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Derivatives and Hedging
 6 Months Ended
Jun. 30, 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. 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 June 30, 2013 and December 31, 2012, respectively.

Offsetting of Derivative Assets and Liabilities as of June 30, 2013:
 
 
Gross Amounts
Recognized
  
Gross Amounts
Offset in the Statement of Financial
Condition
  
Net Amounts
Presented in the Statement of
Financial
Condition
 
 
 
 
$
  
 
$
  
 
$
 
Assets
            
Futures
  
98,259
   
(92,657
)
  
5,602
 
Forwards
  
–
   
(440,305
)
  
(440,305
)
 
            
Total Assets
  
98,259
   
(532,962
)
  
(434,703
)
 
            
Liabilities
            
Futures
  
1,022,581
   
(174,782
)
  
847,799
 
Forwards
  
380,227
   
(381,429
)
  
(1,202
)
 
            
Total Liabilities
  
1,402,808
   
(556,211
)
  
846,597
 
 
            
Unrealized currency loss
          
(2,387,585
)
 
            
Total net unrealized loss on
            
open contracts
          
(1,975,691
)

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
)
 
            
Net unrealized loss on
            
open contracts
          
(1,105,501
)
 
The Effect of Trading Activities on the Statements of Financial Condition as of June 30, 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 six months (absolute quantity)
 
 
 
 
$
  
 
$
  
 
$
  
 
$  
$
  
 
  
Commodity
  
–
   
(52,724
)
  
950,429
   
(21,277
)
  
876,428
   
580
 
Equity
  
98,259
   
(39,263
)
  
410
   
(73,588
)
  
(14,182
)
  
598
 
Foreign currency
  
–
   
(440,373
)
  
380,226
   
(381,428
)
  
(441,575
)
  
5,710
 
Interest rate
  
–
   
(602
)
  
71,743
   
(79,918
)
  
(8,777
)
  
1,673
 
Total
  
98,259
   
(532,962
)
  
1,402,808
   
(556,211
)
  
411,894
     
 
                        
Unrealized currency loss
                  
(2,387,585
)
    
Total net unrealized loss on open contracts
                  
(1,975,691
)
    
 
                        
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
)
    
Net unrealized loss on open contracts
                  
(1,105,501
)
    
 
The following tables summarize the net trading results of the Partnership for the three and six months ended June 30, 2013 and 2012, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013 included in Total Trading Results:
 
 For the Three MonthsFor the Six Months
 Ended June 30, 2013Ended June 30, 2013
Type of Instrument
 
 
$
  
 
$
 
 
        
Commodity
  
2,634,290
   
3,292,498
 
Equity
  
423,271
   
2,158,877
 
Foreign currency
  
(52,923
)
  
1,670,702
 
Interest rate
  
(331,403
)
  
(1,294,597
)
Unrealized currency gain
  
24,235
   
2,094
 
Total
  
2,697,470
   
5,829,574
 
 
Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2013:
 
 For the Three MonthsFor the Six Months
 Ended June 30, 2013Ended June 30, 2013
Trading Results
 
 
$
  
 
$
 
 
        
Net realized
  
3,321,823
   
6,699,764
 
Net change in unrealized
  
(624,353
)
  
(870,190
)
Total Trading Results
  
2,697,470
   
5,829,574
 
 
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012 included in Total Trading Results:
 
 For the Three MonthsFor the Six Months
 Ended June 30, 2012Ended June 30, 2012
Type of Instrument
 
 
$
  
 
$
 
 
        
Commodity
  
(711,417
)
  
1,298,701
 
Equity
  
(1,848,987
)
  
283,012
 
Foreign currency
  
(1,050,411
)
  
(650,436
)
Interest rate
  
4,629,540
   
2,755,176
 
Unrealized currency loss
  
(7,370
)
  
(11,947
)
Total
  
1,011,355
   
3,674,506
 
 
Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012:
 
 For the Three MonthsFor the Six Months
 Ended June 30, 2012Ended June 30, 2012
Trading Results
 
 
$
  
 
$
 
 
        
Net realized
  
3,366,851
   
7,782,232
 
Net change in unrealized
  
(2,355,496
)
  
(4,107,726
)
Total Trading Results
  
1,011,355
   
3,674,506