Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Document And Entity Information | ' |
Entity Registrant Name | 'FUTURES PORTFOLIO FUND L.P. |
Entity Central Index Key | '0000861441 |
Document Type | '10-Q |
Document Period End Date | 30-Jun-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity a Well-known Seasoned Issuer | 'No |
Entity a Voluntary Filer | 'No |
Entity's Reporting Status Current | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Document Fiscal Period Focus | 'Q2 |
Document Fiscal Year Focus | '2014 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Equity in broker trading accounts | ' | ' |
Cash | $267,538,001 | $289,217,101 |
Net unrealized gain on open futures contracts | 17,808,912 | 37,958,108 |
Net unrealized gain (loss) on open forward currency contracts | -518,744 | 695,075 |
Total equity in broker trading accounts | 284,828,169 | 327,870,284 |
Cash and cash equivalents | 17,682,254 | 22,745,016 |
Investment in swap contract, at fair value | 14,091,477 | ' |
Investments in securities, at fair value | 425,373,786 | 530,922,246 |
Certificates of deposit, at fair value | 30,888,945 | 42,625,053 |
Interest receivable | 108,737 | ' |
General Partner 1% allocation receivable | 12,105 | 283,366 |
Total assets | 772,985,473 | 924,445,965 |
Liabilities | ' | ' |
Trading Advisor management fees payable | 1,569,669 | 2,512,701 |
Trading Advisor incentive fees payable | 978,025 | 177,898 |
Commissions and other trading fees payable on open contracts | 164,919 | 144,920 |
Cash Manager fees payable | 191,760 | 164,805 |
General Partner management and performance fees payable | 954,877 | 1,145,591 |
Selling Agent fees payable - General Partner | 863,398 | 1,016,111 |
Administrative expenses payable - General Partner | 211,519 | 344,649 |
Investment Manager fees payable | 53,551 | ' |
Distribution (12b-1) fees payable | 27 | ' |
Operating services fee payable | 21,420 | ' |
Redemptions payable | 24,054,443 | 36,130,211 |
Subscriptions received in advance | 4,238,073 | 2,399,374 |
Total liabilities | 33,301,681 | 44,036,260 |
Partners' Capital (Net Asset Value) | ' | ' |
Non-controlling interest | 102,810 | ' |
Total partners' capital (net asset value) | 739,683,792 | 880,409,705 |
Total liabilities and partners' capital (net asset value) | 772,985,473 | 924,445,965 |
Class A [Member] | ' | ' |
Partners' Capital (Net Asset Value) | ' | ' |
Total partners' capital (net asset value) | 475,091,948 | 550,501,395 |
Class B [Member] | ' | ' |
Partners' Capital (Net Asset Value) | ' | ' |
Total partners' capital (net asset value) | 262,232,177 | 325,651,536 |
Class I [Member] | ' | ' |
Partners' Capital (Net Asset Value) | ' | ' |
Total partners' capital (net asset value) | $2,256,857 | $4,256,774 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Class A [Member] | ' | ' | ' | ' |
Partners' Capital, units outstanding | 115,595.14 | 133,795.04 | 162,017.88 | 178,207.99 |
Class B [Member] | ' | ' | ' | ' |
Partners' Capital, units outstanding | 44,939.22 | 56,246.44 | 76,045.85 | 86,910.36 |
Class I [Member] | ' | ' | ' | ' |
Partners' Capital, units outstanding | 2,445.66 | 4,675.59 | 5,790 | 2,484.34 |
Consolidated_Condensed_Schedul
Consolidated Condensed Schedule of Investments of U.S. Treasury Securities (Unaudited) (U.S. Treasury Securities [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value | $42,558,399 | $88,102,079 | ||
% of Partners' Capital (Net Asset Value) | 5.75% | 10.01% | ||
Investment Owned, at Cost | 42,696,420 | 88,765,255 | ||
2.38% U.S.Treasury Notes Due 2014-08-31 [Member] | ' | ' | ||
Face Value | 4,000,000 | 5,000,000 | ||
Fair Value | 4,046,909 | 5,113,984 | ||
% of Partners' Capital (Net Asset Value) | 0.55% | 0.58% | ||
% Yield | 2.38% | [1] | 2.38% | [1] |
0.25% U.S.Treasury Notes Due 2014-09-30 [Member] | ' | ' | ||
Face Value | 5,000,000 | 5,000,000 | ||
Fair Value | 5,005,487 | 5,007,294 | ||
% of Partners' Capital (Net Asset Value) | 0.67% | 0.57% | ||
% Yield | 0.25% | [1] | 0.25% | [1] |
2.13% U.S.Treasury Notes Due 2014-11-30 [Member] | ' | ' | ||
Face Value | 7,200,000 | 7,200,000 | ||
Fair Value | 7,274,015 | 7,340,891 | ||
% of Partners' Capital (Net Asset Value) | 0.97% | 0.83% | ||
% Yield | 2.13% | [1] | 2.13% | [1] |
0.25% U.S.Treasury Notes Due 2014-12-15 [Member] | ' | ' | ||
Face Value | 3,185,000 | 3,185,000 | ||
Fair Value | 3,187,832 | 3,187,984 | ||
% of Partners' Capital (Net Asset Value) | 0.43% | 0.36% | ||
% Yield | 0.25% | [1] | 0.25% | [1] |
0.13% U.S.Treasury Notes Due 2014-12-31 [Member] | ' | ' | ||
Face Value | 2,700,000 | 2,700,000 | ||
Fair Value | 2,700,536 | 2,699,167 | ||
% of Partners' Capital (Net Asset Value) | 0.37% | 0.31% | ||
% Yield | 0.13% | [1] | 0.13% | [1] |
0.25% U.S.Treasury Notes Due 2015-01-31 [Member] | ' | ' | ||
Face Value | 3,700,000 | 3,700,000 | ||
Fair Value | 3,707,473 | 3,706,905 | ||
% of Partners' Capital (Net Asset Value) | 0.50% | 0.42% | ||
% Yield | 0.25% | [1] | 0.25% | [1] |
2.38% U.S.Treasury Notes Due 2015-02-28 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,015,117 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 2.38% | [1] | ' | |
2.50% U.S.Treasury Notes Due 2015-03-31 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 3,072,876 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.42% | ' | ||
% Yield | 2.50% | [1] | ' | |
2.50% U.S.Treasury Notes Due 2015-04-30 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,019,961 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 2.50% | [1] | ' | |
0.13% U.S.Treasury Notes Due 2015-04-30 [Member] | ' | ' | ||
Face Value | 5,000,000 | 5,000,000 | ||
Fair Value | 5,002,028 | 4,995,210 | ||
% of Partners' Capital (Net Asset Value) | 0.68% | 0.57% | ||
% Yield | 0.13% | [1] | 0.13% | [1] |
2.13% U.S.Treasury Notes Due 2015-05-31 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,018,125 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 2.13% | [1] | ' | |
0.25% U.S.Treasury Notes Due 2015-05-31 [Member] | ' | ' | ||
Face Value | 5,500,000 | 3,000,000 | ||
Fair Value | 5,508,040 | 3,002,417 | ||
% of Partners' Capital (Net Asset Value) | 0.74% | 0.34% | ||
% Yield | 0.25% | [1] | 0.25% | [1] |
1.88% U.S.Treasury Note Due 2014-02-28 [Member] | ' | ' | ||
Face Value | ' | 8,000,000 | ||
Fair Value | ' | 8,073,462 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.92% | ||
% Yield | ' | 1.88% | [1] | |
1.75% U.S.Treasury Note Due 2014-03-31 [Member] | ' | ' | ||
Face Value | ' | 8,350,000 | ||
Fair Value | ' | 8,420,926 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.96% | ||
% Yield | ' | 1.75% | [1] | |
1.25% U.S.Treasury Note Due 2014-04-15 [Member] | ' | ' | ||
Face Value | ' | 5,115,000 | ||
Fair Value | ' | 5,145,478 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.58% | ||
% Yield | ' | 1.25% | [1] | |
1.00% U.S.Treasury Note Due 2014-05-15 [Member] | ' | ' | ||
Face Value | ' | 7,500,000 | ||
Fair Value | ' | 7,534,638 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.86% | ||
% Yield | ' | 1.00% | [1] | |
2.25% U.S.Treasury Note Due 2014-05-31 [Member] | ' | ' | ||
Face Value | ' | 8,750,000 | ||
Fair Value | ' | 8,843,870 | ||
% of Partners' Capital (Net Asset Value) | ' | 1.01% | ||
% Yield | ' | 2.25% | [1] | |
2.63% U.S.Treasury Note Due 2014-06-30 [Member] | ' | ' | ||
Face Value | ' | 8,100,000 | ||
Fair Value | ' | 8,201,206 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.93% | ||
% Yield | ' | 2.63% | [1] | |
0.25% U.S.Treasury Note Due 2014-06-30 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,003,152 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.45% | ||
% Yield | ' | 0.25% | [1] | |
0.25% U.S.Treasury Note Due 2015-12-31 [Member] | ' | ' | ||
Face Value | ' | 2,833,000 | ||
Fair Value | ' | $2,825,495 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.32% | ||
% Yield | ' | 0.25% | [1] | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated_Condensed_Schedul1
Consolidated Condensed Schedule of Investments Commercial Paper (Unaudited) (Commercial Paper [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value | $70,845,660 | $65,153,483 | ||
% of Partners' Capital (Net Asset Value) | 9.58% | 7.40% | ||
Investment Owned, at Cost | 70,821,814 | 65,122,443 | ||
U.S. Commercial Paper [Member] | ' | ' | ||
Fair Value | 40,900,835 | 31,009,077 | ||
% of Partners' Capital (Net Asset Value) | 5.53% | 3.52% | ||
Investment Owned, at Cost | 40,890,226 | 31,004,242 | ||
U.S. Commercial Paper [Member] | Automotive [Member] | 0.18% Nissan Motor Acceptance Corporation Due 2014-07-25 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,919 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Automotive [Member] | 0.20% Nissan Motor Acceptance Corporation Due 2014-07-28 [Member] | ' | ' | ||
Face Value | 1,500,000 | ' | ||
Fair Value | 1,499,775 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ' | ||
% Yield | 0.20% | [1] | ' | |
U.S. Commercial Paper [Member] | Automotive [Member] | 0.27% Volvo Treasury North America Due 2014-07-11 [Member] | ' | ' | ||
Face Value | 400,000 | ' | ||
Fair Value | 399,970 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ' | ||
% Yield | 0.27% | [1] | ' | |
U.S. Commercial Paper [Member] | Automotive [Member] | 0.30% Nissan Motor Acceptance Corp. Due 2014-01-21 [Member] | ' | ' | ||
Face Value | ' | 2,200,000 | ||
Fair Value | ' | 2,199,633 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.25% | ||
% Yield | ' | 0.30% | [1] | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.18% Credit Suisse First Boston Due 2014-09-04 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,963 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.18% HSBC Bank USA, National Association Due 2014-09-05 [Member] | ' | ' | ||
Face Value | 1,500,000 | ' | ||
Fair Value | 1,499,505 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.20% Mitsubishi UFJ Trust & Banking Corp (USA) Due 2014-08-18 [Member] | ' | ' | ||
Face Value | 1,900,000 | ' | ||
Fair Value | 1,899,493 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.26% | ' | ||
% Yield | 0.20% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.18% Mizuho Funding LLC Due 2014-08-06 [Member] | ' | ' | ||
Face Value | 750,000 | ' | ||
Fair Value | 749,862 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.18% Mizuho Funding LLC Due 2014-08-25 [Member] | ' | ' | ||
Face Value | 2,585,000 | ' | ||
Fair Value | 2,584,411 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.35% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.16% Standard Chartered Bank Due 2014-07-07 [Member] | ' | ' | ||
Face Value | 1,600,000 | ' | ||
Fair Value | 1,599,957 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ' | ||
% Yield | 0.16% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.18% Standard Chartered Bank Due 2014-08-08 [Member] | ' | ' | ||
Face Value | 300,000 | ' | ||
Fair Value | 299,937 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.12% Union Bank, NA Due 2014-08-19 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,706 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.12% | [1] | ' | |
U.S. Commercial Paper [Member] | Banks [Member] | 0.21% Mizuho Funding LLC Due 2014-02-24 [Member] | ' | ' | ||
Face Value | ' | 2,200,000 | ||
Fair Value | ' | 2,199,323 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.25% | ||
% Yield | ' | 0.21% | [1] | |
U.S. Commercial Paper [Member] | Beverages [Member] | 0.23% Bacardi U.S.A., Inc. Due 2014-07-23 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,747 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.23% | [1] | ' | |
U.S. Commercial Paper [Member] | Beverages [Member] | 0.22% Bacardi U.S.A., Inc. Due 2014-08-27 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,976 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.22% | [1] | ' | |
U.S. Commercial Paper [Member] | Beverages [Member] | 0.12% Brown-Forman Corporation Due 2014-07-08 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,999,953 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.12% | [1] | ' | |
U.S. Commercial Paper [Member] | Beverages [Member] | 0.25% Bacardi Corporation Due 2014-01-15 [Member] | ' | ' | ||
Face Value | ' | 2,200,000 | ||
Fair Value | ' | 2,199,786 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.25% | ||
% Yield | ' | 0.25% | [1] | |
U.S. Commercial Paper [Member] | Beverages [Member] | 0.12% Brown-Forman Corporation Due 2014-01-16 [Member] | ' | ' | ||
Face Value | ' | 1,262,000 | ||
Fair Value | ' | 1,261,937 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 0.12% | [1] | |
U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.18% ING (U.S.) Funding LLC Due 2014-07-07 [Member] | ' | ' | ||
Face Value | 2,800,000 | ' | ||
Fair Value | 2,799,946 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.39% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.20% ING (U.S.) Funding LLC Due 2014-08-11 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,999,544 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.20% | [1] | ' | |
U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.27% VNA Holding Inc. Due 2014-07-11 [Member] | ' | ' | ||
Face Value | 1,600,000 | ' | ||
Fair Value | 1,599,880 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ' | ||
% Yield | 0.27% | [1] | ' | |
U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.24% AXA Financial, Inc. Due 2014-01-09 [Member] | ' | ' | ||
Face Value | ' | 2,700,000 | ||
Fair Value | ' | 2,699,856 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.30% | ||
% Yield | ' | 0.24% | [1] | |
U.S. Commercial Paper [Member] | Diversified Financial Services [Member] | 0.30% VNA Holding Inc. Due 2014-01-14 [Member] | ' | ' | ||
Face Value | ' | 1,500,000 | ||
Fair Value | ' | 1,499,838 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.17% | ||
% Yield | ' | 0.30% | [1] | |
U.S. Commercial Paper [Member] | Insurance [Member] | 0.18% ABN AMRO Funding USA LLC Due 2014-11-03 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,998,348 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Insurance [Member] | 0.19% AXA Financial, Inc. Due 2014-07-02 [Member] | ' | ' | ||
Face Value | 1,500,000 | ' | ||
Fair Value | 1,499,992 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ' | ||
% Yield | 0.19% | [1] | ' | |
U.S. Commercial Paper [Member] | Insurance [Member] | 0.18% ING US Funding, LLC Due 2014-07-24 [Member] | ' | ' | ||
Face Value | 200,000 | ' | ||
Fair Value | 199,981 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.03% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Insurance [Member] | 0.18% ING US Funding, LLC Due 2014-08-04 [Member] | ' | ' | ||
Face Value | 300,000 | ' | ||
Fair Value | 299,938 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Food [Member] | 0.17% Sysco Corporation Due 2014-01-10 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 1,999,915 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.17% | [1] | |
U.S. Commercial Paper [Member] | Manufacturing [Member] | 0.09% Danaher Corporation Due 2014-07-10 [Member] | ' | ' | ||
Face Value | 1,300,000 | ' | ||
Fair Value | 1,299,971 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.18% | ' | ||
% Yield | 0.09% | [1] | ' | |
U.S. Commercial Paper [Member] | Manufacturing [Member] | 0.15% Stanley Black & Decker, Inc. Due 2014-01-03 [Member] | ' | ' | ||
Face Value | ' | 1,200,000 | ||
Fair Value | ' | 1,199,990 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 0.15% | [1] | |
U.S. Commercial Paper [Member] | Non-profit [Member] | 0.15% Salvation Army Due 2014-01-06 [Member] | ' | ' | ||
Face Value | ' | 2,800,000 | ||
Fair Value | ' | 2,799,942 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.31% | ||
% Yield | ' | 0.15% | [1] | |
U.S. Commercial Paper [Member] | Media [Member] | 0.24% CBS Corporation Due 2014-07-18 [Member] | ' | ' | ||
Face Value | 1,200,000 | ' | ||
Fair Value | 1,199,864 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ' | ||
% Yield | 0.24% | [1] | ' | |
U.S. Commercial Paper [Member] | Media [Member] | 0.23% CBS Corporation Due 2014-08-14 [Member] | ' | ' | ||
Face Value | 300,000 | ' | ||
Fair Value | 299,987 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ' | ||
% Yield | 0.23% | [1] | ' | |
U.S. Commercial Paper [Member] | Telecommunications [Member] | 0.21% Verizon Communications Inc. Due 2014-01-24 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 1,999,732 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.21% | [1] | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.22% Dominion Resources, Inc. Due 2014-07-08 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,999,914 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.22% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.22% Duke Energy Corporation Due 2014-07-14 [Member] | ' | ' | ||
Face Value | 1,772,000 | ' | ||
Fair Value | 1,771,859 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.22% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.18% Nextera Energy Due 2014-07-11 [Member] | ' | ' | ||
Face Value | 400,000 | ' | ||
Fair Value | 399,979 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.05% | ' | ||
% Yield | 0.18% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.14% Questar Corporation Due 2014-07-18 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,881 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.14% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.25% Sempra Energy Global Enterprises Due 2014-07-18 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,788 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.25% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.15% Southern Company Funding Corp. Due 2014-07-23 [Member] | ' | ' | ||
Face Value | 2,300,000 | ' | ||
Fair Value | 2,299,789 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ' | ||
% Yield | 0.15% | [1] | ' | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.20% Devon Energy Corporation Due 2014-01-30 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 1,999,678 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.20% | [1] | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.22% Enterprise Products Operating LLC Due 2014-01-10 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 1,999,890 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.22% | [1] | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.16% Oglethorpe Power Corporation Due 2014-01-07 [Member] | ' | ' | ||
Face Value | ' | 2,200,000 | ||
Fair Value | ' | 2,199,941 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.25% | ||
% Yield | ' | 0.16% | [1] | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.25% Sempra Energy Global Enterprises Due 2014-01-23 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 1,999,694 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.25% | [1] | |
U.S. Commercial Paper [Member] | Energy [Member] | 0.17% Southern Company Funding Corp. Due 2014-01-07 [Member] | ' | ' | ||
Face Value | ' | 2,750,000 | ||
Fair Value | ' | 2,749,922 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.31% | ||
% Yield | ' | 0.17% | [1] | |
Foreign Commercial Paper [Member] | ' | ' | ||
Fair Value | 29,944,825 | 34,144,406 | ||
% of Partners' Capital (Net Asset Value) | 4.05% | 3.88% | ||
Investment Owned, at Cost | 29,931,588 | 34,118,201 | ||
Foreign Commercial Paper [Member] | Banks [Member] | 0.14% Australia and New Zealand Banking Group Ltd Due 2014-09-05 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,538 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.14% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Commonwealth Bank of Australia Due 2014-08-18 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,920 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% DBS Bank Ltd Due 2014-07-25 [Member] | ' | ' | ||
Face Value | 430,000 | ' | ||
Fair Value | 429,957 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.06% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.11% DNB Bank ASA Due 2014-07-17 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,912 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.11% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% DNB Bank ASA Due 2014-08-25 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,885 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.17% Nordea Bank AB Due 2014-09-16 [Member] | ' | ' | ||
Face Value | 1,700,000 | ' | ||
Fair Value | 1,699,400 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ' | ||
% Yield | 0.17% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.14% Oversea-Chinese Banking Corporation Ltd Due 2014-07-15 [Member] | ' | ' | ||
Face Value | 2,280,000 | ' | ||
Fair Value | 2,279,876 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.31% | ' | ||
% Yield | 0.14% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Oversea-Chinese Banking Corporation Ltd Due 2014-11-14 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,998,460 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Skandinaviska Enskilda Banken AB Due 2014-07-16 [Member] | ' | ' | ||
Face Value | 1,800,000 | ' | ||
Fair Value | 1,799,865 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Sumitomo Mitsui Bank Due 2014-07-10 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,979 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Sumitomo Mitsui Bank Due 2014-08-05 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,499,563 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.17% Bank of Nova Scotia Due 2014-03-31 [Member] | ' | ' | ||
Face Value | ' | 2,100,000 | ||
Fair Value | ' | 2,099,115 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.24% | ||
% Yield | ' | 0.17% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.15% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2014-01-14 [Member] | ' | ' | ||
Face Value | ' | 2,015,000 | ||
Fair Value | ' | 2,014,891 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.15% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.15% Commonwealth Bank of Australia Due 2014-01-06 [Member] | ' | ' | ||
Face Value | ' | 2,600,000 | ||
Fair Value | ' | 2,599,946 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.30% | ||
% Yield | ' | 0.15% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.16% DBS Bank Ltd Due 2014-02-27 [Member] | ' | ' | ||
Face Value | ' | 2,400,000 | ||
Fair Value | ' | 2,399,392 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.27% | ||
% Yield | ' | 0.16% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% DNB Bank ASA Due 2014-04-07 [Member] | ' | ' | ||
Face Value | ' | 1,250,000 | ||
Fair Value | ' | 1,249,400 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 0.18% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.18% Nordea Bank AB Due 2014-03-03 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,499,259 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 0.18% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.19% Oversea-Chinese Banking Corporation Ltd Due 2014-01-07 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,499,921 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 0.19% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.15% Skandinaviska Enskilda Banken AB Due 2014-02-10 [Member] | ' | ' | ||
Face Value | ' | 1,400,000 | ||
Fair Value | ' | 1,399,767 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.16% | ||
% Yield | ' | 0.15% | [1] | |
Foreign Commercial Paper [Member] | Banks [Member] | 0.15% Sumitomo Mitsui Bank Due 2014-01-22 [Member] | ' | ' | ||
Face Value | ' | 2,700,000 | ||
Fair Value | ' | 2,699,764 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.31% | ||
% Yield | ' | 0.15% | [1] | |
Foreign Commercial Paper [Member] | Insurance [Member] | 0.16% Prudential PLC Due 2014-08-07 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 1,999,671 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.16% | [1] | ' | |
Foreign Commercial Paper [Member] | Insurance [Member] | 0.18% Prudential PLC Due 2014-08-26 [Member] | ' | ' | ||
Face Value | 300,000 | ' | ||
Fair Value | 299,907 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.04% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Insurance [Member] | 0.16% Prudential PLC Due 2014-01-08 [Member] | ' | ' | ||
Face Value | ' | 1,500,000 | ||
Fair Value | ' | 1,499,953 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.17% | ||
% Yield | ' | 0.16% | [1] | |
Foreign Commercial Paper [Member] | Food [Member] | 0.30% Tesco Treasury Services PLC Due 2014-08-20 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,498,958 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.30% | [1] | ' | |
Foreign Commercial Paper [Member] | Food [Member] | 0.25% Tesco Treasury Services PLC Due 2014-01-17 [Member] | ' | ' | ||
Face Value | ' | 2,100,000 | ||
Fair Value | ' | 2,099,767 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.24% | ||
% Yield | ' | 0.25% | [1] | |
Foreign Commercial Paper [Member] | Chemicals [Member] | 0.09% BASF SE Due 2014-07-24 [Member] | ' | ' | ||
Face Value | 1,600,000 | ' | ||
Fair Value | 1,599,908 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.22% | ' | ||
% Yield | 0.09% | [1] | ' | |
Foreign Commercial Paper [Member] | Consumer Products [Member] | 0.18% Reckitt Benckiser Treasury Services PLC Due 2015-04-21 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 2,994,840 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.39% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Consumer Products [Member] | 0.43% Reckitt Benckiser Treasury Services PLC Due 2014-03-04 [Member] | ' | ' | ||
Face Value | ' | 1,600,000 | ||
Fair Value | ' | 1,599,544 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.18% | ||
% Yield | ' | 0.43% | [1] | |
Foreign Commercial Paper [Member] | Consumer Products [Member] | 0.40% Reckitt Benckiser Treasury Services PLC Due 2014-04-17 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 3,997,670 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.46% | ||
% Yield | ' | 0.40% | [1] | |
Foreign Commercial Paper [Member] | Energy [Member] | 0.18% BP Capital Markets PLC Due 2014-07-21 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 499,981 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Energy [Member] | 0.18% Electricite de France Due 2015-01-02 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,495,660 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.18% | [1] | ' | |
Foreign Commercial Paper [Member] | Energy [Member] | 0.17% GDF Suez Due 2014-08-25 [Member] | ' | ' | ||
Face Value | 1,750,000 | ' | ||
Fair Value | 1,749,545 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.17% | [1] | ' | |
Foreign Commercial Paper [Member] | Energy [Member] | 0.55% Electricite de France Due 2015-01-02 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,486,500 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 0.55% | [1] | |
Foreign Commercial Paper [Member] | Energy [Member] | 0.20% GDF Suez Due 2014-01-30 [Member] | ' | ' | ||
Face Value | ' | 3,000,000 | ||
Fair Value | ' | $2,999,517 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 0.20% | [1] | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated_Condensed_Schedul2
Consolidated Condensed Schedule of Investments Corporate Notes (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Corporate Notes [Member] | ' | ' | ||
Fair Value | $311,969,727 | $377,666,684 | ||
% of Partners' Capital (Net Asset Value) | 42.18% | 42.89% | ||
Investment Owned, at Cost | 312,625,749 | 379,319,656 | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | ' | ' | ||
Fair Value | 215,023,729 | 250,957,531 | ||
% of Partners' Capital (Net Asset Value) | 29.07% | 28.50% | ||
Investment Owned, at Cost | 215,302,714 | 252,246,718 | ||
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 0.58% Rockwell Collins, Inc. Due 2016-12-15 [Member] | ' | ' | ||
Face Value | 2,800,000 | ' | ||
Fair Value | 2,809,636 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.38% | ' | ||
% Yield | 0.58% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 4.95% BAE Systems Holdings Inc. Due 2014-06-01 [Member] | ' | ' | ||
Face Value | ' | 1,240,000 | ||
Fair Value | ' | 1,266,529 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 4.95% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | 0.59% Rockwell Collins, Inc. Due 2016-12-15 [Member] | ' | ' | ||
Face Value | ' | 2,800,000 | ||
Fair Value | ' | 2,805,386 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.32% | ||
% Yield | ' | 0.59% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.30% Daimler Finance North America LLC Due 2015-07-31 [Member] | ' | ' | ||
Face Value | 8,300,000 | 8,300,000 | ||
Fair Value | 8,415,974 | 8,407,757 | ||
% of Partners' Capital (Net Asset Value) | 1.14% | 0.95% | ||
% Yield | 0.13% | [1] | 1.30% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 4.50% Nissan Motor Acceptance Corporation Due 2015-01-30 [Member] | ' | ' | ||
Face Value | 1,400,000 | ' | ||
Fair Value | 1,456,853 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ' | ||
% Yield | 4.50% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.38% Toyota Motor Credit Corporation Due 2015-09-18 [Member] | ' | ' | ||
Face Value | 1,700,000 | ' | ||
Fair Value | 1,702,136 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.23% | ' | ||
% Yield | 0.38% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.45% Volkswagen Group of America Finance, LLC Due 2016-05-23 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,002,059 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.45% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.76% Volkswagen Group of America Finance, LLC Due 2017-05-23 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 500,563 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 1.76% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.95% Daimler Finance North America LLC Due 2014-03-28 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,518,789 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.29% | ||
% Yield | ' | 1.95% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 1.75% Johnson Controls, Inc. Due 2014-03-01 [Member] | ' | ' | ||
Face Value | ' | 1,805,000 | ||
Fair Value | ' | 1,819,497 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.21% | ||
% Yield | ' | 1.75% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | 0.39% Toyota Motor Credit Corporation Due 2015-09-18 [Member] | ' | ' | ||
Face Value | ' | 1,700,000 | ||
Fair Value | ' | 1,700,853 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.19% | ||
% Yield | ' | 0.39% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 4.50% Bank of America Due 2015-04-01 [Member] | ' | ' | ||
Face Value | 2,250,000 | ' | ||
Fair Value | 2,339,370 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.32% | ' | ||
% Yield | 4.50% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.05% Bank of America Due 2016-03-22 [Member] | ' | ' | ||
Face Value | 4,750,000 | ' | ||
Fair Value | 4,786,824 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.65% | ' | ||
% Yield | 1.05% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.10% Bank of New York Due 2015-01-15 [Member] | ' | ' | ||
Face Value | 3,500,000 | ' | ||
Fair Value | 3,602,534 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.49% | ' | ||
% Yield | 3.10% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.20% Bank of New York Due 2015-02-20 [Member] | ' | ' | ||
Face Value | 2,000,000 | 2,000,000 | ||
Fair Value | 2,018,835 | 2,024,095 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | 0.23% | ||
% Yield | 1.20% | [1] | 1.20% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.72% Capital One Bank, NA Due 2017-02-13 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,594 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.72% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.30% Citigroup Inc. Due 2016-04-01 [Member] | ' | ' | ||
Face Value | 8,750,000 | 8,000,000 | ||
Fair Value | 8,819,278 | 8,052,560 | ||
% of Partners' Capital (Net Asset Value) | 1.19% | 0.91% | ||
% Yield | 1.30% | [1] | 1.30% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.00% Comerica Incorporated Due 2015-09-16 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,074,464 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ' | ||
% Yield | 3.00% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.64% Fifth Third Bank Due 2016-02-26 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,803 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.64% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.63% Goldman Sachs Due 2015-07-22 [Member] | ' | ' | ||
Face Value | 9,250,000 | ' | ||
Fair Value | 9,264,068 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.25% | ' | ||
% Yield | 0.63% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.63% Goldman Sachs Due 2016-02-07 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,042,277 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 3.63% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.85% JP Morgan Chase & Co. Due 2016-02-26 [Member] | ' | ' | ||
Face Value | 11,275,000 | ' | ||
Fair Value | 11,327,135 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.52% | ' | ||
% Yield | 0.85% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.71% Morgan Stanley Due 2015-10-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,060 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.71% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.71% Morgan Stanley Due 2015-10-15 [Member] | ' | ' | ||
Face Value | 7,500,000 | ' | ||
Fair Value | 7,527,083 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.02% | ' | ||
% Yield | 0.71% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.29% U.S. Bank Due 2015-10-01 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,502,419 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.29% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.25% Wells Fargo Bank Due 2015-02-13 [Member] | ' | ' | ||
Face Value | 2,515,000 | 4,815,000 | ||
Fair Value | 2,541,734 | 4,877,825 | ||
% of Partners' Capital (Net Asset Value) | 0.34% | 0.55% | ||
% Yield | 1.25% | [1] | 1.25% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.51% Wells Fargo Bank Due 2015-07-20 [Member] | ' | ' | ||
Face Value | 1,500,000 | ' | ||
Fair Value | 1,505,246 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.20% | ' | ||
% Yield | 0.51% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.60% Wells Fargo Bank Due 2016-05-16 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 997,675 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.13% | ' | ||
% Yield | 0.60% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 4.5% Bank of America Corporation Due 2015-04-01 [Member] | ' | ' | ||
Face Value | ' | 2,250,000 | ||
Fair Value | ' | 2,378,565 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.27% | ||
% Yield | ' | 4.50% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.07% Bank of America Corporation Due 2016-03-22 [Member] | ' | ' | ||
Face Value | ' | 3,750,000 | ||
Fair Value | ' | 3,781,374 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.43% | ||
% Yield | ' | 1.07% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.18% Citigroup Inc. Due 2014-04-01 [Member] | ' | ' | ||
Face Value | ' | 189,000 | ||
Fair Value | ' | 189,567 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.02% | ||
% Yield | ' | 1.18% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 1.24% Goldman Sachs Group, Inc. Due 2014-02-07 [Member] | ' | ' | ||
Face Value | ' | 2,460,000 | ||
Fair Value | ' | 2,466,374 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 1.24% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.64% Goldman Sachs Group, Inc. Due 2015-07-22 [Member] | ' | ' | ||
Face Value | ' | 9,250,000 | ||
Fair Value | ' | 9,232,548 | ||
% of Partners' Capital (Net Asset Value) | ' | 1.05% | ||
% Yield | ' | 0.64% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.86% JPMorgan Chase & Co. Due 2016-02-26 [Member] | ' | ' | ||
Face Value | ' | 10,275,000 | ||
Fair Value | ' | 10,319,661 | ||
% of Partners' Capital (Net Asset Value) | ' | 1.18% | ||
% Yield | ' | 0.86% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.72% Morgan Stanley Due 2015-10-15 [Member] | ' | ' | ||
Face Value | ' | 7,500,000 | ||
Fair Value | ' | 7,506,959 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.85% | ||
% Yield | ' | 0.72% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 4.63% Northern Trust Corporation Due 2014-05-01 [Member] | ' | ' | ||
Face Value | ' | 2,641,000 | ||
Fair Value | ' | 2,699,554 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.31% | ||
% Yield | ' | 4.63% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 3.1% The Bank of New York Mellon Due 2015-01-15 [Member] | ' | ' | ||
Face Value | ' | 3,500,000 | ||
Fair Value | ' | 3,644,296 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.41% | ||
% Yield | ' | 3.10% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Banks [Member] | 0.52% Wells Fargo Bank Due 2015-07-20 [Member] | ' | ' | ||
Face Value | ' | 1,500,000 | ||
Fair Value | ' | 1,503,866 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.17% | ||
% Yield | ' | 0.52% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 1.50% Anheuser Busch InBev Due 2014-07-14 [Member] | ' | ' | ||
Face Value | 2,750,000 | 2,750,000 | ||
Fair Value | 2,770,389 | 2,784,802 | ||
% of Partners' Capital (Net Asset Value) | 0.37% | 0.32% | ||
% Yield | 1.50% | [1] | 1.50% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 1.13% Anheuser Busch InBev Due 2017-01-27 [Member] | ' | ' | ||
Face Value | 9,220,000 | ' | ||
Fair Value | 9,300,606 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.26% | ' | ||
% Yield | 1.13% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 5.60% Anheuser Busch InBev Due 2017-03-01 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,116,817 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.15% | ' | ||
% Yield | 5.60% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Beverages [Member] | 0.8% Anheuser-Busch InBev Worldwide Inc. Due 2015-07-15 [Member] | ' | ' | ||
Face Value | ' | 6,650,000 | ||
Fair Value | ' | 6,705,121 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.76% | ||
% Yield | ' | 0.80% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Biotechnology [Member] | 1.88% Amgen Inc. Due 2014-11-15 [Member] | ' | ' | ||
Face Value | 1,500,000 | 1,500,000 | ||
Fair Value | 1,512,031 | 1,520,308 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | 0.17% | ||
% Yield | 1.88% | [1] | 1.88% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Biotechnology [Member] | 2.40% Gilead Sciences, Inc. Due 2014-12-01 [Member] | ' | ' | ||
Face Value | 3,350,000 | 8,450,000 | ||
Fair Value | 3,384,606 | 8,612,409 | ||
% of Partners' Capital (Net Asset Value) | 0.46% | 0.98% | ||
% Yield | 2.40% | [1] | 2.40% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Chemicals [Member] | 2.38% Ecolab Inc. Due 2014-12-8 [Member] | ' | ' | ||
Face Value | 1,400,000 | ' | ||
Fair Value | 1,414,223 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ' | ||
% Yield | 2.38% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 0.29% IBM Due 2016-02-05 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 3,001,853 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.41% | ' | ||
% Yield | 0.29% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 0.64% Hewlett-Packard Company Due 2014-05-30 [Member] | ' | ' | ||
Face Value | ' | 4,500,000 | ||
Fair Value | ' | 4,496,825 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.51% | ||
% Yield | ' | 0.64% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Computers [Member] | 1.79% Hewlett-Packard Company Due 2014-09-19 [Member] | ' | ' | ||
Face Value | ' | 3,850,000 | ||
Fair Value | ' | 3,884,488 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.44% | ||
% Yield | ' | 1.79% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.13% American Express Credit Corporation Due 2014-08-25 [Member] | ' | ' | ||
Face Value | 1,500,000 | 2,500,000 | ||
Fair Value | 1,537,424 | 2,620,966 | ||
% of Partners' Capital (Net Asset Value) | 0.21% | 0.30% | ||
% Yield | 5.13% | [1] | 5.13% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 4.88% General Electric Capital Corporation Due 2015-03-04 [Member] | ' | ' | ||
Face Value | 1,750,000 | 1,750,000 | ||
Fair Value | 1,832,474 | 1,865,951 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | 0.21% | ||
% Yield | 4.88% | [1] | 4.88% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1.63% General Electric Capital Corporation Due 2015-07-02 [Member] | ' | ' | ||
Face Value | 3,500,000 | 3,500,000 | ||
Fair Value | 3,572,796 | 3,585,158 | ||
% of Partners' Capital (Net Asset Value) | 0.48% | 0.41% | ||
% Yield | 1.63% | [1] | 1.63% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.33% John Deere Capital Corporation Due 2014-10-08 [Member] | ' | ' | ||
Face Value | 800,000 | ' | ||
Fair Value | 800,826 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.11% | ' | ||
% Yield | 0.33% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.95% John Deere Capital Corporation Due 2015-03-09 [Member] | ' | ' | ||
Face Value | 1,500,000 | 1,500,000 | ||
Fair Value | 1,541,290 | 1,556,997 | ||
% of Partners' Capital (Net Asset Value) | 0.21% | 0.18% | ||
% Yield | 2.95% | [1] | 2.95% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.37% American Honda Finance Corp. Due 2014-04-08 [Member] | ' | ' | ||
Face Value | ' | 4,500,000 | ||
Fair Value | ' | 4,505,258 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.51% | ||
% Yield | ' | 0.37% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 1% American Honda Finance Corporation Due 2015-08-11 [Member] | ' | ' | ||
Face Value | ' | 3,750,000 | ||
Fair Value | ' | 3,780,183 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.43% | ||
% Yield | ' | 1.00% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.75% CME Group Inc. Due 2014-02-15 [Member] | ' | ' | ||
Face Value | ' | 500,000 | ||
Fair Value | ' | 513,792 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.06% | ||
% Yield | ' | 5.75% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.25% ERAC USA Finance LLC Due 2014-01-10 [Member] | ' | ' | ||
Face Value | ' | 1,860,000 | ||
Fair Value | ' | 1,880,442 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.21% | ||
% Yield | ' | 2.25% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.44% General Electric Capital Corporation Due 2016-01-08 [Member] | ' | ' | ||
Face Value | ' | 5,000,000 | ||
Fair Value | ' | 4,989,578 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.57% | ||
% Yield | ' | 0.44% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.34% John Deere Capital Corporation Due 2014-10-08 [Member] | ' | ' | ||
Face Value | ' | 800,000 | ||
Fair Value | ' | 801,093 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.09% | ||
% Yield | ' | 0.34% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.36% John Deere Capital Corporation Due 2015-06-15 [Member] | ' | ' | ||
Face Value | ' | 2,400,000 | ||
Fair Value | ' | 2,401,102 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.27% | ||
% Yield | ' | 0.36% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 2.88% MassMutual Global Funding II Due 2014-04-21 [Member] | ' | ' | ||
Face Value | ' | 1,000,000 | ||
Fair Value | ' | 1,013,309 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.12% | ||
% Yield | ' | 2.88% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 3% American International Group, Inc. Due 2015-03-20 [Member] | ' | ' | ||
Face Value | ' | 11,122,000 | ||
Fair Value | ' | 11,529,028 | ||
% of Partners' Capital (Net Asset Value) | ' | 1.32% | ||
% Yield | ' | 3.00% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 3.2% Berkshire Hathaway Inc. Due 2015-02-11 [Member] | ' | ' | ||
Face Value | ' | 1,500,000 | ||
Fair Value | ' | 1,564,714 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.18% | ||
% Yield | ' | 3.20% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.6% Jackson National Life Global Funding Due 2015-09-30 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,011,869 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.46% | ||
% Yield | ' | 0.60% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.45% Pricoa Global Funding I Due 2014-06-11 [Member] | ' | ' | ||
Face Value | ' | 4,450,000 | ||
Fair Value | ' | 4,558,646 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.52% | ||
% Yield | ' | 5.45% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.51% Pricoa Global Funding I Due 2015-08-19 [Member] | ' | ' | ||
Face Value | ' | 600,000 | ||
Fair Value | ' | 601,286 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.07% | ||
% Yield | ' | 0.51% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 0.4% Principal Life Global Funding II Due 2014-09-19 [Member] | ' | ' | ||
Face Value | ' | 1,000,000 | ||
Fair Value | ' | 1,000,999 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.11% | ||
% Yield | ' | 0.40% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | 5.5% Travelers Companies, Inc. Due 2015-12-01 [Member] | ' | ' | ||
Face Value | ' | 2,498,000 | ||
Fair Value | ' | 2,736,470 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.31% | ||
% Yield | ' | 5.50% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Electronics [Member] | 0.28% Honeywell International Inc. Due 2015-11-17 [Member] | ' | ' | ||
Face Value | 1,350,000 | ' | ||
Fair Value | 1,351,198 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.18% | ' | ||
% Yield | 0.28% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Electronics [Member] | 0.29% Honeywell International Inc. Due 2015-11-17 [Member] | ' | ' | ||
Face Value | ' | 1,350,000 | ||
Fair Value | ' | 1,350,416 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.15% | ||
% Yield | ' | 0.29% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 4.95% Atmos Energy Corporation Due 2014-10-15 [Member] | ' | ' | ||
Face Value | 400,000 | 400,000 | ||
Fair Value | 409,370 | 417,407 | ||
% of Partners' Capital (Net Asset Value) | 0.06% | 0.05% | ||
% Yield | 4.95% | [1] | 4.95% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.88% Dayton Power & Light Due 2016-09-15 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 508,469 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 1.88% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.61% Duke Engery Due 2016-04-03 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,003,002 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.61% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.61% Duke Energy Due 2017-04-03 [Member] | ' | ' | ||
Face Value | 4,250,000 | ' | ||
Fair Value | 4,265,688 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.58% | ' | ||
% Yield | 0.61% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.37% Duke Energy Ohio, Inc. Due 2015-03-06 [Member] | ' | ' | ||
Face Value | 1,273,000 | ' | ||
Fair Value | 1,274,157 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.17% | ' | ||
% Yield | 0.37% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.88% Entergy Louisiana, LLC Due 2014-12-15 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,016,341 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 1.88% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.62% Georgia Power Due 2016-08-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,000,263 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.62% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 3.55% Niagara Mohawk Power Corporation Due 2014-10-01 [Member] | ' | ' | ||
Face Value | 1,370,000 | 1,370,000 | ||
Fair Value | 1,392,566 | 1,411,772 | ||
% of Partners' Capital (Net Asset Value) | 0.19% | 0.16% | ||
% Yield | 3.55% | [1] | 3.55% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.00% PC Financial Partnership Due 2014-11-15 [Member] | ' | ' | ||
Face Value | 1,100,000 | ' | ||
Fair Value | 1,125,276 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.15% | ' | ||
% Yield | 5.00% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.95% Phillips 66 Due 2015-03-05 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,016,290 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 1.95% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.00% Public Service Electric And Gas Company Due 2014-08-15 [Member] | ' | ' | ||
Face Value | 2,000,000 | 2,000,000 | ||
Fair Value | 2,048,905 | 2,093,454 | ||
% of Partners' Capital (Net Asset Value) | 0.28% | 0.24% | ||
% Yield | 5.00% | [1] | 5.00% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.85% Public Service Electric And Gas Company Due 2014-08-15 [Member] | ' | ' | ||
Face Value | 2,000,000 | 2,000,000 | ||
Fair Value | 2,007,952 | 2,012,144 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | 0.23% | ||
% Yield | 0.85% | [1] | 0.85% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 2.95% Spectra Energy Partners, LP Due 2016-06-15 [Member] | ' | ' | ||
Face Value | 5,500,000 | ' | ||
Fair Value | 5,719,219 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.77% | ' | ||
% Yield | 2.95% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5% 177293 Canada Ltd. Due 2014-11-15 [Member] | ' | ' | ||
Face Value | ' | 1,100,000 | ||
Fair Value | ' | 1,147,025 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.13% | ||
% Yield | ' | 5.00% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.8% Arizona Public Service Company Due 2014-06-30 [Member] | ' | ' | ||
Face Value | ' | 640,000 | ||
Fair Value | ' | 655,732 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.07% | ||
% Yield | ' | 5.80% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 7.63% DTE Energy Company Due 2014-05-15 [Member] | ' | ' | ||
Face Value | ' | 1,730,000 | ||
Fair Value | ' | 1,790,737 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.20% | ||
% Yield | ' | 7.63% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 0.38% Duke Energy Ohio, Inc. Due 2015-03-06 [Member] | ' | ' | ||
Face Value | ' | 1,273,000 | ||
Fair Value | ' | 1,273,979 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 0.38% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 5.35% Exelon Generation Company, LLC Due 2014-01-15 [Member] | ' | ' | ||
Face Value | ' | 1,855,000 | ||
Fair Value | ' | 1,904,064 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.22% | ||
% Yield | ' | 5.35% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1.61% NextEra Energy Capital Holdings, Inc. Due 2014-06-01 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,011,605 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 1.61% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Energy [Member] | 1% Sempra Energy Due 2014-03-15 [Member] | ' | ' | ||
Face Value | ' | 2,328,000 | ||
Fair Value | ' | 2,332,395 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.26% | ||
% Yield | ' | 1.00% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Food [Member] | 1.63% Kraft Foods Group, Inc. Due 2015-06-04 [Member] | ' | ' | ||
Face Value | 2,000,000 | 6,000,000 | ||
Fair Value | 2,021,378 | 6,090,293 | ||
% of Partners' Capital (Net Asset Value) | 0.27% | 0.69% | ||
% Yield | 1.63% | [1] | 1.63% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Food [Member] | 0.76% Kroger Co. Due 2016-10-17 [Member] | ' | ' | ||
Face Value | 5,000,000 | ' | ||
Fair Value | 5,011,382 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.68% | ' | ||
% Yield | 0.76% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Food [Member] | 0.8% Kroger Co. Due 2016-10-17 [Member] | ' | ' | ||
Face Value | ' | 4,500,000 | ||
Fair Value | ' | 4,499,780 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.51% | ||
% Yield | ' | 0.80% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.40% Baxter International Inc. Due 2014-12-11 [Member] | ' | ' | ||
Face Value | 600,000 | ' | ||
Fair Value | 600,490 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ' | ||
% Yield | 0.40% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 3.00% Medtronic, Inc. Due 2015-03-15 [Member] | ' | ' | ||
Face Value | 3,500,000 | 3,500,000 | ||
Fair Value | 3,597,578 | 3,642,140 | ||
% of Partners' Capital (Net Asset Value) | 0.49% | 0.41% | ||
% Yield | 3.00% | [1] | 3.00% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 1.40% Zimmer Holdings, Inc. Due 2014-11-30 [Member] | ' | ' | ||
Face Value | 1,050,000 | 675,000 | ||
Fair Value | 1,055,654 | 680,182 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | 0.08% | ||
% Yield | 1.40% | [1] | 1.40% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | HealthCare [Member] | 0.41% Baxter International Inc. Due 2014-12-11 [Member] | ' | ' | ||
Face Value | ' | 600,000 | ||
Fair Value | ' | 600,903 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.07% | ||
% Yield | ' | 0.41% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 3.80% American International Group, Inc. Due 2017-03-22 [Member] | ' | ' | ||
Face Value | 10,600,000 | ' | ||
Fair Value | 11,417,984 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.53% | ' | ||
% Yield | 3.80% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 3.20% Berkshire Hathaway Inc. Due 2015-02-11 [Member] | ' | ' | ||
Face Value | 1,500,000 | ' | ||
Fair Value | 1,545,097 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.21% | ' | ||
% Yield | 3.20% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.58% Jackson National Life Global Funding Due 2015-09-30 [Member] | ' | ' | ||
Face Value | 4,000,000 | ' | ||
Fair Value | 4,013,501 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.54% | ' | ||
% Yield | 0.58% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 3.19% Metropolitan Life Due 2017-04-10 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,197 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 3.19% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.26% New York Life Global Funding Due 2015-10-05 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,500,962 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.26% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.50% Pricoa Global Funding I Due 2015-08-19 [Member] | ' | ' | ||
Face Value | 600,000 | ' | ||
Fair Value | 601,216 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ' | ||
% Yield | 0.50% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 0.39% Principal Life Global Funding II Due 2014-09-19 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,000,459 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.39% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Insurance [Member] | 5.50% Travelers Companies, Inc. Due 2015-12-01 [Member] | ' | ' | ||
Face Value | 2,498,000 | ' | ||
Fair Value | 2,682,081 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.36% | ' | ||
% Yield | 5.50% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.30% Caterpillar Financial Services Corporation Due 2015-02-19 [Member] | ' | ' | ||
Face Value | 600,000 | ' | ||
Fair Value | 600,448 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.08% | ' | ||
% Yield | 0.30% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.46% Caterpillar Financial Services Corporation Due 2017-03-03 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,001,070 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.46% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.95% Eaton Corporation Due 2015-11-02 [Member] | ' | ' | ||
Face Value | 4,890,000 | 4,000,000 | ||
Fair Value | 4,919,311 | 4,021,548 | ||
% of Partners' Capital (Net Asset Value) | 0.67% | 0.46% | ||
% Yield | 0.95% | [1] | 0.95% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.88% General Electric Due 2016-07-12 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,009,077 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.88% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.35% John Deere Capital Corporation Due 2015-06-15 [Member] | ' | ' | ||
Face Value | 2,400,000 | ' | ||
Fair Value | 2,402,895 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.32% | ' | ||
% Yield | 0.35% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.52% John Deere Capital Corporation Due 2016-10-11 [Member] | ' | ' | ||
Face Value | 500,000 | ' | ||
Fair Value | 501,698 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.07% | ' | ||
% Yield | 0.52% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.58% Rockwell Collins Due 2016-12-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,446 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.58% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Manufacturing [Member] | 0.85% General Electric Company Due 2015-10-09 [Member] | ' | ' | ||
Face Value | ' | 3,750,000 | ||
Fair Value | ' | 3,776,423 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.43% | ||
% Yield | ' | 0.85% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 0.76% NBCUniversal Media, LLC Due 2016-04-15 [Member] | ' | ' | ||
Face Value | 2,945,000 | ' | ||
Fair Value | 2,955,147 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.40% | ' | ||
% Yield | 0.76% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 0.21% Walt Disney Company Due 2015-02-11 [Member] | ' | ' | ||
Face Value | 4,600,000 | ' | ||
Fair Value | 4,602,140 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.62% | ' | ||
% Yield | 0.21% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 3.65% NBCUniversal Media, LLC Due 2015-04-30 [Member] | ' | ' | ||
Face Value | ' | 2,900,000 | ||
Fair Value | ' | 3,037,184 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 3.65% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 0.78% NBCUniversal Media, LLC Due 2016-04-15 [Member] | ' | ' | ||
Face Value | ' | 1,445,000 | ||
Fair Value | ' | 1,448,195 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.16% | ||
% Yield | ' | 0.78% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 4.38% Viacom Inc. Due 2014-09-15 [Member] | ' | ' | ||
Face Value | ' | 1,150,000 | ||
Fair Value | ' | 1,194,807 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.14% | ||
% Yield | ' | 4.38% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Media [Member] | 0.23% Walt Disney Company Due 2015-02-11 [Member] | ' | ' | ||
Face Value | ' | 4,600,000 | ||
Fair Value | ' | 4,600,598 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.52% | ||
% Yield | ' | 0.23% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | MiningMember | 8.95% Rio Tinto Finance (USA) Limited Due 2014-05-01 [Member] | ' | ' | ||
Face Value | ' | 1,140,000 | ||
Fair Value | ' | 1,187,971 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.13% | ||
% Yield | ' | 8.95% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 2.10% Express Scripts Holding Company Due 2015-02-12 [Member] | ' | ' | ||
Face Value | 975,000 | 975,000 | ||
Fair Value | 992,860 | 997,404 | ||
% of Partners' Capital (Net Asset Value) | 0.13% | 0.11% | ||
% Yield | 2.10% | [1] | 2.10% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 1% AbbVie Inc. Due 2015-11-06 [Member] | ' | ' | ||
Face Value | ' | 5,150,000 | ||
Fair Value | ' | 5,197,960 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.59% | ||
% Yield | ' | 1.00% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Pharmaceutical [Member] | 4.13% Novartis Capital Corporation Due 2014-02-10 [Member] | ' | ' | ||
Face Value | ' | 4,275,000 | ||
Fair Value | ' | 4,362,322 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.50% | ||
% Yield | ' | 4.13% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | REITs [Member] | 5.63% Simon Property Group, L.P. Due 2014-08-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | 1,000,000 | ||
Fair Value | 1,027,508 | 1,044,933 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | 0.12% | ||
% Yield | 5.63% | [1] | 5.63% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | REITs [Member] | 5.75% Simon Property Group, L.P. Due 2015-12-01 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,129,779 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.29% | ' | ||
% Yield | 5.75% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | REITs [Member] | 6.75% Simon Property Group, L.P. Due 2014-05-15 [Member] | ' | ' | ||
Face Value | ' | 2,400,000 | ||
Fair Value | ' | 2,437,512 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 6.75% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 5.75% Macy's, Inc. Due 2014-7-15 [Member] | ' | ' | ||
Face Value | 1,400,000 | ' | ||
Fair Value | 1,439,863 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ' | ||
% Yield | 5.75% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Retail [Member] | 6.5% AutoZone, Inc. Due 2014-01-15 [Member] | ' | ' | ||
Face Value | ' | 1,800,000 | ||
Fair Value | ' | 1,857,458 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.21% | ||
% Yield | ' | 6.50% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.88% AT&T Inc. Due 2015-02-13 [Member] | ' | ' | ||
Face Value | 1,500,000 | 8,050,000 | ||
Fair Value | 1,509,788 | 8,127,393 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | 0.92% | ||
% Yield | 0.88% | [1] | 0.88% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.50% AT&T Inc. Due 2015-08-15 [Member] | ' | ' | ||
Face Value | 1,040,000 | 1,040,000 | ||
Fair Value | 1,072,403 | 1,077,586 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | 0.12% | ||
% Yield | 2.50% | [1] | 2.50% | [1] |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 2.40% AT&T Inc. Due 2016-08-15 [Member] | ' | ' | ||
Face Value | 750,000 | ' | ||
Fair Value | 772,850 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.10% | ' | ||
% Yield | 2.40% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.28% Cisco Systems, Inc. Due 2015-09-03 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 3,002,024 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.41% | ' | ||
% Yield | 0.28% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.76% Verizon Communications Inc. Due 2016-09-15 [Member] | ' | ' | ||
Face Value | 9,575,000 | ' | ||
Fair Value | 9,864,792 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.33% | ' | ||
% Yield | 1.76% | [1] | ' | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 5.1% AT&T Inc. Due 2014-09-15 [Member] | ' | ' | ||
Face Value | ' | 960,000 | ||
Fair Value | ' | 1,005,014 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.11% | ||
% Yield | ' | 5.10% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.86% Verizon Communications Inc. Due 2014-03-28 [Member] | ' | ' | ||
Face Value | ' | 2,250,000 | ||
Fair Value | ' | 2,253,042 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.26% | ||
% Yield | ' | 0.86% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 0.44% Verizon Communications Inc. Due 2015-03-06 [Member] | ' | ' | ||
Face Value | ' | 4,575,000 | ||
Fair Value | ' | 4,570,512 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.52% | ||
% Yield | ' | 0.44% | [1] | |
Corporate Notes [Member] | U.S. Corporate Notes [Member] | Telecommunications [Member] | 1.77% Verizon Communications Inc. Due 2016-09-15 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,128,792 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.47% | ||
% Yield | ' | 1.77% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | ' | ' | ||
Fair Value | 96,945,998 | 126,709,153 | ||
% of Partners' Capital (Net Asset Value) | 13.11% | 14.39% | ||
Investment Owned, at Cost | 97,323,035 | 127,072,938 | ||
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Automotive [Member] | 0.67% Volkswagen International Finance N.V. Due 2016-11-18 [Member] | ' | ' | ||
Face Value | 10,000,000 | ' | ||
Fair Value | 10,028,953 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.35% | ' | ||
% Yield | 0.67% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Automotive [Member] | 1% Volkswagen Int’l Finance N.V. Due 2014-03-21 [Member] | ' | ' | ||
Face Value | ' | 3,000,000 | ||
Fair Value | ' | 3,004,676 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 1.00% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Automotive [Member] | 0.68% Volkswagen Int’l Finance N.V. Due 2016-11-18 [Member] | ' | ' | ||
Face Value | ' | 10,000,000 | ||
Fair Value | ' | 10,017,381 | ||
% of Partners' Capital (Net Asset Value) | ' | 1.14% | ||
% Yield | ' | 0.68% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.88% Abbey National Treasury Services PLC Due 2014-11-10 [Member] | ' | ' | ||
Face Value | 2,200,000 | ' | ||
Fair Value | 2,239,086 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.30% | ' | ||
% Yield | 3.88% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.42% Australia and New Zealand Banking Group Ltd Due 2015-05-07 [Member] | ' | ' | ||
Face Value | 3,950,000 | ' | ||
Fair Value | 3,958,714 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.54% | ' | ||
% Yield | 0.42% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.70% Australia and New Zealand Banking Group Ltd Due 2015-01-13 [Member] | ' | ' | ||
Face Value | 1,000,000 | 1,000,000 | ||
Fair Value | 1,034,688 | 1,049,841 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | 0.12% | ||
% Yield | 3.70% | [1] | 3.70% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.48% Bank of Montreal Due 2015-09-24 [Member] | ' | ' | ||
Face Value | 4,100,000 | ' | ||
Fair Value | 4,106,049 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.56% | ' | ||
% Yield | 0.48% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 5.2% Barclays Bank PLC Due 2014-07-10 [Member] | ' | ' | ||
Face Value | 1,800,000 | 1,800,000 | ||
Fair Value | 1,846,080 | 1,889,402 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | 0.21% | ||
% Yield | 5.20% | [1] | 5.20% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.5% Commonwealth Bank of Australia Due 2015-03-19 [Member] | ' | ' | ||
Face Value | 4,740,000 | 2,740,000 | ||
Fair Value | 4,893,385 | 2,863,444 | ||
% of Partners' Capital (Net Asset Value) | 0.66% | 0.33% | ||
% Yield | 3.50% | [1] | 3.50% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.1% HSBC Bank PLC Due 2016-05-24 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,096,370 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.28% | ' | ||
% Yield | 3.10% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2% ING Bank NV Due 2015-09-25 [Member] | ' | ' | ||
Face Value | 5,350,000 | 5,350,000 | ||
Fair Value | 5,451,347 | 5,458,302 | ||
% of Partners' Capital (Net Asset Value) | 0.74% | 0.62% | ||
% Yield | 2.00% | [1] | 2.00% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.87% ING Bank NV Due 2015-09-25 [Member] | ' | ' | ||
Face Value | 3,050,000 | ' | ||
Fair Value | 3,096,092 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.42% | ' | ||
% Yield | 1.87% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2% ING Bank NV Due 2015-09-25 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,016,089 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 2.00% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.2% Rabobank Nederland Due 2015-03-11 [Member] | ' | ' | ||
Face Value | 3,431,000 | 3,431,000 | ||
Fair Value | 3,532,749 | 3,571,331 | ||
% of Partners' Capital (Net Asset Value) | 0.48% | 0.41% | ||
% Yield | 3.20% | [1] | 3.20% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.71% Rabobank Nederland Due 2016-03-18 [Member] | ' | ' | ||
Face Value | 3,650,000 | ' | ||
Fair Value | 3,666,267 | ' | ||
% of Partners' Capital (Net Asset Value) | 5.00% | ' | ||
% Yield | 0.71% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 5.5% Standard Chartered PLC Due 2014-11-18 [Member] | ' | ' | ||
Face Value | 4,190,000 | 4,190,000 | ||
Fair Value | 4,296,717 | 4,386,735 | ||
% of Partners' Capital (Net Asset Value) | 0.58% | 0.50% | ||
% Yield | 5.50% | [1] | 5.50% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.4% Toronto-Dominion Bank Due 2015-05-01 [Member] | ' | ' | ||
Face Value | 5,000,000 | ' | ||
Fair Value | 5,009,907 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.68% | ' | ||
% Yield | 0.40% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 3.88% UBS AG Due 2015-01-15 [Member] | ' | ' | ||
Face Value | 2,200,000 | 2,200,000 | ||
Fair Value | 2,281,376 | 2,313,791 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | 0.26% | ||
% Yield | 3.88% | [1] | 3.88% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.44% Australia and New Zealand Banking Group Due 2015-05-07 [Member] | ' | ' | ||
Face Value | ' | 3,950,000 | ||
Fair Value | ' | 3,955,928 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.45% | ||
% Yield | ' | 0.44% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.5% Bank of Montreal Due 2015-09-24 [Member] | ' | ' | ||
Face Value | ' | 4,100,000 | ||
Fair Value | ' | 4,102,607 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.47% | ||
% Yield | ' | 0.50% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.29% Danske Bank A/S Due 2014-04-14 [Member] | ' | ' | ||
Face Value | ' | 5,000,000 | ||
Fair Value | ' | 5,020,114 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.57% | ||
% Yield | ' | 1.29% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.04% HSBC Bank PLC Due 2014-01-17 [Member] | ' | ' | ||
Face Value | ' | 400,000 | ||
Fair Value | ' | 401,025 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.04% | ||
% Yield | ' | 1.04% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.64% ING Bank N.V. Due 2014-06-09 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,025,891 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.46% | ||
% Yield | ' | 1.64% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.38% ING Bank N.V. Due 2014-06-09 [Member] | ' | ' | ||
Face Value | ' | 1,500,000 | ||
Fair Value | ' | 1,514,839 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.17% | ||
% Yield | ' | 2.38% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 1.89% ING Bank N.V. Due 2015-09-25 [Member] | ' | ' | ||
Face Value | ' | 3,050,000 | ||
Fair Value | ' | 3,111,067 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.35% | ||
% Yield | ' | 1.89% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.25% National Australia Bank Limited Due 2014-04-11 [Member] | ' | ' | ||
Face Value | ' | 1,175,000 | ||
Fair Value | ' | 1,187,388 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.13% | ||
% Yield | ' | 2.25% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 2.25% Nordea Bank AB Due 2015-03-20 [Member] | ' | ' | ||
Face Value | ' | 600,000 | ||
Fair Value | ' | 615,818 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.07% | ||
% Yield | ' | 2.25% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 4.2% Rabobank Nederland Due 2014-05-13 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,038,986 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 4.20% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.72% Rabobank Nederland Due 2016-03-18 [Member] | ' | ' | ||
Face Value | ' | 7,650,000 | ||
Fair Value | ' | 7,679,537 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.87% | ||
% Yield | ' | 0.72% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Banks [Member] | 0.42% Toronto-Dominion Bank Due 2015-05-1 [Member] | ' | ' | ||
Face Value | ' | 5,000,000 | ||
Fair Value | ' | 5,007,986 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.57% | ||
% Yield | ' | 0.42% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 3.88% BP Capital Markets PLC Due 2015-03-10 [Member] | ' | ' | ||
Face Value | 2,100,000 | ' | ||
Fair Value | 2,177,391 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.29% | ' | ||
% Yield | 3.88% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 3.2% BP Capital Markets PLC Due 2016-03-11 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 3,155,337 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.43% | ' | ||
% Yield | 3.20% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.13% CNOOC Finance (2013) Limited Due 2016-05-09 [Member] | ' | ' | ||
Face Value | 4,800,000 | 4,800,000 | ||
Fair Value | 4,820,568 | 4,802,760 | ||
% of Partners' Capital (Net Asset Value) | 0.65% | 0.55% | ||
% Yield | 1.13% | [1] | 1.13% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.68% Enbridge, Inc. Due 2017-06-02 [Member] | ' | ' | ||
Face Value | 8,000,000 | ' | ||
Fair Value | 8,019,568 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.08% | ' | ||
% Yield | 0.68% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.75% TransCanada PipeLines Limited Due 2016-01-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,528 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.75% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 0.88% TransCanada PipeLines Limited Due 2015-03-02 [Member] | ' | ' | ||
Face Value | 1,500,000 | 1,500,000 | ||
Fair Value | 1,509,754 | 1,508,699 | ||
% of Partners' Capital (Net Asset Value) | 0.20% | 0.17% | ||
% Yield | 0.88% | [1] | 0.88% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 1.45% Canadian Natural Resources Ltd Due 2014-11-14 [Member] | ' | ' | ||
Face Value | ' | 8,600,000 | ||
Fair Value | ' | 8,673,728 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.99% | ||
% Yield | ' | 1.45% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 5.5% Electricite de France Due 2014-01-26 [Member] | ' | ' | ||
Face Value | ' | 1,000,000 | ||
Fair Value | ' | 1,026,421 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.12% | ||
% Yield | ' | 5.50% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Energy [Member] | 4.75% EOG Resources Canada Inc. Due 2014-03-15 [Member] | ' | ' | ||
Face Value | ' | 3,602,000 | ||
Fair Value | ' | 3,685,544 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.42% | ||
% Yield | ' | 4.75% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Food [Member] | 2% Tesco PLC Due 2014-12-05 [Member] | ' | ' | ||
Face Value | 600,000 | 600,000 | ||
Fair Value | 604,341 | 608,424 | ||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.07% | ||
% Yield | 2.00% | [1] | 2.00% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | HealthCare [Member] | 1.35% Covidien International Finance SA Due 2015-05-29 [Member] | ' | ' | ||
Face Value | 2,550,000 | ' | ||
Fair Value | 2,573,758 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.35% | ' | ||
% Yield | 1.35% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 1.03% Takeda Pharmaceutical Co Ltd Due 2015-03-17 [Member] | ' | ' | ||
Face Value | 4,200,000 | 10,150,000 | ||
Fair Value | 4,232,762 | 10,240,862 | ||
% of Partners' Capital (Net Asset Value) | 0.57% | 1.16% | ||
% Yield | 1.03% | [1] | 1.03% | [1] |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Pharmaceutical [Member] | 0.75% Teva Pharmaceutical Finance III BV Due 2014-03-21 [Member] | ' | ' | ||
Face Value | ' | 8,500,000 | ||
Fair Value | ' | 8,513,655 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.97% | ||
% Yield | ' | 0.75% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 3.73% Telefonica Emisiones, SAU Due 2015-04-27 [Member] | ' | ' | ||
Face Value | 5,600,000 | ' | ||
Fair Value | 5,762,601 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.78% | ' | ||
% Yield | 3.73% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 5.5% America Movil, S.A.B. de C.V. Due 2014-03-01 [Member] | ' | ' | ||
Face Value | ' | 1,815,000 | ||
Fair Value | ' | 1,862,021 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.21% | ||
% Yield | ' | 5.50% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 4.38% Orange Due 2014-07-08 [Member] | ' | ' | ||
Face Value | ' | 2,270,000 | ||
Fair Value | ' | 2,360,619 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.27% | ||
% Yield | ' | 4.38% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Telecommunications [Member] | 4.15% Vodafone Group PLC Due 2014-06-10 [Member] | ' | ' | ||
Face Value | ' | 2,100,000 | ||
Fair Value | ' | 2,138,585 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.24% | ||
% Yield | ' | 4.15% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Multi-national [Member] | 0.38% International Finance Corporation Due 2015-02-26 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,004,804 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.45% | ||
% Yield | ' | 0.38% | [1] | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Transportation [Member] | 0.93% Kansas City Southern de Mexico Due 2016-10-28 [Member] | ' | ' | ||
Face Value | 4,500,000 | ' | ||
Fair Value | 4,533,521 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.61% | ' | ||
% Yield | 0.93% | [1] | ' | |
Corporate Notes [Member] | Foreign Corporate Notes [Member] | Transportation [Member] | 0.94% Kansas City Southern de Mexico Due 2016-10-28 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,066,942 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.46% | ||
% Yield | ' | 0.94% | [1] | |
Total Securities [Member] | ' | ' | ||
Fair Value | 425,373,786 | 530,922,246 | ||
% of Partners' Capital (Net Asset Value) | 57.51% | 60.30% | ||
Investment Owned, at Cost | $426,143,983 | $533,207,354 | ||
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated_Condensed_Schedul3
Consolidated Condensed Schedule of Investments Certificates of Deposit (Unaudited) (Certificates of Deposit [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Fair Value | $30,888,945 | $42,625,053 | ||
% of Partners' Capital (Net Asset Value) | 4.18% | 4.85% | ||
Investment Owned, at Cost | 30,848,010 | 42,500,000 | ||
U.S. Certificates of Deposit [Member] | ' | ' | ||
Fair Value | 9,467,521 | 29,100,934 | ||
% of Partners' Capital (Net Asset Value) | 1.28% | 3.31% | ||
Investment Owned, at Cost | 9,450,000 | 29,000,000 | ||
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.33% Bank of Tokyo-Mitsubishi UFJ, Ltd. Due 2015-02-11 [Member] | ' | ' | ||
Face Value | 1,750,000 | ' | ||
Fair Value | 1,753,104 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.24% | ' | ||
% Yield | 0.33% | [1] | ' | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.49% Lloyds Bank PLC (NY) Due 2015-01-07 [Member] | ' | ' | ||
Face Value | 3,000,000 | ' | ||
Fair Value | 3,010,113 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.41% | ' | ||
% Yield | 0.49% | [1] | ' | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.23% Mizuho Bank, Ltd Due 2014-08-27 [Member] | ' | ' | ||
Face Value | 3,500,000 | ' | ||
Fair Value | 3,502,919 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.47% | ' | ||
% Yield | 0.23% | [1] | ' | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.35% Standard Chartered Bank Due 2015-03-02 [Member] | ' | ' | ||
Face Value | 1,200,000 | ' | ||
Fair Value | 1,201,385 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.16% | ' | ||
% Yield | 0.35% | [1] | ' | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.42% Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY) Due 2014-02-11 [Member] | ' | ' | ||
Face Value | ' | 4,000,000 | ||
Fair Value | ' | 4,016,143 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.46% | ||
% Yield | ' | 0.42% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.4% Bank of Tokyo-Mitsubishi UFJ, Ltd. (NY) Due 2014-03-07 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,509,173 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.29% | ||
% Yield | ' | 0.40% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.78% Barclays Bank (NY) Due 2014-01-30 [Member] | ' | ' | ||
Face Value | ' | 1,000,000 | ||
Fair Value | ' | 1,007,812 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.11% | ||
% Yield | ' | 0.78% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.75% Barclays Bank (NY) Due 2014-02-14 [Member] | ' | ' | ||
Face Value | ' | 3,000,000 | ||
Fair Value | ' | 3,021,996 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 0.75% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.65% China Construction Bank Corporation (NY) Due 2014-04-01 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,005,242 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.65% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.51% Deutsche Bank (NY) Due 2014-09-17 [Member] | ' | ' | ||
Face Value | ' | 5,000,000 | ||
Fair Value | ' | 5,012,367 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.57% | ||
% Yield | ' | 0.51% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.21% Mizuho Bank (NY) Due 2014-02-27 [Member] | ' | ' | ||
Face Value | ' | 3,500,000 | ||
Fair Value | ' | 3,500,827 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.40% | ||
% Yield | ' | 0.21% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.38% Sumitomo Mitsui Bank (NY) Due 2014-05-09 [Member] | ' | ' | ||
Face Value | ' | 5,000,000 | ||
Fair Value | ' | 5,014,597 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.57% | ||
% Yield | ' | 0.38% | [1] | |
U.S. Certificates of Deposit [Member] | Banks [Member] | 0.52% UBS AG (NY) Due 2014-05-30 [Member] | ' | ' | ||
Face Value | ' | 3,000,000 | ||
Fair Value | ' | 3,012,777 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 0.52% | [1] | |
Foreign Certificates of Deposit [Member] | ' | ' | ||
Fair Value | 21,421,424 | 13,524,119 | ||
% of Partners' Capital (Net Asset Value) | 2.90% | 1.54% | ||
Investment Owned, at Cost | 21,398,010 | 13,500,000 | ||
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.48% Bank of Nova Scotia Due 2015-10-23 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,003,915 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.48% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.41% Bank of Nova Scotia Due 2016-05-09 [Member] | ' | ' | ||
Face Value | 2,200,000 | ' | ||
Fair Value | 2,200,500 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.30% | ' | ||
% Yield | 0.41% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.33% Canadian Imperial Bank of Commerce Due 2015-11-16 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,000,091 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.33% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.63% Credit Suisse Group AG Due 2015-01-15 [Member] | ' | ' | ||
Face Value | 1,000,000 | ' | ||
Fair Value | 1,002,413 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.14% | ' | ||
% Yield | 0.63% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.52% Credit Suisse Group AG Due 2015-05-15 [Member] | ' | ' | ||
Face Value | 2,500,000 | ' | ||
Fair Value | 2,501,237 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.34% | ' | ||
% Yield | 0.52% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | Deutsche Bank A G [Member] | ' | ' | ||
Face Value | 3,500,000 | ' | ||
Fair Value | 3,504,397 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.47% | ' | ||
% Yield | 0.55% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.25% Norinchukin Bank Due 2014-11-14 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,000,583 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.25% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.28% Rabobank Nederland Due 2015-02-25 [Member] | ' | ' | ||
Face Value | 1,400,000 | ' | ||
Fair Value | 1,400,458 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.19% | ' | ||
% Yield | 0.28% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.36% Sumitomo Mitsui Bank Due 2015-01-13 [Member] | ' | ' | ||
Face Value | 2,800,000 | ' | ||
Fair Value | 2,805,921 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.38% | ' | ||
% Yield | 0.36% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.4% Svenska Handelsbanken AB Due 2014-12-19 [Member] | ' | ' | ||
Face Value | 2,000,000 | ' | ||
Fair Value | 2,001,909 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.27% | ' | ||
% Yield | 0.40% | [1] | ' | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.74% Bank of Nova Scotia Due 2014-02-10 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,004,015 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.74% | [1] | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.49% Bank of Nova Scotia Due 2015-10-23 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,001,152 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.49% | [1] | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.64% Credit Suisse Group AG Due 2015-01-15 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | 2,005,475 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.64% | [1] | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.54% Credit Suisse Group AG Due 2015-05-15 [Member] | ' | ' | ||
Face Value | ' | 2,500,000 | ||
Fair Value | ' | 2,500,464 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.28% | ||
% Yield | ' | 0.54% | [1] | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.77% Industrial and Commercial Bank of China Ltd Due 2014-02-14 [Member] | ' | ' | ||
Face Value | ' | 3,000,000 | ||
Fair Value | ' | 3,011,154 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.34% | ||
% Yield | ' | 0.77% | [1] | |
Foreign Certificates of Deposit [Member] | Banks [Member] | 0.41% Svenska Handelsbanken AB Due 2014-12-19 [Member] | ' | ' | ||
Face Value | ' | 2,000,000 | ||
Fair Value | ' | $2,001,859 | ||
% of Partners' Capital (Net Asset Value) | ' | 0.23% | ||
% Yield | ' | 0.41% | [1] | |
[1] | Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit. |
Consolidated_Condensed_Schedul4
Consolidated Condensed Schedule of Investments Open Contract (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
U.S. Futures Contracts [Member] | ' | ' | ||
Fair Value | $8,906,080 | $22,466,567 | ||
% of Partners' Capital (Net Asset Value) | 1.18% | 2.55% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | ' | ' | ||
Fair Value | 15,235,763 | 12,721,245 | ||
% of Partners' Capital (Net Asset Value) | 2.04% | 1.44% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Agricultural Commodities [Member] | ' | ' | ||
Fair Value | -1,991,480 | -1,285,920 | ||
% of Partners' Capital (Net Asset Value) | -0.27% | -0.15% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Currencies [Member] | ' | ' | ||
Fair Value | 4,082,062 | 1,637,874 | ||
% of Partners' Capital (Net Asset Value) | 0.55% | 0.19% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Energy [Member] | ' | ' | ||
Fair Value | 2,323,395 | 178,014 | ||
% of Partners' Capital (Net Asset Value) | 0.31% | 0.02% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Equity Indices [Member] | ' | ' | ||
Fair Value | 2,993,252 | 9,622,471 | [1] | |
% of Partners' Capital (Net Asset Value) | 0.40% | 1.09% | [1] | |
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Interest Rate Instruments [Member] | ' | ' | ||
Fair Value | 1,800,627 | -1,613,148 | ||
% of Partners' Capital (Net Asset Value) | 0.24% | -0.18% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Metals [Member] | ' | ' | ||
Fair Value | 5,657,353 | 3,628,603 | ||
% of Partners' Capital (Net Asset Value) | 0.76% | 0.41% | ||
U.S. Futures Contracts [Member] | Long U.S. Futures Contracts [Member] | Single Stock Futures [Member] | ' | ' | ||
Fair Value | 370,554 | 553,351 | ||
% of Partners' Capital (Net Asset Value) | 0.05% | 0.06% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | ' | ' | ||
Fair Value | -6,329,683 | 9,745,322 | ||
% of Partners' Capital (Net Asset Value) | -0.86% | 1.11% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Agricultural Commodities [Member] | ' | ' | ||
Fair Value | 1,850,136 | 5,024,333 | ||
% of Partners' Capital (Net Asset Value) | 0.25% | 0.58% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Currencies [Member] | ' | ' | ||
Fair Value | -2,071,266 | 4,288,371 | ||
% of Partners' Capital (Net Asset Value) | -0.28% | 0.49% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Energy [Member] | ' | ' | ||
Fair Value | 109,187 | -190,577 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | -0.02% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Equity Indices [Member] | ' | ' | ||
Fair Value | 1,033,067 | 1,437,522 | ||
% of Partners' Capital (Net Asset Value) | 0.14% | 0.16% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Interest Rate Instruments [Member] | ' | ' | ||
Fair Value | -356,894 | 1,571,383 | ||
% of Partners' Capital (Net Asset Value) | -0.05% | 0.18% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Metals [Member] | ' | ' | ||
Fair Value | -6,901,833 | -2,334,738 | ||
% of Partners' Capital (Net Asset Value) | -0.93% | -0.27% | ||
U.S. Futures Contracts [Member] | Short U.S. Futures Contracts [Member] | Single Stock Futures [Member] | ' | ' | ||
Fair Value | 7,920 | -50,972 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | -0.01% | ||
Foreign Futures Contracts [Member] | ' | ' | ||
Fair Value | 8,902,832 | 15,491,541 | ||
% of Partners' Capital (Net Asset Value) | 1.22% | 1.76% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | ' | ' | ||
Fair Value | 9,561,872 | 12,626,853 | ||
% of Partners' Capital (Net Asset Value) | 1.30% | 1.43% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | ' | ' | ||
Fair Value | 122,336 | 7,074 | ||
% of Partners' Capital (Net Asset Value) | 0.02% | 0.00% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Currencies [Member] | ' | ' | ||
Fair Value | 2,978 | 1,610,945 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | 0.18% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Energy [Member] | ' | ' | ||
Fair Value | 7,750 | 16,781 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | 0.00% | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Equity Indices [Member] | ' | ' | ||
Fair Value | -603,364 | 14,012,489 | [1] | |
% of Partners' Capital (Net Asset Value) | -0.08% | 1.59% | [1] | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | ' | ' | ||
Fair Value | 10,044,547 | [1] | -3,066,606 | |
% of Partners' Capital (Net Asset Value) | 1.36% | [1] | -0.35% | |
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Metals [Member] | ' | ' | ||
Fair Value | -271 | ' | ||
% of Partners' Capital (Net Asset Value) | 0.00% | ' | ||
Foreign Futures Contracts [Member] | Long Foreign Futures Contracts [Member] | Single Stock Futures [Member] | ' | ' | ||
Fair Value | -12,104 | 46,170 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | 0.01% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | ' | ' | ||
Fair Value | -659,040 | 2,864,688 | ||
% of Partners' Capital (Net Asset Value) | -0.08% | 0.33% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | ' | ' | ||
Fair Value | 50,043 | 171,905 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | 0.02% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Currencies [Member] | ' | ' | ||
Fair Value | -173,447 | 148,660 | ||
% of Partners' Capital (Net Asset Value) | -0.02% | 0.02% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Energy [Member] | ' | ' | ||
Fair Value | 19,465 | 16,007 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | 0.00% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Equity Indices [Member] | ' | ' | ||
Fair Value | 70,046 | -206,846 | ||
% of Partners' Capital (Net Asset Value) | 0.01% | -0.02% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | ' | ' | ||
Fair Value | -625,561 | 2,737,146 | ||
% of Partners' Capital (Net Asset Value) | -0.08% | 0.31% | ||
Foreign Futures Contracts [Member] | Short Foreign Futures Contracts [Member] | Metals [Member] | ' | ' | ||
Fair Value | 414 | -2,184 | ||
% of Partners' Capital (Net Asset Value) | 0.00% | 0.00% | ||
U.S. Exchange Forward Currency [Member] | ' | ' | ||
Fair Value | -473,722 | 55,524 | ||
% of Partners' Capital (Net Asset Value) | -0.06% | 0.01% | ||
U.S. Exchange Forward Currency [Member] | Long U.S. Forward Currency Contracts [Member] | ' | ' | ||
Fair Value | 4,514,421 | -1,252,456 | ||
% of Partners' Capital (Net Asset Value) | 0.61% | -0.14% | ||
U.S. Exchange Forward Currency [Member] | Short U.S. Forward Currency Contracts [Member] | ' | ' | ||
Fair Value | -4,988,143 | 1,307,980 | ||
% of Partners' Capital (Net Asset Value) | -0.67% | 0.15% | ||
Foreign Exchange Forward Currency [Member] | ' | ' | ||
Fair Value | -45,022 | 639,551 | ||
% of Partners' Capital (Net Asset Value) | -0.10% | 0.07% | ||
Foreign Exchange Forward Currency [Member] | Long Foreign Forward Currency Contracts [Member] | ' | ' | ||
Fair Value | -270,988 | 412,242 | ||
% of Partners' Capital (Net Asset Value) | -0.04% | 0.04% | ||
Foreign Exchange Forward Currency [Member] | Short Foreign Forward Currency Contracts [Member] | ' | ' | ||
Fair Value | 225,966 | 227,309 | ||
% of Partners' Capital (Net Asset Value) | 0.03% | 0.03% | ||
Swap Contract [Member] | Total Return Swap [Member] | ' | ' | ||
Fair Value | 14,091,477 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.91% | ' | ||
Swap Contract [Member] | Total Return Swap [Member] | Deutsche Bank AG Due 2019-04-01 [Member] | ' | ' | ||
Fair Value | 14,091,477 | ' | ||
% of Partners' Capital (Net Asset Value) | 1.91% | ' | ||
Futures Contracts [Member] | ' | ' | ||
Fair Value | 17,808,912 | 37,958,108 | ||
% of Partners' Capital (Net Asset Value) | 2.40% | 4.31% | ||
Forward Contracts [Member] | ' | ' | ||
Fair Value | ($518,744) | $695,075 | ||
% of Partners' Capital (Net Asset Value) | -0.07% | 0.08% | ||
[1] | No individual futures or forward currency contract position constituted one percent or greater of partners' capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented. |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Gain (Loss) from Trading Activity | ' | ' | ' | ' | ||||
Net realized gain (loss) | $37,403,497 | ($41,455,147) | $39,686,192 | ($4,322,336) | ||||
Net change in unrealized gain (loss) | 2,361,335 | -15,749,073 | -19,767,541 | -11,309,154 | ||||
Brokerage commissions and trading expenses | -1,190,695 | -1,126,178 | -2,023,600 | -2,438,033 | ||||
Net gain (loss) from trading activity | 38,574,137 | -58,330,398 | 17,895,051 | -18,069,523 | ||||
Income | ' | ' | ' | ' | ||||
Interest income | 1,565,692 | 2,453,181 | 3,542,810 | 5,031,554 | ||||
Net realized and change in unrealized loss on securities and certificates of deposit | -618,308 | -2,118,844 | -1,812,093 | -3,566,501 | ||||
Total income | 947,384 | 334,337 | 1,730,717 | 1,465,053 | ||||
Expenses | ' | ' | ' | ' | ||||
Trading Advisor management fee | 2,853,066 | 4,516,555 | 6,056,115 | 9,359,909 | ||||
Trading Advisor incentive fee | 978,024 | ' | 1,160,775 | ' | ||||
Cash manager fees | 129,006 | 232,857 | 290,285 | 429,817 | ||||
General Partner management and performance fees | 2,919,380 | 4,433,958 | 6,067,500 | 9,207,536 | ||||
Selling Agent fees - General Partner | 2,636,139 | 3,772,420 | 5,434,010 | 7,834,970 | ||||
General Partner 1% allocation | 291,254 | -722,817 | -12,105 | -462,021 | ||||
Administrative expenses - General Partner | 658,638 | 1,329,804 | 1,605,710 | 2,765,386 | ||||
Investment Manager fees | 156,429 | ' | 156,429 | ' | ||||
Distribution (12b-1) fees | 27 | ' | 27 | ' | ||||
Operating services fee | 63,071 | ' | 63,071 | ' | ||||
Total expenses | 10,685,034 | 13,562,777 | 20,821,817 | 29,135,597 | ||||
Net investment loss | -9,737,650 | -13,228,440 | -19,091,100 | -27,670,544 | ||||
Net Gain (Loss) | 28,836,487 | -71,558,838 | -1,196,049 | -45,740,067 | ||||
Class A [Member] | ' | ' | ' | ' | ||||
Expenses | ' | ' | ' | ' | ||||
Net Gain (Loss) | ' | ' | -2,092,054 | -30,280,082 | ||||
Increase (decrease) in net asset value per unit | $144.40 | ($270.01) | ($4.53) | ($191.14) | ||||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) | $146.40 | [1] | ($268.70) | [1] | ($16.69) | [1] | ($178.79) | [1] |
Weighted average number of units outstanding | 120,701.68 | 164,821.61 | 125,310.79 | 169,361.33 | ||||
Class B [Member] | ' | ' | ' | ' | ||||
Expenses | ' | ' | ' | ' | ||||
Net Gain (Loss) | ' | ' | 868,905 | -15,254,379 | ||||
Increase (decrease) in net asset value per unit | $230.10 | ($349.73) | $45.53 | ($214.06) | ||||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) | $233.05 | [1] | ($344.54) | [1] | $17.22 | [1] | ($188.21) | [1] |
Weighted average number of units outstanding | 47,341.76 | 78,234.52 | 50,446.59 | 81,048.07 | ||||
Class I [Member] | ' | ' | ' | ' | ||||
Expenses | ' | ' | ' | ' | ||||
Net Gain (Loss) | ' | ' | $24,290 | ($205,606) | ||||
Increase (decrease) in net asset value per unit | $39 | ($54.70) | $12.21 | ($31.55) | ||||
Net income (loss) per unit (based on weighted average number of units outstanding during the period) | $43.33 | [1] | ($54.70) | [1] | $6.82 | [1] | ($39.86) | [1] |
Weighted average number of units outstanding | 3,005.71 | 5,790 | 3,562.83 | 5,158.56 | ||||
[1] | (based on weighted average number of units outstanding during the period) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Parenthetical) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
General partner allocation percentage | 1.00% | 1.00% |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Cash flows from operating activities | ' | ' |
Net loss | ($1,196,049) | ($45,740,067) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | ' | ' |
Net change in unrealized loss from trading activity | 19,771,538 | 11,309,154 |
Interest receivable | -108,737 | ' |
Purchase of swap contract | -12,500,000 | ' |
Purchases of securities and certificates of deposit | -478,576,569 | -434,437,649 |
Proceeds from disposition of securities and certificates of deposit | 594,049,044 | 457,901,324 |
Net realized and change in unrealized loss on securities and certificates of deposit | 1,812,093 | 3,566,501 |
Changes in | ' | ' |
Due from affiliate | ' | -5,512 |
Trading Advisor management fee payable | -943,032 | 334,422 |
Trading Advisor incentive fee payable | 800,127 | ' |
Commissions and other trading fees payable on open contracts | 19,999 | -143,406 |
Cash Manager fees payable | 26,955 | -109,272 |
General Partner management and performance fees payable | -190,714 | -237,015 |
General Partner 1% allocation receivable/payable | 271,261 | 385,484 |
Selling Agent fees payable - General Partner | -152,713 | -196,167 |
Administrative expenses payable - General Partner | -133,130 | -73,962 |
Investment Manager fee payable | 53,551 | ' |
Distribution (12b-1) fees payable | 27 | ' |
Operating services fee payable | 21,420 | ' |
Net cash provided by (used in) operating activities | 123,025,071 | -7,446,165 |
Cash flows from financing activities | ' | ' |
Subscriptions | 15,479,824 | 37,786,210 |
Subscriptions received in advance | 4,238,073 | 5,534,740 |
Redemptions | -169,584,830 | -197,159,801 |
Non-Controlling Interest - Subscriptions | 100,000 | ' |
Net cash used in financing activities | -149,766,933 | -153,838,851 |
Net decrease in cash and cash equivalents | -26,741,862 | -161,285,016 |
Cash and cash equivalents, beginning of period | 311,962,117 | 533,216,653 |
Cash and cash equivalents, end of period | 285,220,255 | 371,931,637 |
End of period cash and cash equivalents consists of | ' | ' |
Cash in broker trading accounts | 267,538,001 | 333,844,792 |
Cash and cash equivalents | 17,682,254 | 38,086,845 |
Cash and cash equivalents, end of period | 285,220,255 | 371,931,637 |
Supplemental disclosure of cash flow information | ' | ' |
Prior period redemptions paid | 36,130,211 | 41,157,564 |
Prior period subscriptions received in advance | 2,399,374 | 9,060,642 |
Supplemental schedule of non-cash financing activities | ' | ' |
Redemptions payable | $24,054,443 | $21,485,538 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Partners' Capital (Net Asset Value) (Unaudited) (USD $) | Total | Non-Controlling Interest [Member] | Class A [Member] | Class B [Member] | Class I [Member] |
Balance, beginning at Dec. 31, 2012 | $1,263,878,940 | ' | $753,610,488 | $508,000,871 | $2,267,581 |
Balance, beginning (in units) at Dec. 31, 2012 | ' | ' | 178,207.99 | 86,910.36 | 2,484.34 |
Net asset value per unit at beginning of period at Dec. 31, 2012 | ' | ' | $4,228.83 | $5,845.11 | $912.75 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' |
Net income (loss) | -45,740,067 | ' | -30,280,082 | -15,254,379 | -205,606 |
Subscriptions | 46,846,852 | ' | 27,906,981 | 15,899,726 | 3,040,145 |
Subscriptions (in units) | ' | ' | 6,494.26 | 2,663.79 | 3,305.66 |
Redemptions | -177,487,775 | ' | -94,118,348 | -83,369,427 | ' |
Redemptions (in units) | ' | ' | -21,988.58 | -14,021.88 | ' |
Transfers | ' | ' | -2,941,349 | 2,941,349 | ' |
Transfers (in units) | ' | ' | -685.7808 | 493.5786 | ' |
Balance, ending at Jun. 30, 2013 | 1,087,497,950 | ' | 654,177,690 | 428,218,140 | 5,102,120 |
Balance, ending (in units) at Jun. 30, 2013 | ' | ' | 162,017.88 | 76,045.85 | 5,790 |
Net asset value per unit at end of period at Jun. 30, 2013 | ' | ' | $4,037.69 | $5,631.05 | $881.20 |
Balance, beginning at Dec. 31, 2013 | 880,409,705 | ' | 550,501,395 | 325,651,536 | 4,256,774 |
Balance, beginning (in units) at Dec. 31, 2013 | ' | ' | 133,795.04 | 56,246.44 | 4,675.59 |
Net asset value per unit at beginning of period at Dec. 31, 2013 | ' | ' | $4,114.51 | $5,789.73 | $910.42 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ' | ' | ' | ' | ' |
Net income (loss) | -1,196,049 | 2,810 | -2,092,054 | 868,905 | 24,290 |
Subscriptions | 17,979,198 | 100,000 | 12,679,533 | 5,199,665 | ' |
Subscriptions (in units) | ' | ' | 3,162.53 | 918.4714 | ' |
Redemptions | -157,509,062 | ' | -85,086,697 | -70,398,158 | -2,024,207 |
Redemptions (in units) | ' | ' | -21,134.77 | -12,386.95 | -2,229.93 |
Transfers | ' | ' | -910,299 | 910,229 | ' |
Transfers (in units) | ' | ' | -227.6607 | 161.2493 | ' |
Balance, ending at Jun. 30, 2014 | $739,683,792 | $102,810 | $475,091,948 | $262,232,177 | $2,256,857 |
Balance, ending (in units) at Jun. 30, 2014 | ' | ' | 115,595.14 | 44,939.22 | 2,445.66 |
Net asset value per unit at end of period at Jun. 30, 2014 | ' | ' | $4,109.98 | $5,835.26 | $922.63 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 6 Months Ended | ||
Jun. 30, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Organization and Summary of Significant Accounting Policies | ' | ||
1 | Organization and Summary of Significant Accounting Policies | ||
Description of the Fund | |||
Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in three classes, Class A, B and I, which represent units of fractional undivided beneficial interest in and ownership of the Fund. Class I Units were made available for purchase on June 1, 2012. The Fund will automatically terminate on December 31, 2025, unless terminated earlier as provided in the Third Amended and Restated Limited Partnership Agreement (“Partnership Agreement”). | |||
The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally. | |||
The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades. | |||
Steben & Company, Inc. (“General Partner”) is the general partner of the Fund and a Maryland corporation registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA and FINRA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents. | |||
The three classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2% per annum selling agent fee and class B Units are subject to a 0.2% per annum broker dealer servicing fee. Class I Units are subject to higher minimum investments requirements, lower General Partner Management Fees (0.75% per annum instead of 1.50% per annum), and a General Partner performance fee (7.5% of new profits, described more fully in Note 4). | |||
During the second quarter of 2014, the Fund purchased $58.5 million of Class I shares of the Steben Managed Futures Strategy Fund (“SMFF”). SMFF is a non-diversified series of shares of beneficial interest of Steben Alternative Investment Fund (the “Trust”), a statutory trust organized under the laws of the State of Delaware, and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. SMFF issues four classes of shares: Class A, C, I and N. At June 30, 2014, the Fund owned a majority of the outstanding shares of SMFF and therefore had effective control of that entity. Accordingly, the assets, liabilities and operating results of SMFF have been consolidated with Futures Portfolio Fund. SMFF has a similar investment strategy to the Fund, except that it uses a total return swap with Deutsche Bank AG to obtain access to the returns of select commodity trading advisors. The General Partner serves as the investment manager of SMFF. | |||
Significant Accounting Policies | |||
Accounting Principles | |||
The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). | |||
Consolidation | |||
The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund is the majority shareholder. All non-controlling interests in SMFF, as well as any material intercompany accounts and transactions have been eliminated in consolidation. | |||
Use of Estimates | |||
Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Revenue Recognition | |||
Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. | |||
Fair Value of Financial Instruments | |||
Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This 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 – | Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds. | ||
Level 2 – | Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swap, commercial paper, corporate notes, certificates of deposit and U.S. government sponsored enterprise notes. | ||
Level 3 – | Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. | ||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||
The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended June 30, 2014 and December 31, 2013, there were no such transfers between levels. | |||
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. | |||
U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are classified within Level 2. | |||
The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the CTA programs within the swap and is classified within Level 2. | |||
Cash and Cash Equivalents | |||
Cash and cash equivalents may include cash, money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. | |||
Brokerage Commissions and Trading Expenses | |||
Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed. | |||
Redemptions Payable | |||
Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit. | |||
Income Taxes | |||
The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2014. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2010. | |||
Foreign Currency Transactions | |||
The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The 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 market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations. | |||
Swap Agreement | |||
Through its investment in SMFF, the Fund has entered into a total return swap with Deutsche Bank AG. This two-party contract was entered in to exchange, or swap, the returns realized on a basket of CTA programs. Under the terms of the swap agreement, the investment manager of SMFF has the ability to periodically adjust the notional level of the swap, the notional allocation to each CTA program and the mix of CTA programs. The swap was effective April 2, 2014 and has a term of five years, with certain early termination provisions. The swap includes a 0.50% fee to Deutsche Bank. | |||
At June 30, 2014, the notional value of the swap was $62,600,000 and SMFF had provided $12,496,500 as collateral. During the three months ended June 30, 2014, the swap had an appreciation in fair value of $1,591,477. | |||
Reclassification | |||
Certain amounts reported in the 2013 consolidated financial statements may have been reclassified to conform to the 2014 presentation without affecting previously reported partners’ capital (net asset value). |
Fair_Value_Disclosures
Fair Value Disclosures | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value Disclosures | ' | ||||||||||||
2 | Fair Value Disclosures | ||||||||||||
The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: | |||||||||||||
At June 30, 2014 | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
Equity in broker trading accounts: | |||||||||||||
Net unrealized gain on open futures contracts* | $ | 17,808,912 | $ | — | $ | 17,808,912 | |||||||
Net unrealized gain on open forward currency contracts* | — | (518,744 | ) | (518,744 | ) | ||||||||
Investment in swap* | — | 14,091,477 | 14,091,477 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Money market fund | 5,358,628 | — | 5,358,628 | ||||||||||
Investments in securities: | |||||||||||||
U.S. Treasury securities* | 42,558,399 | — | 42,558,399 | ||||||||||
Commercial paper* | — | 70,845,660 | 70,845,660 | ||||||||||
Corporate notes* | — | 311,969,727 | 311,969,727 | ||||||||||
Certificates of deposit* | — | 30,888,945 | 30,888,945 | ||||||||||
Total | $ | 65,725,939 | $ | 427,277,065 | $ | 493,003,004 | |||||||
* See the consolidated condensed schedule of investments for further description. | |||||||||||||
At December 31, 2013 | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
Equity in broker trading accounts: | |||||||||||||
Net unrealized gain on open futures contracts* | $ | 37,958,108 | $ | — | $ | 37,958,108 | |||||||
Net unrealized gain on open forward currency contracts* | — | 695,075 | 695,075 | ||||||||||
Investment in swap* | — | — | |||||||||||
Cash and cash equivalents: | |||||||||||||
Money market fund | 6,338,530 | — | 6,338,530 | ||||||||||
Investments in securities: | |||||||||||||
U.S. Treasury securities* | 88,102,079 | — | 88,102,079 | ||||||||||
Commercial paper* | — | 65,153,483 | 65,153,483 | ||||||||||
Corporate notes* | — | 377,666,684 | 377,666,684 | ||||||||||
Certificates of deposit* | — | 42,625,053 | 42,625,053 | ||||||||||
Total | $ | 132,398,717 | $ | 486,140,295 | $ | 618,539,012 | |||||||
* See the consolidated condensed schedule of investments for further description. | |||||||||||||
There were no Level 3 holdings at June 30, 2014 or December 31, 2013, or during the periods then ended. | |||||||||||||
In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments. |
Derivative_Instruments_Disclos
Derivative Instruments Disclosures | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Instruments Disclosures | ' | ||||||||||||||||
3 | Derivative Instruments Disclosures | ||||||||||||||||
The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At June 30, 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: | |||||||||||||||||
Derivative Assets and Liabilities, at fair value | |||||||||||||||||
Statements of Financial Condition Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Financial Condition | Net Amount of Assets Presented in the Statements of Financial Condition | ||||||||||||||
Equity in broker trading accounts | |||||||||||||||||
Net unrealized gain (loss) on open futures contracts | |||||||||||||||||
Agricultural commodities | $ | 4,081,367 | $ | (4,050,332 | ) | $ | 31,035 | ||||||||||
Currencies | 4,415,057 | (2,574,730 | ) | 1,840,327 | |||||||||||||
Energy | 4,852,705 | (2,392,908 | ) | 2,459,797 | |||||||||||||
Equity indices | 5,776,288 | (2,283,287 | ) | 3,493,001 | |||||||||||||
Interest rate instruments | 12,580,425 | (1,717,706 | ) | 10,862,719 | |||||||||||||
Metals | 6,245,746 | (7,490,083 | ) | (1,244,337 | ) | ||||||||||||
Single stock futures | 462,941 | (96,571 | ) | 366,370 | |||||||||||||
Net unrealized gain (loss) on open futures contracts | $ | 38,414,529 | $ | (20,605,617 | ) | $ | 17,808,912 | ||||||||||
Net unrealized gain (loss) on open forward currency contracts | $ | 6,605,659 | $ | (7,124,403 | ) | $ | (518,744 | ) | |||||||||
Investment in swap contract | $ | 14,091,477 | $ | — | $ | 14,091,477 | |||||||||||
At June 30, 2014, there were 69,631 open futures contracts and 2,519 open forward currency contracts. For the three and six months ended June 30, 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of operations: | |||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||
Types of Exposure | Net realized gain (loss) | Net change in unrealized gain (loss) | Net realized gain (loss) | Net change in unrealized gain (loss) | |||||||||||||
Futures contracts | |||||||||||||||||
Agricultural commodities | $ | 5,087,805 | $ | (7,459,226 | ) | $ | 9,595,849 | $ | (3,886,357 | ) | |||||||
Currencies | (1,792,801 | ) | 1,139,032 | (1,782,577 | ) | (5,845,523 | ) | ||||||||||
Energy | 1,766,419 | 2,986,289 | (6,218,056 | ) | 2,439,572 | ||||||||||||
Equity indices | 10,339,758 | (937,716 | ) | 11,067,161 | (21,372,635 | ) | |||||||||||
Interest rate instruments | 15,793,149 | 10,865,072 | 31,832,231 | 11,233,944 | |||||||||||||
Metals | (2,627,671 | ) | (1,054,824 | ) | (11,432,934 | ) | (2,536,018 | ) | |||||||||
Single stock futures | 1,198,618 | 204,008 | 1,998,187 | (182,179 | ) | ||||||||||||
Total futures contracts | 29,765,277 | 5,742,635 | 35,059,861 | (20,149,196 | ) | ||||||||||||
Forward currency contracts | 7,505,805 | (4,976,774 | ) | 4,328,378 | (1,213,819 | ) | |||||||||||
Total futures and forward currency contracts | $ | 37,271,082 | $ | 765,861 | $ | 39,388,239 | $ | (21,363,015 | ) | ||||||||
Investment in swap contract | — | $ | 1,595,475 | — | $ | 1,595,475 | |||||||||||
For the three and six months ended June 30, 2014, the number of futures contracts closed was 314,608 and 554,753, respectively, and the number of forward currency contracts closed was 8,986 and 20,016, respectively. | |||||||||||||||||
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2014 were: | |||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition | |||||||||||||||||
Counterparty | Net Amount of Assets in the Statements of Financial Condition | Financial Instruments Pledged | Cash Collateral Received | Net Amount | |||||||||||||
JP Morgan Securities, LLC | $ | 3,444,642 | $ | — | $ | — | $ | 3,444,642 | |||||||||
Newedge UK Financial Ltd | (45,021 | ) | — | — | (45,021 | ) | |||||||||||
Newedge USA, LLC | 14,364,270 | — | — | 14,364,270 | |||||||||||||
UBS AG | (473,723 | ) | — | — | (473,723 | ) | |||||||||||
Deutsche Bank, AG | 14,091,477 | 14,091,477 | |||||||||||||||
Total | $ | 31,381,645 | $ | — | $ | — | $ | 31,381,645 | |||||||||
At December 31, 2013, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: | |||||||||||||||||
31-Dec-13 | Derivative Assets and Liabilities, at fair value | ||||||||||||||||
Statements of Financial Condition Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Financial Condition | Net Amount of Assets Presented in the Statements of Financial Condition | ||||||||||||||
Equity in broker trading accounts | |||||||||||||||||
Net unrealized gain on open futures contracts | |||||||||||||||||
Agricultural commodities | $ | 5,823,273 | $ | (1,905,881 | ) | $ | 3,917,392 | ||||||||||
Currencies | 8,479,775 | (793,925 | ) | 7,685,850 | |||||||||||||
Energy | 1,961,940 | (1,941,715 | ) | 20,225 | |||||||||||||
Equity indices | 25,256,880 | (391,244 | ) | 24,865,636 | |||||||||||||
Interest rate instruments | 5,523,958 | (5,895,183 | ) | (371,225 | ) | ||||||||||||
Metals | 10,448,475 | (9,156,794 | ) | 1,291,681 | |||||||||||||
Single stock futures | 617,785 | (69,236 | ) | 548,549 | |||||||||||||
Net unrealized gain on open futures contracts | $ | 58,112,086 | $ | (20,153,978 | ) | $ | 37,958,108 | ||||||||||
Net unrealized gain on open forward currency contracts | $ | 5,818,188 | $ | (5,123,113 | ) | $ | 695,075 | ||||||||||
At December 31, 2013, there were 64,196 open futures contracts and 2,271 open forward currency contracts. For the three and six months ended June 30, 2013, the Fund’s derivative contracts had the following impact on the consolidated statements of operations: | |||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||
Types of Exposure | Net realized gain (loss) | Net change in unrealized gain (loss) | Net realized gain (loss) | Net change in unrealized gain (loss) | |||||||||||||
Futures contracts | |||||||||||||||||
Agricultural commodities | $ | 927,858 | $ | (879,588 | ) | $ | (459,534 | ) | $ | (254,101 | ) | ||||||
Currencies | (15,379,947 | ) | 2,606,499 | 824,439 | (4,384,749 | ) | |||||||||||
Energy | (29,324,934 | ) | (1,268,459 | ) | (34,881,665 | ) | (1,548,306 | ) | |||||||||
Equity indices | 8,043,548 | (5,014,997 | ) | 71,624,464 | (8,856,776 | ) | |||||||||||
Interest rate instruments | (19,571,453 | ) | (20,295,252 | ) | (60,629,008 | ) | (6,778,529 | ) | |||||||||
Metals | 24,960,189 | 14,644,448 | 19,873,266 | 21,617,646 | |||||||||||||
Single stock futures | (54,863 | ) | (156,838 | ) | 1,558,355 | (87,245 | ) | ||||||||||
Total futures contracts | (30,399,602 | ) | (10,364,187 | ) | (2,089,683 | ) | (292,060 | ) | |||||||||
Forward currency contracts | (10,318,042 | ) | (5,384,886 | ) | (1,312,271 | ) | (11,017,094 | ) | |||||||||
Total futures and forward currency contracts | $ | (40,717,644 | ) | $ | (15,749,073 | ) | $ | (3,401,954 | ) | $ | (11,309,154 | ) | |||||
For the three and six months ended June 30, 2013, the number of futures contracts closed was 381,687 and 728,022, respectively, and the number of forward currency contracts closed was 13,590 and 25,378, respectively. | |||||||||||||||||
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2013 were: | |||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition | |||||||||||||||||
Counterparty | Net Amount of Assets in the Statements of Financial Condition | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||
JP Morgan Securities, LLC | $ | 11,027,627 | $ | — | $ | — | $ | 11,027,627 | |||||||||
Newedge UK Financial Ltd | 639,551 | — | — | 639,551 | |||||||||||||
Newedge USA, LLC | 26,930,481 | — | — | 26,930,481 | |||||||||||||
UBS AG | 55,524 | — | — | 55,524 | |||||||||||||
Deutsche Bank, AG | — | — | — | — | |||||||||||||
Total | $ | 38,653,183 | $ | — | $ | — | $ | 38,653,183 | |||||||||
General_Partner
General Partner | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
General Partner | ' | ||||||||
General Partner | ' | ||||||||
4 | General Partner | ||||||||
At June 30, 2014 and December 31, 2013, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund. However, the beneficiary of the majority shareholder of the General Partner had the following investment: | |||||||||
30-Jun-14 | December 31, 2013 | ||||||||
Class of units | I | I | |||||||
Number of units | 254.4114 | 254.4114 | |||||||
Value | $ | 234,728 | $ | 231,622 | |||||
The General Partner earns the following compensation: | |||||||||
▪ | General Partner Management Fee – the Fund incurs a monthly fee on Class A and Class B Units equal to 1/12th of 1.5% of the month-end net asset value of the Class A and Class B Units, payable in arrears. Prior to June 1, 2012, the general partner management fee was 1.75% per annum. The Fund incurs a monthly fee on Class I Units equal to 1/12th of 0.75% of the month-end net asset value of the Class I Units, payable in arrears. | ||||||||
▪ | General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5% of new profits of the Class I Units calculated monthly. The general partner performance fee is payable quarterly in arrears. | ||||||||
▪ | Management fee – SMFF incurs a monthly fee equal to 1/12th of 1.25% of the month-end net asset value of the trust, payable in arrears to the investment manager. | ||||||||
▪ | Distribution (12b-1) fee – SMFF incurs a monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value of the Class A and N shares, and 1/12th of 1% of the month-end value of the Class C shares. | ||||||||
▪ | Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12th of 2% of the month-end net asset value of the Class A Units. Selling agent fees amounted to $2,497,281 and $3,538,100 for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, selling agent fees were $5,140,639 and $7,346,183, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner. | ||||||||
▪ | Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12th of 0.2% of the month-end net asset value of the Class B Units. Broker dealer servicing fees amounted to $138,858 and $234,320 for the three months ended June 30, 2014 and 2013, respectively. For the six months ended June 30, 2014 and 2013, broker dealer servicing fees were $293,370 and $488,787, respectively. Such amounts are included in selling agent fees – General Partner in the consolidated statements of operations. The General Partner, in turn, pays the fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the broker dealer servicing fees are retained by the General Partner. | ||||||||
▪ | Operating Services Fee – SMFF incurs a monthly fee equal to 1/12th of 0.5% of the month-end net asset value of the trust, payable to the investment manager. The investment manager, in turn, pays the operating expenses of the trust, pursuant to an operating services agreement between the parties. | ||||||||
▪ | Administrative Expenses – the Fund incurs a monthly fee equal to 1/12th of 0.45% of the month-end net asset value of the fund, payable in arrears to the General Partner. The General Partner, in turn, pays the administrative expenses of the Fund. Administrative expenses include accounting, audit, legal, salary and administrative costs incurred by the General Partner relating to marketing and administration of the Fund; such as, salaries and commissions of General Partner marketing personnel, administrative employee salaries and related costs. | ||||||||
Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations. |
Trading_Advisor_and_Cash_Manag
Trading Advisor and Cash Managers | 6 Months Ended | ||
Jun. 30, 2014 | |||
Trading Advisor And Cash Managers | ' | ||
Trading Advisor and Cash Managers | ' | ||
5 | Trading Advisors and Cash Managers | ||
The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly trading advisor management fee that ranges from 0% to 2% per annum of allocated net assets (as defined in each respective advisory agreement), paid monthly or quarterly in arrears. Additionally, the Fund incurs trading advisor incentive fees, payable quarterly in arrears, ranging from 10% to 30% of net new trading profits (as defined in each respective advisory agreement). | |||
Effective April 1, 2011, the Fund engaged J.P. Morgan Investment Management, Inc. and Principal Global Investors, LLC (collectively, the “Cash Managers”) to provide cash management services to the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Managers, equal to approximately 1/12th of 0.11% of the investments in securities and certificates of deposit. |
Deposits_with_Brokers
Deposits with Brokers | 6 Months Ended | |
Jun. 30, 2014 | ||
Deposits With Brokers | ' | |
Deposits with Brokers | ' | |
6 | Deposits with Brokers | |
To meet margin requirements, the Fund deposits funds with its futures brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At June 30, 2014 and December 31, 2013, the Fund had margin requirements of $128,626,135 and $130,308,150, respectively. |
Subscriptions_Distributions_an
Subscriptions, Distributions and Redemptions | 6 Months Ended | ||
Jun. 30, 2014 | |||
Partners' Capital Notes [Abstract] | ' | ||
Subscriptions, Distributions and Redemptions | ' | ||
7 | Subscriptions, Distributions and Redemptions | ||
Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $10,000 for Class A and B units and $2,000,000 for Class I units. Units are sold at the respective net asset value per unit for Class A, B or I interests as of the close of business on the last day of the month in which the subscription is accepted. Investors whose subscriptions are accepted are admitted as limited partners as of the beginning of the month following the month in which their subscriptions were accepted. At June 30, 2014 and December 31, 2013, the Fund received advance subscriptions of $4,238,073 and $2,399,374, respectively, which were recognized as subscriptions to the Fund or returned, if applicable, subsequent to period-end. | |||
The Fund is not required to make distributions, but may do so at the sole discretion of the General Partner. A limited partner may request and receive redemption of Class A, B or I Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement. | |||
The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or self-regulatory organization regulations. |
Trading_Activities_and_Related
Trading Activities and Related Risks | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Trading Activities And Related Risks | ' | ||||||||||||||||||||||||
Trading Activities and Related Risks | ' | ||||||||||||||||||||||||
8 | Trading Activities and Related Risks | ||||||||||||||||||||||||
The Fund engages in the speculative trading of futures, swaps, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract. | |||||||||||||||||||||||||
Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a broker’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 (or none of) the total cash and other property deposited. The Fund uses Newedge USA, LLC and J.P. Morgan Securities, LLC as its futures brokers and Newedge UK Financial Limited and UBG AG as its forward currency counterparties. | |||||||||||||||||||||||||
For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short. | |||||||||||||||||||||||||
In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions. | |||||||||||||||||||||||||
In the case of forward currency 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 a clearinghouse backed by a group of financial institutions; thus there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. | |||||||||||||||||||||||||
The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement. | |||||||||||||||||||||||||
The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits. | |||||||||||||||||||||||||
Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the consolidated statement of financial condition. | |||||||||||||||||||||||||
The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments. Prior to April 2011, the Fund used UBS Financial Services, Inc. and Bank of America Merrill Lynch as its cash management securities brokers for the investment of some excess margin amounts into short-term fixed income instruments. | |||||||||||||||||||||||||
Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at June 30, 2014. | |||||||||||||||||||||||||
Country or Region | U.S. Treasury Securities | Commercial Paper | Corporate Notes | Certificates of Deposit | Total | % of Partners’ Capital (Net Asset Value) | |||||||||||||||||||
United States | $ | 42,558,399 | $ | 40,900,835 | $ | 215,023,729 | $ | 9,467,521 | $ | 307,950,484 | 41.63 | % | |||||||||||||
Netherlands | — | — | 26,791,497 | 1,400,458 | 28,191,955 | 3.81 | % | ||||||||||||||||||
Canada | — | — | 19,647,806 | 6,204,506 | 25,852,312 | 3.5 | % | ||||||||||||||||||
Great Britain | — | 8,293,357 | 16,415,322 | — | 24,708,679 | 3.34 | % | ||||||||||||||||||
Australia | — | 2,299,458 | 9,886,787 | — | 12,186,245 | 1.65 | % | ||||||||||||||||||
Japan | — | 2,999,542 | 4,232,762 | 4,806,504 | 12,038,808 | 1.63 | % | ||||||||||||||||||
Switzerland | — | — | 2,281,376 | 3,503,650 | 5,785,026 | 0.78 | % | ||||||||||||||||||
Spain | — | — | 5,762,601 | — | 5,762,601 | 0.78 | % | ||||||||||||||||||
Sweden | — | 3,499,265 | — | 2,001,909 | 5,501,174 | 0.74 | % | ||||||||||||||||||
Germany | — | 1,599,908 | — | 3,504,397 | 5,104,305 | 0.69 | % | ||||||||||||||||||
British Virgin Islands | — | — | 4,820,568 | — | 4,820,568 | 0.65 | % | ||||||||||||||||||
Singapore | — | 4,708,293 | — | — | 4,708,293 | 0.64 | % | ||||||||||||||||||
Mexico | — | — | 4,533,521 | — | 4,533,521 | 0.61 | % | ||||||||||||||||||
France | — | 4,245,205 | — | — | 4,245,205 | 0.57 | % | ||||||||||||||||||
Luxumberg | — | — | 2,573,758 | — | 2,573,758 | 0.35 | % | ||||||||||||||||||
Norway | — | 2,299,797 | — | — | 2,299,797 | 0.31 | % | ||||||||||||||||||
Total | $ | 42,558,399 | $ | 70,845,660 | $ | 311,969,727 | $ | 30,888,945 | $ | 456,262,731 | 61.68 | % | |||||||||||||
The following table presents the exposure at December 31, 2013. | |||||||||||||||||||||||||
Country or Region | U.S. Treasury Securities | Commercial Paper | Corporate Notes | Certificates of Deposit | Total | % of Partners’ Capital (Net Asset Value) | |||||||||||||||||||
United States | $ | 88,102,079 | $ | 31,009,077 | $ | 250,957,531 | $ | 29,100,934 | $ | 399,169,621 | 45.35 | % | |||||||||||||
Netherlands | — | — | 40,422,010 | — | 40,422,010 | 4.59 | % | ||||||||||||||||||
Canada | — | 2,099,115 | 22,978,564 | 4,005,167 | 29,082,846 | 3.3 | % | ||||||||||||||||||
Great Britain | — | 9,196,934 | 9,424,171 | — | 18,621,105 | 2.12 | % | ||||||||||||||||||
Japan | — | 4,714,655 | 10,240,862 | — | 14,955,517 | 1.7 | % | ||||||||||||||||||
Australia | — | 2,599,946 | 9,056,601 | — | 11,656,547 | 1.32 | % | ||||||||||||||||||
France | — | 5,486,017 | 3,387,040 | — | 8,873,057 | 1.01 | % | ||||||||||||||||||
Netherland Antilles | — | — | 8,513,655 | — | 8,513,655 | 0.97 | % | ||||||||||||||||||
Switzerland | — | — | 2,313,791 | 4,505,939 | 6,819,730 | 0.77 | % | ||||||||||||||||||
Sweden | — | 3,899,026 | 615,818 | 2,001,859 | 6,516,703 | 0.74 | % | ||||||||||||||||||
Mexico | — | — | 5,928,963 | — | 5,928,963 | 0.67 | % | ||||||||||||||||||
Denmark | — | — | 5,020,114 | — | 5,020,114 | 0.57 | % | ||||||||||||||||||
Singapore | — | 4,899,313 | — | — | 4,899,313 | 0.56 | % | ||||||||||||||||||
British Virgin Islands | — | — | 4,802,760 | — | 4,802,760 | 0.55 | % | ||||||||||||||||||
Multi-national | — | — | 4,004,804 | — | 4,004,804 | 0.45 | % | ||||||||||||||||||
China | — | — | — | 3,011,154 | 3,011,154 | 0.34 | % | ||||||||||||||||||
Norway | — | 1,249,400 | — | — | 1,249,400 | 0.14 | % | ||||||||||||||||||
Total | $ | 88,102,079 | $ | 65,153,483 | $ | 377,666,684 | $ | 42,625,053 | $ | 573,547,299 | 65.15 | % |
Indemnifications
Indemnifications | 6 Months Ended | ||
Jun. 30, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Indemnifications | ' | ||
9 | Indemnifications | ||
In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the consolidated financial statements for such indemnifications. |
Interim_Financial_Statements
Interim Financial Statements | 6 Months Ended | |
Jun. 30, 2014 | ||
Quarterly Financial Data [Abstract] | ' | |
Interim Financial Statements | ' | |
10 | Interim Financial Statements | |
The consolidated statements of financial condition, including the consolidated condensed schedule of investments, at June 30, 2014, the consolidated statements of operations for the three and six months ended June 30, 2014 and 2013, the consolidated statements of cash flows and changes in partners’ capital (net asset value) for the six months ended June 30, 2014 and 2013, and the accompanying notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such consolidated financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at June 30, 2014, results of operations for the three and six months ended June 30, 2014 and 2013, cash flows and changes in partners’ capital (net asset value) for the six months ended June 30, 2014 and 2013. The results of operations for the three and six months ended June 30, 2014 and 2013 are not necessarily indicative of the results to be expected for the full year or any other period. These consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC. |
Financial_Highlights
Financial Highlights | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Financial Highlights | ' | ||||||||||||||||||||||||
Financial Highlights | ' | ||||||||||||||||||||||||
11 | Financial Highlights | ||||||||||||||||||||||||
The following information presents per unit operating performance data and other financial ratios for the three and six months ended June 30, 2014 and 2013, assuming the unit was outstanding throughout the entire period: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class I | Class A | Class B | Class I | ||||||||||||||||||||
Per Unit Operating Performance | |||||||||||||||||||||||||
Net asset value per Unit at beginning of period | $ | 3,965.58 | $ | 5,605.16 | $ | 883.63 | $ | 4,307.70 | $ | 5,980.78 | $ | 935.9 | |||||||||||||
Gain (loss) from operations | |||||||||||||||||||||||||
Gain (loss) from trading(1) | 202.76 | 286.65 | 45.63 | (214.28 | ) | (298.65 | ) | (46.78 | ) | ||||||||||||||||
Net investment loss(1) | (58.36 | ) | (56.55 | ) | (6.63 | ) | (55.73 | ) | (51.08 | ) | (7.92 | ) | |||||||||||||
Total gain (loss) from operations | 144.4 | 230.1 | 39 | (270.01 | ) | (349.73 | ) | (54.70 | ) | ||||||||||||||||
Net asset value per Unit at end of period | $ | 4,109.98 | $ | 5,835.26 | $ | 922.63 | $ | 4,037.69 | $ | 5,631.05 | $ | 881.2 | |||||||||||||
Total return (4) | 3.64 | % | 4.11 | % | 4.41 | % | (6.27 | )% | (5.85 | )% | (5.84 | )% | |||||||||||||
Other Financial Ratios | |||||||||||||||||||||||||
Ratios to average net asset value | |||||||||||||||||||||||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3) | 5.63 | % | 3.79 | % | 2.88 | % | 5.61 | % | 3.8 | % | 3.77 | % | |||||||||||||
Trading Advisor incentive fees (4) | 0.13 | % | 0.13 | % | 0.11 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
General Partner 1% allocation (4) | 0.04 | % | 0.04 | % | 0.05 | % | (0.06 | )% | (0.06 | )% | (0.06 | )% | |||||||||||||
Total expenses | 5.8 | % | 3.96 | % | 3.04 | % | 5.55 | % | 3.74 | % | 3.71 | % | |||||||||||||
Net investment loss (2) (3) (5) | (5.13 | )% | (3.29 | )% | (2.33 | )% | (5.50 | )% | (3.69 | )% | (3.66 | )% | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class I | Class A | Class B | Class I | ||||||||||||||||||||
Per Unit Operating Performance | |||||||||||||||||||||||||
Net asset value per Unit at beginning of period | $ | 4,114.51 | $ | 5,789.73 | $ | 910.42 | $ | 4,228.83 | $ | 5,845.11 | $ | 912.75 | |||||||||||||
Gain (loss) from operations | |||||||||||||||||||||||||
Gain (loss) from trading(1) | 105.62 | 149.58 | 24.03 | (77.87 | ) | (110.30 | ) | (16.57 | ) | ||||||||||||||||
Net investment loss(1) | (110.15 | ) | (104.05 | ) | (11.82 | ) | (113.27 | ) | (103.76 | ) | (14.98 | ) | |||||||||||||
Total gain (loss) from operations | (4.53 | ) | 45.53 | 12.21 | (191.14 | ) | (214.06 | ) | (31.55 | ) | |||||||||||||||
Net asset value per Unit at end of period | $ | 4,109.98 | $ | 5,835.26 | $ | 922.63 | $ | 4,037.69 | $ | 5,631.05 | $ | 881.2 | |||||||||||||
Total return (4) | (0.11 | )% | 0.79 | % | 1.34 | % | (4.52 | )% | (3.66 | )% | (3.46 | )% | |||||||||||||
Other Financial Ratios | |||||||||||||||||||||||||
Ratios to average net asset value | |||||||||||||||||||||||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3) | 5.61 | % | 3.79 | % | 2.86 | % | 5.64 | % | 3.82 | % | 3.57 | % | |||||||||||||
Trading Advisor incentive fees (4) | 0.15 | % | 0.14 | % | 0.11 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
General Partner 1% allocation (4) | 0 | % | 0 | % | 0.01 | % | (0.04 | )% | (0.03 | )% | (0.04 | )% | |||||||||||||
Total expenses | 5.76 | % | 3.93 | % | 2.98 | % | 5.6 | % | 3.79 | % | 3.53 | % | |||||||||||||
Net investment loss (2) (3) (5) | (5.17 | )% | (3.35 | )% | (2.40 | )% | (5.40 | )% | (3.57 | )% | (3.33 | )% | |||||||||||||
Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. | |||||||||||||||||||||||||
(1) The net investment loss per unit is calculated by dividing the net investment loss by the average number of Class A, B or I Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per unit due to the timing of trading gains and losses during the period relative to the number of units outstanding. | |||||||||||||||||||||||||
(2) The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period. | |||||||||||||||||||||||||
(3) Ratios have been annualized. | |||||||||||||||||||||||||
(4) Ratios have not been annualized. | |||||||||||||||||||||||||
(5) Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation. | |||||||||||||||||||||||||
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Accounting Principles | ' | ||
Accounting Principles | |||
The Fund’s consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). | |||
Consolidation | ' | ||
Consolidation | |||
The accompanying consolidated financial statements include the accounts of the Fund and SMFF, for which the Fund is the majority shareholder. All non-controlling interests in SMFF, as well as any material intercompany accounts and transactions have been eliminated in consolidation. | |||
Use of Estimates | ' | ||
Use of Estimates | |||
Preparing consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Revenue Recognition | ' | ||
Revenue Recognition | |||
Futures, forward currency contracts, investments in securities, and certificates of deposit are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized and change in unrealized gain (loss) in the consolidated statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the consolidated statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the consolidated statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. | |||
Fair Value of Financial Instruments | ' | ||
Fair Value of Financial Instruments | |||
Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This 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 – | Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and money market funds. | ||
Level 2 – | Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swap, commercial paper, corporate notes, certificates of deposit and U.S. government sponsored enterprise notes. | ||
Level 3 – | Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. | ||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. | |||
The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the periods ended June 30, 2014 and December 31, 2013, there were no such transfers between levels. | |||
A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. | |||
U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes and U.S. and foreign government sponsored enterprise notes are classified within Level 2. | |||
The investment in a money market fund, included in cash and cash equivalents in the consolidated statements of financial condition, and futures contracts, all of which are exchange-traded, are valued using quoted market prices for identical assets and are classified within Level 1. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The fair value of the swap investment is based on quoted market prices for the underlying contracts of the CTA programs within the swap and is classified within Level 2. | |||
Cash and Cash Equivalents | ' | ||
Cash and Cash Equivalents | |||
Cash and cash equivalents may include cash, money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. | |||
Brokerage Commissions and Trading Expenses | ' | ||
Brokerage Commissions and Trading Expenses | |||
Brokerage commissions and trading expenses include brokerage and other trading fees, and are charged to expense when contracts are opened and closed. | |||
Redemptions Payable | ' | ||
Redemptions Payable | |||
Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit. | |||
Income Taxes | ' | ||
Income Taxes | |||
The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through June 30, 2014. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for years before 2010. | |||
Foreign Currency Transactions | ' | ||
Foreign Currency Transactions | |||
The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The 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 market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the consolidated statements of operations. | |||
Swap Agreement | ' | ||
Swap Agreement | |||
Through its investment in SMFF, the Fund has entered into a total return swap with Deutsche Bank AG. This two-party contract was entered in to exchange, or swap, the returns realized on a basket of CTA programs. Under the terms of the swap agreement, the investment manager of SMFF has the ability to periodically adjust the notional level of the swap, the notional allocation to each CTA program and the mix of CTA programs. The swap was effective April 2, 2014 and has a term of five years, with certain early termination provisions. The swap includes a 0.50% fee to Deutsche Bank. | |||
At June 30, 2014, the notional value of the swap was $62,600,000 and SMFF had provided $12,496,500 as collateral. During the three months ended June 30, 2014, the swap had an appreciation in fair value of $1,591,477. | |||
Reclassification | ' | ||
Reclassification | |||
Certain amounts reported in the 2013 consolidated financial statements may have been reclassified to conform to the 2014 presentation without affecting previously reported partners’ capital (net asset value). |
Fair_Value_Disclosures_Tables
Fair Value Disclosures (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Schedule of assets and liabilities measured on recurring basis | ' | ||||||||||||
The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: | |||||||||||||
At June 30, 2014 | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
Equity in broker trading accounts: | |||||||||||||
Net unrealized gain on open futures contracts* | $ | 17,808,912 | $ | — | $ | 17,808,912 | |||||||
Net unrealized gain on open forward currency contracts* | — | (518,744 | ) | (518,744 | ) | ||||||||
Investment in swap* | — | 14,091,477 | 14,091,477 | ||||||||||
Cash and cash equivalents: | |||||||||||||
Money market fund | 5,358,628 | — | 5,358,628 | ||||||||||
Investments in securities: | |||||||||||||
U.S. Treasury securities* | 42,558,399 | — | 42,558,399 | ||||||||||
Commercial paper* | — | 70,845,660 | 70,845,660 | ||||||||||
Corporate notes* | — | 311,969,727 | 311,969,727 | ||||||||||
Certificates of deposit* | — | 30,888,945 | 30,888,945 | ||||||||||
Total | $ | 65,725,939 | $ | 427,277,065 | $ | 493,003,004 | |||||||
* See the consolidated condensed schedule of investments for further description. | |||||||||||||
At December 31, 2013 | |||||||||||||
Level 1 | Level 2 | Total | |||||||||||
Equity in broker trading accounts: | |||||||||||||
Net unrealized gain on open futures contracts* | $ | 37,958,108 | $ | — | $ | 37,958,108 | |||||||
Net unrealized gain on open forward currency contracts* | — | 695,075 | 695,075 | ||||||||||
Investment in swap* | — | — | |||||||||||
Cash and cash equivalents: | |||||||||||||
Money market fund | 6,338,530 | — | 6,338,530 | ||||||||||
Investments in securities: | |||||||||||||
U.S. Treasury securities* | 88,102,079 | — | 88,102,079 | ||||||||||
Commercial paper* | — | 65,153,483 | 65,153,483 | ||||||||||
Corporate notes* | — | 377,666,684 | 377,666,684 | ||||||||||
Certificates of deposit* | — | 42,625,053 | 42,625,053 | ||||||||||
Total | $ | 132,398,717 | $ | 486,140,295 | $ | 618,539,012 | |||||||
* See the consolidated condensed schedule of investments for further description. |
Derivative_Instruments_Disclos1
Derivative Instruments Disclosures (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of impact of derivative contracts in statement of financial position | ' | ||||||||||||||||
At June 30, 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: | |||||||||||||||||
Derivative Assets and Liabilities, at fair value | |||||||||||||||||
Statements of Financial Condition Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Financial Condition | Net Amount of Assets Presented in the Statements of Financial Condition | ||||||||||||||
Equity in broker trading accounts | |||||||||||||||||
Net unrealized gain (loss) on open futures contracts | |||||||||||||||||
Agricultural commodities | $ | 4,081,367 | $ | (4,050,332 | ) | $ | 31,035 | ||||||||||
Currencies | 4,415,057 | (2,574,730 | ) | 1,840,327 | |||||||||||||
Energy | 4,852,705 | (2,392,908 | ) | 2,459,797 | |||||||||||||
Equity indices | 5,776,288 | (2,283,287 | ) | 3,493,001 | |||||||||||||
Interest rate instruments | 12,580,425 | (1,717,706 | ) | 10,862,719 | |||||||||||||
Metals | 6,245,746 | (7,490,083 | ) | (1,244,337 | ) | ||||||||||||
Single stock futures | 462,941 | (96,571 | ) | 366,370 | |||||||||||||
Net unrealized gain (loss) on open futures contracts | $ | 38,414,529 | $ | (20,605,617 | ) | $ | 17,808,912 | ||||||||||
Net unrealized gain (loss) on open forward currency contracts | $ | 6,605,659 | $ | (7,124,403 | ) | $ | (518,744 | ) | |||||||||
Investment in swap contract | $ | 14,091,477 | $ | — | $ | 14,091,477 | |||||||||||
At December 31, 2013, the Fund’s derivative contracts had the following impact on the consolidated statements of financial condition: | |||||||||||||||||
31-Dec-13 | Derivative Assets and Liabilities, at fair value | ||||||||||||||||
Statements of Financial Condition Location | Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Financial Condition | Net Amount of Assets Presented in the Statements of Financial Condition | ||||||||||||||
Equity in broker trading accounts | |||||||||||||||||
Net unrealized gain on open futures contracts | |||||||||||||||||
Agricultural commodities | $ | 5,823,273 | $ | (1,905,881 | ) | $ | 3,917,392 | ||||||||||
Currencies | 8,479,775 | (793,925 | ) | 7,685,850 | |||||||||||||
Energy | 1,961,940 | (1,941,715 | ) | 20,225 | |||||||||||||
Equity indices | 25,256,880 | (391,244 | ) | 24,865,636 | |||||||||||||
Interest rate instruments | 5,523,958 | (5,895,183 | ) | (371,225 | ) | ||||||||||||
Metals | 10,448,475 | (9,156,794 | ) | 1,291,681 | |||||||||||||
Single stock futures | 617,785 | (69,236 | ) | 548,549 | |||||||||||||
Net unrealized gain on open futures contracts | $ | 58,112,086 | $ | (20,153,978 | ) | $ | 37,958,108 | ||||||||||
Net unrealized gain on open forward currency contracts | $ | 5,818,188 | $ | (5,123,113 | ) | $ | 695,075 | ||||||||||
Schedule of derivative contracts, impact on the statements of operations | ' | ||||||||||||||||
For the three and six months ended June 30, 2014, the Fund’s derivative contracts had the following impact on the consolidated statements of operations: | |||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | ||||||||||||||||
Types of Exposure | Net realized gain (loss) | Net change in unrealized gain (loss) | Net realized gain (loss) | Net change in unrealized gain (loss) | |||||||||||||
Futures contracts | |||||||||||||||||
Agricultural commodities | $ | 5,087,805 | $ | (7,459,226 | ) | $ | 9,595,849 | $ | (3,886,357 | ) | |||||||
Currencies | (1,792,801 | ) | 1,139,032 | (1,782,577 | ) | (5,845,523 | ) | ||||||||||
Energy | 1,766,419 | 2,986,289 | (6,218,056 | ) | 2,439,572 | ||||||||||||
Equity indices | 10,339,758 | (937,716 | ) | 11,067,161 | (21,372,635 | ) | |||||||||||
Interest rate instruments | 15,793,149 | 10,865,072 | 31,832,231 | 11,233,944 | |||||||||||||
Metals | (2,627,671 | ) | (1,054,824 | ) | (11,432,934 | ) | (2,536,018 | ) | |||||||||
Single stock futures | 1,198,618 | 204,008 | 1,998,187 | (182,179 | ) | ||||||||||||
Total futures contracts | 29,765,277 | 5,742,635 | 35,059,861 | (20,149,196 | ) | ||||||||||||
Forward currency contracts | 7,505,805 | (4,976,774 | ) | 4,328,378 | (1,213,819 | ) | |||||||||||
Total futures and forward currency contracts | $ | 37,271,082 | $ | 765,861 | $ | 39,388,239 | $ | (21,363,015 | ) | ||||||||
Investment in swap contract | — | $ | 1,595,475 | — | $ | 1,595,475 | |||||||||||
For the three and six months ended June 30, 2013, the Fund’s derivative contracts had the following impact on the consolidated statements of operations: | |||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||
Types of Exposure | Net realized gain (loss) | Net change in unrealized gain (loss) | Net realized gain (loss) | Net change in unrealized gain (loss) | |||||||||||||
Futures contracts | |||||||||||||||||
Agricultural commodities | $ | 927,858 | $ | (879,588 | ) | $ | (459,534 | ) | $ | (254,101 | ) | ||||||
Currencies | (15,379,947 | ) | 2,606,499 | 824,439 | (4,384,749 | ) | |||||||||||
Energy | (29,324,934 | ) | (1,268,459 | ) | (34,881,665 | ) | (1,548,306 | ) | |||||||||
Equity indices | 8,043,548 | (5,014,997 | ) | 71,624,464 | (8,856,776 | ) | |||||||||||
Interest rate instruments | (19,571,453 | ) | (20,295,252 | ) | (60,629,008 | ) | (6,778,529 | ) | |||||||||
Metals | 24,960,189 | 14,644,448 | 19,873,266 | 21,617,646 | |||||||||||||
Single stock futures | (54,863 | ) | (156,838 | ) | 1,558,355 | (87,245 | ) | ||||||||||
Total futures contracts | (30,399,602 | ) | (10,364,187 | ) | (2,089,683 | ) | (292,060 | ) | |||||||||
Forward currency contracts | (10,318,042 | ) | (5,384,886 | ) | (1,312,271 | ) | (11,017,094 | ) | |||||||||
Total futures and forward currency contracts | $ | (40,717,644 | ) | $ | (15,749,073 | ) | $ | (3,401,954 | ) | $ | (11,309,154 | ) | |||||
Schedule of financial assets, derivative assets, and cash collateral held by counterparties | ' | ||||||||||||||||
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at June 30, 2014 were: | |||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition | |||||||||||||||||
Counterparty | Net Amount of Assets in the Statements of Financial Condition | Financial Instruments Pledged | Cash Collateral Received | Net Amount | |||||||||||||
JP Morgan Securities, LLC | $ | 3,444,642 | $ | — | $ | — | $ | 3,444,642 | |||||||||
Newedge UK Financial Ltd | (45,021 | ) | — | — | (45,021 | ) | |||||||||||
Newedge USA, LLC | 14,364,270 | — | — | 14,364,270 | |||||||||||||
UBS AG | (473,723 | ) | — | — | (473,723 | ) | |||||||||||
Deutsche Bank, AG | 14,091,477 | 14,091,477 | |||||||||||||||
Total | $ | 31,381,645 | $ | — | $ | — | $ | 31,381,645 | |||||||||
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2013 were: | |||||||||||||||||
Gross Amounts Not Offset in the Statements of Financial Condition | |||||||||||||||||
Counterparty | Net Amount of Assets in the Statements of Financial Condition | Financial Instruments | Cash Collateral Received | Net Amount | |||||||||||||
JP Morgan Securities, LLC | $ | 11,027,627 | $ | — | $ | — | $ | 11,027,627 | |||||||||
Newedge UK Financial Ltd | 639,551 | — | — | 639,551 | |||||||||||||
Newedge USA, LLC | 26,930,481 | — | — | 26,930,481 | |||||||||||||
UBS AG | 55,524 | — | — | 55,524 | |||||||||||||
Deutsche Bank, AG | — | — | — | — | |||||||||||||
Total | $ | 38,653,183 | $ | — | $ | — | $ | 38,653,183 |
General_Partner_Tables
General Partner (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
General Partner | ' | ||||||||
Schedule of investment of beneficiary of majority shareholder | ' | ||||||||
At June 30, 2014 and December 31, 2013, and for the periods then ended, the General Partner did not maintain a capital balance in the Fund. However, the beneficiary of the majority shareholder of the General Partner had the following investment: | |||||||||
30-Jun-14 | December 31, 2013 | ||||||||
Class of units | I | I | |||||||
Number of units | 254.4114 | 254.4114 | |||||||
Value | $ | 234,728 | $ | 231,622 |
Trading_Activities_and_Related1
Trading Activities and Related Risks (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Trading Activities And Related Risks | ' | ||||||||||||||||||||||||
Schedule of exposure in investments | ' | ||||||||||||||||||||||||
Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure at June 30, 2014. | |||||||||||||||||||||||||
Country or Region | U.S. Treasury Securities | Commercial Paper | Corporate Notes | Certificates of Deposit | Total | % of Partners’ Capital (Net Asset Value) | |||||||||||||||||||
United States | $ | 42,558,399 | $ | 40,900,835 | $ | 215,023,729 | $ | 9,467,521 | $ | 307,950,484 | 41.63 | % | |||||||||||||
Netherlands | — | — | 26,791,497 | 1,400,458 | 28,191,955 | 3.81 | % | ||||||||||||||||||
Canada | — | — | 19,647,806 | 6,204,506 | 25,852,312 | 3.5 | % | ||||||||||||||||||
Great Britain | — | 8,293,357 | 16,415,322 | — | 24,708,679 | 3.34 | % | ||||||||||||||||||
Australia | — | 2,299,458 | 9,886,787 | — | 12,186,245 | 1.65 | % | ||||||||||||||||||
Japan | — | 2,999,542 | 4,232,762 | 4,806,504 | 12,038,808 | 1.63 | % | ||||||||||||||||||
Switzerland | — | — | 2,281,376 | 3,503,650 | 5,785,026 | 0.78 | % | ||||||||||||||||||
Spain | — | — | 5,762,601 | — | 5,762,601 | 0.78 | % | ||||||||||||||||||
Sweden | — | 3,499,265 | — | 2,001,909 | 5,501,174 | 0.74 | % | ||||||||||||||||||
Germany | — | 1,599,908 | — | 3,504,397 | 5,104,305 | 0.69 | % | ||||||||||||||||||
British Virgin Islands | — | — | 4,820,568 | — | 4,820,568 | 0.65 | % | ||||||||||||||||||
Singapore | — | 4,708,293 | — | — | 4,708,293 | 0.64 | % | ||||||||||||||||||
Mexico | — | — | 4,533,521 | — | 4,533,521 | 0.61 | % | ||||||||||||||||||
France | — | 4,245,205 | — | — | 4,245,205 | 0.57 | % | ||||||||||||||||||
Luxumberg | — | — | 2,573,758 | — | 2,573,758 | 0.35 | % | ||||||||||||||||||
Norway | — | 2,299,797 | — | — | 2,299,797 | 0.31 | % | ||||||||||||||||||
Total | $ | 42,558,399 | $ | 70,845,660 | $ | 311,969,727 | $ | 30,888,945 | $ | 456,262,731 | 61.68 | % | |||||||||||||
The following table presents the exposure at December 31, 2013. | |||||||||||||||||||||||||
Country or Region | U.S. Treasury Securities | Commercial Paper | Corporate Notes | Certificates of Deposit | Total | % of Partners’ Capital (Net Asset Value) | |||||||||||||||||||
United States | $ | 88,102,079 | $ | 31,009,077 | $ | 250,957,531 | $ | 29,100,934 | $ | 399,169,621 | 45.35 | % | |||||||||||||
Netherlands | — | — | 40,422,010 | — | 40,422,010 | 4.59 | % | ||||||||||||||||||
Canada | — | 2,099,115 | 22,978,564 | 4,005,167 | 29,082,846 | 3.3 | % | ||||||||||||||||||
Great Britain | — | 9,196,934 | 9,424,171 | — | 18,621,105 | 2.12 | % | ||||||||||||||||||
Japan | — | 4,714,655 | 10,240,862 | — | 14,955,517 | 1.7 | % | ||||||||||||||||||
Australia | — | 2,599,946 | 9,056,601 | — | 11,656,547 | 1.32 | % | ||||||||||||||||||
France | — | 5,486,017 | 3,387,040 | — | 8,873,057 | 1.01 | % | ||||||||||||||||||
Netherland Antilles | — | — | 8,513,655 | — | 8,513,655 | 0.97 | % | ||||||||||||||||||
Switzerland | — | — | 2,313,791 | 4,505,939 | 6,819,730 | 0.77 | % | ||||||||||||||||||
Sweden | — | 3,899,026 | 615,818 | 2,001,859 | 6,516,703 | 0.74 | % | ||||||||||||||||||
Mexico | — | — | 5,928,963 | — | 5,928,963 | 0.67 | % | ||||||||||||||||||
Denmark | — | — | 5,020,114 | — | 5,020,114 | 0.57 | % | ||||||||||||||||||
Singapore | — | 4,899,313 | — | — | 4,899,313 | 0.56 | % | ||||||||||||||||||
British Virgin Islands | — | — | 4,802,760 | — | 4,802,760 | 0.55 | % | ||||||||||||||||||
Multi-national | — | — | 4,004,804 | — | 4,004,804 | 0.45 | % | ||||||||||||||||||
China | — | — | — | 3,011,154 | 3,011,154 | 0.34 | % | ||||||||||||||||||
Norway | — | 1,249,400 | — | — | 1,249,400 | 0.14 | % | ||||||||||||||||||
Total | $ | 88,102,079 | $ | 65,153,483 | $ | 377,666,684 | $ | 42,625,053 | $ | 573,547,299 | 65.15 | % |
Financial_Highlights_Tables
Financial Highlights (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Financial Highlights | ' | ||||||||||||||||||||||||
Schedule of per unit operating performance data and other financial ratios | ' | ||||||||||||||||||||||||
The following information presents per unit operating performance data and other financial ratios for the three and six months ended June 30, 2014 and 2013, assuming the unit was outstanding throughout the entire period: | |||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class I | Class A | Class B | Class I | ||||||||||||||||||||
Per Unit Operating Performance | |||||||||||||||||||||||||
Net asset value per Unit at beginning of period | $ | 3,965.58 | $ | 5,605.16 | $ | 883.63 | $ | 4,307.70 | $ | 5,980.78 | $ | 935.9 | |||||||||||||
Gain (loss) from operations | |||||||||||||||||||||||||
Gain (loss) from trading(1) | 202.76 | 286.65 | 45.63 | (214.28 | ) | (298.65 | ) | (46.78 | ) | ||||||||||||||||
Net investment loss(1) | (58.36 | ) | (56.55 | ) | (6.63 | ) | (55.73 | ) | (51.08 | ) | (7.92 | ) | |||||||||||||
Total gain (loss) from operations | 144.4 | 230.1 | 39 | (270.01 | ) | (349.73 | ) | (54.70 | ) | ||||||||||||||||
Net asset value per Unit at end of period | $ | 4,109.98 | $ | 5,835.26 | $ | 922.63 | $ | 4,037.69 | $ | 5,631.05 | $ | 881.2 | |||||||||||||
Total return (4) | 3.64 | % | 4.11 | % | 4.41 | % | (6.27 | )% | (5.85 | )% | (5.84 | )% | |||||||||||||
Other Financial Ratios | |||||||||||||||||||||||||
Ratios to average net asset value | |||||||||||||||||||||||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3) | 5.63 | % | 3.79 | % | 2.88 | % | 5.61 | % | 3.8 | % | 3.77 | % | |||||||||||||
Trading Advisor incentive fees (4) | 0.13 | % | 0.13 | % | 0.11 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
General Partner 1% allocation (4) | 0.04 | % | 0.04 | % | 0.05 | % | (0.06 | )% | (0.06 | )% | (0.06 | )% | |||||||||||||
Total expenses | 5.8 | % | 3.96 | % | 3.04 | % | 5.55 | % | 3.74 | % | 3.71 | % | |||||||||||||
Net investment loss (2) (3) (5) | (5.13 | )% | (3.29 | )% | (2.33 | )% | (5.50 | )% | (3.69 | )% | (3.66 | )% | |||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Class A | Class B | Class I | Class A | Class B | Class I | ||||||||||||||||||||
Per Unit Operating Performance | |||||||||||||||||||||||||
Net asset value per Unit at beginning of period | $ | 4,114.51 | $ | 5,789.73 | $ | 910.42 | $ | 4,228.83 | $ | 5,845.11 | $ | 912.75 | |||||||||||||
Gain (loss) from operations | |||||||||||||||||||||||||
Gain (loss) from trading(1) | 105.62 | 149.58 | 24.03 | (77.87 | ) | (110.30 | ) | (16.57 | ) | ||||||||||||||||
Net investment loss(1) | (110.15 | ) | (104.05 | ) | (11.82 | ) | (113.27 | ) | (103.76 | ) | (14.98 | ) | |||||||||||||
Total gain (loss) from operations | (4.53 | ) | 45.53 | 12.21 | (191.14 | ) | (214.06 | ) | (31.55 | ) | |||||||||||||||
Net asset value per Unit at end of period | $ | 4,109.98 | $ | 5,835.26 | $ | 922.63 | $ | 4,037.69 | $ | 5,631.05 | $ | 881.2 | |||||||||||||
Total return (4) | (0.11 | )% | 0.79 | % | 1.34 | % | (4.52 | )% | (3.66 | )% | (3.46 | )% | |||||||||||||
Other Financial Ratios | |||||||||||||||||||||||||
Ratios to average net asset value | |||||||||||||||||||||||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation (2) (3) | 5.61 | % | 3.79 | % | 2.86 | % | 5.64 | % | 3.82 | % | 3.57 | % | |||||||||||||
Trading Advisor incentive fees (4) | 0.15 | % | 0.14 | % | 0.11 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
General Partner 1% allocation (4) | 0 | % | 0 | % | 0.01 | % | (0.04 | )% | (0.03 | )% | (0.04 | )% | |||||||||||||
Total expenses | 5.76 | % | 3.93 | % | 2.98 | % | 5.6 | % | 3.79 | % | 3.53 | % | |||||||||||||
Net investment loss (2) (3) (5) | (5.17 | )% | (3.35 | )% | (2.40 | )% | (5.40 | )% | (3.57 | )% | (3.33 | )% | |||||||||||||
Total returns are calculated based on the change in value of a Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. | |||||||||||||||||||||||||
(1) The net investment loss per unit is calculated by dividing the net investment loss by the average number of Class A, B or I Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per unit due to the timing of trading gains and losses during the period relative to the number of units outstanding. | |||||||||||||||||||||||||
(2) The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period. | |||||||||||||||||||||||||
(3) Ratios have been annualized. | |||||||||||||||||||||||||
(4) Ratios have not been annualized. | |||||||||||||||||||||||||
(5) Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation. | |||||||||||||||||||||||||
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Deutsche Bank A G [Member] | General Partner [Member] | Class A [Member] | Class B [Member] | Class I [Member] | ||
General Partner [Member] | ||||||
Percentage of selling agent fee | ' | ' | ' | 2.00% | ' | ' |
Percentage of broker dealer servicing fee | ' | ' | ' | ' | 0.20% | ' |
Percentage of management fees, current | ' | ' | ' | ' | ' | 0.75% |
Percentage of management fees, prior | ' | ' | 1.75% | ' | ' | 1.50% |
Percentage of performance fee | ' | ' | ' | ' | ' | 7.50% |
Total investment amount in Steben Institutional Fund LLC | $58,500,000 | ' | ' | ' | ' | ' |
Notional Amount | 62,600,000 | ' | ' | ' | ' | ' |
Derivative asset collateral | 12,496,500 | ' | ' | ' | ' | ' |
Appreciation in fair value | $1,595,492 | ' | ' | ' | ' | ' |
Term of agreement | ' | '5 years | ' | ' | ' | ' |
Percentage of fees payment | ' | 0.50% | ' | ' | ' | ' |
Fair_Value_Disclosures_Details
Fair Value Disclosures (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Equity in broker trading accounts: | ' | ' | ||
Net unrealized gain on open futures contracts | $17,808,912 | $37,958,108 | ||
Net unrealized loss on open forward currency contracts | -518,744 | 695,075 | ||
Investment in swap contract | 14,091,477 | ' | ||
Recurring [Member] | ' | ' | ||
Equity in broker trading accounts: | ' | ' | ||
Net unrealized gain on open futures contracts | 17,808,912 | [1] | 37,958,108 | [1] |
Net unrealized loss on open forward currency contracts | -518,744 | [1] | 695,075 | [1] |
Investment in swap contract | 14,091,477 | [1] | ' | |
Cash and cash equivalents: | ' | ' | ||
Money market fund | 5,358,628 | 6,338,530 | ||
Total | 493,003,004 | 618,539,012 | ||
Recurring [Member] | U.S. Treasury Securities [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 42,558,399 | [1] | 88,102,079 | [1] |
Recurring [Member] | Commercial Paper [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 70,845,660 | [1] | 65,153,483 | [1] |
Recurring [Member] | Corporate Notes [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 311,969,727 | [1] | 377,666,684 | [1] |
Recurring [Member] | Certificates of Deposit [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 30,888,945 | [1] | 42,625,053 | [1] |
Recurring [Member] | Level 1 [Member] | ' | ' | ||
Equity in broker trading accounts: | ' | ' | ||
Net unrealized gain on open futures contracts | 17,808,912 | [1] | 37,958,108 | [1] |
Cash and cash equivalents: | ' | ' | ||
Money market fund | 5,358,628 | 6,338,530 | ||
Total | 65,725,939 | 132,398,717 | ||
Recurring [Member] | Level 1 [Member] | U.S. Treasury Securities [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 42,558,399 | [1] | 88,102,079 | [1] |
Recurring [Member] | Level 2 [Member] | ' | ' | ||
Equity in broker trading accounts: | ' | ' | ||
Net unrealized loss on open forward currency contracts | -518,744 | [1] | 695,075 | [1] |
Investment in swap contract | 14,091,477 | [1] | ' | |
Cash and cash equivalents: | ' | ' | ||
Total | 427,277,065 | 486,140,295 | ||
Recurring [Member] | Level 2 [Member] | Commercial Paper [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 70,845,660 | [1] | 65,153,483 | [1] |
Recurring [Member] | Level 2 [Member] | Corporate Notes [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | 311,969,727 | [1] | 377,666,684 | [1] |
Recurring [Member] | Level 2 [Member] | Certificates of Deposit [Member] | ' | ' | ||
Cash and cash equivalents: | ' | ' | ||
Total | $30,888,945 | [1] | $42,625,053 | [1] |
[1] | See the consolidated condensed schedule of investments for further description. |
Derivative_Instruments_Disclos2
Derivative Instruments Disclosures (Details Narrative) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
N | N | N | N | N | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' | ' |
Number of futures contracts closed | 314,608 | 381,687 | 554,753 | 728,022 | ' |
Number of forward currency contracts closed | 8,986 | 13,590 | 20,016 | 25,378 | ' |
Number of futures contracts open | ' | ' | 69,631 | ' | 64,196 |
Number of forward currency contracts open | ' | ' | 2,519 | ' | 2,271 |
Derivative_Instruments_Disclos3
Derivative Instruments Disclosures (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | $17,808,912 | $37,958,108 |
Net unrealized gain (loss) on open forward currency contracts | -518,744 | 695,075 |
Investment in swap contract | 14,091,477 | ' |
Not Designated as Hedging Instrument [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 17,808,912 | 37,958,108 |
Net unrealized gain (loss) on open forward currency contracts | -518,744 | 695,075 |
Investment in swap contract | 14,091,477 | ' |
Not Designated as Hedging Instrument [Member] | Agricultural commodities [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 31,035 | 3,917,392 |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 1,840,327 | 7,685,850 |
Not Designated as Hedging Instrument [Member] | Energy [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 2,459,797 | 20,225 |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 3,493,001 | 24,865,636 |
Not Designated as Hedging Instrument [Member] | Interest rate instruments [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 10,862,719 | -371,225 |
Not Designated as Hedging Instrument [Member] | Metals [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -1,244,337 | 1,291,681 |
Not Designated as Hedging Instrument [Member] | Single stock futures [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 366,370 | 548,549 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -20,605,617 | -20,153,978 |
Net unrealized gain (loss) on open forward currency contracts | -7,124,403 | -5,123,113 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Agricultural commodities [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -4,050,332 | -1,905,881 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Currencies [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -2,574,730 | -793,925 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Energy [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -2,392,908 | -1,941,715 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Equity indices [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -2,283,287 | -391,244 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Interest rate instruments [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -1,717,706 | -5,895,183 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Metals [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -7,490,083 | -9,156,794 |
Not Designated as Hedging Instrument [Member] | Liabilities [Member] | Single stock futures [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | -96,571 | -69,236 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 38,414,529 | 58,112,086 |
Net unrealized gain (loss) on open forward currency contracts | 6,605,659 | 5,818,188 |
Investment in swap contract | 14,091,477 | ' |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Agricultural commodities [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 4,081,367 | 5,823,273 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Currencies [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 4,415,057 | 8,479,775 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Energy [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 4,852,705 | 1,961,940 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Equity indices [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 5,776,288 | 25,256,880 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Interest rate instruments [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 12,580,425 | 5,523,958 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Metals [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | 6,245,746 | 10,448,475 |
Not Designated as Hedging Instrument [Member] | Assets [Member] | Single stock futures [Member] | ' | ' |
Equity in broker trading accounts: | ' | ' |
Net unrealized gain (loss) on open futures contracts | $462,941 | $617,785 |
Derivative_Instruments_Disclos4
Derivative Instruments Disclosures (Details 1) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Net realized gain (loss), Future contracts | $29,765,277 | ($30,399,602) | $35,059,861 | ($2,089,683) |
Net realized gain (loss), Forward contracts | 7,505,805 | -10,318,042 | 4,328,378 | -1,312,271 |
Net change in unrealized loss, Future contracts | 5,742,635 | -10,364,187 | -20,149,196 | -292,060 |
Net change in unrealized loss, forward contracts | -4,976,774 | -5,384,886 | -1,213,819 | -11,017,094 |
Net realized gain (loss) | 37,271,082 | -40,717,644 | 39,388,239 | -3,401,954 |
Net change in unrealized loss | 765,861 | -15,749,073 | -21,363,015 | -11,309,154 |
Net change in unrealized loss, Investment in swap contract | 1,595,475 | ' | 1,595,475 | ' |
Agricultural commodities [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | 5,087,805 | 927,858 | 9,595,849 | -459,534 |
Net change in unrealized loss, Future contracts | -7,459,226 | -879,588 | -3,886,357 | -254,101 |
Currencies [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | -1,792,801 | -15,379,947 | -1,782,577 | 824,439 |
Net change in unrealized loss, Future contracts | 1,139,032 | 2,606,499 | -5,845,523 | -4,384,749 |
Energy [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | 1,766,419 | -29,324,934 | -6,218,056 | -34,881,665 |
Net change in unrealized loss, Future contracts | 2,986,289 | -1,268,459 | 2,439,572 | -1,548,306 |
Equity indices [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | 10,339,758 | 8,043,548 | 11,067,161 | 71,624,464 |
Net change in unrealized loss, Future contracts | -937,716 | -5,014,997 | -21,372,635 | -8,856,776 |
Interest rate instruments [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | 15,793,149 | -19,571,453 | 31,832,231 | -60,629,008 |
Net change in unrealized loss, Future contracts | 10,865,072 | -20,295,252 | 11,233,944 | -6,778,529 |
Metals [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | -2,627,671 | 24,960,189 | -11,432,934 | 19,873,266 |
Net change in unrealized loss, Future contracts | -1,054,824 | 14,644,448 | -2,536,018 | 21,617,646 |
Single stock futures [Member] | ' | ' | ' | ' |
Net realized gain (loss), Future contracts | 1,198,618 | -54,863 | 1,998,187 | 1,558,355 |
Net change in unrealized loss, Future contracts | $204,008 | ($156,838) | ($182,179) | ($87,245) |
Derivative_Instruments_Disclos5
Derivative Instruments Disclosures (Details 2) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Net Amount of Assets Presented in the Statement of Financial Condition | $31,381,645 | $38,653,183 |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | 31,381,645 | 38,653,183 |
JP Morgan Securities, LLC [Member] | ' | ' |
Net Amount of Assets Presented in the Statement of Financial Condition | 3,444,642 | 11,027,627 |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | 3,444,642 | 11,027,627 |
Newedge UK Financial Ltd [Member] | ' | ' |
Net Amount of Assets Presented in the Statement of Financial Condition | -45,021 | 639,551 |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | -45,021 | 639,551 |
Newedge USA, LLC [Member] | ' | ' |
Net Amount of Assets Presented in the Statement of Financial Condition | 14,364,270 | 26,930,481 |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | 14,364,270 | 26,930,481 |
UBS AG [Member] | ' | ' |
Net Amount of Assets Presented in the Statement of Financial Condition | -473,723 | 55,524 |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | -473,723 | 55,524 |
Deutsche Bank A G [Member] | ' | ' |
Net Amount of Assets Presented in the Statement of Financial Condition | 14,091,477 | ' |
Net Amount (Gross Amounts Not Offset in the Statement of Financial Condition) | $14,091,477 | ' |
General_Partner_Details_Narrat
General Partner (Details Narrative) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Selling Agent and broker dealer servicing fees | $2,636,139 | $3,772,420 | $5,434,010 | $7,834,970 |
General Partner [Member] | ' | ' | ' | ' |
Description of management fee | ' | ' | ' | ' |
Monthly fee equal to 1/12th of 1.25% of the month-end net asset value | ||||
Percentage of management fees, prior | ' | ' | 1.75% | ' |
Description of admistrative expenses payable fee | ' | ' | 'Equal to 1/12th of 0.45% of the month-end net asset value of the fund | ' |
Description of terms of partnership agreement | ' | ' | ' | ' |
Each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the consolidated statements of financial condition and as General Partner 1% allocation in the consolidated statements of operations. | ||||
Description of operating services Fee | ' | ' | 'Equal to 1/12th of 0.5% of the month-end net asset value | ' |
Class A [Member] | General Partner [Member] | ' | ' | ' | ' |
Description of management fee | ' | ' | 'Equal to 1/12th of 1.5% of the month-end net asset value | ' |
Description of selling agent fees | ' | ' | 'Equal to 1/12th of 2% of the month-end net asset value | ' |
Selling Agent and broker dealer servicing fees | 2,497,281 | 3,538,100 | 5,140,639 | 7,346,183 |
Description of distribution fee | ' | ' | ' | ' |
Monthly 12b-1 fee of 1/12th of 0.25% of the month-end net asset value | ||||
Class B [Member] | General Partner [Member] | ' | ' | ' | ' |
Description of management fee | ' | ' | 'Equal to 1/12th of 1.5% of the month-end net asset value | ' |
Selling Agent and broker dealer servicing fees | $138,858 | $234,320 | $293,370 | $488,787 |
Description of broker dealer servicing fee | ' | ' | 'Equal to 1/12th of 0.2% of the month-end net asset value | ' |
Class I [Member] | General Partner [Member] | ' | ' | ' | ' |
Description of management fee | ' | ' | 'Equal to 1/12th of 0.75% of the month-end net asset value | ' |
Percentage of management fees, prior | ' | ' | 1.50% | ' |
Description of performance fee | ' | ' | 'Equal to 7.5% of new profits of the Class I Units calculated monthly | ' |
Class C [Member] | General Partner [Member] | ' | ' | ' | ' |
Description of distribution fee | ' | ' | ' | ' |
1/12th of 1% of the month-end value of the Class C shares. |
General_Partner_Details
General Partner (Details) (Class I [Member], General Partner [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Class I [Member] | General Partner [Member] | ' | ' |
Class of units | ' | ' |
Number of units (in shares) | 254.4114 | 254.4114 |
Value | $234,728 | $231,622 |
Trading_Advisors_and_Cash_Mana
Trading Advisors and Cash Managers (Details Narrative) | 6 Months Ended |
Jun. 30, 2014 | |
Trading advisor [Member] | ' |
Management fee description | '0% to 2% per annum of allocated net assets (as defined in each respective advisory agreement) |
Incentive fee description | '10% to 30% of net new trading profits (as defined in each respective advisory agreement) |
Cash manager [Member] | ' |
Management fee description | '1/12th of 0.11% of the investments in securities and certificates of deposit |
Deposits_with_Brokers_Details_
Deposits with Brokers (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Deposits With Brokers | ' | ' |
Margin deposit asset requirement | $128,626,135 | $130,308,150 |
Subscriptions_Distributions_an1
Subscriptions, Distributions and Redemptions (Details Narrative) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Subscriptions received in advance | $4,238,073 | $2,399,374 |
Class A [Member] | ' | ' |
Minimum investment amount | 10,000 | ' |
Class B [Member] | ' | ' |
Minimum investment amount | 10,000 | ' |
Class I [Member] | ' | ' |
Minimum investment amount | $2,000,000 | ' |
Trading_Activities_and_Related2
Trading Activities and Related Risks (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
United States [Member] | ' | ' |
Total debt securities and certificates of deposit | $307,950,484 | $399,169,621 |
% of Partners' Capital (Net Asset Value) (in percent) | 41.63% | 45.35% |
Netherlands [Member] | ' | ' |
Total debt securities and certificates of deposit | 28,191,955 | 40,422,010 |
% of Partners' Capital (Net Asset Value) (in percent) | 3.81% | 4.59% |
Canada [Member] | ' | ' |
Total debt securities and certificates of deposit | 25,852,312 | 29,082,846 |
% of Partners' Capital (Net Asset Value) (in percent) | 3.50% | 3.30% |
Great Britain [Member] | ' | ' |
Total debt securities and certificates of deposit | 24,708,679 | 18,621,105 |
% of Partners' Capital (Net Asset Value) (in percent) | 3.34% | 2.12% |
Japan [Member] | ' | ' |
Total debt securities and certificates of deposit | 12,038,808 | 14,955,517 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.63% | 1.70% |
Australia [Member] | ' | ' |
Total debt securities and certificates of deposit | 12,186,245 | 11,656,547 |
% of Partners' Capital (Net Asset Value) (in percent) | 1.65% | 1.32% |
France [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,245,205 | 8,873,057 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.57% | 1.01% |
Netherland Antilles [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 8,513,655 |
% of Partners' Capital (Net Asset Value) (in percent) | ' | 0.97% |
Switzerland [Member] | ' | ' |
Total debt securities and certificates of deposit | 5,785,026 | 6,819,730 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.78% | 0.77% |
Sweden [Member] | ' | ' |
Total debt securities and certificates of deposit | 5,501,174 | 6,516,703 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.74% | 0.74% |
Mexico [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,533,521 | 5,928,963 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.61% | 0.67% |
Denmark [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 5,020,114 |
% of Partners' Capital (Net Asset Value) (in percent) | ' | 0.57% |
Singapore [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,708,293 | 4,899,313 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.64% | 0.56% |
British Virgin Islands [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,820,568 | 4,802,760 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.65% | 0.55% |
Multi-national [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 4,004,804 |
% of Partners' Capital (Net Asset Value) (in percent) | ' | 0.45% |
China [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 3,011,154 |
% of Partners' Capital (Net Asset Value) (in percent) | ' | 0.34% |
Norway [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,299,797 | 1,249,400 |
% of Partners' Capital (Net Asset Value) (in percent) | 0.31% | 0.14% |
Spain [Member] | ' | ' |
Total debt securities and certificates of deposit | 5,762,601 | ' |
% of Partners' Capital (Net Asset Value) (in percent) | 0.78% | ' |
Germany [Member] | ' | ' |
Total debt securities and certificates of deposit | 5,104,305 | ' |
% of Partners' Capital (Net Asset Value) (in percent) | 0.69% | ' |
Luxembourg [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,573,758 | ' |
% of Partners' Capital (Net Asset Value) (in percent) | 0.35% | ' |
U.S. Treasury Securities [Member] | ' | ' |
Total debt securities and certificates of deposit | 42,558,399 | 88,102,079 |
% of Partners' Capital (Net Asset Value) (in percent) | 5.75% | 10.01% |
U.S. Treasury Securities [Member] | United States [Member] | ' | ' |
Total debt securities and certificates of deposit | 42,558,399 | 88,102,079 |
Commercial Paper [Member] | ' | ' |
Total debt securities and certificates of deposit | 70,845,660 | 65,153,483 |
% of Partners' Capital (Net Asset Value) (in percent) | 9.58% | 7.40% |
Commercial Paper [Member] | United States [Member] | ' | ' |
Total debt securities and certificates of deposit | 40,900,835 | 31,009,077 |
Commercial Paper [Member] | Canada [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 2,099,115 |
Commercial Paper [Member] | Great Britain [Member] | ' | ' |
Total debt securities and certificates of deposit | 8,293,357 | 9,196,934 |
Commercial Paper [Member] | Japan [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,999,542 | 4,714,655 |
Commercial Paper [Member] | Australia [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,299,458 | 2,599,946 |
Commercial Paper [Member] | France [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,245,205 | 5,486,017 |
Commercial Paper [Member] | Sweden [Member] | ' | ' |
Total debt securities and certificates of deposit | 3,499,265 | 3,899,026 |
Commercial Paper [Member] | Singapore [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,708,293 | 4,899,313 |
Commercial Paper [Member] | Norway [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,299,797 | 1,249,400 |
Commercial Paper [Member] | Germany [Member] | ' | ' |
Total debt securities and certificates of deposit | 1,599,908 | ' |
Corporate Notes [Member] | ' | ' |
Total debt securities and certificates of deposit | 311,969,727 | 377,666,684 |
% of Partners' Capital (Net Asset Value) (in percent) | 42.18% | 42.89% |
Corporate Notes [Member] | United States [Member] | ' | ' |
Total debt securities and certificates of deposit | 215,023,729 | 250,957,531 |
Corporate Notes [Member] | Netherlands [Member] | ' | ' |
Total debt securities and certificates of deposit | 26,791,497 | 40,422,010 |
Corporate Notes [Member] | Canada [Member] | ' | ' |
Total debt securities and certificates of deposit | 19,647,806 | 22,978,564 |
Corporate Notes [Member] | Great Britain [Member] | ' | ' |
Total debt securities and certificates of deposit | 16,415,322 | 9,424,171 |
Corporate Notes [Member] | Japan [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,232,762 | 10,240,862 |
Corporate Notes [Member] | Australia [Member] | ' | ' |
Total debt securities and certificates of deposit | 9,886,787 | 9,056,601 |
Corporate Notes [Member] | France [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 3,387,040 |
Corporate Notes [Member] | Netherland Antilles [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 8,513,655 |
Corporate Notes [Member] | Switzerland [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,281,376 | 2,313,791 |
Corporate Notes [Member] | Sweden [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 615,818 |
Corporate Notes [Member] | Mexico [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,533,521 | 5,928,963 |
Corporate Notes [Member] | Denmark [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 5,020,114 |
Corporate Notes [Member] | British Virgin Islands [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,820,568 | 4,802,760 |
Corporate Notes [Member] | Multi-national [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 4,004,804 |
Corporate Notes [Member] | Spain [Member] | ' | ' |
Total debt securities and certificates of deposit | 5,762,601 | ' |
Corporate Notes [Member] | Luxembourg [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,573,758 | ' |
Certificates of Deposit [Member] | ' | ' |
Total debt securities and certificates of deposit | 30,888,945 | 42,625,053 |
% of Partners' Capital (Net Asset Value) (in percent) | 4.18% | 4.85% |
Certificates of Deposit [Member] | United States [Member] | ' | ' |
Total debt securities and certificates of deposit | 9,467,521 | 29,100,934 |
Certificates of Deposit [Member] | Netherlands [Member] | ' | ' |
Total debt securities and certificates of deposit | 1,400,458 | ' |
Certificates of Deposit [Member] | Canada [Member] | ' | ' |
Total debt securities and certificates of deposit | 6,204,506 | 4,005,167 |
Certificates of Deposit [Member] | Japan [Member] | ' | ' |
Total debt securities and certificates of deposit | 4,806,504 | ' |
Certificates of Deposit [Member] | Switzerland [Member] | ' | ' |
Total debt securities and certificates of deposit | 3,503,650 | 4,505,939 |
Certificates of Deposit [Member] | Sweden [Member] | ' | ' |
Total debt securities and certificates of deposit | 2,001,909 | 2,001,859 |
Certificates of Deposit [Member] | China [Member] | ' | ' |
Total debt securities and certificates of deposit | ' | 3,011,154 |
Certificates of Deposit [Member] | Germany [Member] | ' | ' |
Total debt securities and certificates of deposit | 3,504,397 | ' |
Total Debt Securities and Deposits [Member] | ' | ' |
Total debt securities and certificates of deposit | $456,262,731 | $573,547,299 |
% of Partners' Capital (Net Asset Value) (in percent) | 61.68% | 65.15% |
Financial_Highlights_Details
Financial Highlights (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Class A [Member] | ' | ' | ' | ' | ||||
Per Unit Operating Performance | ' | ' | ' | ' | ||||
Net asset value per unit at beginning of period | $3,965.58 | $4,307.70 | $4,114.51 | $4,228.83 | ||||
Gain (loss) from operations | ' | ' | ' | ' | ||||
Gain (loss) from trading | $202.76 | [1] | ($214.28) | [1] | $105.62 | [1] | ($77.87) | [1] |
Net investment loss | ($58.36) | [1] | ($55.73) | [1] | ($110.15) | [1] | ($113.27) | [1] |
Total gain (loss) from operations | $144.40 | ($270.01) | ($4.53) | ($191.14) | ||||
Net asset value per unit at end of period | $4,109.98 | $4,037.69 | $4,109.98 | $4,037.69 | ||||
Total return | 3.64% | [2] | -6.27% | [2] | -0.11% | [2] | -4.52% | [2] |
Ratios to average net asset value | ' | ' | ' | ' | ||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation | 5.63% | [3],[4] | 5.61% | [3],[4] | 5.61% | [3],[4] | 5.64% | [3],[4] |
Trading Advisor incentive fees | 0.13% | [2] | 0.00% | [2] | 0.15% | [2] | 0.00% | [2] |
General Partner 1% allocation | 0.04% | [2] | -0.06% | [2] | 0.00% | [2] | -0.04% | [2] |
Total expenses | 5.80% | 5.55% | 5.76% | 5.60% | ||||
Net investment loss | -5.13% | [3],[4],[5] | -5.50% | [3],[4],[5] | -5.17% | [3],[4],[5] | 5.40% | [3],[4],[5] |
Class B [Member] | ' | ' | ' | ' | ||||
Per Unit Operating Performance | ' | ' | ' | ' | ||||
Net asset value per unit at beginning of period | $5,605.16 | $5,980.78 | $5,789.73 | $5,845.11 | ||||
Gain (loss) from operations | ' | ' | ' | ' | ||||
Gain (loss) from trading | $286.65 | [1] | ($298.65) | [1] | $149.58 | [1] | ($110.30) | [1] |
Net investment loss | ($56.55) | [1] | ($51.08) | [1] | ($104.05) | [1] | ($103.76) | [1] |
Total gain (loss) from operations | $230.10 | ($349.73) | $45.53 | ($214.06) | ||||
Net asset value per unit at end of period | $5,835.26 | $5,631.05 | $5,835.26 | $5,631.05 | ||||
Total return | 4.11% | [2] | -5.85% | [2] | 0.79% | [2] | -3.66% | [2] |
Ratios to average net asset value | ' | ' | ' | ' | ||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation | 3.79% | [3],[4] | 3.80% | [3],[4] | 3.79% | [3],[4] | 3.82% | [3],[4] |
Trading Advisor incentive fees | 0.13% | [2] | 0.00% | [2] | 0.14% | [2] | 0.00% | [2] |
General Partner 1% allocation | 0.04% | [2] | -0.06% | [2] | 0.00% | [2] | -0.03% | [2] |
Total expenses | 3.96% | 3.74% | 3.93% | 3.79% | ||||
Net investment loss | -3.29% | [3],[4],[5] | -3.69% | [3],[4],[5] | -3.35% | [3],[4],[5] | -3.69% | [3],[4],[5] |
Class I [Member] | ' | ' | ' | ' | ||||
Per Unit Operating Performance | ' | ' | ' | ' | ||||
Net asset value per unit at beginning of period | $883.63 | $935.90 | $910.42 | $912.75 | ||||
Gain (loss) from operations | ' | ' | ' | ' | ||||
Gain (loss) from trading | $45.63 | [1] | ($46.78) | [1] | $24.03 | [1] | ($16.57) | [1] |
Net investment loss | ($6.63) | [1] | ($7.92) | [1] | ($11.82) | [1] | ($14.98) | [1] |
Total gain (loss) from operations | $39 | ($54.70) | $12.21 | ($31.55) | ||||
Net asset value per unit at end of period | $922.63 | $881.20 | $922.63 | $881.20 | ||||
Total return | 4.41% | [2] | -5.84% | [2] | 1.34% | [2] | -3.46% | [2] |
Ratios to average net asset value | ' | ' | ' | ' | ||||
Expenses prior to Trading Advisor incentive fees and General Partner 1% allocation | 2.88% | [3],[4] | 3.77% | [3],[4] | 2.86% | [3],[4] | 3.57% | [3],[4] |
Trading Advisor incentive fees | 0.11% | [2] | 0.00% | [2] | 0.11% | [2] | 0.00% | [2] |
General Partner 1% allocation | 0.05% | [2] | -0.06% | [2] | 0.01% | [2] | -0.04% | [2] |
Total expenses | 3.04% | 3.71% | 2.98% | 3.53% | ||||
Net investment loss | -2.33% | [3],[4],[5] | -3.66% | [3],[4],[5] | -2.40% | [3],[4],[5] | -3.33% | [3],[4],[5] |
[1] | The net investment loss per unit is calculated by dividing the net investment loss by the average number of Class A, B or I Units outstanding during the period. Gain (loss) from trading is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of gain (loss) from trading per unit due to the timing of trading gains and losses during the period relative to the number of units outstanding. | |||||||
[2] | Ratios have not been annualized. | |||||||
[3] | The net investment loss includes interest income and excludes net realized and net change in unrealized gain (loss) from trading activities as shown in the consolidated statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net trading gain (loss) in the consolidated statements of operations. The resulting amount is divided by the average net asset value for the period. | |||||||
[4] | Ratios have been annualized. | |||||||
[5] | Ratio excludes Trading Advisor incentive fees and General Partner 1% allocation. |