Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 24, 2015 | Jun. 30, 2014 | |
Document And Entity Information | |||
Entity Registrant Name | EVEREST FUND L P | ||
Entity Central Index Key | 837919 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Is Entity a Well-known Seasoned Issuer? | No | ||
Is Entity a Voluntary Filer? | No | ||
Is Entity's Reporting Status Current? | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $0 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity in broker trading accounts: | ||
Cash and investments in marketable securities | $15,571 | $3,172,539 |
Cash in broker trading accounts | 6,565,795 | 2,072,126 |
Net unrealized gain (loss) on open contracts | 316,358 | 431,081 |
Total cash & equity in broker trading accounts | 6,897,724 | 5,675,746 |
Other assets: | ||
Investments in  marketable securities | 1,200,421 | |
Interest receivable | 96 | 20 |
Total Assets | 6,897,820 | 6,876,187 |
LIABILITIES | ||
Management fees payable | 11,369 | 11,310 |
General partner fees payable | 30,640 | 25,865 |
Redemptions payable | 0 | 442,723 |
Accounts payable & accrued expenses | 45,604 | 64,569 |
Total Liabilities | 87,613 | 544,467 |
Limited partners, Class A shares: 2,797.98 and 3,072.20 units outstanding | 6,810,207 | 6,331,720 |
Total Liabilities & Partners’ Capital | $6,897,820 | $6,876,187 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) | Dec. 31, 2014 | Dec. 31, 2013 |
Partners Capital | ||
Limited Partners Class A, units outstanding | 2,797.98 | 3,072.20 |
Statements_of_Operations
Statements of Operations (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Trading gains (losses): | ||
Net realized trading gains (losses) | $1,624,496 | ($288,150) |
Change in unrealized gains (losses) | -81,567 | 8,293 |
Brokerage commissions & fees | -42,826 | -60,650 |
Net gain (loss) from trading | 1,500,103 | -340,507 |
Net investment income: | ||
Interest income | 675 | 4,248 |
Total income | 675 | 4,248 |
Management fees- general partner | 312,359 | 409,994 |
Management fees- advisors | 120,264 | 155,578 |
Advisor incentive fees | 0 | 0 |
Professional fees | 63,117 | 83,139 |
Administrative expenses | 4,087 | 4,441 |
Total administrative expenses | 499,827 | 653,152 |
Net investment income (loss) | -499,152 | -648,904 |
Net income (loss) | $1,000,951 | ($989,411) |
Net income (loss) per unit of partner interest | $341.03 | ($322.05) |
Statement_of_Changes_in_Partne
Statement of Changes in Partners’ Capital (USD $) | Partners Equity | Total |
BEGINNING PARTNERS' CAPITAL,Amount at Dec. 31, 2012 | $8,637,425 | |
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2012 | 3,658.32 | |
Net Asset Value Per Unit, beginning at Dec. 31, 2012 | $2,361.04 | |
Additions, unit | 0 | |
Additions, amount | 0 | |
Redemptions, unit | -586.12 | |
Redemptions, amount | -1,316,294 | |
Offering costs | 0 | |
Net income (loss) | -989,411 | -989,411 |
ENDING PARTNERS' CAPITAL,Amount at Dec. 31, 2013 | 6,331,720 | |
ENDING PARTNERS' CAPITAL,Unit at Dec. 31, 2013 | 3,072.20 | |
Net Asset Value Per Unit, ending at Dec. 31, 2013 | $2,060.97 | |
Additions, unit | 51.36 | |
Additions, amount | 101,836 | |
Redemptions, unit | -325.58 | |
Redemptions, amount | -624,300 | |
Offering costs | 0 | |
Net income (loss) | 1,000,951 | 1,000,951 |
ENDING PARTNERS' CAPITAL,Amount at Dec. 31, 2014 | $6,810,207 | |
ENDING PARTNERS' CAPITAL,Unit at Dec. 31, 2014 | 2,797.98 | |
Net Asset Value Per Unit, ending at Dec. 31, 2014 | $2,433.97 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from (for)Â operating activities | ||
Net income (loss) | $1,000,951 | ($989,411) |
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities: | ||
Unrealized gain (loss) on open contracts | 114,723 | -38,389 |
Interest receivable | -76 | 28 |
Incentive fees payable | 0 | 0 |
General partner fees payable | 4,775 | -11,148 |
Redemptions payable | -442,723 | -98,664 |
Management fees payable | 59 | -3,786 |
Accounts payable & accrued expenses | -18,965 | -79 |
Net cash provided (used) by operating activities | 658,744 | -1,141,449 |
Cash flows from (for)Â financing activities: | ||
Partner additions, net of offering costs | 101,836 | 0 |
Redemptions paid | -624,300 | -1,316,294 |
Net cash provided (used) by financing activities | -522,464 | -1,316,294 |
Net change in cash & cash equivalent position | 136,280 | -2,457,743 |
Cash & investments in marketable securities at January 1st | 6,445,086 | 8,902,829 |
Cash & investments in marketable securities at December 31st | 6,581,366 | 6,445,086 |
Cash & investment in marketable securities consist of: | ||
Cash at banks | 15,571 | 15,897 |
Cash in broker trading accounts | 6,565,795 | 2,072,126 |
Investment in marketable securities | 0 | 4,357,063 |
Total cash & marketable securities | $6,581,366 | $6,445,086 |
1_Organization_and_Business
1. Organization and Business | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
1. Organization and Business | The Everest Fund, L.P., (the “Partnership”) is a limited partnership organized in June 1988, under the Iowa Uniform Limited Partnership Act (the “Act”) for the purpose of engaging in the speculative trading of commodity futures and options thereon and forward contracts (collectively referred to as “Commodity Interests”). The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General Partner”). |
On July 1, 1995, the Partnership recommenced its offering under a Regulation D, Rule 506 private placement. The private placement offering is continuing at a gross subscription price per unit equal to net asset value (NAV) per unit, plus an organization and offering cost reimbursement fee payable to the General Partner, and an ongoing compensation fee equal to 3% of the net asset value of Class A Units sold. The Class A Units (retail shares) continue to be charged an initial 1% offering and organization fee as a reduction to capital. |
2_Summary_of_Significant_Accou
2. Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
2. Summary of Significant Accounting Policies | Revenue Recognition |
Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis and realized gains or losses are recognized when contracts are liquidated. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with the Financial Accounting Standards Board Interpretation No. 39 — “Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the Inter-bank market. | |
Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | |
Cash equivalents represent short-term highly liquid investments with maturities of 90 days or less at the date of acquisition. | |
Redemptions Payable | |
Redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end. | |
Fair Value of Financial Instruments | |
The financial instruments held by the Company are reported in the statements of financial condition at fair value, or at carrying amounts that approximate fair value, due to their highly liquid nature and short-term maturity. | |
Foreign Currency Translation | |
The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates as of the date of the statements of financial condition. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while year-end balances are translated at the year-end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income in the statements of operations. | |
Income Taxes | |
No provision for income taxes has been made in the accompanying financial statements as each partner is responsible for reporting income (loss) based upon the pro rata share of the profits or losses of the Partnership. The Partnership files U.S. federal and state tax returns. | |
Recently Issued Accounting Pronouncements | |
There have been no recently issued accounting pronouncements that materially affect the Partnership’s financial statements. |
3_Fair_Value_of_Financial_Inst
3. Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
3. Fair Value of Financial Instruments | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Financial Accounting Standards Board has defined a hierarchy for fair value measurements. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: | ||||||||||||
Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. | |||||||||||||
Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement. | |||||||||||||
Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. | |||||||||||||
The table below demonstrates the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013: | |||||||||||||
Fair Value Measurement of Assets | |||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets at December 31, 2014: | |||||||||||||
Open positions in futures and forward contracts | 316,358 | 0 | 0 | ||||||||||
Total assets at fair value | $ | 316,358 | $ | 0 | $ | 0 | |||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets at December 31, 2013: | |||||||||||||
Investment in marketable securities | $ | 2,582 | $ | 4,354,481 | $ | 0 | |||||||
Open positions in futures and forward contracts | 431,081 | 0 | 0 | ||||||||||
Total assets at fair value | $ | 433,663 | $ | 4,354,481 | $ | 0 | |||||||
In the normal course of business, the Partnership engages in trading derivatives by purchasing and selling futures contracts and options on future contracts for its own account. All such trading is effectuated as speculative as opposed to hedging. Effective January 1, 2009, the Partnership adopted the provisions of Accounting Standards Codification 815, Derivatives & Hedging, which requires enhanced disclosures about the objectives and strategies for using derivatives and quantitative disclosures about the fair value amounts, and gains and losses on derivatives. See below for such disclosures. | |||||||||||||
Fair Value of Derivative Instruments | |||||||||||||
2014 | 2013 | ||||||||||||
Speculative Instruments | Location- Statement of Financial Condition | Fair Value | Fair Value | ||||||||||
Futures Contracts | Net unrealized gain (loss) on open contracts | $ | 316,358 | $ | 431,081 | ||||||||
2014 | 2013 | ||||||||||||
Speculative Instruments | Location- Statement of Operations | Fair Value | Fair Value | ||||||||||
Futures Contracts | Net realized trading gains (losses) | $ | 1,624,496 | $ | (288,150 | ) | |||||||
Futures Contracts | Change in unrealized gains (losses) | $ | (81,567 | ) | $ | 8,293 | |||||||
In the normal course of business, the Partnership utilizes derivative contracts, such as futures and option contracts, in connection with its trading activities. Investments in derivative contracts are subject to additional risks that can result in a loss of all or part of an investment. The Partnership’s derivative activities are classified by the following primary underlying risks: interest rate, foreign currency exchange rate, and commodity price risks. At December 31, 2014, the volume of the Partnership’s derivative activities based on their notional amounts categorized by primary underlying risk is as follows. | |||||||||||||
Long | Short | ||||||||||||
Primary Underlying Risk | Exposure | Exposure | |||||||||||
Interest rates | $ | 0 | $ | 9,161,212 | |||||||||
Foreign currencies | $ | 11,226,825 | $ | 12,292,783 | |||||||||
Commodity risk | $ | 926,690 | $ | 1,614,730 | |||||||||
Stock indices | $ | 0 | $ | 0 | |||||||||
The Partnership is subject to these risks in the normal course of its investment objectives. The Partnership uses futures and option contracts to gain exposure to, or hedge against, changes in the value of commodities, interest rates, stock indices, or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Option contracts entered into give the Partnership the right, but not the obligation, to buy or sell within a limited period of time, a futures contract at a contracted price. | |||||||||||||
The purchase and sale of futures and options contracts requires margin deposits with the clearing futures commission merchant (FCM) equal to a certain percentage of the total contract amount. Subsequent payments are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract. These daily gains or losses are recognized by the Partnership in the statement of operations. | |||||||||||||
4_Limited_Partner_Agreement
4. Limited Partner Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Notes to Financial Statements | |
4. Limited Partner Agreement | The Limited Partners and General Partner share in the profits and losses of the Partnership in proportion to the number of units or unit equivalents held by each. However, no Limited Partner is liable for obligations of the Partnership in excess of their capital contribution and profits. Distributions of profits are made solely at the discretion of the General Partner. |
Responsibility for managing the Partnership is vested solely in the General Partner. The General Partner has delegated complete trading authority to an unrelated party (see Note 5). | |
Limited Partners may cause any or all of their Class A units to be redeemed as of the end of any month at the month end net asset value on fifteen days’ prior written notice to the general partner, or such lesser period as is acceptable to the Partnership. Although the Partnership Agreement does not permit redemptions for the first six months following a Limited Partner’s admission to the Partnership, the Agreement does permit the Partnership to declare additional regular redemption dates. | |
The Partnership will be dissolved on December 31, 2020, or upon the occurrence of certain events, as specified in the Partnership agreement. |
5_Agreements_and_Related_Party
5. Agreements and Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
5. Agreements and Related Party Transactions | EMC Capital Advisors, LLC. (EMC) serves as the Partnership’s commodity trading advisor. EMC receives a monthly management fee equal to 0.167% (2% annually) of the Partnership’s month-end net asset value, as defined, and a quarterly incentive fee of 20% of the Partnership’s new net trading profits, as defined. The incentive fee is retained by EMC even though trading losses may occur in subsequent quarters; however, no further incentive fees are payable until any such trading losses (other than losses attributable to redeemed units and losses attributable to assets reallocated to another advisor) are recouped by the Partnership. |
Effective November 2003, the General Partner charges the Partnership a monthly management fee equal to 0.50% (6% annually) of the Partnership’s Class A beginning-of-month net asset value. | |
The Partnership’s clearing FCM is R.J. O’Brien, a company headquartered in Chicago, Illinois and an FCM registered with the Commodity Futures Trading Commission (CFTC). R.J. O’Brien charges the Partnership a brokerage commission rate per round-turn trade, plus applicable exchange fees, give up fees and other fees for futures contracts and options contracts executed on registered domestic and foreign exchanges. For trades on certain foreign exchanges, the rates may be higher. | |
The Partnership earns interest on 95% of the Partnership’s average monthly cash balance on deposit with R.J. O’Brien at a rate equal to the average 91-day Treasury Bill rate for US Treasury Bills issued during that month. | |
The Partnership has funds deposited at a separate cash account at R.J. O’Brien. At December 31, 2014 approximately 76% of the Partnership’s capital funds were deposited at the cash account at RJO. The Partnership receives 90% of the 30-day rate on 91-day U.S. Treasury bill rate. | |
6_Financial_Instruments_OffBal
6. Financial Instruments, Off-Balance Sheet Risks and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
6. Financial Instruments, Off-Balance Sheet Risks and Contingencies | The Partnership engages in the speculative trading of U.S. and foreign futures contracts, options on U.S. and foreign futures contracts, and forward contracts (“collectively derivatives”). These derivatives include both financial and non-financial contracts held as part of a diversified trading strategy. The Partnership is exposed to both market risk, the risk arising from changes in the market value of the contracts; and credit risk, the risk of failure by another party to perform according to the terms of a contract. |
The purchase and sale of futures and options requires margin deposits with an FCM. Additional deposits may be necessary for any loss on contract value the Partnership holds. The Commodity Exchange Act requires an FCM to segregate all customer transactions and assets from the FCM’s proprietary activities. A customer’s cash and other property such as U.S. Treasury Bills, deposited with an FCM are considered commingled with all other customer funds subject to the FCM’s segregation requirements. In the event of an FCM’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than the total of cash and other property deposited. | |
For derivatives, risks arise from changes in the market value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. | |
In the case of forward contracts, over-the-counter options contracts or swap contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than an FCM backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. The Partnership trades only with those counterparties that it believes to be creditworthy. All positions of the Partnership are valued each day on a mark-to-market basis. There can be no assurance a counterparty will be able to meet its obligations to the Partnership. | |
The Partnership’s policy is to continuously monitor its exposure to market and counterparty risk through the use of a variety of financial, position and credit exposure reporting and control procedures. In addition, the Partnership has a policy of reviewing the credit standing of each FCM or counter party with which it conducts business. | |
The limited partners bear the risk of loss only to the extent of the net asset value of their Partnership units. |
7_Financial_Highlights
7. Financial Highlights | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
7. Financial Highlights | The following financial highlights show the Partnership’s financial performance for the years ended December 31, 2014 and December 31, 2013. | ||||||||
2014 | 2013 | ||||||||
Class A | Class A | ||||||||
Total return before distributions | 18.1 | % | -12.71 | % | |||||
Ratio to average net assets: | |||||||||
Management fees | 5.22 | % | 5.04 | % | |||||
Incentive fees | 0 | % | 0 | % | |||||
Other expenses | 3.13 | % | 3.56 | % | |||||
Total expenses | 8.35 | % | 8.6 | % | |||||
Total return is calculated for all partners throughout the year. An individual partner’s return may vary from these Partnership returns based on the timing of unit transactions. |
8_Concentrations_of_Credit
8. Concentrations of Credit | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
8. Concentrations of Credit | The Partnership has a significant amount of its assets on deposit with the clearing FCM, which are not insured. In the event of the insolvency of the clearing FCM, recovery of the Partnership’s assets may be limited to a pro rata share of available funds. |
The Partnership may, from time to time, have deposits at banks that are in excess of insured amounts. |
9_Subsequent_Events
9. Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
9. Subsequent Events | The Partnership has made a review of material subsequent events from December 31, 2014 through the date of this report and found no material subsequent events reportable during this period. |
2_Summary_of_Significant_Accou1
2. Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Revenue Recognition | Revenue Recognition |
Commodity futures contracts, forward contracts, physical commodities, and related options are recorded on the trade-date basis and realized gains or losses are recognized when contracts are liquidated. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized gains or losses on open contracts (the difference between contract trade price and market price) are reported in the statement of financial condition as a net unrealized gain or loss, as there exists a right of offset of unrealized gains or losses in accordance with the Financial Accounting Standards Board Interpretation No. 39 — “Offsetting of Amounts Related to Certain Contracts.” Any change in net unrealized gain or loss from the preceding period is reported in the statement of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts is based on third party quoted dealer values on the Inter-bank market. | |
Use of Estimates | Use of Estimates |
The preparation of financial statements in conformity with generally accepted accounting principles 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Cash equivalents represent short-term highly liquid investments with maturities of 90 days or less at the date of acquisition. | |
Redemptions Payable | Redemptions Payable |
Redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The financial instruments held by the Company are reported in the statements of financial condition at fair value, or at carrying amounts that approximate fair value, due to their highly liquid nature and short-term maturity. | |
Foreign Currency Translation | Foreign Currency Translation |
The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates as of the date of the statements of financial condition. Gains and losses on investment activity are translated at the prevailing exchange rate on the date of each respective transaction while year-end balances are translated at the year-end currency rates. Realized and unrealized foreign exchange gains or losses are included in trading income in the statements of operations. | |
Income Taxes | Income Taxes |
No provision for income taxes has been made in the accompanying financial statements as each partner is responsible for reporting income (loss) based upon the pro rata share of the profits or losses of the Partnership. The Partnership files U.S. federal and state tax returns. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
There have been no recently issued accounting pronouncements that materially affect the Partnership’s financial statements. |
3_Fair_Value_of_Financial_Inst1
3. Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Fair Value Of Financial Instruments Tables | |||||||||||||
Fair Value Measurement | Fair Value Measurement of Assets | ||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets at December 31, 2014: | |||||||||||||
Open positions in futures and forward contracts | 316,358 | 0 | 0 | ||||||||||
Total assets at fair value | $ | 316,358 | $ | 0 | $ | 0 | |||||||
Level 1 | Level 2 | Level 3 | |||||||||||
Assets at December 31, 2013: | |||||||||||||
Investment in marketable securities | $ | 2,582 | $ | 4,354,481 | $ | 0 | |||||||
Open positions in futures and forward contracts | 431,081 | 0 | 0 | ||||||||||
Total assets at fair value | $ | 433,663 | $ | 4,354,481 | $ | 0 | |||||||
Fair Value of Derivative Instruments | Fair Value of Derivative Instruments | ||||||||||||
2014 | 2013 | ||||||||||||
Speculative Instruments | Location- Statement of Financial Condition | Fair Value | Fair Value | ||||||||||
Futures Contracts | Net unrealized gain (loss) on open contracts | $ | 316,358 | $ | 431,081 | ||||||||
2014 | 2013 | ||||||||||||
Speculative Instruments | Location- Statement of Operations | Fair Value | Fair Value | ||||||||||
Futures Contracts | Net realized trading gains (losses) | $ | 1,624,496 | $ | (288,150 | ) | |||||||
Futures Contracts | Change in unrealized gains (losses) | $ | (81,567 | ) | $ | 8,293 | |||||||
Risk for derivative contracts | Long | Short | |||||||||||
Primary Underlying Risk | Exposure | Exposure | |||||||||||
Interest rates | $ | 0 | $ | 9,161,212 | |||||||||
Foreign currencies | $ | 11,226,825 | $ | 12,292,783 | |||||||||
Commodity risk | $ | 926,690 | $ | 1,614,730 | |||||||||
Stock indices | $ | 0 | $ | 0 |
7_Financial_Highlights_Tables
7. Financial Highlights (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Notes to Financial Statements | |||||||||
Return summary | 2014 | 2013 | |||||||
Class A | Class A | ||||||||
Total return before distributions | 18.1 | % | -12.71 | % | |||||
Ratio to average net assets: | |||||||||
Management fees | 5.22 | % | 5.04 | % | |||||
Incentive fees | 0 | % | 0 | % | |||||
Other expenses | 3.13 | % | 3.56 | % | |||||
Total expenses | 8.35 | % | 8.6 | % |
3_Fair_Value_of_Financial_Inst2
3. Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Level 1 | ||
Assets | $316,358 | $433,663 |
Level 1 | Futures and forward contracts | ||
Assets | 316,358 | 431,081 |
Level 1 | Marketable securities | ||
Assets | 2,582 | |
Level 2 | ||
Assets | 0 | 4,354,481 |
Level 2 | Futures and forward contracts | ||
Assets | 0 | 0 |
Level 2 | Marketable securities | ||
Assets | 4,354,481 | |
Level 3 | ||
Assets | 0 | 0 |
Level 3 | Futures and forward contracts | ||
Assets | 0 | 0 |
Level 3 | Marketable securities | ||
Assets | $0 |
3_Fair_Value_of_Financial_Inst3
3. Fair Value of Financial Instruments (Details 1) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Net unrealized gain (loss) on open contracts | $316,358 | $431,081 |
Net realized trading gains (losses) | 1,624,496 | -288,150 |
Change in unrealized gains (losses) | -81,567 | 8,293 |
Futures Contracts | ||
Net unrealized gain (loss) on open contracts | 316,358 | 431,081 |
Net realized trading gains (losses) | 1,624,496 | -288,150 |
Change in unrealized gains (losses) | ($81,567) | $8,293 |
3_Fair_Value_of_Financial_Inst4
3. Fair Value of Financial Instruments (Details 2) (USD $) | Dec. 31, 2014 |
Interest rates | Long exposure | |
Derivative activities based on their notional amounts | $0 |
Interest rates | Short exposure | |
Derivative activities based on their notional amounts | 9,161,212 |
Foreign currencies | Long exposure | |
Derivative activities based on their notional amounts | 11,226,825 |
Foreign currencies | Short exposure | |
Derivative activities based on their notional amounts | 12,292,783 |
Commodity risk | Long exposure | |
Derivative activities based on their notional amounts | 926,690 |
Commodity risk | Short exposure | |
Derivative activities based on their notional amounts | 1,614,730 |
Stock indices | Long exposure | |
Derivative activities based on their notional amounts | 0 |
Stock indices | Short exposure | |
Derivative activities based on their notional amounts | $0 |
5_Agreements_and_Related_Party1
5. Agreements and Related Party Transactions (Details Narrative) | 12 Months Ended |
Dec. 31, 2014 | |
EMC Capital Advisors | |
Monthly management fee | EMC receives a monthly management fee equal to 0.167% (2% annually) of the PartnershipBs month-end net asset value, as defined, and a quarterly incentive fee of 20% of the PartnershipBs new net trading profits, as defined. The incentive fee is retained by EMC even though trading losses may occur in subsequent quarters; however, no further incentive fees are payable until any such trading losses (other than losses attributable to redeemed units and losses attributable to assets reallocated to another advisor) are recouped by the Partnership. |
General Partner | |
Monthly management fee | General Partner charges the Partnership a monthly management fee equal to 0.50% (6% annually) of the PartnershipBs Class A beginning-of-month net asset value. |
R.J. OBBrien | |
Monthly management fee | R.J. OBBrien charges the Partnership a brokerage commission rate per round-turn trade, plus applicable exchange fees, give up fees and other fees for futures contracts and options contracts executed on registered domestic and foreign exchanges. For trades on certain foreign exchanges, the rates may be higher. The Partnership earns interest on 95% of the PartnershipBs average monthly cash balance on deposit with R.J. OBBrien at a rate equal to the average 91-day Treasury Bill rate for US Treasury Bills issued during that month. The Partnership has funds deposited at a separate cash account at R.J. OBBrien. At December 31, 2014 approximately 76% of the PartnershipBs capital funds were deposited at the cash account at RJO. The Partnership receives 90% of the 30-day rate on 91-day U.S. Treasury bill rate. |
7_Financial_Highlights_Details
7. Financial Highlights (Details) (Class A) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Class A | ||
Total return before distributions | 18.10% | -12.71% |
Ratio to average net assets: | ||
Management fees | 5.22% | 5.04% |
Incentive fees | 0.00% | 0.00% |
Other expenses | 3.13% | 3.56% |
Total expenses | 8.35% | 8.60% |