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Summary Of Significant Accounting Policies (Policies)
12 Months Ended
Dec. 31, 2021
Summary Of Significant Accounting Policies [Abstract]  
Basis Of Presentation Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”).Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.
Investments Investments — The Partnership records its transactions in futures and forward currency contracts and United States (“U.S.”) Treasury notes, including related income and expenses, on a trade-date basis.Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations.Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3 pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or are held for safekeeping in a custody account at HSBC Bank USA, N.A.
Cash and Cash Equivalents Cash and Cash Equivalents — Cash and cash equivalents includes cash and investments in Dreyfus Treasury Prime Cash Management, a short-term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less.
Cash Denominated In Foreign Currencies Cash Denominated in Foreign Currencies — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition.
Foreign Currency Translation Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. Dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. Dollars at the exchange rate prevailing when such transactions occurred.
Brokerage Fees Brokerage Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner brokerage fees at a fixed rate of 0.375% per month of net asset value (4.5% per annum) of limited partnership interest. The General Partner retains the right to charge less than the annual brokerage rate except as specified in the Agreement.
Administrative Expenses Administrative Expenses — The Partnership bears expenses, including periodic legal, accounting and filing fees, up to an amount equal to 1/4 of 1% per annum of the average net assets of the Partnership. The General Partner bears any excess over such amounts. The Partnership will pay any extraordinary expenses applicable to it.During the years ended December 31, 2021 and 2020, the amount of administrative expenses over 1/4 of 1% per annum of the average net assets of the Partnership was $29,588 and $51,312, respectively.
Income Taxes Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes.Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2018 to 2021, the General Partner has determined that no reserves for uncertain tax positions were required.
Estimates Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.
Right Of Offset Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition as the criteria under FASB Accounting Standards Codification Topic 210, “Balance Sheet,” were met.
Fair Value Of Financial Instruments Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities, which qualify as financial instruments under Fair Value Measurement (Topic 820) of the Codification, approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts.
Cash Instruments Cash Instruments — The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The General Partner of the Partnership does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.
Derivative Contracts Derivative Contracts — Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated forward point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.The following table represents the Partnership’s investments by hierarchical level as of December 31, 2021 and 2020 in valuing the Partnership’s investments at fair value. At December 31, 2021 and 2020, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2021 Level 1 Level 2 Total U.S. Treasury Notes (1)$  105,275,049 $                  - $  105,275,049Short-Term Money Market Fund* 8,737,690 - 8,737,690Exchange-Traded Futures Contracts Currencies 5,086 - 5,086Energies 558,054 - 558,054Grains 18,811 - 18,811Interest rates (889,982) - (889,982)Livestock (200) - (200)Metals 149,065 - 149,065Softs (8,937) - (8,937)Stock indices 263,486 - 263,486 Total exchange-traded futures contracts 95,383 - 95,383 Over-the-Counter Forward Currency Contracts - (380,429) (380,429) Total futures and forward currency contracts (2) 95,383 (380,429) (285,046) Total financial assets and liabilities at fair value$  114,108,122 $      (380,429) $  113,727,693 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $    19,563,280Investments in U.S. Treasury notes 85,711,769Total investments in U.S. Treasury notes $  105,275,049 (2) Net unrealized appreciation on open futures and forward currency contracts $         481,160Net unrealized depreciation on open futures and forward currency contracts (766,206)Total net unrealized depreciation on open futures and forward currency contracts $        (285,046) *The short-term money market fund is included in Cash and Cash Equivalents on the Statements of FinancialCondition. Financial assets and liabilities at fair value as of December 31, 2020 Level 1 Level 2 Total U.S. Treasury Notes (1)$  101,584,537 $                  - $  101,584,537 Short-Term Money Market Fund* 8,980,173 - 8,980,173 Exchange-Traded Futures Contracts Energies 248,830 - 248,830 Grains 541,875 - 541,875 Interest rates 369,629 - 369,629 Livestock (2,970) - (2,970) Metals 868,869 - 868,869 Softs 42,417 - 42,417 Stock indices 944,486 - 944,486 Total exchange-traded futures contracts 3,013,136 - 3,013,136 Over-the-Counter Forward Currency Contracts - 314,262 314,262 Total futures and forward currency contracts (2) 3,013,136 314,262 3,327,398 Total financial assets at fair value$  113,577,846 $      314,262 $  113,892,108 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $    16,975,076 Investments in U.S. Treasury notes 84,609,461 Total investments in U.S. Treasury notes $  101,584,537 (2) Net unrealized appreciation on open futures and forward currency contracts $      3,349,977 Net unrealized depreciation on open futures and forward currency contracts (22,579) Total net unrealized appreciation on open futures and forward currency contracts $      3,327,398 *The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.