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Derivatives and Hedging
 3 Months Ended
Mar. 31, 2013
Derivatives and Hedging [Abstract]  
Derivatives and Hedging
5.  Derivatives and Hedging
 
The Partnership's objective is to profit from speculative trading in Futures Interests.  Therefore, the Trading 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.

On January 1, 2013, the Partnership adopted Accounting Standards Update ("ASU") 2011-11, "Disclosure about Offsetting Assets and Liabilities" and ASU 2013-01, "Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities".  ASU 2011-11 created a new disclosure requirement about the nature of an entity's rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11.  Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of accounting principles generally accepted in the United States of America ("U.S. GAAP") and those entities that prepare their financial statements on the basis of International Financial Reporting Standards ("IFRS"). The new guidance did not have a significant impact on the Partnership's financial statements.

The following tables summarize the valuation of the Partnership's investments as of March 31, 2013 and December 31, 2012, respectively.

Offsetting of Derivative Assets and Liabilities as of March 31, 2013:

 
Gross Amounts
Recognized
 
 
Gross Amounts
Offset in the Statement of Financial
Condition
 
 
Net Amounts
Presented in the Statement of
Financial
Condition
 
 
 
$
 
 
 
$
 
 
 
$
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Futures
 
 
4,928,553
 
 
 
(1,853,529
)
 
 
3,075,024
 
Forwards
 
 
123,884
 
 
 
(208,622
)
 
 
(84,738
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
 
5,052,437
 
 
 
(2,062,151
)
 
 
2,990,286
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Futures
 
 
2,446,797
 
 
 
(1,889,288
)
 
 
557,509
 
Forwards
 
 
 47,151
 
 
 
(457,875
)
 
 
 (410,724
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities
 
 
2,493,948
 
 
 
(2,347,163
)
 
 
146,785
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
(1,193,869
)
 
 
 
 
 
 
 
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
1,943,202
 

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

 
Gross Amounts
Recognized
 
 
Gross Amounts
Offset in the Statement of Financial
Condition
 
 
Net Amounts
Presented in the Statement of
Financial
Condition
 
 
 
$
 
 
 
$
 
 
 
$
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
Futures
 
 
4,891,012
 
 
 
(2,689,281
)
 
 
2,201,731
 
Forwards
 
 
353,745
 
 
 
(479,152
)
 
 
(125,407
)
 
 
 
 
 
 
 
 
 
 
 
 
Total Assets
 
 
5,244,757
 
 
 
(3,168,433
)
 
 
2,076,324
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
Futures
 
 
2,985,462
 
 
 
(1,480,054
)
 
 
1,505,408
 
Forwards
 
 
 265,987
 
 
 
(92,500
)
 
 
 173,487
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Liabilities
 
 
3,251,449
 
 
 
(1,572,554
)
 
 
1,678,895
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
(1,203,865
)
 
 
 
 
 
 
 
 
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
2,551,354
 
 
The Effect of Trading Activities on the Statements of Financial Condition as of March 31, 2013:

 
Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the three
months
(absolute
quantity)
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
871,355
 
 
 
(451,710
)
 
 
1,987,357
 
 
 
(1,305,487
)
 
 
1,101,515
 
 
 
3,828
 
Equity
 
 
1,394,117
 
 
 
(1,183,100
)
 
 
136,938
 
 
 
(1,154
)
 
 
346,801
 
 
 
2,108
 
Foreign currency
 
 
591,719
 
 
 
(349,281
)
 
 
300,960
 
 
 
(835,799
)
 
 
(292,401
)
 
 
4,227
 
Interest rate
 
 
2,195,246
 
 
 
(78,060
)
 
 
68,693
 
 
 
(204,723
)
 
 
1,981,156
 
 
 
5,845
 
Total
 
 
5,052,437
 
 
 
(2,062,151
)
 
 
2,493,948
 
 
 
(2,347,163
)
 
 
3,137,071
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,193,869
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,943,202
 
 
 
 
 

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2012:

Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the year
(absolute
quantity)
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
763,693
 
 
 
(1,021,268
)
 
 
1,051,860
 
 
 
(1,134,848
)
 
 
(340,563
)
 
 
4,025
 
Equity
 
 
1,842,840
 
 
 
(517,175
)
 
 
–
 
 
 
(36,283
)
 
 
1,289,382
 
 
 
1,915
 
Foreign currency
 
 
1,878,922
 
 
 
(1,022,609
)
 
 
2,196,364
 
 
 
(253,560
)
 
 
2,799,117
 
 
 
5,689
 
Interest rate
 
 
759,302
 
 
 
(607,381
)
 
 
3,225
 
 
 
(147,863
)
 
 
7,283
 
 
 
9,810
 
Total
 
 
5,244,757
 
 
 
(3,168,433
)
 
 
3,251,449
 
 
 
(1,572,554
)
 
 
3,755,219
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,203,865
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,551,354
 
 
 
 
 

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

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

Type of Instrument
 
 
$
 
 
 
 
 
Commodity
 
 
(3,166,726
)
Equity
 
 
9,169,842
 
Foreign currency
 
 
2,978,916
 
Interest rate
 
 
(721,114
)
Unrealized currency gain
 
 
9,995
 
Total
 
 
8,270,913
 
 
Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2013
 
 
 
 
Trading Results
 
 
$
 
 
 
 
 
Net realized
 
 
8,879,065
 
Net change in unrealized
 
 
(608,152
)
Total Trading Results
 
 
8,270,913
 

The Effect of Trading Activities on the Statements of Income and Expenses for the Quarter Ended March 31, 2012 included in Total Trading Results:

Type of Instrument
 
 
$
 
 
 
 
 
Commodity
 
 
4,284,224
 
Equity
 
 
11,205,332
 
Foreign currency
 
 
(4,820,324
)
Interest rate
 
 
(6,451,062
)
Unrealized currency loss
 
 
(11,618
)
Total
 
 
4,206,552
 

Line Items on the Statements of Income and Expenses for the Quarter Ended March 31, 2012:
 
Trading Results
 
 
$
 
 
 
 
 
Net realized
 
 
7,053,178
 
Net change in unrealized
 
 
(2,846,626
)
Total Trading Results
 
 
4,206,552