Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP | ||
Entity Central Index Key | 873799 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $113,899,077 | ||
Entity Common Stock, Shares Outstanding | 3,778,453.32 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 |
Statements_of_Financial_Condit
Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Trading Equity: | ||
Unrestricted cash | $101,238,145 | $117,701,386 |
Restricted cash | 13,490,625 | 26,703,038 |
Total cash | 114,728,770 | 144,404,424 |
Net unrealized gain/(loss) on open contracts | 5,792,535 | 6,652,432 |
Total Trading Equity | 120,521,305 | 151,056,856 |
Interest receivable | 565 | 1,354 |
Total Assets | 120,521,870 | 151,058,210 |
LIABILITIES | ||
Redemptions payable | 2,079,936 | 3,447,262 |
Accrued ongoing placement agent fee | 195,005 | 0 |
Accrued administrative fees | 195,005 | 0 |
Accrued management fees | 169,133 | 205,988 |
Payable to MS&Co. | 0 | 127,622 |
Accrued brokerage fees | 0 | 750,593 |
Total Liabilities | 2,639,079 | 4,531,465 |
PARTNERS' CAPITAL | ||
Limited Partners | 116,569,858 | 144,651,488 |
General Partner | 1,312,933 | 1,875,257 |
Total Partners' Capital | 117,882,791 | 146,526,745 |
Total Liabilities and Partners' Capital | 120,521,870 | 151,058,210 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $30.18 | $26.48 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||
ASSETS | ||
Investments | 12,289,754 | 18,589,455 |
Trading Equity: | ||
Net unrealized gain/(loss) on open contracts | 0 | |
Interest receivable | 61 | 165 |
Total Assets | 14,172,143 | 18,589,620 |
LIABILITIES | ||
Redemptions payable | 238,966 | 529,590 |
Accrued ongoing placement agent fee | 22,139 | 0 |
Accrued incentive fees | 108,183 | 0 |
Accrued administrative fees | 17,712 | 0 |
Accrued management fees | 15,812 | 20,064 |
Accrued brokerage fees | 0 | 70,894 |
Total Liabilities | 402,812 | 620,548 |
PARTNERS' CAPITAL | ||
Limited Partners | 13,623,087 | 17,703,845 |
General Partner | 146,244 | 265,227 |
Total Partners' Capital | 13,769,331 | 17,969,072 |
Total Liabilities and Partners' Capital | 14,172,143 | 18,589,620 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $8.49 | $7.39 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | ||
ASSETS | ||
Investments | 12,289,754 | 11,299,138 |
Trading Equity: | ||
Total Assets | 39,046,641 | 37,549,964 |
LIABILITIES | ||
Total Liabilities | 48,456 | 28,580 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | ||
ASSETS | ||
Investments | 0 | 7,290,317 |
Trading Equity: | ||
Redemptions receivable | 1,882,328 | 0 |
Total Assets | 12,415,386 | 44,043,845 |
LIABILITIES | ||
Total Liabilities | 12,415,386 | 1,456,785 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||
ASSETS | ||
Investments | 37,031,024 | 54,495,503 |
Trading Equity: | ||
Interest receivable | 182 | 494 |
Total Assets | 37,031,206 | 54,495,997 |
LIABILITIES | ||
Redemptions payable to Limited Partners | 1,091,038 | 0 |
Redemptions payable to General Partner | 50,000 | 1,159,681 |
Accrued ongoing placement agent fee | 61,272 | 0 |
Accrued incentive fees | 53,508 | 0 |
Accrued administrative fees | 61,272 | 0 |
Accrued management fees | 7,729 | 124,834 |
Accrued brokerage fees | 0 | 270,566 |
Total Liabilities | 1,324,819 | 1,555,081 |
PARTNERS' CAPITAL | ||
Limited Partners | 35,306,899 | 52,246,247 |
General Partner | 399,488 | 694,669 |
Total Partners' Capital | 35,706,387 | 52,940,916 |
Total Liabilities and Partners' Capital | 37,031,206 | 54,495,997 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $13.62 | $13.64 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | ||
ASSETS | ||
Investments | 28,236,607 | 46,985,018 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | ||
ASSETS | ||
Investments | 5,291,425 | 3,327,454 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | ||
ASSETS | ||
Investments | 3,502,992 | 4,183,031 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Trading Equity: | ||
Unrestricted cash | 87,743,638 | 91,751,066 |
Restricted cash | 7,277,235 | 12,312,414 |
Total cash | 95,020,873 | 104,063,480 |
Net unrealized gain/(loss) on open contracts | 604,870 | 1,225,590 |
Total Trading Equity | 112,527,698 | 138,837,342 |
Interest receivable | 536 | 1,241 |
Total Assets | 112,528,234 | 138,838,583 |
LIABILITIES | ||
Redemptions payable to Limited Partners | 2,596,957 | 3,062,360 |
Redemptions payable to General Partner | 50,005 | 0 |
Accrued ongoing placement agent fee | 182,210 | 0 |
Accrued incentive fees | 50,229 | 0 |
Accrued administrative fees | 182,210 | 0 |
Accrued management fees | 117,826 | 142,659 |
Accrued brokerage fees | 0 | 687,693 |
Total Liabilities | 3,179,437 | 3,892,712 |
PARTNERS' CAPITAL | ||
Limited Partners | 108,125,693 | 133,281,088 |
General Partner | 1,223,104 | 1,664,783 |
Total Partners' Capital | 109,348,797 | 134,945,871 |
Total Liabilities and Partners' Capital | 112,528,234 | 138,838,583 |
NET ASSET VALUE PER UNIT (in dollars per unit) | $19.07 | $16.55 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | ||
ASSETS | ||
Investments | 16,901,955 | 33,548,272 |
Trading Equity: | ||
Total Assets | 24,973,305 | 63,936,601 |
LIABILITIES | ||
Total Liabilities | $43,208 | $610,828 |
Statements_of_Financial_Condit1
Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Limited Partners, Units (in units) | 3,861,976.16 | 5,462,815.92 |
General Partner, Units (in units) | 43,497.67 | 70,819.77 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||
LIABILITIES AND PARTNERS' CAPITAL | ||
Limited Partners, Units (in units) | 1,604,009.85 | 2,394,803.34 |
General Partner, Units (in units) | 17,219.12 | 35,877.34 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||
ASSETS | ||
Investments, cost | 7,147,767 | 7,622,350 |
LIABILITIES AND PARTNERS' CAPITAL | ||
Limited Partners, Units (in units) | 2,592,477.84 | 3,829,652.11 |
General Partner, Units (in units) | 29,333.20 | 50,919.27 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
LIABILITIES AND PARTNERS' CAPITAL | ||
Limited Partners, Units (in units) | 5,670,382.72 | 8,052,816.35 |
General Partner, Units (in units) | 64,142.66 | 100,585.88 |
Statements_of_Income_and_Expen
Statements of Income and Expenses (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
INVESTMENT INCOME | ||||||
Interest income | $19,055 | $78,343 | $153,597 | |||
EXPENSES | ||||||
Brokerage fees | 4,378,408 | 10,576,864 | 15,124,033 | |||
Management fees | 1,984,202 | 3,176,170 | 4,610,705 | |||
Administrative fees | 571,137 | 0 | 0 | |||
Ongoing placement agent fee | 571,137 | 0 | 0 | |||
Total Expenses | 7,504,884 | 13,753,034 | 19,734,738 | |||
NET INVESTMENT LOSS | -7,485,829 | -13,674,691 | -19,581,141 | |||
Trading profit (loss): | ||||||
Net realized | 21,564,894 | 1,840,569 | -2,747,878 | |||
Net change in unrealized | -859,897 | 4,101,078 | -3,850,545 | |||
Total Trading Results | 20,704,997 | 5,941,647 | -6,598,423 | |||
NET INCOME (LOSS) | 13,219,168 | -7,733,044 | -26,179,564 | |||
Net Income (Loss) Allocation | ||||||
Limited Partners | 13,077,451 | -7,644,502 | -25,885,258 | |||
General Partner | 141,717 | -88,542 | -294,306 | |||
Net Income (Loss) Per Unit | ||||||
Limited Partners (in dollars per unit) | $3.70 | [1] | ($1.28) | [1] | ($3.48) | [1] |
General Partner (in dollars per unit) | $3.70 | [1] | ($1.28) | [1] | ($3.48) | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 4,702,032.01 | 6,392,736.58 | 8,177,824.37 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||||||
INVESTMENT INCOME | ||||||
Interest income | 2,318 | 9,149 | 17,704 | |||
EXPENSES | ||||||
Brokerage fees | 459,790 | 958,464 | 1,345,522 | |||
Incentive fees | 240,978 | 165,296 | 0 | |||
Management fees | 205,572 | 346,230 | 547,886 | |||
Administrative fees | 54,524 | 0 | 0 | |||
Ongoing placement agent fee | 68,155 | 0 | 0 | |||
Total Expenses | 1,029,019 | 1,469,990 | 1,893,408 | |||
NET INVESTMENT LOSS | -1,026,701 | -1,460,841 | -1,875,704 | |||
Trading profit (loss): | ||||||
Net realized | 0 | 444,474 | -199,068 | |||
Net change in unrealized | 0 | -43,205 | 133,331 | |||
Total Trading Results | 2,934,226 | 974,510 | -1,940,726 | |||
NET INCOME (LOSS) | 1,907,525 | -486,331 | -3,816,430 | |||
Net Income (Loss) Allocation | ||||||
Limited Partners | 1,885,964 | -479,900 | -3,769,861 | |||
General Partner | 21,561 | -6,431 | -46,569 | |||
Net Income (Loss) Per Unit | ||||||
Limited Partners (in dollars per unit) | $1.10 | [1] | ($0.18) | [1] | ($1.06) | [1] |
General Partner (in dollars per unit) | $1.10 | [1] | ($0.18) | [1] | ($1.06) | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 1,991,023.15 | 2,774,112.52 | 3,584,790.79 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | -405,824 | -551,662 | -488,412 | |||
Net change in unrealized appreciation (depreciation) on investment | 562,331 | -23,816 | 52,939 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | 2,258,243 | 1,188,237 | -44,139 | |||
Net change in unrealized appreciation (depreciation) on investment | 519,476 | -39,518 | 123,978 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | FL Master Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | 0 | 0 | -2,033,985 | |||
Net change in unrealized appreciation (depreciation) on investment | 0 | 0 | 514,630 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||||
INVESTMENT INCOME | ||||||
Interest income | 7,178 | 28,668 | 57,466 | |||
EXPENSES | ||||||
Brokerage fees | 1,724,317 | 3,855,868 | 5,825,816 | |||
Incentive fees | 53,508 | 0 | 0 | |||
Management fees | 312,606 | 1,753,124 | 2,647,299 | |||
Administrative fees | 194,376 | 0 | 0 | |||
Ongoing placement agent fee | 194,376 | 0 | 0 | |||
Total Expenses | 2,479,183 | 5,608,992 | 8,473,115 | |||
NET INVESTMENT LOSS | -2,472,005 | -5,580,324 | -8,415,649 | |||
Trading profit (loss): | ||||||
Total Trading Results | 3,176,271 | 2,879,322 | -2,231,528 | |||
NET INCOME (LOSS) | 704,266 | -2,701,002 | -10,647,177 | |||
Net Income (Loss) Allocation | ||||||
Limited Partners | 677,750 | -2,668,922 | -10,517,888 | |||
General Partner | 26,516 | -32,080 | -129,289 | |||
Net Income (Loss) Per Unit | ||||||
Limited Partners (in dollars per unit) | ($0.02) | [1] | ($0.61) | [1] | ($1.77) | [1] |
General Partner (in dollars per unit) | ($0.02) | [1] | ($0.61) | [1] | ($1.77) | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 3,243,727.49 | 4,582,116.59 | 6,273,402.86 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | 20,180,635 | 559,473 | -429,295 | |||
Net change in unrealized appreciation (depreciation) on investment | -18,299,332 | 981,916 | -687,951 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | -26,049 | 5,825 | -25,751 | |||
Net change in unrealized appreciation (depreciation) on investment | 1,252,383 | 1,092,727 | -1,252,834 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | 11,573 | 22,738 | 3,838 | |||
Net change in unrealized appreciation (depreciation) on investment | 57,061 | 216,643 | 160,465 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||||
INVESTMENT INCOME | ||||||
Interest income | 17,849 | 69,030 | 133,904 | |||
EXPENSES | ||||||
Brokerage fees | 4,133,321 | 9,353,028 | 13,307,993 | |||
Incentive fees | 719,326 | 0 | 0 | |||
Management fees | 1,431,344 | 2,127,948 | 3,384,253 | |||
Administrative fees | 534,640 | 0 | 0 | |||
Ongoing placement agent fee | 534,640 | 0 | 0 | |||
Total Expenses | 7,353,271 | 11,480,976 | 16,692,246 | |||
Management fee waived | 0 | 0 | -83,982 | |||
Net Expenses | 7,353,271 | 11,480,976 | 16,608,264 | |||
NET INVESTMENT LOSS | -7,335,422 | -11,411,946 | -16,474,360 | |||
Trading profit (loss): | ||||||
Net realized | 22,532,708 | 7,217,969 | -6,219,265 | |||
Net change in unrealized | -620,720 | 2,267,134 | -9,809,697 | |||
Total Trading Results | 21,773,211 | 9,944,758 | -19,787,603 | |||
NET INCOME (LOSS) | 14,437,789 | -1,467,188 | -36,261,963 | |||
Net Income (Loss) Allocation | ||||||
Limited Partners | 14,253,756 | -1,451,095 | -35,829,461 | |||
General Partner | 184,033 | -16,093 | -432,502 | |||
Net Income (Loss) Per Unit | ||||||
Limited Partners (in dollars per unit) | $2.52 | [1] | ($0.16) | [1] | ($2.94) | [1] |
General Partner (in dollars per unit) | $2.52 | [1] | ($0.16) | [1] | ($2.94) | [1] |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units) | 6,923,660.69 | 9,350,648.66 | 12,156,580.27 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Investment Fund [Member] | ||||||
Trading profit (loss): | ||||||
Net realized income (loss) on investment | 668,573 | 396,051 | -4,657,167 | |||
Net change in unrealized appreciation (depreciation) on investment | ($807,350) | $63,604 | $898,526 | |||
[1] | Based on change in net asset value per Unit. |
Condensed_Schedule_of_Investme
Condensed Schedule of Investments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | $5,792,535 | $6,652,432 | |
Unrealized Currency Loss | -669,947 | -689,577 | |
Unrealized Currency Loss Percentage of Partners' Capital (in hundredths) | -0.57% | -0.47% | |
Net fair value | 5,792,535 | 6,652,432 | |
Fair value Percentage of Partners' Capital (in hundredths) | 4.91% | 4.54% | |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 1,307,965 | 3,023,628 | |
Percentage of Partners' Capital (in hundredths) | 1.11% | 2.07% | |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | -1,909,532 | -1,214,349 | |
Percentage of Partners' Capital (in hundredths) | -1.62% | -0.82% | |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 236,709 | 3,462,235 | |
Percentage of Partners' Capital (in hundredths) | 0.20% | 2.36% | |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 52,035 | 1,349,914 | |
Percentage of Partners' Capital (in hundredths) | 0.04% | 0.92% | |
Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 2,928,753 | -574,172 | |
Percentage of Partners' Capital (in hundredths) | 2.48% | -0.39% | |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 5,154,517 | 4,318,381 | |
Percentage of Partners' Capital (in hundredths) | 4.37% | 2.94% | |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 4,259,593 | 2,107,872 | |
Percentage of Partners' Capital (in hundredths) | 3.61% | 1.44% | |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | -97,922 | 32,409 | |
Percentage of Partners' Capital (in hundredths) | -0.08% | 0.02% | |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 991,501 | 927,755 | |
Percentage of Partners' Capital (in hundredths) | 0.84% | 0.63% | |
Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 1,345 | 1,250,345 | |
Percentage of Partners' Capital (in hundredths) | 0.00% | [1] | 0.85% |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 604,870 | 1,225,590 | |
Unrealized Currency Loss | -3,465,597 | -3,447,831 | |
Unrealized Currency Loss Percentage of Partners' Capital (in hundredths) | -3.17% | -2.56% | |
Net fair value | 604,870 | 1,225,590 | |
Fair value Percentage of Partners' Capital (in hundredths) | 0.55% | 0.91% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 839,282 | 2,805,307 | |
Percentage of Partners' Capital (in hundredths) | 0.77% | 2.08% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | -605,582 | -204,694 | |
Percentage of Partners' Capital (in hundredths) | -0.55% | -0.15% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Equity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 539,849 | 3,109,753 | |
Percentage of Partners' Capital (in hundredths) | 0.49% | 2.31% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | -775,708 | 300,680 | |
Percentage of Partners' Capital (in hundredths) | -0.71% | 0.22% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Purchased [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 1,680,723 | -400,432 | |
Percentage of Partners' Capital (in hundredths) | 1.54% | -0.30% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 3,231,185 | 1,868,114 | |
Percentage of Partners' Capital (in hundredths) | 2.95% | 1.39% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 1,735,517 | 768,610 | |
Percentage of Partners' Capital (in hundredths) | 1.58% | 0.57% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Equity [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | -58,649 | 22,944 | |
Percentage of Partners' Capital (in hundredths) | -0.05% | 0.02% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Foreign Currency [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | 1,565,204 | 497,611 | |
Percentage of Partners' Capital (in hundredths) | 1.43% | 0.37% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Contracts Sold [Member] | Futures And Forward Contracts [Member] | Interest Rate [Member] | |||
Investment Holdings [Line Items] | |||
Net unrealized gain/(loss) on open contracts | ($10,887) | $578,949 | |
Percentage of Partners' Capital (in hundredths) | -0.01% | 0.43% | |
[1] | Amount less than 0.005%. |
Statements_of_Changes_in_Partn
Statements of Changes in Partners' Capital (USD $) | Limited Partners [Member] | General Partner [Member] | Total | Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] |
Limited Partners [Member] | General Partner [Member] | Limited Partners [Member] | General Partner [Member] | Limited Partners [Member] | General Partner [Member] | |||||||
Balance at Dec. 31, 2011 | $283,036,281 | $3,108,127 | $286,144,408 | $34,396,076 | $418,228 | $34,814,304 | $115,518,403 | $1,256,122 | $116,774,525 | $264,947,461 | $2,963,401 | $267,910,862 |
Balance (in units) at Dec. 31, 2011 | 9,158,617.90 | 4,032,291.40 | 7,289,766.85 | 13,634,214.78 | ||||||||
Increase/(decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net Income (Loss) | -25,885,258 | -294,306 | -26,179,564 | -3,769,861 | -46,569 | -3,816,430 | -10,517,888 | -129,289 | -10,647,177 | -35,829,461 | -432,502 | -36,261,963 |
Redemptions | -63,390,753 | -600,010 | -63,990,763 | -7,584,688 | -100,001 | -7,684,689 | -31,767,800 | -300,076 | -32,067,876 | -58,266,505 | -500,004 | -58,766,509 |
Redemptions (in units) | -2,098,985.41 | -953,365.72 | -2,090,891.78 | -3,290,451.19 | ||||||||
Balance at Dec. 31, 2012 | 193,760,270 | 2,213,811 | 195,974,081 | 23,041,527 | 271,658 | 23,313,185 | 73,232,715 | 826,757 | 74,059,472 | 170,851,495 | 2,030,895 | 172,882,390 |
Balance (in units) at Dec. 31, 2012 | 7,059,632.49 | 3,078,925.68 | 5,198,875.08 | 10,343,763.59 | ||||||||
Increase/(decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net Income (Loss) | -7,644,502 | -88,542 | -7,733,044 | -479,900 | -6,431 | -486,331 | -2,668,922 | -32,080 | -2,701,002 | -1,451,095 | -16,093 | -1,467,188 |
Redemptions | -41,464,280 | -250,012 | -41,714,292 | -4,857,782 | 0 | -4,857,782 | -18,317,546 | -100,008 | -18,417,554 | -36,119,312 | -350,019 | -36,469,331 |
Redemptions (in units) | -1,525,996.81 | -648,244.99 | -1,318,303.69 | -2,190,361.35 | ||||||||
Balance at Dec. 31, 2013 | 144,651,488 | 1,875,257 | 146,526,745 | 17,703,845 | 265,227 | 17,969,072 | 52,246,247 | 694,669 | 52,940,916 | 133,281,088 | 1,664,783 | 134,945,871 |
Balance (in units) at Dec. 31, 2013 | 5,533,635.69 | 2,430,680.68 | 3,880,571.39 | 8,153,402.23 | ||||||||
Increase/(decrease) in Partners' Capital [Roll Forward] | ||||||||||||
Net Income (Loss) | 13,077,451 | 141,717 | 13,219,168 | 1,885,964 | 21,561 | 1,907,525 | 677,750 | 26,516 | 704,266 | 14,253,756 | 184,033 | 14,437,789 |
Redemptions | -41,159,081 | -704,041 | -41,863,122 | -5,966,722 | -140,544 | -6,107,266 | -17,617,098 | -321,697 | -17,938,795 | -39,409,151 | -625,712 | -40,034,863 |
Redemptions (in units) | -1,628,161.86 | -809,451.72 | -1,258,760.35 | -2,418,876.86 | ||||||||
Balance at Dec. 31, 2014 | $116,569,858 | $1,312,933 | $117,882,791 | $13,623,087 | $146,244 | $13,769,331 | $35,306,899 | $399,488 | $35,706,387 | $108,125,693 | $1,223,104 | $109,348,797 |
Balance (in units) at Dec. 31, 2014 | 3,905,473.83 | 1,621,228.97 | 2,621,811.04 | 5,734,525.38 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization [Abstract] | |
Organization | 1. Organization |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (“Spectrum Currency”), Morgan Stanley Smith Barney Spectrum Select L.P. (“Spectrum Select”), Morgan Stanley Smith Barney Spectrum Strategic L.P. (“Spectrum Strategic”) and Morgan Stanley Smith Barney Spectrum Technical L.P. (“Spectrum Technical”) (individually, a “Partnership”, or collectively, the “Partnerships”) are limited partnerships organized to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 6. Financial Instruments). | |
Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnerships. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is wholly-owned indirectly by Morgan Stanley. Prior to June 28, 2013, Citigroup Inc. was the indirect minority owner of MSSBH. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). This entity, previously acted as a non-clearing commodity broker for the Partnerships. Morgan Stanley Wealth Management is a principal subsidiary of MSSBH. | |
The clearing commodity broker is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of options on foreign currency forward contracts. MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley. | |
The Partnerships no longer offer Units of limited partnership interest (“Unit(s)”) for purchase or exchange. | |
Effective December 31, 2014, Ceres terminated the management agreement among Ceres, Rotella Capital Management, Inc. (“Rotella”) and Spectrum Technical pursuant to which Rotella ceased all Futures Interests trading on behalf of Spectrum Technical. | |
Effective December 31, 2014, Spectrum Currency fully redeemed its investment from KR Master Fund L.P. (“KR Master Fund”). In addition, Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) no longer act as commodity trading advisors to Spectrum Currency. Effective on or about January 1, 2015, Spectrum Currency reallocated the assets allocated to Krom River to the existing commodity trading advisor in Spectrum Currency. | |
Effective December 9, 2014, Cambridge Strategy (Asset Management) Limited (“Cambridge”), trading advisor to the Cambridge Master Fund L.P. (the “Cambridge Master Fund”), in consultation with the General Partner for Spectrum Currency, agreed to increase the amount of leverage applied to the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner to 2.0 times the assets of the Cambridge Master Fund allocated to Cambridge by the General Partner and traded pursuant to Cambridge’s Asian Markets Alpha Programme and the Emerging Markets Alpha Programme. | |
Effective October 1, 2014, the flat rate brokerage fee, equal to an annual rate of 3.6% of Spectrum Currency’s net assets, was separated into (i) a general partner administrative fee payable to the General Partner equal to an annual rate of 1.6% of the Spectrum Currency’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of the Spectrum Currency’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fee and, accordingly, there was no change to the aggregate fees incurred by Spectrum Currency. | |
Effective October 1, 2014, the flat rate brokerage fees, equal to an annual rate of 4.0% of each of Spectrum Select, Spectrum Strategic and Spectrum Technical’s net assets, was separated into (i) a general partner administrative fee payable to the General Partner equal to an annual rate of 2.0% of the relevant Partnership’s net assets, and (ii) an ongoing placement agent fee payable to Morgan Stanley Wealth Management equal to an annual rate of 2.0% of the relevant Partnership’s net assets. The October 1, 2014 fee changes, in the aggregate, did not exceed the flat rate brokerage fees and, accordingly, there was no change to the aggregate fees incurred by Spectrum Select, Spectrum Strategic and Spectrum Technical. | |
Effective the close of business on August 8, 2014, Ceres terminated the management agreement among Ceres, Northfield Trading L.P. (“Northfield”) and Spectrum Select pursuant to which Northfield ceased all Futures Interests trading on behalf of Spectrum Select. | |
Effective June 1, 2014, the management fee payable by Spectrum Technical to Campbell & Company, Inc. (“Campbell”) was reduced from a monthly management fee rate equal to 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month to a monthly management fee rate equal to 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Campbell on a first day of each month. | |
Effective October 1, 2014, the flat rate brokerage fee for Spectrum Currency was reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of Spectrum Currency’s net assets. | |
Effective April 1, 2014, the flat rate brokerage fee for each of Spectrum Select, Spectrum Strategic and Spectrum Technical was reduced from 6.0% per annum (paid monthly) to 4.0% per annum (paid monthly) of the relevant Partnership’s net assets. | |
Effective March 1, 2014, the management fee payable by Spectrum Strategic to Blenheim Capital Management, L.L.C. (“Blenheim”) was reduced to a rate of 1/12th of 2% (a 2% annual rate) of net assets allocated to Blenheim on the first day of each month. | |
Effective March 1, 2014, the incentive fee payable by Spectrum Strategic to Blenheim increased to 20% of the trading profits experienced with respect to the net assets allocated to Blenheim accruing monthly but payable as of the end of each calendar quarter. | |
Effective March 1, 2014, Spectrum Strategic directly pays Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”) for its pro rata portion of incentive, management and administrative fees. | |
Effective March 1, 2014, the management fee payable by Spectrum Strategic to Aventis Asset Management LLC (“Aventis”) was reduced to a rate of 1/12th of 1.25% (a 1.25% annual rate) of net assets allocated to Aventis on the first day of each month. | |
Effective December 1, 2013, the management fee payable by Spectrum Technical to Blackwater Capital Management LLC (“Blackwater”) was reduced from a monthly management fee rate equal to 1/12th of 1.25% (a 1.25% annual rate) per month of net assets allocated to Blackwater on the first day of each month to a monthly management fee rate equal to 1/12th of 0.75% (a 0.75% annual rate) per month of net assets allocated to Blackwater on the first day of each month. | |
Effective December 1, 2013, the management fee payable by Spectrum Select to Northfield was reduced from a monthly management fee rate equal to 1/12th of 2% (a 2% annual rate) of net assets allocated to Northfield on the first day of each month to a monthly management fee rate equal to 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Northfield on the first day of each month. | |
Effective October 1, 2013, the management fee payable by Spectrum Currency to Krom River was reduced from a monthly management fee rate equal to 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Krom River on the first day of each month to a monthly management fee rate equal to 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month. | |
Effective October 1, 2013, the General Partner determined that Spectrum Currency’s assets allocated to Cambridge would be allocated 50% to Cambridge’s Asian Markets Alpha Programme, and 50% to Cambridge’s Emerging Markets Alpha Programme. | |
Effective October 1, 2013, EMC Capital Management, Inc. (“EMC”) assigned its obligations, rights and interest to EMC Capital Advisors, LLC (“EMC Capital Advisors”). EMC Capital Advisors assumed all of EMC’s obligations under the management agreement, dated as of June 1, 1998, as amended, among Spectrum Select, the General Partner and EMC. | |
Effective June 28, 2013, Ceres terminated the management agreement among Ceres, Sunrise Capital Management, Inc. (“Sunrise Capital”) and Spectrum Select, pursuant to which Sunrise Capital ceased all Futures Interest trading on behalf of Spectrum Select. | |
Effective May 31, 2013, Ceres terminated the management agreement among Ceres, C-View International Limited (“C-View”) and Spectrum Currency pursuant to which C-View ceased all Futures Interest trading on behalf of Spectrum Currency. | |
Effective the close of business on October 31, 2012, Ceres terminated the management agreement dated as of November 1, 1994, and as amended on November 30, 2000, between Ceres, John W. Henry & Company, Inc. (“JWH”) and Spectrum Technical. Consequently, JWH ceased all trading on behalf of Spectrum Technical effective October 31, 2012. | |
Effective the close of business on October 31, 2012, Ceres terminated the management agreement dated as of November 1, 1994, among Ceres, Chesapeake Capital Corporation (“Chesapeake”) and Spectrum Technical. Consequently, Chesapeake ceased all trading on behalf of Spectrum Technical effective October 31, 2012. | |
On October 22, 2012, Ceres, Cambridge and Spectrum Currency entered into a management agreement pursuant to which, effective November 1, 2012, Cambridge serves as a trading advisor to Spectrum Currency and trades its allocated portion of Spectrum Currency’s net assets through its investment in Cambridge Master Fund L.P. pursuant to the Cambridge Asian Markets Alpha Programme. | |
Effective the close of business on October 10, 2012, Ceres terminated the management agreement dated as of January 1, 2012, between Ceres, Flintlock Capital Asset Management, LLC (“Flintlock”) and Spectrum Currency. The Partnership fully redeemed its investment in FL Master Fund L.P. (“FL Master Fund”) effective October 10, 2012. | |
Effective June 1, 2012, Chesapeake reduced the management fee it receives from Spectrum Technical from a rate of 1/12th of 2% (a 2% annual rate) of adjusted net assets to 1/12th of 1% (a 1% annual rate) of adjusted net assets. | |
Effective June 1, 2012, Aspect Capital Limited (“Aspect”) reduced the monthly management fee for Spectrum Technical from 1/12th of 2.0% (a 2.0% annual rate) to 1/12th of 1.5% (a 1.5% annual rate) of the net assets as of the first day of each month. | |
Effective May 22, 2012, Chesapeake, in consultation with the General Partner for Spectrum Technical temporarily reduced the overall leverage of Spectrum Technical’s assets traded pursuant to Chesapeake’s Diversified 2XL Program (the “Program”) from 75% of the customary leverage utilized by the Program, to 50% of the customary leverage utilized by the Program, a reduction of 33.33%. This reduction in leverage was in response to the then current market environment and the adverse performance experienced by Chesapeake over the previous 12 months. | |
As of January 2, 2012, the General Partner changed the trading strategy of Spectrum Currency to a strategy in which the trading advisors employ proprietary trading models and methodologies that seek to identify favorable price relationships between and among various global currency and commodity markets through the analysis of technical market information. Spectrum Currency aims to achieve capital appreciation through speculative trading directly and indirectly, in U.S. and international markets for currencies, agricultural and energy products and precious and base metals. Spectrum Currency may employ futures, options on futures, and forward contracts in those markets. | |
Effective January 1, 2012, the management fee payable by Spectrum Technical to Winton Capital Management Limited (“Winton”) was reduced from a monthly management fee rate equal to 1/6th of 1% (a 2% annual rate) per month of net assets allocated to Winton on the first day of each month to a monthly management fee rate equal to 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Winton on the first day of each month. | |
Effective January 1, 2012, the General Partner added Flintlock and Krom River as trading advisors to manage the assets of Spectrum Currency through its investments in FL Master Fund and KR Master Fund, respectively. | |
Ceres is required to maintain a 1% minimum interest in the equity of each Partnership and income (losses) are shared by Ceres and the limited partners based on their proportional ownership interest. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies |
Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material. | |
Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. | |
The Partnerships may invest in affiliated underlying funds (“Master Fund(s)”). U.S. GAAP permits the Partnerships, as a practical expedient, to estimate the fair value of an investment using the net asset value per share of the investment (or the equivalent), if the net asset value per share of the investment (or the equivalent) is calculated in a manner consistent with the measurement principles of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 946 as of the reporting entity’s measurement date. The fair value of each Master Fund is based on the information provided by the Master Fund which reflects the Partnerships’ share of the fair value of the net assets of the Master Fund (i.e., the practical expedient is used). | |
The Partnerships record their investments in Master Funds at fair value on the basis of the net asset value of such investments. The financial statements of the Master Funds, including the condensed schedule of investments and the notes to the Master Funds’ financial statements, which provide information about the Master Funds’ valuation policy, are attached to this report and should be read with the Partnerships’ financial statements. | |
The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying asset at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount. | |
Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss within the Statements of Income and Expenses. | |
Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnership’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid to the Partnerships. For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received. The Partnerships each pay a flat rate brokerage fee to Morgan Stanley Wealth Management and flat rate administrative fee to the General Partner. The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships. | |
Fair Value of Financial Instruments — The fair value of the Partnerships’ assets and liabilities that qualify as financial instruments under the FASB ASC guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition. | |
Foreign Currency Transactions and Translation — The Partnerships’ functional currency is the U.S. dollar; however, the Partnerships may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses. | |
Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 9. Financial Highlights). | |
Trading Equity — The Partnerships’ asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co., a portion of which is to be used as margin for trading (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value; and (c) for the Partnerships which trade in options, options purchased at fair value, if any. Options written at fair value, if any, are recorded in “Liabilities” within the Statements of Financial Condition. | |
The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for each Partnership and are reported on a net basis on the Statements of Financial Condition. | |
The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty in the Statements of Financial Condition as allowable under the terms of their master netting agreement or such similar agreements with MS&Co., as the counterparty on such contracts. The Partnerships have consistently applied their right to offset. | |
Restricted and Unrestricted Cash — As reflected on the Partnerships’ Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forwards and options contracts and offset unrealized losses on only the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. | |
Brokerage and Related Transaction Fees and Costs — Spectrum Currency pays a general partner administrative fee to General Partner equal to 1/12th of 1.6% (a 1.6% annual rate) of its net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of its net assets. Spectrum Select, Spectrum Strategic, and Spectrum Technical each pay a general partner administrative fee to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets. Administrative fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses. | |
Effective October 1, 2014, the flat rate brokerage fees for Spectrum Currency were reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of its net assets. | |
Effective April 1, 2014, the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical were reduced from 6.0% per annum (paid monthly) to 4.0% per annum (paid monthly) of their net assets. | |
Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit. The request for redemptions must be delivered to a limited partner’s local Morgan Stanley Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the last day of the month in which the redemption is to be effective. Redemptions must be made in whole Units, with a minimum amount of 50 Units required for each redemption, unless a limited partner is redeeming his entire interest in a particular Partnership. | |
Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnerships’ profits. | |
Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns. | |
The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination. | |
Dissolution of the Partnerships — Spectrum Currency, Spectrum Strategic, and Spectrum Technical will terminate on December 31, 2035 and Spectrum Select will terminate on December 31, 2025, regardless of financial condition at such time, or at an earlier date if certain conditions occur as defined in each Partnership’s Limited Partnership Agreement. | |
Statement of Cash Flows — The Partnerships are not required to provide a Statement of Cash Flows. | |
Investment Company Status | |
Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnerships’ financial statements. Based on Management’s assessment, the Partnerships have been deemed to be the investment companies since inception. | |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||
Investments | 3. Investments | ||||||||||||||||||||||||||||
a. Spectrum Strategic’s investments in affiliated underlying funds | |||||||||||||||||||||||||||||
Effective December 1, 2011, Spectrum Strategic invested a portion of its assets in MB Master Fund L.P. (“MB Master Fund”) and PGR Master Fund L.P. (“PGR Master Fund”). Spectrum Strategic’s investment in MB Master Fund represents approximately 9.8% and 7.9%, and investment in PGR Master Fund represents approximately 14.8% and 6.3%, respectively, of the net asset value of Spectrum Strategic as of December 31, 2014, and 2013, respectively. | |||||||||||||||||||||||||||||
Effective January 1, 2008, Spectrum Strategic invested a portion of its assets in BHM I, LLC. Spectrum Strategic’s investment in BHM I, LLC represents approximately 79.1% and 88.7% of the net asset value of Spectrum Strategic at December 31, 2014, and 2013, respectively. | |||||||||||||||||||||||||||||
Summarized information for Spectrum Strategic’s investment in BHM I, LLC, PGR Master Fund and MB Master Fund, as of December 31, 2014 and 2013, is as follows: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Strategic | Fair | Net | Investment | Management | Incentive | Administrative | |||||||||||||||||||||||
Investment | Net Assets | Value | Income | Objective | Fees | Fees | Fees | ||||||||||||||||||||||
% | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
BHM I, LLC | 79.1 | 28,236,607 | 1,881,303 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
PGR Master Fund | 14.8 | 5,291,425 | 1,226,334 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
MB Master Fund | 9.8 | 3,502,992 | 68,634 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Strategic | Fair | Net | Investment | Management | Incentive | Administrative | |||||||||||||||||||||||
Investment | Net Assets | Value | Income | Objective | Fees | Fees | Fees | ||||||||||||||||||||||
% | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
BHM I, LLC | 88.7 | 46,985,018 | 1,541,390 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
MB Master Fund | 7.9 | 4,183,031 | 239,381 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
PGR Master Fund | 6.3 | 3,327,454 | 1,098,551 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
Spectrum Strategic does not directly pay PGR Master Fund and MB Master Fund and, prior to March 1, 2014, BHM I, LLC, for its pro rata portion of management or incentive fees. Such fees are directly paid by Spectrum Strategic to the respective parties. | |||||||||||||||||||||||||||||
Effective March 1, 2014, Spectrum Strategic directly pays BHM I, LLC for its pro rata portion of incentive, management and administrative fees. | |||||||||||||||||||||||||||||
For BHM I, LLC, PGR Master Fund and MB Master Fund, contributions and withdrawals are permitted on a monthly basis. | |||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, there have been no suspended redemptions, “lock up” periods or gate provisions imposed before a withdrawal can be made by Spectrum Strategic. | |||||||||||||||||||||||||||||
The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2014, 2013 and 2012, respectively, to meet the requirements of Regulation S-X Rule 3-09: | |||||||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-14 | Income | Loss | Results | Net Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | − | (6,707,413 | ) | 11,593,435 | 4,886,022 | ||||||||||||||||||||||||
PGR Master Fund | 1,816 | (92,435 | ) | 2,790,730 | 2,698,295 | ||||||||||||||||||||||||
MB Master Fund | 41,225 | (4,655,303 | ) | 7,309,353 | 2,654,050 | ||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-13 | Income | Loss | Results | Net Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | 2,258 | (6,908,153 | ) | 10,136,795 | 3,228,642 | ||||||||||||||||||||||||
PGR Master Fund | 12,279 | (134,731 | ) | 8,544,764 | 8,410,033 | ||||||||||||||||||||||||
MB Master Fund | 92,224 | (5,087,972 | ) | 14,221,096 | 9,133,124 | ||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-12 | Income/(Loss) | Loss | Results | Net Loss | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | (48,368 | ) | (8,182,509 | ) | (9,518,219 | ) | (17,700,728 | ) | |||||||||||||||||||||
PGR Master Fund | 26,436 | (126,749 | ) | (8,963,355 | ) | (9,090,104 | ) | ||||||||||||||||||||||
MB Master Fund | 30,442 | (691,180 | ) | (261,679 | ) | (952,859 | ) | ||||||||||||||||||||||
b. Spectrum Technical’s investment in Blackwater Master Fund | |||||||||||||||||||||||||||||
On December 1, 2011, Spectrum Technical invested a portion of its assets in Blackwater Master Fund L.P. (“Blackwater Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. Blackwater Master Fund was formed to permit accounts managed now or in the future by Blackwater using the Global Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner for Blackwater Master Fund. Individual and pooled accounts currently managed by Blackwater, including Spectrum Technical, are permitted to be limited partners of Blackwater Master Fund. The General Partner and Blackwater believe that trading through this structure should promote efficiency and economy in the trading process. | |||||||||||||||||||||||||||||
Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2014 and 2013 is shown in the following tables. | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
Blackwater Master Fund | $ | 24,973,305 | $ | 43,208 | $ | 24,930,097 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
Blackwater Master Fund | $ | 63,936,601 | $ | 610,828 | $ | 63,325,773 | |||||||||||||||||||||||
Summarized information for Spectrum Technical’s investment in, and the operations of, Blackwater Master Fund as of December 31, 2014 and 2013, is as follows: | |||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Technical | Fair | Net | Investment | Redemption | |||||||||||||||||||||||||
31-Dec-14 | Net Assets | Value | Loss | Objective | Permitted | ||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Blackwater Master Fund | 15.5 | 16,901,955 | (138,777 | ) | Commodity Portfolio | Monthly | |||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Technical | Fair | Net | Investment | Redemption | |||||||||||||||||||||||||
31-Dec-13 | Net Assets | Value | Income | Objective | Permitted | ||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Blackwater Master Fund | 24.9 | 33,548,272 | 459,654 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
Blackwater Master Fund does not pay any management or incentive fees related to Spectrum Technical’s investment in the fund. These fees are accrued and paid by Spectrum Technical. Spectrum Technical reimburses Blackwater Master Fund for all brokerage related fees borne by Blackwater Master Fund on behalf of Spectrum Technical’s investment. | |||||||||||||||||||||||||||||
On December 31, 2014 and 2013, Spectrum Technical owned approximately 67.8% and 53.0%, respectively, of Blackwater Master Fund. It is Spectrum Technical’s intention to continue to invest in Blackwater Master Fund. The performance of Spectrum Technical is directly affected by the performance of Blackwater Master Fund. | |||||||||||||||||||||||||||||
The tables below represent summarized income statement information for Blackwater Master Fund for the years ended December 31, 2014, 2013 and 2012 respectively, to meet the requirements of Regulation S-X Rule 3-09: | |||||||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | Net | ||||||||||||||||||||||||||
31-Dec-14 | Income | Loss | Results | Loss | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 7,048 | (72,105 | ) | (545,462 | ) | (617,567 | ) | ||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | Net | ||||||||||||||||||||||||||
31-Dec-13 | Income | Loss | Results | Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 28,776 | (89,483 | ) | 886,883 | 797,400 | ||||||||||||||||||||||||
Investment | Net | Total | Net | ||||||||||||||||||||||||||
Income | Investment | Trading Results | Loss | ||||||||||||||||||||||||||
31-Dec-12 | Loss | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 48,607 | (110,152 | ) | (8,076,139 | ) | (8,186,291 | ) | ||||||||||||||||||||||
c. Spectrum Currency’s investments in KR Master Fund and Cambridge Master Fund | |||||||||||||||||||||||||||||
On November 1, 2012, the assets allocated to Cambridge for trading were invested in the Cambridge Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. Cambridge Master Fund was formed to permit accounts managed now and in the future by Cambridge using Cambridge Asian Markets Alpha Programme and, from October 1, 2013, Cambridge Emerging Markets Alpha Programme, to invest together in one trading vehicle. The General Partner is also the general partner of Cambridge Master Fund. Individual and pooled accounts currently managed by Cambridge, including Spectrum Currency, are permitted to be limited partners of Cambridge Master Fund. The General Partner and Cambridge believe that trading through this structure should provide efficiency and economy in the trading process. | |||||||||||||||||||||||||||||
On January 1, 2012, the assets allocated to Krom River for trading were invested in the KR Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. KR Master Fund was formed in order to permit commodity pools managed now or in the future by Krom River using the Commodity Program at 150% Leverage, a fundamental and technical trading system, to invest together in one trading vehicle. The General Partner is also the general partner of KR Master Fund. Individual and pooled accounts currently managed by Krom River, including Spectrum Currency, are permitted to be limited partners of KR Master Fund. The General Partner and Krom River believe that trading through this structure should promote efficiency and economy in the trading process. | |||||||||||||||||||||||||||||
On January 1, 2012, the assets allocated to Flintlock for trading were invested in FL Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. FL Master Fund was formed to permit accounts managed now or in the future by Flintlock using the 2x Flintlock Commodity Opportunities Partners, LP, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner was also the general partner for FL Master Fund. Individual and pooled accounts managed by Flintlock, including Spectrum Currency, were permitted to be limited partners of FL Master Fund. The General Partner and Flintlock believed that trading through this structure promoted efficiency and economy in the trading process. Spectrum Currency fully redeemed its investment in FL Master Fund as of October 10, 2012. | |||||||||||||||||||||||||||||
Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2014 and 2013, is shown in the following tables. | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
KR Master Fund | $ | 12,415,386 | $ | 12,415,386 | – | ||||||||||||||||||||||||
Cambridge Master Fund | 39,046,641 | 48,456 | 38,998,185 | ||||||||||||||||||||||||||
$ | 51,462,027 | $ | 12,463,842 | $ | 38,998,185 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
KR Master Fund | $ | 44,043,845 | $ | 1,456,785 | $ | 42,587,060 | |||||||||||||||||||||||
Cambridge Master Fund | 37,549,964 | 28,580 | 37,521,384 | ||||||||||||||||||||||||||
$ | 81,593,809 | $ | 1,485,365 | $ | 80,108,444 | ||||||||||||||||||||||||
Summarized information for Spectrum Currency’s investment in KR Master Fund and Cambridge Master Fund for the period ended December 31, 2014 and 2013, is as follows: | |||||||||||||||||||||||||||||
For the year ended | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||||||||||
31-Dec-14 | Spectrum | Value | pro rata | Objective | Permitted | ||||||||||||||||||||||||
Investment | Currency | Net | |||||||||||||||||||||||||||
Net Assets | Income | ||||||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Cambridge Master Fund | 89.3 | 12,289,754 | 2,777,719 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
KR Master Fund | – | – | 156,509 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
For the year ended | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||||||||||
31-Dec-13 | Spectrum | Value | pro rata | Objective | Permitted | ||||||||||||||||||||||||
Investment | Currency | Net Income/(Loss) | |||||||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Cambridge Master Fund | 62.9 | 11,299,138 | 1,148,720 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
KR Master Fund | 40.6 | 7,290,317 | (575,477 | ) | Commodity Portfolio | Monthly | |||||||||||||||||||||||
Cambridge Master Fund and KR Master Fund do not pay any management or incentive fees related to Spectrum Currency’s investments. These fees are accrued and paid by Spectrum Currency. Spectrum Currency reimburses Cambridge Master Fund and KR Master Fund for all brokerage related fees borne by Cambridge Master Fund and KR Master Fund on behalf of Spectrum Currency’s investments. | |||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, Spectrum Currency owned approximately 31.51% and 0%, and 30.11% and 17.11% of Cambridge Master Fund and KR Master Fund, respectively. It is Spectrum Currency’s intention to continue to invest in Cambridge Master Fund. The performance of Spectrum Currency is directly affected by the performance of Cambridge Master Fund and prior to termination on December 31, 2014, KR Master Fund. | |||||||||||||||||||||||||||||
The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09: | |||||||||||||||||||||||||||||
31-Dec-14 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Cambridge Master Fund | 6,641 | (154,743 | ) | 9,610,031 | 9,455,288 | ||||||||||||||||||||||||
KR Master Fund | 3,785 | (159,030 | ) | 893,723 | 734,693 | ||||||||||||||||||||||||
31-Dec-13 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income/(Loss) | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Cambridge Master Fund | 9,306 | (66,302 | ) | 3,166,855 | 3,100,553 | ||||||||||||||||||||||||
KR Master Fund | 25,093 | (281,565 | ) | (5,175,049 | ) | (5,456,614 | ) | ||||||||||||||||||||||
31-Dec-12 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income/(Loss) | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
KR Master Fund | 59,059 | (462,208 | ) | (4,542,592 | ) | (5,004,800 | ) | ||||||||||||||||||||||
Cambridge Master Fund | 2,095 | (16,586 | ) | 539,604 | 523,018 |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 4. Related Party Transactions |
Each Partnership’s cash is on deposit in commodity brokerage accounts with Morgan Stanley. MS&Co. pays interest on these funds as described in Note 2. Summary of Significant Accounting Policies. Each Partnership pays brokerage and related transaction fees and costs as described in Note 2. Summary of Significant Accounting Policies. MS&Co. acts as the counterparty on all trading of foreign currency forward contracts. MSCG acts as the counterparty on all trading of options on foreign currency forward contracts. |
Trading_Advisors
Trading Advisors | 12 Months Ended |
Dec. 31, 2014 | |
Trading Advisors [Abstract] | |
Trading Advisors | 5. Trading Advisors |
Ceres, on behalf of each Partnership, retains certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission, to make all trading decisions for the Partnerships. The trading advisors for each Partnership at December 31, 2014, were as follows: | |
Spectrum Currency | |
Cambridge | |
Spectrum Select | |
Altis Partners (Jersey) Limited | |
EMC Capital Advisors, LLC | |
Graham Capital Management, L.P. (“Graham”) | |
Rabar Market Research, Inc. (“Rabar”) | |
Spectrum Strategic | |
Aventis | |
Blenheim | |
PGR Capital L.P. | |
Spectrum Technical | |
Aspect Capital Limited (“Aspect”) | |
Blackwater Capital Management LLC | |
Campbell | |
Winton Capital Management Limited (“Winton”) | |
Compensation to the trading advisors by the Partnerships consists of a management fee and an incentive fee as follows: | |
Management Fee — The management fee for Spectrum Currency is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Cambridge on the first day of each month and prior to termination on December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Krom River on the first day of each month. | |
Prior to October 1, 2013, the management fee payable to Krom River was 1/12th of 2% (a 2% annual rate). | |
The monthly management fee payable to C-View prior to termination on May 31, 2013, was 1/12th of 2% (a 2% annual rate). | |
The monthly management fee payable to Flintlock prior to termination on October 10, 2012, was 1/12th of 1.5% (a 1.5% annual rate). | |
The management fee for Spectrum Select is accrued at a rate of 1/12th of 1.25% (a 1.25% annual rate) per month of net assets allocated to Altis on the first day of each month , 1/6th of 1% (a 2% annual rate) per month of net assets allocated to Graham on the first day of each month, and 1/12th of 2% (a 2% annual rate) per month of net assets allocated to EMC and Rabar on the first day of each month. | |
The monthly management fee payable to Northfield prior to termination on August 8, 2014 was 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Northfield on the first day of each month. | |
Prior to December 1, 2013, the monthly management fee payable to Northfield was 1/12th of 2% (a 2% annual rate). | |
The monthly management fee payable to Sunrise Capital prior to termination on June 28, 2013, was 1/12th of 2% (a 2% annual rate). | |
The management fee for Spectrum Strategic is accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Blenheim on the first day of each month, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to PGR on the first day of each month, and 1/12th of 1.25% (a 1.25% annual rate) per month of net assets allocated to Aventis on the first day of each month. | |
Prior to March 1, 2014, the monthly management fee payable to Blenheim was 1/4th of 1% (a 3% annual rate) of net assets allocated to Blenheim on the first day of each month. | |
Prior to March 1, 2014, the management fee payable to Aventis was 1/12th of 1.5% (a 1.5% annual rate) of net assets allocated to Aventis on the first day of each month. | |
The management fee for Spectrum Technical is accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of net assets allocated to Aspect and Winton on the first day of each month, 1/6th of 1% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month, 1/12th of 0.75% (a 0.75% annual rate) per month of net assets allocated to Blackwater a on the first day of each month, and, prior to December 31, 2014, 1/12th of 1% (a 1% annual rate) per month of net assets allocated to Rotella on the first day of each month. | |
Prior to June 1, 2014, the management fee payable to Campbell was 1/12th of 2% (a 2% annual rate) per month of net assets allocated to Campbell on the first day of each month. | |
Prior to December 1, 2013, the monthly management fee payable to Blackwater was 1/12th of 1.25% (a 1.25% annual rate). | |
Effective October 31, 2012, JWH was terminated as a trading advisor to Spectrum Technical. The monthly management fee payable to JWH was 1/6th of 1% (a 2% annual rate). | |
Effective October 31, 2012, Chesapeake was terminated as a trading advisor to Spectrum Technical. The monthly management fee payable to Chesapeake was 1/12th of 2% (a 2% annual rate). | |
For the period from June 1, 2012 through October 31, 2012, Chesapeake temporarily reduced the management fee it received from Spectrum Technical from an annual rate of 2% of net assets as of the first day of the month, to an annual rate of 1% of net assets as of the first day of the month. | |
Prior to June 1, 2012, the monthly management fee payable to Aspect was 1/6th of 1% (a 2% annual rate). | |
Prior to January 1, 2012, the monthly management fee payable to Winton was 1/6th of 1% (a 2% annual rate). | |
Incentive Fee — Spectrum Currency pays a monthly incentive fee equal to 15% of the trading profits experienced with respect to Cambridge’s allocated net assets at the end of each calendar quarter and prior to termination on December 31, 2014, 20% of the trading profits experienced with respect to Krom River’s allocated net assets as of the end of each calendar quarter. | |
Prior to May 31, 2013, Spectrum Currency paid C-View a monthly incentive fee equal to 20% of the trading profits experienced with respect to C-View’s allocated net assets as of the end of each calendar month. C-View was removed as a trading advisor to Spectrum Currency effective May 31, 2013. | |
Prior to October 10, 2012, Spectrum Currency paid Flintlock a monthly incentive fee equal to 20% of the trading profits experienced with respect to Flintlock’s allocated net assets as of the end of each calendar quarter. Flintlock was removed as a trading advisor to Spectrum Currency effective October 10, 2012. | |
Spectrum Select pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to Northfield, EMC, Rabar, Altis and Graham as of the end of each calendar month. | |
Prior to June 28, 2013, Spectrum Select paid Sunrise Capital a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to C-View as of the end of each calendar month. Sunrise Capital was removed as a trading advisor to Spectrum Select effective June 28, 2013. | |
Spectrum Strategic pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to Blenheim and Aventis as of the end of each calendar quarter and 20% of the trading profits experienced with respect to the net assets allocated to PGR as of the end of each calendar year. | |
Prior to March 1, 2014, Spectrum Strategic paid a monthly incentive fee equal to 15% of the trading profits experienced with respect to the net assets allocated to Blenheim as of the end of each calendar month. | |
Spectrum Technical pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to the net assets allocated to each of Aspect, Campbell, Rotella, and Winton as of the end of each calendar month and 20% of the trading profits experienced with respect to the net assets allocated to Blackwater as of the end of each calendar year. | |
Prior to October 31, 2012, Spectrum Technical paid Chesapeake and JWH a monthly incentive fee equal to 19% and 20%, respectively, of the trading profits experienced with respect to Chesapeake’s and JWH’s allocated net assets as of the end of each calendar month. | |
Trading profits represent the amount by which profits from futures, forwards, and options trading exceed losses after brokerage and management fees are deducted. | |
For all trading advisors with trading losses, no incentive fee is paid in subsequent months until all such losses are recovered. Cumulative trading losses are adjusted on a pro rata basis for the net amount of each month’s redemptions. |
Financial_Instruments
Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||
Financial Instruments | 6. Financial Instruments | ||||||||||||||||||||
The Partnerships trade Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. | |||||||||||||||||||||
The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. | |||||||||||||||||||||
The Partnerships’ contracts are accounted for on a trade-date basis. A derivative is defined as a financial instrument or other contract that has all three of the following characteristics: | |||||||||||||||||||||
(1) a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both; | |||||||||||||||||||||
(2) Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and | |||||||||||||||||||||
(3) Terms that require or permit net settlement. | |||||||||||||||||||||
Generally, derivatives include futures, forward, swaps or options contracts, and other financial instruments with similar characteristics such as caps, floors, and collars. | |||||||||||||||||||||
The net unrealized gains (losses) on open contracts at December 31, 2014 and 2013, respectively, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows: | |||||||||||||||||||||
Spectrum Select | |||||||||||||||||||||
Net Unrealized Gains on Open Contracts | Longest Maturities | ||||||||||||||||||||
Year | Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | ||||||||||||||||
$ | $ | $ | |||||||||||||||||||
2014 | 5,296,681 | 495,854 | 5,792,535 | Mar. 2019 | Mar. 2015 | ||||||||||||||||
2013 | 6,193,496 | 458,936 | 6,652,432 | Dec. 2017 | Mar. 2014 | ||||||||||||||||
Spectrum Technical | |||||||||||||||||||||
Net Unrealized Gains on Open Contracts | Longest Maturities | ||||||||||||||||||||
Year | Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | ||||||||||||||||
$ | $ | $ | |||||||||||||||||||
2014 | 172,160 | 432,710 | 604,870 | Mar. 2018 | Jun. 2015 | ||||||||||||||||
2013 | 817,366 | 408,224 | 1,225,590 | Jun. 2018 | Jun. 2014 | ||||||||||||||||
In general, the risks associated with off-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to an off-exchange-traded contract. The Partnerships have credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnerships trade is limited to the unrealized gains (losses) amounts reflected in the Partnerships’ Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed gross by type of contract and corresponding fair value level in Note 8. Fair Value Measurements and Disclosures. | |||||||||||||||||||||
The Partnerships also have credit risk because MS&Co. and/or MSCG act as the futures commission merchants or the counterparties, with respect to most of the Partnerships’ assets. Exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are fair valued on a daily basis, with variations in value settled on a daily basis. MS&Co., which is acting as a commodity futures broker for each Partnership’s exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, is required, pursuant to regulations of the Commodity Futures Trading Commission, to segregate from its own assets, and for the sole benefit of its commodity customers, total cash held by it with respect to exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, including an amount equal to the net unrealized gains (losses) on all open exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, which in the aggregate, totaled $120,025,451 and $150,597,920 for Spectrum Select and $95,193,033 and $104,880,846 for Spectrum Technical at December 31, 2014 and 2013, respectively. With respect to each Partnership’s off-exchange-traded forward currency contracts and forward currency options contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, each Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in each Partnership’s account with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co., for the benefit of MS&Co. With respect to those off-exchange-traded forward currency contracts, the Partnerships are at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. With respect to those off-exchange-traded forward currency options contracts, the Partnerships are at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform. Each Partnership has a netting agreement with each counterparty. The primary terms are based on industry standard master netting agreements. These agreements, which seek to reduce both the Partnerships’ and the counterparties’ exposure on off-exchange-traded forward currency contracts, including options on such contracts, should materially decrease the Partnerships’ credit risk in the event of MS&Co.’s or MSCG’s bankruptcy or insolvency. | |||||||||||||||||||||
The General Partner monitors and attempts to control the Partnerships’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnerships may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions. | |||||||||||||||||||||
The futures, forwards and options traded by the Partnerships involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnerships’ open positions, and consequently in their earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date. | |||||||||||||||||||||
Spectrum Strategic’s, Spectrum Technical’s, and Spectrum Currency’s investments in the affiliated underlying funds expose each Partnership to various types of risks that are associated with Futures Interests trading and the markets in which the affiliated underlying funds invest. The significant types of financial risks to which the affiliated underlying funds are exposed are market risk, liquidity risk, and counterparty credit risk as described above. |
Derivatives_and_Hedging
Derivatives and Hedging | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivatives and Hedging [Abstract] | |||||||||||||||||||||||||
Derivatives and Hedging | 7. Derivatives and Hedging | ||||||||||||||||||||||||
The Partnerships’ objective is to profit from speculative trading in Futures Interests. Therefore, the trading advisors for each Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their respective trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. | |||||||||||||||||||||||||
On January 1, 2013, the Partnerships adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnerships’ financial statements. | |||||||||||||||||||||||||
As of December 31, 2014, approximately 100% of Spectrum Currency’s total investments are forward contracts which are off-exchange traded. | |||||||||||||||||||||||||
As of December 31, 2014, approximately 84.14% of Spectrum Select’s total investments are futures contracts which are exchange-traded while approximately 15.86% are forward contracts which are off-exchange traded. | |||||||||||||||||||||||||
As of December 31, 2014, approximately 100% of Spectrum Strategic’s total investments are futures contracts which are exchange-traded. | |||||||||||||||||||||||||
As of December 31, 2014, approximately 74.64% of Spectrum Technical’s total investments are futures contracts which are exchange-traded while approximately 25.36% are forward contracts which are off-exchange traded. | |||||||||||||||||||||||||
The following tables summarize the valuation of each Partnership’s investments as of December 31, 2014 and 2013. | |||||||||||||||||||||||||
Spectrum Currency | |||||||||||||||||||||||||
As of December 31, 2014, Spectrum Currency held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts. | |||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013: | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain (Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 826 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
Spectrum Select | |||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 7,228,527 | (1,519,724 | ) | 5,708,803 | |||||||||||||||||||||
Forwards | 2,346,025 | (1,592,346 | ) | 753,679 | |||||||||||||||||||||
Total Assets | 9,574,552 | (3,112,070 | ) | 6,462,482 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (1,519,724 | ) | 1,519,724 | – | |||||||||||||||||||||
Forwards | (1,592,346 | ) | 1,592,346 | – | |||||||||||||||||||||
Total Liabilities | (3,112,070 | ) | 3,112,070 | – | |||||||||||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 5,792,535 | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 9,894,085 | (3,011,012 | ) | 6,883,073 | |||||||||||||||||||||
Forwards | 528,063 | (69,127 | ) | 458,936 | |||||||||||||||||||||
Total Assets | 10,422,148 | (3,080,139 | ) | 7,342,009 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (3,011,012 | ) | 3,011,012 | – | |||||||||||||||||||||
Forwards | (69,127 | ) | 69,127 | – | |||||||||||||||||||||
Total Liabilities | (3,080,139 | ) | 3,080,139 | – | |||||||||||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 6,652,432 | ||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 282,336 | (2,191,868 | ) | 4,475,726 | (216,133 | ) | 2,350,061 | 4,302 | |||||||||||||||||
Equity | 515,619 | (278,910 | ) | 7,778 | (105,700 | ) | 138,787 | 1,107 | |||||||||||||||||
Foreign currency | 161,381 | (109,346 | ) | 1,083,928 | (92,427 | ) | 1,043,536 | 1,707 | |||||||||||||||||
Interest rate | 3,045,534 | (116,781 | ) | 2,250 | (905 | ) | 2,930,098 | 4,621 | |||||||||||||||||
Total | 4,004,870 | (2,696,905 | ) | 5,569,682 | (415,165 | ) | 6,462,482 | ||||||||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 5,792,535 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 561,914 | (1,776,263 | ) | 2,430,029 | (322,157 | ) | 893,523 | 4,153 | |||||||||||||||||
Equity | 3,462,235 | – | 36,105 | (3,696 | ) | 3,494,644 | 1,717 | ||||||||||||||||||
Foreign currency | 1,474,046 | (124,132 | ) | 986,884 | (59,129 | ) | 2,277,669 | 3,214 | |||||||||||||||||
Interest rate | 61,862 | (636,034 | ) | 1,409,073 | (158,728 | ) | 676,173 | 5,741 | |||||||||||||||||
Total | 5,560,057 | (2,536,429 | ) | 4,862,091 | (543,710 | ) | 7,342,009 | ||||||||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 6,652,432 | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 3 | |||||||||||||||||||||||
Options written | – | 2 | |||||||||||||||||||||||
Spectrum Technical | |||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 4,533,559 | (797,767 | ) | 3,735,792 | |||||||||||||||||||||
Forwards | 2,011,895 | (1,677,220 | ) | 334,675 | |||||||||||||||||||||
Total Assets | 6,545,454 | (2,474,987 | ) | 4,070,467 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (797,767 | ) | 797,767 | – | |||||||||||||||||||||
Forwards | (1,677,220 | ) | 1,677,220 | – | |||||||||||||||||||||
Total Liabilities | (2,474,987 | ) | 2,474,987 | – | |||||||||||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 604,870 | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 5,404,721 | (1,139,524 | ) | 4,265,197 | |||||||||||||||||||||
Forwards | 728,738 | (320,514 | ) | 408,224 | |||||||||||||||||||||
Total Assets | 6,133,459 | (1,460,038 | ) | 4,673,421 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (1,139,524 | ) | 1,139,524 | – | |||||||||||||||||||||
Forwards | (320,514 | ) | 320,514 | – | |||||||||||||||||||||
Total Liabilities | (1,460,038 | ) | 1,460,038 | – | |||||||||||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 1,225,590 | ||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013: | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 35,163 | (640,745 | ) | 1,817,116 | (81,599 | ) | 1,129,935 | 1,561 | |||||||||||||||||
Equity | 713,684 | (173,835 | ) | 17,967 | (76,616 | ) | 481,200 | 1,203 | |||||||||||||||||
Foreign currency | 267,933 | (1,043,641 | ) | 1,855,362 | (290,158 | ) | 789,496 | 1,355 | |||||||||||||||||
Interest rate | 1,829,953 | (149,230 | ) | 8,276 | (19,163 | ) | 1,669,836 | 4,328 | |||||||||||||||||
Total | 2,846,733 | (2,007,451 | ) | 3,698,721 | (467,536 | ) | 4,070,467 | ||||||||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 604,870 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 182,135 | (386,829 | ) | 893,327 | (124,717 | ) | 563,916 | 1,300 | |||||||||||||||||
Equity | 3,110,927 | (1,174 | ) | 28,444 | (5,500 | ) | 3,132,697 | 1,458 | |||||||||||||||||
Foreign currency | 539,752 | (239,072 | ) | 601,972 | (104,361 | ) | 798,291 | 4,080 | |||||||||||||||||
Interest rate | 152,993 | (553,425 | ) | 623,909 | (44,960 | ) | 178,517 | 3,501 | |||||||||||||||||
Total | 3,985,807 | (1,180,500 | ) | 2,147,652 | (279,538 | ) | 4,673,421 | ||||||||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 1,225,590 | ||||||||||||||||||||||||
The following tables summarize the net trading results of each Partnership for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||
Spectrum Select | |||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Type of Instrument | $ | $ | $ | ||||||||||||||||||||||
Commodity | 11,295,753 | (8,240,610 | ) | (12,872,729 | ) | ||||||||||||||||||||
Equity | (3,990,077 | ) | 17,236,173 | 6,993,095 | |||||||||||||||||||||
Foreign currency | 4,165,976 | 69,245 | (2,206,555 | ) | |||||||||||||||||||||
Interest rate | 9,213,718 | (3,637,449 | ) | 1,388,041 | |||||||||||||||||||||
Unrealized currency gain | 19,627 | 514,288 | 99,725 | ||||||||||||||||||||||
Total | 20,704,997 | 5,941,647 | (6,598,423 | ) | |||||||||||||||||||||
Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Trading Results | $ | $ | $ | ||||||||||||||||||||||
Net realized | 21,564,894 | 1,840,569 | (2,747,878 | ) | |||||||||||||||||||||
Net change in unrealized | (859,897 | ) | 4,101,078 | (3,850,545 | ) | ||||||||||||||||||||
Total | 20,704,997 | 5,941,647 | (6,598,423 | ) | |||||||||||||||||||||
Spectrum Technical | |||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Type of Instrument | $ | $ | $ | ||||||||||||||||||||||
Commodity | 3,173,650 | 1,447,554 | 7,806,061 | ||||||||||||||||||||||
Equity | 3,873,373 | 16,778,460 | (58,323,819 | ) | |||||||||||||||||||||
Foreign currency | (6,165,114 | ) | 1,893,467 | (30,995,834 | ) | ||||||||||||||||||||
Interest rate | 20,943,980 | (10,210,043 | ) | 68,102,911 | |||||||||||||||||||||
Unrealized currency gain (loss) | (52,678 | ) | 35,320 | (6,376,922 | ) | ||||||||||||||||||||
Total | 21,773,211 | 9,944,758 | (19,787,603 | ) | |||||||||||||||||||||
Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Trading Results | $ | $ | $ | ||||||||||||||||||||||
Net realized | 22,532,708 | 7,217,969 | (6,219,265 | ) | |||||||||||||||||||||
Net change in unrealized | (620,720 | ) | 2,267,134 | (9,809,697 | ) | ||||||||||||||||||||
Realized gain (loss) on Investment in Blackwater Master Fund | 668,573 | 396,051 | (4,657,167 | ) | |||||||||||||||||||||
Unrealized appreciation (depreciation) on Investment in Blackwater Master Fund | (807,350 | ) | 63,604 | 898,526 | |||||||||||||||||||||
Total Trading Results | 21,773,211 | 9,944,758 | (19,787,603 | ) |
Fair_Value_Measurements_and_Di
Fair Value Measurements and Disclosures | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Measurements and Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements and Disclosures | 8. Fair Value Measurements and Disclosures | ||||||||||||||||
Financial instruments are carried at fair value, which is 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 carried at fair value are classified and disclosed in the following three levels: Level 1 — unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 — inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates and credit risk); and Level 3 — unobservable inputs for the asset or liability (including the Partnerships’ own assumptions used in determining the fair value of investments). | |||||||||||||||||
In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnerships’ assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and consideration of factors specific to the investment. | |||||||||||||||||
The Partnerships’ 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. | |||||||||||||||||
Spectrum Currency | |||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Cambridge Master Fund | – | 12,289,754 | n/a | 12,289,754 | |||||||||||||
Total Investments | – | 12,289,754 | n/a | 12,289,754 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Cambridge Master Fund | – | 11,299,138 | n/a | 11,299,138 | |||||||||||||
Investment in KR Master Fund | – | 7,290,317 | n/a | 7,290,317 | |||||||||||||
Total Investments | – | 18,589,455 | n/a | 18,589,455 | |||||||||||||
* | This amount comprises of “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition. | ||||||||||||||||
During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Currency. | |||||||||||||||||
Spectrum Select | |||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Futures | 7,228,527 | – | n/a | 7,228,527 | |||||||||||||
Forwards | 1,699,736 | 646,289 | n/a | 2,346,025 | |||||||||||||
Total Assets | 8,928,263 | 646,289 | n/a | 9,574,552 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 1,519,724 | – | n/a | 1,519,724 | |||||||||||||
Forwards | 1,441,911 | 150,435 | n/a | 1,592,346 | |||||||||||||
Total Liabilities | 2,961,635 | 150,435 | n/a | 3,112,070 | |||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||
*Net fair value | 5,966,628 | 495,854 | n/a | 5,792,535 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Futures | 9,894,085 | – | n/a | 9,894,085 | |||||||||||||
Forwards | – | 528,063 | n/a | 528,063 | |||||||||||||
Total Assets | 9,894,085 | 528,063 | n/a | 10,422,148 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 3,011,012 | – | n/a | 3,011,012 | |||||||||||||
Forwards | – | 69,127 | n/a | 69,127 | |||||||||||||
Total Liabilities | 3,011,012 | 69,127 | n/a | 3,080,139 | |||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||
*Net fair value | 6,883,073 | 458,936 | n/a | 6,652,432 | |||||||||||||
* | This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition. | ||||||||||||||||
During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Select. | |||||||||||||||||
Spectrum Strategic | |||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in BHM I, LLC | – | 28,236,607 | n/a | 28,236,607 | |||||||||||||
Investment in PGR Master Fund | – | 5,291,425 | n/a | 5,291,425 | |||||||||||||
Investment in MB Master Fund | – | 3,502,992 | n/a | 3,502,992 | |||||||||||||
Total Investments | – | 37,031,024 | n/a | 37,031,024 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in BHM I, LLC | – | 46,985,018 | n/a | 46,985,018 | |||||||||||||
Investment in PGR Master Fund | – | 3,327,454 | n/a | 3,327,454 | |||||||||||||
Investment in MB Master Fund | – | 4,183,031 | n/a | 4,183,031 | |||||||||||||
Total Investments | – | 54,495,503 | n/a | 54,495,503 | |||||||||||||
During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Strategic. | |||||||||||||||||
Spectrum Technical | |||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Blackwater Master Fund | – | 16,901,955 | n/a | 16,901,955 | |||||||||||||
Futures | 4,533,559 | – | n/a | 4,533,559 | |||||||||||||
Forwards | 274,957 | 1,736,938 | n/a | 2,011,895 | |||||||||||||
Total Assets | 4,808,516 | 18,638,893 | n/a | 23,447,409 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 797,767 | – | n/a | 797,767 | |||||||||||||
Forwards | 372,992 | 1,304,228 | n/a | 1,677,220 | |||||||||||||
Total Liabilities | 1,170,759 | 1,304,228 | n/a | 2,474,987 | |||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||
*Net fair value | 3,637,757 | 17,334,665 | n/a | 17,506,825 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Blackwater Master Fund | – | 33,548,272 | n/a | 33,548,272 | |||||||||||||
Futures | 5,404,721 | – | n/a | 5,404,721 | |||||||||||||
Forwards | – | 728,738 | n/a | 728,738 | |||||||||||||
Total Assets | 5,404,721 | 34,277,010 | n/a | 39,681,731 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 1,139,524 | – | n/a | 1,139,524 | |||||||||||||
Forwards | – | 320,514 | n/a | 320,514 | |||||||||||||
Total Liabilities | 1,139,524 | 320,514 | n/a | 1,460,038 | |||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||
*Net fair value | 4,265,197 | 33,956,496 | n/a | 34,773,862 | |||||||||||||
* | This amount comprises of the “Total net unrealized gain on open contracts” and “Investment in Blackwater Master Fund” on the Statements of Financial Condition. | ||||||||||||||||
During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2 for Spectrum Technical. |
Financial_Highlights
Financial Highlights | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Financial Highlights [Abstract] | |||||||||||||
Financial Highlights | 9. Financial Highlights | ||||||||||||
The following ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partners’ share of income, expenses and average net assets. | |||||||||||||
Spectrum Currency | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 7.39 | $ | 7.57 | $ | 8.63 | |||||||
Interest Income | – | (2) | – | (2) | – | (2) | |||||||
Expenses | (0.53 | ) | (0.53 | ) | (0.53 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 1.63 | 0.35 | (0.53 | ) | |||||||||
Net Income (Loss) | 1.1 | (0.18 | ) | (1.06 | ) | ||||||||
Net asset value, December 31: | $ | 8.49 | $ | 7.39 | $ | 7.57 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Gain (Loss) | (7.0 | )% | (7.2 | )% | (6.6 | )% | |||||||
Expenses before Incentive Fees | 5.4 | % | 6.4 | % | 6.7 | % | |||||||
Expenses after Incentive Fees | 7 | % | 7.2 | % | 6.7 | % | |||||||
Total return before incentive fees | 16.6 | % | (1.6 | )% | (12.3 | )% | |||||||
Total return after incentive fees | 14.9 | % | (2.4 | )% | (12.3 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Spectrum Select | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 26.48 | $ | 27.76 | $ | 31.24 | |||||||
Interest Income | – | (2) | 0.01 | 0.02 | |||||||||
Expenses | (1.64 | ) | (2.17 | ) | (2.44 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 5.34 | 0.88 | (1.06 | ) | |||||||||
Net Income (Loss) | 3.7 | (1.28 | ) | (3.48 | ) | ||||||||
Net asset value, December 31: | $ | 30.18 | $ | 26.48 | $ | 27.76 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (6.3 | )% | (7.9 | )% | (8.0 | )% | |||||||
Expenses before Incentive Fees | 6.3 | % | 8 | % | 8.1 | % | |||||||
Expenses after Incentive Fees | 6.3 | % | 8 | % | 8.1 | % | |||||||
Total return before incentive fees | 14 | % | (4.6 | )% | (11.1 | )% | |||||||
Total return after incentive fees | 14 | % | (4.6 | )% | (11.1 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Spectrum Strategic | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 13.64 | $ | 14.25 | $ | 16.02 | |||||||
Interest Income | − | 0.01 | 0.01 | ||||||||||
Expenses | (0.79 | ) | (1.24 | ) | (1.37 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 0.77 | 0.62 | (0.41 | ) | |||||||||
Net Loss | (0.02 | ) | (0.61 | ) | (1.77 | ) | |||||||
Net asset value, December 31: | $ | 13.62 | $ | 13.64 | $ | 14.25 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (5.5 | )% | (8.9 | )% | (9.0 | )% | |||||||
Expenses before Incentive Fees | 5.4 | % | 9 | % | 9.1 | % | |||||||
Expenses after Incentive Fees | 5.5 | % | 9 | % | 9.1 | % | |||||||
Total return before incentive fees | − | (2) | (4.3 | )% | (11.0 | )% | |||||||
Total return after incentive fees | (0.1 | )% | (4.3 | )% | (11.0 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Spectrum Technical | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 16.55 | $ | 16.71 | $ | 19.65 | |||||||
Interest Income | – | (2) | 0.01 | 0.01 | |||||||||
Expenses | (1.09 | ) | (1.24 | ) | (1.38 | )† | |||||||
Realized/Unrealized Income (Loss) (1) | 3.61 | 1.07 | (1.57 | ) | |||||||||
Net Income (Loss) | 2.52 | (0.16 | ) | (2.94 | ) | ||||||||
Net asset value, December 31: | $ | 19.07 | $ | 16.55 | $ | 16.71 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (6.6 | )% | (7.5 | )% | (7.7 | )% | |||||||
Expenses before Incentive Fees | 5.9 | % | 7.5 | % | 7.8 | %†† | |||||||
Expenses after Incentive Fees | 6.6 | % | 7.5 | % | 7.8 | %†† | |||||||
Total return before incentive fees | 15.9 | % | (1.0 | )% | (15.0 | )% | |||||||
Total return after incentive fees | 15.2 | % | (1.0 | )% | (15.0 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
† | Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake. | ||||||||||||
†† | Such percentage is after waiver of management fees. Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets). |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events |
Management performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustments of or disclosure in the financial statements other than those disclosed below. | |
Ceres, SECOR Capital Advisors, L.P. (“SECOR”) and Spectrum Technical entered into a management agreement pursuant to which, as of January 1, 2015, SECOR serves as a trading advisor to Spectrum Technical and trades its allocated portion of Spectrum Technical’s net assets through the Partnership’s investment in SECOR Master Fund, L.P. pursuant to the SECOR Alpha Program. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Summary of Significant Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material. |
Valuation | Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. |
The Partnerships may invest in affiliated underlying funds (“Master Fund(s)”). U.S. GAAP permits the Partnerships, as a practical expedient, to estimate the fair value of an investment using the net asset value per share of the investment (or the equivalent), if the net asset value per share of the investment (or the equivalent) is calculated in a manner consistent with the measurement principles of Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) 946 as of the reporting entity’s measurement date. The fair value of each Master Fund is based on the information provided by the Master Fund which reflects the Partnerships’ share of the fair value of the net assets of the Master Fund (i.e., the practical expedient is used). | |
The Partnerships record their investments in Master Funds at fair value on the basis of the net asset value of such investments. The financial statements of the Master Funds, including the condensed schedule of investments and the notes to the Master Funds’ financial statements, which provide information about the Master Funds’ valuation policy, are attached to this report and should be read with the Partnerships’ financial statements. | |
The Partnerships may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying asset at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount. | |
Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss within the Statements of Income and Expenses. | |
Revenue Recognition | Revenue Recognition — Monthly, MS&Co. pays each Partnership interest income on 100% of the average daily equity maintained in the Partnership’ accounts during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid to the Partnerships. For purposes of such interest payments, net assets do not include monies due to the Partnerships on Futures Interests that have not been received. The Partnerships each pay a flat rate brokerage fee to Morgan Stanley Wealth Management and flat rate administrative fee to the General Partner. The General Partner pays or reimburses the Partnerships for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the Partnerships. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The fair value of the Partnerships’ assets and liabilities that qualify as financial instruments under the FASB ASC guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation — The Partnerships’ functional currency is the U.S. dollar; however, the Partnerships may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 9. Financial Highlights). |
Trading Equity | Trading Equity — The Partnerships’ asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co., a portion of which is to be used as margin for trading (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value; and (c) for the Partnerships which trade in options, options purchased at fair value, if any. Options written at fair value, if any, are recorded in “Liabilities” within the Statements of Financial Condition. |
The Partnerships, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for each Partnership and are reported on a net basis on the Statements of Financial Condition. | |
The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty in the Statements of Financial Condition as allowable under the terms of their master netting agreement or such similar agreements with MS&Co., as the counterparty on such contracts. The Partnerships have consistently applied their right to offset. | |
Restricted and Unrestricted Cash | Restricted and Unrestricted Cash — As reflected on the Partnerships’ Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forwards and options contracts and offset unrealized losses on only the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. |
Brokerage and Related Transaction Fees and Costs | Brokerage and Related Transaction Fees and Costs — Spectrum Currency pays a general partner administrative fee to General Partner equal to 1/12th of 1.6% (a 1.6% annual rate) of its net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of its net assets. Spectrum Select, Spectrum Strategic, and Spectrum Technical each pay a general partner administrative fee to the General Partner equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets, and an ongoing placement agent fee to Morgan Stanley Wealth Management equal to 1/12th of 2.0% (a 2.0% annual rate) of their net assets. Administrative fees currently cover all brokerage fees, transaction fees and costs, and ordinary administrative expenses. |
Effective October 1, 2014, the flat rate brokerage fees for Spectrum Currency were reduced from 4.60% per annum (paid monthly) to 3.60% per annum (paid monthly) of its net assets. | |
Effective April 1, 2014, the flat rate brokerage fees for Spectrum Select, Spectrum Strategic and Spectrum Technical were reduced from 6.0% per annum (paid monthly) to 4.0% per annum (paid monthly) of their net assets | |
Redemptions | Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit. The request for redemptions must be delivered to a limited partner’s local Morgan Stanley Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the last day of the month in which the redemption is to be effective. Redemptions must be made in whole Units, with a minimum amount of 50 Units required for each redemption, unless a limited partner is redeeming his entire interest in a particular Partnership. |
Distributions | Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnerships’ profits. |
Income Taxes | Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of each Partnership’s revenue and expenses for income tax purposes. The Partnerships file U.S. federal and state tax returns. |
The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in each Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnerships have concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnerships recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination. | |
Dissolution of the Partnerships | Dissolution of the Partnerships — Spectrum Currency, Spectrum Strategic, and Spectrum Technical will terminate on December 31, 2035 and Spectrum Select will terminate on December 31, 2025, regardless of financial condition at such time, or at an earlier date if certain conditions occur as defined in each Partnership’s Limited Partnership Agreement. |
Investment Company Status | Investment Company Status |
Effective January 1, 2014, the Partnerships adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnerships’ financial statements. Based on Management’s assessment, the Partnerships have been deemed to be the investment companies since inception. | |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||||||||||||||||||||||||||||
Investment Information in Affiliated Funds, Disclosures [Line Items] | |||||||||||||||||||||||||||||
Summary of Partnership's Investments | Summarized information for Spectrum Currency’s investment in KR Master Fund and Cambridge Master Fund for the period ended December 31, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||
For the year ended | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||||||||||
31-Dec-14 | Spectrum | Value | pro rata | Objective | Permitted | ||||||||||||||||||||||||
Investment | Currency | Net | |||||||||||||||||||||||||||
Net Assets | Income | ||||||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Cambridge Master Fund | 89.3 | 12,289,754 | 2,777,719 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
KR Master Fund | – | – | 156,509 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
For the year ended | % of | Fair | Partnership’s | Investment | Redemption | ||||||||||||||||||||||||
31-Dec-13 | Spectrum | Value | pro rata | Objective | Permitted | ||||||||||||||||||||||||
Investment | Currency | Net Income/(Loss) | |||||||||||||||||||||||||||
Net Assets | |||||||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Cambridge Master Fund | 62.9 | 11,299,138 | 1,148,720 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
KR Master Fund | 40.6 | 7,290,317 | (575,477 | ) | Commodity Portfolio | Monthly | |||||||||||||||||||||||
Income Statement Information of Investments | The tables below represent summarized Income Statement information for Cambridge Master Fund and KR Master Fund for the year ended December 31, 2014, 2013 and 2012, to meet the requirements of Regulation S-X Rule 3-09: | ||||||||||||||||||||||||||||
31-Dec-14 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Cambridge Master Fund | 6,641 | (154,743 | ) | 9,610,031 | 9,455,288 | ||||||||||||||||||||||||
KR Master Fund | 3,785 | (159,030 | ) | 893,723 | 734,693 | ||||||||||||||||||||||||
31-Dec-13 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income/(Loss) | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Cambridge Master Fund | 9,306 | (66,302 | ) | 3,166,855 | 3,100,553 | ||||||||||||||||||||||||
KR Master Fund | 25,093 | (281,565 | ) | (5,175,049 | ) | (5,456,614 | ) | ||||||||||||||||||||||
31-Dec-12 | Investment | Net | Total | Net | |||||||||||||||||||||||||
Income | Investment | Trading | Income/(Loss) | ||||||||||||||||||||||||||
Loss | Results | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
KR Master Fund | 59,059 | (462,208 | ) | (4,542,592 | ) | (5,004,800 | ) | ||||||||||||||||||||||
Cambridge Master Fund | 2,095 | (16,586 | ) | 539,604 | 523,018 | ||||||||||||||||||||||||
Summary of Total Assets, Liabilities and Capital | Summarized information for Spectrum Currency, reflecting the total assets, liabilities and capital of KR Master Fund and Cambridge Master Fund as of December 31, 2014 and 2013, is shown in the following tables. | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
KR Master Fund | $ | 12,415,386 | $ | 12,415,386 | – | ||||||||||||||||||||||||
Cambridge Master Fund | 39,046,641 | 48,456 | 38,998,185 | ||||||||||||||||||||||||||
$ | 51,462,027 | $ | 12,463,842 | $ | 38,998,185 | ||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
KR Master Fund | $ | 44,043,845 | $ | 1,456,785 | $ | 42,587,060 | |||||||||||||||||||||||
Cambridge Master Fund | 37,549,964 | 28,580 | 37,521,384 | ||||||||||||||||||||||||||
$ | 81,593,809 | $ | 1,485,365 | $ | 80,108,444 | ||||||||||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||||||||||||||||||||||||||||
Investment Information in Affiliated Funds, Disclosures [Line Items] | |||||||||||||||||||||||||||||
Summary of Partnership's Investments | Summarized information for Spectrum Strategic’s investment in BHM I, LLC, PGR Master Fund and MB Master Fund, as of December 31, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Strategic | Fair | Net | Investment | Management | Incentive | Administrative | |||||||||||||||||||||||
Investment | Net Assets | Value | Income | Objective | Fees | Fees | Fees | ||||||||||||||||||||||
% | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
BHM I, LLC | 79.1 | 28,236,607 | 1,881,303 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
PGR Master Fund | 14.8 | 5,291,425 | 1,226,334 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
MB Master Fund | 9.8 | 3,502,992 | 68,634 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Strategic | Fair | Net | Investment | Management | Incentive | Administrative | |||||||||||||||||||||||
Investment | Net Assets | Value | Income | Objective | Fees | Fees | Fees | ||||||||||||||||||||||
% | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
BHM I, LLC | 88.7 | 46,985,018 | 1,541,390 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
MB Master Fund | 7.9 | 4,183,031 | 239,381 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
PGR Master Fund | 6.3 | 3,327,454 | 1,098,551 | Commodity Portfolio | n/a | n/a | n/a | ||||||||||||||||||||||
Income Statement Information of Investments | The tables below represent summarized Income Statement information for BHM I, LLC, PGR Master Fund and MB Master Fund for the years ended December 31, 2014, 2013 and 2012, respectively, to meet the requirements of Regulation S-X Rule 3-09: | ||||||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-14 | Income | Loss | Results | Net Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | − | (6,707,413 | ) | 11,593,435 | 4,886,022 | ||||||||||||||||||||||||
PGR Master Fund | 1,816 | (92,435 | ) | 2,790,730 | 2,698,295 | ||||||||||||||||||||||||
MB Master Fund | 41,225 | (4,655,303 | ) | 7,309,353 | 2,654,050 | ||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-13 | Income | Loss | Results | Net Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | 2,258 | (6,908,153 | ) | 10,136,795 | 3,228,642 | ||||||||||||||||||||||||
PGR Master Fund | 12,279 | (134,731 | ) | 8,544,764 | 8,410,033 | ||||||||||||||||||||||||
MB Master Fund | 92,224 | (5,087,972 | ) | 14,221,096 | 9,133,124 | ||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | |||||||||||||||||||||||||||
31-Dec-12 | Income/(Loss) | Loss | Results | Net Loss | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
BHM I, LLC | (48,368 | ) | (8,182,509 | ) | (9,518,219 | ) | (17,700,728 | ) | |||||||||||||||||||||
PGR Master Fund | 26,436 | (126,749 | ) | (8,963,355 | ) | (9,090,104 | ) | ||||||||||||||||||||||
MB Master Fund | 30,442 | (691,180 | ) | (261,679 | ) | (952,859 | ) | ||||||||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||||||||||||||||||||||||||||
Investment Information in Affiliated Funds, Disclosures [Line Items] | |||||||||||||||||||||||||||||
Summary of Partnership's Investments | Summarized information for Spectrum Technical’s investment in, and the operations of, Blackwater Master Fund as of December 31, 2014 and 2013, is as follows: | ||||||||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Technical | Fair | Net | Investment | Redemption | |||||||||||||||||||||||||
31-Dec-14 | Net Assets | Value | Loss | Objective | Permitted | ||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Blackwater Master Fund | 15.5 | 16,901,955 | (138,777 | ) | Commodity Portfolio | Monthly | |||||||||||||||||||||||
% of | Partnership’s | ||||||||||||||||||||||||||||
Spectrum | pro rata | ||||||||||||||||||||||||||||
Technical | Fair | Net | Investment | Redemption | |||||||||||||||||||||||||
31-Dec-13 | Net Assets | Value | Income | Objective | Permitted | ||||||||||||||||||||||||
% | $ | $ | |||||||||||||||||||||||||||
Blackwater Master Fund | 24.9 | 33,548,272 | 459,654 | Commodity Portfolio | Monthly | ||||||||||||||||||||||||
Income Statement Information of Investments | The tables below represent summarized income statement information for Blackwater Master Fund for the years ended December 31, 2014, 2013 and 2012 respectively, to meet the requirements of Regulation S-X Rule 3-09: | ||||||||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | Net | ||||||||||||||||||||||||||
31-Dec-14 | Income | Loss | Results | Loss | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 7,048 | (72,105 | ) | (545,462 | ) | (617,567 | ) | ||||||||||||||||||||||
Net | Total | ||||||||||||||||||||||||||||
Investment | Investment | Trading | Net | ||||||||||||||||||||||||||
31-Dec-13 | Income | Loss | Results | Income | |||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 28,776 | (89,483 | ) | 886,883 | 797,400 | ||||||||||||||||||||||||
Investment | Net | Total | Net | ||||||||||||||||||||||||||
Income | Investment | Trading Results | Loss | ||||||||||||||||||||||||||
31-Dec-12 | Loss | ||||||||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||||||||
Blackwater Master Fund | 48,607 | (110,152 | ) | (8,076,139 | ) | (8,186,291 | ) | ||||||||||||||||||||||
Summary of Total Assets, Liabilities and Capital | Summarized information reflecting the total assets, liabilities and capital of Blackwater Master Fund as of December 31, 2014 and 2013 is shown in the following tables. | ||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
Blackwater Master Fund | $ | 24,973,305 | $ | 43,208 | $ | 24,930,097 | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Total Assets | Total Liabilities | Total Capital | |||||||||||||||||||||||||||
Blackwater Master Fund | $ | 63,936,601 | $ | 610,828 | $ | 63,325,773 |
Financial_Instruments_Tables
Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items] | |||||||||||||||||||||
Net Unrealized Gain (Loss) on Open Contracts | The net unrealized gains (losses) on open contracts at December 31, 2014 and 2013, respectively, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows: | ||||||||||||||||||||
Spectrum Select | |||||||||||||||||||||
Net Unrealized Gains on Open Contracts | Longest Maturities | ||||||||||||||||||||
Year | Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | ||||||||||||||||
$ | $ | $ | |||||||||||||||||||
2014 | 5,296,681 | 495,854 | 5,792,535 | Mar. 2019 | Mar. 2015 | ||||||||||||||||
2013 | 6,193,496 | 458,936 | 6,652,432 | Dec. 2017 | Mar. 2014 | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||||||||||||||||||||
Net Unrealized Gains And Losses on Open Contracts, Disclosures [Line Items] | |||||||||||||||||||||
Net Unrealized Gain (Loss) on Open Contracts | Spectrum Technical | ||||||||||||||||||||
Net Unrealized Gains on Open Contracts | Longest Maturities | ||||||||||||||||||||
Year | Exchange-Traded | Off-Exchange-Traded | Total | Exchange-Traded | Off-Exchange-Traded | ||||||||||||||||
$ | $ | $ | |||||||||||||||||||
2014 | 172,160 | 432,710 | 604,870 | Mar. 2018 | Jun. 2015 | ||||||||||||||||
2013 | 817,366 | 408,224 | 1,225,590 | Jun. 2018 | Jun. 2014 | ||||||||||||||||
Derivatives_and_Hedging_Tables
Derivatives and Hedging (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities, Disclosures [Line Items] | |||||||||||||||||||||||||
Offsetting Of Derivative Assets And Liabilities | Spectrum Select | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 7,228,527 | (1,519,724 | ) | 5,708,803 | |||||||||||||||||||||
Forwards | 2,346,025 | (1,592,346 | ) | 753,679 | |||||||||||||||||||||
Total Assets | 9,574,552 | (3,112,070 | ) | 6,462,482 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (1,519,724 | ) | 1,519,724 | – | |||||||||||||||||||||
Forwards | (1,592,346 | ) | 1,592,346 | – | |||||||||||||||||||||
Total Liabilities | (3,112,070 | ) | 3,112,070 | – | |||||||||||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 5,792,535 | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 9,894,085 | (3,011,012 | ) | 6,883,073 | |||||||||||||||||||||
Forwards | 528,063 | (69,127 | ) | 458,936 | |||||||||||||||||||||
Total Assets | 10,422,148 | (3,080,139 | ) | 7,342,009 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (3,011,012 | ) | 3,011,012 | – | |||||||||||||||||||||
Forwards | (69,127 | ) | 69,127 | – | |||||||||||||||||||||
Total Liabilities | (3,080,139 | ) | 3,080,139 | – | |||||||||||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 6,652,432 | ||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Financial Condition | The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 282,336 | (2,191,868 | ) | 4,475,726 | (216,133 | ) | 2,350,061 | 4,302 | |||||||||||||||||
Equity | 515,619 | (278,910 | ) | 7,778 | (105,700 | ) | 138,787 | 1,107 | |||||||||||||||||
Foreign currency | 161,381 | (109,346 | ) | 1,083,928 | (92,427 | ) | 1,043,536 | 1,707 | |||||||||||||||||
Interest rate | 3,045,534 | (116,781 | ) | 2,250 | (905 | ) | 2,930,098 | 4,621 | |||||||||||||||||
Total | 4,004,870 | (2,696,905 | ) | 5,569,682 | (415,165 | ) | 6,462,482 | ||||||||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 5,792,535 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 561,914 | (1,776,263 | ) | 2,430,029 | (322,157 | ) | 893,523 | 4,153 | |||||||||||||||||
Equity | 3,462,235 | – | 36,105 | (3,696 | ) | 3,494,644 | 1,717 | ||||||||||||||||||
Foreign currency | 1,474,046 | (124,132 | ) | 986,884 | (59,129 | ) | 2,277,669 | 3,214 | |||||||||||||||||
Interest rate | 61,862 | (636,034 | ) | 1,409,073 | (158,728 | ) | 676,173 | 5,741 | |||||||||||||||||
Total | 5,560,057 | (2,536,429 | ) | 4,862,091 | (543,710 | ) | 7,342,009 | ||||||||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 6,652,432 | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 3 | |||||||||||||||||||||||
Options written | – | 2 | |||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Income and Expenses | Spectrum Select | ||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Type of Instrument | $ | $ | $ | ||||||||||||||||||||||
Commodity | 11,295,753 | (8,240,610 | ) | (12,872,729 | ) | ||||||||||||||||||||
Equity | (3,990,077 | ) | 17,236,173 | 6,993,095 | |||||||||||||||||||||
Foreign currency | 4,165,976 | 69,245 | (2,206,555 | ) | |||||||||||||||||||||
Interest rate | 9,213,718 | (3,637,449 | ) | 1,388,041 | |||||||||||||||||||||
Unrealized currency gain | 19,627 | 514,288 | 99,725 | ||||||||||||||||||||||
Total | 20,704,997 | 5,941,647 | (6,598,423 | ) | |||||||||||||||||||||
Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Trading Results | $ | $ | $ | ||||||||||||||||||||||
Net realized | 21,564,894 | 1,840,569 | (2,747,878 | ) | |||||||||||||||||||||
Net change in unrealized | (859,897 | ) | 4,101,078 | (3,850,545 | ) | ||||||||||||||||||||
Total | 20,704,997 | 5,941,647 | (6,598,423 | ) | |||||||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities, Disclosures [Line Items] | |||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Financial Condition | The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013: | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain (Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Foreign currency | – | – | – | – | – | 826 | |||||||||||||||||||
Total | – | – | – | – | – | ||||||||||||||||||||
Unrealized currency gain (loss) | – | ||||||||||||||||||||||||
Total net unrealized gain (loss) on open contracts | – | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
for the Year | |||||||||||||||||||||||||
(Absolute | |||||||||||||||||||||||||
Quantity) | |||||||||||||||||||||||||
Option Contracts at Fair Value | |||||||||||||||||||||||||
$ | |||||||||||||||||||||||||
Options purchased | – | 1 | |||||||||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities, Disclosures [Line Items] | |||||||||||||||||||||||||
Offsetting Of Derivative Assets And Liabilities | Spectrum Technical | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2014: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 4,533,559 | (797,767 | ) | 3,735,792 | |||||||||||||||||||||
Forwards | 2,011,895 | (1,677,220 | ) | 334,675 | |||||||||||||||||||||
Total Assets | 6,545,454 | (2,474,987 | ) | 4,070,467 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (797,767 | ) | 797,767 | – | |||||||||||||||||||||
Forwards | (1,677,220 | ) | 1,677,220 | – | |||||||||||||||||||||
Total Liabilities | (2,474,987 | ) | 2,474,987 | – | |||||||||||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 604,870 | ||||||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities as of December 31, 2013: | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts | |||||||||||||||||||||||
Recognized | Offset in the | Presented in the | |||||||||||||||||||||||
Statements of | Statements of | ||||||||||||||||||||||||
Financial | Financial | ||||||||||||||||||||||||
Condition | Condition | ||||||||||||||||||||||||
$ | $ | $ | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Futures | 5,404,721 | (1,139,524 | ) | 4,265,197 | |||||||||||||||||||||
Forwards | 728,738 | (320,514 | ) | 408,224 | |||||||||||||||||||||
Total Assets | 6,133,459 | (1,460,038 | ) | 4,673,421 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Futures | (1,139,524 | ) | 1,139,524 | – | |||||||||||||||||||||
Forwards | (320,514 | ) | 320,514 | – | |||||||||||||||||||||
Total Liabilities | (1,460,038 | ) | 1,460,038 | – | |||||||||||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 1,225,590 | ||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Financial Condition | The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013: | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 35,163 | (640,745 | ) | 1,817,116 | (81,599 | ) | 1,129,935 | 1,561 | |||||||||||||||||
Equity | 713,684 | (173,835 | ) | 17,967 | (76,616 | ) | 481,200 | 1,203 | |||||||||||||||||
Foreign currency | 267,933 | (1,043,641 | ) | 1,855,362 | (290,158 | ) | 789,496 | 1,355 | |||||||||||||||||
Interest rate | 1,829,953 | (149,230 | ) | 8,276 | (19,163 | ) | 1,669,836 | 4,328 | |||||||||||||||||
Total | 2,846,733 | (2,007,451 | ) | 3,698,721 | (467,536 | ) | 4,070,467 | ||||||||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 604,870 | ||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Number of | |||||||||||||||||||||||||
Contracts | |||||||||||||||||||||||||
Outstanding | |||||||||||||||||||||||||
Long | Long | Short | Short | Net | for the Year | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | Unrealized | Unrealized | (Absolute | ||||||||||||||||||||
Futures and Forward Contracts | Gain | Loss | Gain | Loss | Gain/(Loss) | Quantity) | |||||||||||||||||||
$ | $ | $ | $ | $ | |||||||||||||||||||||
Commodity | 182,135 | (386,829 | ) | 893,327 | (124,717 | ) | 563,916 | 1,300 | |||||||||||||||||
Equity | 3,110,927 | (1,174 | ) | 28,444 | (5,500 | ) | 3,132,697 | 1,458 | |||||||||||||||||
Foreign currency | 539,752 | (239,072 | ) | 601,972 | (104,361 | ) | 798,291 | 4,080 | |||||||||||||||||
Interest rate | 152,993 | (553,425 | ) | 623,909 | (44,960 | ) | 178,517 | 3,501 | |||||||||||||||||
Total | 3,985,807 | (1,180,500 | ) | 2,147,652 | (279,538 | ) | 4,673,421 | ||||||||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||||||||||
Total net unrealized gain on open contracts | 1,225,590 | ||||||||||||||||||||||||
Schedule of Effect of Trading Activities on the Statements of Income and Expenses | Spectrum Technical | ||||||||||||||||||||||||
The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Type of Instrument | $ | $ | $ | ||||||||||||||||||||||
Commodity | 3,173,650 | 1,447,554 | 7,806,061 | ||||||||||||||||||||||
Equity | 3,873,373 | 16,778,460 | (58,323,819 | ) | |||||||||||||||||||||
Foreign currency | (6,165,114 | ) | 1,893,467 | (30,995,834 | ) | ||||||||||||||||||||
Interest rate | 20,943,980 | (10,210,043 | ) | 68,102,911 | |||||||||||||||||||||
Unrealized currency gain (loss) | (52,678 | ) | 35,320 | (6,376,922 | ) | ||||||||||||||||||||
Total | 21,773,211 | 9,944,758 | (19,787,603 | ) | |||||||||||||||||||||
Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Trading Results | $ | $ | $ | ||||||||||||||||||||||
Net realized | 22,532,708 | 7,217,969 | (6,219,265 | ) | |||||||||||||||||||||
Net change in unrealized | (620,720 | ) | 2,267,134 | (9,809,697 | ) | ||||||||||||||||||||
Realized gain (loss) on Investment in Blackwater Master Fund | 668,573 | 396,051 | (4,657,167 | ) | |||||||||||||||||||||
Unrealized appreciation (depreciation) on Investment in Blackwater Master Fund | (807,350 | ) | 63,604 | 898,526 | |||||||||||||||||||||
Total Trading Results | 21,773,211 | 9,944,758 | (19,787,603 | ) |
Fair_Value_Measurements_and_Di1
Fair Value Measurements and Disclosures (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Measurements and Disclosures, Disclosure [Line Items] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Spectrum Select | ||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Futures | 7,228,527 | – | n/a | 7,228,527 | |||||||||||||
Forwards | 1,699,736 | 646,289 | n/a | 2,346,025 | |||||||||||||
Total Assets | 8,928,263 | 646,289 | n/a | 9,574,552 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 1,519,724 | – | n/a | 1,519,724 | |||||||||||||
Forwards | 1,441,911 | 150,435 | n/a | 1,592,346 | |||||||||||||
Total Liabilities | 2,961,635 | 150,435 | n/a | 3,112,070 | |||||||||||||
Unrealized currency loss | (669,947 | ) | |||||||||||||||
*Net fair value | 5,966,628 | 495,854 | n/a | 5,792,535 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Futures | 9,894,085 | – | n/a | 9,894,085 | |||||||||||||
Forwards | – | 528,063 | n/a | 528,063 | |||||||||||||
Total Assets | 9,894,085 | 528,063 | n/a | 10,422,148 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 3,011,012 | – | n/a | 3,011,012 | |||||||||||||
Forwards | – | 69,127 | n/a | 69,127 | |||||||||||||
Total Liabilities | 3,011,012 | 69,127 | n/a | 3,080,139 | |||||||||||||
Unrealized currency loss | (689,577 | ) | |||||||||||||||
*Net fair value | 6,883,073 | 458,936 | n/a | 6,652,432 | |||||||||||||
* | This amount comprises of the “Total net unrealized gain on open contracts” on the Statements of Financial Condition. | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||||||||||||||||
Fair Value Measurements and Disclosures, Disclosure [Line Items] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The Partnerships’ 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. | ||||||||||||||||
Spectrum Currency | |||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Cambridge Master Fund | – | 12,289,754 | n/a | 12,289,754 | |||||||||||||
Total Investments | – | 12,289,754 | n/a | 12,289,754 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Cambridge Master Fund | – | 11,299,138 | n/a | 11,299,138 | |||||||||||||
Investment in KR Master Fund | – | 7,290,317 | n/a | 7,290,317 | |||||||||||||
Total Investments | – | 18,589,455 | n/a | 18,589,455 | |||||||||||||
* | This amount comprises of “Investment in Cambridge Master Fund and KR Master Fund” on the Statements of Financial Condition. | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||||||||||||||||
Fair Value Measurements and Disclosures, Disclosure [Line Items] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Spectrum Strategic | ||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in BHM I, LLC | – | 28,236,607 | n/a | 28,236,607 | |||||||||||||
Investment in PGR Master Fund | – | 5,291,425 | n/a | 5,291,425 | |||||||||||||
Investment in MB Master Fund | – | 3,502,992 | n/a | 3,502,992 | |||||||||||||
Total Investments | – | 37,031,024 | n/a | 37,031,024 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | Significant | ||||||||||||||||
Active Markets | Other | Significant | |||||||||||||||
for Identical | Observable | Unobservable | |||||||||||||||
Assets | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in BHM I, LLC | – | 46,985,018 | n/a | 46,985,018 | |||||||||||||
Investment in PGR Master Fund | – | 3,327,454 | n/a | 3,327,454 | |||||||||||||
Investment in MB Master Fund | – | 4,183,031 | n/a | 4,183,031 | |||||||||||||
Total Investments | – | 54,495,503 | n/a | 54,495,503 | |||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||||||||||||||||
Fair Value Measurements and Disclosures, Disclosure [Line Items] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Spectrum Technical | ||||||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Blackwater Master Fund | – | 16,901,955 | n/a | 16,901,955 | |||||||||||||
Futures | 4,533,559 | – | n/a | 4,533,559 | |||||||||||||
Forwards | 274,957 | 1,736,938 | n/a | 2,011,895 | |||||||||||||
Total Assets | 4,808,516 | 18,638,893 | n/a | 23,447,409 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 797,767 | – | n/a | 797,767 | |||||||||||||
Forwards | 372,992 | 1,304,228 | n/a | 1,677,220 | |||||||||||||
Total Liabilities | 1,170,759 | 1,304,228 | n/a | 2,474,987 | |||||||||||||
Unrealized currency loss | (3,465,597 | ) | |||||||||||||||
*Net fair value | 3,637,757 | 17,334,665 | n/a | 17,506,825 | |||||||||||||
Unadjusted | |||||||||||||||||
Quoted Prices in | |||||||||||||||||
Active Markets | Significant | ||||||||||||||||
for Identical | Other | Significant | |||||||||||||||
Assets and | Observable | Unobservable | |||||||||||||||
Liabilities | Inputs | Inputs | |||||||||||||||
December 31, 2013 | (Level 1) | (Level 2) | (Level 3) | Total | |||||||||||||
$ | $ | $ | $ | ||||||||||||||
Assets | |||||||||||||||||
Investment in Blackwater Master Fund | – | 33,548,272 | n/a | 33,548,272 | |||||||||||||
Futures | 5,404,721 | – | n/a | 5,404,721 | |||||||||||||
Forwards | – | 728,738 | n/a | 728,738 | |||||||||||||
Total Assets | 5,404,721 | 34,277,010 | n/a | 39,681,731 | |||||||||||||
Liabilities | |||||||||||||||||
Futures | 1,139,524 | – | n/a | 1,139,524 | |||||||||||||
Forwards | – | 320,514 | n/a | 320,514 | |||||||||||||
Total Liabilities | 1,139,524 | 320,514 | n/a | 1,460,038 | |||||||||||||
Unrealized currency loss | (3,447,831 | ) | |||||||||||||||
*Net fair value | 4,265,197 | 33,956,496 | n/a | 34,773,862 | |||||||||||||
* | This amount comprises of the “Total net unrealized gain on open contracts” and “Investment in Blackwater Master Fund” on the Statements of Financial Condition. |
Financial_Highlights_Tables
Financial Highlights (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Financial Information Additional Disclosures, Disclosures [Line Items] | |||||||||||||
Financial Information Additional Disclosure | Spectrum Select | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 26.48 | $ | 27.76 | $ | 31.24 | |||||||
Interest Income | – | (2) | 0.01 | 0.02 | |||||||||
Expenses | (1.64 | ) | (2.17 | ) | (2.44 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 5.34 | 0.88 | (1.06 | ) | |||||||||
Net Income (Loss) | 3.7 | (1.28 | ) | (3.48 | ) | ||||||||
Net asset value, December 31: | $ | 30.18 | $ | 26.48 | $ | 27.76 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (6.3 | )% | (7.9 | )% | (8.0 | )% | |||||||
Expenses before Incentive Fees | 6.3 | % | 8 | % | 8.1 | % | |||||||
Expenses after Incentive Fees | 6.3 | % | 8 | % | 8.1 | % | |||||||
Total return before incentive fees | 14 | % | (4.6 | )% | (11.1 | )% | |||||||
Total return after incentive fees | 14 | % | (4.6 | )% | (11.1 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||||||||||||
Financial Information Additional Disclosures, Disclosures [Line Items] | |||||||||||||
Financial Information Additional Disclosure | The following ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partners’ share of income, expenses and average net assets. | ||||||||||||
Spectrum Currency | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 7.39 | $ | 7.57 | $ | 8.63 | |||||||
Interest Income | – | (2) | – | (2) | – | (2) | |||||||
Expenses | (0.53 | ) | (0.53 | ) | (0.53 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 1.63 | 0.35 | (0.53 | ) | |||||||||
Net Income (Loss) | 1.1 | (0.18 | ) | (1.06 | ) | ||||||||
Net asset value, December 31: | $ | 8.49 | $ | 7.39 | $ | 7.57 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Gain (Loss) | (7.0 | )% | (7.2 | )% | (6.6 | )% | |||||||
Expenses before Incentive Fees | 5.4 | % | 6.4 | % | 6.7 | % | |||||||
Expenses after Incentive Fees | 7 | % | 7.2 | % | 6.7 | % | |||||||
Total return before incentive fees | 16.6 | % | (1.6 | )% | (12.3 | )% | |||||||
Total return after incentive fees | 14.9 | % | (2.4 | )% | (12.3 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||||||||||||
Financial Information Additional Disclosures, Disclosures [Line Items] | |||||||||||||
Financial Information Additional Disclosure | Spectrum Strategic | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 13.64 | $ | 14.25 | $ | 16.02 | |||||||
Interest Income | − | 0.01 | 0.01 | ||||||||||
Expenses | (0.79 | ) | (1.24 | ) | (1.37 | ) | |||||||
Realized/Unrealized Income (Loss) (1) | 0.77 | 0.62 | (0.41 | ) | |||||||||
Net Loss | (0.02 | ) | (0.61 | ) | (1.77 | ) | |||||||
Net asset value, December 31: | $ | 13.62 | $ | 13.64 | $ | 14.25 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (5.5 | )% | (8.9 | )% | (9.0 | )% | |||||||
Expenses before Incentive Fees | 5.4 | % | 9 | % | 9.1 | % | |||||||
Expenses after Incentive Fees | 5.5 | % | 9 | % | 9.1 | % | |||||||
Total return before incentive fees | − | (2) | (4.3 | )% | (11.0 | )% | |||||||
Total return after incentive fees | (0.1 | )% | (4.3 | )% | (11.0 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||||||||||||
Financial Information Additional Disclosures, Disclosures [Line Items] | |||||||||||||
Financial Information Additional Disclosure | Spectrum Technical | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Per Unit operating performance: | |||||||||||||
Net asset value, January 1: | $ | 16.55 | $ | 16.71 | $ | 19.65 | |||||||
Interest Income | – | (2) | 0.01 | 0.01 | |||||||||
Expenses | (1.09 | ) | (1.24 | ) | (1.38 | )† | |||||||
Realized/Unrealized Income (Loss) (1) | 3.61 | 1.07 | (1.57 | ) | |||||||||
Net Income (Loss) | 2.52 | (0.16 | ) | (2.94 | ) | ||||||||
Net asset value, December 31: | $ | 19.07 | $ | 16.55 | $ | 16.71 | |||||||
For the Calendar Year: | |||||||||||||
Ratios to average net assets: | |||||||||||||
Net Investment Loss | (6.6 | )% | (7.5 | )% | (7.7 | )% | |||||||
Expenses before Incentive Fees | 5.9 | % | 7.5 | % | 7.8 | %†† | |||||||
Expenses after Incentive Fees | 6.6 | % | 7.5 | % | 7.8 | %†† | |||||||
Total return before incentive fees | 15.9 | % | (1.0 | )% | (15.0 | )% | |||||||
Total return after incentive fees | 15.2 | % | (1.0 | )% | (15.0 | )% | |||||||
-1 | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | ||||||||||||
-2 | Amount less than 0.005%. | ||||||||||||
† | Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake. | ||||||||||||
†† | Such percentage is after waiver of management fees. Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets). |
Organization_Details
Organization (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 7 Months Ended | 11 Months Ended | 9 Months Ended | 5 Months Ended | 10 Months Ended | 2 Months Ended | 5 Months Ended | 7 Months Ended | 10 Months Ended | 12 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 07, 2014 | Nov. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | 21-May-12 | Dec. 31, 2014 | Feb. 28, 2014 | 31-May-12 | Dec. 31, 2012 | Oct. 30, 2012 | Dec. 31, 2011 | 31-May-14 | 31-May-14 | Dec. 31, 2014 | |
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% | |||||||||||||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Northfield [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.08% | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 1.00% | 2.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Annualized flat rate brokerage fee (in hundredths) | 3.60% | 4.60% | ||||||||||||||||
Annualized general partner administrative fee (in hundredths) | 1.60% | 1.60% | ||||||||||||||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Krom River [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.17% | ||||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 200.00% | |||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 15.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | |||||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge [Member] | Asian Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Asset allocation (in hundredths) | 50.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge [Member] | Emerging Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Asset allocation (in hundredths) | 50.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Ceres Managed Futures [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Required interest in the equity of each Partnership (in hundredths) | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | |||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% | |||||||||||||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Asian Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 75.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Emerging Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 75.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blackwater Capital Management LLC [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim Capital Management, L.L.C. [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | 15.00% | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | 0.17% | 0.25% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | 2.00% | 3.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis Asset Management LLC [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.10% | 0.10% | 0.13% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.25% | 1.25% | 1.50% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% | |||||||||||||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Asian Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 50.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Emerging Markets Alpha Programme [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 50.00% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Capital Management LLC [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.06% | 0.10% | ||||||||||||||||
Management fee, annual basis (in hundredths) | 0.75% | 1.25% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake Capital Corporation [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Leverage applied to assets (in hundredths) | 50.00% | 75.00% | 50.00% | |||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 19.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.17% | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 2.00% | 2.00% | |||||||||||||||
Change in leverage applied to assets (in hundredths) | -33.33% | |||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect Capital Limited [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | 0.17% | ||||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton Capital Management Limited [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | 0.17% | ||||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | 2.00% | ||||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbell & Company, Inc. [Member] | ||||||||||||||||||
Schedule of Trading Advisors [Line Items] | ||||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | 0.17% | 0.17% | 0.13% | ||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | 2.00% | 2.00% | 1.50% |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | ||||||
General partner administrative fee monthly (in hundredths) | 0.17% | |||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||
Monthly ongoing placement agent fee (in hundredths) | 0.17% | |||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage basis of funds on deposit for interest income recognition (in hundredths) | 100.00% | |||||
Partnership assets percentage not deposited as margin credit for interest income (in hundredths) | 80.00% | |||||
General partner administrative fee monthly (in hundredths) | 0.13% | |||||
Annualized general partner administrative fee (in hundredths) | 1.60% | 1.60% | ||||
Monthly ongoing placement agent fee (in hundredths) | 0.17% | |||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||
Annualized flat rate brokerage fee (in hundredths) | 3.60% | 4.60% | ||||
Limited partners unit that can be redeemed (in hundredths) | 100.00% | 100.00% | 100.00% | |||
Whole Units required per redemption (in units) | 50 | |||||
Distributions | 0 | |||||
Provision for income taxes | 0 | |||||
Unrecognized tax benefit | 0 | 0 | 0 | $0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General partner administrative fee monthly (in hundredths) | 0.17% | |||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||
Monthly ongoing placement agent fee (in hundredths) | 0.17% | |||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
General partner administrative fee monthly (in hundredths) | 0.17% | |||||
Annualized general partner administrative fee (in hundredths) | 2.00% | 2.00% | ||||
Monthly ongoing placement agent fee (in hundredths) | 0.17% | |||||
Annualized ongoing placement agent fee (in hundredths) | 2.00% | 2.00% | ||||
Annualized flat rate brokerage fee (in hundredths) | 4.00% | 6.00% | 4.00% |
Investments_Details
Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Vehicle | |||
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | $120,521,870 | $151,058,210 | |
Total Liabilities | 2,639,079 | 4,531,465 | |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||
Information for investments [Abstract] | |||
Fair Value | 12,289,754 | 18,589,455 | |
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 14,172,143 | 18,589,620 | |
Total Liabilities | 402,812 | 620,548 | |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 0.00% | 40.60% | |
Fair Value | 0 | 7,290,317 | |
Partnership's pro rata Net Income (Loss) | 156,509 | -575,477 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Redemption Permitted | Monthly | Monthly | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 3,785 | 25,093 | 59,059 |
Net Investment Loss | -159,030 | -281,565 | -462,208 |
Total Trading Results | 893,723 | -5,175,049 | -4,542,592 |
Net Income (Loss) | 734,693 | -5,456,614 | -5,004,800 |
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 12,415,386 | 44,043,845 | |
Total Liabilities | 12,415,386 | 1,456,785 | |
Total Capital | 0 | 42,587,060 | |
Percentage of fund owned (in hundredths) | 30.11% | 17.11% | |
Commodity Program leverage permitted (in hundredths) | 150.00% | ||
Number of trading vehicle | 1 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 89.30% | 62.90% | |
Fair Value | 12,289,754 | 11,299,138 | |
Partnership's pro rata Net Income (Loss) | 2,777,719 | 1,148,720 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Redemption Permitted | Monthly | Monthly | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 6,641 | 9,306 | 2,095 |
Net Investment Loss | -154,743 | -66,302 | -16,586 |
Total Trading Results | 9,610,031 | 3,166,855 | 539,604 |
Net Income (Loss) | 9,455,288 | 3,100,553 | 523,018 |
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 39,046,641 | 37,549,964 | |
Total Liabilities | 48,456 | 28,580 | |
Total Capital | 38,998,185 | 37,521,384 | |
Percentage of fund owned (in hundredths) | 31.51% | 0.00% | |
Number of trading vehicle | 1 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | FL Master Fund [Member] | |||
Total Assets, Liabilities and Capital [Abstract] | |||
Number of trading vehicle | 1 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund and Cambridge Master Fund [Member] | |||
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 51,462,027 | 81,593,809 | |
Total Liabilities | 12,463,842 | 1,485,365 | |
Total Capital | 38,998,185 | 80,108,444 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Information for investments [Abstract] | |||
Fair Value | 37,031,024 | 54,495,503 | |
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 37,031,206 | 54,495,997 | |
Total Liabilities | 1,324,819 | 1,555,081 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 79.10% | 88.70% | |
Fair Value | 28,236,607 | 46,985,018 | |
Partnership's pro rata Net Income (Loss) | 1,881,303 | 1,541,390 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 0 | 2,258 | -48,368 |
Net Investment Loss | -6,707,413 | -6,908,153 | -8,182,509 |
Total Trading Results | 11,593,435 | 10,136,795 | -9,518,219 |
Net Income (Loss) | 4,886,022 | 3,228,642 | -17,700,728 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 9.80% | 7.90% | |
Fair Value | 3,502,992 | 4,183,031 | |
Partnership's pro rata Net Income (Loss) | 68,634 | 239,381 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 41,225 | 92,224 | 30,442 |
Net Investment Loss | -4,655,303 | -5,087,972 | -691,180 |
Total Trading Results | 7,309,353 | 14,221,096 | -261,679 |
Net Income (Loss) | 2,654,050 | 9,133,124 | -952,859 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 14.80% | 6.30% | |
Fair Value | 5,291,425 | 3,327,454 | |
Partnership's pro rata Net Income (Loss) | 1,226,334 | 1,098,551 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 1,816 | 12,279 | 26,436 |
Net Investment Loss | -92,435 | -134,731 | -126,749 |
Total Trading Results | 2,790,730 | 8,544,764 | -8,963,355 |
Net Income (Loss) | 2,698,295 | 8,410,033 | -9,090,104 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 112,528,234 | 138,838,583 | |
Total Liabilities | 3,179,437 | 3,892,712 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | |||
Information for investments [Abstract] | |||
Percentage of Partnership Net Assets (in hundredths) | 15.50% | 24.90% | |
Fair Value | 16,901,955 | 33,548,272 | |
Partnership's pro rata Net Income (Loss) | -138,777 | 459,654 | |
Investment Objective | Commodity Portfolio | Commodity Portfolio | |
Redemption Permitted | Monthly | Monthly | |
Income statement information [Abstract] | |||
Investment Income / (Loss) | 7,048 | 28,776 | 48,607 |
Net Investment Loss | -72,105 | -89,483 | -110,152 |
Total Trading Results | -545,462 | 886,883 | -8,076,139 |
Net Income (Loss) | -617,567 | 797,400 | -8,186,291 |
Total Assets, Liabilities and Capital [Abstract] | |||
Total Assets | 24,973,305 | 63,936,601 | |
Total Liabilities | 43,208 | 610,828 | |
Total Capital | $24,930,097 | $63,325,773 | |
Percentage of fund owned (in hundredths) | 67.80% | 53.00% | |
Number of trading vehicle | 1 |
Trading_Advisors_Details
Trading Advisors (Details) | 12 Months Ended | 7 Months Ended | 11 Months Ended | 6 Months Ended | 5 Months Ended | 9 Months Ended | 2 Months Ended | 10 Months Ended | 5 Months Ended | 4 Months Ended | 5 Months Ended | 7 Months Ended | 5 Months Ended | 10 Months Ended | 12 Months Ended | |
Dec. 31, 2014 | Aug. 07, 2014 | Nov. 30, 2013 | Jun. 27, 2013 | 30-May-13 | Sep. 30, 2013 | Oct. 09, 2012 | Feb. 28, 2014 | Dec. 31, 2014 | 31-May-12 | 31-May-14 | 31-May-14 | Dec. 31, 2014 | Oct. 30, 2012 | Oct. 30, 2012 | Dec. 31, 2011 | |
Altis [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Altis Partners (Jersey) Limited | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.10% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.25% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
EMC [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | EMC Capital Advisors, LLC | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Graham [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Graham Capital Management, L.P. ("Graham") | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Northfield [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.08% | 0.17% | |||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 1.00% | 2.00% | |||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Rabar [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Rabar Market Research, Inc. ("Rabar") | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Sunrise Capital [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | C-View [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Krom River [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.17% | ||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 2.00% | ||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Cambridge | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 15.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Flintlock [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Aventis | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.10% | 0.13% | 0.10% | |||||||||||||
Management fee, annual basis (in hundredths) | 1.25% | 1.50% | 1.25% | |||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Blenheim | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | 0.25% | 0.17% | |||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | 3.00% | 2.00% | |||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | 15.00% | ||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | PGR Capital L.P. | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blackwater [Member] | ||||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Aspect Capital Limited (bAspectb) | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | 0.17% | ||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | 2.00% | ||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Blackwater Capital Management LLC | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.06% | 0.10% | ||||||||||||||
Management fee, annual basis (in hundredths) | 0.75% | 1.25% | ||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbell [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Campbell | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | 0.17% | 0.17% | 0.13% | ||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | 2.00% | 2.00% | 1.50% | ||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | 0.17% | 0.17% | |||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | 2.00% | 2.00% | |||||||||||||
Temporarily reduced management fee, annual basis (in hundredths) | 1.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 19.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | JWH [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.17% | |||||||||||||||
Management fee, annual basis (in hundredths) | 2.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Rotella [Member] | ||||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.08% | |||||||||||||||
Management fee, annual basis (in hundredths) | 1.00% | |||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% | |||||||||||||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton [Member] | ||||||||||||||||
Trading Advisors for Partnership [Line Items] | ||||||||||||||||
Trading advisor name | Winton Capital Management Limited | |||||||||||||||
Management Fee [Abstract] | ||||||||||||||||
Management fee, monthly basis (in hundredths) | 0.13% | 0.17% | ||||||||||||||
Management fee, annual basis (in hundredths) | 1.50% | 2.00% | ||||||||||||||
Incentive Fee [Abstract] | ||||||||||||||||
Incentive fee, monthly trading profits basis (in hundredths) | 20.00% |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | $5,792,535 | $6,652,432 |
Cash held by acting commodity futures brokers administrating open contracts | 120,025,451 | 150,597,920 |
Exchange-Traded [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | 5,296,681 | 6,193,496 |
Longest Maturities Date | 31-Mar-19 | 31-Dec-17 |
Off-Exchange-Traded [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | 495,854 | 458,936 |
Longest Maturities Date | 31-Mar-15 | 31-Mar-14 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | 0 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | 604,870 | 1,225,590 |
Cash held by acting commodity futures brokers administrating open contracts | 95,193,033 | 104,880,846 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Exchange-Traded [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | 172,160 | 817,366 |
Longest Maturities Date | 31-Mar-18 | 30-Jun-18 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Off-Exchange-Traded [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Gains on Open Contracts | $432,710 | $408,224 |
Longest Maturities Date | 30-Jun-15 | 30-Jun-14 |
Derivatives_and_Hedging_Detail
Derivatives and Hedging (Details) | Dec. 31, 2014 |
Future Contract [Member] | Exchange Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 84.14% |
Forward Contracts [Member] | Off-Exchange-Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 15.86% |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Forward Contracts [Member] | Off-Exchange-Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 100.00% |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Future Contract [Member] | Exchange Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 100.00% |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member] | Exchange Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 74.64% |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Off-Exchange-Traded [Member] | |
Derivative [Line Items] | |
Percentage of total investments (in hundredths) | 25.36% |
Derivatives_and_Hedging_Offset
Derivatives and Hedging, Offsetting Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | $9,574,552 | $10,422,148 |
Gross Amounts Offset in the Statements of Financial Condition | -3,112,070 | -3,080,139 |
Net Amounts Presented in the Statement of Financial Condition | 6,462,482 | 7,342,009 |
Future Contract [Member] | ||
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | 7,228,527 | 9,894,085 |
Gross Amounts Offset in the Statements of Financial Condition | -1,519,724 | -3,011,012 |
Net Amounts Presented in the Statement of Financial Condition | 5,708,803 | 6,883,073 |
Forward Contracts [Member] | ||
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | 2,346,025 | 528,063 |
Gross Amounts Offset in the Statements of Financial Condition | -1,592,346 | -69,127 |
Net Amounts Presented in the Statement of Financial Condition | 753,679 | 458,936 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | 6,545,454 | 6,133,459 |
Gross Amounts Offset in the Statements of Financial Condition | -2,474,987 | -1,460,038 |
Net Amounts Presented in the Statement of Financial Condition | 4,070,467 | 4,673,421 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member] | ||
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | 4,533,559 | 5,404,721 |
Gross Amounts Offset in the Statements of Financial Condition | -797,767 | -1,139,524 |
Net Amounts Presented in the Statement of Financial Condition | 3,735,792 | 4,265,197 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | ||
Offsetting of Derivative Assets [Line Items] | ||
Gross Amounts Recognized | 2,011,895 | 728,738 |
Gross Amounts Offset in the Statements of Financial Condition | -1,677,220 | -320,514 |
Net Amounts Presented in the Statement of Financial Condition | $334,675 | $408,224 |
Derivatives_and_Hedging_Offset1
Derivatives and Hedging, Offsetting Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | ($3,112,070) | ($3,080,139) |
Gross Amounts Offset in the Statement of Financial Condition | 3,112,070 | 3,080,139 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Unrealized currency loss | -669,947 | -689,577 |
Total net unrealized gain on open contracts | 5,792,535 | 6,652,432 |
Future Contract [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | -1,519,724 | -3,011,012 |
Gross Amounts Offset in the Statement of Financial Condition | 1,519,724 | 3,011,012 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Forward Contracts [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | -1,592,346 | -69,127 |
Gross Amounts Offset in the Statement of Financial Condition | 1,592,346 | 69,127 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Unrealized currency loss | 0 | |
Total net unrealized gain on open contracts | 0 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | -2,474,987 | -1,460,038 |
Gross Amounts Offset in the Statement of Financial Condition | 2,474,987 | 1,460,038 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Unrealized currency loss | -3,465,597 | -3,447,831 |
Total net unrealized gain on open contracts | 604,870 | 1,225,590 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Future Contract [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | -797,767 | -1,139,524 |
Gross Amounts Offset in the Statement of Financial Condition | 797,767 | 1,139,524 |
Net Amounts Presented in the Statement of Financial Condition | 0 | 0 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | ||
Offsetting of Derivative Liabilities [Line Items] | ||
Gross Amounts Recognized | -1,677,220 | -320,514 |
Gross Amounts Offset in the Statement of Financial Condition | 1,677,220 | 320,514 |
Net Amounts Presented in the Statement of Financial Condition | $0 | $0 |
Derivatives_and_Hedging_Effect
Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Futures and Forward Contracts [Abstract] | |||
Unrealized currency loss | ($669,947) | ($689,577) | |
Total net unrealized gain on open contracts | 5,792,535 | 6,652,432 | |
Options Contracts at Fair Value [Abstract] | |||
Options purchased | 6,462,482 | 7,342,009 | |
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 20,704,997 | 5,941,647 | -6,598,423 |
Unrealized currency gain (loss) | 19,627 | 514,288 | 99,725 |
Net realized | 21,564,894 | 1,840,569 | -2,747,878 |
Net change in unrealized | -859,897 | 4,101,078 | -3,850,545 |
Total Trading Results | 20,704,997 | 5,941,647 | -6,598,423 |
Commodity [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 11,295,753 | -8,240,610 | -12,872,729 |
Equity [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | -3,990,077 | 17,236,173 | 6,993,095 |
Foreign Currency [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 4,165,976 | 69,245 | -2,206,555 |
Interest Rate [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 9,213,718 | -3,637,449 | 1,388,041 |
Long [Member] | Options [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Average number of contracts outstanding | 3 | ||
Options Contracts at Fair Value [Abstract] | |||
Options purchased | 0 | ||
Short [Member] | Options [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Average number of contracts outstanding | 2 | ||
Options Contracts at Fair Value [Abstract] | |||
Options written | 0 | ||
Futures and Forward Contracts [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 6,462,482 | 7,342,009 | |
Futures and Forward Contracts [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 2,350,061 | 893,523 | |
Average number of contracts outstanding | 4,302 | 4,153 | |
Futures and Forward Contracts [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 138,787 | 3,494,644 | |
Average number of contracts outstanding | 1,107 | 1,717 | |
Futures and Forward Contracts [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 1,043,536 | 2,277,669 | |
Average number of contracts outstanding | 1,707 | 3,214 | |
Futures and Forward Contracts [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 2,930,098 | 676,173 | |
Average number of contracts outstanding | 4,621 | 5,741 | |
Futures and Forward Contracts [Member] | Long [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 4,004,870 | 5,560,057 | |
Unrealized loss | -2,696,905 | -2,536,429 | |
Total net unrealized gain on open contracts | 1,307,965 | 3,023,628 | |
Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 282,336 | 561,914 | |
Unrealized loss | -2,191,868 | -1,776,263 | |
Futures and Forward Contracts [Member] | Long [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 515,619 | 3,462,235 | |
Unrealized loss | -278,910 | 0 | |
Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 161,381 | 1,474,046 | |
Unrealized loss | -109,346 | -124,132 | |
Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 3,045,534 | 61,862 | |
Unrealized loss | -116,781 | -636,034 | |
Futures and Forward Contracts [Member] | Short [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 5,569,682 | 4,862,091 | |
Unrealized loss | -415,165 | -543,710 | |
Total net unrealized gain on open contracts | 5,154,517 | 4,318,381 | |
Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 4,475,726 | 2,430,029 | |
Unrealized loss | -216,133 | -322,157 | |
Futures and Forward Contracts [Member] | Short [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 7,778 | 36,105 | |
Unrealized loss | -105,700 | -3,696 | |
Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 1,083,928 | 986,884 | |
Unrealized loss | -92,427 | -59,129 | |
Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 2,250 | 1,409,073 | |
Unrealized loss | -905 | -158,728 | |
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized currency loss | 0 | ||
Total net unrealized gain on open contracts | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Long [Member] | Options [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Average number of contracts outstanding | 1 | ||
Options Contracts at Fair Value [Abstract] | |||
Options purchased | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 0 | ||
Average number of contracts outstanding | 826 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 0 | ||
Unrealized loss | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 0 | ||
Unrealized loss | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 0 | ||
Unrealized loss | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 0 | ||
Unrealized loss | 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized currency loss | -3,465,597 | -3,447,831 | |
Total net unrealized gain on open contracts | 604,870 | 1,225,590 | |
Options Contracts at Fair Value [Abstract] | |||
Options purchased | 4,070,467 | 4,673,421 | |
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 21,773,211 | 9,944,758 | -19,787,603 |
Unrealized currency gain (loss) | -52,678 | 35,320 | -6,376,922 |
Net realized | 22,532,708 | 7,217,969 | -6,219,265 |
Net change in unrealized | -620,720 | 2,267,134 | -9,809,697 |
Total Trading Results | 21,773,211 | 9,944,758 | -19,787,603 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 3,173,650 | 1,447,554 | 7,806,061 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 3,873,373 | 16,778,460 | -58,323,819 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Foreign Currency [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | -6,165,114 | 1,893,467 | -30,995,834 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rate [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Trading results | 20,943,980 | -10,210,043 | 68,102,911 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 4,070,467 | 4,673,421 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 1,129,935 | 563,916 | |
Average number of contracts outstanding | 1,561 | 1,300 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 481,200 | 3,132,697 | |
Average number of contracts outstanding | 1,203 | 1,458 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 789,496 | 798,291 | |
Average number of contracts outstanding | 1,355 | 4,080 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Net unrealized gain/(loss) | 1,669,836 | 178,517 | |
Average number of contracts outstanding | 4,328 | 3,501 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 2,846,733 | 3,985,807 | |
Unrealized loss | -2,007,451 | -1,180,500 | |
Total net unrealized gain on open contracts | 839,282 | 2,805,307 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 35,163 | 182,135 | |
Unrealized loss | -640,745 | -386,829 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 713,684 | 3,110,927 | |
Unrealized loss | -173,835 | -1,174 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 267,933 | 539,752 | |
Unrealized loss | -1,043,641 | -239,072 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Long [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 1,829,953 | 152,993 | |
Unrealized loss | -149,230 | -553,425 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 3,698,721 | 2,147,652 | |
Unrealized loss | -467,536 | -279,538 | |
Total net unrealized gain on open contracts | 3,231,185 | 1,868,114 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Commodity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 1,817,116 | 893,327 | |
Unrealized loss | -81,599 | -124,717 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Equity [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 17,967 | 28,444 | |
Unrealized loss | -76,616 | -5,500 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Foreign Currency [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 1,855,362 | 601,972 | |
Unrealized loss | -290,158 | -104,361 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures and Forward Contracts [Member] | Short [Member] | Interest Rate [Member] | |||
Futures and Forward Contracts [Abstract] | |||
Unrealized gain | 8,276 | 623,909 | |
Unrealized loss | -19,163 | -44,960 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | |||
Effect of Trading Activities on Statements of Income [Abstract] | |||
Realized gain (loss) on Investment | 668,573 | 396,051 | -4,657,167 |
Unrealized appreciation (depreciation) on investment | ($807,350) | $63,604 | $898,526 |
Fair_Value_Measurements_and_Di2
Fair Value Measurements and Disclosures (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Transfers of assets or liabilities between Level 1 and Level 2 | $0 | $0 | ||
Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Futures | 7,228,527 | 9,894,085 | ||
Forwards | 2,346,025 | 528,063 | ||
Total Assets | 9,574,552 | 10,422,148 | ||
Liabilities [Abstract] | ||||
Futures | 1,519,724 | 3,011,012 | ||
Forwards | 1,592,346 | 69,127 | ||
Total Liabilities | 3,112,070 | 3,080,139 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Unrealized currency loss | -669,947 | -689,577 | ||
Net fair value | 5,792,535 | [1] | 6,652,432 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Futures | 7,228,527 | 9,894,085 | ||
Forwards | 1,699,736 | 0 | ||
Total Assets | 8,928,263 | 9,894,085 | ||
Liabilities [Abstract] | ||||
Futures | 1,519,724 | 3,011,012 | ||
Forwards | 1,441,911 | 0 | ||
Total Liabilities | 2,961,635 | 3,011,012 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | 5,966,628 | [1] | 6,883,073 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Futures | 0 | 0 | ||
Forwards | 646,289 | 528,063 | ||
Total Assets | 646,289 | 528,063 | ||
Liabilities [Abstract] | ||||
Futures | 0 | 0 | ||
Forwards | 150,435 | 69,127 | ||
Total Liabilities | 150,435 | 69,127 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | 495,854 | [1] | 458,936 | [1] |
Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Futures | ||||
Forwards | ||||
Total Assets | ||||
Liabilities [Abstract] | ||||
Futures | ||||
Forwards | ||||
Total Liabilities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | [1] | [1] | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Transfers of assets or liabilities between Level 1 and Level 2 | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 12,289,754 | 18,589,455 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 12,289,754 | 18,589,455 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 7,290,317 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 7,290,317 | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | KR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 12,289,754 | 11,299,138 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 12,289,754 | 11,299,138 | ||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | Cambridge Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Transfers of assets or liabilities between Level 1 and Level 2 | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 37,031,024 | 54,495,503 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 37,031,024 | 54,495,503 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 28,236,607 | 46,985,018 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 28,236,607 | 46,985,018 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | BHM I, LLC [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 5,291,425 | 3,327,454 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 5,291,425 | 3,327,454 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 3,502,992 | 4,183,031 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 3,502,992 | 4,183,031 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Transfers of assets or liabilities between Level 1 and Level 2 | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Futures | 4,533,559 | 5,404,721 | ||
Forwards | 2,011,895 | 728,738 | ||
Total Assets | 23,447,409 | 39,681,731 | ||
Liabilities [Abstract] | ||||
Futures | 797,767 | 1,139,524 | ||
Forwards | 1,677,220 | 320,514 | ||
Total Liabilities | 2,474,987 | 1,460,038 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Unrealized currency loss | -3,465,597 | -3,447,831 | ||
Net fair value | 17,506,825 | [2] | 34,773,862 | [2] |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Futures | 4,533,559 | 5,404,721 | ||
Forwards | 274,957 | 0 | ||
Total Assets | 4,808,516 | 5,404,721 | ||
Liabilities [Abstract] | ||||
Futures | 797,767 | 1,139,524 | ||
Forwards | 372,992 | 0 | ||
Total Liabilities | 1,170,759 | 1,139,524 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | 3,637,757 | [2] | 4,265,197 | [2] |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Futures | 0 | 0 | ||
Forwards | 1,736,938 | 728,738 | ||
Total Assets | 18,638,893 | 34,277,010 | ||
Liabilities [Abstract] | ||||
Futures | 0 | 0 | ||
Forwards | 1,304,228 | 320,514 | ||
Total Liabilities | 1,304,228 | 320,514 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | 17,334,665 | [2] | 33,956,496 | [2] |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Futures | ||||
Forwards | ||||
Total Assets | ||||
Liabilities [Abstract] | ||||
Futures | ||||
Forwards | ||||
Total Liabilities | ||||
Assets and Liabilities Measured at Fair Value [Abstract] | ||||
Net fair value | [2] | [2] | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 16,901,955 | 33,548,272 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Unadjusted Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 0 | 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | 16,901,955 | 33,548,272 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | Fair Value Measured on a Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Assets [Abstract] | ||||
Total Investments | ||||
[1] | This amount comprises of the "Total net unrealized gain on open contracts" on the Statements of Financial Condition. | |||
[2] | This amount comprises of the "Total net unrealized gain on open contracts" and "Investment in Blackwater Master Fund" on the Statements of Financial Condition. |
Financial_Highlights_Details
Financial Highlights (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Per Unit operating performance [Abstract] | ||||||
Net asset value, period start (in dollars per unit) | $26.48 | $27.76 | $31.24 | |||
Interest Income (in dollars per unit) | $0 | [1] | $0.01 | $0.02 | ||
Expenses (in dollars per unit) | ($1.64) | ($2.17) | ($2.44) | |||
Realized/Unrealized Income (Loss) (in dollars per unit) | $5.34 | [2] | $0.88 | [2] | ($1.06) | [2] |
Net Income (Loss) | $3.70 | [3] | ($1.28) | [3] | ($3.48) | [3] |
Net asset value, period end (in dollars per unit) | $30.18 | $26.48 | $27.76 | |||
Ratios to average net assets [Abstract] | ||||||
Net Investment Gain (Loss) (in hundredths) | -6.30% | -7.90% | -8.00% | |||
Expenses before Incentive Fees (in hundredths) | 6.30% | 8.00% | 8.10% | |||
Expenses after Incentive Fees (in hundredths) | 6.30% | 8.00% | 8.10% | |||
Total return before incentive fees (in hundredths) | 14.00% | -4.60% | -11.10% | |||
Total return after incentive fees (in hundredths) | 14.00% | -4.60% | -11.10% | |||
Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member] | ||||||
Per Unit operating performance [Abstract] | ||||||
Net asset value, period start (in dollars per unit) | $7.39 | $7.57 | $8.63 | |||
Interest Income (in dollars per unit) | $0 | [1] | $0 | [1] | $0 | [1] |
Expenses (in dollars per unit) | ($0.53) | ($0.53) | ($0.53) | |||
Realized/Unrealized Income (Loss) (in dollars per unit) | $1.63 | [2] | $0.35 | [2] | ($0.53) | [2] |
Net Income (Loss) | $1.10 | [3] | ($0.18) | [3] | ($1.06) | [3] |
Net asset value, period end (in dollars per unit) | $8.49 | $7.39 | $7.57 | |||
Ratios to average net assets [Abstract] | ||||||
Net Investment Gain (Loss) (in hundredths) | -7.00% | -7.20% | -6.60% | |||
Expenses before Incentive Fees (in hundredths) | 5.40% | 6.40% | 6.70% | |||
Expenses after Incentive Fees (in hundredths) | 7.00% | 7.20% | 6.70% | |||
Total return before incentive fees (in hundredths) | 16.60% | -1.60% | -12.30% | |||
Total return after incentive fees (in hundredths) | 14.90% | -2.40% | -12.30% | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||||
Per Unit operating performance [Abstract] | ||||||
Net asset value, period start (in dollars per unit) | $13.64 | $14.25 | $16.02 | |||
Interest Income (in dollars per unit) | $0 | $0.01 | $0.01 | |||
Expenses (in dollars per unit) | ($0.79) | ($1.24) | ($1.37) | |||
Realized/Unrealized Income (Loss) (in dollars per unit) | $0.77 | [2] | $0.62 | [2] | ($0.41) | [2] |
Net Income (Loss) | ($0.02) | [3] | ($0.61) | [3] | ($1.77) | [3] |
Net asset value, period end (in dollars per unit) | $13.62 | $13.64 | $14.25 | |||
Ratios to average net assets [Abstract] | ||||||
Net Investment Gain (Loss) (in hundredths) | -5.50% | -8.90% | -9.00% | |||
Expenses before Incentive Fees (in hundredths) | 5.40% | 9.00% | 9.10% | |||
Expenses after Incentive Fees (in hundredths) | 5.50% | 9.00% | 9.10% | |||
Total return before incentive fees (in hundredths) | 0.00% | [1] | -4.30% | -11.00% | ||
Total return after incentive fees (in hundredths) | -0.10% | -4.30% | -11.00% | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||||
Per Unit operating performance [Abstract] | ||||||
Net asset value, period start (in dollars per unit) | $16.55 | $16.71 | $19.65 | |||
Interest Income (in dollars per unit) | $0 | [1] | $0.01 | $0.01 | ||
Expenses (in dollars per unit) | ($1.09) | ($1.24) | ($1.38) | [4] | ||
Realized/Unrealized Income (Loss) (in dollars per unit) | $3.61 | [2] | $1.07 | [2] | ($1.57) | [2] |
Net Income (Loss) | $2.52 | [3] | ($0.16) | [3] | ($2.94) | [3] |
Net asset value, period end (in dollars per unit) | $19.07 | $16.55 | $16.71 | |||
Ratios to average net assets [Abstract] | ||||||
Net Investment Gain (Loss) (in hundredths) | -6.60% | -7.50% | -7.70% | |||
Expenses before Incentive Fees (in hundredths) | 5.90% | 7.50% | 7.80% | [5] | ||
Expenses after Incentive Fees (in hundredths) | 6.60% | 7.50% | 7.80% | [5] | ||
Total return before incentive fees (in hundredths) | 15.90% | -1.00% | -15.00% | |||
Total return after incentive fees (in hundredths) | 15.20% | -1.00% | -15.00% | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Chesapeake [Member] | ||||||
Per Unit operating performance [Abstract] | ||||||
Expense per Unit waived, provisional management fee (in dollars per unit) | ($1.39) | |||||
Waived management fees as a portion of average net assets (in hundredths) | 0.04% | |||||
[1] | Amount less than 0.005%. | |||||
[2] | Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. | |||||
[3] | Based on change in net asset value per Unit. | |||||
[4] | Expenses per Unit would have been $(1.39) in 2012 had it not been for the management fee waived by Chesapeake. | |||||
[5] | Such percentage is after waiver of management fees. Chesapeake voluntarily waived a portion of the management fees (equal to 0.04% in 2012 of the average net assets). |