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Derivatives and Hedging
 3 Months Ended
Mar. 31, 2013
Derivatives and Hedging [Abstract]  
Derivatives and Hedging
5.  Derivatives and Hedging
 
The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy.  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 Partnership adopted Accounting Standards Update ("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 accounting principles generally accepted in the United States of America ("U.S. GAAP") and those entities that prepare their financial statements on the basis of International Financial Reporting Standards ("IFRS"). The new guidance did not have a significant impact on the Partnership's financial statements.
 
The following tables summarize the valuation of the Partnership's investments as of March 31, 2013 and December 31, 2012, respectively.

Offsetting of Derivative Assets and Liabilities as of March 31, 2013:
 
Gross Amounts
Recognized
Gross Amounts
Offset in the 
Statement of
Financial
Condition
Net Amounts
Presented in the 
Statement of
Financial
Condition
$
$
$
Assets
Futures
994,112
(253,163
)
740,949
Forwards
153,985
(24,143
)
129,842
Total Assets
1,148,097
(277,306
)
870,791
Liabilities
Futures
615,500
(115,368
)
500,132
Forwards
 60,657
(371,098
)
 (310,441
)
Total Liabilities
676,157
(486,466
)
189,691
Unrealized currency loss
(2,411,820
)
Total net unrealized loss on open contracts
(1,351,338
)

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

Gross Amounts
Recognized
Gross Amounts
Offset in the 
Statement of
Financial
Condition
Net Amounts
Presented in the 
Statement of
Financial
Condition
$
$
$
Assets
Futures
652,044
(286,987
)
365,057
Forwards
142,466
(206,649
)
(64,183
)
Total Assets
794,510
(493,636
)
300,874
Liabilities
Futures
147,160
(133,216
)
13,944
Forwards
1,037,514
(68,153
)
 969,361
Total Liabilities
1,184,674
(201,369
)
983,305
Unrealized currency loss
(2,389,680
)
Total net unrealized loss on open contracts
(1,105,501
)

The Effect of Trading Activities on the Statements of Financial Condition as of March 31, 2013:
 
Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short
Unrealized
Gain
 
 
Short
 Unrealized
 Loss
 
 
Net 
Unrealized
Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the three
 months 
(absolute
quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
Commodity
 
 
113,504
 
 
 
(83,964
)
 
 
615,501
 
 
 
(68,361
)
 
 
576,680
 
 
 
562
 
Equity
 
 
236,878
 
 
 
(143,240
)
 
 
–
 
 
 
(9,130
)
 
 
84,508
 
 
 
655
 
Foreign currency
 
 
153,976
 
 
 
(24,143
)
 
 
60,656
 
 
 
(371,097
)
 
 
(180,608
)
 
 
6,781
 
Interest rate
 
 
643,739
 
 
 
(25,959
)
 
 
 –
 
 
 
(37,878
)
 
 
579,902
 
 
 
1,545
 
Total
 
 
1,148,097
 
 
 
(277,306
)
 
 
676,157
 
 
 
(486,466
)
 
 
1,060,482
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,411,820
)
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,351,338
)
 
 
 
 

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012:
 
Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short
Unrealized
Gain
 
 
Short
 Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
 for the year
(absolute
quantity)
 
 
$
 
 
$
 
 
$
 
 
$
 
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
101,521
 
 
 
(62,923
)
 
 
147,045
 
 
 
(47,790
)
 
 
137,853
 
 
 
531
 
Equity
 
 
378,456
 
 
 
(157,913
)
 
 
–
 
 
 
(12,055
)
 
 
208,488
 
 
 
464
 
Foreign currency
 
 
142,465
 
 
 
(206,669
)
 
 
1,037,514
 
 
 
(68,152
)
 
 
905,158
 
 
 
4,815
 
Interest rate
 
 
172,068
 
 
 
(66,131
)
 
 
115
 
 
 
(73,372
)
 
 
32,680
 
 
 
2,003
 
Total
 
 
794,510
 
 
 
(493,636
)
 
 
1,184,674
 
 
 
(201,369
)
 
 
1,284,179
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2,389,680
)
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,105,501
)
 
 
 
 

The following tables summarize the net trading results of the Partnership for the quarters ended March 31, 2013 and 2012, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2013 included in Total Trading Results:

Type of Instrument
 
$
 
 
 
 
Commodity
 
 
658,208
 
Equity
 
 
1,735,606
 
Foreign currency
 
 
1,723,625
 
Interest rate
 
 
(963,194
)
Unrealized currency loss
 
 
(22,141
)
Total
 
 
3,132,104
 
 
Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2013:
 
Trading Results
 
$
 
 
 
 
 
Net realized
 
 
3,377,941
 
Net change in unrealized
 
 
(245,837
)
Total Trading Results
 
 
3,132,104
 
 
The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2012 included in Total Trading Results:
 
Type of Instrument
 
$
 
 
 
 
Commodity
 
 
2,010,118
 
Equity
 
 
2,131,999
 
Foreign currency
 
 
399,975
 
Interest rate
 
 
(1,874,364
)
Unrealized currency loss
 
 
(4,577
)
Total
 
 
2,663,151
 
 
Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2012:
 
Trading Results
 
$
 
 
 
 
Net realized
 
 
4,415,381
 
Net change in unrealized
 
 
(1,752,230
)
Total Trading Results
 
 
2,663,151