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Derivatives and Hedging
 9 Months Ended
Sep. 30, 2012
Derivatives and Hedging [Abstract]  
Derivatives and Hedging
5.  Derivatives and Hedging
 
The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy.  As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.  With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.
 
The following tables summarize the valuation of the Partnership's investments as of September 30, 2012 and December 31, 2011, respectively.
 
The Effect of Trading Activities on the Statements of Financial Condition as of September 30, 2012:
 
Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the nine
months
(absolute
quantity)
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
 
 
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
2,632,625
 
 
 
(3,377,198
)
 
 
462,156
 
 
 
(604,240
)
 
 
(886,657
)
 
 
4,340
 
Equity
 
 
179,820
 
 
 
(1,944,855
)
 
 
–
 
 
 
(8,591
)
 
 
(1,773,626
)
 
 
1,956
 
Foreign currency
 
 
920,743
 
 
 
(718,665
)
 
 
66,306
 
 
 
(518,599
)
 
 
(250,215
)
 
 
5,928
 
Interest rate
 
 
2,619,920
 
 
 
(36,344
)
 
 
 17,361
 
 
 
(32,469
)
 
 
2,568,468
 
 
 
10,320
 
Total
 
 
6,353,108
 
 
 
(6,077,062
)
 
 
545,823
 
 
 
(1,163,899
)
 
 
(342,030
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,168,768
)
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,510,798
)
 
 
 
 

 
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2011:
Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the year
(absolute
quantity)
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
 
 
 
$
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
418,029
 
 
 
(822,942
)
 
 
4,381,649
 
 
 
(2,417,431
)
 
 
1,559,305
 
 
 
4,077
 
Equity
 
 
307,762
 
 
 
(7,656
)
 
 
94,660
 
 
 
(143,961
)
 
 
250,805
 
 
 
1,386
 
Foreign currency
 
 
739,841
 
 
 
(106,865
)
 
 
2,115,906
 
 
 
(300,292
)
 
 
2,448,590
 
 
 
7,744
 
Interest rate
 
 
3,538,706
 
 
 
(109,261
)
 
 
139,283
 
 
 
(121,941
)
 
 
3,446,787
 
 
 
7,073
 
Total
 
 
5,004,338
 
 
 
(1,046,724
)
 
 
6,731,498
 
 
 
(2,983,625
)
 
 
7,705,487
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,303,588
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,401,899
 
 
 
 
 
 

The following tables summarize the net trading results of the Partnership for the three and nine months ended September 30, 2012 and 2011, respectively.


The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012 included in Total Trading Results:

 
For the Three Months
 
 
For the Nine Months
 
 
Ended September 30, 2012
 
 
Ended September 30, 2012
 
Type of Instrument
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
(1,395,944
)
 
 
2,027,073
 
Equity
 
 
788,371
 
 
 
3,850,137
 
Foreign currency
 
 
264,529
 
 
 
(5,570,086
)
Interest rate
 
 
346,896
 
 
 
6,400,961
 
Unrealized currency gain
 
 
53,155
 
 
 
134,821
 
Total
 
 
57,007
 
 
 
6,842,906
 
 
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2012:
 
 
For the Three Months
 
 
For the Nine Months
 
 
Ended September 30, 2012
 
 
Ended September 30, 2012
 
Trading Results
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
 
Net realized
 
 
1,327,550
 
 
 
14,755,603
 
Net change in unrealized
 
 
(1,270,543
)
 
 
(7,912,697
)
Total Trading Results
 
 
57,007
 
 
 
6,842,906
 

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011 included in Total Trading Results:
 
 
For the Three Months
 
 
For the Nine Months
 
 
Ended September 30, 2011
 
 
Ended September 30, 2011
 
Type of Instrument
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
(4,803,775
)
 
 
(9,488,240
)
Equity
 
 
(5,063,523
)
 
 
(22,393,783
)
Foreign currency
 
 
(5,517,929
)
 
 
(6,552,739
)
Interest rate
 
 
20,302,012
 
 
 
20,444,948
 
Unrealized currency loss
 
 
(410,625
)
 
 
(721,619
)
Total
 
 
4,506,160
 
 
 
(18,711,433
)
 
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011:
 
For the Three Months
For the Nine Months
Ended September 30, 2011
 Ended September 30, 2011
Trading Results
$
$
Net realized
     (7,054,552)
     (10,107,654)
Net change in unrealized
     11,560,712
  (8,603,779)
Total Trading Results
       4,506,160
   (18,711,433)