0000837919-18-000016.txt : 20181114 0000837919-18-000016.hdr.sgml : 20181114 20181114121127 ACCESSION NUMBER: 0000837919-18-000016 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 39 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EVEREST FUND L P CENTRAL INDEX KEY: 0000837919 STANDARD INDUSTRIAL CLASSIFICATION: [6221] IRS NUMBER: 421318186 STATE OF INCORPORATION: IA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-17555 FILM NUMBER: 181181865 BUSINESS ADDRESS: STREET 1: 1100 NORTH 4TH ST STREET 2: SUITE 143 CITY: FAIRFIELD STATE: IA ZIP: 52556 BUSINESS PHONE: 641 472 5500 MAIL ADDRESS: STREET 1: 1100 NORTH 4TH ST STREET 2: SUITE 143 CITY: FAIRFIELD STATE: IA ZIP: 52556 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST FUTURES FUND L P DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST ENERGY FUTURES FUND L P DATE OF NAME CHANGE: 19920331 FORMER COMPANY: FORMER CONFORMED NAME: EVEREST ENERGY FUND L P DATE OF NAME CHANGE: 19881211 10-Q 1 everest_3q18.htm THE EVEREST FUND, L.P. 2018 3QTR 10Q
 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

Quarterly report pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934

For the quarterly period Commission File Number
ended September 30, 2018 0-17555

 

The Everest Fund, L.P.

(Exact name of registrant as specified in its charter)

Iowa 42-1318186
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

1100 North 4th Street, Suite 232, Fairfield, Iowa   52556

(Address of principal executive offices)          (Zip Code)

Registrant’s telephone number, including area code:

(641) 472-5500

Not Applicable

(Former name, former address and former fiscal year, if changed since last report.)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x  No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o Accelerated filer o
Non-accelerated filer   o Small Reporting Company Filer x
  Emerging growth company o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).

Yes o No x

 
 

Table of Contents

Part I: Financial Information  
     
Item 1. Financial Statements 3
     
  Statements of Financial Condition September 30, 2018 (Unaudited) and December 31, 2017 (Audited) 3
  Condensed Schedule of Investments September 30, 2018 (Unaudited) 4
  Condensed Schedule of Investments December 31, 2017 (Audited) 5
  Statements of Operations For the Three and Nine Months Ended September 30, 2018 and 2017 (Unaudited) 6
  Statements of Changes in Partners’ Capital (Net Asset Value) For the Nine Months Ended September 30, 2018 and 2017 (Unaudited) 8-9
  Statements of Cash Flows For the Nine Months Ended September 30, 2018 and 2017 (Unaudited) 10
  Notes to Financial Statements September 30, 2018 11
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 19
     
Item 3. Quantitative and Qualitative Disclosures about Market Risk 21
     
Item 4. Controls and Procedures 21
     
Part II: Other Information 22
     
Item 1. Legal Proceedings 22
     
Item 1A. Risk Factors 22
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 22
     
Item 3. Defaults upon Senior Securities 22
     
Item 4. Submission of Matters to a Vote of Security Holders 22
     
Item 5. Other Information 22
     
Item 6. Exhibits 22

2
 

PART I. FINANCIAL INFORMATION

Item 1 Financial Statements

Following are Financial Statements for the nine months ended September 30, 2018

THE EVEREST FUND, L.P.

(An Iowa Limited Partnership)

STATEMENTS OF FINANCIAL CONDITION

September 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017 (AUDITED)

   UNAUDITED   AUDITED 
   September 30,
2018		   DECEMBER 31,
2017		 
ASSETS          
           
Equity in broker trading accounts:          
Cash in broker trading accounts  $2,772,858   $3,265,688 
Net unrealized trading gains gain on open contracts   164,348    237,641 
    2,937,206    3,503,329 
Cash   11,751    9,632 
           
Other   3,825    2,633 
           
TOTAL ASSETS  $2,952,782   $3,515,594 
LIABILITIES AND PARTNERS’ CAPITAL          
LIABILITIES:          
Management fee payable - Advisor  $4,866   $5,760 
Management fee payable – General Partner   12,638    15,107 
Redemptions payable   167,020    0 
Accrued expenses   20,419    44,335 
           
TOTAL LIABILITIES   204,943    65,201 
           
PARTNERS’ CAPITAL (Net Assets)   2,747,839    3,450,393 
Limited partners, A Shares (1,806.53 and 2,137.27 units outstanding)          
           
TOTAL PARTNERS’ CAPITAL   2,747,839    3,450,393 
           
TOTAL LIABILITIES AND PARTNERS’ CAPITAL  $2,952,782   $3,515,594 

 

The accompanying notes are an integral part of these financial statement.

3
 

THE EVEREST FUND, L.P.

(AN IOWA LIMITED PARTNERSHIP)

CONDENSED SCHEDULE OF INVESTMENTS

September 30, 2018

UNAUDITED

 

   EXPIRATION   NUMBER OF   MARKET   % OF
PARTNERS’		 
   DATES   CONTRACTS   VALUE (OTE)   CAPITAL 
LONG POSITIONS:                    
FUTURES POSITION                    
Interest rates   Dec 18 - Sep 19    60   $(5,384)   -0.20%
Metals   Dec 18    4    14,060    0.51%
Energy   Nov 18 - Dec 18    27    68,375    2.49%
Grains   Dec 18    1    (638)   -0.02%
Livestock   Nov 18 - Dec 18    3    2,020    0.07%
Currencies   Dec 18    11    (9,555)   -0.35%
Financials   Dec 18    23    72,169    2.63%
                     
Total long positions            $141,047    5.13%
                     
SHORT POSITIONS:                    
FUTURES POSITIONS                    
                     
Interest rates   Dec 18 - Jun 20    114   $9,888    0.36%
Metals   Dec 18 - Jan 19    11    (8,955)   -0.33%
Agriculture   Nov 18    2    (371)   -0.01%
Foods   Nov 18 - Dec 18    7    19,534    0.71%
Grains   Dec 18 - Jan 19    19    (455)   -0.02%
Currencies   Dec 18 - Jun 20    110    21,111    0.77%
Financials   Dec 18    7    (17,451)   -0.63%
                     
Total short positions            $23,301    0.85%
                     
TOTAL Net unrealized gain on futures contracts – United States            $164,348    5.98%

 

The accompanying notes are an integral part of these financial statements.

4
 

THE EVEREST FUND, L.P.

(AN IOWA LIMITED PARTNERSHIP)

CONDENSED SCHEDULE OF INVESTMENTS

December 31, 2017
(AUDITED)

 

AUDITED  Expiration
Dates		   Number of
Contracts		   Market
Value (OTE)		   % of
Partners’
Capital		 
LONG POSITIONS:                    
FUTURES POSITIONS                    
Interest rates   Mar 18 - Mar 19    118   $(15,230)   -0.44%
Metals   Feb 18 - Mar 18    17    56,308    1.63%
Energy   Feb 18 - Mar 18    22    62,427    1.81%
Agriculture   Feb 18 - Mar 18    18    21,620    0.63%
Currencies   Mar 18    25    21,173    0.61%
Indices   Jan 18 - Mar 18    31    55,891    1.62%
              202,189    5.86%
Total long positions             202,189    5.86%
                     
SHORT POSITIONS                    
FUTURES POSITIONS                    
                     
Interest rates   Mar 18 - Mar 19    96    (6,549)   -0.19%
Metals   Apr 18    4    (2,320)   -0.07%
Energy   Feb 18    5    3,350    0.10%
Agriculture   Feb 18 - Mar 18    90    8,308    0.24%
Currencies   Mar 18 - Sep 19    89    20,845    0.60%
Indices   Mar 18    11    11,818    0.34%
              35,452    1.02%
Total short positions             35,452    1.02%
Total net unrealized gain on futures contracts – United States            $237,641    6.88%

 

The accompanying notes are an integral part of these financial statements.

5
 

THE EVEREST FUND, L.P.

(AN IOWA LIMITED PARTNERSHIP)

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED September 30, 2018 AND 2017

UNAUDITED

 

   THREE MONTHS
ENDED		   THREE MONTHS
ENDED		 
   September 30,
2018		   September 30,
2017		 
TRADING INCOME (LOSS)               
Net realized trading (loss)  $(65,822)  $(294,873)
Change in net unrealized trading gain (loss)   87,943    150,339 
Brokerage commissions   (4,858)   (6,867)
           
NET TRADING GAIN (LOSS)   17,263    (151,401)
           
Interest income, net of cash management fees   12,331    6,982 
           
TOTAL INCOME (LOSS)   29,594    (144,419)
           
EXPENSES:          
General Partner management fees   39,511    46,612 
Advisor management fees   14,729    17,463 
Professional fees   24,559    25,342 
Administrative expenses   1,708    1,626 
           
TOTAL EXPENSES   80,507    91,043 
           
NET (LOSS)  $(50,913)  $(235,462)
           
NET (LOSS) PER UNIT OF PARTNERSHIP INTEREST  $(28.18)  $(108.39)

 

The accompanying notes are an integral part of these financial statements.

6
 

THE EVEREST FUND, L.P.

(AN IOWA LIMITED PARTNERSHIP)

STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

UNAUDITED

 

   NINE MONTHS
ENDED		   NINE MONTHS
ENDED		 
   SEPTEMBER 30,
2018		   SEPTEMBER 30,
2017		 
TRADING INCOME (LOSS)          
Net realized trading gain  $176,721   $(292,994)
Change in net unrealized trading (loss)   (78,362)   (4,554)
Brokerage commissions   (13,492)   (21,273)
           
NET TRADING INCOME (LOSS)   84,867         (318,821)
           
Interest income, net of cash management fees   34,613    16,964 
           
TOTAL INCOME (LOSS)   119,480    (301,857)
           
EXPENSES:          
General partner management fees   128,777    148,249 
Advisor management fees   47,271    55,615 
Professional fees   76,782    79,808 
Administrative expenses   5,108    5,586 
           
TOTAL EXPENSES   257,938    289,258 
           
NET (LOSS)  $(138,458)  $(591,115)
           
NET LOSS PER UNIT OF PARTNERSHIP INTEREST  $(76.64)  $(272.10)

 

The accompanying notes are an integral part of these financial statements.

7
 

THE EVEREST FUND, L.P.

(An Iowa Limited Partnership)

STATEMENT OF CHANGES IN PARTNERS’ CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018

UNAUDITED

 

   UNITS   LIMITED PTRS     
   A SHARES   A SHARES   TOTAL 
BALANCES, January 1, 2018  $2,137.27   $3,450,393   $3,450,393 
Additional Units Sold   0    0    0 
Redemptions   (330.74)   (564,096)   (564,096)
Less Offering Costs   —    0    0 
Net (loss)   —    (138,458)   (138,458)
                
BALANCES, September 30, 2018  $1,806.53   $2,747,839   $2,747,839 
                
Net asset value per unit January 1, 2018  $1,614.39           
Net (loss) per unit   (93.33)          
               
Net asset value per unit SEPTEMBER 30, 2018  $1,521.06           

 

The accompanying notes are an integral part of these financial statements.

8
 

THE EVEREST FUND, L.P.

(An Iowa Limited Partnership)

STATEMENT OF CHANGES IN PARTNERS’ CAPITAL

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017

UNAUDITED

 

   UNITS   LIMITED PTRS     
   A SHARES   A SHARES   TOTAL 
BALANCES, January 1, 2017  $2,211.96   $3,957,148   $3,957,148 
Additional Units Sold   0    0    0 
Redemptions   (39.57)   (64,264)   (64,264)
Less Offering Costs   —    0    0 
Net (loss)   —    (591,115)   (591,115)
                
BALANCES, September 30, 2017  $2,172.39   $3,301,770   $3,301,770 
                
Net asset value per unit January 1, 2017  $1,788.98           
Net (loss) per unit   (269.10)          
                
Net asset value per unit September 30, 2017  $1,519.88           

 

The accompanying notes are an integral part of these financial statements.

9
 

THE EVEREST FUND, L.P.

(An Iowa Limited Partnership)

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 AND 2017

UNAUDITED

 

        
  NINE MONTHS
ENDED		   NINE MONTHS
ENDED		 
   SEPTEMBER 30,
2018		   SEPTEMBER 30,
2017		 
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:        
Net income (loss)  $(138,458)  $(591,115)
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities:          
Unrealized loss on open contracts   73,293    17,860 
Interest receivable   (1,192)   (1,037)
Management fee payable - General partner   (2,469)   (3,605)
Management fee payable - Advisor   (893)   (1,163)
Accrued expenses   (23,916)   (2,847)
           
Net cash provided by (used in) operating activities   (93,635)   (581,907)
           
Cash flows for financing activities:          
Cash Redemptions paid   (397,076)   (105,285)
           
Net cash (used in) financing activities   (397,076)   (105,285)
               
Net decrease in cash and cash equivalents   (490,711)   (687,192)
Cash and cash equivalents          
Beginning of period   3,275,320    3,967,943 
End of Period   2,784,609    3,280,751 
End of period cash and cash equivalents consist of:          
Cash at Banks   11,751    10,189 
Cash in broker trading accounts   2,772,858    3,270,562 
           
CASH AND CASH EQUIVALENTS, at end of period   2,784,609    3,280,751 

 

The accompanying notes are an integral part of these financial statements.

10
 

The Everest Fund, L.P.

(an Iowa Limited Partnership)

Notes to the Financial Statements

September 30, 2018

 

1. Nature of Business and Significant Accounting Policies

 

Nature of Operations

 

The Everest Fund, L.P. (the “Partnership”) was organized in June 1988 pursuant to the Iowa Uniform Limited Partnership Act for the purpose of engaging in the speculative trading of futures and forward contracts for commodities, financial instruments, stock indexes and currencies, any rights pertaining thereto and any options thereon or on physical commodities. As part of its objective, the Partnership may also engage in hedge, arbitrage and cash trading of commodities and futures.

 

On November 1, 2018 the Partnership suspended trading and the General Partner began the process of withdrawing as General Partner of the Fund. This will effectively shut down the Partnership. All positions were closed in an orderly manner on November 1, 2018 and the Asian and European positions were closed on November 2, 2018. Foreign currencies were converted to US Dollars on November 5, 2018. This concludes all trading and open positions in the Partnership. The Partnership still has some positions that the London Metal Exchange (LME) needs to settle on December 19, 2018. The results of those trades are known as they have been offset but the exchange still needs to settle them.

 

The suspension of trading was triggered, in accordance with the Partnership’s Offering Memorandum and letters from the General Partner, by a large and sudden decline in Net Asset Value (NAV) which superseded the ’suspension of trading’ level. This was due to volatile trading in October and the first day of November 2018. The Partnership will calculate an NAV for October 2018 as usual within the first 10-12 days of November 2018. As soon as is practical and possible thereafter the Partnership will calculate the same for the trading in November 2018. Once final NAV is determined, approximately 95% of investor monies will be returned. The holdback will be in order to pay for the final audit, K-1 tax forms and Partnership operating costs, which we estimate will be completed by end of March 2019. As soon as practical after that, the remaining monies, if any, will be returned to the investors.

 

The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General Partner”). All management and investment decisions are vested in the General Partner. The General Partner is registered with the United States Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (“CPO”) and a Commodity Trading Advisor (“CTA”) and is a member of the United States National Futures Association (NFA). The General Partner acts as the Partnership’s sole CPO, and an unrelated party EMC Capital Advisors, LLC (the “Advisor”), acts as the Partnership’s sole CTA, to whom the General Partner has delegated complete trading authority. The Partnership clears all of its trades through one clearing broker, RJ O’Brien (the “Clearing Broker”).

11
 

A summary of the Partnership’s significant accounting polices follows.

 

Basis of Accounting

 

The Partnership follows accounting principles generally accepted in the United States (“U.S. GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition and results of operations.

 

In accordance with FASB Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies, management has determined that it is an investment company, as defined for accounting purposes, and has applied such guidance.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash

 

Cash in broker trading accounts is on deposit at the Clearing Broker. The Partnership at times maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk. Margin requirements are satisfied by the deposit of cash with such broker. At September 30, 2018 and December 31, 2017, the amount of restricted cash held by the Partnership for margin requirements was $480,477 and $602,280, respectively.

 

Valuation of Investments

 

Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices.

 

Offsetting of Amounts Related to Certain Contracts

 

When the requirements are met, the Partnership offsets certain fair value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.

 

Income Recognition on Investments

 

Income on futures contracts is recorded on a trade date basis. Gains (losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on the size of a given contract and the difference between the open futures contract closing price and the price at which the contract was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts, if any, is based on third party quoted dealer values on the Inter-bank market.

12
 

Interest income is recognized on an accrual basis.

 

Brokerage Commissions

 

Brokerage commissions and exchange fees are reflected separately in the statements of operations.

 

Cash and Cash Equivalents

 

Cash equivalents represent highly liquid investments with maturities of 90 days or less at the date of acquisition.

 

Foreign Currency

 

The Partnership has certain investments denominated in foreign currencies. The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments.

 

Redemptions Payable

 

Redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.

 

Income Taxes

 

The Partnership is not subject to federal income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners.

 

The Partnership assesses the potential outcome of uncertain tax positions. As of September 30, 2018, management believes the Partnership has no material uncertain tax positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and state statutes remain open to examination by taxing authorities through their statutory periods.

 

Subsequent Events

 

The Partnership has evaluated subsequent events for potential recognition and/or disclosure through November 14, 2018, the date the financial statements were issued. As described in the Nature of Operations footnote, the Partnership suspended trading November 1, 2018 and is in the process of closing.

13
 

2. Fair Value of Financial Instruments

 

The Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Partnership has the ability to access at the measurement date.

 

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

 

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

 

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 Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

 

The Partnership assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the nine months ended December 31, 2018 and year ended December 31, 2017, there were no such transfers.

 

Exchange-traded futures contracts are typically categorized within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures contracts that are not actively traded are valued based on quoted prices in markets or by reference to broker or dealer quotations and are generally classified within Level 2 of the fair value hierarchy. All financial instruments listed in the condensed schedules of investments as of September 30, 2018 and December 31, 2017 are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets.

 

Substantially all of the Partnership’s assets and liabilities are considered financial instruments, and are either already reflected at fair value or are short-term or replaceable on demand. Therefore, their carrying amounts approximate their fair values.

14
 

3. Derivative Transactions

 

The following table identifies the fair value amounts of derivative contracts by type of risk as of September 30, 2018:

 

Risk Type  Asset
Derivatives		   Liability
Derivatives		   Net   Number of
Contracts		 
Agricultural  $21,774   $(1,684)  $20,090    32 
Currencies   42,989    (31,433)   11,556    121 
Energy   68,375    0    68,375    27 
Indices   72,169    (17,450)   54,719    30 
Interest rates   14,601    (10,098)   4,503    174 
Metals   29,418    (24,313)   5,105    15 
   $249,326   $(84,978)   164,348    399 

 

The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2017:

Risk Type  Asset
Derivatives		   Liability
Derivatives		   Net   Number of
Contracts		 
Agricultural  $21,620   $8,308   $29,928    108 
Currencies   21,173    20,845    42,018    114 
Energy   62,427    3,350    65,777    27 
Indices   55,891    11,818    67,709    42 
Interest rates   (15,231)   (6,549)   (21,780)   214 
Metals   56,309    (2,320)   53,989    21 
   $202,189   $35,452   $237,641    526 

 

The Partnership does not consider any derivative instruments to be hedging instruments, as those terms are generally understood under U.S. GAAP.

4. Offsetting Assets and Liabilities

As of September 30, 2018 and December 31, 2017, the Partnership holds derivative instruments that are eligible for offset in the statements of financial condition and are subject to master netting arrangements. Master netting arrangements allow the counterparty to net applicable collateral held on behalf of the Partnership against applicable liabilities or payment obligations of the Partnership to the counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations it has to the Partnership against any collateral sent to the Partnership.

15
 

The following tables provide disclosure regarding the potential effect of offsetting of recognized assets presented in the statements of financial condition.

Offsetting of Derivative Assets

September 30, 2018

       Gross Amounts   Net Amounts of
Unrealized Gain		 
   Gross   Offset in the   Presented in the 
   Amounts of   Statements of   statements of 
   Recognized   Financial   Financial 
Description  Assets   Condition   Condition 
Futures contracts  $249,326   $(84,978)  $164,348 
                
December 31, 2017            
       Gross Amounts   Net Amounts of
Unrealized Gain		 
   Gross   Offset in the   Presented in the 
   Amounts of   Statements of   statements of 
   Recognized   Financial   Financial 
Description  Assets   Condition   Condition 
Futures contracts  $261,741   $(24,100)  $237,641 

 

Derivative Assets and Collateral Received by Counterparty

 

September 30, 2018

   Net Amounts of             
   Unrealized Gain    
   Presented in the
statements of		   Gross Amounts Not Offset in the
Statements of Financial Condition		 
   Financial   Financial   Cash Collateral     
Counterparty  Condition   Instruments   Received   Net Amount 
R.J. O’Brien  $164,348   $—   $—   $164,348 
                     
December 30, 2017                    
   Net Amounts of             
   Unrealized Gain    
   Presented in the
statements of		   Gross Amounts Not Offset in the
Statements of Financial Condition		 
   Financial   Financial   Cash Collateral     
Counterparty  Condition   Instruments   Received   Net Amount 
R.J. O’Brien  $

237,641

   $—   $—   $

237,641

 

16
 

5. Limited Partnership Agreement

Pursuant to the terms of the seventh amended and restated agreement of limited partnership (the “Agreement”), dated and effective as of May 1, 2004, net income and losses are allocated to the partners in accordance with each partner’s ownership percentage.

Generally, a limited partner may withdraw all or a portion of its capital only as of the close of business on the last day of a fiscal month, provided they have given at least 15 days’ prior written notice, although the General Partner may in its sole discretion accept at other times. Also see a description of withdrawals due to suspension of trading in the Nature of Operations footnote.

 

6. Fees and Related-Party Transactions

The Partnership pays its Advisor a monthly management fee of 0.167% of each limited partner’s capital balance as of the end of each month (2.0% per annum) and a quarterly incentive fee equal to 20% of trading profits, as defined. No incentive fee was earned during the nine months ended September 30, 2018 and year ended December 31, 2017 because no limited partner capital account balances have reached a new high water mark.

The General Partner charges the Partnership a monthly management fee equal to 0.50% (6.0% annually) of the Partnership’s Class A beginning-of-month NAV.

7. Deposits with Brokers

The Partnership deposits cash with the Clearing Broker subject to CFTC regulations and various exchange and broker requirements. Margin requirements are satisfied by the deposit of cash with such broker. The Partnership earns interest income on its cash deposited with the Clearing Broker.

8. Indemnifications

In the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of future obligation under these indemnifications to be remote.

9. Financial Instruments with Off-Balance-Sheet Risk

In connection with its trading activities, the Partnership enters into transactions with a variety of derivative financial instruments, including exchange-traded futures contracts. These derivative financial instruments may have market and/or credit risk in excess of the amounts recorded in the statements of financial condition.

17
 

Market Risk: Market risk arises primarily from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short.

Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. In many cases, the use of financial instruments serves to modify or offset market risk associated with other transactions and, accordingly, serves to decrease the Partnership’s overall exposure to market risk. The Partnership attempts to control its exposure to market risk through various analytical monitoring techniques.

Credit Risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is limited to the current cost to replace all contracts in which the Partnership has a gain. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges.

Concentrations of Credit Risk: The Partnership is engaged in various trading and brokerage activities in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Partnership may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Partnership’s policy to review, as necessary, the credit standing of each counterparty.

The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The partners bear the risk of loss only to the extent of the market value of their respective investments.

Futures Risk: The Partnership is subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Partnership may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Partnership is required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as amounts due to or from the broker; fluctuations in the value of the contract are recorded for financial statement purposes as unrealized gains or losses by the Partnership. Upon entering into such contracts, the Partnership bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case the Partnership may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Partnership since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the settlement of futures against default.

18
 

10. Financial Highlights

The following financial highlights show the Partnership’s financial performance for the nine months ended September 30, 2018 and September 30, 2017.

 

   September 30, 2018   September 30, 2017 
   Class A   Class A 
Per unit operating performance:          
Net asset per unit at beginning of period  $1,614.39   $1,788.98 
           
Net gain (loss) from investment operations:          
           
Net realized and unrealized gain (loss) on investments   21.42    (145.46)
Net investment gain (loss)   (114.75)   (123.64)
           
Total net gain (loss) from investment operations   (93.33)   (269.10)
           
Net asset value per unit at the end of period  $1,521.06   $1,519.88 
           
Total return *   -5.78%   -15.04%
Ratio to average net assets:          
Net investment Income (loss)**   -9.54%        -9.76%
           
Expenses**   11.02%   10.37%
           
* Not annualized          
** Annualized          

 

Interim Financial Statements

The statements of financial condition, including the consolidated schedule of investments, as of September 30, 2018, the statements of operations for the three and nine months ended September 30, 2018 and 2017, the statements of cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2018 and 2017 and the accompanying notes to the financial statements are unaudited.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of September 30, 2018, results of operations for the three and nine months ended September 30, 2018 and 2017, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2018 and 2017. The results of operations for the full three months ended September 30, 2018 and 2017 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our form 10-k as filed with the Securities and Exchange Commission.

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operation

Each months ended September 30, 2018 compared to each months ended September 30, 2017.

Class A Units were positive 12.35% in January 2018 resulting in a Net Asset Value per unit of $1,813.79 as of January 31, 2018.

19
 

Class A Units were negative 1.64% in January 2017 resulting in a Net Asset Value per unit of $1,759.68 as of January 31, 2017.

The Fund had an outsized gain of +12.35% to begin the New Year. Stock indices, currencies, interest rates, energies and softs led the way. There was a small loss in grains with most other sectors flat.

Class A Units were negative 6.73% in February 2018 resulting in a Net Asset Value per unit of $1,691.76 as of February 28, 2018.

 

Class A Units were positive 3.98% in February 2017 resulting in a Net Asset Value per unit of $1,829.77 as of February 28, 2017.

The Fund had a loss of -6.73% for the month of February. The Fund gave back more than 1/2 the gains from a very robust January. Losses came across the board but mainly in global stock indices and currencies which reversed directions from January. Smaller losses were posted in energies, interest rates and metals.

 

Class A Units were negative 2.28% in March 2018 resulting in a Net Asset Value per unit of $1,653.17 as of March 31, 2018.

Class A Units were negative 6.85% in March 2017 resulting in a Net Asset Value per unit of $1,704.35 as of March 31, 2017.

Losses came from interest rates, grains, metals and stock indices. Smaller gains came from softs, currencies, energies and meats.

Class A Units were negative 0.64% in April 2018 resulting in a Net Asset Value per unit of $1,642.54 as of April 30, 2018.

Class A Units were negative 0.31% in April 2017 resulting in a Net Asset Value per unit of $1,699.15 as of April 30, 2017.

The Fund was down 0.64% in April as gains in energies, softs and stock indices were not enough to overcome losses in interest rates, currencies, metals, meats and grains.

With the exception of energies, markets remain directionless overall, and reactive to news out of Washington on trade and arms negotiations.

Class A Units were negative 3.89% in May 2018 resulting in a Net Asset Value per unit of $1,578.65 as of May 31, 2018.

Class A Units were positive 1.10% in May 2017 resulting in a Net Asset Value per unit of $1,717.81 as of May 31, 2017.

Then Fund had a loss of 3.89% in May coming from positions in stock indices, interest rates, grains and currencies. Smaller gains came in energies and softs.

Among other things, on again off again then on again threats of tariffs and then actual tariffs played havoc on the above markets, especially at the end of the month.

Class A Units were negative 1.97% in June 2018 resulting in a Net Asset Value per unit of $1,547.63 as of June 30, 2018.

20
 

Class A Units were negative 5.24% in June 2017 resulting in a Net Asset Value per unit of $1,627.81 as of June 30, 2017.

Then Fund had a loss of -1.97% in June. A large gain in currencies was not enough to offset larger overall losses from almost every other sector in June. Declines came from softs, interest rates, energies, metals and stock indices.

Class A Units were negative 1.14% in July 31, 2018 resulting in a Net Asset Value per unit of $1,530.04 as of July 31, 2018.

Class A Units were positive 0.28% in July 31, 2017 resulting in a Net Asset Value per unit of $1,632.42 as of July 31, 2017.

On the 19th of July, the Fund was hit with losses from interest rate and currency market dislocations after President Trump’s comment that the Fed should not be raising rates. The administration also blasted China and the EU for manipulating their currencies. The losses came primarily from the currencies and long term fixed income sectors. Long positions in the US dollar sold off against most major currencies and global fixed income declined as well.

Class A Units were positive 1.10% in August 31, 2018 resulting in a Net Asset Value per unit of $1,546.89 as of August 31, 2018.

Class A Units were positive 0.24% in August 31, 2017 resulting in a Net Asset Value per unit of $1,636.28 as of August 31, 2017.

The profit came in metals, as precious metals declined and gold broke through technical support of $1,200 per oz. Gains also came from energies and currencies. Smaller losses were sustained in interest rates and grains.

Class A Units were negative 1.67% in September 30, 2018 resulting in a Net Asset Value per unit of $1,521.06 as of September 30, 2018.

Class A Units were negative 7.11% in September 30, 2017 resulting in a Net Asset Value per unit of $1,519.88 as of September 30, 2017.

Gains in energies and global stock indices were overshadowed by larger losses in interest rates, currencies, softs and to a lesser extent, metals.

Item 3. Quantitative and Qualitative Disclosures about Market Risk

There has been no material change with respect to market risk since the “Quantitative and Qualitative Disclosures About Market Risk” was made in the Form 10K of the Partnership dated December 31, 2017.

Item 4. Controls and Procedures

As of September 30, 2018 an evaluation was performed by the company under the supervision and with the participation of management, including the President of the Company, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on that evaluation, the Company’s management, including the President, concluded that the Company’s disclosure controls and procedures are effective in timely alerting them to material information relating to the Company that is required to be included in the Company’s period filings with the Securities and Exchange Commission. There have been no significant changes in the company’s internal controls or in other factors that could significantly affect those internal controls subsequent to the date the company carried out its evaluation.

21
 

Part II. OTHER INFORMATION

Item 1. Legal Proceedings  

 

Neither the Partnership, nor the General Partner, is party to any pending material legal proceeding.

Item 1A. Risk Factors

     

There has been no material change with respect to risk factors since the “Risk Factors” were disclosed in the Form 10K of the Partnership dated December 31, 2017.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

     

RECENT SALES OF UNREGISTERED SECURITIES A UNITS

 

   Nine months ended   Nine months ended  
   September 30, 2018         September 30, 2017 
Units Sold   0    0 
Value of Units Sold  $0   $0 

 

1% of the proceeds from the above sales were used to pay the Partnership’s Organization and Offering charge. The remaining 99% was invested in the Partnership.

See Part I, Statement of Changes in Partner’s Capital

Item 3. Defaults Upon Senior Securities

     

             None

Item 4. Submission of Matters to a Vote of Security Holders

     

             None

Item 5. Other Information

     

             None

Item 6. Exhibits and Reports on Form 8-K  

 

a)          Exhibits  

 

Exhibit Number   Description of Document   Page Number
31   Certification by Chief Executive Officer and Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002   E- 1-2
         
32   Certification by Chief Executive Officer and Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002    E - 3
     

b)          Reports on Form 8-K

     

             None

22
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned and thereunto duly authorized.

  EVEREST FUND, L.P.
     
Date: November 14, 2018 By: Everest Asset Management, Inc.,
    its General Partner
     
     
  By:  /s/ Peter Lamoureux
    Peter Lamoureux
    President
23
 EX-31 2 ex_31.htm DOC 31
 

EXHIBIT 31

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TOSECTION 302
OF THE SARBANES-OXLEY ACT OF 2002

I, Peter Lamoureux, certify that:

1. I have reviewed this quarterly report on Form 10-Q of the Everest Fund, L.P.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

     
    EVEREST FUND, L.P.
     
Date:  November 14, 2018 By: Everest Asset Management, Inc., its General Partner
     
By: /s/ Peter Lamoureux    
Peter Lamoureux  
Director, President, and Treasurer  
24
 EX-32 3 ex_32.htm DOC 32
 

EXHIBIT 32

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of the Everest Fund, L.P. (the “Partnership”), for the quarter ended September 30, 2018, as filed with the U.S. Securities and Exchange Commission on the date hereof (the “Report”), I, Peter Lamoureux, President of Everest Asset Management, Inc., the general partner of the Everest Fund, L.P. (the “Fund”), hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

     
Date: November 14, 2018
   
By: /s/ Peter Lamoureux  
Name:   Peter Lamoureux
Title: Director, President and Treasurer

25
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Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2018
Nov. 12, 2018
Document And Entity Information    
Entity Registrant Name EVEREST FUND L P  
Entity Central Index Key 0000837919  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Non-accelerated Filer  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   0
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
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STATEMENTS OF FINANCIAL CONDITION - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Equity in broker trading accounts:    
Cash in broker trading accounts $ 2,772,858 $ 3,265,688
Net unrealized trading gains on open contracts 164,348 237,641
Total cash & equity in broker trading accounts 2,937,206 3,503,329
Cash 11,751 9,632
Other 3,825 2,633
TOTAL ASSETS 2,952,782 3,515,594
LIABILITIES:    
Management fee payable - Advisor 4,866 5,760
Management fee payable - General Partner 12,638 15,107
Redemptions payable 167,020 0
Accrued expenses 20,419 44,335
TOTAL LIABILITIES 204,943 65,201
PARTNERS' CAPITAL (Net Assets) 2,747,839 3,450,393
Limited partners, A Shares (1,806.53 and 2,137.27 units outstanding) 0 0
TOTAL PARTNERS’ CAPITAL 2,747,839 3,450,393
TOTAL LIABILITIES AND PARTNERS' CAPITAL $ 2,952,782 $ 3,515,594
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STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - shares
Sep. 30, 2018
Dec. 31, 2017
Partners Capital    
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CONDENSED SCHEDULES OF INVESTMENTS (UNAUDITED)
Sep. 30, 2018
USD ($)
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Dec. 31, 2017
USD ($)
Integer
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% of Partners' Capital 5.98% 6.88%
LONG    
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% of Partners' Capital   5.86%
SHORT    
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% of Partners' Capital   1.02%
Futures contracts | LONG    
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% of Partners' Capital 5.13% 5.86%
Futures contracts | LONG | Interest rates    
Number of contracts | Integer 60 118
Market value $ (5,384) $ 15,230
% of Partners' Capital (0.20%) (0.44%)
Futures contracts | LONG | Metals    
Number of contracts | Integer 4 17
Market value $ 14,060 $ 56,308
% of Partners' Capital 0.51% 1.63%
Futures contracts | LONG | Energy    
Number of contracts | Integer 27 22
Market value $ 68,375 $ 62,427
% of Partners' Capital 2.49% 1.81%
Futures contracts | LONG | Grains    
Number of contracts | Integer 1  
Market value $ (638)  
% of Partners' Capital (0.02%)  
Futures contracts | LONG | Livestock    
Number of contracts | Integer 3  
Market value $ 2,020  
% of Partners' Capital 0.07%  
Futures contracts | LONG | Agriculture    
Number of contracts | Integer   18
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Futures contracts | LONG | Currencies    
Number of contracts | Integer 11 25
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Number of contracts | Integer 23  
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% of Partners' Capital 2.63%  
Futures contracts | LONG | Indices [Member]    
Number of contracts | Integer   31
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Futures contracts | SHORT    
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% of Partners' Capital 0.85% 1.02%
Futures contracts | SHORT | Interest rates    
Number of contracts | Integer 114 96
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% of Partners' Capital 0.36% (0.19%)
Futures contracts | SHORT | Metals    
Number of contracts | Integer 11 4
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Futures contracts | SHORT | Energy    
Number of contracts | Integer   5
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Futures contracts | SHORT | Food    
Number of contracts | Integer 7  
Market value $ 19,534  
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Futures contracts | SHORT | Grains    
Number of contracts | Integer 19  
Market value $ (455)  
% of Partners' Capital (0.02%)  
Futures contracts | SHORT | Agriculture    
Number of contracts | Integer 2 90
Market value $ (371) $ 8,308
% of Partners' Capital (0.01%) 0.24%
Futures contracts | SHORT | Currencies    
Number of contracts | Integer 110 89
Market value $ 21,111 $ 20,845
% of Partners' Capital 0.77% 0.60%
Futures contracts | SHORT | Financials    
Number of contracts | Integer 7  
Market value $ (17,451)  
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Number of contracts | Integer   11
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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
TRADING INCOME (LOSS)        
Net realized trading gain (loss) $ (65,822) $ (294,873) $ 176,721 $ (292,994)
Change in net unrealized trading gain (loss) 87,943 150,339 (78,362) (4,554)
Brokerage commissions (4,858) (6,867) (13,492) (21,273)
NET TRADING INCOME (LOSS) 17,263 (151,401) 84,867 (318,821)
Interest income, net of cash management fees 12,331 6,982 34,613 16,964
TOTAL INCOME (LOSS) 29,594 (144,419) 119,480 (301,857)
EXPENSES:        
General Partner management fees 39,511 46,612 128,777 148,249
Advisor management fees 14,729 17,463 47,271 55,615
Professional fees 24,559 25,342 76,782 79,808
Administrative expenses 1,708 1,626 5,108 5,586
TOTAL EXPENSES 80,507 91,043 257,938 289,258
NET (LOSS) $ (50,913) $ (235,462) $ (138,458) $ (591,115)
NET (LOSS) PER UNIT OF PARTNERSHIP INTEREST $ (28.18) $ (108.39) $ (76.64) $ (272.10)
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STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($)
Unit A Shares
Limited Ptrs A Shares
Total
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Additional units sold, unit 0 0 0
Redemptions, unit (39.57) (64,264) (64,264)
Less: offering costs $ 0 $ 0 $ 0
Net (loss)   $ (591,115) $ (591,115)
ENDING PARTNERS' CAPITAL, Unit at Sep. 30, 2017 2,172.39 3,301,770 3,301,770
Net asset value per unit, beginning at Dec. 31, 2016 $ 1,788.98    
Net (loss) per unit (269.10)    
Net asset value per unit, ending at Sep. 30, 2017 $ 1,519.88    
BEGINNING PARTNERS' CAPITAL,Unit at Dec. 31, 2017 2,137.272 3,450,393 3,450,393
Additional units sold, unit 0 0 0
Redemptions, unit (330.74) (564,096) (564,096)
Less: offering costs $ 0 $ 0 $ 0
Net (loss)   $ (138,458) $ (138,458)
ENDING PARTNERS' CAPITAL, Unit at Sep. 30, 2018 1,806.53 2,747,839 2,747,839
Net asset value per unit, beginning at Dec. 31, 2017 $ 1,614.39    
Net (loss) per unit (93.33)    
Net asset value per unit, ending at Sep. 30, 2018 $ 1,521.06    
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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Dec. 31, 2017
Sep. 30, 2017
CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES:          
Net income (loss) $ (138,458) $ (591,115)      
Net changes to reconcile net income (loss) to net cash provided (used) by operating activities:          
Unrealized loss on open contracts 73,293 17,860      
Interest receivable (1,192) (1,037)      
Management fee payable - General partner (2,469) (3,605)      
Management fee payable - Advisor (893) (1,163)      
Accrued expenses (23,916) (2,847)      
Net cash provided by (used in) operating activities (93,635) (581,907)      
Cash flows for financing activities:          
Cash Redemptions paid (397,076) (105,285)      
Net cash (used in) financing activities (397,076) (105,285)      
Net decrease in cash and cash equivalents (490,711) (687,192)      
Cash and cash equivalents: Beginning of period 3,275,320 3,967,943      
Cash and cash equivalents: End of period 2,784,609 3,280,751      
End of period cash and cash equivalents consist of:          
Cash in banks     $ 11,751 $ 9,632 $ 10,189
Cash in broker trading accounts     2,772,858 3,265,688 3,270,562
Cash and cash equivalents: End of period $ 2,784,609 $ 3,280,751 $ 2,784,609 $ 3,275,320 $ 3,280,751
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

 

The Everest Fund, L.P. (the “Partnership”) was organized in June 1988 pursuant to the Iowa Uniform Limited Partnership Act for the purpose of engaging in the speculative trading of futures and forward contracts for commodities, financial instruments, stock indexes and currencies, any rights pertaining thereto and any options thereon or on physical commodities. As part of its objective, the Partnership may also engage in hedge, arbitrage and cash trading of commodities and futures.

 

On November 1, 2018 the Partnership suspended trading and the General Partner began the process of withdrawing as General Partner of the Fund. This will effectively shut down the Partnership. All positions were closed in an orderly manner on November 1, 2018 and the Asian and European positions were closed on November 2, 2018. Foreign currencies were converted to US Dollars on November 5, 2018. This concludes all trading and open positions in the Partnership. The Partnership still has some positions that the London Metal Exchange (LME) needs to settle on December 19, 2018. The results of those trades are known as they have been offset but the exchange still needs to settle them.

 

The suspension of trading was triggered, in accordance with the Partnership’s Offering Memorandum and letters from the General Partner, by a large and sudden decline in Net Asset Value (NAV) which superseded the ’suspension of trading’ level. This was due to volatile trading in October and the first day of November 2018. The Partnership will calculate an NAV for October 2018 as usual within the first 10-12 days of November 2018. As soon as is practical and possible thereafter the Partnership will calculate the same for the trading in November 2018. Once final NAV is determined, approximately 95% of investor monies will be returned. The holdback will be in order to pay for the final audit, K-1 tax forms and Partnership operating costs, which we estimate will be completed by end of March 2019. As soon as practical after that, the remaining monies, if any, will be returned to the investors.

 

The sole General Partner of the Partnership is Everest Asset Management, Inc. (the “General Partner”). All management and investment decisions are vested in the General Partner. The General Partner is registered with the United States Commodity Futures Trading Commission (CFTC) as a Commodity Pool Operator (“CPO”) and a Commodity Trading Advisor (“CTA”) and is a member of the United States National Futures Association (NFA). The General Partner acts as the Partnership’s sole CPO, and an unrelated party EMC Capital Advisors, LLC (the “Advisor”), acts as the Partnership’s sole CTA, to whom the General Partner has delegated complete trading authority. The Partnership clears all of its trades through one clearing broker, RJ O’Brien (the “Clearing Broker”).

 

A summary of the Partnership’s significant accounting polices follows.

 

Basis of Accounting

 

The Partnership follows accounting principles generally accepted in the United States (“U.S. GAAP”), as established by the Financial Accounting Standards Board (the “FASB”), to ensure consistent reporting of financial condition and results of operations.

 

In accordance with FASB Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies, management has determined that it is an investment company, as defined for accounting purposes, and has applied such guidance.

 

Use of Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash

 

Cash in broker trading accounts is on deposit at the Clearing Broker. The Partnership at times maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk. Margin requirements are satisfied by the deposit of cash with such broker. At September 30, 2018 and December 31, 2017, the amount of restricted cash held by the Partnership for margin requirements was $480,477 and $602,280, respectively.

 

Valuation of Investments

 

Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices.

 

Offsetting of Amounts Related to Certain Contracts

 

When the requirements are met, the Partnership offsets certain fair value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.

 

Income Recognition on Investments

 

Income on futures contracts is recorded on a trade date basis. Gains (losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on the size of a given contract and the difference between the open futures contract closing price and the price at which the contract was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts, if any, is based on third party quoted dealer values on the Inter-bank market.

 

Interest income is recognized on an accrual basis.

 

Brokerage Commissions

 

Brokerage commissions and exchange fees are reflected separately in the statements of operations.

 

Cash and Cash Equivalents

 

Cash equivalents represent highly liquid investments with maturities of 90 days or less at the date of acquisition.

 

Foreign Currency

 

The Partnership has certain investments denominated in foreign currencies. The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments.

 

Redemptions Payable

 

Redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.

 

Income Taxes

 

The Partnership is not subject to federal income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners.

 

The Partnership assesses the potential outcome of uncertain tax positions. As of September 30, 2018, management believes the Partnership has no material uncertain tax positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and state statutes remain open to examination by taxing authorities through their statutory periods.

 

Subsequent Events

 

The Partnership has evaluated subsequent events for potential recognition and/or disclosure through November 14, 2018, the date the financial statements were issued. As described in the Nature of Operations footnote, the Partnership suspended trading November 1, 2018 and is in the process of closing.

 
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2. FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2018
Fair Value Disclosures [Abstract]  
2. FAIR VALUE OF FINANCIAL INSTRUMENTS

The Partnership records its investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Partnership utilizes valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

 

Level 1. Unadjusted quoted prices in active markets for identical assets or liabilities that the Partnership has the ability to access at the measurement date.

 

Level 2. Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly; and fair value is determined through the use of models or other valuation methodologies.

 

Level 3. Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

 

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 Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

 

The Partnership assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Partnership’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the nine months ended December 31, 2018 and year ended December 31, 2017, there were no such transfers.

 

Exchange-traded futures contracts are typically categorized within Level 1 or Level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. Futures contracts that are not actively traded are valued based on quoted prices in markets or by reference to broker or dealer quotations and are generally classified within Level 2 of the fair value hierarchy. All financial instruments listed in the condensed schedules of investments as of September 30, 2018 and December 31, 2017 are considered Level 1, measured at fair value on a recurring basis based on quoted prices for identical assets in active markets.

 

Substantially all of the Partnership’s assets and liabilities are considered financial instruments, and are either already reflected at fair value or are short-term or replaceable on demand. Therefore, their carrying amounts approximate their fair values.

 
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3. DERIVATIVE TRANSACTIONS
 9 Months Ended
Sep. 30, 2018
Derivative Instruments  
3. DERIVATIVE TRANSACTIONS

The following table identifies the fair value amounts of derivative contracts by type of risk as of September 30, 2018:

 

Risk Type   Asset
Derivatives		     Liability
Derivatives		     Net     Number of
Contracts		  
Agricultural   $ 21,774     $ (1,684 )   $ 20,090       32  
Currencies     42,989       (31,433 )     11,556       121  
Energy     68,375       0       68,375       27  
Indices     72,169       (17,450 )     54,719       30  
Interest rates     14,601       (10,098 )     4,503       174  
Metals     29,418       (24,313 )     5,105       15  
    $ 249,326     $ (84,978 )     164,348       399  

 

The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2017:

Risk Type   Asset
Derivatives		     Liability
Derivatives		     Net     Number of
Contracts		  
Agricultural   $ 21,620     $ 8,308     $ 29,928       108  
Currencies     21,173       20,845       42,018       114  
Energy     62,427       3,350       65,777       27  
Indices     55,891       11,818       67,709       42  
Interest rates     (15,231 )     (6,549 )     (21,780 )     214  
Metals     56,309       (2,320 )     53,989       21  
    $ 202,189     $ 35,452     $ 237,641       526  

 

The Partnership does not consider any derivative instruments to be hedging instruments, as those terms are generally understood under U.S. GAAP.

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4. OFFSETTING ASSETS AND LIABILITIES
 9 Months Ended
Sep. 30, 2018
Offsetting Assets And Liabilities  
4. OFFSETTING ASSETS AND LIABILITIES

As of September 30, 2018 and December 31, 2017, the Partnership holds derivative instruments that are eligible for offset in the statements of financial condition and are subject to master netting arrangements. Master netting arrangements allow the counterparty to net applicable collateral held on behalf of the Partnership against applicable liabilities or payment obligations of the Partnership to the counterparty. These arrangements also allow the counterparty to net any of its applicable liabilities or payment obligations it has to the Partnership against any collateral sent to the Partnership.

 

The following tables provide disclosure regarding the potential effect of offsetting of recognized assets presented in the statements of financial condition.

Offsetting of Derivative Assets

September 30, 2018

          Gross Amounts     Net Amounts of
Unrealized Gain		  
    Gross     Offset in the     Presented in the  
    Amounts of     Statements of     statements of  
    Recognized     Financial     Financial  
Description   Assets     Condition     Condition  
Futures contracts   $ 249,326     $ (84,978 )   $ 164,348  
                         
December 31, 2017                  
          Gross Amounts     Net Amounts of
Unrealized Gain		  
    Gross     Offset in the     Presented in the  
    Amounts of     Statements of     statements of  
    Recognized     Financial     Financial  
Description   Assets     Condition     Condition  
Futures contracts   $ 261,741     $ (24,100 )   $ 237,641  

 

Derivative Assets and Collateral Received by Counterparty

 

September 30, 2018

    Net Amounts of                    
    Unrealized Gain        
    Presented in the
statements of		     Gross Amounts Not Offset in the
Statements of Financial Condition		  
    Financial     Financial     Cash Collateral        
Counterparty   Condition     Instruments     Received     Net Amount  
R.J. O’Brien   $ 164,348     $ —     $ —     $ 164,348  
                                 
December 30, 2017                                
    Net Amounts of                    
    Unrealized Gain        
    Presented in the
statements of		     Gross Amounts Not Offset in the
Statements of Financial Condition		  
    Financial     Financial     Cash Collateral        
Counterparty   Condition     Instruments     Received     Net Amount  
R.J. O’Brien   $ 237,641     $ —     $ —     $ 237,641  

 

 
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5. LIMITED PARTNERSHIP AGREEMENT
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
5. LIMITED PARTNERSHIP AGREEMENT

Pursuant to the terms of the seventh amended and restated agreement of limited partnership (the “Agreement”), dated and effective as of May 1, 2004, net income and losses are allocated to the partners in accordance with each partner’s ownership percentage.

Generally, a limited partner may withdraw all or a portion of its capital only as of the close of business on the last day of a fiscal month, provided they have given at least 15 days’ prior written notice, although the General Partner may in its sole discretion accept at other times. Also see a description of withdrawals due to suspension of trading in the Nature of Operations footnote.
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6. FEES AND RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
6. FEES AND RELATED PARTY TRANSACTIONS

The Partnership pays its Advisor a monthly management fee of 0.167% of each limited partner’s capital balance as of the end of each month (2.0% per annum) and a quarterly incentive fee equal to 20% of trading profits, as defined. No incentive fee was earned during the nine months ended September 30, 2018 and year ended December 31, 2017 because no limited partner capital account balances have reached a new high water mark.

The General Partner charges the Partnership a monthly management fee equal to 0.50% (6.0% annually) of the Partnership’s Class A beginning-of-month NAV.
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7. DEPOSITS WITH BROKERS
 9 Months Ended
Sep. 30, 2018
Deposits With Brokers  
7. DEPOSITS WITH BROKERS

The Partnership pays its Advisor a monthly management fee of 0.167% of each limited partner’s capital balance as of the end of each month (2.0% per annum) and a quarterly incentive fee equal to 20% of trading profits, as defined. No incentive fee was earned during the nine months ended September 30, 2018 and year ended December 31, 2017 because no limited partner capital account balances have reached a new high water mark.

The General Partner charges the Partnership a monthly management fee equal to 0.50% (6.0% annually) of the Partnership’s Class A beginning-of-month NAV.
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8. INDEMNIFICATIONS
 9 Months Ended
Sep. 30, 2018
Indemnifications  
8. INDEMNIFICATIONS

In the normal course of business, the Partnership enters into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. The Partnership’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of future obligation under these indemnifications to be remote.
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9. FINANCIAL INSTRUMENTS, OFF-BALANCE SHEET RISKS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
9. FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK

In connection with its trading activities, the Partnership enters into transactions with a variety of derivative financial instruments, including exchange-traded futures contracts. These derivative financial instruments may have market and/or credit risk in excess of the amounts recorded in the statements of financial condition.

 

Market Risk: Market risk arises primarily from changes in the market value of financial instruments. Theoretically, the Partnership’s exposure is equal to the notional value of contracts purchased and unlimited on such contracts sold short.

Exposure to market risk is influenced by a number of factors, including the relationships between financial instruments, and the volatility and liquidity in the markets in which the financial instruments are traded. In many cases, the use of financial instruments serves to modify or offset market risk associated with other transactions and, accordingly, serves to decrease the Partnership’s overall exposure to market risk. The Partnership attempts to control its exposure to market risk through various analytical monitoring techniques.

Credit Risk: Credit risk arises primarily from the potential inability of counterparties to perform in accordance with the terms of a contract. The Partnership’s exposure to credit risk associated with counterparty nonperformance is limited to the current cost to replace all contracts in which the Partnership has a gain. Exchange-traded financial instruments generally do not give rise to significant counterparty exposure due to the cash settlement procedures for daily market movements and the margin requirements of individual exchanges.

Concentrations of Credit Risk: The Partnership is engaged in various trading and brokerage activities in which counterparties primarily include broker-dealers, banks, and other financial institutions. In the event counterparties do not fulfill their obligations, the Partnership may be exposed to risk. The risk of default depends on the creditworthiness of the counterparty or issuer of the instrument. It is the Partnership’s policy to review, as necessary, the credit standing of each counterparty.

The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The partners bear the risk of loss only to the extent of the market value of their respective investments.

Futures Risk: The Partnership is subject to equity price risk, interest rate risk, and foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The Partnership may use futures contracts to gain exposure to, or hedge against changes in the value of equities, interest rates or foreign currencies. A futures contract represents a commitment for the future purchase or sale of an asset at a specified price on a specified date. Upon entering into such contracts, the Partnership is required to deposit with the broker either in cash or securities an initial margin in an amount equal to a certain percentage of the contract amount. Subsequent payments (variation margin) are made or received by the Partnership each day, depending on the daily fluctuations in the value of the contract, and are recorded for financial statement purposes as amounts due to or from the broker; fluctuations in the value of the contract are recorded for financial statement purposes as unrealized gains or losses by the Partnership. Upon entering into such contracts, the Partnership bears the risk of interest or exchange rates or securities prices moving unexpectedly, in which case the Partnership may not achieve the anticipated benefits of the futures contracts and may realize a loss. With futures, there is minimal counterparty credit risk to the Partnership since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the settlement of futures against default.
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10. FINANCIAL HIGHLIGHTS
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
10. FINANCIAL HIGHLIGHTS

The following financial highlights show the Partnership’s financial performance for the nine months ended September 30, 2018 and September 30, 2017.

 

    September 30, 2018     September 30, 2017  
    Class A     Class A  
Per unit operating performance:                
Net asset per unit at beginning of period   $ 1,614.39     $ 1,788.98  
                 
Net gain (loss) from investment operations:                
                 
Net realized and unrealized gain (loss) on investments     21.42       (145.46 )
Net investment gain (loss)     (114.75 )     (123.64 )
                 
Total net gain (loss) from investment operations     (93.33 )     (269.10 )
                 
Net asset value per unit at the end of period   $ 1,521.06     $ 1,519.88  
                 
Total return *     -5.78 %     -15.04 %
Ratio to average net assets:                
Net investment Income (loss)**     -9.54 %     -9.76 %
                 
Expenses**     11.02 %     10.37 %
                 
* Not annualized                
** Annualized                

 

Interim Financial Statements

The statements of financial condition, including the consolidated schedule of investments, as of September 30, 2018, the statements of operations for the three and nine months ended September 30, 2018 and 2017, the statements of cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2018 and 2017 and the accompanying notes to the financial statements are unaudited.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary for a fair presentation of financial position as of September 30, 2018, results of operations for the three and nine months ended September 30, 2018 and 2017, cash flows and changes in partners’ capital (net asset value) for the nine months ended September 30, 2018 and 2017. The results of operations for the full three months ended September 30, 2018 and 2017 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in our form 10-k as filed with the Securities and Exchange Commission.

 
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2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash

Cash in broker trading accounts is on deposit at the Clearing Broker. The Partnership at times maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Partnership does not believe it is exposed to any significant credit risk. Margin requirements are satisfied by the deposit of cash with such broker. At September 30, 2018 and December 31, 2017, the amount of restricted cash held by the Partnership for margin requirements was $480,477 and $602,280, respectively.
Valuation of Investments

Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices.
Valuation of Investments

Investments consist of open futures contracts. Open futures contracts are reflected in the accompanying statements of financial condition at fair value. The fair value of open futures positions is based upon daily exchange settlement prices.
Offsetting of Amounts Related to Certain Contracts

When the requirements are met, the Partnership offsets certain fair value amounts recognized for cash collateral receivables or payables against fair value amounts recognized for net derivative positions executed with the same counterparty under the same master netting arrangement.

 
Income Recognition on Investments

Income on futures contracts is recorded on a trade date basis. Gains (losses) are realized when contracts are liquidated. Unrealized gains (losses) on open futures contracts are calculated based on the size of a given contract and the difference between the open futures contract closing price and the price at which the contract was initially purchased or sold. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Fair value of exchange-traded contracts is based upon exchange settlement prices. Fair value of non-exchange-traded contracts, if any, is based on third party quoted dealer values on the Inter-bank market.

 

Interest income is recognized on an accrual basis.
Brokerage Commissions

Brokerage commissions and exchange fees are reflected separately in the statements of operations.
Cash and Cash Equivalents

Cash equivalents represent highly liquid investments with maturities of 90 days or less at the date of acquisition.
Foreign Currency

The Partnership has certain investments denominated in foreign currencies. The purchase and sale of investments and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions.

 

The Partnership does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of positions held. Such fluctuations are included with the net realized and unrealized gain or loss on such investments.

 
Redemptions Payable

Redemptions approved by the General Partner prior to month end with a fixed effective date and fixed amount are recorded as redemptions payable as of month end.
Income Taxes

The Partnership is not subject to federal income taxes, because its income and losses are includable in the tax returns of its partners. The Partnership may be required to file returns and pay tax in various state and local jurisdictions as a result of its operations or the residency of its partners.

 

The Partnership assesses the potential outcome of uncertain tax positions. As of September 30, 2018, management believes the Partnership has no material uncertain tax positions requiring recognition or measurement. The federal and state income tax returns for tax years according to federal and state statutes remain open to examination by taxing authorities through their statutory periods.
Subsequent Events

The Partnership has evaluated subsequent events for potential recognition and/or disclosure through November 14, 2018, the date the financial statements were issued. As described in the Nature of Operations footnote, the Partnership suspended trading November 1, 2018 and is in the process of closing.
XML 28 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
3. DERIVATIVE TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2018
Derivative Instruments Tables  
Fair Value of Derivative Instruments

 

Risk Type   Asset
Derivatives		     Liability
Derivatives		     Net     Number of
Contracts		  
Agricultural   $ 21,774     $ (1,684 )   $ 20,090       32  
Currencies     42,989       (31,433 )     11,556       121  
Energy     68,375       0       68,375       27  
Indices     72,169       (17,450 )     54,719       30  
Interest rates     14,601       (10,098 )     4,503       174  
Metals     29,418       (24,313 )     5,105       15  
    $ 249,326     $ (84,978 )     164,348       399  

 

The following table identifies the fair value amounts of derivative contracts by type of risk as of December 31, 2017:

Risk Type   Asset
Derivatives		     Liability
Derivatives		     Net     Number of
Contracts		  
Agricultural   $ 21,620     $ 8,308     $ 29,928       108  
Currencies     21,173       20,845       42,018       114  
Energy     62,427       3,350       65,777       27  
Indices     55,891       11,818       67,709       42  
Interest rates     (15,231 )     (6,549 )     (21,780 )     214  
Metals     56,309       (2,320 )     53,989       21  
    $ 202,189     $ 35,452     $ 237,641       526  

 
XML 29 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. OFFSETTING ASSETS AND LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2018
Offsetting Assets And Liabilities Tables Abstract  
Offsetting of derivative assets
          Gross Amounts     Net Amounts of
Unrealized Gain		  
    Gross     Offset in the     Presented in the  
    Amounts of     Statements of     statements of  
    Recognized     Financial     Financial  
Description   Assets     Condition     Condition  
Futures contracts   $ 249,326     $ (84,978 )   $ 164,348  
                         
December 31, 2017                  
          Gross Amounts     Net Amounts of
Unrealized Gain		  
    Gross     Offset in the     Presented in the  
    Amounts of     Statements of     statements of  
    Recognized     Financial     Financial  
Description   Assets     Condition     Condition  
Futures contracts   $ 261,741     $ (24,100 )   $ 237,641  
Derivative assets and collateral received by counterparty
    Net Amounts of                    
    Unrealized Gain        
    Presented in the
statements of		     Gross Amounts Not Offset in the
Statements of Financial Condition		  
    Financial     Financial     Cash Collateral        
Counterparty   Condition     Instruments     Received     Net Amount  
R.J. O’Brien   $ 164,348     $ —     $ —     $ 164,348  
                                 
December 30, 2017                                
    Net Amounts of                    
    Unrealized Gain        
    Presented in the
statements of		     Gross Amounts Not Offset in the
Statements of Financial Condition		  
    Financial     Financial     Cash Collateral        
Counterparty   Condition     Instruments     Received     Net Amount  
R.J. O’Brien   $ 237,641     $ —     $ —     $ 237,641  
XML 30 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
10. FINANCIAL HIGHLIGHTS (Tables)
 9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
Return summary
    September 30, 2018     September 30, 2017  
    Class A     Class A  
Per unit operating performance:                
Net asset per unit at beginning of period   $ 1,614.39     $ 1,788.98  
                 
Net gain (loss) from investment operations:                
                 
Net realized and unrealized gain (loss) on investments     21.42       (145.46 )
Net investment gain (loss)     (114.75 )     (123.64 )
                 
Total net gain (loss) from investment operations     (93.33 )     (269.10 )
                 
Net asset value per unit at the end of period   $ 1,521.06     $ 1,519.88  
                 
Total return *     -5.78 %     -15.04 %
Ratio to average net assets:                
Net investment Income (loss)**     -9.54 %     -9.76 %
                 
Expenses**     11.02 %     10.37 %
                 
* Not annualized                
** Annualized                
XML 31 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
3. DERIVATIVE TRANSACTIONS (Details)
Sep. 30, 2018
USD ($)
Integer
Dec. 31, 2017
USD ($)
Integer
Asset Derivatives $ 249,326 $ 202,189
Liability Derivatives (84,978) 35,452
Net $ 164,348 $ 237,641
Number of Contracts | Integer 399 526
Agricultural    
Asset Derivatives $ 21,774 $ 21,620
Liability Derivatives (1,684) 8,308
Net $ 20,090 $ 29,928
Number of Contracts | Integer 32 108
Currencies    
Asset Derivatives $ 42,989 $ 21,173
Liability Derivatives (31,433) 20,845
Net $ 11,556 $ 42,018
Number of Contracts | Integer 121 114
Energy    
Asset Derivatives $ 68,375 $ 62,427
Liability Derivatives 0 3,350
Net $ 68,375 $ 65,777
Number of Contracts | Integer 27 27
Indices    
Asset Derivatives $ 72,169 $ 55,891
Liability Derivatives (17,450) 11,818
Net $ 54,719 $ 67,709
Number of Contracts | Integer 30 42
Interest rates    
Asset Derivatives $ 14,601 $ (15,231)
Liability Derivatives (10,098) (6,549)
Net $ 4,503 $ (21,780)
Number of Contracts | Integer 174 214
Metals    
Asset Derivatives $ 29,418 $ 56,309
Liability Derivatives (24,313) (2,320)
Net $ 5,105 $ 53,989
Number of Contracts | Integer 15 21
XML 32 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Offsetting Assets and Liabilities (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition $ 164,348 $ 237,641
Futures Contracts    
Gross Amounts of Recognized Assets 249,326 261,741
Gross Amounts Offset in the Statements of Financial Condition (84,978) (24,100)
Net Amounts of Unrealized Gain Presented in the Statements of Financial Condition $ 164,348 $ 237,641
XML 33 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
4. Offsetting Assets and Liabilities (Details 1) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Net Amounts of Unrealized Gain Presented in the Statements of Financial Position $ 164,348 $ 237,641
R.J. O’Brien    
Net Amounts of Unrealized Gain Presented in the Statements of Financial Position 164,348 237,641
Financial Instruments, Gross Amounts Not Offset in the Statements of Financial Condition 0 0
Cash Collateral Received, Gross Amounts Not Offset in the Statements of Financial Condition 0 0
Net Amount $ 164,348 $ 237,641
XML 34 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
10. FINANCIAL HIGHLIGHTS (Details) - Class A - $ / shares
 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Per unit operating performance:    
Net asset value per unit, beginning $ 1,614.39 $ 1,788.98
Net gain (loss) from investment operations:    
Net realized and unrealized gain (loss) on investments 21.42 (145.46)
Net investment gain (loss) (114.75) (123.64)
Total net gain (loss) from investment operations (93.33) (269.10)
Net asset value per unit, ending $ 1,521.06 $ 1,519.88
Total return before distributions (5.78%) (15.04%)
Ratio to average net assets:    
Net investment income (loss) (9.54%) (9.76%)
Total expenses 11.02% 10.37%
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