Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended |
Mar. 31, 2014 | |
Document Information [Line Items] | ' |
Document Type | '10-Q |
Amendment Flag | 'false |
Document Period End Date | 31-Mar-14 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q1 |
Entity Common Stock, Shares Outstanding | 0 |
Entity Registrant Name | 'AIS FUTURES FUND IV LP |
Entity Central Index Key | '0001023453 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Smaller Reporting Company |
STATEMENTS_OF_FINANCIAL_CONDIT
STATEMENTS OF FINANCIAL CONDITION (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
ASSETS | ' | ' |
Unrealized gain on open futures contracts, net | $2,642,959 | $0 |
Unrealized (loss) on open futures contracts, net | -891,185 | -591,732 |
Interest receivable | 543 | 236 |
Deposits with futures brokers | 14,866,012 | 11,747,927 |
Total assets | 42,452,313 | 43,828,569 |
LIABILITIES | ' | ' |
Accounts payable | 97,446 | 87,728 |
Commissions and other trading fees on open contracts payable | 10,644 | 7,974 |
Management fee payable | 70,267 | 72,608 |
Selling agent administrative and service fee payable | 1,462 | 0 |
Subscriptions received in advance | 96,196 | 100,423 |
Redemptions payable | 1,095,596 | 3,818,060 |
Total liabilities | 1,371,611 | 4,086,793 |
PARTNERS' CAPITAL (Net Asset Value) | ' | ' |
Limited Partners - Series A | 40,654,509 | 39,218,336 |
Limited Partners - Series B | 273,362 | 249,046 |
Limited Partners - Series C | 152,831 | 274,394 |
Total partners' capital (Net Asset Value) | 41,080,702 | 39,741,776 |
Liabilities and Equity, Total | 42,452,313 | 43,828,569 |
Equity In Futures Broker Trading Accounts [Member] | ' | ' |
ASSETS | ' | ' |
Cash | 6,114,670 | 3,840,242 |
United States government securities | 6,999,025 | 8,499,181 |
Deposit with securities Broker [Member] | ' | ' |
ASSETS | ' | ' |
Cash | 89,093 | 86,602 |
United States government securities | $27,497,208 | $31,994,040 |
CONDENSED_SCHEDULE_OF_INVESTME
CONDENSED SCHEDULE OF INVESTMENTS (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | |||
US Treasury and Government [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | $34,496,233 | [1] | $40,493,221 | [2] |
Net Asset Value | 83.97% | [1] | 101.89% | [2] |
US Treasury and Government [Member] | US Treasury Securities [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 1,500,000 | [1] | 9,500,000 | [2] |
Maturity Date | 3-Apr-14 | [1] | 9-Jan-14 | [2] |
Fair Value | 1,499,997 | [1] | 9,499,888 | [2] |
Net Asset Value | 3.65% | [1] | 23.91% | [2] |
US Treasury and Government [Member] | Us Treasury Securities One [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 7,500,000 | [1] | 4,500,000 | [2] |
Maturity Date | 10-Apr-14 | [1] | 6-Feb-14 | [2] |
Fair Value | 7,499,825 | [1] | 4,499,841 | [2] |
Net Asset Value | 18.26% | [1] | 11.32% | [2] |
US Treasury and Government [Member] | Us Treasury Securities Two [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 1,500,000 | [1] | 2,500,000 | [2] |
Maturity Date | 15-May-14 | [1] | 27-Feb-14 | [2] |
Fair Value | 1,499,840 | [1] | 2,499,819 | [2] |
Net Asset Value | 3.65% | [1] | 6.29% | [2] |
US Treasury and Government [Member] | Us Treasury Securities Three [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 12,500,000 | [1] | 1,000,000 | [2] |
Maturity Date | 19-Jun-14 | [1] | 6-Mar-14 | [2] |
Fair Value | 12,498,162 | [1] | 999,913 | [2] |
Net Asset Value | 30.42% | [1] | 2.52% | [2] |
US Treasury and Government [Member] | Us Treasury Securities Four [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 9,500,000 | [1] | 1,500,000 | [2] |
Maturity Date | 10-Jul-14 | [1] | 3-Apr-14 | [2] |
Fair Value | 9,498,963 | [1] | 1,499,899 | [2] |
Net Asset Value | 23.12% | [1] | 3.77% | [2] |
US Treasury and Government [Member] | Us Treasury Securities Five [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | 2,000,000 | [1] | 7,500,000 | [2] |
Maturity Date | 4-Sep-14 | [1] | 10-Apr-14 | [2] |
Fair Value | 1,999,446 | [1] | 7,498,246 | [2] |
Net Asset Value | 4.87% | [1] | 18.87% | [2] |
US Treasury and Government [Member] | Us Treasury Securities Six [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | ' | 1,500,000 | [2] | |
Maturity Date | ' | 15-May-14 | [2] | |
Fair Value | ' | 1,499,521 | [2] | |
Net Asset Value | ' | 3.77% | [2] | |
US Treasury and Government [Member] | Us Treasury Securities Seven [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Face Value | ' | 12,500,000 | [2] | |
Maturity Date | ' | 19-Jun-14 | [2] | |
Fair Value | ' | 12,496,094 | [2] | |
Net Asset Value | ' | 31.44% | [2] | |
Long Futures Contracts [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | 2,151,906 | [3] | -1,082,343 | [3] |
Net Asset Value | 5.24% | [3] | -2.72% | [3] |
Long Futures Contracts [Member] | Agricultural [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | 2,642,959 | [3] | -56,090 | [3] |
Net Asset Value | 6.43% | [3] | -0.14% | [3] |
Long Futures Contracts [Member] | Currencies [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | 551,875 | [3] | -331,125 | [3] |
Net Asset Value | 1.34% | [3] | -0.83% | [3] |
Long Futures Contracts [Member] | Energy [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | 597,860 | [3] | -99,519 | [3] |
Net Asset Value | 1.46% | [3] | -0.25% | [3] |
Long Futures Contracts [Member] | Metals [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | -1,640,788 | [3] | -595,609 | [3] |
Net Asset Value | -3.99% | [3] | -1.50% | [3] |
Short Futures Contracts [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | -400,132 | [3] | -591,732 | [3] |
Net Asset Value | -0.98% | [3] | -1.49% | [3] |
Short Futures Contracts [Member] | Interest Rates U.S. Treasury Bond, expires 062014 [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | -60,125 | [3] | ' | |
Net Asset Value | -0.15% | [3] | ' | |
No of contracts | 52 | [3] | ' | |
Short Futures Contracts [Member] | Interest Rates Us Treasury Bond Expires 032014 [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | ' | 490,611 | [3] | |
Net Asset Value | ' | 1.23% | [3] | |
No of contracts | ' | 208 | [3] | |
Short Futures Contracts [Member] | Stock Index [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | -340,007 | [3] | ' | |
Net Asset Value | -0.83% | [3] | ' | |
Total Futures Contracts [Member] | ' | ' | ||
Schedule of Investments [Line Items] | ' | ' | ||
Fair Value | $1,751,774 | ' | ||
Net Asset Value | 4.26% | ' | ||
[1] | Includes $7,000,000 face value with a fair value of $6,999,025 pledged as collateral for the trading of futures and options on futures contracts. | |||
[2] | Includes $8,500,000 face value with a fair value of $8,499,181 pledged as collateral for the trading of futures and options on futures contracts. | |||
[3] | No individual futures contract position constituted greater than 5 percent of Net Asset Value. Accordingly, except for the short interest rate futures contracts, the number of contracts and expiration dates are not presented. |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
TRADING GAINS (LOSSES) | ' | ' |
Realized | $1,498,564 | ($5,401,143) |
Change in unrealized | 2,343,506 | 2,336,014 |
Brokerage commissions | -25,370 | -21,838 |
Total gain (loss) from trading | 3,816,700 | -3,086,967 |
Income | ' | ' |
Interest income | 5,767 | 16,705 |
Expenses | ' | ' |
Selling agent administrative and service fee | 237,859 | 408,044 |
Management fee | 203,513 | 327,869 |
Operating expenses | 50,124 | 49,375 |
Total expenses | 491,496 | 785,288 |
Net investment (loss) | -485,729 | -768,583 |
NET INCOME (LOSS) | 3,330,971 | -3,855,550 |
Less: General Partner Profit Share allocation | 1,462 | 1,192 |
Net income (loss) for pro rata allocation to all partners | $3,329,509 | ($3,856,742) |
STATEMENTS_OF_CHANGES_IN_PARTN
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (NET ASSET VALUE) (USD $) | Total | Series B - General Partner [Member] | Series A - Limited Partners [Member] | Series B - Limited Partner [Member] | Series C - Limited Partner [Member] |
Beginning Balance at Dec. 31, 2012 | $69,528,626 | $410,873 | $69,117,753 | $0 | $0 |
Transfers | 0 | 0 | -62,591 | 0 | 62,591 |
Net income (loss) for the three months ended March 31 | ' | ' | ' | ' | ' |
General Partner Profit Share allocation | 1,192 | 1,192 | 0 | 0 | 0 |
Pro rata allocation to all partners | -3,856,742 | -19,240 | -3,834,241 | 0 | -3,261 |
Subscriptions | 30,000 | 0 | 30,000 | 0 | 0 |
Redemptions | -1,771,936 | -1,192 | -1,770,744 | 0 | 0 |
Ending Balance at Mar. 31, 2013 | 63,931,140 | 391,633 | 63,480,177 | 0 | 59,330 |
Beginning Balance at Dec. 31, 2013 | 39,741,776 | 0 | 39,218,336 | 249,046 | 274,394 |
Net income (loss) for the three months ended March 31 | ' | ' | ' | ' | ' |
General Partner Profit Share allocation | 1,462 | 0 | 0 | 0 | 0 |
Pro rata allocation to all partners | 3,329,509 | 0 | 3,280,430 | 24,316 | 24,763 |
Subscriptions | 50,000 | 0 | 50,000 | 0 | 0 |
Redemptions | -2,040,583 | 0 | -1,894,257 | 0 | -146,326 |
Ending Balance at Mar. 31, 2014 | $41,080,702 | $0 | $40,654,509 | $273,362 | $152,831 |
ORGANIZATION_AND_SUMMARY_OF_SI
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||
Mar. 31, 2014 | |||
Organisation and Summary Of Significant Accounting Policies [Abstract] | ' | ||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||
Note 1. | ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
A. | General Description of the Partnership | ||
AIS Futures Fund IV L.P. (the Partnership) is a Delaware limited partnership, which operates as a commodity investment pool. The Partnership engages in the speculative trading of futures contracts and options on futures contracts. The Partnership is an Investment Company that follows the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification) Topic 946 – Financial Services – Investment Companies. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and Futures Commission Merchants (brokers) through which the Partnership trades. The Partnership is also subject to the applicable reporting requirements of the Securities Exchange Act of 1934. | |||
The Fourth Amended and Restated Limited Partnership Agreement (the Limited Partnership Agreement) provides, among other things, that the Partnership shall dissolve no later than December 31, 2026. | |||
B. | Method of Reporting and Use of Estimates | ||
The Partnership’s financial statements are presented in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The FASB Codification is the single source of U.S. GAAP. | |||
Pursuant to the Cash Flows Topic of the Codification, the Partnership qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. | |||
C. | Futures Contracts and Options on Futures Contracts | ||
Futures contracts and options on futures contracts transactions are recorded on the trade date and open contracts are reflected at fair value, based on the primary exchange’s closing price. Gains or losses are realized when contracts are liquidated. As each broker has the individual right of offset, the Partnership presents the aggregate net unrealized gains with such brokers as net unrealized gain and the aggregate net unrealized (losses) with such brokers as net unrealized (loss) (i.e., net unrealized gains from one broker are not off-set against net unrealized (losses) from another broker) in the statements of financial condition. The unrealized gains or losses on open futures contracts is the difference between contract trade price and quoted market price. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Brokerage commissions on futures contracts and options on futures contracts include other trading fees and are charged to expense when contracts are opened. | |||
D. | United States Government Securities | ||
United States government securities are stated at cost plus accrued interest, which approximates fair value based on quoted market prices. Any change in value of these securities is reported as interest income in the statements of operations. | |||
E. | Income Taxes | ||
The Partnership prepares and files calendar year U.S. and applicable state information 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 these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The 2010 through 2013 tax years generally remain subject to examination by U.S. federal and most state tax authorities. | |||
The Partnership applies the provisions of Codification Topic 740, Income Taxes, which prescribe the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense. The General Partner has concluded there is no tax expense or interest expense related to uncertainties in income tax positions for the three months ended March 31, 2014 and 2013. | |||
F. | Foreign Currency Transactions | ||
The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statements of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income currently. | |||
G. | Capital Accounts | ||
The Partnership offers three Series of Interests. The Series A Interests are available to all qualified investors, subject to applicable conditions and restrictions. Series A Interests pay a management fee and Selling Agent Administrative and Service Fee (“Service Fee”) and are subject to the General Partner Profit Share allocation. The Series B Interests are available for sale to the General Partner and its principals. Series B Interests are not charged a management fee and Service Fee and are not subject to the General Partner Profit Share allocation. The Series C Interests are available to eligible investors that are not solicited by Selling Agents, subject to applicable conditions and restrictions. The Series C Interests have the same rights and obligations as Series A Interests, except Series C Interests are not subject to the Service Fee and are charged a monthly Management Fee as described in Note 2. | |||
The Partnership accounts for subscriptions, allocations and redemptions on a per partner capital account basis. Income or loss, prior to the Management Fee, Service Fee and General Partner Profit Share allocation, is allocated pro rata to the capital accounts of all partners. Each Limited Partner is then charged their applicable Management Fee and Service Fee. The General Partner Profit Share allocation applicable to each Limited Partner is then allocated to the General Partner’s capital account from the Limited Partner’s capital account at the end of each calendar year or upon redemption by a Limited Partner. | |||
The Partnership accrues as a liability the General Partner Profit Share allocation for interim periods during which the General Partner Profit Share allocation is not yet allocable to the General Partner’s capital account in accordance with the terms of the Limited Partnership Agreement. Such accrual is subject to partial or complete reversal until a condition for allocation to the General Partner’s capital account is met, at which time the applicable amount of the accrual is reversed and allocated to the General Partner’s capital account. | |||
H. | Redemptions | ||
Limited Partners may require the Partnership to redeem some or all of their capital upon ten days prior written notice. The ten days prior written notice may be waived at the discretion of the General Partner. Partner redemptions are recorded on their effective date, which is generally the last day of the month. | |||
I. | Recently Issued Accounting Pronouncement | ||
In June 2013, the FASB issued Accounting Standards Update No. 2013-08 (ASU 2013-08), entitled Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements. ASU 2013-08 changes the approach to assessing whether an entity is an investment company, clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. In addition, ASU 2013-08 requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. | |||
The Partnership’s adoption of ASU 2013-08 had no material impact on the Partnership’s financial statements. | |||
J. | Interim Financial Statements | ||
The financial statements included herein were prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission. 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. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results to be expected for the full year or for any other period. | |||
These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the Securities and Exchange Commission. | |||
GENERAL_PARTNER
GENERAL PARTNER | 3 Months Ended | ||
Mar. 31, 2014 | |||
General Partner [Abstract] | ' | ||
GENERAL PARTNER | ' | ||
Note 2. | GENERAL PARTNER | ||
Effective September 25, 2013, AIS Capital Management, L.P. became the General Partner and commodity trading advisor of the Partnership, which conducts and manages the business and trading activities of the Partnership. AIS Futures Management LLC, the former General Partner, merged with and into AIS Capital Management, L.P. | |||
On August 31, 2013, AIS Futures Management LLC withdrew its entire interest in the Partnership. In lieu of distributing cash proceeds, capital subscriptions were made, effective August 31, 2013, to the accounts of certain Series B limited partners who are principals of the General Partner. This full withdrawal by AIS Futures Management LLC did not affect its role as the General Partner of the Partnership, as set forth in the Limited Partnership Agreement. | |||
The Limited Partnership Agreement provides for the General Partner to receive a monthly Management Fee equal to 1/12 of 2% (2% annually) of each Series A Limited Partner’s month-end Net Assets, as defined and 1/12 of 2.7% (2.7% annually) of each Series C Limited Partner’s month-end Net Assets, as defined. The General Partner also receives a Profit Share allocation equal to 20% of any New Trading Profit, as defined, attributable to each Series A and C Limited Partner’s Interest achieved as of each calendar year-end or upon redemption. For the three months ended March 31, 2014, the Management Fees charged to Series A and Series C Limited Partners were $201,581 and $1,932, respectively. For the three months ended March 31, 2013, the Management Fees charged to Series A and Series C Limited Partners were $327,452 and $417, respectively. | |||
During the three months ended March 31, 2013, certain Series A Limited Partners were charged Management Fees at a rate lower than described above, to offset the effect of the additional 1.5% per annum and Service Fee described in Note 3. Accordingly, for the three months ended March 31, 2013, Management Fees were reduced by approximately $10,070. For the three months ended March 31, 2014, there were no Series A Limited Partners that were charged the additional 1.5% per annum Service Fee. Accordingly, there was no reduction in Management Fees that occurred during the three months ended March 31, 2014. | |||
SELLING_AGENT_ADMINISTRATIVE_A
SELLING AGENT ADMINISTRATIVE AND SERVICE FEES | 3 Months Ended | ||
Mar. 31, 2014 | |||
Selling Agent Administrative and Service Fees [Abstract] | ' | ||
SELLING AGENT ADMINISTRATIVE AND SERVICE FEES | ' | ||
Note 3. | SELLING AGENT ADMINISTRATIVE AND SERVICE FEES | ||
Certain Series A Limited Partners that were solicited by Selling Agents are charged a Service Fee equal to 1/12 of 2.5% (2.5% annually) of each Series A Limited Partner’s month-end Net Assets, as defined, sold by them which remain outstanding as of each month-end. The Selling Agents may pass on a portion of the Service Fee to its investment executives. The Service Fee is accrued and expensed as incurred. | |||
In the event the Service Fee is no longer payable to a Selling Agent, the relevant Series A Limited Partner who was solicited by such Selling Agent will no longer be charged the Service Fee and such Series A Interests may be transferred to Series C Interests. During the three months ended March 31, 2013, there was a transfer of $62,591 to Series C Interests from Series A Interests related to a Series A Limited Partners that were no longer subject to a Service Fee. For the three months ended March 31, 2014 and 2013, certain Series A Limited Partners were not subject to the Service Fee. | |||
For investment executives associated with the sale of Series A Limited Partnership Interests in excess of $500,000, the investment executive’s firm will receive an additional 1.5% per annum Service Fee with respect to such Series A Limited Partnership Interests in excess of $500,000, for the first twelve months following the sale of such Series A Limited Partnership Interests. The additional Service Fee is paid by the Partnership, however, the General Partner reduces its Management Fee (see Note 2.) related to the Series A Limited Partner’s Interest. Accordingly, this additional Service Fee does not affect the total fees charged to the Series A Limited Partner. | |||
SUBSCRIPTIONS_DISTRIBUTIONS_AN
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS | 3 Months Ended | ||
Mar. 31, 2014 | |||
Subscriptions, Distributions and Redemptions [Abstract] | ' | ||
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS | ' | ||
Note 4. | SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS | ||
Investments in the Partnership are made by subscription agreement, subject to acceptance by the General Partner. A selling commission of up to 2% of the subscription amount may be deducted from the subscription proceeds and paid to the applicable Selling Agent, if any. For the three months ended March 31, 2014 and 2013, there were no selling commissions charged to Series A Limited Partners, respectively. Series A Limited Partner subscriptions, as presented in the statements of changes in partners’ capital (net asset value), are net of such selling commissions, if any. | |||
The Partnership is not required to make distributions, but may do so at the sole discretion of the General Partner. A Limited Partner may request and receive partial or full redemption of their capital account as of the close of business on the last business day of any month, subject to restrictions in the Limited Partnership Agreement. | |||
DEPOSITS_WITH_FUTURES_BROKER
DEPOSITS WITH FUTURES BROKER | 3 Months Ended | ||
Mar. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
DEPOSITS WITH FUTURES BROKER | ' | ||
Note 5. | DEPOSITS WITH FUTURES BROKERS | ||
The Partnership deposits funds with Newedge USA, LLC and ADM Investor Services, Inc. subject to Commodity Futures Trading Commission regulations and various exchange and futures broker requirements. Margin requirements are satisfied by the deposit of U.S. government securities and cash with such futures brokers. Accordingly, assets used to meet margin and other futures broker or regulatory requirements are partially restricted. The Partnership earns interest income on its assets deposited with the futures brokers. | |||
DEPOSITS_WITH_SECURITIES_BROKE
DEPOSITS WITH SECURITIES BROKER | 3 Months Ended | ||
Mar. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
DEPOSITS WITH SECURITIES BROKER | ' | ||
Note 6. | DEPOSITS WITH SECURITIES BROKER | ||
The Partnership deposits cash and U.S. government securities with Wells Fargo Advisors, LLC, subject to Securities and Exchange Commission regulations and securities broker requirements. Margin requirements are satisfied by the deposit of cash and securities with such securities broker. Accordingly, assets used to meet margin and other securities broker or regulatory requirements are partially restricted. The Partnership earns interest income on its assets deposited with the securities broker. The fair value of the Partnership’s U.S. Treasury Bills held at the securities broker totaled $27,497,208 and $31,994,040 at March 31, 2014 and December 31, 2013, respectively. | |||
FAIR_VALUE
FAIR VALUE | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||
FAIR VALUE | ' | |||||||||||||
Note 7. | FAIR VALUE | |||||||||||||
Fair value, as defined in the Fair Value Measurement Topic of the Codification, 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 fair value hierarchy, as set forth in the Fair Value Measurement Topic of the Codification, prioritizes the inputs to valuation techniques used to measure fair value into three broad levels: quoted market prices in active markets for identical assets or liabilities (Level 1); inputs other than quoted market prices that are observable for the asset or liability, either directly or indirectly (Level 2); and unobservable inputs for an asset or liability (Level 3). If the inputs used to measure a financial instrument fall within different levels of the fair value hierarchy, the categorization is based on the lowest level input that is significant to the measurement of that financial instrument. The Partnership recognizes transfers between fair value hierarchy levels, if any, at the beginning of the reporting period. There were no transfers between levels during the three months ended March 31, 2014 and during the year ended December 31, 2013. | ||||||||||||||
For U.S. government securities, which are categorized as Level 2 fair value measurements at March 31, 2014 and December 31, 2013, fair value is determined as cost plus accrued interest, which represents an income approach to fair value measurement. | ||||||||||||||
The following tables summarize the Partnership’s assets and liabilities accounted for at fair value at March 31, 2014 and December 31, 2013 using the fair value hierarchy. Fair value is presented on a gross basis even though certain assets and liabilities qualify for net presentation in the statements of financial condition. | ||||||||||||||
March 31, 2014 | ||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | 2,642,959 | $ | 0 | $ | 0 | $ | 2,642,959 | ||||||
Currencies | 551,875 | 0 | 0 | 551,875 | ||||||||||
Energy | 602,159 | 0 | 0 | 602,159 | ||||||||||
Metals | 4,375 | 0 | 0 | 4,375 | ||||||||||
Stock indices | 1,680 | 0 | 0 | 1,680 | ||||||||||
Total futures contracts | 3,803,048 | 0 | 0 | 3,803,048 | ||||||||||
U.S. Treasury bills | 0 | 34,496,233 | 0 | 34,496,233 | ||||||||||
Total assets | $ | 3,803,048 | $ | 34,496,233 | $ | 0 | $ | 38,299,281 | ||||||
Liabilities | ||||||||||||||
Futures contracts | ||||||||||||||
Energy | $ | -4,299 | $ | 0 | $ | 0 | $ | -4,299 | ||||||
Interest rate | -60,125 | 0 | 0 | -60,125 | ||||||||||
Metal | -1,645,163 | 0 | 0 | -1,645,163 | ||||||||||
Stock indices | -341,687 | 0 | 0 | -341,687 | ||||||||||
Total liabilities | $ | -2,051,274 | $ | 0 | $ | 0 | $ | -2,051,274 | ||||||
December 31, 2013 | ||||||||||||||
Description | Level l | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | 150,603 | $ | 0 | $ | 0 | $ | 150,603 | ||||||
Energy | 63,435 | 0 | 0 | 63,435 | ||||||||||
Interest rate | 490,611 | 0 | 0 | 490,611 | ||||||||||
Metals | 212,254 | 0 | 0 | 212,254 | ||||||||||
Total futures contracts | 916,903 | 0 | 0 | 916,903 | ||||||||||
U.S. Treasury bills | 0 | 40,493,221 | 0 | 40,493,221 | ||||||||||
Total assets | $ | 916,903 | $ | 40,493,221 | $ | 0 | $ | 41,410,124 | ||||||
Liabilities | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | -206,693 | $ | 0 | $ | 0 | $ | -206,693 | ||||||
Currencies | -331,125 | 0 | 0 | -331,125 | ||||||||||
Energy | -162,954 | 0 | 0 | -162,954 | ||||||||||
Metals | -807,863 | 0 | 0 | -807,863 | ||||||||||
Total liabilities | $ | -1,508,635 | $ | 0 | $ | 0 | $ | -1,508,635 | ||||||
DERIVATIVES
DERIVATIVES | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivatives [Abstract] | ' | |||||||||||||||||||
DERIVATIVES | ' | |||||||||||||||||||
Note 8. | DERIVATIVES | |||||||||||||||||||
The Partnership engages in the speculative trading of futures contracts and options on futures contracts (collectively, derivatives) for the purpose of achieving capital appreciation. None of the Partnership’s derivative instruments are designated as hedging instruments, as defined in the Derivatives and Hedging Topic of the Codification, nor are they used for other risk management purposes. The General Partner actively assesses, manages and monitors risk exposure on derivatives on a contract basis, a sector basis (e.g., agricultural, currencies, metals, etc.), and on an overall basis in accordance with established risk parameters. Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading. | ||||||||||||||||||||
The Partnership’s derivatives held at March 31, 2014 and December 31, 2013 are subject to agreements similar to master netting agreements with the Partnership’s futures brokers which grant the futures brokers the right to set off recognized assets and liabilities if certain conditions exist. The following tables present gross amounts of assets and liabilities which are offset in the statements of financial condition. | ||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||
at March 31, 2014 | ||||||||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Assets | Condition | Condition | ||||||||||||||||||
Assets | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | 1,160,089 | $ | -1,160,089 | $ | 0 | ||||||||||||||
ADM Investor Services, Inc. | 2,642,959 | 0 | 2,642,959 | |||||||||||||||||
Total assets | $ | 3,803,048 | $ | -1,160,089 | $ | 2,642,959 | ||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Liabilities | Condition | Condition | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | -2,051,274 | $ | 1,160,089 | $ | -891,185 | ||||||||||||||
ADM Investor Services, Inc. | 0 | 0 | 0 | |||||||||||||||||
Total liabilities | $ | -2,051,274 | $ | 1,160,089 | $ | -891,185 | ||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | See Note 7. for the fair value of each type of contract within this category | |||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Assets | Condition | Condition | ||||||||||||||||||
Assets | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | 766,300 | $ | -766,300 | $ | 0 | ||||||||||||||
ADM Investor Services, Inc. | 150,603 | -150,603 | 0 | |||||||||||||||||
Total assets | $ | 916,903 | $ | -916,903 | $ | 0 | ||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Liabilities | Condition | Condition | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | -1,301,942 | $ | 766,300 | $ | -535,642 | ||||||||||||||
ADM Investor Services, Inc. | -206,693 | 150,603 | -56,090 | |||||||||||||||||
Total liabilities | $ | -1,508,635 | $ | 916,903 | $ | -591,732 | ||||||||||||||
Within the statements of financial condition, the fair value of futures contracts is included in net unrealized gain (loss) on open futures contracts. The cash and other property (for example, U.S. Treasury bills) held by each counterparty at March 31, 2014 and December 31, 2013 exceeds the net derivatives liability at such counterparty. | ||||||||||||||||||||
The following presents the Partnership’s derivative trading results and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2014 and 2013. The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the statements of operations. | ||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||
Trading Gains (Losses) | Trading Gains (Losses) | |||||||||||||||||||
Change in | Number of | Change in | Number of | |||||||||||||||||
Futures Contracts | Realized | Unrealized | Contracts Closed | Realized | Unrealized | Contracts Closed | ||||||||||||||
Agricultural | $ | 809,756 | $ | 2,699,049 | 702 | $ | -3,488,309 | $ | 1,169,734 | 1,254 | ||||||||||
Currencies | -746,666 | 883,000 | 313 | 1,461,344 | -412,345 | 436 | ||||||||||||||
Energy | 552,982 | 697,379 | 1,142 | 462,201 | 483,979 | 1,446 | ||||||||||||||
Interest rates | -440,263 | -550,736 | 208 | 0 | 0 | 0 | ||||||||||||||
Metals | 1,844,409 | -1,045,179 | 372 | -3,835,454 | 1,139,746 | 505 | ||||||||||||||
Stock index | -521,654 | -340,007 | 544 | -925 | -45,100 | 2 | ||||||||||||||
Total futures contracts | $ | 1,498,564 | $ | 2,343,506 | $ | -5,401,143 | $ | 2,336,014 | ||||||||||||
The number of contracts closed represents the number of contracts closed during the three months ended March 31, 2014 and 2013 in the applicable category. | ||||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | See Note 7. for the fair value of each type of contract within this category | |||||||||||||||||||
MARKET_AND_CREDIT_RISKS
MARKET AND CREDIT RISKS | 3 Months Ended | ||
Mar. 31, 2014 | |||
Market and Credit Risks [Abstract] | ' | ||
MARKET AND CREDIT RISKS | ' | ||
Note 9. | MARKET AND CREDIT RISKS | ||
The Partnership engages in the speculative trading of futures contracts and options on futures contracts. The Partnership is exposed to both market risk, the risk arising from changes in the fair value of the contracts, and credit risk, the risk of failure by another party to perform according to the terms of a contract. | |||
Purchase and sale of futures and options on futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss on contract fair value. The Commodity Exchange Act requires a futures broker to segregate all customer transactions and assets from such broker’s proprietary activities. A customer’s cash and other property (for example, U.S. Treasury bills) deposited with a futures broker are considered commingled with all other customer funds subject to the futures broker’s segregation requirements. In the event of a futures broker’s insolvency, recovery may be limited to a pro rata share of segregated funds available. It is possible that the recovered amount could be less than total cash and other property deposited. The net fair value of the Partnership’s assets deposited with Newedge USA, LLC and ADM Investor Services, Inc. is $7,827,666 and $7,038,346, respectively, at March 31, 2014, and $8,210,562 and $3,537,365, respectively, at December 31, 2013. | |||
For futures contracts and options on futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Partnership is exposed to a market risk equal to the notional contract value of futures contracts purchased and unlimited liability on such contracts sold short. As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability, and purchased options expose the Partnership to a risk of loss limited to the premiums paid. | |||
The Partnership has a substantial portion of its assets on deposit with the securities broker in connection with its trading of U.S. government securities and its cash management activities. In the event of the securities broker’s insolvency, recovery of Partnership assets on deposit may be limited to account insurance or other protection afforded such deposits. | |||
The Partnership maintains its cash in bank deposit accounts at Wells Fargo Bank, N.A. and affiliates. Such accounts may, at times, exceed federally insured limits. In the event of a financial institution’s insolvency, recovery of cash on deposit may be limited to account insurance or other protection afforded such deposits. | |||
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 Limited Partners bear the risk of loss only to the extent of the fair value of their respective investments and, in certain specific circumstances, distributions and redemptions received. | |||
INDEMNIFICATIONS
INDEMNIFICATIONS | 3 Months Ended | ||
Mar. 31, 2014 | |||
Indemnification [Abstract] | ' | ||
INDEMNIFICATIONS | ' | ||
Note 10. | INDEMNIFICATIONS | ||
In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. 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 any future obligation under these indemnifications to be remote. | |||
FINANCIAL_HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Financial Highlights [Abstract] | ' | ||||||||||||||||
FINANCIAL HIGHLIGHTS | ' | ||||||||||||||||
Note 11. | FINANCIAL HIGHLIGHTS | ||||||||||||||||
The following information presents the financial highlights for Series A and C Limited Partners of the Partnership for the three months ended March 31, 2014 and 2013. This information has been derived from information presented in the financial statements. | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Series A | Series C | Series A | Series C | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Total Return for Limited Partners(1) | |||||||||||||||||
Total return before General Partner Profit Share allocation | 8.57 | % | 9.02 | % | -5.72 | % | -5.32 | % | |||||||||
General Partner Profit Share allocation(2) | 0 | % | 0 | % | 0.11 | % | 0.11 | % | |||||||||
Total return after General Partner Profit Share allocation | 8.57 | % | 9.02 | % | -5.61 | % | -5.21 | % | |||||||||
Supplemental Data | |||||||||||||||||
Ratios to average net asset value:(3) | |||||||||||||||||
Expenses, excluding General Partner Profit Share allocation(4) | 5 | % | 3.29 | % | 4.58 | % | 2.95 | % | |||||||||
General Partner Profit Share allocation(1) | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total expenses | 5 | % | 3.29 | % | 4.58 | % | 2.95 | % | |||||||||
Net investment (loss)(4), (5) | -4.95 | % | -3.23 | % | -4.48 | % | -2.85 | % | |||||||||
The total returns and ratios are presented for Series A and C Limited Partners taken as a whole. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions and redemptions and different fee arrangements for certain Limited Partners. | |||||||||||||||||
The total returns and ratios exclude the effects of any 2% upfront selling commissions charged by Selling Agents. | |||||||||||||||||
___________________________________________________________________________________________ | |||||||||||||||||
-1 | Not annualized. | ||||||||||||||||
-2 | The positive effect on total return by the General Partner Profit Share allocation for the three months ended March 31, 2013 is due to a significant reversal of the allocation during the three months ended March 31, 2013. | ||||||||||||||||
-3 | The ratios of expenses and net investment (loss) to average net asset value do not include brokerage commissions. | ||||||||||||||||
-4 | Annualized. | ||||||||||||||||
-5 | The net investment (loss) is comprised of interest income less total expenses, excluding brokerage commissions and the General Partner Profit Share allocation. | ||||||||||||||||
ORGANIZATION_AND_SUMMARY_OF_SI1
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended | ||
Mar. 31, 2014 | |||
Organisation and Summary Of Significant Accounting Policies [Abstract] | ' | ||
General Description of the Partnership | ' | ||
A. | General Description of the Partnership | ||
AIS Futures Fund IV L.P. (the Partnership) is a Delaware limited partnership, which operates as a commodity investment pool. The Partnership engages in the speculative trading of futures contracts and options on futures contracts. The Partnership is an Investment Company that follows the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification (the Codification) Topic 946 – Financial Services – Investment Companies. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (U.S.) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and Futures Commission Merchants (brokers) through which the Partnership trades. The Partnership is also subject to the applicable reporting requirements of the Securities Exchange Act of 1934. | |||
The Fourth Amended and Restated Limited Partnership Agreement (the Limited Partnership Agreement) provides, among other things, that the Partnership shall dissolve no later than December 31, 2026. | |||
Method of Reporting and Use of Estimates | ' | ||
B. | Method of Reporting and Use of Estimates | ||
The Partnership’s financial statements are presented in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The FASB Codification is the single source of U.S. GAAP. | |||
Pursuant to the Cash Flows Topic of the Codification, the Partnership qualifies for an exemption from the requirement to provide a statement of cash flows and has elected not to provide a statement of cash flows. | |||
Futures Contracts and Options on Futures Contracts | ' | ||
C. | Futures Contracts and Options on Futures Contracts | ||
Futures contracts and options on futures contracts transactions are recorded on the trade date and open contracts are reflected at fair value, based on the primary exchange’s closing price. Gains or losses are realized when contracts are liquidated. As each broker has the individual right of offset, the Partnership presents the aggregate net unrealized gains with such brokers as net unrealized gain and the aggregate net unrealized (losses) with such brokers as net unrealized (loss) (i.e., net unrealized gains from one broker are not off-set against net unrealized (losses) from another broker) in the statements of financial condition. The unrealized gains or losses on open futures contracts is the difference between contract trade price and quoted market price. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Brokerage commissions on futures contracts and options on futures contracts include other trading fees and are charged to expense when contracts are opened. | |||
United States Government Securities | ' | ||
D. | United States Government Securities | ||
United States government securities are stated at cost plus accrued interest, which approximates fair value based on quoted market prices. Any change in value of these securities is reported as interest income in the statements of operations. | |||
Income Taxes | ' | ||
E. | Income Taxes | ||
The Partnership prepares and files calendar year U.S. and applicable state information 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 these financial statements as each partner is individually responsible for reporting income or loss based on its respective share of the Partnership’s income and expenses as reported for income tax purposes. The 2010 through 2013 tax years generally remain subject to examination by U.S. federal and most state tax authorities. | |||
The Partnership applies the provisions of Codification Topic 740, Income Taxes, which prescribe the minimum recognition threshold a tax position must meet in connection with accounting for uncertainties in income tax positions taken or expected to be taken by an entity before being measured and recognized in the financial statements. This accounting standard requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax expense in the current year. The Partnership has elected an accounting policy to classify interest and penalties, if any, as interest expense. The General Partner has concluded there is no tax expense or interest expense related to uncertainties in income tax positions for the three months ended March 31, 2014 and 2013. | |||
Foreign Currency Transactions | ' | ||
F. | Foreign Currency Transactions | ||
The Partnership’s functional currency is the U.S. dollar; however, it transacts business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect at the date of the statements of financial condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rates in effect during the period. Gains and losses resulting from the translation to U.S. dollars are reported in income currently. | |||
Capital Accounts | ' | ||
G. | Capital Accounts | ||
The Partnership offers three Series of Interests. The Series A Interests are available to all qualified investors, subject to applicable conditions and restrictions. Series A Interests pay a management fee and Selling Agent Administrative and Service Fee (“Service Fee”) and are subject to the General Partner Profit Share allocation. The Series B Interests are available for sale to the General Partner and its principals. Series B Interests are not charged a management fee and Service Fee and are not subject to the General Partner Profit Share allocation. The Series C Interests are available to eligible investors that are not solicited by Selling Agents, subject to applicable conditions and restrictions. The Series C Interests have the same rights and obligations as Series A Interests, except Series C Interests are not subject to the Service Fee and are charged a monthly Management Fee as described in Note 2. | |||
The Partnership accounts for subscriptions, allocations and redemptions on a per partner capital account basis. Income or loss, prior to the Management Fee, Service Fee and General Partner Profit Share allocation, is allocated pro rata to the capital accounts of all partners. Each Limited Partner is then charged their applicable Management Fee and Service Fee. The General Partner Profit Share allocation applicable to each Limited Partner is then allocated to the General Partner’s capital account from the Limited Partner’s capital account at the end of each calendar year or upon redemption by a Limited Partner. | |||
The Partnership accrues as a liability the General Partner Profit Share allocation for interim periods during which the General Partner Profit Share allocation is not yet allocable to the General Partner’s capital account in accordance with the terms of the Limited Partnership Agreement. Such accrual is subject to partial or complete reversal until a condition for allocation to the General Partner’s capital account is met, at which time the applicable amount of the accrual is reversed and allocated to the General Partner’s capital account. | |||
Redemptions | ' | ||
H. | Redemptions | ||
Limited Partners may require the Partnership to redeem some or all of their capital upon ten days prior written notice. The ten days prior written notice may be waived at the discretion of the General Partner. Partner redemptions are recorded on their effective date, which is generally the last day of the month. | |||
Recently Issued Accounting Pronouncement | ' | ||
I. | Recently Issued Accounting Pronouncement | ||
In June 2013, the FASB issued Accounting Standards Update No. 2013-08 (ASU 2013-08), entitled Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements. ASU 2013-08 changes the approach to assessing whether an entity is an investment company, clarifies the characteristics of an investment company and provides comprehensive guidance for assessing whether an entity is an investment company. In addition, ASU 2013-08 requires non-controlling ownership interests in other investment companies to be measured at fair value and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods in fiscal years beginning after December 15, 2013. | |||
The Partnership’s adoption of ASU 2013-08 had no material impact on the Partnership’s financial statements. | |||
Interim Financial Statements | ' | ||
J. | Interim Financial Statements | ||
The financial statements included herein were prepared by us without audit according to the rules and regulations of the Securities and Exchange Commission. 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. The financial statements reflect, in the opinion of management, all adjustments necessary that were of a normal and recurring nature and adequate disclosures to present fairly the financial position and results of operations as of and for the periods indicated. The results of operations for the three months ended March 31, 2014 and 2013 are not necessarily indicative of the results to be expected for the full year or for any other period. | |||
These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Form 10-K previously filed with the Securities and Exchange Commission. | |||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Fair Value [Abstract] | ' | |||||||||||||
Partnerships Assets and Liabilities Accounted for at Fair Value | ' | |||||||||||||
The following tables summarize the Partnership’s assets and liabilities accounted for at fair value at March 31, 2014 and December 31, 2013 using the fair value hierarchy. Fair value is presented on a gross basis even though certain assets and liabilities qualify for net presentation in the statements of financial condition. | ||||||||||||||
March 31, 2014 | ||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | 2,642,959 | $ | 0 | $ | 0 | $ | 2,642,959 | ||||||
Currencies | 551,875 | 0 | 0 | 551,875 | ||||||||||
Energy | 602,159 | 0 | 0 | 602,159 | ||||||||||
Metals | 4,375 | 0 | 0 | 4,375 | ||||||||||
Stock indices | 1,680 | 0 | 0 | 1,680 | ||||||||||
Total futures contracts | 3,803,048 | 0 | 0 | 3,803,048 | ||||||||||
U.S. Treasury bills | 0 | 34,496,233 | 0 | 34,496,233 | ||||||||||
Total assets | $ | 3,803,048 | $ | 34,496,233 | $ | 0 | $ | 38,299,281 | ||||||
Liabilities | ||||||||||||||
Futures contracts | ||||||||||||||
Energy | $ | -4,299 | $ | 0 | $ | 0 | $ | -4,299 | ||||||
Interest rate | -60,125 | 0 | 0 | -60,125 | ||||||||||
Metal | -1,645,163 | 0 | 0 | -1,645,163 | ||||||||||
Stock indices | -341,687 | 0 | 0 | -341,687 | ||||||||||
Total liabilities | $ | -2,051,274 | $ | 0 | $ | 0 | $ | -2,051,274 | ||||||
December 31, 2013 | ||||||||||||||
Description | Level l | Level 2 | Level 3 | Total | ||||||||||
Assets | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | 150,603 | $ | 0 | $ | 0 | $ | 150,603 | ||||||
Energy | 63,435 | 0 | 0 | 63,435 | ||||||||||
Interest rate | 490,611 | 0 | 0 | 490,611 | ||||||||||
Metals | 212,254 | 0 | 0 | 212,254 | ||||||||||
Total futures contracts | 916,903 | 0 | 0 | 916,903 | ||||||||||
U.S. Treasury bills | 0 | 40,493,221 | 0 | 40,493,221 | ||||||||||
Total assets | $ | 916,903 | $ | 40,493,221 | $ | 0 | $ | 41,410,124 | ||||||
Liabilities | ||||||||||||||
Futures contracts | ||||||||||||||
Agricultural | $ | -206,693 | $ | 0 | $ | 0 | $ | -206,693 | ||||||
Currencies | -331,125 | 0 | 0 | -331,125 | ||||||||||
Energy | -162,954 | 0 | 0 | -162,954 | ||||||||||
Metals | -807,863 | 0 | 0 | -807,863 | ||||||||||
Total liabilities | $ | -1,508,635 | $ | 0 | $ | 0 | $ | -1,508,635 | ||||||
DERIVATIVES_Tables
DERIVATIVES (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Derivatives [Abstract] | ' | |||||||||||||||||||
Schedule of Derivative Assets and Liabilities Offset in the Statements of Financial Condition | ' | |||||||||||||||||||
The following tables present gross amounts of assets and liabilities which are offset in the statements of financial condition. | ||||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||
at March 31, 2014 | ||||||||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Assets | Condition | Condition | ||||||||||||||||||
Assets | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | 1,160,089 | $ | -1,160,089 | $ | 0 | ||||||||||||||
ADM Investor Services, Inc. | 2,642,959 | 0 | 2,642,959 | |||||||||||||||||
Total assets | $ | 3,803,048 | $ | -1,160,089 | $ | 2,642,959 | ||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Liabilities | Condition | Condition | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | -2,051,274 | $ | 1,160,089 | $ | -891,185 | ||||||||||||||
ADM Investor Services, Inc. | 0 | 0 | 0 | |||||||||||||||||
Total liabilities | $ | -2,051,274 | $ | 1,160,089 | $ | -891,185 | ||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | See Note 7. for the fair value of each type of contract within this category | |||||||||||||||||||
Offsetting of Derivative Assets and Liabilities | ||||||||||||||||||||
at December 31, 2013 | ||||||||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Assets | Condition | Condition | ||||||||||||||||||
Assets | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | 766,300 | $ | -766,300 | $ | 0 | ||||||||||||||
ADM Investor Services, Inc. | 150,603 | -150,603 | 0 | |||||||||||||||||
Total assets | $ | 916,903 | $ | -916,903 | $ | 0 | ||||||||||||||
Gross Amounts | Net Amounts | |||||||||||||||||||
Offset in the | Presented in the | |||||||||||||||||||
Gross Amounts | Statement of | Statement of | ||||||||||||||||||
of Recognized | Financial | Financial | ||||||||||||||||||
Liabilities | Condition | Condition | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
Futures Contracts(1) | ||||||||||||||||||||
Newedge USA, LLC | $ | -1,301,942 | $ | 766,300 | $ | -535,642 | ||||||||||||||
ADM Investor Services, Inc. | -206,693 | 150,603 | -56,090 | |||||||||||||||||
Total liabilities | $ | -1,508,635 | $ | 916,903 | $ | -591,732 | ||||||||||||||
Partnerships Derivative Trading Results and Information Related to Volume of Partnerships Derivative Activity | ' | |||||||||||||||||||
The following presents the Partnership’s derivative trading results and information related to the volume of the Partnership’s derivative activity for the three months ended March 31, 2014 and 2013. The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the statements of operations. | ||||||||||||||||||||
Three Months Ended March 31, 2014 | Three Months Ended March 31, 2013 | |||||||||||||||||||
Trading Gains (Losses) | Trading Gains (Losses) | |||||||||||||||||||
Change in | Number of | Change in | Number of | |||||||||||||||||
Futures Contracts | Realized | Unrealized | Contracts Closed | Realized | Unrealized | Contracts Closed | ||||||||||||||
Agricultural | $ | 809,756 | $ | 2,699,049 | 702 | $ | -3,488,309 | $ | 1,169,734 | 1,254 | ||||||||||
Currencies | -746,666 | 883,000 | 313 | 1,461,344 | -412,345 | 436 | ||||||||||||||
Energy | 552,982 | 697,379 | 1,142 | 462,201 | 483,979 | 1,446 | ||||||||||||||
Interest rates | -440,263 | -550,736 | 208 | 0 | 0 | 0 | ||||||||||||||
Metals | 1,844,409 | -1,045,179 | 372 | -3,835,454 | 1,139,746 | 505 | ||||||||||||||
Stock index | -521,654 | -340,007 | 544 | -925 | -45,100 | 2 | ||||||||||||||
Total futures contracts | $ | 1,498,564 | $ | 2,343,506 | $ | -5,401,143 | $ | 2,336,014 | ||||||||||||
The number of contracts closed represents the number of contracts closed during the three months ended March 31, 2014 and 2013 in the applicable category. | ||||||||||||||||||||
_____________________ | ||||||||||||||||||||
-1 | See Note 7. for the fair value of each type of contract within this category | |||||||||||||||||||
FINANCIAL_HIGHLIGHTS_Tables
FINANCIAL HIGHLIGHTS (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Financial Highlights [Abstract] | ' | ||||||||||||||||
Financial Highlights for Series A Limited Partners | ' | ||||||||||||||||
The following information presents the financial highlights for Series A and C Limited Partners of the Partnership for the three months ended March 31, 2014 and 2013. This information has been derived from information presented in the financial statements. | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Series A | Series C | Series A | Series C | ||||||||||||||
(Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
Total Return for Limited Partners(1) | |||||||||||||||||
Total return before General Partner Profit Share allocation | 8.57 | % | 9.02 | % | -5.72 | % | -5.32 | % | |||||||||
General Partner Profit Share allocation(2) | 0 | % | 0 | % | 0.11 | % | 0.11 | % | |||||||||
Total return after General Partner Profit Share allocation | 8.57 | % | 9.02 | % | -5.61 | % | -5.21 | % | |||||||||
Supplemental Data | |||||||||||||||||
Ratios to average net asset value:(3) | |||||||||||||||||
Expenses, excluding General Partner Profit Share allocation(4) | 5 | % | 3.29 | % | 4.58 | % | 2.95 | % | |||||||||
General Partner Profit Share allocation(1) | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||
Total expenses | 5 | % | 3.29 | % | 4.58 | % | 2.95 | % | |||||||||
Net investment (loss)(4), (5) | -4.95 | % | -3.23 | % | -4.48 | % | -2.85 | % | |||||||||
The total returns and ratios are presented for Series A and C Limited Partners taken as a whole. An individual Limited Partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of their subscriptions and redemptions and different fee arrangements for certain Limited Partners. | |||||||||||||||||
The total returns and ratios exclude the effects of any 2% upfront selling commissions charged by Selling Agents. | |||||||||||||||||
___________________________________________________________________________________________ | |||||||||||||||||
-1 | Not annualized. | ||||||||||||||||
-2 | The positive effect on total return by the General Partner Profit Share allocation for the three months ended March 31, 2013 is due to a significant reversal of the allocation during the three months ended March 31, 2013. | ||||||||||||||||
-3 | The ratios of expenses and net investment (loss) to average net asset value do not include brokerage commissions. | ||||||||||||||||
-4 | Annualized. | ||||||||||||||||
-5 | The net investment (loss) is comprised of interest income less total expenses, excluding brokerage commissions and the General Partner Profit Share allocation. | ||||||||||||||||
GENERAL_PARTNER_Additional_Inf
GENERAL PARTNER - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' |
Percentage of Profit Share allocation receivable by General Partner | 20.00% | ' |
Amount Management Fees were reduced by | ' | $10,070 |
Additional per annum Selling Agent Administrative and Service Fee | 1.50% | 1.50% |
Series A - Limited Partner [Member] | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' |
Monthly Management Fee equal to 1/12 of the percentage of each Series A Limited Partner's month-end Net Assets | 2.00% | ' |
Management Fee Expense | 201,581 | 327,452 |
Series C Limited Partners [Member] | ' | ' |
Incentive Distribution Made to Managing Member or General Partner [Line Items] | ' | ' |
Monthly Management Fee equal to 1/12 of the percentage of each Series A Limited Partner's month-end Net Assets | 2.70% | ' |
Management Fee Expense | $1,932 | $417 |
SELLING_AGENT_ADMINISTRATIVE_A1
SELLING AGENT ADMINISTRATIVE AND SERVICE FEES - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Selling Agent Administrative and Service Fee equal to 1/12 of the percentage of each Series A Limited Partner's month-end Net Assets | 2.50% | ' |
Additional per annum Selling Agent Administrative and Service Fee | 1.50% | 1.50% |
Transfers | ' | $0 |
General Partner [Member] | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Transfers | ' | 0 |
Series - Limited Partners [Member] | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Transfers | ' | -62,591 |
Other Partners [Member] | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Transfers | ' | 62,591 |
For sale of Series A Limited Partnership Interests in excess of $500,000, received for the first twelve months following the sale [Member] | ' | ' |
Component of Operating Other Cost and Expense [Line Items] | ' | ' |
Additional per annum Selling Agent Administrative and Service Fee | 1.50% | ' |
Sale of Investment interest | 500,000 | ' |
SUBSCRIPTIONS_DISTRIBUTIONS_AN1
SUBSCRIPTIONS, DISTRIBUTIONS AND REDEMPTIONS - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Selling commissions charged to Series A Limited Partners | $0 | $0 |
Maximum [Member] | ' | ' |
Percentage of selling commission of the subscription amount that may be deducted from the subscription proceeds | 2.00% | ' |
DEPOSITS_WITH_SECURITIES_BROKE1
DEPOSITS WITH SECURITIES BROKER - Additional Information (Detail) (Deposit with securities Broker [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Deposit with securities Broker [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Fair value of U.S. Treasury Bills | $27,497,208 | $31,994,040 |
Partnerships_Assets_and_Liabil
Partnerships Assets and Liabilities Accounted for at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | $38,299,281 | $41,410,124 |
Partnership's liabilities | -2,051,274 | -1,508,635 |
Futures Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 3,803,048 | 916,903 |
Futures Contracts [Member] | Agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 2,642,959 | 150,603 |
Partnership's liabilities | ' | -206,693 |
Futures Contracts [Member] | Currency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 551,875 | ' |
Partnership's liabilities | ' | -331,125 |
Futures Contracts [Member] | Energy [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 602,159 | 63,435 |
Partnership's liabilities | -4,299 | -162,954 |
Futures Contracts [Member] | Metals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 4,375 | 212,254 |
Partnership's liabilities | -1,645,163 | -807,863 |
Futures Contracts [Member] | Stock Indices [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 1,680 | ' |
Partnership's liabilities | -341,687 | ' |
Futures Contracts [Member] | Interest Rates [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | ' | 490,611 |
Partnership's liabilities | -60,125 | ' |
US Treasury Bill Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 34,496,233 | 40,493,221 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 3,803,048 | 916,903 |
Partnership's liabilities | -2,051,274 | -1,508,635 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 3,803,048 | 916,903 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 2,642,959 | 150,603 |
Partnership's liabilities | ' | -206,693 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Currency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 551,875 | ' |
Partnership's liabilities | ' | -331,125 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Energy [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 602,159 | 63,435 |
Partnership's liabilities | -4,299 | -162,954 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Metals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 4,375 | 212,254 |
Partnership's liabilities | -1,645,163 | -807,863 |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Stock Indices [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 1,680 | ' |
Partnership's liabilities | -341,687 | ' |
Fair Value, Inputs, Level 1 [Member] | Futures Contracts [Member] | Interest Rates [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | ' | 490,611 |
Partnership's liabilities | -60,125 | ' |
Fair Value, Inputs, Level 1 [Member] | US Treasury Bill Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 34,496,233 | 40,493,221 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Currency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | ' |
Partnership's liabilities | ' | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Energy [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Metals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Stock Indices [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | ' |
Partnership's liabilities | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | Futures Contracts [Member] | Interest Rates [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | ' | 0 |
Partnership's liabilities | 0 | ' |
Fair Value, Inputs, Level 2 [Member] | US Treasury Bill Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 34,496,233 | 40,493,221 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Agricultural [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Currency [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | ' |
Partnership's liabilities | ' | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Energy [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Metals [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | 0 |
Partnership's liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Stock Indices [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | 0 | ' |
Partnership's liabilities | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | Interest Rates [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | ' | 0 |
Partnership's liabilities | 0 | ' |
Fair Value, Inputs, Level 3 [Member] | US Treasury Bill Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Partnership's Asset | $0 | $0 |
Offsetting_Assets_and_Liabilit
Offsetting Assets and Liabilities of Derivative Contracts (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | $3,803,048 | $916,903 | ||
Gross Amounts Offset in the Statements of Financial Condition | -1,160,089 | -916,903 | ||
Net Amounts Presented in the Statements of Financial Condition | 2,642,959 | 0 | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | -2,051,274 | -1,508,635 | ||
Gross Amounts Offset in the Statements of Financial Condition | 1,160,089 | 916,903 | ||
Net Amounts Presented in the Statements of Financial Condition | -891,185 | -591,732 | ||
Futures Contracts [Member] | Newedge USA, LLC [Member] | ' | ' | ||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 1,160,089 | [1] | 766,300 | [1] |
Gross Amounts Offset in the Statements of Financial Condition | -1,160,089 | [1] | -766,300 | [1] |
Net Amounts Presented in the Statements of Financial Condition | 0 | [1] | 0 | [1] |
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | -2,051,274 | [1] | -1,301,942 | [1] |
Gross Amounts Offset in the Statements of Financial Condition | 1,160,089 | [1] | 766,300 | [1] |
Net Amounts Presented in the Statements of Financial Condition | -891,185 | [1] | -535,642 | [1] |
Futures Contracts [Member] | ADM Investor Services, Inc. [Member] | ' | ' | ||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Gross Amounts of Recognized Assets | 2,642,959 | [1] | 150,603 | [1] |
Gross Amounts Offset in the Statements of Financial Condition | 0 | [1] | -150,603 | [1] |
Net Amounts Presented in the Statements of Financial Condition | 2,642,959 | [1] | 0 | [1] |
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Gross Amounts of Recognized Liabilities | 0 | [1] | -206,693 | [1] |
Gross Amounts Offset in the Statements of Financial Condition | 0 | [1] | 150,603 | [1] |
Net Amounts Presented in the Statements of Financial Condition | $0 | [1] | ($56,090) | [1] |
[1] | See Note 7. for the fair value of each type of contract within this category. |
Partnerships_Derivative_Tradin
Partnerships Derivative Trading Results and Information Related to Volume of Partnerships Derivative Activity (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | $1,498,564 | ($5,401,143) |
Change in unrealized | 2,343,506 | 2,336,014 |
Futures Contracts [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | 1,498,564 | -5,401,143 |
Change in unrealized | 2,343,506 | 2,336,014 |
Futures Contracts [Member] | Agricultural [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | 809,756 | -3,488,309 |
Change in unrealized | 2,699,049 | 1,169,734 |
Number of Contracts Closed | 702 | 1,254 |
Futures Contracts [Member] | Currencies [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | -746,666 | 1,461,344 |
Change in unrealized | 883,000 | -412,345 |
Number of Contracts Closed | 313 | 436 |
Futures Contracts [Member] | Energy [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | 552,982 | 462,201 |
Change in unrealized | 697,379 | 483,979 |
Number of Contracts Closed | 1,142 | 1,446 |
Futures Contracts [Member] | Interest Rates [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | -440,263 | 0 |
Change in unrealized | -550,736 | 0 |
Number of Contracts Closed | 208 | 0 |
Futures Contracts [Member] | Metals [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | 1,844,409 | -3,835,454 |
Change in unrealized | -1,045,179 | 1,139,746 |
Number of Contracts Closed | 372 | 505 |
Futures Contracts [Member] | Stock Index [Member] | ' | ' |
Trading Activity, Gains and Losses, Net [Line Items] | ' | ' |
Realized | -521,654 | -925 |
Change in unrealized | ($340,007) | ($45,100) |
Number of Contracts Closed | 544 | 2 |
MARKET_AND_CREDIT_RISKS_Additi
MARKET AND CREDIT RISKS - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Concentration Risk [Line Items] | ' | ' |
Partnership's Assets | $38,299,281 | $41,410,124 |
Newedge Usa Llc [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Partnership's Assets | 7,827,666 | 8,210,562 |
Adm Investor Services [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Partnership's Assets | $7,038,346 | $3,537,365 |
Financial_Highlights_for_Serie
Financial Highlights for Series A Limited Partners (Detail) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | |||
Series A - Limited Partner [Member] | ' | ' | ||
Total return for Limited Partners | ' | ' | ||
Total return before General Partner Profit Share allocation | 8.57% | [1] | -5.72% | [1] |
General Partner Profit Share allocation | 0.00% | [1],[2] | 0.11% | [1],[2] |
Total return after General Partner Profit Share allocation | 8.57% | [1] | -5.61% | [1] |
Ratios to average net asset value: | ' | ' | ||
Expenses, excluding General Partner Profit Share allocation | 5.00% | [3],[4] | 4.58% | [3],[4] |
General Partner Profit Share allocation | 0.00% | [1],[3] | 0.00% | [1],[3] |
Total expenses | 5.00% | 4.58% | ||
Net investment (loss) | -4.95% | [4],[5] | -4.48% | [4],[5] |
Series C - Limited Partner [Member] | ' | ' | ||
Total return for Limited Partners | ' | ' | ||
Total return before General Partner Profit Share allocation | 9.02% | [1] | -5.32% | [1] |
General Partner Profit Share allocation | 0.00% | [1],[2] | 0.11% | [1],[2] |
Total return after General Partner Profit Share allocation | 9.02% | [1] | -5.21% | [1] |
Ratios to average net asset value: | ' | ' | ||
Expenses, excluding General Partner Profit Share allocation | 3.29% | [3],[4] | 2.95% | [3],[4] |
General Partner Profit Share allocation | 0.00% | [1],[3] | 0.00% | [1],[3] |
Total expenses | 3.29% | 2.95% | ||
Net investment (loss) | -3.23% | [4],[5] | -2.85% | [4],[5] |
[1] | Not annualized. | |||
[2] | The positive effect on total return by the General Partner Profit Share allocation for the three months ended March 31, 2013 is due to a significant reversal of the allocation during the three months ended March 31, 2013. | |||
[3] | The ratios of expenses and net investment (loss) to average net asset value do not include brokerage commissions. | |||
[4] | Annualized. | |||
[5] | The net investment (loss) is comprised of interest income less total expenses, excluding brokerage commissions and the General Partner Profit Share allocation. |