 |
Statements of Financial Condi_4
Statements of Financial Condition (Parenthetical) - Sydling - Sydling WNT Master Fund LLC - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted cash | $ 3,479,359 | $ 12,857,135 |
Investments in U.S. Treasury Bills, Cost | $ 29,997,158 | $ 84,907,799 |
Condensed Schedules of Investme
Condensed Schedules of Investments - Sydling | 12 Months Ended | |
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | |
Percent of Member's Capital | 100.00% | 100.00% |
TOTAL MEMBER'S CAPITAL | $ 33,949,966 | $ 99,746,345 |
Sydling WNT Master Fund LLC | ||
U.S. TREASURY BILLS | 29,997,158 | 84,907,799 |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | $ 16,489,587 | |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES (Percent) | 16.53% | |
TOTAL MEMBER'S CAPITAL | 33,949,966 | $ 99,746,345 |
Sydling WNT Master Fund LLC | Futures Contracts | ||
TOTAL FUTURES CONTRACTS | $ 1,502,152 | $ (1,670,355) |
Percent of Member's Capital | 4.42% | (1.67%) |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES | $ 2,451,256 | |
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES (Percent) | 7.22% | |
Sydling WNT Master Fund LLC | U.S. Treasury Bills | ||
U.S. TREASURY BILLS | $ 29,996,558 | $ 84,927,113 |
U.S. TREASURY BILLS ( Percent) | 88.36% | 85.14% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | ||
TOTAL FUTURES CONTRACTS OWNED | $ 1,493,788 | $ (62,825) |
Percent of Member's Capital | 4.40% | (0.06%) |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | CURRENCIES | ||
Number of Contracts owned | contract | 238 | 453 |
TOTAL FUTURES CONTRACTS OWNED | $ 192,679 | $ 306,299 |
Percent of Member's Capital | 0.57% | 0.31% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | ENERGY | ||
Number of Contracts owned | contract | 33 | 263 |
TOTAL FUTURES CONTRACTS OWNED | $ 54,193 | $ 246,232 |
Percent of Member's Capital | 0.16% | 0.25% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | FINANCIALS | ||
Number of Contracts owned | contract | 1,563 | 1,180 |
TOTAL FUTURES CONTRACTS OWNED | $ 114,460 | $ (1,195,562) |
Percent of Member's Capital | 0.34% | (1.20%) |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | GRAINS | ||
Number of Contracts owned | contract | 303 | 256 |
TOTAL FUTURES CONTRACTS OWNED | $ 446,800 | $ 847 |
Percent of Member's Capital | 1.31% | 0.00% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | INDEX | ||
Number of Contracts owned | contract | 138 | 727 |
TOTAL FUTURES CONTRACTS OWNED | $ 235,112 | $ 430,786 |
Percent of Member's Capital | 0.69% | 0.43% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | MATERIALS | ||
Number of Contracts owned | contract | 25 | |
TOTAL FUTURES CONTRACTS OWNED | $ 47,305 | |
Percent of Member's Capital | 0.14% | |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | MEATS | ||
Number of Contracts owned | contract | 22 | 4 |
TOTAL FUTURES CONTRACTS OWNED | $ 33,630 | $ (1,138) |
Percent of Member's Capital | 0.10% | 0.00% |
Sydling WNT Master Fund LLC | CONTRACTS OWNED | Futures Contracts | METALS | ||
Number of Contracts owned | contract | 127 | 690 |
TOTAL FUTURES CONTRACTS OWNED | $ 369,609 | $ 149,711 |
Percent of Member's Capital | 1.09% | 0.15% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | ||
TOTAL FUTURES CONTRACTS SOLD | $ 8,364 | $ (1,607,530) |
Percent of Member's Capital | 0.02% | (1.61%) |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | CURRENCIES | ||
Number of Contracts owned | contract | 7 | 647 |
TOTAL FUTURES CONTRACTS SOLD | $ (3,149) | $ (886,868) |
Percent of Member's Capital | (0.01%) | (0.89%) |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | ENERGY | ||
Number of Contracts owned | contract | 32 | 364 |
TOTAL FUTURES CONTRACTS SOLD | $ 16,640 | $ 463,231 |
Percent of Member's Capital | 0.05% | 0.46% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | FINANCIALS | ||
Number of Contracts owned | contract | 9 | 565 |
TOTAL FUTURES CONTRACTS SOLD | $ 4,619 | $ 74,313 |
Percent of Member's Capital | 0.01% | 0.07% |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | GRAINS | ||
Number of Contracts owned | contract | 5 | 636 |
TOTAL FUTURES CONTRACTS SOLD | $ (12,305) | $ (862,314) |
Percent of Member's Capital | (0.04%) | (0.86%) |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | INDEX | ||
Number of Contracts owned | contract | 141 | |
TOTAL FUTURES CONTRACTS SOLD | $ (104,315) | |
Percent of Member's Capital | (0.10%) | |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | MATERIALS | ||
Number of Contracts owned | contract | 1 | |
TOTAL FUTURES CONTRACTS SOLD | $ (2,405) | |
Percent of Member's Capital | 0.00% | |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | MEATS | ||
Number of Contracts owned | contract | 33 | 24 |
TOTAL FUTURES CONTRACTS SOLD | $ (26,003) | $ (31,080) |
Percent of Member's Capital | (0.08%) | (0.03%) |
Sydling WNT Master Fund LLC | CONTRACTS SOLD | Futures Contracts | METALS | ||
Number of Contracts owned | contract | 47 | 258 |
TOTAL FUTURES CONTRACTS SOLD | $ 28,562 | $ (258,092) |
Percent of Member's Capital | 0.09% | (0.26%) |
Condensed Schedules of Invest_2
Condensed Schedules of Investments - Sydling (Parenthetical) - Sydling WNT Master Fund LLC - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in U.S. Treasury Bills, Cost | $ 29,997,158 | $ 84,907,799 |
Investments in U.S. Treasury Bills (percentage) | 0.06% | 1.775% |
Statements of Operations - Sydl
Statements of Operations - Sydling - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EXPENSES | |||
Total Expenses | $ 3,965,104 | $ 7,445,590 | $ 10,859,251 |
Net change in unrealized appreciation/(depreciation) on: | |||
Net Income (Loss) | (24,265,366) | (3,097,501) | (8,757,000) |
Sydling WNT Master Fund LLC | |||
INVESTMENT INCOME | |||
Interest income | 641,078 | 2,784,628 | 3,329,852 |
Total Investment Income | 641,078 | 2,784,628 | 3,329,852 |
EXPENSES | |||
Brokerage, clearing and transaction fees | 82,548 | 142,278 | 164,983 |
Selling agent fees | 2,248,722 | 4,375,630 | 6,323,564 |
Professional fees | 95,500 | 89,794 | 95,500 |
Total Expenses | 2,426,770 | 4,607,702 | 6,584,047 |
Net Investment (Loss) | (1,785,692) | (1,823,074) | (3,254,195) |
Net realized gain/(loss) on: | |||
Net realized gain/(loss) on securities | 45,533 | (457) | |
Net realized gain/(loss) on futures and foreign currency | (24,139,466) | (770,971) | 7,985,729 |
Net realized gain/(loss) on futures, foreign currency, and securities | (24,093,933) | (771,428) | 7,985,729 |
Net change in unrealized appreciation/(depreciation) on securities | (19,914) | 19,314 | |
Net change in unrealized appreciation/(depreciation) | 3,172,507 | 2,315,575 | (9,213,330) |
Net change in unrealized appreciation/(depreciation) on securities, futures and foreign currency | 3,152,593 | 2,334,889 | (9,213,330) |
Net change in unrealized appreciation/(depreciation) on: | |||
Net change in unrealized appreciation/(depreciation) on securities, futures and foreign currency | 3,152,593 | 2,334,889 | (9,213,330) |
Net Realized and Unrealized Gain/(Loss) from Derivative Instruments and Securities | (20,941,340) | 1,563,461 | (1,227,601) |
Net Income (Loss) | $ (22,727,032) | $ (259,613) | $ (4,481,796) |
Statements of Changes in Memb_3
Statements of Changes in Member's Capital - Sydling - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS | |||
Net investment income/(loss) | $ (3,324,026) | $ (4,660,962) | $ (7,529,399) |
Net Income (Loss) | (24,265,366) | (3,097,501) | (8,757,000) |
INCREASE (DECREASE) IN MEMBER?S CAPITAL FROM CAPITAL TRANSACTIONS | |||
Members' Capital, beginning of period | 99,746,345 | 162,308,934 | 183,350,875 |
Members' capital at end of year | 33,949,966 | 99,746,345 | 162,308,934 |
Sydling WNT Master Fund LLC | |||
INCREASE (DECREASE) IN MEMBER'S CAPITAL FROM OPERATIONS | |||
Net investment income/(loss) | (1,785,692) | (1,823,074) | (3,254,195) |
Net realized gain/(loss) on futures, foreign currency, and securities | (24,093,933) | (771,428) | 7,985,729 |
Net change in unrealized appreciation/(depreciation) on securities, futures and foreign currency | 3,152,593 | 2,334,889 | (9,213,330) |
Net Income (Loss) | (22,727,032) | (259,613) | (4,481,796) |
INCREASE (DECREASE) IN MEMBER?S CAPITAL FROM CAPITAL TRANSACTIONS | |||
Subscriptions | 1,026,430 | 5,263,000 | 12,779,900 |
Redemptions | (44,095,777) | (67,565,976) | (29,340,045) |
Net Increase (Decrease) in Member?s Capital Derived from Capital Transactions | (43,069,347) | (62,302,976) | (16,560,145) |
Net Increase (Decrease) in Member?s Capital | (65,796,379) | (62,562,589) | (21,041,941) |
Members' Capital, beginning of period | 99,746,345 | 162,308,934 | |
Members' capital at end of year | $ 33,949,966 | $ 99,746,345 | $ 162,308,934 |
Financial Highlights - Sydling
Financial Highlights - Sydling - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Ratio/Supplemental Data: | ||||
Ratio of net investment loss to average Members? capital (as a percent) | [1] | (5.24%) | (3.81%) | (4.23%) |
Members' capital at end of year | $ 33,949,966 | $ 99,746,345 | $ 162,308,934 | |
Sydling WNT Master Fund LLC | ||||
Ratio/Supplemental Data: | ||||
Ratio of net investment loss to average Members? capital (as a percent) | [2] | (2.82%) | (1.49%) | (1.83%) |
Ratio of total expenses to average member's capital (as a percent) | [2] | 3.83% | 3.77% | 3.70% |
Total return (as a percent) | [3] | (24.48%) | (0.11%) | (2.67%) |
Members' capital at end of year | $ 33,949,966 | $ 99,746,345 | $ 162,308,934 | |
[1] | The average members’ capital used in the above ratios is calculated by using monthly members’ capital after period-end withdrawals. Ratios include the Fund’s share of income and expense allocated from the Master Fund. | |||
[2] | The average member’s capital used in the above ratios are calculated by using monthly member’s capital after period-end withdrawals. | |||
[3] | Total return is calculated based on a time-weighted rate of return methodology. Monthly rates of return are compounded to derive the total return reflected above. Total return is reflected after all investment-related and operating expenses. |
Organization - Sydling
Organization - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
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 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, 2020 and 2019 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” or “Member Designee”) 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 (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holdings LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. In the normal course of business, the Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The term of the Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Fund to dissolve if the Fund's aggregate net assets decline to less than $1,000,000. 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 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 (“UBS”) transferred its ownership interest in UBS Americas Inc. to UBS Americas Holding LLC, a wholly owned subsidiary of UBS which is a wholly owned subsidiary of UBS Group AG. UBS Group AG was established as the holding company of UBS in response to evolving regulatory requirements. In the normal course of business, the Master Fund may enter into contracts that contain a variety of representations that provide indemnification for certain liabilities. The Master Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Master Fund that have not yet occurred. However, the Master Fund has not had any prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The term of the Master Fund shall end upon the first to occur of the following: (i) December 31, 2037; (ii) the vote to dissolve the Fund by members owning more than 50% of the units of limited liability company interest of the Fund; (iii) the withdrawal, removal, bankruptcy or dissolution of the Member Designee; (iv) a decline in net asset value to less than $400 per unit, as such amount may be adjusted for any splits or combinations of units, as of the end of any trading day; or (v) the occurrence of any event which shall make it unlawful for the existence of the Master Fund to be continued. In addition, the Member Designee may, in its sole discretion, cause the Master Fund to dissolve if the Master Fund's aggregate net assets decline to less than $1,000,000. The Master Fund’s investor consists 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. |
Going Concern - Sydling
Going Concern - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Going Concern | |
Going Concern | 2. Going Concern Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Fund’s ability to continue as a going concern. |
Sydling WNT Master Fund LLC | |
Going Concern | |
Going Concern | 2 . Going Concern Management has evaluated relevant conditions and events, which are known and reasonably knowable, and has determined that there are no conditions and events that raise substantial doubt about the Fund’s ability to continue as a going concern. |
Significant Accounting Polici_3
Significant Accounting Policies - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 3. Significant Accounting Policies a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . b. 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. c. 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 . d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy. e. 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, 2020 and 2019. 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. f. 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, 2020 and 2019. The amount paid is held as cash in the Fund’s escrow account and represents the majority of the cash on the Statements of Financial Condition. g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. h. 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. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. 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 31,2020, 2019 and 2018, 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. Basis of Presentation The Master Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . b. 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. c. 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 . d. 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. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value 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, U.S. Treasuries, 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, low volume U.S. Treasuries, 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, 2020, 2019 and 2018, 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 5, “Trading Activities”. At December 31, 2020 and 2019, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Investment in Securities $ 29,996,558 $ — $ 29,996,558 $ — Futures Contracts 1,700,247 1,700,247 — — Total Assets $ 31,696,805 $ 1,700,247 $ 29,996,558 $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Futures Contracts $ 198,095 $ 198,095 $ — $ — Total Liabilities $ 198,095 $ 198,095 $ — $ — Net Assets and Liabilities $ 31,498,710 $ 1,502,152 $ 29,996,558 $ — ASSET TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Investment in Securities $ 84,927,113 $ 84,927,113 $ — $ — Futures Contracts 3,446,749 3,446,749 — — Total Assets $ 88,373,862 $ 88,373,862 $ — $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Futures Contracts $ 5,117,104 $ 5,117,104 $ — $ — Total Liabilities $ 5,117,104 $ 5,117,104 $ — $ — Net Assets and Liabilities $ 83,256,758 $ 83,256,758 $ — $ — 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. e. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. f. 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, 2020 and 2019. Cash includes the initial cash margin of $3,479,359 and $12,857,135 held by UBS against open derivative positions at December 31, 2020 and 2019, respectively.Cash includes foreign cash balances equal to $1,379,913 (cost $1,336,418) and $3,107,768 (cost $3,061,847) at December 31, 2020 and 2019, respectively. g. Foreign Currency Transactions The Master Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held or derivatives traded. Such fluctuations are included within the net realized and unrealized gain or loss on futures and foreign currency. h. 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, the close of business on the last day of each month, and allocated to the Feeder at the time of such determination. The Master Fund earns interest income on 100% of the average daily equity in the Master Fund’s brokerage account at a rate equal to the monthly average 30-day U.S. Treasury bill rate. Interest income is recorded on an accrual basis. i. 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. j. 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. k. 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. Each member will be subject to taxation on its share of the Master Fund’s ordinary income, capital gains and losses. 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, 2020, 2019 and 2018, the Master Fund did not incur any interest or penalties. |
Related Party Transactions an_3
Related Party Transactions and Other Agreements - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, the Fund incurred administrative fees of $320,202 , $623,123 and $900,581 , respectively, of which $15,282, and $42,178 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2020 and 2019, 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. 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, 2020, 2019 and 2018, the Fund incurred advisory fees of $960,605, $1,869,369 and $2,701,743, respectively of which $45,846 and $126,534 remained payable and is reflected on the Statements of Financial Condition as of December 31, 2020 and 2019, 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 amount of $311,386 represent the incentive fee earned on new trading profits earned for the year ended December 31, 2018. For the years ended December 31, 2020 and 2019, the Fund did not earned any incentive fees. 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 in full satisfaction of fees owed 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 For the period ended June 30, 2016, with respect to transactions in the Master Fund that are allocable to the Feeder, the Feeder paid UBS a monthly brokerage fee equal to 3.5% per year of adjusted member's capital (the "Broker Fee") allocated pro rata from the Master Fund. During the second and third quarter of 2016, the Feeder and the Master Fund amended and restated certain agreements. The purpose of the amendments was to implement and reflect an expense neutral change in the fees paid to certain service providers to the Feeder and the Master Fund. As of July 1, 2016, the Master Fund (and indirectly the Feeder) ceased paying the Broker Fee to the Commodity Broker. In lieu of the Broker Fee, the Feeder will pay (or cause the Master Fund to pay on its behalf) an ongoing selling agent fee to UBS Financial Services Inc. (the "Selling Agent") at 3.5% per year of adjusted month-end member's capital. In addition, the Feeder will pay or reimburse the Commodity Broker 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, 2020, 2019 and 2018, the Master Fund incurred brokerage commissions and trading fees of $82,548, $142,278 and $164,983 . For the years ended December 31, 2020, 2019 and 2018, the Master Fund incurred selling agent fees of $2,248,722, $4,375,630 and $6,323,564 of which $107,303 and $296,178 remained payable as of December 31, 2020 and 2019. |
Trading Activities - Sydling
Trading Activities - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Sydling WNT Master Fund LLC | |
Trading Activities | |
Trading Activities | 5. Trading Activities The Master Fund was formed for the purpose of trading contracts 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, 2020 and 2019, based on a monthly calculation, was 2,492 and 3,815, 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, 2020 and 2019. December 31, December 31, 2020 2019 ASSETS Futures Contracts Currencies $ 197,364 $ 308,678 Energy 79,903 723,271 Financials 140,013 97,797 Grains 470,655 134,076 Index 236,906 564,001 Materials 47,305 — Meats 34,968 370 Metals 493,133 1,618,556 Total unrealized appreciation on open futures contracts $ 1,700,247 $ 3,446,749 LIABILITIES Futures Contracts Currencies $ (7,834) $ (889,246) Energy (9,070) (13,809) Financials (20,934) (1,219,047) Grains (36,160) (995,542) Index (1,794) (237,530) Industrials — — Materials — (2,405) Meats (27,340) (32,588) Metals (94,963) (1,726,937) Total unrealized depreciation on open futures contracts $ (198,095) $ (5,117,104) Net unrealized appreciation (depreciation) on open futures contracts* $ 1,502,152 $ (1,670,355) * These amounts are shown in “Net unrealized appreciation (depreciation) 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, 2020, 2019 and 2018. For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ (3,977,101) $ (44,206) $ (2,937,258) Energy (4,270,754) (4,976,047) 4,471,466 Financials 2,228,760 6,615,138 2,203,747 Grains (661,184) (885,767) 1,507,008 Index (10,930,997) 5,575,320 (4,138,131) Industrials — (8,932) 19,228 Materials 68,130 187,185 (194,510) Meats 717,126 (1,960,466) (483,477) Metals (4,140,939) (2,957,621) (1,675,674) U.S. Treasury Bills 25,619 18,857 — $ (20,941,340) ** $ 1,563,461 ** $ (1,227,601) ** ** These amounts are shown in “Net Realized and Change in Unrealized Gain/(Loss) from Securities and Derivative Instruments” on the Statements of Operations. |
Financial Instruments Risks - S
Financial Instruments Risks - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Sydling WNT Master Fund LLC | |
Financial Instruments Risks | |
Financial Instruments Risks | 6. 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, 2020 and 2019, the Master Fund traded futures and U.S. Treasury Bills. 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. Certain impacts to public health conditions particular to the coronavirus (COVID-19) outbreak that occurred may have a significant negative impact on the operations and profitability of the Master Funds' investments. The extent of the impact to the financial performance of the Master Fund will depend on future developments, including (i) the duration and spread of the outbreak, (ii) the restrictions and advisories, (iii) the effects on the financial markets, and (iv) the effects on the economy overall, all of which are highly uncertain and cannot be predicted. 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. There is no collateral posted by UBS and as such, in the event of default by UBS, the Master Fund is exposed to the amount shown in the Statements of Financial Condition. 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, 2020 | |
Subsequent Events | |
Subsequent Events | 6. Subsequent Events Management has evaluated the impact of all subsequent events on the Fund through March 26, 2021, the date these financial statements were available to be issued. Subsequent to year end redemptions were paid to the non‑managing members totaling $3,281,349. 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 | 7. Subsequent Events Management has evaluated the impact of all subsequent events on the Master Fund through March 26, 2021, the date these financial statements were available to be issued. Subsequent to year end redemptions were paid to the Fund totaling $3,436,710. Management has determined that there were no additional subsequent events requiring recognition or disclosure in the financial statements. |
Significant Accounting Polici_4
Significant Accounting Policies (Policies) - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Significant Accounting Policies | |
Basis of Presentation | a. Basis of Presentation The Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . |
Use of Estimates | b. 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 | c. 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 | d. Fair Value Measurements In May 2015, the FASB issued ASU 2015-07, Fair Value Measurement (Topic 820) , Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) . ASU 2015-07 removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. Accordingly, the Fund’s investment in the Master Fund has not been categorized in the fair value hierarchy. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy. |
Redemptions Payable | g. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. |
Income Taxes | h. 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. Each member will be subject to taxation on its share of the Fund’s ordinary income, capital gains and losses. 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 31,2020, 2019 and 2018, the Master Fund did not incur any interest or penalties. |
Sydling WNT Master Fund LLC | |
Significant Accounting Policies | |
Basis of Presentation | a. Basis of Presentation The Master Fund has determined its status as an investment company and as such, follows the accounting and reporting requirements of ASC 946, Financial Services – Investment Companies . |
Use of Estimates | b. 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 | c. 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 | d. 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. In August 2018, the FASB issued Accounting Standards Update 2018-13, Fair Value Measurement (Topic 820) – Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”) which introduces new fair value disclosure requirements as well as eliminates and modifies certain existing fair value disclosure requirements. ASU 2018-13 would be effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years; however, the Fund early adopted ASU 2018-13 effective December 31, 2018. The impact of the Fund’s adoption was limited to changes in the Fund’s financial statement disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value 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, U.S. Treasuries, 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, low volume U.S. Treasuries, 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, 2020, 2019 and 2018, 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 5, “Trading Activities”. At December 31, 2020 and 2019, financial instruments recorded at fair value, consisted of the following: ASSET TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Investment in Securities $ 29,996,558 $ — $ 29,996,558 $ — Futures Contracts 1,700,247 1,700,247 — — Total Assets $ 31,696,805 $ 1,700,247 $ 29,996,558 $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Futures Contracts $ 198,095 $ 198,095 $ — $ — Total Liabilities $ 198,095 $ 198,095 $ — $ — Net Assets and Liabilities $ 31,498,710 $ 1,502,152 $ 29,996,558 $ — ASSET TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Investment in Securities $ 84,927,113 $ 84,927,113 $ — $ — Futures Contracts 3,446,749 3,446,749 — — Total Assets $ 88,373,862 $ 88,373,862 $ — $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Futures Contracts $ 5,117,104 $ 5,117,104 $ — $ — Total Liabilities $ 5,117,104 $ 5,117,104 $ — $ — Net Assets and Liabilities $ 83,256,758 $ 83,256,758 $ — $ — 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 | e. Redemptions Payable Pursuant to ASC Topic 480, Distinguishing Liabilities from Equity , capital withdrawals effective December 31, 2020 and 2019 have been reflected as redemptions payable in the Statements of Financial Condition. |
Cash | f. 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, 2020 and 2019. Cash includes the initial cash margin of $3,479,359 and $12,857,135 held by UBS against open derivative positions at December 31, 2020 and 2019, respectively.Cash includes foreign cash balances equal to $1,379,913 (cost $1,336,418) and $3,107,768 (cost $3,061,847) at December 31, 2020 and 2019, respectively. |
Foreign Currency Transactions | g. Foreign Currency Transactions The Master Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held or derivatives traded. Such fluctuations are included within the net realized and unrealized gain or loss on futures and foreign currency. |
Income and Expenses Recognition | h. 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, the close of business on the last day of each month, and allocated to the Feeder at the time of such determination. The Master Fund earns interest income on 100% of the average daily equity in the Master Fund’s brokerage account at a rate equal to the monthly average 30-day U.S. Treasury bill rate. Interest income is recorded on an accrual basis. |
Master Fund Expenses | i. 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 | j. 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 | k. 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. Each member will be subject to taxation on its share of the Master Fund’s ordinary income, capital gains and losses. 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, 2020, 2019 and 2018, the Master Fund did not incur any interest or penalties. |
Significant Accounting Polici_5
Significant Accounting Policies (Tables) - Sydling | 12 Months Ended |
Dec. 31, 2020 | |
Sydling WNT Master Fund LLC | |
Significant Accounting Policies | |
Summary of financial instruments recorded at fair value | ASSET TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Investment in Securities $ 29,996,558 $ — $ 29,996,558 $ — Futures Contracts 1,700,247 1,700,247 — — Total Assets $ 31,696,805 $ 1,700,247 $ 29,996,558 $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2020 Level 1 Level 2 Level 3 Futures Contracts $ 198,095 $ 198,095 $ — $ — Total Liabilities $ 198,095 $ 198,095 $ — $ — Net Assets and Liabilities $ 31,498,710 $ 1,502,152 $ 29,996,558 $ — ASSET TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Investment in Securities $ 84,927,113 $ 84,927,113 $ — $ — Futures Contracts 3,446,749 3,446,749 — — Total Assets $ 88,373,862 $ 88,373,862 $ — $ — LIABILITIES TABLE Total Fair Value at Description December 31, 2019 Level 1 Level 2 Level 3 Futures Contracts $ 5,117,104 $ 5,117,104 $ — $ — Total Liabilities $ 5,117,104 $ 5,117,104 $ — $ — Net Assets and Liabilities $ 83,256,758 $ 83,256,758 $ — $ — |
Trading Activities (Tables) - S
Trading Activities (Tables) - Sydling - Sydling WNT Master Fund LLC | 12 Months Ended |
Dec. 31, 2020 | |
Trading Activities | |
Schedule of gross fair values of derivative instruments of futures contracts as separate assets and liabilities | December 31, December 31, 2020 2019 ASSETS Futures Contracts Currencies $ 197,364 $ 308,678 Energy 79,903 723,271 Financials 140,013 97,797 Grains 470,655 134,076 Index 236,906 564,001 Materials 47,305 — Meats 34,968 370 Metals 493,133 1,618,556 Total unrealized appreciation on open futures contracts $ 1,700,247 $ 3,446,749 LIABILITIES Futures Contracts Currencies $ (7,834) $ (889,246) Energy (9,070) (13,809) Financials (20,934) (1,219,047) Grains (36,160) (995,542) Index (1,794) (237,530) Industrials — — Materials — (2,405) Meats (27,340) (32,588) Metals (94,963) (1,726,937) Total unrealized depreciation on open futures contracts $ (198,095) $ (5,117,104) Net unrealized appreciation (depreciation) on open futures contracts* $ 1,502,152 $ (1,670,355) * These amounts are shown in “Net unrealized appreciation (depreciation) on open futures contracts” on the Statements of Financial Condition. |
Schedule of trading gains and losses, by market sector, on derivative instruments and securities | For the year ended December 31, 2020 For the year ended December 31, 2019 For the year ended December 31, 2018 Gain (loss) Gain (loss) Gain (loss) Sector from trading from trading from trading Currencies $ (3,977,101) $ (44,206) $ (2,937,258) Energy (4,270,754) (4,976,047) 4,471,466 Financials 2,228,760 6,615,138 2,203,747 Grains (661,184) (885,767) 1,507,008 Index (10,930,997) 5,575,320 (4,138,131) Industrials — (8,932) 19,228 Materials 68,130 187,185 (194,510) Meats 717,126 (1,960,466) (483,477) Metals (4,140,939) (2,957,621) (1,675,674) U.S. Treasury Bills 25,619 18,857 — $ (20,941,340) ** $ 1,563,461 ** $ (1,227,601) ** ** These amounts are shown in “Net Realized and Change in Unrealized Gain/(Loss) from Securities and Derivative Instruments” on the Statements of Operations. |
Organization (Details) - Sydlin
Organization (Details) - Sydling - Sydling WNT Master Fund LLC | 12 Months Ended |
Dec. 31, 2020USD ($)$ / item | |
Decline in net asset value (per unit) | $ / item | 400 |
Aggregate net assets decline | $ | $ 1,000,000 |
Minimum | |
Percentage of interest owned | 50.00% |
Significant Accounting Polici_6
Significant Accounting Policies (Details) - Sydling - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Income tax liability or expense | $ 0 | |
Sydling WNT Master Fund LLC | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Income tax liability or expense | 0 | |
Cash Equivalents, at Carrying Value | 0 | $ 0 |
Foreign cash balances | 1,379,913 | 3,107,768 |
Foreign cash's cost | 1,336,418 | 3,061,847 |
Initial cash margin | $ 3,479,359 | 12,857,135 |
Percentage of Interest Income on Equity in Brokerage Account | 100.00% | |
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | ||
ASSET | ||
Total assets | $ 31,696,805 | 88,373,862 |
LIABILITIES | ||
Total Liabilities | 198,095 | 5,117,104 |
Net Assets and Liabilities | 31,498,710 | 83,256,758 |
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Level 1 | ||
ASSET | ||
Total assets | 1,700,247 | 88,373,862 |
LIABILITIES | ||
Total Liabilities | 198,095 | 5,117,104 |
Net Assets and Liabilities | 1,502,152 | 83,256,758 |
Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Level 2 | ||
ASSET | ||
Total assets | 29,996,558 | |
LIABILITIES | ||
Net Assets and Liabilities | 29,996,558 | |
Futures Contracts | Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | ||
ASSET | ||
Total assets | 1,700,247 | 3,446,749 |
LIABILITIES | ||
Total Liabilities | 198,095 | 5,117,104 |
Futures Contracts | Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Level 1 | ||
ASSET | ||
Total assets | 1,700,247 | 3,446,749 |
LIABILITIES | ||
Total Liabilities | 198,095 | 5,117,104 |
Investment in Securities | Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | ||
ASSET | ||
Total assets | 29,996,558 | 84,927,113 |
Investment in Securities | Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Level 1 | ||
ASSET | ||
Total assets | 0 | $ 84,927,113 |
Investment in Securities | Sydling WNT Master Fund LLC | Recurring Basis | Total Fair Value | Level 2 | ||
ASSET | ||
Total assets | $ 29,996,558 |
Related Party Transactions an_4
Related Party Transactions and Other Agreements (Details) - Sydling - Sydling WNT Master Fund LLC | 12 Months Ended | ||
Dec. 31, 2020USD ($)advisor | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Related Party Transactions and Other Agreements | |||
Brokerage, clearing and transaction fees | $ 82,548 | $ 142,278 | $ 164,983 |
Selling agent fees | 2,248,722 | 4,375,630 | 6,323,564 |
Selling agent fees payable | $ 107,303 | 296,178 | |
Limited Liability Company Agreement | Minimum | |||
Related Party Transactions and Other Agreements | |||
Number of advisors selected to make trading decisions | advisor | 1 | ||
Cavendish Futures Fund LLC | 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 | $ 82,548 | 142,278 | 164,983 |
Selling agent fees | 2,248,722 | 4,375,630 | $ 6,323,564 |
Selling agent fees payable | $ 107,303 | $ 296,178 |
Trading Activities (Details) -
Trading Activities (Details) - Sydling - Sydling WNT Master Fund LLC | 12 Months Ended | ||
Dec. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($) | |
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | $ (20,941,340) | $ 1,563,461 | $ (1,227,601) |
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 | 2,492 | 3,815 | |
ASSETS | |||
Total unrealized appreciation on open futures contracts | $ 1,700,247 | $ 3,446,749 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (198,095) | (5,117,104) | |
TOTAL FUTURES CONTRACTS | 1,502,152 | (1,670,355) | |
CURRENCIES | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (3,977,101) | (44,206) | (2,937,258) |
CURRENCIES | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 197,364 | 308,678 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (7,834) | (889,246) | |
ENERGY | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (4,270,754) | (4,976,047) | 4,471,466 |
ENERGY | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 79,903 | 723,271 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (9,070) | (13,809) | |
FINANCIALS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | 2,228,760 | 6,615,138 | 2,203,747 |
FINANCIALS | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 140,013 | 97,797 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (20,934) | (1,219,047) | |
GRAINS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (661,184) | (885,767) | 1,507,008 |
GRAINS | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 470,655 | 134,076 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (36,160) | (995,542) | |
INDEX | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (10,930,997) | 5,575,320 | (4,138,131) |
INDEX | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 236,906 | 564,001 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (1,794) | (237,530) | |
INDUSTRIALS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (8,932) | 19,228 | |
MATERIALS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | 68,130 | 187,185 | (194,510) |
MATERIALS | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 47,305 | ||
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (2,405) | ||
MEATS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | 717,126 | (1,960,466) | (483,477) |
MEATS | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 34,968 | 370 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (27,340) | (32,588) | |
METALS | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | (4,140,939) | (2,957,621) | $ (1,675,674) |
METALS | Futures Contracts | |||
ASSETS | |||
Total unrealized appreciation on open futures contracts | 493,133 | 1,618,556 | |
LIABILITIES | |||
Total unrealized depreciation on open futures contracts | (94,963) | (1,726,937) | |
U.S. Treasury Bills | |||
Trading gains and losses, by market sector, on derivative instruments | |||
Gain (loss) from trading | $ 25,619 | $ 18,857 |
Financial Instruments Risks (De
Financial Instruments Risks (Details) - Sydling | Dec. 31, 2020USD ($) |
Sydling WNT Master Fund LLC | |
Amount of collateral posted by UBS | $ 0 |
Subsequent Events (Details) - S
Subsequent Events (Details) - Sydling - Sydling WNT Master Fund LLC - USD ($) | Mar. 26, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Events | ||||
Additional subscriptions received | $ 1,026,430 | $ 5,263,000 | $ 12,779,900 | |
Subsequent events | ||||
Subsequent Events | ||||
Redemptions to be paid | $ 3,436,710 |