Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Cover [Abstract] | |
Document Type | 10-K |
Amendment Flag | false |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-50728 |
Entity Registrant Name | LOCORR FUTURES PORTFOLIO FUND L.P. |
Entity Central Index Key | 0000861441 |
Entity Tax Identification Number | 52-1627106 |
Entity Incorporation, State or Country Code | MD |
Entity Address, Address Line One | c/o Steben & Company, LLC |
Entity Address, Address Line Two | 687 Excelsior Boulevard |
Entity Address, City or Town | Excelsior |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55331 |
City Area Code | (952) |
Local Phone Number | 767-6900 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | RSM US LLP |
Auditor Location | Chicago, Illinois |
Auditor Firm ID | 49 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Equity in broker trading accounts | ||
Cash | $ 38,283,809 | $ 41,012,793 |
Net unrealized gain (loss) on open futures contracts | (739,897) | 2,399,627 |
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | 29,573 |
Net unrealized gain (loss) on swap contracts | 18 | 1,039 |
Total equity in broker trading accounts | 35,822,071 | 43,443,032 |
Cash and cash equivalents | 5,806,473 | 10,838,660 |
Investment in private investment company, at fair value (cost$ 2,237,264 and $1,140,000) | 2,248,182 | 3,296,431 |
Investment in securities, at fair value (cost $77,451,839 and $98,382,987) | 77,382,955 | 96,080,516 |
General Partner 1% allocation receivable | 91,905 | |
Exchange membership, at fair value (cost $189,000 and $189,000) | 114,000 | 187,000 |
Dividend receivable | 30,595 | 21,237 |
Total assets | 121,496,181 | 153,866,876 |
Liabilities and Partners’ Capital (Net Asset Value) Liabilities | ||
Trading Advisor management fees payable | 143,713 | 186,021 |
Trading Advisor incentive fees payable | 354,828 | |
Commissions and other trading fees payable on open contracts | 19,591 | 20,941 |
Cash Managers fees payable | 27,533 | 30,471 |
General Partner management and performance fees payable | 151,291 | 190,906 |
General Partner 1% allocation payable | 138,536 | |
Selling Agent payable - General Partner | 133,452 | 172,558 |
Broker dealer servicing fees payable - General Partner | 5,622 | 6,831 |
Administrative fee payable - General Partner | 44,243 | 56,160 |
Interest payable | 40,887 | 21,369 |
Redemption payable | 1,544,109 | 701,837 |
Subscriptions received in advance | 9,700 | 162,000 |
Total liabilities | 2,120,141 | 2,042,458 |
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 119,376,040 | 151,824,418 |
Total liabilities and partners’ capital (net asset value) | 121,496,181 | 153,866,876 |
Capital Unit, Class A [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 78,554,826 | 102,688,170 |
Capital Unit Class A2 [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 104,898 | 344,113 |
Capital Unit, Class B [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 33,308,431 | 40,710,762 |
Capital Unit Class I [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 291,331 | 317,372 |
Capital Unit Class R [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | $ 7,116,554 | $ 7,764,001 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investment in private investment company, cost | $ 2,237,264 | $ 1,140,000 |
Investments in securities, cost | $ 77,451,839 | 98,382,987 |
General partner allocation receivable percentage | 1% | |
Exchange membership, cost | $ 189,000 | $ 189,000 |
General partner allocation payable percentage | 1% | |
Capital Unit, Class A [Member] | ||
Partners' capital, units outstanding | 19,384.2057 | 23,487.0847 |
Capital Unit Class A2 [Member] | ||
Partners' capital, units outstanding | 94.7752 | 292.2072 |
Capital Unit, Class B [Member] | ||
Partners' capital, units outstanding | 4,886.1080 | 5,635.1789 |
Capital Unit Class I [Member] | ||
Partners' capital, units outstanding | 247.1650 | 256.4767 |
Capital Unit Class R [Member] | ||
Partners' capital, units outstanding | 6,228.0149 | 6,424.1565 |
Condensed Schedule of Investmen
Condensed Schedule of Investments - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 77,382,955 | $ 96,080,516 | |||
% of Partners' Capital (Net Asset Value) | 64.82% | 63.28% | |||
US Treasury Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 20,454,115 | $ 14,850,974 | |||
% of Partners' Capital (Net Asset Value) | 17.13% | 9.78% | |||
US Treasury Securities [Member] | U.S. Treasury Due 01/31/2024 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,500,000 | ||||
% Yield | [1] | 2.25% | |||
Fair Value | $ 2,516,593 | ||||
% of Partners' Capital (Net Asset Value) | 2.11% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 02/29/2024 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | ||||
% Yield | [1] | 1.50% | |||
Fair Value | $ 1,997,160 | ||||
% of Partners' Capital (Net Asset Value) | 1.67% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 03/31/2024 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,000,000 | ||||
% Yield | [1] | 2.25% | |||
Fair Value | $ 998,094 | ||||
% of Partners' Capital (Net Asset Value) | 0.84% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 04/15/2024 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 5,000,000 | ||||
% Yield | [1] | 0.38% | |||
Fair Value | $ 4,934,362 | ||||
% of Partners' Capital (Net Asset Value) | 4.13% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 06/30/2024 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,000,000 | ||||
% Yield | [1] | 2% | |||
Fair Value | $ 994,164 | ||||
% of Partners' Capital (Net Asset Value) | 0.83% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 04/30/2025 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | ||||
% Yield | [1] | 3.88% | |||
Fair Value | $ 1,994,962 | ||||
% of Partners' Capital (Net Asset Value) | 1.67% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 05/31/2025 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | ||||
% Yield | [1] | 4.25% | |||
Fair Value | $ 1,999,467 | ||||
% of Partners' Capital (Net Asset Value) | 1.67% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 11/15/2025 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,500,000 | ||||
% Yield | [1] | 4.50% | |||
Fair Value | $ 2,522,502 | ||||
% of Partners' Capital (Net Asset Value) | 2.12% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 04/15/2026 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,500,000 | ||||
% Yield | [1] | 3.75% | |||
Fair Value | $ 2,496,811 | ||||
% of Partners' Capital (Net Asset Value) | 2.09% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 02/15/2023 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,500,000 | ||||
% Yield | [2] | 2% | |||
Fair Value | $ 2,511,464 | ||||
% of Partners' Capital (Net Asset Value) | 1.65% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 05/31/2023 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,000,000 | ||||
% Yield | [2] | 2.75% | |||
Fair Value | $ 2,984,284 | ||||
% of Partners' Capital (Net Asset Value) | 1.97% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 08/15/2023 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 7,000,000 | ||||
% Yield | [2] | 2.50% | |||
Fair Value | $ 6,967,663 | ||||
% of Partners' Capital (Net Asset Value) | 4.59% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 12/28/2023 [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,500,000 | ||||
% Yield | [2] | 4.68% | |||
Fair Value | $ 2,387,563 | ||||
% of Partners' Capital (Net Asset Value) | 1.57% | ||||
Commercial Paper [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 17,337,749 | $ 19,154,981 | |||
% of Partners' Capital (Net Asset Value) | 14.52% | 12.62% | |||
Commercial Paper [Member] | US Commercial Paper [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 12,644,114 | $ 13,170,309 | |||
% of Partners' Capital (Net Asset Value) | 10.59% | 8.68% | |||
Commercial Paper [Member] | Foreign Commercial Paper [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 4,693,635 | $ 5,984,672 | |||
% of Partners' Capital (Net Asset Value) | 3.93% | 3.94% | |||
Commercial Paper [Member] | Toyota Motor Credit Corp. Due 02/23/2024 [Member] | US Commercial Paper [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 700,000 | ||||
% Yield | [1] | 5.30% | |||
Fair Value | $ 694,225 | ||||
% of Partners' Capital (Net Asset Value) | 0.58% | ||||
Commercial Paper [Member] | Volvo Treasury NA LP Due 03/15/2024 [Member] | US Commercial Paper [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.38% | |||
Fair Value | $ 790,796 | ||||
% of Partners' Capital (Net Asset Value) | 0.66% | ||||
Commercial Paper [Member] | MUFG Bank, Ltd., New York Branch Due 01/05/2024 [Member] | US Commercial Paper [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 4.63% | |||
Fair Value | $ 799,280 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Brown-Forman Corporation Due 01/04/2024 [Member] | US Commercial Paper [Member] | Beverages [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 4.52% | |||
Fair Value | $ 799,398 | ||||
% of Partners' Capital (Net Asset Value) | 0.66% | ||||
Commercial Paper [Member] | Cabot Trail Funding LLC Due 01/26/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.25% | |||
Fair Value | $ 796,736 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | DCAT, LLC Due 01/22/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 700,000 | ||||
% Yield | [1] | 5.29% | |||
Fair Value | $ 697,530 | ||||
% of Partners' Capital (Net Asset Value) | 0.58% | ||||
Commercial Paper [Member] | Equitable Short Term Funding LLC Due 01/04/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 900,000 | ||||
% Yield | [1] | 4.58% | |||
Fair Value | $ 899,313 | ||||
% of Partners' Capital (Net Asset Value) | 0.76% | ||||
Commercial Paper [Member] | Fairway Finance Company LLC Due 03/04/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.37% | |||
Fair Value | $ 792,128 | ||||
% of Partners' Capital (Net Asset Value) | 0.66% | ||||
Commercial Paper [Member] | Gotham Funding Corporation Due 02/27/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.39% | |||
Fair Value | $ 792,814 | ||||
% of Partners' Capital (Net Asset Value) | 0.66% | ||||
Commercial Paper [Member] | Liberty Street Funding LLC Due 01/12/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 900,000 | ||||
% Yield | [1] | 5.11% | |||
Fair Value | $ 898,213 | ||||
% of Partners' Capital (Net Asset Value) | 0.75% | ||||
Commercial Paper [Member] | National Rural Utilities Cooperative Finance Corporation Due 01/02/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 4.09% | |||
Fair Value | $ 799,637 | ||||
% of Partners' Capital (Net Asset Value) | 0.68% | ||||
Commercial Paper [Member] | Sheffield Receivables Company LLC Due 01/31/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.38% | |||
Fair Value | $ 796,053 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Thunder Bay Funding, LLC Due 02/06/2024 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.31% | |||
Fair Value | $ 795,398 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Berkshire Hathaway Energy Company Due 01/08/2024 [Member] | US Commercial Paper [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 4.93% | |||
Fair Value | $ 798,904 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Pacific Life Short Term Funding LLC Due 02/09/2024 [Member] | US Commercial Paper [Member] | Insurance [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 700,000 | ||||
% Yield | [1] | 5.27% | |||
Fair Value | $ 695,695 | ||||
% of Partners' Capital (Net Asset Value) | 0.58% | ||||
Commercial Paper [Member] | John Deere Capital Corporation Due 01/16/2024 [Member] | US Commercial Paper [Member] | Machinery [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.02% | |||
Fair Value | $ 797,994 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Bank of Montreal Due 01/22/2024 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.18% | |||
Fair Value | $ 797,235 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Barclays Bank PLC Due 01/11/2024 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.12% | |||
Fair Value | $ 798,520 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | National Bank of Canada Due 01/25/2024 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 900,000 | ||||
% Yield | [1] | 5.22% | |||
Fair Value | $ 896,477 | ||||
% of Partners' Capital (Net Asset Value) | 0.74% | ||||
Commercial Paper [Member] | Oversea-Chinese Banking Corporation Limited Due 01/18/2024 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 655,000 | ||||
% Yield | [1] | 5.24% | |||
Fair Value | $ 653,092 | ||||
% of Partners' Capital (Net Asset Value) | 0.55% | ||||
Commercial Paper [Member] | Experian Finance plc Due 01/10/2024 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 800,000 | ||||
% Yield | [1] | 5.04% | |||
Fair Value | $ 798,656 | ||||
% of Partners' Capital (Net Asset Value) | 0.67% | ||||
Commercial Paper [Member] | Longship Funding Designated Activity Company Due 01/02/2024 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 750,000 | ||||
% Yield | [1] | 4.14% | |||
Fair Value | $ 749,655 | ||||
% of Partners' Capital (Net Asset Value) | 0.63% | ||||
Commercial Paper [Member] | Philip Morris International Inc. Due 02/02/2023 [Member] | US Commercial Paper [Member] | Agriculture [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.27% | |||
Fair Value | $ 1,195,307 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | PACCAR Financial Corp. Due 01/12/2023 [Member] | US Commercial Paper [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.88% | |||
Fair Value | $ 1,198,460 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Brown-Forman Corporation Due 02/06/2023 [Member] | US Commercial Paper [Member] | Beverages [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.48% | |||
Fair Value | $ 1,194,480 | ||||
% of Partners' Capital (Net Asset Value) | 0.78% | ||||
Commercial Paper [Member] | DCAT, LLC Due 01/06/2023 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.63% | |||
Fair Value | $ 1,199,295 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Fairway Finance Corp. Due 01/18/2023 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.98% | |||
Fair Value | $ 1,197,620 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | National Rural Utilities Cooperative Finance Corporation Due 01/17/2023 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.34% | |||
Fair Value | $ 1,197,547 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Caterpillar Financial Services Corporation Due 01/24/2023 [Member] | US Commercial Paper [Member] | Machinery [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.13% | |||
Fair Value | $ 1,196,703 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Koch Industries, Inc. Due 01/03/2023 [Member] | US Commercial Paper [Member] | Manufacturing [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.04% | |||
Fair Value | $ 1,199,729 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Roche Holdings, Inc. Due 01/26/2023 [Member] | US Commercial Paper [Member] | Pharmaceuticals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.09% | |||
Fair Value | $ 1,196,458 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Novartis Finance Corporation Due 01/30/2023 [Member] | US Commercial Paper [Member] | Pharmaceuticals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.16% | |||
Fair Value | $ 1,195,843 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | American Water Capital Corp. Due 01/09/2023 [Member] | US Commercial Paper [Member] | Water [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.83% | |||
Fair Value | $ 1,198,867 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Anglesea Funding Plc Due 01/11/2023 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.99% | |||
Fair Value | $ 1,198,550 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Experian Finance plc Due 01/12/2023 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.17% | |||
Fair Value | $ 1,198,343 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Longship Funding Designated Activity Company Due 01/20/2023 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.04% | |||
Fair Value | $ 1,197,315 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Glencove Funding DAC Due 03/01/2023 [Member] | Foreign Commercial Paper [Member] | Manufacturing [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 4.54% | |||
Fair Value | $ 1,190,914 | ||||
% of Partners' Capital (Net Asset Value) | 0.78% | ||||
Commercial Paper [Member] | Telstra Group Limited Due 01/04/2023 [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,200,000 | ||||
% Yield | [2] | 3.60% | |||
Fair Value | $ 1,199,550 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Corporate Note Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 31,185,533 | $ 53,994,676 | |||
% of Partners' Capital (Net Asset Value) | 26.13% | 35.56% | |||
Corporate Note Securities [Member] | US Corporate Notes [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 26,284,258 | $ 47,298,757 | |||
% of Partners' Capital (Net Asset Value) | 22.02% | 31.15% | |||
Corporate Note Securities [Member] | Foreign Corporate Notes [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 4,901,275 | $ 6,695,919 | |||
% of Partners' Capital (Net Asset Value) | 4.11% | 4.41% | |||
Corporate Note Securities [Member] | Boeing Company Due 05/01/2025 [Member] | US Corporate Notes [Member] | Aerospace [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,000,000 | $ 3,000,000 | |||
% Yield | 4.88% | [1] | 4.88% | [2] | |
Fair Value | $ 3,009,047 | $ 3,006,405 | |||
% of Partners' Capital (Net Asset Value) | 2.52% | 1.98% | |||
Corporate Note Securities [Member] | NVIDIA Corporation Due 06/14/2024 [Member] | US Corporate Notes [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,000,000 | $ 4,000,000 | |||
% Yield | 0.58% | [1] | 0.58% | [2] | |
Fair Value | $ 3,911,586 | $ 3,775,815 | |||
% of Partners' Capital (Net Asset Value) | 3.28% | 2.49% | |||
Corporate Note Securities [Member] | Bank of America Corporation Due 02/04/2025 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,000,000 | ||||
% Yield | [1] | 1.84% | |||
Fair Value | $ 1,001,676 | ||||
% of Partners' Capital (Net Asset Value) | 0.84% | ||||
Corporate Note Securities [Member] | Keybank National Association Due 01/26/2026 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,500,000 | ||||
% Yield | [1] | 4.70% | |||
Fair Value | $ 3,484,531 | ||||
% of Partners' Capital (Net Asset Value) | 2.92% | ||||
Corporate Note Securities [Member] | Truist Bank Due 12/06/2024 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | $ 2,000,000 | |||
% Yield | 2.15% | [1] | 2.15% | [2] | |
Fair Value | $ 1,943,377 | $ 1,908,014 | |||
% of Partners' Capital (Net Asset Value) | 1.62% | 1.26% | |||
Corporate Note Securities [Member] | Wells Fargo & Company Due 01/24/2024 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,750,000 | $ 4,250,000 | |||
% Yield | 3.75% | [1] | 3.75% | [2] | |
Fair Value | $ 3,806,220 | $ 4,270,464 | |||
% of Partners' Capital (Net Asset Value) | 3.19% | 2.81% | |||
Corporate Note Securities [Member] | Air Lease Corporation Due 08/18/2024 [Member] | US Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,000,000 | ||||
% Yield | [1] | 0.80% | |||
Fair Value | $ 971,412 | ||||
% of Partners' Capital (Net Asset Value) | 0.81% | ||||
Corporate Note Securities [Member] | Athene Global Funding Due 01/08/2024 [Member] | US Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,000,000 | $ 4,000,000 | |||
% Yield | 0.95% | [1] | 0.95% | [2] | |
Fair Value | $ 4,009,724 | $ 3,818,549 | |||
% of Partners' Capital (Net Asset Value) | 3.36% | 2.52% | |||
Corporate Note Securities [Member] | Brookfield Finance LLC Due 04/01/2024 [Member] | US Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 714,000 | $ 2,700,000 | |||
% Yield | 4% | [1] | 4% | [2] | |
Fair Value | $ 718,093 | $ 2,683,163 | |||
% of Partners' Capital (Net Asset Value) | 0.60% | 1.76% | |||
Corporate Note Securities [Member] | John Deere Capital Corp FXD Due 01/10/2025 [Member] | US Corporate Notes [Member] | Machinery [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | $ 2,000,000 | |||
% Yield | 1.25% | [1] | 1.25% | [2] | |
Fair Value | $ 1,941,228 | $ 1,881,615 | |||
% of Partners' Capital (Net Asset Value) | 1.63% | 1.24% | |||
Corporate Note Securities [Member] | Verizon Communications Inc. Due 03/22/2024 [Member] | US Corporate Notes [Member] | Telecommunications [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,500,000 | $ 3,000,000 | |||
% Yield | 0.75% | [1] | 0.75% | [2] | |
Fair Value | $ 1,487,364 | $ 2,840,387 | |||
% of Partners' Capital (Net Asset Value) | 1.25% | 1.87% | |||
Corporate Note Securities [Member] | The Toronto-Dominion Bank Due 12/11/2026 [Member] | Foreign Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,000,000 | ||||
% Yield | [1] | 5.26% | |||
Fair Value | $ 1,023,217 | ||||
% of Partners' Capital (Net Asset Value) | 0.86% | ||||
Corporate Note Securities [Member] | UBS AG Due 01/13/2025 [Member] | Foreign Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,000,000 | $ 4,000,000 | |||
% Yield | 1.38% | [1] | 1.38% | [2] | |
Fair Value | $ 3,878,058 | $ 3,745,827 | |||
% of Partners' Capital (Net Asset Value) | 3.25% | 2.47% | |||
Corporate Note Securities [Member] | Raytheon Technologies Corporation Due 08/16/2023 [Member] | US Corporate Notes [Member] | Aerospace [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,600,000 | ||||
% Yield | [2] | 3.65% | |||
Fair Value | $ 1,608,614 | ||||
% of Partners' Capital (Net Asset Value) | 1.06% | ||||
Corporate Note Securities [Member] | Bank of America Corporation Due 07/23/2024 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 2,000,000 | ||||
% Yield | [2] | 3.86% | |||
Fair Value | $ 2,012,167 | ||||
% of Partners' Capital (Net Asset Value) | 1.33% | ||||
Corporate Note Securities [Member] | Credit Suisse AG, New York Branch Due 05/05/2023 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,000,000 | ||||
% Yield | [2] | 1% | |||
Fair Value | $ 3,924,762 | ||||
% of Partners' Capital (Net Asset Value) | 2.59% | ||||
Corporate Note Securities [Member] | JPMorgan Chase & Co. Due 12/05/2024 [Member] | US Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,000,000 | ||||
% Yield | [2] | 4.02% | |||
Fair Value | $ 3,954,678 | ||||
% of Partners' Capital (Net Asset Value) | 2.59% | ||||
Corporate Note Securities [Member] | Goldman Sachs Group, Inc. Due 03/08/2024 [Member] | US Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 4,600,000 | ||||
% Yield | [2] | 0.67% | |||
Fair Value | $ 4,556,776 | ||||
% of Partners' Capital (Net Asset Value) | 3% | ||||
Corporate Note Securities [Member] | The Bank of New York Mellon Corporation Due 12/07/2023 [Member] | US Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 600,000 | ||||
% Yield | [2] | 0.35% | |||
Fair Value | $ 575,549 | ||||
% of Partners' Capital (Net Asset Value) | 0.38% | ||||
Corporate Note Securities [Member] | Warner Media Holdings, Inc. Due 03/15/2024 [Member] | US Corporate Notes [Member] | Media [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,000,000 | ||||
% Yield | [2] | 3.43% | |||
Fair Value | $ 2,940,371 | ||||
% of Partners' Capital (Net Asset Value) | 1.94% | ||||
Corporate Note Securities [Member] | Zoetis Inc. Due 02/01/2023 [Member] | US Corporate Notes [Member] | Pharmaceutical [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,500,000 | ||||
% Yield | [2] | 3.25% | |||
Fair Value | $ 3,541,428 | ||||
% of Partners' Capital (Net Asset Value) | 2.33% | ||||
Corporate Note Securities [Member] | Nordea Bank Due 06/09/2023 [Member] | Foreign Corporate Notes [Member] | Banks [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 3,000,000 | ||||
% Yield | [2] | 1% | |||
Fair Value | $ 2,950,092 | ||||
% of Partners' Capital (Net Asset Value) | 1.94% | ||||
Asset-Backed Securities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 8,405,558 | $ 8,079,885 | |||
% of Partners' Capital (Net Asset Value) | 7.04% | 5.32% | |||
Asset-Backed Securities [Member] | Capital One Prime Auto Receivables Trust 2021-1 Due 09/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 291,097 | $ 400,000 | |||
% Yield | 0.77% | [1] | 0.77% | [2] | |
Fair Value | $ 281,779 | $ 376,421 | |||
% of Partners' Capital (Net Asset Value) | 0.24% | 0.25% | |||
Asset-Backed Securities [Member] | Carmax Auto Owner Trust 2021-2 Due 02/17/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 36,022 | $ 86,691 | |||
% Yield | 0.52% | [1] | 0.52% | [2] | |
Fair Value | $ 35,232 | $ 83,462 | |||
% of Partners' Capital (Net Asset Value) | 0.03% | 0.05% | |||
Asset-Backed Securities [Member] | CarMax Auto Owner Trust 2021-3 Due 06/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 518,157 | ||||
% Yield | [1] | 0.55% | |||
Fair Value | $ 501,736 | ||||
% of Partners' Capital (Net Asset Value) | 0.42% | ||||
Asset-Backed Securities [Member] | Chesapeake Funding II LLC - 2018 - 2 Due 04/15/2033 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 605,434 | $ 150,413 | |||
% Yield | 0.47% | [1] | 0.47% | [2] | |
Fair Value | $ 590,823 | $ 145,510 | |||
% of Partners' Capital (Net Asset Value) | 0.49% | 0.10% | |||
Asset-Backed Securities [Member] | Ford Credit Auto Owner Trust 2019-Rev1 Due 07/15/2030 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 395,000 | ||||
% Yield | [1] | 3.52% | |||
Fair Value | $ 395,487 | ||||
% of Partners' Capital (Net Asset Value) | 0.33% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Owner Trust 2022-A Due 06/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 261,063 | ||||
% Yield | [1] | 1.29% | |||
Fair Value | $ 254,303 | ||||
% of Partners' Capital (Net Asset Value) | 0.21% | ||||
Asset-Backed Securities [Member] | Mercedes-Benz Auto Receivables Trust 2023-2 Due 11/16/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 375,000 | ||||
% Yield | [1] | 5.92% | |||
Fair Value | $ 378,682 | ||||
% of Partners' Capital (Net Asset Value) | 0.32% | ||||
Asset-Backed Securities [Member] | Santander Consumer Auto Receivables Trust 2021-A Due 06/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 198,000 | $ 198,000 | |||
% Yield | 0.48% | [1] | 0.48% | [2] | |
Fair Value | $ 193,739 | $ 185,002 | |||
% of Partners' Capital (Net Asset Value) | 0.16% | 0.12% | |||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2022-7 Due 01/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 69,230 | $ 298,000 | |||
% Yield | 5.81% | [1] | 5.81% | [2] | |
Fair Value | $ 69,394 | $ 298,599 | |||
% of Partners' Capital (Net Asset Value) | 0.06% | 0.20% | |||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2023-2 Due 01/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 256,619 | ||||
% Yield | [1] | 5.87% | |||
Fair Value | $ 257,284 | ||||
% of Partners' Capital (Net Asset Value) | 0.22% | ||||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2023-4 Due 02/16/2027 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 188,709 | ||||
% Yield | [1] | 6.18% | |||
Fair Value | $ 189,696 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | Toyota Auto Loan Extended Note Trust 2019-1 Due 11/25/2031 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 575,000 | $ 100,000 | |||
% Yield | 2.56% | [1] | 2.56% | [2] | |
Fair Value | $ 570,846 | $ 96,494 | |||
% of Partners' Capital (Net Asset Value) | 0.48% | 0.06% | |||
Asset-Backed Securities [Member] | Toyota Auto Receivables 2020-C Owner Trust Due 10/15/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 85,777 | $ 118,000 | |||
% Yield | 0.57% | [1] | 0.57% | [2] | |
Fair Value | $ 84,552 | $ 111,807 | |||
% of Partners' Capital (Net Asset Value) | 0.07% | 0.07% | |||
Asset-Backed Securities [Member] | Toyota Auto Receivables 2022-B Owner Trust Due 09/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 550,000 | ||||
% Yield | [1] | 2.93% | |||
Fair Value | $ 539,781 | ||||
% of Partners' Capital (Net Asset Value) | 0.45% | ||||
Asset-Backed Securities [Member] | American Express Credit Account Master Trust, Series 2021-1 Due 11/16/2026 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 195,000 | ||||
% Yield | [1] | 0.90% | |||
Fair Value | $ 188,188 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | Barclays Dryrock Issuance Trust, Series 2021-1 Due 09/16/2024 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 101,000 | ||||
% Yield | [1] | 0.63% | |||
Fair Value | $ 97,744 | ||||
% of Partners' Capital (Net Asset Value) | 0.08% | ||||
Asset-Backed Securities [Member] | Capital One Multi-Asset Execution Trust, Series 2021-1 Due 07/15/2024 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 1,625,000 | ||||
% Yield | [1] | 0.55% | |||
Fair Value | $ 1,584,139 | ||||
% of Partners' Capital (Net Asset Value) | 1.33% | ||||
Asset-Backed Securities [Member] | Citibank Credit Card Issuance Trust Due 04/22/2024 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 450,000 | ||||
% Yield | [1] | 6.09% | |||
Fair Value | $ 451,129 | ||||
% of Partners' Capital (Net Asset Value) | 0.38% | ||||
Asset-Backed Securities [Member] | Discover Card Execution Note Trust Due 09/15/2024 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 64,000 | ||||
% Yield | [1] | 0.58% | |||
Fair Value | $ 61,896 | ||||
% of Partners' Capital (Net Asset Value) | 0.05% | ||||
Asset-Backed Securities [Member] | CCG Receivables Trust 2021-2 Due 03/14/2029 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 416,089 | ||||
% Yield | [1] | 0.54% | |||
Fair Value | $ 404,233 | ||||
% of Partners' Capital (Net Asset Value) | 0.34% | ||||
Asset-Backed Securities [Member] | Dllst 2022-1 LLC Due 01/21/2025 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 348,470 | $ 575,000 | |||
% Yield | 3.40% | [1] | 3.40% | [2] | |
Fair Value | $ 346,532 | $ 561,485 | |||
% of Partners' Capital (Net Asset Value) | 0.29% | 0.38% | |||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2022-2 Due 09/20/2029 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 88,273 | ||||
% Yield | [1] | 3.15% | |||
Fair Value | $ 88,052 | ||||
% of Partners' Capital (Net Asset Value) | 0.07% | ||||
Asset-Backed Securities [Member] | Mmaf Equipment Finance Llc 2021-A Due 06/13/2028 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 602,613 | ||||
% Yield | [1] | 0.56% | |||
Fair Value | $ 575,377 | ||||
% of Partners' Capital (Net Asset Value) | 0.48% | ||||
Asset-Backed Securities [Member] | Verizon Master Trust Due 07/20/2028 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 275,000 | ||||
% Yield | [1] | 1.53% | |||
Fair Value | $ 264,934 | ||||
% of Partners' Capital (Net Asset Value) | 0.22% | ||||
Asset-Backed Securities [Member] | Americredit Automobile Receivables Trust 2020-3 Due 06/18/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 246,857 | ||||
% Yield | [2] | 0.53% | |||
Fair Value | $ 244,152 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | Bmw Vehicle Lease Trust 2021-2 Due 12/26/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 794,312 | ||||
% Yield | [2] | 0.33% | |||
Fair Value | $ 776,706 | ||||
% of Partners' Capital (Net Asset Value) | 0.51% | ||||
Asset-Backed Securities [Member] | CarMax Auto Owner Trust 2019-2 Due 12/16/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 323,939 | ||||
% Yield | [2] | 2.77% | |||
Fair Value | $ 322,420 | ||||
% of Partners' Capital (Net Asset Value) | 0.21% | ||||
Asset-Backed Securities [Member] | Carvana Auto Receivables Trust 2021-P3 Due 01/10/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 174,329 | ||||
% Yield | [2] | 0.38% | |||
Fair Value | $ 172,812 | ||||
% of Partners' Capital (Net Asset Value) | 0.11% | ||||
Asset-Backed Securities [Member] | Carvana Auto Receivables Trust, Series 2020-P1 Due 06/09/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 83,817 | ||||
% Yield | [2] | 0.44% | |||
Fair Value | $ 82,401 | ||||
% of Partners' Capital (Net Asset Value) | 0.05% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Lease Trust 2021-B Due 04/15/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 124,563 | ||||
% Yield | [2] | 0.24% | |||
Fair Value | $ 124,283 | ||||
% of Partners' Capital (Net Asset Value) | 0.08% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Owner Trust 2018-Rev2 Due 01/15/2030 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 475,000 | ||||
% Yield | [2] | 3.47% | |||
Fair Value | $ 469,456 | ||||
% of Partners' Capital (Net Asset Value) | 0.31% | ||||
Asset-Backed Securities [Member] | Nissan Auto Lease Trust 2022-A Due 08/15/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 896,704 | ||||
% Yield | [2] | 4.49% | |||
Fair Value | $ 897,953 | ||||
% of Partners' Capital (Net Asset Value) | 0.60% | ||||
Asset-Backed Securities [Member] | Santander Consumer Auto Receivables Trust 2020-B Due 04/15/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 191,046 | ||||
% Yield | [2] | 0.54% | |||
Fair Value | $ 189,805 | ||||
% of Partners' Capital (Net Asset Value) | 0.13% | ||||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2022-2 Due 10/15/2026 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 241,520 | ||||
% Yield | [2] | 1.98% | |||
Fair Value | $ 241,022 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2022-3 Due 03/17/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 279,144 | ||||
% Yield | [2] | 2.76% | |||
Fair Value | $ 278,344 | ||||
% of Partners' Capital (Net Asset Value) | 0.18% | ||||
Asset-Backed Securities [Member] | Santander Retail Auto Lease Trust 2020-B Due 04/22/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 331,403 | ||||
% Yield | [2] | 0.57% | |||
Fair Value | $ 325,429 | ||||
% of Partners' Capital (Net Asset Value) | 0.21% | ||||
Asset-Backed Securities [Member] | Santander Retail Auto Lease Trust 2020-B Due 12/20/2024 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 265,000 | ||||
% Yield | [2] | 0% | |||
Fair Value | $ 255,642 | ||||
% of Partners' Capital (Net Asset Value) | 0.17% | ||||
Asset-Backed Securities [Member] | TESLA 2021-A A2 Due 03/20/2025 [Member] | Automotive [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 181,367 | ||||
% Yield | [2] | 0.36% | |||
Fair Value | $ 179,909 | ||||
% of Partners' Capital (Net Asset Value) | 0.12% | ||||
Asset-Backed Securities [Member] | BA Credit Card Trust Due 12/15/2023 [Member] | Credit Cards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 281,000 | ||||
% Yield | [2] | 0.34% | |||
Fair Value | $ 269,125 | ||||
% of Partners' Capital (Net Asset Value) | 0.18% | ||||
Asset-Backed Securities [Member] | Dell Equipment Finance Trust 2021-1 Due 05/22/2026 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 348,000 | ||||
% Yield | [2] | 0.43% | |||
Fair Value | $ 341,506 | ||||
% of Partners' Capital (Net Asset Value) | 0.22% | ||||
Asset-Backed Securities [Member] | Dllmt 2021-1 LLC Due 03/20/2024 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 281,204 | ||||
% Yield | [2] | 0.60% | |||
Fair Value | $ 278,181 | ||||
% of Partners' Capital (Net Asset Value) | 0.18% | ||||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2021-1 Due 03/20/2031 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 239,148 | ||||
% Yield | [2] | 0.32% | |||
Fair Value | $ 236,672 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | MMAF Equipment Finance LLC 2021-A Due 04/15/2024 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 67,918 | ||||
% Yield | [2] | 0.30% | |||
Fair Value | $ 67,553 | ||||
% of Partners' Capital (Net Asset Value) | 0.04% | ||||
Asset-Backed Securities [Member] | Verizon Owner Trust 2020-A Due 07/22/2024 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 19,683 | ||||
% Yield | [2] | 1.85% | |||
Fair Value | $ 19,602 | ||||
% of Partners' Capital (Net Asset Value) | 0.01% | ||||
Asset-Backed Securities [Member] | Verizon Owner Trust 2020-C Due 04/21/2025 [Member] | Equipment [Member] | |||||
Schedule of Investments [Line Items] | |||||
Face Value | $ 455,631 | ||||
% Yield | [2] | 0.41% | |||
Fair Value | $ 448,132 | ||||
% of Partners' Capital (Net Asset Value) | 0.30% | ||||
US Exchange Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,629,814) | $ 1,804,303 | |||
% of Partners' Capital (Net Asset Value) | (1.36%) | 1.19% | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 949,897 | $ 4,353,634 | |||
% of Partners' Capital (Net Asset Value) | 0.80% | 2.87% | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (367,095) | $ 873,475 | |||
% of Partners' Capital (Net Asset Value) | (0.31%) | 0.58% | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Agricultural Commodities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (116,871) | $ 676,373 | |||
% of Partners' Capital (Net Asset Value) | (0.10%) | 0.45% | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 93,565 | $ 157,123 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.10% | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Equity indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 246,214 | $ (35,890) | |||
% of Partners' Capital (Net Asset Value) | 0.21% | (0.02%) | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Interest Rate instruments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 143,787 | $ (399,535) | |||
% of Partners' Capital (Net Asset Value) | 0.12% | (0.27%) | |||
US Exchange Future [Member] | US Exchange Long Future [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 950,297 | $ 3,082,088 | |||
% of Partners' Capital (Net Asset Value) | 0.80% | 2.03% | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (2,579,711) | $ (2,549,331) | |||
% of Partners' Capital (Net Asset Value) | (2.16%) | (1.68%) | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 96,029 | $ 259,179 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.17% | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Agricultural Commodities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 404,628 | $ (95,781) | |||
% of Partners' Capital (Net Asset Value) | 0.34% | (0.06%) | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (170,074) | $ (57,598) | |||
% of Partners' Capital (Net Asset Value) | (0.14%) | (0.04%) | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Equity indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (137,980) | $ 90,775 | |||
% of Partners' Capital (Net Asset Value) | (0.12%) | 0.06% | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Interest Rate instruments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,637,022) | $ 434,383 | |||
% of Partners' Capital (Net Asset Value) | (1.36%) | 0.29% | |||
US Exchange Future [Member] | US Exchange Short Future [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,135,292) | $ (3,180,289) | |||
% of Partners' Capital (Net Asset Value) | (0.96%) | (2.10%) | |||
Foreign Exchange Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 889,917 | $ 595,324 | |||
% of Partners' Capital (Net Asset Value) | 0.75% | 0.39% | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1,444,808 | $ (2,575,266) | |||
% of Partners' Capital (Net Asset Value) | 1.21% | (1.70%) | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (46,067) | ||||
% of Partners' Capital (Net Asset Value) | (0.03%) | ||||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Agricultural Commodities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 223,122 | $ 156,831 | |||
% of Partners' Capital (Net Asset Value) | 0.19% | 0.10% | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (84,588) | $ 18,701 | |||
% of Partners' Capital (Net Asset Value) | (0.07%) | 0.01% | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Equity indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 275,581 | $ (1,489,856) | |||
% of Partners' Capital (Net Asset Value) | 0.23% | (0.98%) | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Interest Rate instruments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1,037,120 | $ (1,199,190) | |||
% of Partners' Capital (Net Asset Value) | 0.87% | (0.79%) | |||
Foreign Exchange Future [Member] | Foreign Exchange Long Future [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (6,427) | $ (15,685) | |||
% of Partners' Capital (Net Asset Value) | (0.01%) | (0.01%) | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (554,891) | $ 3,170,590 | |||
% of Partners' Capital (Net Asset Value) | (0.46%) | 2.09% | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (114,659) | $ 68,120 | |||
% of Partners' Capital (Net Asset Value) | (0.10%) | 0.04% | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | Agricultural Commodities [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 159,588 | $ (36,442) | |||
% of Partners' Capital (Net Asset Value) | 0.13% | (0.02%) | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (141,652) | $ 259,386 | |||
% of Partners' Capital (Net Asset Value) | (0.11%) | 0.17% | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | Equity indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (103,131) | $ 111,152 | |||
% of Partners' Capital (Net Asset Value) | (0.09%) | 0.07% | |||
Foreign Exchange Future [Member] | Foreign Exchange Short Future [Member] | Interest Rate instruments [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (355,037) | $ 2,768,374 | |||
% of Partners' Capital (Net Asset Value) | (0.29%) | 1.83% | |||
Future [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (739,897) | $ 2,399,627 | |||
% of Partners' Capital (Net Asset Value) | (0.61%) | 1.58% | |||
US Exchange forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,114,692) | $ 299,935 | |||
% of Partners' Capital (Net Asset Value) | (0.93%) | 0.20% | |||
US Exchange forward Currency [Member] | US Exchange Long forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 1,245,553 | $ 742,534 | |||
% of Partners' Capital (Net Asset Value) | 1.04% | 0.49% | |||
US Exchange forward Currency [Member] | US Exchange Short forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (2,360,245) | $ (442,599) | |||
% of Partners' Capital (Net Asset Value) | (1.97%) | (0.29%) | |||
Foreign Exchange forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (607,167) | $ (270,362) | |||
% of Partners' Capital (Net Asset Value) | (0.51%) | (0.18%) | |||
Foreign Exchange forward Currency [Member] | Foreign Exchange Long forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (535,092) | $ (151,160) | |||
% of Partners' Capital (Net Asset Value) | (0.45%) | (0.10%) | |||
Foreign Exchange forward Currency [Member] | Foreign Exchange Short forward Currency [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (72,075) | $ (119,202) | |||
% of Partners' Capital (Net Asset Value) | (0.06%) | (0.08%) | |||
Forward Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (1,721,859) | $ 29,573 | |||
% of Partners' Capital (Net Asset Value) | (1.44%) | 0.02% | |||
Swap Contract [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 18 | $ 1,039 | |||
% of Partners' Capital (Net Asset Value) | 0% | 0% | |||
Swap Contract [Member] | Swap Contract Long [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 18 | $ 1,072 | |||
% of Partners' Capital (Net Asset Value) | 0% | 0% | |||
Swap Contract [Member] | Swap Contract Short [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ (33) | ||||
% of Partners' Capital (Net Asset Value) | 0% | 0% | |||
Investment in Private Investment Company [Member] | Galaxy East Alpha [Member] | |||||
Schedule of Investments [Line Items] | |||||
Fair Value | $ 2,248,182 | [3] | $ 3,296,431 | [4] | |
% of Partners' Capital (Net Asset Value) | 1.88% | [3] | 2.17% | [4] | |
[1] Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities. Private investment company is a separate series that is part of the Galaxy Plus Managed Account Platform (Platform), which is sponsored by New Hyde Park Alternative Funds, LLC (Sponsor). Each series on the Platform invests in Master Fund that allocates assets to a Commodity Trading Advisor (“CTA”). The CTA of our master fund investment trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00 % and a 20 % share of the trading profits which are included in the net asset value of the underlying investment. The Fund may redeem any portion of its investment on a daily basis. Any requested redemption will be satisfied within two days. There are no restrictions on liquidity for the Fund. 1.00 20 |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Investments in securities, cost | $ 77,451,839 | $ 98,382,987 |
Investment in private investment company, cost | $ 2,237,264 | $ 1,140,000 |
CTA management fee percentage | 1% | 1% |
CTA trading profits percentage | 20% | 20% |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | $ 20,232,161 | $ 14,934,334 |
Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 17,248,588 | 19,112,503 |
Commercial Paper [Member] | US Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 12,583,605 | 13,143,256 |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 4,664,983 | 5,969,247 |
Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 31,670,859 | 56,222,110 |
Corporate Note Securities [Member] | US Corporate Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 26,739,459 | 49,289,980 |
Corporate Note Securities [Member] | Foreign Corporate Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | 4,931,400 | 6,932,130 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investments in securities, cost | $ 8,300,231 | $ 8,114,040 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Net realized gain (loss) on: | ||||
Futures, futures options, swaps and forward contracts | $ (505,837) | $ 22,391,642 | $ 23,148,851 | |
Investment in private investment company | (11,736) | 2,212,908 | 3,900,089 | |
Investments in securities | (729,841) | (287,406) | 374,615 | |
Net change in unrealized gain (loss) on: | ||||
Futures, futures options, swaps and forward contracts | (4,891,977) | 2,555,134 | (8,119,173) | |
Investment in private investment company | (2,145,513) | (261,911) | 2,418,342 | |
Investments in securities and certificates of deposit | 2,215,424 | (1,721,642) | (1,372,619) | |
Exchange membership | (73,000) | 75,000 | 61,000 | |
Brokerage commissions and trading expenses | (922,916) | (991,017) | (1,156,340) | |
Net realized and change in unrealized gain (loss) on investments | (7,065,396) | 23,972,708 | 19,254,765 | |
Income | ||||
Interest and dividend income | 4,896,631 | 2,228,346 | 926,861 | |
Expenses | ||||
Trading Advisor management fees | 1,944,813 | 2,438,667 | 2,443,592 | |
Trading Advisor incentive fees | 310,713 | 4,254,074 | 1,261,331 | |
Cash Managers fees | 123,490 | 134,010 | 147,749 | |
General Partner management and performance fees | 2,086,653 | 2,458,100 | 2,468,582 | |
Selling agent fees - General Partner | 1,851,819 | 2,237,118 | 2,253,920 | |
Broker dealer servicing fees - General Partner | 77,316 | 87,032 | 87,884 | |
General Partner 1% allocation | (91,905) | 138,536 | 107,771 | |
Administrative fee - General Partner | 626,921 | 738,438 | 741,482 | |
Total expenses | 6,929,820 | 12,485,975 | 9,512,311 | |
Net investment income (loss) | (2,033,189) | (10,257,629) | (8,585,450) | |
Net Income (Loss) | $ (9,098,585) | $ 13,715,079 | $ 10,669,315 | |
Capital Unit, Class A [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | $ (319.59) | $ 325.79 | $ 227.37 | |
Net income (loss) per unit | [1] | $ (310.45) | $ 359.59 | $ 233.75 |
Weighted average number of units outstanding (in units) | 21,387.3436 | 24,536.7560 | 28,354.7193 | |
Capital Unit Class A2 [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | $ (70.81) | $ 102.79 | $ 74.40 | |
Net income (loss) per unit | [1] | $ (85.38) | $ 111.90 | $ 69.19 |
Weighted average number of units outstanding (in units) | 155.5220 | 318.3211 | 397.0801 | |
Capital Unit Class A3 [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | [2] | $ (1,041.81) | $ 70.66 | |
Net income (loss) per unit | [1],[2] | $ 175.50 | $ 64.64 | |
Weighted average number of units outstanding (in units) | [2] | 38 | 49.0909 | |
Capital Unit, Class B [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | $ (407.43) | $ 656.70 | $ 478.78 | |
Net income (loss) per unit | [1] | $ (376.57) | $ 699.31 | $ 494.07 |
Weighted average number of units outstanding (in units) | 5,361.1194 | 5,837.8944 | 6,873.9572 | |
Capital Unit Class I [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | $ (58.74) | $ 123.02 | $ 90.92 | |
Net income (loss) per unit | [1] | $ (60.55) | $ 123.03 | $ 90.92 |
Weighted average number of units outstanding (in units) | 249.3139 | 256.4767 | 256.4767 | |
Capital Unit Class R [Member] | ||||
Expenses | ||||
Increase (decrease) in net asset value per unit for the year | $ (65.89) | $ 112.03 | $ 81.95 | |
Net income (loss) per unit | [1] | $ (65.08) | $ 113.47 | $ 84.32 |
Weighted average number of units outstanding (in units) | 6,326.0639 | 6,481.6076 | 7,011.1525 | |
[1]based on weighted average number of units outstanding during the year.[2]Class A3 Units were fully redeemed on July 1, 2022. |
Statements of Operations (Paren
Statements of Operations (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Income Statement [Abstract] | |
General partner allocation percentage | 1% |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ (9,098,585) | $ 13,715,079 | $ 10,669,315 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Net change in unrealized (gain) loss from futures, future options, forwards contracts and swap contracts | 4,891,977 | (2,555,134) | 8,427,848 |
Net realized and change in unrealized (gain) loss on private investment company, securities and certificates of deposit | 671,666 | 58,051 | (5,320,427) |
Purchases of securities and private investment company | (211,876,630) | (360,508,855) | (369,358,038) |
Proceeds from disposition of private investment company and securities | 230,950,774 | 366,048,450 | 389,541,159 |
Changes in | |||
Exchange Membership | 73,000 | (75,000) | (61,000) |
Dividend receivable | (9,358) | (20,336) | (901) |
Trading Advisor management fee payable | (42,308) | (39,917) | (28,848) |
Trading Advisor incentive fee payable | (354,828) | (367,086) | 721,914 |
Commissions and other trading fees payable on open contracts | (1,350) | (1,368) | (8,452) |
Cash Manager fees Payable | (2,938) | 117 | (6,204) |
General Partner management and performance fees payable | (39,615) | (1,190) | (30,932) |
General Partner 1% allocation receivable / payable | (230,441) | 30,765 | 227,645 |
Selling Agent fees payable - General Partner | (39,106) | (3,773) | (29,183) |
Broker dealer servicing fees payable - General Partner | (1,209) | 113 | (1,066) |
Administrative fee payable – General Partner | (11,917) | (877) | (9,226) |
Interest payable | 19,518 | 17,985 | 3,384 |
Net cash provided by (used in) operating activities | 14,898,650 | 16,297,024 | 34,736,987 |
Cash flows from financing activities | |||
Subscriptions | 1,406,000 | 512,300 | 1,903,492 |
Subscriptions received in advance | 9,700 | 162,000 | |
Redemptions | (24,075,521) | (15,140,061) | (37,190,168) |
Net cash provided by (used in) financing activities | (22,659,821) | (14,465,761) | (35,286,676) |
Net increase (decrease) in cash and cash equivalents | (7,761,171) | 1,831,263 | (549,689) |
Cash and cash equivalents, beginning of year | 51,851,453 | 50,020,190 | 50,569,879 |
Total end of year cash and cash equivalents | 44,090,282 | 51,851,453 | 50,020,190 |
End of year cash and cash equivalents consists of | |||
Cash in broker trading accounts | 38,283,809 | 41,012,793 | 44,372,309 |
Cash and cash equivalents | 5,806,473 | 10,838,660 | 5,647,881 |
Supplemental disclosure of cash flow information | |||
Prior year redemptions paid | 701,837 | 1,285,931 | 5,585,666 |
Prior year subscriptions received in advance | 162,000 | 33,000 | |
Supplemental schedule of non-cash financing activities | |||
Redemptions payable | $ 1,544,109 | $ 701,837 | $ 1,285,931 |
Statements of Cash Flows (Paren
Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Statement of Cash Flows [Abstract] | |
General partner allocation percentage | 1% |
Statements of Changes in Partne
Statements of Changes in Partners' Capital (Net Asset Value) - USD ($) | Capital Unit, Class A [Member] | Capital Unit Class A2 [Member] | Capital Unit Class A3 [Member] | Capital Unit, Class B [Member] | Capital Unit Class I [Member] | Capital Unit Class R [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 118,745,248 | $ 523,333 | $ 83,577 | $ 45,043,756 | $ 262,500 | $ 7,779,218 | $ 172,437,632 |
Balance at beginning (in units) at Dec. 31, 2020 | 31,093.6903 | 523.0978 | 86.0607 | 7,397.6585 | 256.4767 | 7,667.4336 | |
Net income (loss) | $ 6,627,899 | $ 27,473 | $ 3,173 | $ 3,396,250 | $ 23,319 | $ 591,201 | 10,669,315 |
Subscriptions | 533,492 | 1,403,000 | 1,936,492 | ||||
Redemptions | (21,324,321) | (184,599) | (47,162) | (10,097,196) | (1,237,155) | (32,890,433) | |
Transfers | $ (340,400) | $ 340,400 | |||||
Subscriptions | 133.7636 | 0 | 218.3534 | ||||
Redemptions | (5,378.9986) | (182.39) | (48.0607) | (1,566.2308) | (1,162.1188) | ||
Transfers | (86.2821) | 53.7593 | |||||
Ending balance, value at Dec. 31, 2021 | $ 104,241,918 | $ 366,207 | $ 39,588 | $ 40,086,210 | $ 285,819 | $ 7,133,264 | 152,153,006 |
Balance at ending (in units) at Dec. 31, 2021 | 25,762.1732 | 340.7072 | 38 | 6,103.5404 | 256.4767 | 6,505.3148 | |
Net asset value per unit, end of period at Dec. 31, 2021 | $ 4,046.32 | $ 1,074.85 | $ 1,041.81 | $ 6,567.70 | $ 1,114.41 | $ 1,096.53 | |
Net income (loss) | $ 8,823,243 | $ 35,621 | $ 6,669 | $ 4,082,504 | $ 31,553 | $ 735,489 | 13,715,079 |
Subscriptions | 85,000 | 427,300 | 512,300 | ||||
Redemptions | (10,051,849) | (57,715) | (46,257) | (4,295,394) | (104,752) | (14,555,967) | |
Transfers | $ (410,142) | $ 410,142 | |||||
Subscriptions | 18.7502 | 58.3221 | |||||
Redemptions | (2,203.8652) | (48.5000) | (38) | (581.4620) | (81.1583) | ||
Transfers | (89.9735) | 54.7784 | |||||
Ending balance, value at Dec. 31, 2022 | $ 102,688,170 | $ 344,113 | $ 40,710,762 | $ 317,372 | $ 7,764,001 | 151,824,418 | |
Balance at ending (in units) at Dec. 31, 2022 | 23,487.0847 | 292.2072 | 5,635.1789 | 256.4767 | 6,424.1565 | ||
Net asset value per unit, end of period at Dec. 31, 2022 | $ 4,372.11 | $ 1,177.64 | $ 7,224.40 | $ 1,237.43 | $ 1,208.56 | ||
Net income (loss) | $ (6,639,644) | $ (13,278) | $ (2,018,853) | $ (15,095) | $ (411,715) | (9,098,585) | |
Subscriptions | 826,000 | 742,000 | 1,568,000 | ||||
Redemptions | (17,560,350) | (225,937) | (6,884,828) | (10,946) | (235,732) | (24,917,793) | |
Transfers | $ (759,350) | $ 759,350 | |||||
Subscriptions | 193.3296 | 105.8827 | |||||
Redemptions | (4,121.4827) | (197.4320) | (959.6027) | (9.3117) | (196.1416) | ||
Transfers | (174.7259) | 104.6491 | |||||
Ending balance, value at Dec. 31, 2023 | $ 78,554,826 | $ 104,898 | $ 33,308,431 | $ 291,331 | $ 7,116,554 | $ 119,376,040 | |
Balance at ending (in units) at Dec. 31, 2023 | 19,384.2057 | 94.7752 | 4,886.1080 | 247.1650 | 6,228.0149 | ||
Net asset value per unit, end of period at Dec. 31, 2023 | $ 4,052.52 | $ 1,106.83 | $ 6,816.97 | $ 1,178.69 | $ 1,142.67 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
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 five classes, Class A, A2, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. 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, LLC (“General Partner”), is the general partner of the Fund and a Maryland limited liability company 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. The General Partner is a member of the NFA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents. Octavus Group is the parent company of LoCorr Fund Management, LLC, which serves as the investment advisor to multiple alternative investment mutual funds. LoCorr Fund Management operates alternative investment funds with a low correlation to traditional asset classes. The five classes of Units in the Fund differ only in the fees applicable to each class. Class A Units are subject to a 2 3 0.6 0.2 0.75 1.5 7.5 Significant Accounting Policies Accounting Principles The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and 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 mutual 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, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and the exchange membership. 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 years ended December 31, 2023 and 2022, 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, asset backed securities and the exchange membership 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, asset backed securities and exchange memberships are classified within Level 2. The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. 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 Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy. Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in 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. Exchange Membership During 2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund will incur reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations. 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 year-end. These redemptions have been recorded using the year 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 December 31, 2023. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years. 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 statements of operations. Reclassification Certain amounts in the 2022 and 2021 financial statements may have been reclassified to conform to the 2023 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss). New Accounting Pronouncements There are no relevant new accounting pronouncements to note for this period. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
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 December 31, 2023 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ (739,897 ) $ — $ — $ (739,897 ) Net unrealized gain (loss) on open forward currency contracts* — (1,721,859 ) — (1,721,859 ) Net unrealized gain (loss) on swap contracts* — 18 — 18 Cash and cash equivalents: Money market funds 1,864,439 — — 1,864,439 Investment in private investment company — — 2,248,182 2,248,182 Investment in securities: U.S. Treasury securities* 20,454,115 — — 20,454,115 Asset backed securities* — 8,405,558 — 8,405,558 Commercial paper* — 17,337,749 — 17,337,749 Corporate notes* — 31,185,533 — 31,185,533 Exchange membership — 114,000 — 114,000 Total $ 21,578,657 $ 55,320,999 $ 2,248,182 $ 79,147,838 * See the condensed schedule of investments for further description. At December 31, 2022 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 2,399,627 $ — $ — $ 2,399,627 Net unrealized gain (loss) on open forward currency contracts* — 29,573 — 29,573 Net unrealized gain (loss) on swap contracts* — 1,039 — 1,039 Cash and cash equivalents: Money market funds 4,180,245 — — 4,180,245 Investment in private investment company — — 3,296,431 3,296,431 Investment in securities: U.S. Treasury securities* 14,850,974 — — 14,850,974 Asset backed securities* — 8,079,885 8,079,885 Commercial paper* — 19,154,981 — 19,154,981 Corporate notes* — 53,994,676 — 53,994,676 Exchange membership — 187,000 — 187,000 Total $ 21,430,846 $ 81,447,154 $ 3,296,431 $ 106,174,431 * See the condensed schedule of investments for further description. There were no Level 3 holdings at December 31, 2023 and 2022, or during the three years ended December 31, 2023. In addition to the financial instruments listed above, substantially all 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 Disclosu
Derivative Instruments Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments Disclosures | 3. Derivative Instruments Disclosures The Fund’s derivative contracts are comprised of futures, forward currency contracts and swap contracts, none of which are designated as hedging instruments. At December 31, 2023 and 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: December 31, 2023 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 1,459,095 $ (788,628 ) $ 670,467 Currencies 333,251 (636,000 ) (302,749 ) Energy 467,312 (853,037 ) (385,725 ) Equity indices 765,085 (484,401 ) 280,684 Interest rate instruments 1,392,319 (2,203,471 ) (811,152 ) Metals 1,593,837 (1,785,259 ) (191,422 ) Net unrealized gain (loss) on open futures contracts $ 6,010,899 $ (6,750,796 ) $ (739,897 ) Net unrealized gain (loss) on open forward currency contracts $ 1,826,591 $ (3,548,450 ) $ (1,721,859 ) Net unrealized gain (loss) on swap contract $ 18 $ — $ 18 At December 31, 2023, there were 9,399 2,620 253 The Fund’s financial assets, derivative assets, and cash collateral held by counterparties Gross Amounts Not Offset in the Counterparty Net Amount of Financial Cash Collateral Received Net Amount Deutsche Bank, AG $ (935,202 ) $ — $ — $ (935,202 ) Deutsche Bank Securities, Inc (648,634 ) — — (648,634 ) SG Americas Securities, LLC (779,195 ) — — (779,195 ) Goldman Sachs & Co. LLC (98,707 ) — — (98,707 ) Total $ (2,461,738 ) $ — $ — $ (2,461,738 ) December 31, 2022 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 1,179,782 $ (478,801 ) $ 700,981 Currencies 751,210 (373,598 ) 377,612 Energy 1,331,889 (177,182 ) 1,154,707 Equity indices 334,088 (1,657,907 ) (1,323,819 ) Interest rate instruments 3,320,907 (1,716,875 ) 1,604,032 Metals 3,703,358 (3,817,244 ) (113,886 ) Net unrealized gain (loss) on open futures contracts $ 10,621,234 $ (8,221,607 ) $ 2,399,627 Net unrealized gain (loss) on open forward currency contracts $ 2,172,854 $ (2,143,281 ) $ 29,573 Net unrealized gain (loss) on swap contracts $ 1,072 $ (33 ) $ 1,039 At December 31, 2022, there were 10,015 2,961 215 The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2022 were: Gross Amounts Not Offset in the Counterparty Net Amount of Financial Cash Collateral Received Net Amount Deutsche Bank, AG $ (197,217 ) $ — $ — $ (197,217 ) Deutsche Bank Securities, Inc 1,649,230 — — 1,649,230 SG Americas Securities, LLC 429,851 — — 429,851 Goldman Sachs & Co. LLC 548,375 — — 548,375 Total $ 2,430,239 $ — $ — $ 2,430,239 For the years ended December 31, 2023, 2022 and 2021, the Fund’s futures, forwards and swap contracts had the following impact on the statements of operations: 2023 2022 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 $ 2,009,524 $ (30,513 ) $ (2,678,624 ) $ 371,527 Currencies 513,203 (680,360 ) (389,809 ) 507,136 Energy (35,162 ) (1,540,432 ) 12,294,731 899,000 Equity indices (72,594 ) 1,604,502 (8,906,934 ) (1,717,334 ) Interest rate instruments (242,998 ) (2,415,184 ) 14,260,170 3,149,938 Metals (2,444,933 ) (77,537 ) (457,696 ) (86,924 ) Total futures contracts (272,960 ) (3,139,524 ) 14,121,838 3,123,343 Future options contracts Energy — — (508,190 ) — Interest rate instruments (95,205 ) — — — Total future options contracts (95,205 ) — (508,190 ) — Forward currency contracts 1,204,039 (1,751,432 ) 9,720,459 (298,466 ) Swap contracts (1,311,983 ) (1,021 ) (872,588 ) (269,743 ) Total futures, futures options, swap and forward contracts $ (476,109 ) $ (4,891,977 ) $ 22,461,519 $ 2,555,134 2021 Types of Exposure Net realized gain (loss) Net change in unrealized gain (loss) Futures contracts Agricultural commodities $ 5,286,889 $ (1,733,318 ) Currencies 695,409 (348,301 ) Energy 14,790,634 (207,188 ) Equity indices 16,065,310 (2,335,551 ) Interest rate instruments (11,179,266 ) (2,120,036 ) Metals 1,325,991 (2,149,304 ) Total futures contracts 26,984,967 (8,893,698 ) Future options contracts Energy 45,100 — Equity indices (435,238 ) 157,775 Interest rate instruments 232,745 — Total future options contracts (157,393 ) 157,775 Forward currency contracts (3,842,125 ) 345,968 Swap contracts 178,623 270,782 Total futures, futures options, swap and forward currency $ 23,164,072 $ (8,119,173 ) For the years ended December 31, 2023, 2022 and 2021, the number of futures contracts closed was 412,833 470,288 456,177 698 730 2,286 229,843 257,987 371,440 2,347 260 169 |
General Partner
General Partner | 12 Months Ended |
Dec. 31, 2023 | |
General Partner | |
General Partner | 4. General Partner At December 31, 2023, 2022 and 2021, and for the years then ended, the General Partner did not maintain a capital balance in the Fund. The following fees are paid to the General Partner: ▪ General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, B and R Units equal to 1/12 th 1.5 th 0.75 ▪ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5 ▪ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12th of 2% of the month-end net asset value sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. ▪ 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 ▪ Administrative Fee – the Fund incurs a monthly fee equal to 1/12th of 0.45% of the month-end net asset value 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 statements of financial condition and as General Partner 1% allocation in the statements of operations. |
Trading Advisors and Cash Manag
Trading Advisors and Cash Managers | 12 Months Ended |
Dec. 31, 2023 | |
Trading Advisors And Cash Managers | |
Trading Advisors and Cash Managers | 5. Trading Advisors and Cash Managers The Fund has advisory agreements with various trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0 3 0 30 Principal Global Investors, LLC serves as the cash manager for the Fund (the “Cash Manager”). The Fund incurs monthly fees, payable in arrears to the Cash Manager, equal to approximately 1/12th of 0.15 0.14 |
Deposits with Brokers
Deposits with Brokers | 12 Months Ended |
Dec. 31, 2023 | |
Deposits With Brokers | |
Deposits with Brokers | 6. Deposits with Brokers To meet margin requirements, the Fund deposits funds with brokers, subject to CFTC regulations and various exchange and broker requirements. The Fund earns interest income on its assets deposited with brokers. At December 31, 2023 and 2022, the Fund had assets totaling $ 35,822,071 43,443,032 24,415,248 23,742,431 |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2023 | |
Equity [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 2,000,000 9,700 162,000 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, A2, B, I or R 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 other self-regulatory organization regulations. |
Trading Activities and Related
Trading Activities and Related Risks | 12 Months Ended |
Dec. 31, 2023 | |
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, 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. The Portfolios are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolios’ service providers rely and could otherwise disrupt the ability of the Portfolios’ service providers to perform essential tasks. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. 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 (“CE Act”) 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 SG Americas Securities, LLC and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Goldman Sachs & Company, LLC and Deutsche Bank 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 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. 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 December 31, 2023: Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 20,454,115 $ 12,644,114 $ 26,284,258 $ 8,405,558 $ 67,788,045 56.79 % Ireland — 749,655 — — 749,655 0.62 % United Kingdom — 1,597,176 3,878,058 — 5,475,234 4.58 % Canada — 1,693,712 1,023,217 — 2,716,929 2.28 % Singapore — 653,092 — — 653,092 0.55 % Total $ 20,454,115 $ 17,337,749 $ 31,185,533 $ 8,405,558 $ 77,382,955 64.82 % The following table presents the exposure at December 31, 2022: Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 14,850,974 $ 13,170,309 $ 47,298,757 $ 8,079,885 $ 83,399,925 54.93 % Ireland — 3,586,779 — — 3,586,779 2.36 % United Kingdom — 1,198,343 3,745,827 — 4,944,170 3.26 % Finland — — 2,950,092 — 2,950,092 1.94 % Australia — 1,199,550 — — 1,199,550 0.79 % Total $ 14,850,974 $ 19,154,981 $ 53,994,676 $ 8,079,885 $ 96,080,516 63.28 % |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2023 | |
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 financial statements for such indemnifications. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | 10. Financial Highlights The following information presents per unit operating performance data and other ratios for the years ended December 31, 2023, 2022 and 2021, assuming the unit was outstanding throughout the entire year: 2023 Class A Class A2 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,372.11 $ 1,177.64 $ 7,224.40 $ 1,237.43 $ 1,208.56 Net realized and change in unrealized gain (loss) on investments (1) (229.78 ) (60.79 ) (387.10 ) (67.28 ) (65.26 ) Net investment income (loss) (1) (89.81 ) (10.02 ) (20.33 ) 8.54 (0.63 ) Total income (loss) from operations (319.59 ) (70.81 ) (407.43 ) (58.74 ) (65.89 ) Net asset value per unit, end of year $ 4,052.52 $ 1,106.83 $ 6,816.97 $ 1,178.69 $ 1,142.67 Total return (7.31 )% (6.01 )% (5.64 )% (4.75 )% (5.45 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 5.71 % 4.34 % 3.90 % 2.89 % 3.65 % General Partner 1% allocation (0.07 )% (0.07 )% (0.05 )% (0.05 )% (0.05 )% Net total expenses 5.64 % 4.27 % 3.85 % 2.84 % 3.60 % Net investment income (loss) (2) (3) (2.17 )% (0.94 )% (0.34 )% 0.65 % (0.11 )% 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Net realized and change in unrealized gain (loss) on investments (1) 637.69 170.40 221.97 1,031.19 173.43 171.00 Net investment income (loss) (1) (311.90 ) (67.61 ) (46.47 ) (374.49 ) (50.41 ) (58.97 ) Total income (loss) from operations 325.79 102.79 175.50 656.70 123.02 112.03 Redemption value per share — — (1,217.31 ) — — — Net asset value per unit, end of year $ 4,372.11 $ 1,177.64 $ — $ 7,224.40 $ 1,237.43 $ 1,208.56 Total return 8.05 % 9.56 % 16.85 % 10.00 % 11.04 % 10.22 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 8.25 % 6.90 % 4.27 % 6.38 % 5.32 % 6.10 % General Partner 1% allocation 0.08 % 0.09 % 0.16 % 0.10 % 0.10 % 0.09 % Net total expenses 8.33 % 6.99 % 4.43 % 6.48 % 5.42 % 6.19 % Net investment income (loss) (2) (3) (6.87 )% (5.55 )% (4.04 )% (5.00 )% (3.92 )% (4.70 )% 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per Unit, beginning of year $ 3,818.95 $ 1,000.45 $ 971.15 $ 6,088.92 $ 1,023.49 $ 1,014.58 Net realized and change in unrealized gain (loss) on investments (1) 456.98 118.17 113.08 735.11 124.22 122.57 Net investment income (loss) (1) (229.61 ) (43.77 ) (42.42 ) (256.33 ) (33.30 ) (40.62 ) Total income (loss) from operations 227.37 74.40 70.66 478.78 90.92 81.95 Net asset value per unit, end of year $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Total return 5.95 % 7.44 % 7.28 % 7.86 % 8.88 % 8.08 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 6.37 % 4.93 % 5.07 % 4.57 % 3.54 % 4.33 % General Partner 1% allocation 0.06 % 0.07 % 0.07 % 0.08 % 0.08 % 0.08 % Net total expenses (3) 6.43 % 5.00 % 5.14 % 4.65 % 3.62 % 4.41 % Net investment income (loss) (2) (4) (5.80 )% (4.34 )% (4.46 )% (4.00 )% (2.98 )% (3.77 )% † Class A3 units were fully redeemed on July 1, 2022. The total return for 2022 is for the period from January 1, 2022 to June 30, 2022 and is not annualized. Total returns are calculated based on the change in value of a Class A, Class A2, Class A3, Class B, Class I or Class R Unit during the year. 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 income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments 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 net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding. (2) The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period. (3) Ratio excludes expenses from investment in private investment company. (4) Ratio excludes General Partner 1% allocation. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events After year end, there were $ 9,700 2,037,427 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Principles | Accounting Principles The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and |
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 mutual 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, swaps, commercial paper, corporate notes, certificates of deposit, asset backed securities and the exchange membership. 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 years ended December 31, 2023 and 2022, 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, asset backed securities and the exchange membership 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, asset backed securities and exchange memberships are classified within Level 2. The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. 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 Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in 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. |
Exchange Membership | Exchange Membership During 2017, the Fund purchased a membership interest in the Chicago Mercantile Exchange (CME). By purchasing the membership, the Fund will incur reduced fees for transactions on the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations. |
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 year-end. These redemptions have been recorded using the year 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 December 31, 2023. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years. |
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 statements of operations. |
Reclassification | Reclassification Certain amounts in the 2022 and 2021 financial statements may have been reclassified to conform to the 2023 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss). |
New Accounting Pronouncements | New Accounting Pronouncements There are no relevant new accounting pronouncements to note for this period. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
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: | 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 December 31, 2023 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ (739,897 ) $ — $ — $ (739,897 ) Net unrealized gain (loss) on open forward currency contracts* — (1,721,859 ) — (1,721,859 ) Net unrealized gain (loss) on swap contracts* — 18 — 18 Cash and cash equivalents: Money market funds 1,864,439 — — 1,864,439 Investment in private investment company — — 2,248,182 2,248,182 Investment in securities: U.S. Treasury securities* 20,454,115 — — 20,454,115 Asset backed securities* — 8,405,558 — 8,405,558 Commercial paper* — 17,337,749 — 17,337,749 Corporate notes* — 31,185,533 — 31,185,533 Exchange membership — 114,000 — 114,000 Total $ 21,578,657 $ 55,320,999 $ 2,248,182 $ 79,147,838 * See the condensed schedule of investments for further description. At December 31, 2022 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts* $ 2,399,627 $ — $ — $ 2,399,627 Net unrealized gain (loss) on open forward currency contracts* — 29,573 — 29,573 Net unrealized gain (loss) on swap contracts* — 1,039 — 1,039 Cash and cash equivalents: Money market funds 4,180,245 — — 4,180,245 Investment in private investment company — — 3,296,431 3,296,431 Investment in securities: U.S. Treasury securities* 14,850,974 — — 14,850,974 Asset backed securities* — 8,079,885 8,079,885 Commercial paper* — 19,154,981 — 19,154,981 Corporate notes* — 53,994,676 — 53,994,676 Exchange membership — 187,000 — 187,000 Total $ 21,430,846 $ 81,447,154 $ 3,296,431 $ 106,174,431 * See the condensed schedule of investments for further description. |
Derivative Instruments Disclo_2
Derivative Instruments Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
At December 31, 2023 and 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: | The Fund’s derivative contracts are comprised of futures, forward currency contracts and swap contracts, none of which are designated as hedging instruments. At December 31, 2023 and 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: December 31, 2023 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 1,459,095 $ (788,628 ) $ 670,467 Currencies 333,251 (636,000 ) (302,749 ) Energy 467,312 (853,037 ) (385,725 ) Equity indices 765,085 (484,401 ) 280,684 Interest rate instruments 1,392,319 (2,203,471 ) (811,152 ) Metals 1,593,837 (1,785,259 ) (191,422 ) Net unrealized gain (loss) on open futures contracts $ 6,010,899 $ (6,750,796 ) $ (739,897 ) Net unrealized gain (loss) on open forward currency contracts $ 1,826,591 $ (3,548,450 ) $ (1,721,859 ) Net unrealized gain (loss) on swap contract $ 18 $ — $ 18 December 31, 2022 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts Net unrealized gain (loss) on open futures contracts Agricultural commodities $ 1,179,782 $ (478,801 ) $ 700,981 Currencies 751,210 (373,598 ) 377,612 Energy 1,331,889 (177,182 ) 1,154,707 Equity indices 334,088 (1,657,907 ) (1,323,819 ) Interest rate instruments 3,320,907 (1,716,875 ) 1,604,032 Metals 3,703,358 (3,817,244 ) (113,886 ) Net unrealized gain (loss) on open futures contracts $ 10,621,234 $ (8,221,607 ) $ 2,399,627 Net unrealized gain (loss) on open forward currency contracts $ 2,172,854 $ (2,143,281 ) $ 29,573 Net unrealized gain (loss) on swap contracts $ 1,072 $ (33 ) $ 1,039 |
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties | The Fund’s financial assets, derivative assets, and cash collateral held by counterparties Gross Amounts Not Offset in the Counterparty Net Amount of Financial Cash Collateral Received Net Amount Deutsche Bank, AG $ (935,202 ) $ — $ — $ (935,202 ) Deutsche Bank Securities, Inc (648,634 ) — — (648,634 ) SG Americas Securities, LLC (779,195 ) — — (779,195 ) Goldman Sachs & Co. LLC (98,707 ) — — (98,707 ) Total $ (2,461,738 ) $ — $ — $ (2,461,738 ) The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2022 were: Gross Amounts Not Offset in the Counterparty Net Amount of Financial Cash Collateral Received Net Amount Deutsche Bank, AG $ (197,217 ) $ — $ — $ (197,217 ) Deutsche Bank Securities, Inc 1,649,230 — — 1,649,230 SG Americas Securities, LLC 429,851 — — 429,851 Goldman Sachs & Co. LLC 548,375 — — 548,375 Total $ 2,430,239 $ — $ — $ 2,430,239 |
For the years ended December 31, 2023, 2022 and 2021, the Fund’s futures, forwards and swap contracts had the following impact on the statements of operations: | For the years ended December 31, 2023, 2022 and 2021, the Fund’s futures, forwards and swap contracts had the following impact on the statements of operations: 2023 2022 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 $ 2,009,524 $ (30,513 ) $ (2,678,624 ) $ 371,527 Currencies 513,203 (680,360 ) (389,809 ) 507,136 Energy (35,162 ) (1,540,432 ) 12,294,731 899,000 Equity indices (72,594 ) 1,604,502 (8,906,934 ) (1,717,334 ) Interest rate instruments (242,998 ) (2,415,184 ) 14,260,170 3,149,938 Metals (2,444,933 ) (77,537 ) (457,696 ) (86,924 ) Total futures contracts (272,960 ) (3,139,524 ) 14,121,838 3,123,343 Future options contracts Energy — — (508,190 ) — Interest rate instruments (95,205 ) — — — Total future options contracts (95,205 ) — (508,190 ) — Forward currency contracts 1,204,039 (1,751,432 ) 9,720,459 (298,466 ) Swap contracts (1,311,983 ) (1,021 ) (872,588 ) (269,743 ) Total futures, futures options, swap and forward contracts $ (476,109 ) $ (4,891,977 ) $ 22,461,519 $ 2,555,134 2021 Types of Exposure Net realized gain (loss) Net change in unrealized gain (loss) Futures contracts Agricultural commodities $ 5,286,889 $ (1,733,318 ) Currencies 695,409 (348,301 ) Energy 14,790,634 (207,188 ) Equity indices 16,065,310 (2,335,551 ) Interest rate instruments (11,179,266 ) (2,120,036 ) Metals 1,325,991 (2,149,304 ) Total futures contracts 26,984,967 (8,893,698 ) Future options contracts Energy 45,100 — Equity indices (435,238 ) 157,775 Interest rate instruments 232,745 — Total future options contracts (157,393 ) 157,775 Forward currency contracts (3,842,125 ) 345,968 Swap contracts 178,623 270,782 Total futures, futures options, swap and forward currency $ 23,164,072 $ (8,119,173 ) |
Trading Activities and Relate_2
Trading Activities and Related Risks (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trading Activities And Related Risks | |
The following table presents the exposure at December 31, 2023: | The following table presents the exposure at December 31, 2023: Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 20,454,115 $ 12,644,114 $ 26,284,258 $ 8,405,558 $ 67,788,045 56.79 % Ireland — 749,655 — — 749,655 0.62 % United Kingdom — 1,597,176 3,878,058 — 5,475,234 4.58 % Canada — 1,693,712 1,023,217 — 2,716,929 2.28 % Singapore — 653,092 — — 653,092 0.55 % Total $ 20,454,115 $ 17,337,749 $ 31,185,533 $ 8,405,558 $ 77,382,955 64.82 % The following table presents the exposure at December 31, 2022: Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 14,850,974 $ 13,170,309 $ 47,298,757 $ 8,079,885 $ 83,399,925 54.93 % Ireland — 3,586,779 — — 3,586,779 2.36 % United Kingdom — 1,198,343 3,745,827 — 4,944,170 3.26 % Finland — — 2,950,092 — 2,950,092 1.94 % Australia — 1,199,550 — — 1,199,550 0.79 % Total $ 14,850,974 $ 19,154,981 $ 53,994,676 $ 8,079,885 $ 96,080,516 63.28 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment Company [Abstract] | |
The following information presents per unit operating performance data and other ratios for the years ended December 31, 2023, 2022 and 2021, assuming the unit was outstanding throughout the entire year: | The following information presents per unit operating performance data and other ratios for the years ended December 31, 2023, 2022 and 2021, assuming the unit was outstanding throughout the entire year: 2023 Class A Class A2 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,372.11 $ 1,177.64 $ 7,224.40 $ 1,237.43 $ 1,208.56 Net realized and change in unrealized gain (loss) on investments (1) (229.78 ) (60.79 ) (387.10 ) (67.28 ) (65.26 ) Net investment income (loss) (1) (89.81 ) (10.02 ) (20.33 ) 8.54 (0.63 ) Total income (loss) from operations (319.59 ) (70.81 ) (407.43 ) (58.74 ) (65.89 ) Net asset value per unit, end of year $ 4,052.52 $ 1,106.83 $ 6,816.97 $ 1,178.69 $ 1,142.67 Total return (7.31 )% (6.01 )% (5.64 )% (4.75 )% (5.45 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 5.71 % 4.34 % 3.90 % 2.89 % 3.65 % General Partner 1% allocation (0.07 )% (0.07 )% (0.05 )% (0.05 )% (0.05 )% Net total expenses 5.64 % 4.27 % 3.85 % 2.84 % 3.60 % Net investment income (loss) (2) (3) (2.17 )% (0.94 )% (0.34 )% 0.65 % (0.11 )% 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of year $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Net realized and change in unrealized gain (loss) on investments (1) 637.69 170.40 221.97 1,031.19 173.43 171.00 Net investment income (loss) (1) (311.90 ) (67.61 ) (46.47 ) (374.49 ) (50.41 ) (58.97 ) Total income (loss) from operations 325.79 102.79 175.50 656.70 123.02 112.03 Redemption value per share — — (1,217.31 ) — — — Net asset value per unit, end of year $ 4,372.11 $ 1,177.64 $ — $ 7,224.40 $ 1,237.43 $ 1,208.56 Total return 8.05 % 9.56 % 16.85 % 10.00 % 11.04 % 10.22 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 8.25 % 6.90 % 4.27 % 6.38 % 5.32 % 6.10 % General Partner 1% allocation 0.08 % 0.09 % 0.16 % 0.10 % 0.10 % 0.09 % Net total expenses 8.33 % 6.99 % 4.43 % 6.48 % 5.42 % 6.19 % Net investment income (loss) (2) (3) (6.87 )% (5.55 )% (4.04 )% (5.00 )% (3.92 )% (4.70 )% 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per Unit, beginning of year $ 3,818.95 $ 1,000.45 $ 971.15 $ 6,088.92 $ 1,023.49 $ 1,014.58 Net realized and change in unrealized gain (loss) on investments (1) 456.98 118.17 113.08 735.11 124.22 122.57 Net investment income (loss) (1) (229.61 ) (43.77 ) (42.42 ) (256.33 ) (33.30 ) (40.62 ) Total income (loss) from operations 227.37 74.40 70.66 478.78 90.92 81.95 Net asset value per unit, end of year $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Total return 5.95 % 7.44 % 7.28 % 7.86 % 8.88 % 8.08 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) 6.37 % 4.93 % 5.07 % 4.57 % 3.54 % 4.33 % General Partner 1% allocation 0.06 % 0.07 % 0.07 % 0.08 % 0.08 % 0.08 % Net total expenses (3) 6.43 % 5.00 % 5.14 % 4.65 % 3.62 % 4.41 % Net investment income (loss) (2) (4) (5.80 )% (4.34 )% (4.46 )% (4.00 )% (2.98 )% (3.77 )% † Class A3 units were fully redeemed on July 1, 2022. The total return for 2022 is for the period from January 1, 2022 to June 30, 2022 and is not annualized. Total returns are calculated based on the change in value of a Class A, Class A2, Class A3, Class B, Class I or Class R Unit during the year. 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 income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments 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 net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding. (2) The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period. (3) Ratio excludes expenses from investment in private investment company. (4) Ratio excludes General Partner 1% allocation. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Capital Unit, Class A [Member] | |
Percentage of selling agent fee | 2% |
Percentage of management fees | 1.50% |
Capital Unit Class A2 [Member] | |
Percentage of sales commission | 3% |
Percentage of offering price | 0.60% |
Percentage of management fees | 1.50% |
Capital Unit, Class B [Member] | |
Percentage of broker dealer servicing fee | 0.20% |
Percentage of management fees | 1.50% |
Capital Unit Class I [Member] | |
Percentage of management fees | 0.75% |
Percentage of performance fee | 7.50% |
Capital Unit Class R [Member] | |
Percentage of management fees | 1.50% |
The Fund_s assets and liabiliti
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: (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unrealized gain (loss) on open futures contracts | $ (739,897) | $ 2,399,627 | ||
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | 29,573 | ||
Net unrealized gain (loss) on swap contracts | 18 | 1,039 | ||
Fair Value, Recurring [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unrealized gain (loss) on open futures contracts | (739,897) | [1] | 2,399,627 | [2] |
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | [1] | 29,573 | [2] |
Net unrealized gain (loss) on swap contracts | 18 | [1] | 1,039 | [2] |
Money market funds | 1,864,439 | 4,180,245 | ||
Investment in private investment company | 2,248,182 | 3,296,431 | ||
Total | 79,147,838 | 106,174,431 | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 20,454,115 | [1] | 14,850,974 | [2] |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 8,405,558 | [1] | 8,079,885 | [2] |
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 17,337,749 | [1] | 19,154,981 | [2] |
Fair Value, Recurring [Member] | Corporate Note Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 31,185,533 | [1] | 53,994,676 | [2] |
Fair Value, Recurring [Member] | Exchange Membership [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 114,000 | 187,000 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unrealized gain (loss) on open futures contracts | (739,897) | [1] | 2,399,627 | [2] |
Money market funds | 1,864,439 | 4,180,245 | ||
Total | 21,578,657 | 21,430,846 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 20,454,115 | [1] | 14,850,974 | [2] |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | [1] | 29,573 | [2] |
Net unrealized gain (loss) on swap contracts | 18 | [1] | 1,039 | [2] |
Total | 55,320,999 | 81,447,154 | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 8,405,558 | [1] | 8,079,885 | [2] |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 17,337,749 | [1] | 19,154,981 | [2] |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Note Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 31,185,533 | [1] | 53,994,676 | [2] |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange Membership [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total | 114,000 | 187,000 | ||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Investment in private investment company | 2,248,182 | 3,296,431 | ||
Total | $ 2,248,182 | $ 3,296,431 | ||
[1]See the condensed schedule of investments for further description.[2]See the condensed schedule of investments for further description. |
At December 31, 2023 and 2022,
At December 31, 2023 and 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | $ (739,897) | $ 2,399,627 |
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | 29,573 |
Net unrealized gain (loss) on swap contract | 18 | 1,039 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (739,897) | 2,399,627 |
Net unrealized gain (loss) on open forward currency contracts | (1,721,859) | 29,573 |
Net unrealized gain (loss) on swap contract | 18 | 1,039 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (6,750,796) | (8,221,607) |
Net unrealized gain (loss) on open forward currency contracts | (3,548,450) | (2,143,281) |
Net unrealized gain (loss) on swap contract | (33) | |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 670,467 | 700,981 |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (788,628) | (478,801) |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (302,749) | 377,612 |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (636,000) | (373,598) |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (385,725) | 1,154,707 |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (853,037) | (177,182) |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 280,684 | (1,323,819) |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (484,401) | (1,657,907) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (811,152) | 1,604,032 |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (2,203,471) | (1,716,875) |
Not Designated as Hedging Instrument [Member] | Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (191,422) | (113,886) |
Not Designated as Hedging Instrument [Member] | Metals [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (1,785,259) | (3,817,244) |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 6,010,899 | 10,621,234 |
Net unrealized gain (loss) on open forward currency contracts | 1,826,591 | 2,172,854 |
Net unrealized gain (loss) on swap contract | 18 | 1,072 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Agricultural Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 1,459,095 | 1,179,782 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 333,251 | 751,210 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Energy Related Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 467,312 | 1,331,889 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Equity indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 765,085 | 334,088 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 1,392,319 | 3,320,907 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | $ 1,593,837 | $ 3,703,358 |
The Fund_s financial assets, de
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties (Details) - Not Designated as Hedging Instrument [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amount of liabilities in the statements of financial condition | $ (2,461,738) | $ 2,430,239 |
Total | (2,461,738) | 2,430,239 |
Deutsche Bank AG [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amount of liabilities in the statements of financial condition | (935,202) | (197,217) |
Total | (935,202) | (197,217) |
Deutsche Bank Securities, Inc. [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amount of liabilities in the statements of financial condition | (648,634) | 1,649,230 |
Total | (648,634) | 1,649,230 |
SG Americas Securities, LLC [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amount of liabilities in the statements of financial condition | (779,195) | 429,851 |
Total | (779,195) | 429,851 |
Goldman Sachs & Co. LLC [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amount of liabilities in the statements of financial condition | (98,707) | 548,375 |
Total | $ (98,707) | $ 548,375 |
For the years ended December 31
For the years ended December 31, 2023, 2022 and 2021, the Fund’s futures, forwards and swap contracts had the following impact on the statements of operations: (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net change in unrealized gain (loss) | $ (4,891,977) | $ 2,555,134 | $ (8,427,848) |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | (272,960) | 14,121,838 | 26,984,967 |
Net change in unrealized gain (loss), future contracts | (3,139,524) | 3,123,343 | (8,893,698) |
Net realized gain (loss), future options contracts | (95,205) | (508,190) | (157,393) |
Net change in unrealized gain (loss), future options contracts | 157,775 | ||
Net realized gain (loss), forward currency contracts | 1,204,039 | 9,720,459 | (3,842,125) |
Net change in unrealized gain (loss), forward currency contracts | (1,751,432) | (298,466) | 345,968 |
Net realized gain (loss), swap contracts | (1,311,983) | (872,588) | 178,623 |
Net change in unrealized gain (loss), swap contracts | (1,021) | (269,743) | 270,782 |
Net realized gain (loss) | (476,109) | 22,461,519 | 23,164,072 |
Net change in unrealized gain (loss) | (4,891,977) | 2,555,134 | (8,119,173) |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | 2,009,524 | (2,678,624) | 5,286,889 |
Net change in unrealized gain (loss), future contracts | (30,513) | 371,527 | (1,733,318) |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | 513,203 | (389,809) | 695,409 |
Net change in unrealized gain (loss), future contracts | (680,360) | 507,136 | (348,301) |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | (35,162) | 12,294,731 | 14,790,634 |
Net change in unrealized gain (loss), future contracts | (1,540,432) | 899,000 | (207,188) |
Net realized gain (loss), future options contracts | (508,190) | ||
Net change in unrealized gain (loss), future options contracts | |||
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | (72,594) | (8,906,934) | 16,065,310 |
Net change in unrealized gain (loss), future contracts | 1,604,502 | (1,717,334) | (2,335,551) |
Net realized gain (loss), future options contracts | (435,238) | ||
Net change in unrealized gain (loss), future options contracts | 157,775 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | (242,998) | 14,260,170 | (11,179,266) |
Net change in unrealized gain (loss), future contracts | (2,415,184) | 3,149,938 | (2,120,036) |
Net realized gain (loss), future options contracts | (95,205) | 232,745 | |
Net change in unrealized gain (loss), future options contracts | |||
Not Designated as Hedging Instrument [Member] | Metals [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future contracts | (2,444,933) | (457,696) | 1,325,991 |
Net change in unrealized gain (loss), future contracts | $ (77,537) | $ (86,924) | (2,149,304) |
Not Designated as Hedging Instrument [Member] | Energy [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net realized gain (loss), future options contracts | 45,100 | ||
Net change in unrealized gain (loss), future options contracts |
Derivative Instruments Disclo_3
Derivative Instruments Disclosures (Details Narrative) - Number | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of open futures contracts | 9,399 | 10,015 | |
Number of open forward currency contracts | 2,620 | 2,961 | |
Number of open swap contracts | 253 | 215 | |
Number of futures contracts closed | 412,833 | 470,288 | 456,177 |
Number of futures option contracts closed | 698 | 730 | 2,286 |
Number of forward currency contracts closed | 229,843 | 257,987 | 371,440 |
Number of swap contracts closed | 2,347 | 260 | 169 |
General Partner (Details Narrat
General Partner (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Description of admistrative expenses payable fee | equal to 1/12th of 0.45% of the month-end net asset value |
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 statements of financial condition and as General Partner 1% allocation in the statements of operations. |
Capital Unit, Class A [Member] | |
Percentage of management fees | 1.50% |
Description of selling agent fees | equal to 1/12th of 2% of the month-end net asset value |
Capital Unit Class A2 [Member] | |
Percentage of management fees | 1.50% |
Description of selling agent fees | sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. |
Capital Unit, Class B [Member] | |
Percentage of management fees | 1.50% |
Description of broker dealer servicing fee | equal to 1/12th of 0.2% of the month-end net asset value |
Capital Unit Class R [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class I [Member] | |
Percentage of management fees | 0.75% |
Percentage of performance fee | equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly |
Percentage of performance fee | 7.50% |
Trading Advisors and Cash Man_2
Trading Advisors and Cash Managers (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Trading Advisor [Member] | Minimum [Member] | ||
Management fee | 0% | |
Incentive fee | 0% | |
Trading Advisor [Member] | Maximum [Member] | ||
Management fee | 3% | |
Incentive fee | 30% | |
Cash Managers [Member] | ||
Cash management services | 0.15% | 0.14% |
Deposits with Brokers (Details
Deposits with Brokers (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits With Brokers | ||
Fund assets | $ 35,822,071 | $ 43,443,032 |
Margin deposit assets | $ 24,415,248 | $ 23,742,431 |
Subscriptions, Distributions _2
Subscriptions, Distributions and Redemptions (Details Narrative) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Capital Unit [Line Items] | ||
Subscriptions received in advance | $ 9,700 | $ 162,000 |
Capital Unit, Class A [Member] | ||
Capital Unit [Line Items] | ||
Minimum investment amount | 10,000 | |
Capital Unit Class A2 [Member] | ||
Capital Unit [Line Items] | ||
Minimum investment amount | 10,000 | |
Capital Unit, Class B [Member] | ||
Capital Unit [Line Items] | ||
Minimum investment amount | 10,000 | |
Capital Unit Class R [Member] | ||
Capital Unit [Line Items] | ||
Minimum investment amount | 10,000 | |
Capital Unit Class I [Member] | ||
Capital Unit [Line Items] | ||
Minimum investment amount | $ 2,000,000 |
The following table presents th
The following table presents the exposure at December 31, 2023: (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 77,382,955 | $ 96,080,516 |
Percentage of partner's capital | 64.82% | 63.28% |
US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 20,454,115 | $ 14,850,974 |
Percentage of partner's capital | 17.13% | 9.78% |
Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 17,337,749 | $ 19,154,981 |
Percentage of partner's capital | 14.52% | 12.62% |
Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 31,185,533 | $ 53,994,676 |
Percentage of partner's capital | 26.13% | 35.56% |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 8,405,558 | $ 8,079,885 |
Percentage of partner's capital | 7.04% | 5.32% |
UNITED STATES | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 67,788,045 | $ 83,399,925 |
Percentage of partner's capital | 56.79% | 54.93% |
UNITED STATES | US Treasury Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 20,454,115 | $ 14,850,974 |
UNITED STATES | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | 12,644,114 | 13,170,309 |
UNITED STATES | Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | 26,284,258 | 47,298,757 |
UNITED STATES | Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | 8,405,558 | 8,079,885 |
IRELAND | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 749,655 | $ 3,586,779 |
Percentage of partner's capital | 0.62% | 2.36% |
IRELAND | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 749,655 | $ 3,586,779 |
UNITED KINGDOM | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 5,475,234 | $ 4,944,170 |
Percentage of partner's capital | 4.58% | 3.26% |
UNITED KINGDOM | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 1,597,176 | $ 1,198,343 |
UNITED KINGDOM | Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | 3,878,058 | 3,745,827 |
CANADA | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 2,716,929 | |
Percentage of partner's capital | 2.28% | |
CANADA | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 1,693,712 | |
CANADA | Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | 1,023,217 | |
SINGAPORE | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 653,092 | |
Percentage of partner's capital | 0.55% | |
SINGAPORE | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 653,092 | |
FINLAND | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 2,950,092 | |
Percentage of partner's capital | 1.94% | |
FINLAND | Corporate Note Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 2,950,092 | |
AUSTRALIA | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 1,199,550 | |
Percentage of partner's capital | 0.79% | |
AUSTRALIA | Commercial Paper [Member] | ||
Schedule of Investments [Line Items] | ||
Investment owned at fair value | $ 1,199,550 |
The following information prese
The following information presents per unit operating performance data and other ratios for the years ended December 31, 2023, 2022 and 2021, assuming the unit was outstanding throughout the entire year: (Details) - $ / shares | 12 Months Ended | ||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | |||||
Capital Unit, Class A [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 4,372.11 | $ 4,046.32 | $ 3,818.95 | ||||
Net realized and change in unrealized gain (loss) on investments | [1] | (229.78) | 637.69 | 456.98 | |||
Net investment income (loss) | [1] | (89.81) | (311.90) | (229.61) | |||
Total income (loss) from operations | (319.59) | 325.79 | 227.37 | ||||
Redemption value per share | |||||||
Net asset value per unit, end of period | $ 4,052.52 | $ 4,372.11 | $ 4,046.32 | ||||
Total return | (7.31%) | 8.05% | 5.95% | ||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 5.71% | 8.25% | 6.37% | |||
General Partner 1% allocation | (0.07%) | 0.08% | 0.06% | ||||
Net total expenses | 5.64% | 8.33% | 6.43% | [3] | |||
Net investment income (loss) | [2] | (2.17%) | [3] | (6.87%) | [3] | (5.80%) | [4] |
Capital Unit Class A2 [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 1,177.64 | $ 1,074.85 | $ 1,000.45 | ||||
Net realized and change in unrealized gain (loss) on investments | [1] | (60.79) | 170.40 | 118.17 | |||
Net investment income (loss) | [1] | (10.02) | (67.61) | (43.77) | |||
Total income (loss) from operations | (70.81) | 102.79 | 74.40 | ||||
Redemption value per share | |||||||
Net asset value per unit, end of period | $ 1,106.83 | $ 1,177.64 | $ 1,074.85 | ||||
Total return | (6.01%) | 9.56% | 7.44% | ||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 4.34% | 6.90% | 4.93% | |||
General Partner 1% allocation | (0.07%) | 0.09% | 0.07% | ||||
Net total expenses | 4.27% | 6.99% | 5% | [3] | |||
Net investment income (loss) | [2] | (0.94%) | [3] | (5.55%) | [3] | (4.34%) | [4] |
Capital Unit, Class B [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 7,224.40 | $ 6,567.70 | $ 6,088.92 | ||||
Net realized and change in unrealized gain (loss) on investments | [1] | (387.10) | 1,031.19 | 735.11 | |||
Net investment income (loss) | [1] | (20.33) | (374.49) | (256.33) | |||
Total income (loss) from operations | (407.43) | 656.70 | 478.78 | ||||
Redemption value per share | |||||||
Net asset value per unit, end of period | $ 6,816.97 | $ 7,224.40 | $ 6,567.70 | ||||
Total return | (5.64%) | 10% | 7.86% | ||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 3.90% | 6.38% | 4.57% | |||
General Partner 1% allocation | (0.05%) | 0.10% | 0.08% | ||||
Net total expenses | 3.85% | 6.48% | 4.65% | [3] | |||
Net investment income (loss) | [2] | (0.34%) | [3] | (5.00%) | [3] | (4.00%) | [4] |
Capital Unit Class I [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 1,237.43 | $ 1,114.41 | $ 1,023.49 | ||||
Net realized and change in unrealized gain (loss) on investments | [1] | (67.28) | 173.43 | 124.22 | |||
Net investment income (loss) | [1] | 8.54 | (50.41) | (33.30) | |||
Total income (loss) from operations | (58.74) | 123.02 | 90.92 | ||||
Redemption value per share | |||||||
Net asset value per unit, end of period | $ 1,178.69 | $ 1,237.43 | $ 1,114.41 | ||||
Total return | (4.75%) | 11.04% | 8.88% | ||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 2.89% | 5.32% | 3.54% | |||
General Partner 1% allocation | (0.05%) | 0.10% | 0.08% | ||||
Net total expenses | 2.84% | 5.42% | 3.62% | [3] | |||
Net investment income (loss) | [2] | 0.65% | [3] | (3.92%) | [3] | (2.98%) | [4] |
Capital Unit Class R [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 1,208.56 | $ 1,096.53 | $ 1,014.58 | ||||
Net realized and change in unrealized gain (loss) on investments | [1] | (65.26) | 171 | 122.57 | |||
Net investment income (loss) | [1] | (0.63) | (58.97) | (40.62) | |||
Total income (loss) from operations | (65.89) | 112.03 | 81.95 | ||||
Redemption value per share | |||||||
Net asset value per unit, end of period | $ 1,142.67 | $ 1,208.56 | $ 1,096.53 | ||||
Total return | (5.45%) | 10.22% | 8.08% | ||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 3.65% | 6.10% | 4.33% | |||
General Partner 1% allocation | (0.05%) | 0.09% | 0.08% | ||||
Net total expenses | 3.60% | 6.19% | 4.41% | [3] | |||
Net investment income (loss) | [2] | (0.11%) | [3] | (4.70%) | [3] | (3.77%) | [4] |
Capital Unit Class A3 [Member] | |||||||
Per Unit Operating Performance | |||||||
Net asset value per Unit, beginning of year | $ 1,041.81 | $ 971.15 | |||||
Net realized and change in unrealized gain (loss) on investments | [1] | 221.97 | 113.08 | ||||
Net investment income (loss) | [1] | (46.47) | (42.42) | ||||
Total income (loss) from operations | 175.50 | 70.66 | |||||
Redemption value per share | (1,217.31) | ||||||
Net asset value per unit, end of period | $ 1,041.81 | ||||||
Total return | 16.85% | 7.28% | |||||
Ratios to average net asset value | |||||||
Expenses prior to General Partner 1% allocation | [2] | 4.27% | 5.07% | ||||
General Partner 1% allocation | 0.16% | 0.07% | |||||
Net total expenses | 4.43% | 5.14% | [3] | ||||
Net investment income (loss) | [2] | (4.04%) | [3] | (4.46%) | [4] | ||
[1]The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments 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 net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.[2]The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period.[3]Ratio excludes expenses from investment in private investment company.[4]Ratio excludes General Partner 1% allocation. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 29, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Contributions | $ 1,568,000 | $ 512,300 | $ 1,936,492 | |
Redemption | $ 24,917,793 | $ 14,555,967 | $ 32,890,433 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Contributions | $ 9,700 | |||
Redemption | $ 2,037,427 |