Cover
Cover | 9 Months Ended |
Sep. 30, 2022 | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Sep. 30, 2022 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-50728 |
Entity Registrant Name | FUTURES PORTFOLIO FUND L.P |
Entity Central Index Key | 0000861441 |
Entity Tax Identification Number | 52-1627106 |
Entity Incorporation, State or Country Code | MD |
Entity Address, Address Line One | c/o Steben & Company, LLC |
Entity Address, Address Line Two | 687 Excelsior Boulevard |
Entity Address, City or Town | Excelsior |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55331 |
City Area Code | (952) |
Local Phone Number | 767-6900 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Statement of Financial Conditio
Statement of Financial Condition (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Equity in broker trading accounts | ||
Cash | $ 52,208,097 | $ 44,372,309 |
Net unrealized gain (loss) on open futures contracts | 3,828,955 | (723,716) |
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | 328,039 |
Net unrealized gain (loss) on swap contracts | (5,908) | 270,782 |
Total equity in broker trading accounts | 59,783,948 | 44,247,414 |
Cash and cash equivalents | 17,186,498 | 5,647,881 |
Investment in private investment company, at fair value (cost $847,800 and $782,292) | 3,221,054 | 3,200,634 |
Investment in securities, at fair value (cost $95,883,341 and $102,304,347) | 93,149,331 | 101,773,959 |
Exchange membership, at fair value (cost $189,000 and $189,000) | 165,000 | 112,000 |
Dividend and interest receivable | 27,815 | 901 |
Total assets | 173,533,646 | 154,982,789 |
Liabilities | ||
Trading Advisor management fees payable | 216,418 | 225,938 |
Trading Advisor incentive fees payable | 1,405,319 | 721,914 |
Commissions and other trading fees payable on open contracts | 22,770 | 22,309 |
Cash Managers fees payable | 28,038 | 30,354 |
General Partner management and performance fees payable | 214,272 | 192,096 |
General Partner 1% allocation payable | 300,426 | 107,771 |
Selling Agent payable - General Partner | 194,706 | 176,331 |
Broker dealer servicing fees payable - General Partner | 7,585 | 6,718 |
Administrative fee payable - General Partner | 64,253 | 57,037 |
Dividend and interest payable | 3,384 | |
Redemption payable | 1,369,339 | 1,285,931 |
Total liabilities | 3,823,126 | 2,829,783 |
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 169,710,520 | 152,153,006 |
Total liabilities and partners’ capital (net asset value) | 173,533,646 | 154,982,789 |
Capital Unit, Class A [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 115,267,200 | 104,241,918 |
Capital Unit Class A2 [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 379,420 | 366,207 |
Capital Unit Class A3 [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 39,588 | |
Capital Unit, Class B [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 45,084,938 | 40,086,210 |
Capital Unit Class I [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | 348,767 | 285,819 |
Capital Unit Class R [Member] | ||
Partners’ Capital (Net Asset Value) | ||
Total partners’ capital (net asset value) | $ 8,630,195 | $ 7,133,264 |
Statement of Financial Condit_2
Statement of Financial Condition (Unaudited) (Parenthetical) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Capital Unit [Line Items] | ||
Investment in private investment company, cost | $ 847,800 | $ 782,292 |
Investments in securities, cost | 95,883,341 | 102,304,347 |
Exchange membership, cost | $ 189,000 | $ 189,000 |
General partner allocation percentage | 1% | |
Capital Unit, Class A [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 23,828.0204 | 25,762.1732 |
Capital Unit Class A2 [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 292.2072 | 340.7072 |
Capital Unit Class A3 [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 0 | 38 |
Capital Unit, Class B [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 5,665.5477 | 6,103.5404 |
Capital Unit Class I [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 256.4767 | 256.4767 |
Capital Unit Class R [Member] | ||
Capital Unit [Line Items] | ||
Partners' capital, units outstanding | 6,486.0209 | 6,505.3148 |
Condensed Schedule of Investmen
Condensed Schedule of Investments (Unaudited) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |||
Investment Holdings [Line Items] | |||||
Fair Value | $ 93,149,331 | $ 101,773,959 | |||
% of Partners' Capital (Net Asset Value) | 54.89% | 66.91% | |||
US Treasury Securities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 12,407,712 | $ 10,430,298 | |||
% of Partners' Capital (Net Asset Value) | 7.31% | 6.85% | |||
US Treasury Securities [Member] | U.S. Treasury Due 02/15/23 [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,500,000 | ||||
% Yield | [1] | 2% | |||
Fair Value | $ 2,489,980 | ||||
% of Partners' Capital (Net Asset Value) | 1.46% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 05/31/23 [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [1] | 2.75% | |||
Fair Value | $ 3,001,475 | ||||
% of Partners' Capital (Net Asset Value) | 1.77% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 08/15/23 [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 7,000,000 | ||||
% Yield | [1] | 2.50% | |||
Fair Value | $ 6,916,257 | ||||
% of Partners' Capital (Net Asset Value) | 4.08% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 09/15/23 [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,500,000 | ||||
% Yield | [2] | 0.13% | |||
Fair Value | $ 4,460,194 | ||||
% of Partners' Capital (Net Asset Value) | 2.93% | ||||
US Treasury Securities [Member] | U.S. Treasury Due 10/31/23 [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 6,000,000 | ||||
% Yield | [2] | 0.38% | |||
Fair Value | $ 5,970,104 | ||||
% of Partners' Capital (Net Asset Value) | 3.92% | ||||
Commercial Paper [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 9,588,216 | $ 20,297,450 | |||
% of Partners' Capital (Net Asset Value) | 5.65% | 13.36% | |||
Commercial Paper [Member] | US Commercial Paper [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 13,098,608 | ||||
% of Partners' Capital (Net Asset Value) | 8.62% | ||||
Commercial Paper [Member] | Foreign Commercial Paper [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 9,488,787 | $ 7,198,842 | |||
% of Partners' Capital (Net Asset Value) | 5.59% | 4.74% | |||
Commercial Paper [Member] | ING (U.S.) Funding LLC Due 10/28/22 [Member] | US Commercial Paper [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.96% | |||
Fair Value | $ 1,197,237 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | MUFG Bank Ltd. (New York Branch) Due 10/24/22 [Member] | US Commercial Paper [Member] | Commercial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.72% | |||
Fair Value | $ 1,197,823 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | Sheffield Receivables Company LLC Due 10/06/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.21% | |||
Fair Value | $ 1,199,558 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | Caterpillar Financial Services Corporation Due 10/07/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.31% | |||
Fair Value | $ 1,199,460 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | Longship Funding Designated Activity Company Due 10/11/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.73% | |||
Fair Value | $ 1,199,000 | ||||
% of Partners' Capital (Net Asset Value) | 0.70% | ||||
Commercial Paper [Member] | Citigroup Global Markets Inc. Due 01/06/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | $ 1,200,000 | |||
% Yield | 3.01% | [1] | 0.11% | [2] | |
Fair Value | $ 1,196,590 | $ 1,199,979 | |||
% of Partners' Capital (Net Asset Value) | 0.70% | 0.79% | |||
Commercial Paper [Member] | American Water Capital Corp. Due 10/05/22 [Member] | US Commercial Paper [Member] | Machinery [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2% | |||
Fair Value | $ 1,199,666 | ||||
% of Partners' Capital (Net Asset Value) | 0.70% | ||||
Commercial Paper [Member] | Brown-Forman Corporation Due 10/12/22 [Member] | US Commercial Paper [Member] | Water [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.80% | |||
Fair Value | $ 1,198,882 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | John Deere Capital Corporation Due 10/04/22 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 1.91% | |||
Fair Value | $ 1,199,746 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | Cooperatieve Rabobank U.A., New York Branch Due 10/18/22 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.87% | |||
Fair Value | $ 1,198,277 | ||||
% of Partners' Capital (Net Asset Value) | 0.70% | ||||
Commercial Paper [Member] | Thunder Bay Funding, LLC Due 10/07/22 [Member] | Foreign Commercial Paper [Member] | Commercial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.31% | |||
Fair Value | $ 1,199,460 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | National Rural Utilities Cooperative Finance Corporation Due 10/11/22 [Member] | Foreign Commercial Paper [Member] | Commercial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.92% | |||
Fair Value | $ 1,198,930 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | Nationwide Building Society Due 10/03/22 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 1.70% | |||
Fair Value | $ 1,199,830 | ||||
% of Partners' Capital (Net Asset Value) | 0.70% | ||||
Commercial Paper [Member] | United States Department of The Treasury Due 10/14/22 [Member] | Foreign Commercial Paper [Member] | Energy [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 2.88% | |||
Fair Value | $ 1,198,657 | ||||
% of Partners' Capital (Net Asset Value) | 0.71% | ||||
Commercial Paper [Member] | DCAT, LLC Due 10/24/22 [Member] | Foreign Commercial Paper [Member] | Manufacturing [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,100,000 | ||||
% Yield | [1] | 2.64% | |||
Fair Value | $ 1,098,067 | ||||
% of Partners' Capital (Net Asset Value) | 0.65% | ||||
Commercial Paper [Member] | DNB Bank ASA Due 11/08/22 [Member] | Foreign Commercial Paper [Member] | Telecommunications [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [1] | 3.22% | |||
Fair Value | $ 1,195,820 | ||||
% of Partners' Capital (Net Asset Value) | 0.70% | ||||
Commercial Paper [Member] | Mitsubishi UFJ Trust and Banking Corporation (USA) Due 01/26/22 [Member] | US Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.20% | |||
Fair Value | $ 1,199,825 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | DCAT, LLC Due 01/20/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.12% | |||
Fair Value | $ 1,199,918 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Gotham Funding Corporation Due 01/05/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.09% | |||
Fair Value | $ 1,199,985 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | ING (U.S.) Funding LLC Due 02/18/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,100,000 | ||||
% Yield | [2] | 0.16% | |||
Fair Value | $ 1,099,765 | ||||
% of Partners' Capital (Net Asset Value) | 0.72% | ||||
Commercial Paper [Member] | J.P. Morgan Securities LLC Due 01/10/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.11% | |||
Fair Value | $ 1,199,964 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Liberty Street Funding LLC Due 04/01/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.23% | |||
Fair Value | $ 1,199,310 | ||||
Commercial Paper [Member] | Manhattan Asset Funding Company LLC Due 01/11/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.11% | |||
Fair Value | $ 1,199,960 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | National Rural Utilities Cooperative Finance Corporation Due 01/11/22 [Member] | US Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.17% | |||
Fair Value | $ 1,199,937 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Archer-Daniels-Midland Company Due 01/12/22 [Member] | US Commercial Paper [Member] | Food [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.05% | |||
Fair Value | $ 1,199,978 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | American Water Capital Corp. Due 01/04/22 [Member] | US Commercial Paper [Member] | Water [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.10% | |||
Fair Value | $ 1,199,987 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Nationwide Building Society Due 01/12/22 [Member] | Foreign Commercial Paper [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.12% | |||
Fair Value | $ 1,199,952 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | DBS Bank Ltd. Due 02/07/22 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.15% | |||
Fair Value | $ 1,199,815 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | DNB Bank ASA Due 01/14/22 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.11% | |||
Fair Value | $ 1,199,948 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | KfW Due 02/15/22 [Member] | Foreign Commercial Paper [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.12% | |||
Fair Value | $ 1,199,820 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Experian Finance plc Due 01/20/22 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.25% | |||
Fair Value | $ 1,199,835 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Commercial Paper [Member] | Glencove Funding DAC Due 03/08/22 [Member] | Foreign Commercial Paper [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,200,000 | ||||
% Yield | [2] | 0.24% | |||
Fair Value | $ 1,199,472 | ||||
% of Partners' Capital (Net Asset Value) | 0.79% | ||||
Foreign Commercial Paper [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 19,077,003 | ||||
% of Partners' Capital (Net Asset Value) | 11.24% | ||||
Corporate Note Securities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 53,661,186 | $ 62,732,318 | |||
% of Partners' Capital (Net Asset Value) | 31.62% | 41.24% | |||
Corporate Note Securities [Member] | U.S. Corporate Notes [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 47,018,034 | $ 59,723,543 | |||
% of Partners' Capital (Net Asset Value) | 27.70% | 39.26% | |||
Corporate Note Securities [Member] | Foreign Corporate Notes [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 6,643,152 | $ 3,008,775 | |||
% of Partners' Capital (Net Asset Value) | 3.92% | 1.98% | |||
Corporate Note Securities [Member] | Truist Bank Due 08/16/23 [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,600,000 | ||||
% Yield | [1] | 3.65% | |||
Fair Value | $ 1,598,966 | ||||
% of Partners' Capital (Net Asset Value) | 0.94% | ||||
Corporate Note Securities [Member] | Santander Consumer Auto Receivables Trust 2020-B_2 Due 05/01/25 [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [1] | 4.88% | |||
Fair Value | $ 2,989,223 | ||||
% of Partners' Capital (Net Asset Value) | 1.76% | ||||
Corporate Note Securities [Member] | World Omni Auto Receivables Trust 2020-C Due 06/14/24 [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [1] | 0.58% | |||
Fair Value | $ 3,741,163 | ||||
% of Partners' Capital (Net Asset Value) | 2.20% | ||||
Corporate Note Securities [Member] | Apple Inc. Due 05/05/23 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [1] | 1% | |||
Fair Value | $ 3,927,522 | ||||
% of Partners' Capital (Net Asset Value) | 2.31% | ||||
Corporate Note Securities [Member] | AT&T Inc. Due 01/24/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,250,000 | ||||
% Yield | [1] | 3.75% | |||
Fair Value | $ 4,218,763 | ||||
% of Partners' Capital (Net Asset Value) | 2.49% | ||||
Corporate Note Securities [Member] | Athene Global Funding Due 07/23/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,000,000 | ||||
% Yield | [1] | 3.86% | |||
Fair Value | $ 1,984,593 | ||||
% of Partners' Capital (Net Asset Value) | 1.17% | ||||
Corporate Note Securities [Member] | Verizon Communications Inc. Due 12/05/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [1] | 4.02% | |||
Fair Value | $ 3,992,336 | ||||
% of Partners' Capital (Net Asset Value) | 2.35% | ||||
Corporate Note Securities [Member] | Brookfield Finance LLC Due 12/06/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,000,000 | ||||
% Yield | [1] | 2.15% | |||
Fair Value | $ 1,897,468 | ||||
% of Partners' Capital (Net Asset Value) | 1.12% | ||||
Corporate Note Securities [Member] | GreatAmerica Leasing Receivables Funding, LLC Due 12/07/23 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 600,000 | ||||
% Yield | [1] | 0.35% | |||
Fair Value | $ 571,253 | ||||
% of Partners' Capital (Net Asset Value) | 0.33% | ||||
Corporate Note Securities [Member] | Dell Equipment Finance Trust 2020-1 Due 01/08/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [1] | 0.95% | |||
Fair Value | $ 3,794,081 | ||||
% of Partners' Capital (Net Asset Value) | 2.24% | ||||
Corporate Note Securities [Member] | Zoetis Inc. Due 03/08/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,600,000 | ||||
% Yield | [1] | 0.67% | |||
Fair Value | $ 4,496,730 | ||||
% of Partners' Capital (Net Asset Value) | 2.65% | ||||
Corporate Note Securities [Member] | Credit Suisse AG, New York Branch Due 04/01/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,700,000 | ||||
% Yield | [1] | 4% | |||
Fair Value | $ 2,713,397 | ||||
% of Partners' Capital (Net Asset Value) | 1.60% | ||||
Corporate Note Securities [Member] | NVIDIA Corporation Due 01/10/25 [Member] | U.S. Corporate Notes [Member] | Machinery [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,000,000 | ||||
% Yield | [1] | 1.25% | |||
Fair Value | $ 1,859,375 | ||||
% of Partners' Capital (Net Asset Value) | 1.10% | ||||
Corporate Note Securities [Member] | Verizon Owner Trust 2018-A Due 03/15/24 [Member] | U.S. Corporate Notes [Member] | Media [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [1] | 3.43% | |||
Fair Value | $ 2,902,607 | ||||
% of Partners' Capital (Net Asset Value) | 1.71% | ||||
Corporate Note Securities [Member] | Mizuho Bank Ltd., New York Branch Due 02/01/23 [Member] | U.S. Corporate Notes [Member] | Pharmaceuticals [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,500,000 | ||||
% Yield | [1] | 3.25% | |||
Fair Value | $ 3,499,467 | ||||
% of Partners' Capital (Net Asset Value) | 2.06% | ||||
Corporate Note Securities [Member] | JPMorgan Chase & Co._1 Due 03/22/24 [Member] | U.S. Corporate Notes [Member] | Telecommunication [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [1] | 0.75% | |||
Fair Value | $ 2,831,090 | ||||
% of Partners' Capital (Net Asset Value) | 1.67% | ||||
Corporate Note Securities [Member] | Boeing Company Due 06/09/23 [Member] | Foreign Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [1] | 1% | |||
Fair Value | $ 2,949,123 | ||||
% of Partners' Capital (Net Asset Value) | 1.74% | ||||
Corporate Note Securities [Member] | World Omni Select Auto Trust 2020-A Due 01/13/25 [Member] | Foreign Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [1] | 1.38% | |||
Fair Value | $ 3,694,029 | ||||
% of Partners' Capital (Net Asset Value) | 2.18% | ||||
Corporate Note Securities [Member] | Boeing Company Due 05/01/22 [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 2.70% | |||
Fair Value | $ 4,042,997 | ||||
% of Partners' Capital (Net Asset Value) | 2.66% | ||||
Corporate Note Securities [Member] | Raytheon Technologies Corporation Due 08/16/23 [Member] | U.S. Corporate Notes [Member] | Aerospace [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 1,600,000 | ||||
% Yield | [2] | 3.65% | |||
Fair Value | $ 1,684,350 | ||||
% of Partners' Capital (Net Asset Value) | 1.11% | ||||
Corporate Note Securities [Member] | NVIDIA Corporation Due 06/14/24 [Member] | U.S. Corporate Notes [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 0.58% | |||
Fair Value | $ 3,964,887 | ||||
% of Partners' Capital (Net Asset Value) | 2.61% | ||||
Corporate Note Securities [Member] | Bank of America Corporation Due 07/23/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,000,000 | ||||
% Yield | [2] | 3.86% | |||
Fair Value | $ 2,118,449 | ||||
% of Partners' Capital (Net Asset Value) | 1.39% | ||||
Corporate Note Securities [Member] | Credit Suisse AG, New York Branch Due 05/05/23 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 1% | |||
Fair Value | $ 4,013,970 | ||||
% of Partners' Capital (Net Asset Value) | 2.64% | ||||
Corporate Note Securities [Member] | JPMorgan Chase & Co. Due 04/25/23 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 5,000,000 | ||||
% Yield | [2] | 2.78% | |||
Fair Value | $ 5,056,552 | ||||
% of Partners' Capital (Net Asset Value) | 3.32% | ||||
Corporate Note Securities [Member] | Truist Bank Due 05/17/22 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 2.80% | |||
Fair Value | $ 4,043,637 | ||||
% of Partners' Capital (Net Asset Value) | 2.66% | ||||
Corporate Note Securities [Member] | Wells Fargo & Company Due 01/24/24 [Member] | U.S. Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,250,000 | ||||
% Yield | [2] | 3.75% | |||
Fair Value | $ 4,531,975 | ||||
% of Partners' Capital (Net Asset Value) | 2.98% | ||||
Corporate Note Securities [Member] | Athene Global Funding Due 01/08/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 0.95% | |||
Fair Value | $ 3,991,593 | ||||
% of Partners' Capital (Net Asset Value) | 2.62% | ||||
Corporate Note Securities [Member] | Brookfield Finance LLC Due 04/01/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,700,000 | ||||
% Yield | [2] | 4% | |||
Fair Value | $ 2,872,854 | ||||
% of Partners' Capital (Net Asset Value) | 1.89% | ||||
Corporate Note Securities [Member] | Goldman Sachs Group, Inc. Due 03/08/24 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,600,000 | ||||
% Yield | [2] | 0.67% | |||
Fair Value | $ 4,592,049 | ||||
% of Partners' Capital (Net Asset Value) | 3.02% | ||||
Corporate Note Securities [Member] | The Bank of New York Mellon Corporation Due 12/07/23 [Member] | U.S. Corporate Notes [Member] | Diversified Financial Services [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 600,000 | ||||
% Yield | [2] | 0.35% | |||
Fair Value | $ 594,886 | ||||
% of Partners' Capital (Net Asset Value) | 0.39% | ||||
Corporate Note Securities [Member] | Bristol-Myers Squibb Company Due 05/16/22 [Member] | U.S. Corporate Notes [Member] | Pharmaceuticals [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 2.60% | |||
Fair Value | $ 4,047,412 | ||||
% of Partners' Capital (Net Asset Value) | 2.66% | ||||
Corporate Note Securities [Member] | Zoetis Inc. Due 02/01/23 [Member] | U.S. Corporate Notes [Member] | Pharmaceuticals [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,500,000 | ||||
% Yield | [2] | 3.25% | |||
Fair Value | $ 3,612,107 | ||||
% of Partners' Capital (Net Asset Value) | 2.37% | ||||
Corporate Note Securities [Member] | Apple Inc. Due 02/09/22 [Member] | U.S. Corporate Notes [Member] | Telecommunication [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 4,000,000 | ||||
% Yield | [2] | 2.50% | |||
Fair Value | $ 4,040,632 | ||||
% of Partners' Capital (Net Asset Value) | 2.66% | ||||
Corporate Note Securities [Member] | AT&T Inc. Due 06/30/22 [Member] | U.S. Corporate Notes [Member] | Telecommunication [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,500,000 | ||||
% Yield | [2] | 3% | |||
Fair Value | $ 3,527,728 | ||||
% of Partners' Capital (Net Asset Value) | 2.32% | ||||
Corporate Note Securities [Member] | Verizon Communications Inc. Due 03/22/24 [Member] | U.S. Corporate Notes [Member] | Telecommunication [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [2] | 0.75% | |||
Fair Value | $ 2,987,465 | ||||
% of Partners' Capital (Net Asset Value) | 1.96% | ||||
Corporate Note Securities [Member] | Nordea Bank Abp Due 06/09/23 [Member] | Foreign Corporate Notes [Member] | Banks [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 3,000,000 | ||||
% Yield | [2] | 1% | |||
Fair Value | $ 3,008,775 | ||||
% of Partners' Capital (Net Asset Value) | 1.98% | ||||
Asset-Backed Securities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 8,003,430 | $ 8,313,893 | |||
% of Partners' Capital (Net Asset Value) | 4.72% | 5.46% | |||
Asset-Backed Securities [Member] | Carvana Auto Receivables Trust 2021-P3 Due 10/15/26 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 607,758 | ||||
% Yield | [1] | 1.98% | |||
Fair Value | $ 606,464 | ||||
% of Partners' Capital (Net Asset Value) | 0.37% | ||||
Asset-Backed Securities [Member] | Carvana Auto Receivables Trust, Series 2020-P1 Due 06/09/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 118,387 | $ 210,000 | |||
% Yield | 0.44% | [1] | 0.44% | [2] | |
Fair Value | $ 116,907 | $ 209,473 | |||
% of Partners' Capital (Net Asset Value) | 0.07% | 0.14% | |||
Asset-Backed Securities [Member] | Dell Equipment Finance Trust 2019-2 Due 04/15/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 295,000 | ||||
% Yield | [1] | 0.54% | |||
Fair Value | $ 292,179 | ||||
% of Partners' Capital (Net Asset Value) | 0.17% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Lease Trust 2021-B Due 01/10/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 282,905 | ||||
% Yield | [1] | 0.38% | |||
Fair Value | $ 280,378 | ||||
% of Partners' Capital (Net Asset Value) | 0.17% | ||||
Asset-Backed Securities [Member] | Goldman Sachs Group, Inc. Due 08/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 950,000 | ||||
% Yield | [1] | 2.97% | |||
Fair Value | $ 951,429 | ||||
% of Partners' Capital (Net Asset Value) | 0.56% | ||||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2020-2 Due 01/15/30 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 475,000 | ||||
% Yield | [1] | 3.47% | |||
Fair Value | $ 471,552 | ||||
% of Partners' Capital (Net Asset Value) | 0.28% | ||||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2021-1_1 Due 04/15/33 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 166,092 | ||||
% Yield | [1] | 0.47% | |||
Fair Value | $ 160,435 | ||||
% of Partners' Capital (Net Asset Value) | 0.10% | ||||
Asset-Backed Securities [Member] | MMAF Equipment Finance LLC Series 2021-A Due 12/16/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 350,000 | ||||
% Yield | [1] | 2.77% | |||
Fair Value | $ 347,530 | ||||
% of Partners' Capital (Net Asset Value) | 0.20% | ||||
Asset-Backed Securities [Member] | Raytheon Technologies Corporation Due 04/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 285,557 | ||||
% Yield | [1] | 0.24% | |||
Fair Value | $ 283,632 | ||||
% of Partners' Capital (Net Asset Value) | 0.17% | ||||
Asset-Backed Securities [Member] | Santander Consumer Auto Receivables Trust 2020-B_1 Due 03/17/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 497,193 | ||||
% Yield | [1] | 2.76% | |||
Fair Value | $ 495,390 | ||||
% of Partners' Capital (Net Asset Value) | 0.29% | ||||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2021-2 Due 12/20/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 265,000 | ||||
% Yield | [1] | 0.65% | |||
Fair Value | $ 253,968 | ||||
% of Partners' Capital (Net Asset Value) | 0.16% | ||||
Asset-Backed Securities [Member] | SLM Student Loan Trust 2011-2 Due 06/18/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 360,427 | ||||
% Yield | [1] | 0.53% | |||
Fair Value | $ 355,664 | ||||
% of Partners' Capital (Net Asset Value) | 0.21% | ||||
Asset-Backed Securities [Member] | Synchrony Card Issuance Trust, Series 2018-1 Due 03/20/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 306,128 | ||||
% Yield | [1] | 0.36% | |||
Fair Value | $ 302,849 | ||||
% of Partners' Capital (Net Asset Value) | 0.18% | ||||
Asset-Backed Securities [Member] | The Bank of New York Mellon Corporation Due 04/22/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 400,000 | ||||
% Yield | [1] | 0.57% | |||
Fair Value | $ 391,791 | ||||
% of Partners' Capital (Net Asset Value) | 0.23% | ||||
Asset-Backed Securities [Member] | Wells Fargo & Company Due 08/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 21,847 | ||||
% Yield | [1] | 0.46% | |||
Fair Value | $ 21,837 | ||||
% of Partners' Capital (Net Asset Value) | 0.01% | ||||
Asset-Backed Securities [Member] | Micron Technology, Inc. Due 03/20/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 451,640 | ||||
% Yield | [1] | 0.60% | |||
Fair Value | $ 445,408 | ||||
% of Partners' Capital (Net Asset Value) | 0.26% | ||||
Asset-Backed Securities [Member] | Nordea Bank Abp Due 04/15/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 259,234 | ||||
% Yield | [1] | 0.30% | |||
Fair Value | $ 258,227 | ||||
% of Partners' Capital (Net Asset Value) | 0.15% | ||||
Asset-Backed Securities [Member] | Drive Auto Receivables Trust 2021-1 Due 07/22/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 42,134 | ||||
% Yield | [1] | 1.85% | |||
Fair Value | $ 41,947 | ||||
% of Partners' Capital (Net Asset Value) | 0.02% | ||||
Asset-Backed Securities [Member] | Verizon Owner Trust 2020-A Due 01/21/25 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 575,000 | ||||
% Yield | [1] | 3.40% | |||
Fair Value | $ 563,290 | ||||
% of Partners' Capital (Net Asset Value) | 0.33% | ||||
Asset-Backed Securities [Member] | TESLA 2021-A A2 Due 04/21/25 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 610,000 | ||||
% Yield | [1] | 0.41% | |||
Fair Value | $ 598,393 | ||||
% of Partners' Capital (Net Asset Value) | 0.35% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Owner Trust 2017-Rev1 Due 05/22/26 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 348,000 | ||||
% Yield | [1] | 0.43% | |||
Fair Value | $ 338,703 | ||||
% of Partners' Capital (Net Asset Value) | 0.19% | ||||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2021-1_2 Due 03/20/31 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 129,950 | $ 1,115,262 | |||
% Yield | 0.27% | [1] | 0.59% | [2] | |
Fair Value | $ 129,681 | $ 1,113,334 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.73% | |||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2021-1_1 Due 03/20/31 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 300,000 | ||||
% Yield | [1] | 0.32% | |||
Fair Value | $ 295,776 | ||||
% of Partners' Capital (Net Asset Value) | 0.17% | ||||
Asset-Backed Securities [Member] | Americredit Automobile Receivables Trust 2020-3 Due 06/18/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 590,000 | ||||
% Yield | [2] | 0.53% | |||
Fair Value | $ 588,969 | ||||
% of Partners' Capital (Net Asset Value) | 0.39% | ||||
Asset-Backed Securities [Member] | Carmax Auto Owner Trust 2019-2 Due 12/16/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 350,000 | ||||
% Yield | [2] | 2.77% | |||
Fair Value | $ 358,066 | ||||
% of Partners' Capital (Net Asset Value) | 0.24% | ||||
Asset-Backed Securities [Member] | Carvana Auto Receivables Trust 2021-P3 Due 01/10/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 625,000 | ||||
% Yield | [2] | 0.38% | |||
Fair Value | $ 624,086 | ||||
% of Partners' Capital (Net Asset Value) | 0.41% | ||||
Asset-Backed Securities [Member] | Drive Auto Receivables Trust 2021-1 Due 12/15/23 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 45,202 | ||||
% Yield | [2] | 0.36% | |||
Fair Value | $ 45,208 | ||||
% of Partners' Capital (Net Asset Value) | 0.03% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Lease Trust 2021-B Due 04/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 625,000 | ||||
% Yield | [2] | 0.24% | |||
Fair Value | $ 623,654 | ||||
% of Partners' Capital (Net Asset Value) | 0.41% | ||||
Asset-Backed Securities [Member] | Ford Credit Auto Owner Trust 2017-Rev1 Due 08/15/28 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 371,000 | ||||
% Yield | [2] | 2.62% | |||
Fair Value | $ 372,354 | ||||
% of Partners' Capital (Net Asset Value) | 0.24% | ||||
Asset-Backed Securities [Member] | Santander Consumer Auto Receivables Trust 2020-B Due 08/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 410,834 | ||||
% Yield | [2] | 0.46% | |||
Fair Value | $ 410,767 | ||||
% of Partners' Capital (Net Asset Value) | 0.27% | ||||
Asset-Backed Securities [Member] | Santander Consumer Auto Receivables Trust 2020-B Due 04/15/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 295,000 | ||||
% Yield | [2] | 0.54% | |||
Fair Value | $ 294,814 | ||||
% of Partners' Capital (Net Asset Value) | 0.19% | ||||
Asset-Backed Securities [Member] | Santander Drive Auto Receivables Trust 2021-2 Due 04/15/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 183,585 | ||||
% Yield | [2] | 0.28% | |||
Fair Value | $ 183,574 | ||||
% of Partners' Capital (Net Asset Value) | 0.12% | ||||
Asset-Backed Securities [Member] | TESLA 2021-A A2 Due 03/20/25 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 593,233 | ||||
% Yield | [2] | 0.36% | |||
Fair Value | $ 292,005 | ||||
% of Partners' Capital (Net Asset Value) | 0.39% | ||||
Asset-Backed Securities [Member] | World Omni Auto Receivables Trust 2020-C Due 12/15/23 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 126,149 | ||||
% Yield | [2] | 0.35% | |||
Fair Value | $ 126,170 | ||||
% of Partners' Capital (Net Asset Value) | 0.08% | ||||
Asset-Backed Securities [Member] | World Omni Select Auto Trust 2020-A Due 06/17/24 [Member] | Automotive [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 94,072 | ||||
% Yield | [2] | 0.47% | |||
Fair Value | $ 94,096 | ||||
% of Partners' Capital (Net Asset Value) | 0.06% | ||||
Asset-Backed Securities [Member] | Dell Equipment Finance Trust 2019-2 Due 10/22/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 340,908 | ||||
% Yield | [2] | 1.91% | |||
Fair Value | $ 342,291 | ||||
% of Partners' Capital (Net Asset Value) | 0.22% | ||||
Asset-Backed Securities [Member] | Dell Equipment Finance Trust 2020-1 Due 06/22/22 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 130,397 | ||||
% Yield | [2] | 2.26% | |||
Fair Value | $ 130,602 | ||||
% of Partners' Capital (Net Asset Value) | 0.09% | ||||
Asset-Backed Securities [Member] | Dllmt 2021-1 Llc. Due 10/20/23 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 625,000 | ||||
% Yield | [2] | 0.60% | |||
Fair Value | $ 623,777 | ||||
% of Partners' Capital (Net Asset Value) | 0.41% | ||||
Asset-Backed Securities [Member] | HPEFS Equipment Trust 2020-2 Due 07/22/30 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 775,000 | ||||
% Yield | [2] | 0.69% | |||
Fair Value | $ 775,720 | ||||
% of Partners' Capital (Net Asset Value) | 0.51% | ||||
Asset-Backed Securities [Member] | MMAF Equipment Finance LLC Series 2021-A Due 04/15/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 425,000 | ||||
% Yield | [2] | 0.30% | |||
Fair Value | $ 424,579 | ||||
% of Partners' Capital (Net Asset Value) | 0.28% | ||||
Asset-Backed Securities [Member] | Verizon Owner Trust 2018-A Due 04/20/23 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 2,555 | ||||
% Yield | [2] | 3.23% | |||
Fair Value | $ 2,563 | ||||
% of Partners' Capital (Net Asset Value) | 0% | ||||
Asset-Backed Securities [Member] | Verizon Owner Trust 2020-A Due 07/22/24 [Member] | Equipment [Member] | |||||
Investment Holdings [Line Items] | |||||
Face value | $ 375,000 | ||||
% Yield | [2] | 1.85% | |||
Fair Value | $ 377,791 | ||||
% of Partners' Capital (Net Asset Value) | 0.25% | ||||
U.S. Futures Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 2,194,920 | $ 975,984 | |||
% of Partners' Capital (Net Asset Value) | 1.29% | 0.63% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (4,060,437) | $ 4,769,504 | |||
% of Partners' Capital (Net Asset Value) | (2.39%) | 3.13% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Energy [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (653,957) | $ 655,067 | |||
% of Partners' Capital (Net Asset Value) | (0.39%) | 0.43% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Agricultural Commodities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (1,006,158) | $ 317,360 | |||
% of Partners' Capital (Net Asset Value) | (0.59%) | 0.21% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Currencies [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (113,765) | $ 68,491 | |||
% of Partners' Capital (Net Asset Value) | (0.07%) | 0.05% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Equity indices [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (184,379) | $ 341,791 | |||
% of Partners' Capital (Net Asset Value) | (0.11%) | 0.22% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Interest Rate Instruments [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (512,063) | $ (224,600) | |||
% of Partners' Capital (Net Asset Value) | (0.30%) | (0.15%) | |||
U.S. Futures Contracts [Member] | U.S. Exchange Long Future [Member] | Metals [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (1,590,115) | [3] | $ 3,611,395 | ||
% of Partners' Capital (Net Asset Value) | (0.93%) | [3] | 2.37% | ||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 6,255,357 | $ (3,793,520) | |||
% of Partners' Capital (Net Asset Value) | 3.68% | (2.50%) | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Energy [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 151,399 | $ 15,999 | |||
% of Partners' Capital (Net Asset Value) | 0.09% | 0.01% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Agricultural Commodities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 34,481 | $ (86,996) | |||
% of Partners' Capital (Net Asset Value) | 0.02% | (0.06%) | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Currencies [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 613,473 | $ (269,064) | |||
% of Partners' Capital (Net Asset Value) | 0.36% | (0.18%) | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Equity indices [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 733,112 | $ 13,694 | |||
% of Partners' Capital (Net Asset Value) | 0.43% | 0.01% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Interest Rate Instruments [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 2,852,631 | $ 181,212 | |||
% of Partners' Capital (Net Asset Value) | 1.68% | 0.12% | |||
U.S. Futures Contracts [Member] | U.S. Exchange Short Future [Member] | Metals [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 1,870,261 | [3] | $ (3,648,365) | ||
% of Partners' Capital (Net Asset Value) | 1.10% | [3] | (2.40%) | ||
Foreign Exchange Future [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 1,634,035 | $ (1,699,700) | |||
% of Partners' Capital (Net Asset Value) | 0.97% | (1.11%) | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (1,618,022) | $ (1,418,249) | |||
% of Partners' Capital (Net Asset Value) | (0.95%) | (0.93%) | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Energy [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (40,831) | $ (415,359) | |||
% of Partners' Capital (Net Asset Value) | (0.02%) | (0.27%) | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 135,252 | $ 116,102 | |||
% of Partners' Capital (Net Asset Value) | 0.08% | 0.08% | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Currencies [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 99,704 | $ 14,171 | |||
% of Partners' Capital (Net Asset Value) | 0.06% | 0.01% | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Equity indices [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (1,413,132) | $ 536,230 | |||
% of Partners' Capital (Net Asset Value) | (0.83%) | 0.35% | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (381,086) | $ (1,682,102) | |||
% of Partners' Capital (Net Asset Value) | (0.23%) | (1.11%) | |||
Foreign Exchange Future [Member] | Long Foreign Futures Contracts [Member] | Metals [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (17,929) | $ 12,709 | |||
% of Partners' Capital (Net Asset Value) | (0.01%) | 0.01% | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,252,057 | $ (281,451) | |||
% of Partners' Capital (Net Asset Value) | 1.92% | (0.18%) | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Energy [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 22,652 | ||||
% of Partners' Capital (Net Asset Value) | 0.01% | ||||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Agricultural Commodities [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 24,509 | $ (17,012) | |||
% of Partners' Capital (Net Asset Value) | 0.01% | (0.01%) | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Currencies [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (74,721) | $ 56,878 | |||
% of Partners' Capital (Net Asset Value) | (0.04%) | 0.04% | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Equity indices [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 608,555 | $ (498,200) | |||
% of Partners' Capital (Net Asset Value) | 0.37% | (0.33%) | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Interest Rate Instruments [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 2,671,062 | $ 179,585 | |||
% of Partners' Capital (Net Asset Value) | 1.57% | 0.12% | |||
Foreign Exchange Future [Member] | Short Foreign Futures Contracts [Member] | Metals [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (2,702) | ||||
% of Partners' Capital (Net Asset Value) | 0% | ||||
Future [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,828,955 | $ (723,716) | |||
% of Partners' Capital (Net Asset Value) | 2.26% | (0.48%) | |||
U.S. Exchange Forward Currency [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,674,187 | $ (26,189) | |||
% of Partners' Capital (Net Asset Value) | 2.16% | (0.02%) | |||
U.S. Exchange Forward Currency [Member] | Long U.S. Forward Currency Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (1,861,161) | [3] | $ 627,816 | ||
% of Partners' Capital (Net Asset Value) | (1.10%) | [3] | 0.41% | ||
U.S. Exchange Forward Currency [Member] | U.S. Exchange Short forward Currency [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 5,535,348 | [3] | $ (654,005) | ||
% of Partners' Capital (Net Asset Value) | 3.26% | [3] | (0.43%) | ||
Foreign Exchange Forward Currency [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 78,617 | $ 354,228 | |||
% of Partners' Capital (Net Asset Value) | 0.05% | 0.23% | |||
Foreign Exchange Forward Currency [Member] | Long Foreign Forward Currency Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 596,696 | $ 249,949 | |||
% of Partners' Capital (Net Asset Value) | 0.35% | 0.16% | |||
Foreign Exchange Forward Currency [Member] | Short Foreign Forward Currency Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (518,079) | $ 104,279 | |||
% of Partners' Capital (Net Asset Value) | (0.30%) | 0.07% | |||
Forward Contracts [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,752,804 | $ 328,039 | |||
% of Partners' Capital (Net Asset Value) | 2.21% | 0.21% | |||
Swap Contract [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (5,908) | $ 270,782 | |||
% of Partners' Capital (Net Asset Value) | (0.01%) | 0.18% | |||
Swap Contract [Member] | Swap Contract Long [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,184 | $ 195,517 | |||
% of Partners' Capital (Net Asset Value) | 0% | 0.13% | |||
Swap Contract [Member] | Swap Contract Short [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ (9,092) | $ 75,265 | |||
% of Partners' Capital (Net Asset Value) | (0.01%) | 0.05% | |||
Investment in Private Investment Company [Member] | Galaxy East Alpha [Member] | |||||
Investment Holdings [Line Items] | |||||
Fair Value | $ 3,221,054 | [4] | $ 3,200,634 | [5] | |
% of Partners' Capital (Net Asset Value) | 1.90% | [4] | 2.10% | [5] | |
[1]Represents the annualized yield at date of purchase for discount securities or the stated coupon rate for coupon-bearing securities.[2]Represents the annualized yield at date of purchase for discount securities, the stated coupon rate for coupon-bearing securities, or the stated interest rate for certificates of deposit.[3]No individual futures or forward currency contract position constituted one percent or greater of partners’ capital (net asset value). Accordingly, the number of contracts and expiration dates are not presented.[4]Private investment company is a separate series that is part of the Galaxy Plus Managed Account Platform (Platform), which is sponsored by New Hyde Park Alternative Funds, LLC (Sponsor). Each series on the Platform invests in Master Fund that allocates assets to a Commodity Trading Advisor (“CTA”). The CTA of our master fund investment trades global commodities markets primarily through futures contracts. The CTA is paid a management fee of up to 1.00 20 1.00 20 |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | $ 95,883,341 | $ 102,304,347 |
Investment in private investment company, cost | $ 847,800 | $ 782,292 |
CTA management fee percentage | 1% | 1% |
CTA trading profits percentage | 20% | 20% |
US Treasury Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | $ 12,546,428 | $ 10,451,673 |
Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 19,046,582 | 20,295,031 |
Commercial Paper [Member] | US Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 9,575,035 | 13,097,222 |
Commercial Paper [Member] | Foreign Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 9,471,547 | 7,197,809 |
Corporate Note Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 56,222,109 | 63,209,279 |
Corporate Note Securities [Member] | U.S. Corporate Notes [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 49,289,980 | 60,212,369 |
Corporate Note Securities [Member] | Foreign Corporate Notes [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | 6,932,129 | 2,996,910 |
Asset-Backed Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investments in securities, cost | $ 8,068,222 | $ 8,348,364 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Net realized gain (loss) on: | |||||
Futures, futures options, swaps and forward contracts | $ 129,824 | $ (3,125,251) | $ 33,120,355 | $ 18,519,421 | |
Investment in private investment company | 722,045 | 1,952,646 | 2,202,508 | 1,952,646 | |
Investments in securities | 70,964 | 174,076 | (315,126) | 414,947 | |
Net change in unrealized gain (loss) on: | |||||
Futures, futures options, swaps and forward contracts | 8,554,092 | (334,396) | 7,700,746 | (7,417,666) | |
Investment in private investment company | (151,374) | 1,008,508 | (45,087) | 4,010,239 | |
Investments in securities | (658,883) | (298,371) | (2,084,964) | (952,880) | |
Exchange membership | 6,750 | 4,750 | 53,000 | 14,750 | |
Brokerage commissions and trading expenses | (237,167) | (281,412) | (778,159) | (833,626) | |
Net realized and change in unrealized gain (loss) on investments | 8,436,251 | (899,450) | 39,853,273 | 15,707,831 | |
Income | |||||
Interest income | 699,406 | 193,609 | 1,218,824 | 754,281 | |
Expenses | |||||
Trading Advisor management fees | 603,533 | 595,425 | 1,861,961 | 1,832,673 | |
Trading Advisor incentive fees | 512,371 | 405,193 | 4,892,688 | 1,205,864 | |
Cash Managers fees | 33,621 | 36,825 | 99,479 | 112,720 | |
General Partner management and performance fees | 619,244 | 605,298 | 1,858,078 | 1,873,853 | |
Selling agent fees - General Partner | 562,097 | 551,915 | 1,693,449 | 1,713,453 | |
Broker dealer servicing fees - General Partner | 22,010 | 21,644 | 65,680 | 66,469 | |
General Partner 1% allocation | 65,968 | (31,040) | 300,426 | 90,942 | |
Administrative fee - General Partner | 186,031 | 181,818 | 558,178 | 562,835 | |
Total expenses | 2,604,875 | 2,367,078 | 11,329,939 | 7,458,809 | |
Net investment income (loss) | (1,905,469) | (2,173,469) | (10,111,115) | (6,704,528) | |
Net Income (Loss) | 6,530,782 | (3,072,919) | $ 29,742,158 | $ 9,003,303 | |
Capital Unit, Class A [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ 4,275,697 | $ (2,254,471) | |||
Increase (decrease) in net asset value per unit | $ 180.08 | $ (83.80) | $ 791.14 | $ 192.05 | |
Net income (loss) per unit | [1] | $ 178.08 | $ (83.16) | $ 799.96 | $ 195.48 |
Weighted average number of units outstanding | 24,010.6107 | 27,110.9034 | 24,817.6496 | 28,981.9716 | |
Capital Unit Class A2 [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ 12,686 | $ (6,278) | |||
Increase (decrease) in net asset value per unit | $ 52.68 | $ (18.43) | $ 223.62 | $ 61.32 | |
Net income (loss) per unit | [1] | $ 43.41 | $ (18.43) | $ 217.47 | $ 55.60 |
Weighted average number of units outstanding | 292.2057 | 340.7057 | 326.1557 | 413.9924 | |
Capital Unit Class A3 [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ (694) | ||||
Increase (decrease) in net asset value per unit | $ (18.26) | $ (1,041.81) | $ 58.37 | ||
Net income (loss) per unit | [1] | $ (18.26) | $ 175.50 | $ 51.62 | |
Weighted average number of units outstanding | 38 | 38 | 52.4182 | ||
Capital Unit, Class B [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ 1,864,728 | $ (693,507) | |||
Increase (decrease) in net asset value per unit | $ 330.39 | $ (105.93) | $ 1,390.04 | $ 392.45 | |
Net income (loss) per unit | [1] | $ 325.76 | $ (104.96) | $ 1,394.81 | $ 399.94 |
Weighted average number of units outstanding | 5,724.2673 | 6,607.0765 | 5,897.9202 | 7,005.1154 | |
Capital Unit Class I [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ 15,266 | $ (3,927) | |||
Increase (decrease) in net asset value per unit | $ 59.52 | $ (15.32) | $ 245.43 | $ 73.68 | |
Net income (loss) per unit | [1] | $ 59.52 | $ (15.31) | $ 245.43 | $ 73.69 |
Weighted average number of units outstanding | 256.4767 | 256.4767 | 256.4767 | 256.4767 | |
Capital Unit Class R [Member] | |||||
Expenses | |||||
Net Income (Loss) | $ 362,405 | $ (114,042) | |||
Increase (decrease) in net asset value per unit | $ 55.87 | $ (17.13) | $ 234.05 | $ 67 | |
Net income (loss) per unit | [1] | $ 55.87 | $ (17.03) | $ 234.37 | $ 68.67 |
Weighted average number of units outstanding | 6,486.0210 | 6,695.0700 | 6,493.7384 | 7,158 | |
[1]based on weighted average of number of unit outstanding during the period |
Statements of Operations (Una_2
Statements of Operations (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2022 | |
Income Statement [Abstract] | |
General partner allocation percentage | 1% |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities | ||
Net income (loss) | $ 29,742,158 | $ 9,003,303 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Net change in unrealized (gain) loss from futures, futures options, forward contracts and swap contracts | (7,700,746) | 7,358,760 |
Net realized and change in unrealized (gain) loss on SMFSF, private investment company, securities and certificates of deposit | 242,669 | (5,424,952) |
Purchases of securities and private investment company | (272,549,722) | (281,462,505) |
Proceeds from disposition of securities and private investment company | 280,911,261 | 295,793,782 |
Exchange Membership | (53,000) | (14,750) |
Changes in | ||
Dividend and interest receivable | (26,914) | |
Trading Advisor management fee payable | (9,520) | (61,619) |
Trading Advisor incentive fee payable | 683,405 | 864,756 |
Commissions and other trading fees payable on open contracts | 461 | (8,854) |
Cash Manager fees Payable | (2,316) | (5,474) |
General Partner management and performance fees payable | 22,176 | (26,087) |
General Partner 1% allocation receivable / payable | 192,655 | 210,815 |
Selling Agent fees payable - General Partner | 18,375 | (26,302) |
Broker dealer servicing fees payable - General Partner | 867 | (700) |
Administrative fee payable – General Partner | 7,216 | (7,738) |
Dividend and interest payable | (3,384) | 2,007 |
Net cash provided by operating activities | 31,475,641 | 26,194,442 |
Cash flows from financing activities | ||
Subscriptions | 185,000 | 653,492 |
Subscriptions received in advance | 750,000 | |
Redemptions | (12,286,236) | (30,399,388) |
Net cash used in financing activities | (12,101,236) | (28,995,896) |
Net increase (decrease) in cash and cash equivalents | 19,374,405 | (2,801,454) |
Cash and cash equivalents, beginning of period | 50,020,190 | 50,569,879 |
Total end of period cash and cash equivalents | 69,394,595 | 47,768,425 |
End of period cash and cash equivalents consists of | ||
Cash in broker trading accounts | 52,208,097 | 40,817,333 |
Cash and cash equivalents | 17,186,498 | 6,951,092 |
Supplemental disclosure of cash flow information | ||
Prior period redemptions paid | 1,285,931 | 5,585,666 |
Prior period subscriptions received in advance | 33,000 | |
Supplemental schedule of non-cash financing activities | ||
Redemptions payable | $ 1,369,339 | $ 1,206,869 |
Statements of Cash Flows (Una_2
Statements of Cash Flows (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2022 | |
Statement of Cash Flows [Abstract] | |
General partner allocation percentage | 1% |
Statements of Changes in Partne
Statements of Changes in Partners' Capital (Net Asset Value) (Unaudited) - USD ($) | Capital Unit, Class A [Member] | Capital Unit Class A2 [Member] | Capital Unit Class A3 [Member] | Capital Unit, Class B [Member] | Capital Unit Class I [Member] | Capital Unit Class R [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 118,745,248 | $ 523,333 | $ 83,577 | $ 45,043,756 | $ 262,500 | $ 7,779,218 | $ 172,437,632 |
Balance at beginning (in units) at Dec. 31, 2020 | 31,093.6903 | 523.0963 | 86.0607 | 7,397.6586 | 256.4767 | 7,667.4336 | |
Net asset value per unit, beginning of period at Dec. 31, 2020 | $ 3,818.95 | $ 1,000.45 | $ 971.15 | $ 6,088.92 | $ 1,023.49 | $ 1,014.58 | |
Net income (loss) | $ 1,006,946 | $ 6,418 | $ 939 | $ 593,906 | $ 4,196 | $ 108,243 | 1,720,648 |
Subscriptions | 136,000 | 33,000 | 169,000 | ||||
Redemptions | (8,297,140) | (184,599) | (47,162) | (2,362,895) | (545,734) | (11,437,530) | |
Transfers | $ (125,790) | $ 125,790 | |||||
Subscriptions | 36.3455 | 5.4197 | |||||
Redemptions | (2,171.6400) | (182.3906) | (48.0607) | (386.6001) | (531.8037) | ||
Transfers | (33.6170) | 21.0531 | |||||
Ending balance, value at Mar. 31, 2021 | $ 111,465,264 | $ 345,152 | $ 37,354 | $ 43,433,557 | $ 266,696 | $ 7,341,727 | 162,889,750 |
Balance at ending (in units) at Mar. 31, 2021 | 28,924.7788 | 340.7057 | 38 | 7,037.5313 | 256.4767 | 7,135.6299 | |
Beginning balance, value at Dec. 31, 2020 | $ 118,745,248 | $ 523,333 | $ 83,577 | $ 45,043,756 | $ 262,500 | $ 7,779,218 | 172,437,632 |
Balance at beginning (in units) at Dec. 31, 2020 | 31,093.6903 | 523.0963 | 86.0607 | 7,397.6586 | 256.4767 | 7,667.4336 | |
Net asset value per unit, beginning of period at Dec. 31, 2020 | $ 3,818.95 | $ 1,000.45 | $ 971.15 | $ 6,088.92 | $ 1,023.49 | $ 1,014.58 | |
Net income (loss) | 9,003,303 | ||||||
Ending balance, value at Sep. 30, 2021 | $ 106,136,248 | $ 361,751 | $ 39,121 | $ 42,199,312 | $ 281,399 | $ 7,089,005 | 156,106,836 |
Balance at ending (in units) at Sep. 30, 2021 | 26,461.3072 | 340.7057 | 38 | 6,510.8672 | 256.4767 | 6,554.3138 | |
Net asset value per unit, end of period at Sep. 30, 2021 | $ 4,011 | $ 1,061.77 | $ 1,029.52 | $ 6,481.37 | $ 1,097.17 | $ 1,081.58 | |
Beginning balance, value at Mar. 31, 2021 | $ 111,465,264 | $ 345,152 | $ 37,354 | $ 43,433,557 | $ 266,696 | $ 7,341,727 | 162,889,750 |
Balance at beginning (in units) at Mar. 31, 2021 | 28,924.7788 | 340.7057 | 38 | 7,037.5313 | 256.4767 | 7,135.6299 | |
Net income (loss) | $ 6,912,990 | $ 22,877 | $ 2,461 | $ 2,901,251 | $ 18,630 | $ 497,365 | 10,355,574 |
Subscriptions | 72,492 | 300,000 | 372,492 | ||||
Redemptions | (5,789,986) | (2,683,935) | (405,815) | (8,879,736) | |||
Transfers | $ (93,729) | 93,729 | |||||
Subscriptions | 18.0915 | 48.6089 | |||||
Redemptions | (1,429.2377) | (414.4382) | (370.1843) | ||||
Transfers | (23.3916) | 14.5840 | |||||
Ending balance, value at Jun. 30, 2021 | $ 112,567,031 | $ 368,029 | $ 39,815 | $ 44,044,602 | $ 285,326 | $ 7,433,277 | 164,738,080 |
Balance at ending (in units) at Jun. 30, 2021 | 27,490.2410 | 340.7057 | 38 | 6,686.2860 | 256.4767 | 6,765.4456 | |
Net asset value per unit, end of period at Jun. 30, 2021 | $ 4,094.80 | $ 1,080.20 | $ 1,047.78 | $ 6,587.30 | $ 1,112.49 | $ 1,098.71 | |
Net income (loss) | $ (2,254,471) | $ (6,278) | $ (694) | $ (693,507) | $ (3,927) | $ (114,042) | (3,072,919) |
Subscriptions | 75,000 | 70,000 | 145,000 | ||||
Redemptions | (4,190,773) | (1,282,322) | (230,230) | (5,703,325) | |||
Transfers | $ (60,539) | $ 60,539 | |||||
Subscriptions | 18.5156 | 10.6510 | |||||
Redemptions | (1,032.5974) | (195.2806) | (211.1318) | ||||
Transfers | (14.8520) | 9.2108 | |||||
Ending balance, value at Sep. 30, 2021 | $ 106,136,248 | $ 361,751 | $ 39,121 | $ 42,199,312 | $ 281,399 | $ 7,089,005 | 156,106,836 |
Balance at ending (in units) at Sep. 30, 2021 | 26,461.3072 | 340.7057 | 38 | 6,510.8672 | 256.4767 | 6,554.3138 | |
Net asset value per unit, end of period at Sep. 30, 2021 | $ 4,011 | $ 1,061.77 | $ 1,029.52 | $ 6,481.37 | $ 1,097.17 | $ 1,081.58 | |
Beginning balance, value at Dec. 31, 2021 | $ 104,241,918 | $ 366,207 | $ 39,588 | $ 40,086,210 | $ 285,819 | $ 7,133,264 | 152,153,006 |
Balance at beginning (in units) at Dec. 31, 2021 | 25,762.1732 | 340.7072 | 38 | 6,103.5404 | 256.4767 | 6,505.3148 | |
Net asset value per unit, beginning of period at Dec. 31, 2021 | $ 4,046.32 | $ 1,074.85 | $ 1,041.81 | $ 6,567.70 | $ 1,114.41 | $ 1,096.53 | |
Net income (loss) | $ 11,243,570 | $ 41,220 | $ 4,440 | $ 4,477,497 | $ 33,238 | $ 814,734 | 16,614,699 |
Subscriptions | 35,000 | 35,000 | |||||
Redemptions | (2,690,977) | (900,516) | (3,591,493) | ||||
Transfers | $ (32,191) | $ 32,191 | |||||
Subscriptions | 8.5136 | 20.5080 | |||||
Redemptions | (619.2722) | (134.4111) | (0.0001) | ||||
Transfers | (7.9845) | 4.9119 | |||||
Ending balance, value at Mar. 31, 2022 | $ 112,797,320 | $ 407,427 | $ 44,028 | $ 43,695,382 | $ 319,057 | $ 7,947,998 | 165,211,212 |
Balance at ending (in units) at Mar. 31, 2022 | 25,143.4301 | 340.7072 | 38 | 5,974.0412 | 256.4767 | 6,505.3147 | |
Beginning balance, value at Dec. 31, 2021 | $ 104,241,918 | $ 366,207 | $ 39,588 | $ 40,086,210 | $ 285,819 | $ 7,133,264 | 152,153,006 |
Balance at beginning (in units) at Dec. 31, 2021 | 25,762.1732 | 340.7072 | 38 | 6,103.5404 | 256.4767 | 6,505.3148 | |
Net asset value per unit, beginning of period at Dec. 31, 2021 | $ 4,046.32 | $ 1,074.85 | $ 1,041.81 | $ 6,567.70 | $ 1,114.41 | $ 1,096.53 | |
Net income (loss) | 29,742,158 | ||||||
Ending balance, value at Sep. 30, 2022 | $ 115,267,200 | $ 379,420 | $ 45,084,938 | $ 348,767 | $ 8,630,195 | 169,710,520 | |
Balance at ending (in units) at Sep. 30, 2022 | 23,828.0204 | 292.2072 | 0 | 5,665.5477 | 256.4767 | 6,486.0209 | |
Net asset value per unit, end of period at Sep. 30, 2022 | $ 4,837.46 | $ 1,298.47 | $ 7,957.74 | $ 1,359.84 | $ 1,330.58 | ||
Beginning balance, value at Mar. 31, 2022 | $ 112,797,320 | $ 407,427 | $ 44,028 | $ 43,695,382 | $ 319,057 | $ 7,947,998 | 165,211,212 |
Balance at beginning (in units) at Mar. 31, 2022 | 25,143.4301 | 340.7072 | 38 | 5,974.0412 | 256.4767 | 6,505.3147 | |
Net income (loss) | $ 4,333,931 | $ 17,022 | $ 2,230 | $ 1,884,258 | $ 14,444 | $ 344,792 | 6,596,677 |
Subscriptions | 150,000 | 150,000 | |||||
Redemptions | (3,507,541) | (46,258) | (1,219,839) | (25,000) | (4,798,638) | ||
Transfers | $ (58,487) | $ 58,487 | |||||
Redemptions | (747.0429) | (38) | (158.9329) | (19.2938) | |||
Transfers | (12.4347) | 7.6041 | |||||
Ending balance, value at Jun. 30, 2022 | $ 113,565,223 | $ 424,449 | $ 44,568,288 | $ 333,501 | $ 8,267,790 | 167,159,251 | |
Balance at ending (in units) at Jun. 30, 2022 | 24,383.9525 | 340.7072 | 5,843.2204 | 256.4767 | 6,486.0209 | ||
Net asset value per unit, end of period at Jun. 30, 2022 | $ 4,657.38 | $ 1,245.79 | $ 7,627.35 | $ 1,300.32 | $ 1,274.71 | ||
Net income (loss) | $ 4,275,697 | $ 12,686 | $ 1,864,728 | $ 15,266 | $ 362,405 | 6,530,782 | |
Subscriptions | |||||||
Redemptions | (2,409,592) | (57,715) | (1,512,206) | (3,979,513) | |||
Transfers | $ (164,128) | $ 164,128 | |||||
Redemptions | (520.2728) | (48.50) | (199.3821) | ||||
Transfers | (35.6593) | 21.7094 | |||||
Ending balance, value at Sep. 30, 2022 | $ 115,267,200 | $ 379,420 | $ 45,084,938 | $ 348,767 | $ 8,630,195 | $ 169,710,520 | |
Balance at ending (in units) at Sep. 30, 2022 | 23,828.0204 | 292.2072 | 0 | 5,665.5477 | 256.4767 | 6,486.0209 | |
Net asset value per unit, end of period at Sep. 30, 2022 | $ 4,837.46 | $ 1,298.47 | $ 7,957.74 | $ 1,359.84 | $ 1,330.58 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Description of the Fund Futures Portfolio Fund, Limited Partnership (“Fund”) is a Maryland limited partnership, which operates as a commodity investment pool that commenced trading operations on January 2, 1990. The Fund issues units of limited partner interests (“Units”) in six classes, Class A, A2, A3, B, I and R, which represent units of fractional undivided beneficial interest in and ownership of the Fund. As of September 30, 2022, there are no outstanding Class A3 units. The Fund uses commodity trading advisors to engage in the speculative trading of futures contracts, forward currency contracts and other financial instruments traded in the United States (“U.S.”) and internationally. The Fund is a registrant with the U.S. Securities and Exchange Commission (“SEC”) pursuant to the U.S. Securities Exchange Act of 1934, as amended (“1934 Act”). As a registrant, the Fund is subject to the regulations of the SEC and the disclosure requirements of the 1934 Act. As a commodity pool, the Fund is subject to the regulations of the U.S. Commodity Futures Trading Commission (“CFTC”), an agency of the U.S. Government, which regulates most aspects of the commodity futures industry; rules of the National Futures Association (“NFA”), an industry self-regulatory organization; rules of Financial Industry Regulatory Authority (“FINRA”), an industry self-regulatory organization; and the requirements of commodity exchanges where the Fund executes transactions. Additionally, the Fund is subject to the requirements of the futures brokers and interbank market makers through which the Fund trades. Steben & Company, LLC (“General Partner”), is the general partner of the Fund and a Maryland limited liability company registered with the CFTC as a commodity pool operator and a commodities introducing broker, and is also registered with the SEC as a registered investment advisor and a broker dealer. The General Partner is a member of the NFA. The General Partner manages all aspects of the Fund’s business and serves as one of the Fund’s selling agents. The six classes of Units in the Fund differ only in the fees applicable to each class, as described below: ● Class A Units are subject to a 2 ● Class A2 Units may pay an up-front sales commission of up to 3 0.6 ● Class A3 Units may pay an up-front sales commission of up to 2 0.75 ● Class B Units are subject to a 0.2 ● Class I Units are subject to higher minimum investments requirements and lower General Partner management fees ( 0.75 1.50 7.5 ● Class R Units do not pay selling compensation or servicing fees to selling agents, and are generally intended for clients of registered investment advisors. Significant Accounting Policies Accounting Principles The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Revenue Recognition Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized gain (loss) in the statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method. Fair Value of Financial Instruments Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds. Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, certificates of deposit, commercial paper, corporate notes, asset backed securities and the exchange membership. Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended September 30, 2022 and year ended December 31, 2021, there were no such transfers between levels. A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and exchange memberships are classified within Level 2. The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy. Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. Exchange Membership The Fund incurs reduced fees for transactions on the Chicago Mercantile Exchange (CME) due to a membership interest in the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations. Brokerage Commissions and Trading Expenses Brokerage commissions and trading expenses include brokerage and other trading fees and are charged to expense when contracts are opened and closed. Redemptions Payable Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit. Income Taxes The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2022. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years.. Foreign Currency Transactions The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the statements of operations. Reclassification Certain amounts reported in the 2021 financial statements may have been reclassified to conform to the 2022 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss). New Accounting Pronouncements None at this time. |
Fair Value Disclosures
Fair Value Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 2. Fair Value Disclosures The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: At September 30, 2022 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts * $ 3,828,955 $ — $ — $ 3,828,955 Net unrealized gain (loss) on open forward currency contracts * — 3,752,804 — 3,752,804 Net unrealized gain (loss) on swap contracts — (5,908 ) — (5,908 ) Cash and cash equivalents: Money market funds 3,736,014 — — 3,736,014 Investment in private investment company — — 3,221,054 3,221,054 Investment in securities: U.S. Treasury securities * 12,407,712 — — 12,407,712 Asset backed securities * — 8,003,430 — 8,003,430 Commercial paper * — 19,077,003 — 19,077,003 Corporate notes * — 53,661,186 — 53,661,186 Exchange membership — 165,000 — 165,000 Total $ 19,972,681 $ 84,653,515 $ 3,221,054 $ 107,847,250 * See the condensed schedule of investments for further description. At December 31, 2021 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts * $ (723,716 ) $ — $ — $ (723,716 ) Net unrealized gain (loss) on open forward currency contracts * — 328,039 — 328,039 Net unrealized gain (loss) on swap contracts * — 270,782 — 270,782 Cash and cash equivalents: Money market funds 1,577,950 — — 1,577,950 Investment in private investment company — — 3,200,634 3,200,634 Investment in securities: U.S. Treasury securities * 10,430,298 — — 10,430,298 Asset backed securities * — 8,313,893 — 8,313,893 Commercial paper * — 20,297,450 — 20,297,450 Corporate notes * — 62,732,318 — 62,732,318 Exchange membership — 112,000 — 112,000 Total $ 11,284,532 $ 92,054,482 $ 3,200,634 $ 106,539,648 * See the condensed schedule of investments for further description. There were no Level 3 holdings at September 30, 2022 and December 31, 2021, or during the periods then ended. In addition to the financial instruments listed above, substantially all of the Fund’s other assets and liabilities are considered financial instruments and are reflected at fair value, or at carrying amounts that approximate fair value because of the short maturity of the instruments. |
Derivative Instruments Disclosu
Derivative Instruments Disclosures | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments Disclosures | 3. Derivative Instruments Disclosures The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At September 30, 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: At September 30, 2022 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts: Agricultural commodities $ 780,433 $ (1,592,349 ) $ (811,916 ) Currencies 1,648,193 (1,123,502 ) 524,691 Energy 261,471 (782,208 ) (520,737 ) Equity indices 1,486,464 (1,742,308 ) (255,844 ) Interest rate instruments 5,944,641 (1,314,097 ) 4,630,544 Metals 2,803,775 (2,541,558 ) 262,217 Net unrealized gain (loss) on open futures contracts $ 12,924,977 $ (9,096,022 ) $ 3,828,955 Net unrealized gain (loss) on open forward currency contracts $ 7,554,139 $ (3,801,335 ) $ 3,752,804 Net unrealized gain (loss) on swap contract $ 3,184 $ (9,092 ) $ (5,908 ) At September 30, 2022, there were 10,908 3,668 197 The Fund’s financial assets, derivative assets, and cash collateral held by counterparties Gross Amounts Not Offset in the Counterparty Net Amount of Liabilities in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Deutsche Bank, AG $ 1,805,071 $ — $ — $ 1,805,071 Deutsche Bank Securities, Inc. 1,574,225 — — 1,574,225 Goldman Sachs & Co. LLC (278,685 ) — — (278,685 ) SG Americas Securities, LLC 4,475,240 — — 4,475,240 Total $ 7,575,851 $ — $ — $ 7,575,851 For the three and nine months ended September 30, 2022, the Fund’s derivative contracts had the following impact on the statements of operations: Three Months Ended Nine Months Ended Types of Exposure Net realized gain (loss) Net change Net realized gain (loss) Net change Futures contracts Agricultural commodities $ (2,425,148 ) $ (125,219 ) $ (164,691 ) $ (1,141,370 ) Currencies 1,510,274 364,030 2,213,762 654,216 Energy (5,900,793 ) 805,758 14,647,503 (776,443 ) Equity indices (772,103 ) (540,930 ) (8,433,290 ) (649,359 ) Interest rate instruments 3,682,738 4,521,779 12,294,389 6,176,449 Metals 307,817 56,776 1,157,336 289,179 Total futures contracts (3,597,215 ) 5,082,194 21,715,009 4,552,672 Futures options contracts Energy — — (508,190 ) — Forward currency contracts 4,733,089 3,478,020 12,170,886 3,424,764 Swap contracts (1,049,051 ) (6,122 ) (388,687 ) (276,690 ) Total futures, futures options, swap and forward currency contracts $ 86,823 $ 8,554,092 $ 32,989,018 $ 7,700,746 For the three months ended September 30, 2022, the number of futures contracts closed was 110,371 0 63,718 240 373,228 730 199,709 721 At December 31, 2021, the Fund’s derivative contracts had the following impact on the statements of financial condition: December 31, 2021 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amount of Assets Presented in the Statements of Financial Condition Equity in broker trading accounts: Agricultural commodities $ 881,710 $ (552,256 ) $ 329,454 Currencies 387,202 (516,726 ) (129,524 ) Energy 963,524 (707,817 ) 255,707 Equity indices 1,196,988 (803,473 ) 393,515 Interest rate instruments 903,051 (2,448,956 ) (1,545,905 ) Metals 5,551,318 (5,578,281 ) (26,963 ) Single stock futures — — — Net unrealized gain (loss) on open futures contracts $ 9,883,793 $ (10,607,509 ) $ (723,716 ) Net unrealized gain (loss) on open forward currency contracts $ 2,984,528 $ (2,656,489 ) $ 328,039 Net unrealized gain (loss) on open forward currency contracts $ 270,782 $ — $ 270,782 At December 31, 2021, there were 11,903 3,971 156 The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2021 were: Gross Amounts Not Offset in the Statements of Financial Condition Counterparty Net Amount of Assets in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Deutsche Bank AG $ 350,186 $ — $ — $ 350,186 Deutsche Bank Securities, Inc. 213,370 — — 213,370 SG Americas Securities, LLC (1,066,622 ) — — (795,840 ) Goldman Sachs & Co., LLC 107,389 — — 107,389 Total $ (395,677 ) $ — $ — $ (124,895 ) For the three and nine months ended September 30, 2021, the Fund’s derivative contracts had the following impact on the statements of operations: Three Months Ended Nine Months Ended Types of Exposure Net realized gain (loss) Net change Net realized gain (loss) Net change Futures contracts Agricultural commodities $ (584,103 ) $ 728,912 $ 4,365,731 $ (1,133,067 ) Currencies (294,725 ) 260,831 (277,713 ) (18,185 ) Energy 3,827,948 1,733,873 11,083,141 2,919,774 Equity indices (411,515 ) (2,078,304 ) 14,206,897 (4,626,288 ) Interest rate instruments (2,410,548 ) (2,356,504 ) (8,887,150 ) (2,970,287 ) Metals (230,540 ) 63,420 2,646,080 (1,864,848 ) Total futures contracts (103,483 ) (1,647,772 ) 23,136,986 (7,692,901 ) Futures options contracts Energy 45,100 — 45,100 — Equity indices — — (435,238 ) 157,775 Interest rate instruments — 160,672 — 160,673 Total futures options contracts 45,100 160,672 (390,138 ) 318,448 Forward currency contracts (3,015,263 ) 1,153,289 (4,329,601 ) (43,218 ) Swap contracts (36,526 ) (585 ) 84,321 5 Total futures, futures options, swap and forward contracts $ (3,110,172 ) $ (334,396 ) $ 18,501,568 $ (7,417,666 ) For the three months ended September 30, 2021, the number of futures contracts closed was 111,391 820 105,618 330,842 1,546 290,328 |
General Partner
General Partner | 9 Months Ended |
Sep. 30, 2022 | |
General Partner | |
General Partner | 4. General Partner The General Partner does not maintain a capital balance in the Fund. Pursuant to the terms of the Partnership Agreement, each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the statements of financial condition and as General Partner 1% allocation in the statements of operations. At September 30, 2022 and December 31, 2021, the majority shareholder of the General Partner did not have an investment balance in the Fund. The following fees are paid to the General Partner: ■ General Partner Management Fee – the Fund incurs a monthly fee on Class A, A2, A3, B and R Units equal to 1/12th of 1.5 th 0.75 ■ General Partner Performance Fee – the Fund incurs a monthly fee on Class I Units equal to 7.5 ■ Selling Agent Fees – the Class A Units incur a monthly fee equal to 1/12th of 2% of the month-end net asset value sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. Class A3 Units may pay an up-front sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. The General Partner, in turn, pays the selling agent fees to the respective selling agents. If there is no designated selling agent or the General Partner was the selling agent, such portions of the selling agent fees are retained by the General Partner. ■ Broker Dealer Servicing Fees – the Class B Units incur a monthly fee equal to 1/12th of 0.2% of the month-end net asset value ■ Administrative Expenses – the Fund incurs a monthly fee equal to 1/12th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner. |
Trading Advisors and Cash Manag
Trading Advisors and Cash Managers | 9 Months Ended |
Sep. 30, 2022 | |
Trading Advisors And Cash Managers | |
Trading Advisors and Cash Managers | 5. Trading Advisors and Cash Managers The Fund has advisory agreements with various commodity trading advisors, pursuant to which the Fund incurs a monthly advisor management fee that ranges from 0.50 1.50 0 25 Principal Global Investors, LLC serves as the cash manager for the Fund. The Fund incurs monthly fees, payable in arrears to the Cash Manager, equal to approximately 1/12 th 0.14 0.13 |
Deposits with Brokers
Deposits with Brokers | 9 Months Ended |
Sep. 30, 2022 | |
Deposits With Brokers | |
Deposits with Brokers | 6. Deposits with Brokers To meet margin requirements, the Fund maintains assets, including cash, equity in futures and forward currency contracts, and investments in securities, with brokers, subject to CFTC regulations and various exchange and broker requirements. At September 30, 2022 and December 31, 2021, the Fund had assets totaling $ 59,783,948 44,247,414 22,611,634 24,018,751 |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Subscriptions, Distributions and Redemptions | 7. Subscriptions, Distributions and Redemptions Investments in the Fund are made by subscription agreement and must be received within five business days of the end of the month, subject to acceptance by the General Partner. The minimum investment is $ 10,000 2,000,000 The Fund 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 redemption of Class A, A2, A3, B, I or R Units owned at the end of any month, subject to five business days’ prior written notice to the General Partner, and in certain circumstances, restrictions in the Partnership Agreement. The General Partner may require a limited partner to redeem from the Fund if the General Partner deems the redemption (a) necessary to prevent or correct the occurrence of a non-exempt prohibited transaction under the Employee Retirement Income Security Act of 1974, as amended, or the Internal Revenue Code of 1986, as amended, (b) beneficial to the Fund, or (c) necessary to comply with applicable government or other self-regulatory organization regulations. |
Trading Activities and Related
Trading Activities and Related Risks | 9 Months Ended |
Sep. 30, 2022 | |
Trading Activities And Related Risks | |
Trading Activities and Related Risks | 8. Trading Activities and Related Risks The Fund engages in the speculative trading of futures, options and over-the-counter contracts, including forward currency contracts traded in the U.S. and internationally. Trading in derivatives exposes the Fund to both market risk, the risk arising from a change in the fair value of a contract, and credit risk, the risk of failure by another party to perform according to the terms of a contract. The Portfolios are subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause a Portfolio to lose value. These events can also impair the technology and other operational systems upon which the Portfolios’ service providers rely and could otherwise disrupt the ability of the Portfolios’ service providers to perform essential tasks. The recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Portfolios hold, and may adversely affect the Portfolios’ investments and operations. The transmission of COVID-19 and efforts to contain its spread have resulted in, among other things: quarantines and travel restrictions, including border closings, strained healthcare systems, event cancellations, disruptions to business operations and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. These disruptions have led to instability in the marketplace, including equity and debt market losses and overall volatility, and the jobs market. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial well-being and performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Portfolios. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Portfolios being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price their investments. Purchase and sale of futures contracts requires margin deposits with the futures brokers. Additional deposits may be necessary for any loss of contract value. The Commodity Exchange Act (“CEAct”) requires a 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 securities) deposited with a broker are considered commingled with all other customer funds subject to the broker’s segregation requirements. In the event of a 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 (or none of) the total cash and other property deposited. The Fund uses SG Americas Securities, LLC, Goldman Sachs and Company, LLC, , and Deutsche Bank Securities, Inc. as its futures brokers. The Fund uses Société Générale International Limited and Deutsche Bank AG as its forward currency counterparties. For futures contracts, risks arise from changes in the fair value of the contracts. Theoretically, the Fund is exposed to a market risk equal to the value of futures and forward currency contracts purchased, and unlimited liability on such contracts sold short. In addition to market risk, upon entering into commodity interest contracts there is a credit risk that a counterparty will not be able to meet its obligations to the Fund. The counterparty for futures and options on futures contracts traded in the U.S. and on most non-U.S. futures exchanges is the clearinghouse associated with such exchanges. In general, clearinghouses are backed by the corporate members of the clearinghouse who are required to share any financial burden resulting from the non-performance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearinghouse is not backed by the clearing members, like some non-U.S. exchanges, it is normally backed by a consortium of banks or other financial institutions. In the case of forward currency contracts, which are traded on the interbank or other institutional market rather than on exchanges, the counterparty is generally a single bank or other financial institution, rather than a clearinghouse backed by a group of financial institutions; thus, there likely will be greater counterparty credit risk. While the Fund trades only with those counterparties that it believes to be creditworthy, there can be no assurance that any clearing member, clearinghouse or other counterparty will be able to meet its obligations to the Fund. The Fund trades forward currency contracts in unregulated markets between principals and assumes the risk of loss from counterparty non-performance. Accordingly, the risks associated with forward currency contracts are generally greater than those associated with exchange-traded contracts because of the greater risk of counterparty default. Additionally, the trading of forward currency contracts typically involves delayed cash settlement. The Fund has a portion of its assets on deposit with interbank market makers and other financial institutions in connection with its trading of forward currency contracts and its cash management activities. In the event of an interbank market maker’s or financial institution’s insolvency, recovery of Fund assets on deposit may be limited to account insurance or other protection afforded such deposits. Entering into swap agreements involves, to varying degrees, credit, market, and counterparty risk in excess of the amounts recognized on the statement of financial condition. The Cash Managers manage the Fund’s cash and excess margin through investments in fixed income instruments, pursuant to investment parameters established by the General Partner. Fluctuations in prevailing interest rates could cause mark-to-market losses on the Fund’s fixed income instruments. Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 12,407,712 $ 9,588,216 $ 47,018,034 $ 8,003,430 $ 77,017,392 45.38 % Canada — 1,198,657 — — 1,198,657 0.71 % Ireland — 2,297,897 — — 2,297,897 1.35 % United Kingdom — 2,398,390 3,694,029 — 6,092,419 3.59 % Finland — — 2,949,123 — 2,949,123 1.74 % Singapore — 1,199,746 — — 1,199,746 0.71 % Australia — 1,195,820 — — 1,195,820 0.70 % Japan — 1,198,277 — — 1,198,277 0.71 % Total $ 12,407,712 $ 19,077,003 $ 53,661,186 $ 8,003,430 $ 93,149,331 54.89 % The following table presents the exposure at December 31, 2021. Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 10,430,298 $ 13,098,607 $ 59,723,543 $ 8,313,893 $ 91,566,341 60.19 % Ireland — 1,199,472 — — 1,199,472 0.79 % United Kingdom — 2,399,788 — — 2,399,788 1.58 % Finland — — 3,008,775 — 3,008,775 1.98 % Singapore — 1,199,815 — — 1,199,815 0.79 % Norway — 1,199,948 — — 1,199,948 0.79 % Germany — 1,199,820 — — 1,199,820 0.79 % Total $ 10,430,298 $ 20,297,450 $ 62,732,318 $ 8,313,893 $ 101,773,959 66.91 % |
Indemnifications
Indemnifications | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Indemnifications | 9. Indemnifications In the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, and which provide general indemnifications. The Fund’s maximum exposure under these arrangements cannot be estimated. However, the Fund believes that it is unlikely it will have to make material payments under these arrangements and has not recorded any contingent liability in the financial statements for such indemnifications. |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | 10. Interim Financial Statements The statements of financial condition, including the condensed schedule of investments, at September 30, 2022, the statements of operations for the three and nine months ended September 30, 2022 and 2021, the statements of cash flows and statement of changes in partners’ capital (net asset value) for the nine months ended September 30, 2022 and 2021, and the accompanying notes to the financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP may be omitted pursuant to such rules and regulations. In the opinion of management, such financial statements and accompanying disclosures reflect all adjustments, which were of a normal and recurring nature, necessary to present fairly the financial position at September 30, 2022, results of operations, cash flows and changes in partners’ capital (net asset value) for the three and nine months ended September 30, 2022 and 2021. The results of operations for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results to be expected for the full year or any other period. These financial statements should be read in conjunction with the audited financial statements and the notes thereto included in the Fund’s Form 10-K as filed with the SEC. |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
Financial Highlights | 11. Financial Highlights The following information presents per unit operating performance data and other ratios for the three and nine months ended September 30, 2022 and 2021, assuming the unit was outstanding throughout the entire period: Three Months Ended September 30, 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,657.38 $ 1,245.79 $ — $ 7,627.35 $ 1,300.32 $ 1,274.71 Net realized and change in unrealized gain (loss) on investments (1) 240.82 64.52 — 395.85 67.63 66.17 Net investment income (loss) (1) (60.74 ) (11.84 ) — (65.46 ) (8.11 ) (10.30 ) Total income (loss) from operations 180.08 52.68 — 330.39 59.52 55.87 Net asset value per unit, end of period $ 4,837.46 $ 1,298.47 $ — $ 7,957.74 $ 1,359.84 $ 1,330.58 Total return (4) 3.87 % 4.23 % — 4.33 % 4.58 % 4.38 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.81 % 5.45 % — 4.98 % 4.01 % 4.76 % General Partner 1% allocation 0.04 % 0.04 % — 0.04 % 0.05 % 0.04 % Net total expenses 6.85 % 5.49 % — 5.02 % 4.06 % 4.80 % Net investment income (loss) (2) (3) (5) (5.10 )% (3.68 )% — (3.27 )% (2.31 )% (3.06 )% Three Months Ended September 30, 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,094.80 $ 1,080.20 $ 1,047.78 $ 6,587.30 $ 1,112.49 $ 1,098.71 Net realized and change in unrealized gain (loss) on investments (1) (23.22 ) (6.20 ) (6.01 ) (37.61 ) (6.42 ) (6.27 ) Net investment income (loss) (1) (60.58 ) (12.23 ) (12.25 ) (68.32 ) (8.90 ) (10.86 ) Total income (loss) from operations (83.80 ) (18.43 ) (18.26 ) (105.93 ) (15.32 ) (17.13 ) Net asset value per unit, end of period $ 4,011.00 $ 1,061.77 $ 1,029.52 $ 6,481.37 $ 1,097.17 $ 1,081.58 Total return (4) (2.05 )% (1.71 )% (1.74 )% (1.61 )% (1.38 )% (1.56 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.62 % 5.11 % 5.26 % 4.77 % 3.75 % 4.57 % General Partner 1% allocation (0.02 )% (0.02 )% (0.02 )% (0.02 )% (0.01 )% (0.02 )% Net total expenses 6.60 % 5.09 % 5.24 % 4.75 % 3.74 % 4.55 % Net investment income (loss) (2) (3) (5) (6.14 )% (4.63 )% (4.78 )% (4.28 )% (3.27 )% (4.09 )% Nine Months Ended September 30, 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Net realized and change in unrealized gain (loss) on investments (1) 1,089.09 290.83 221.97 1,775.84 301.59 296.14 Net investment income (loss) (1) (297.95 ) (67.21 ) (46.47 ) (385.80 ) (56.16 ) (62.09 ) Total income (loss) from operations 791.14 223.62 175.50 1,390.04 245.43 234.05 Redemption value per share — — (1,217.31 ) — — — Net asset value per unit, end of period $ 4,837.46 $ 1,298.47 $ — $ 7,957.74 $ 1,359.84 $ 1,330.58 Total return (4) 19.55 % 20.80 % 16.85 % 21.16 % 22.02 % 21.34 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 9.66 % 8.27 % 5.70 % 7.80 % 6.77 % 7.54 % General Partner 1% allocation 0.18 % 0.18 % 0.16 % 0.19 % 0.20 % 0.19 % Net total expenses 9.84 % 8.45 % 5.86 % 7.99 % 6.97 % 7.73 % Net investment income (loss) (2) (3) (5) (8.66 )% (7.28 )% (5.39 )% (6.80 )% (5.76 )% (6.53 )% Nine Months Ended September 30, 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 3,818.95 $ 1,000.45 $ 971.15 $ 6,088.92 $ 1,023.49 $ 1,014.58 Net realized and change in unrealized gain (loss) on investments (1) 367.24 94.53 90.33 589.52 99.73 98.38 Net investment income (loss) (1) (175.19 ) (33.21 ) (31.96 ) (197.07 ) (26.05 ) (31.38 ) Total income (loss) from operations 192.05 61.32 58.37 392.45 73.68 67.00 Net asset value per unit, end of period $ 4,011.00 $ 1,061.77 $ 1,029.52 $ 6,481.37 $ 1,097.17 $ 1,081.58 Total return (4) 5.03 % 6.13 % 6.01 % 6.45 % 7.20 % 6.60 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.57 % 5.13 % 5.26 % 4.73 % 3.74 % 4.54 % General Partner 1% allocation 0.05 % 0.06 % 0.06 % 0.06 % 0.07 % 0.07 % Net total expenses 6.62 % 5.19 % 5.32 % 4.79 % 3.81 % 4.61 % Net investment income (loss) (2) (3) (5) (5.96 )% (4.50 )% (4.60 )% (4.12 )% (3.14 )% (3.93 )% Total returns are calculated based on the change in value of a Class A, A2, A3, B, I or R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding. (2) The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period. (3) Ratios have been annualized. (4) Ratios have not been annualized. (5) Ratio excludes General Partner 1% allocation. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events Subsequent to September 30, 2022, there were $ 50,000 662,189 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounting Principles | Accounting Principles The Fund’s financial statements are prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). Under GAAP, the Fund is an investment company and follows accounting and reporting guidance under the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 946, Financial Services – Investment Companies |
Use of Estimates | Use of Estimates Preparing financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Revenue Recognition | Revenue Recognition Futures, forward currency contracts, investments in securities, certificates of deposit, and the exchange membership are recorded on a trade date basis, and gains or losses are realized when contracts/positions are liquidated. Realized gains and losses on investments in securities and certificates of deposit are determined on a specific identification basis and are included in net realized gain (loss) in the statements of operations. Unrealized gains and losses on open contracts (the difference between contract trade price and fair value) are reported in the statements of financial condition as net unrealized gain or loss, as there exists a right of offset of any unrealized gains or losses. The difference between cost and the fair value of open investments in securities and certificates of deposit is reflected as unrealized gain or loss on investments in securities and certificates of deposit. Any change in net unrealized gain or loss from the preceding period is reported in the statements of operations. Interest income earned on investments in securities, certificates of deposit and other cash and cash equivalent balances is recorded on an accrual basis. Market discounts and premiums on fixed-income securities are amortized daily over the expected life of the security using the effective yield method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Financial instruments are recorded at fair value, the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities recorded at fair value are classified within a fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. This fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: Level 1 – Fair value is based on unadjusted quoted prices for identical instruments in active markets. Financial instruments utilizing Level 1 inputs include futures contracts, U.S. Treasury securities and mutual funds. Level 2 – Fair value is based on quoted prices for similar instruments in active markets and inputs other than quoted prices that are observable for the financial instrument, such as interest rates and yield curves that are observable at commonly quoted intervals using a market approach. Financial instruments utilizing Level 2 inputs include forward currency contracts, swaps, certificates of deposit, commercial paper, corporate notes, asset backed securities and the exchange membership. Level 3 – Fair value is based on valuation techniques in which one or more significant inputs are unobservable. The Fund has no financial instruments utilizing Level 3 inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an instrument’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment. The Fund assesses the classification of the instruments at each measurement date, and any transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Fund’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. For the period ended September 30, 2022 and year ended December 31, 2021, there were no such transfers between levels. A description of the valuation techniques applied to the Fund’s major categories of assets and liabilities measured at fair value on a recurring basis follows. U.S. Treasury securities are recorded at fair value based on bid and ask quotes for identical instruments. Commercial paper, certificates of deposit, corporate notes, asset backed securities and the exchange membership are recorded at fair value based on bid and ask quotes for similar, but not identical, instruments. Accordingly, U.S. Treasury securities are classified within Level 1, and commercial paper, certificates of deposit, corporate notes, asset backed securities and exchange memberships are classified within Level 2. The investment in a money market fund and futures contracts are valued using quoted market prices for identical assets in active markets and are classified within Level 1. The money market fund is included in cash and cash equivalents in the statements of financial condition. The fair values of forward currency contracts are based upon third-party quoted dealer values on the interbank market and are classified within Level 2. The Fund’s valuation policy for swaps is that fair value is based on the terms of the contracts (such as the notional amount and the contract maturity) and current market data and counterparty credit risk. Swaps are generally categorized as level 2 in the fair value hierarchy. The Fund’s investment in a private investment company is valued at net asset value as provided by the private fund’s administrator. This use of net asset value as the practical expedient to approximate fair value under ASC 820 is advisable due to the investment not having a readily determinable fair value. Investments measured at fair value using the new asset value practical expedient are not categorized in the fair value hierarchy. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents may include cash, funds held in money market accounts and short-term investments with maturities of three months or less at the date of acquisition and that are not held for sale in the normal course of business. The Fund maintains deposits with financial institutions in amounts that are in excess of federally insured limits; however, the Fund does not believe it is exposed to any significant credit risk. |
Exchange Membership | Exchange Membership The Fund incurs reduced fees for transactions on the Chicago Mercantile Exchange (CME) due to a membership interest in the CME. The membership is accounted at its fair value and changes in fair value are reported in net change in unrealized gain (loss) in exchange membership on the statement of operations. |
Brokerage Commissions and Trading Expenses | Brokerage Commissions and Trading Expenses Brokerage commissions and trading expenses include brokerage and other trading fees and are charged to expense when contracts are opened and closed. |
Redemptions Payable | Redemptions Payable Redemptions payable represent redemptions that meet the requirements of the Fund and have been approved by the General Partner prior to period-end. These redemptions have been recorded using the period-end net asset value per Unit. |
Income Taxes | Income Taxes The Fund prepares calendar year U.S. and applicable state and local tax returns. The Fund is not subject to federal income taxes as each partner is individually liable for his or her allocable share of the Fund’s income, expenses and trading gains or losses. The Fund evaluates the tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether the tax positions are more-likely-than-not to be sustained when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and asset or liability in the current year. Management has determined there are no material uncertain income tax positions through September 30, 2022. With few exceptions, the Fund is no longer subject to U.S. federal, or state and local income tax examinations by tax authorities for the current and prior three years.. |
Foreign Currency Transactions | Foreign Currency Transactions The Fund has certain investments denominated in foreign currencies. The purchase and sale of investments, and income and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of investments held. Such fluctuations are included with the net realized and change in unrealized gain or loss on such investments in the statements of operations. |
Reclassification | Reclassification Certain amounts reported in the 2021 financial statements may have been reclassified to conform to the 2022 presentation without affecting previously reported partners’ capital (net asset value) or net income (loss). |
New Accounting Pronouncements | New Accounting Pronouncements None at this time. |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: | The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: At September 30, 2022 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts * $ 3,828,955 $ — $ — $ 3,828,955 Net unrealized gain (loss) on open forward currency contracts * — 3,752,804 — 3,752,804 Net unrealized gain (loss) on swap contracts — (5,908 ) — (5,908 ) Cash and cash equivalents: Money market funds 3,736,014 — — 3,736,014 Investment in private investment company — — 3,221,054 3,221,054 Investment in securities: U.S. Treasury securities * 12,407,712 — — 12,407,712 Asset backed securities * — 8,003,430 — 8,003,430 Commercial paper * — 19,077,003 — 19,077,003 Corporate notes * — 53,661,186 — 53,661,186 Exchange membership — 165,000 — 165,000 Total $ 19,972,681 $ 84,653,515 $ 3,221,054 $ 107,847,250 * See the condensed schedule of investments for further description. At December 31, 2021 Level 1 Level 2 Valued at NAV Total Equity in broker trading accounts: Net unrealized gain (loss) on open futures contracts * $ (723,716 ) $ — $ — $ (723,716 ) Net unrealized gain (loss) on open forward currency contracts * — 328,039 — 328,039 Net unrealized gain (loss) on swap contracts * — 270,782 — 270,782 Cash and cash equivalents: Money market funds 1,577,950 — — 1,577,950 Investment in private investment company — — 3,200,634 3,200,634 Investment in securities: U.S. Treasury securities * 10,430,298 — — 10,430,298 Asset backed securities * — 8,313,893 — 8,313,893 Commercial paper * — 20,297,450 — 20,297,450 Corporate notes * — 62,732,318 — 62,732,318 Exchange membership — 112,000 — 112,000 Total $ 11,284,532 $ 92,054,482 $ 3,200,634 $ 106,539,648 * See the condensed schedule of investments for further description. |
Derivative Instruments Disclo_2
Derivative Instruments Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. | The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. At September 30, 2022, the Fund’s derivative contracts had the following impact on the statements of financial condition: At September 30, 2022 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statement of Financial Condition Net Amount of Assets Presented in the Statement of Financial Condition Equity in broker trading accounts: Agricultural commodities $ 780,433 $ (1,592,349 ) $ (811,916 ) Currencies 1,648,193 (1,123,502 ) 524,691 Energy 261,471 (782,208 ) (520,737 ) Equity indices 1,486,464 (1,742,308 ) (255,844 ) Interest rate instruments 5,944,641 (1,314,097 ) 4,630,544 Metals 2,803,775 (2,541,558 ) 262,217 Net unrealized gain (loss) on open futures contracts $ 12,924,977 $ (9,096,022 ) $ 3,828,955 Net unrealized gain (loss) on open forward currency contracts $ 7,554,139 $ (3,801,335 ) $ 3,752,804 Net unrealized gain (loss) on swap contract $ 3,184 $ (9,092 ) $ (5,908 ) At December 31, 2021, the Fund’s derivative contracts had the following impact on the statements of financial condition: December 31, 2021 Derivative Assets and Liabilities, at fair value Statements of Financial Condition Location Gross Amounts of Recognized Assets Gross Amounts Offset in the Statements of Financial Condition Net Amount of Assets Presented in the Statements of Financial Condition Equity in broker trading accounts: Agricultural commodities $ 881,710 $ (552,256 ) $ 329,454 Currencies 387,202 (516,726 ) (129,524 ) Energy 963,524 (707,817 ) 255,707 Equity indices 1,196,988 (803,473 ) 393,515 Interest rate instruments 903,051 (2,448,956 ) (1,545,905 ) Metals 5,551,318 (5,578,281 ) (26,963 ) Single stock futures — — — Net unrealized gain (loss) on open futures contracts $ 9,883,793 $ (10,607,509 ) $ (723,716 ) Net unrealized gain (loss) on open forward currency contracts $ 2,984,528 $ (2,656,489 ) $ 328,039 Net unrealized gain (loss) on open forward currency contracts $ 270,782 $ — $ 270,782 |
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties | The Fund’s financial assets, derivative assets, and cash collateral held by counterparties Gross Amounts Not Offset in the Counterparty Net Amount of Liabilities in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Deutsche Bank, AG $ 1,805,071 $ — $ — $ 1,805,071 Deutsche Bank Securities, Inc. 1,574,225 — — 1,574,225 Goldman Sachs & Co. LLC (278,685 ) — — (278,685 ) SG Americas Securities, LLC 4,475,240 — — 4,475,240 Total $ 7,575,851 $ — $ — $ 7,575,851 The Fund’s financial assets, derivative assets, and cash collateral held by counterparties at December 31, 2021 were: Gross Amounts Not Offset in the Statements of Financial Condition Counterparty Net Amount of Assets in the Statements of Financial Condition Financial Instruments Cash Collateral Received Net Amount Deutsche Bank AG $ 350,186 $ — $ — $ 350,186 Deutsche Bank Securities, Inc. 213,370 — — 213,370 SG Americas Securities, LLC (1,066,622 ) — — (795,840 ) Goldman Sachs & Co., LLC 107,389 — — 107,389 Total $ (395,677 ) $ — $ — $ (124,895 ) |
Fund’s derivative contracts had the following impact on the statements of operations: | For the three and nine months ended September 30, 2022, the Fund’s derivative contracts had the following impact on the statements of operations: Three Months Ended Nine Months Ended Types of Exposure Net realized gain (loss) Net change Net realized gain (loss) Net change Futures contracts Agricultural commodities $ (2,425,148 ) $ (125,219 ) $ (164,691 ) $ (1,141,370 ) Currencies 1,510,274 364,030 2,213,762 654,216 Energy (5,900,793 ) 805,758 14,647,503 (776,443 ) Equity indices (772,103 ) (540,930 ) (8,433,290 ) (649,359 ) Interest rate instruments 3,682,738 4,521,779 12,294,389 6,176,449 Metals 307,817 56,776 1,157,336 289,179 Total futures contracts (3,597,215 ) 5,082,194 21,715,009 4,552,672 Futures options contracts Energy — — (508,190 ) — Forward currency contracts 4,733,089 3,478,020 12,170,886 3,424,764 Swap contracts (1,049,051 ) (6,122 ) (388,687 ) (276,690 ) Total futures, futures options, swap and forward currency contracts $ 86,823 $ 8,554,092 $ 32,989,018 $ 7,700,746 For the three and nine months ended September 30, 2021, the Fund’s derivative contracts had the following impact on the statements of operations: Three Months Ended Nine Months Ended Types of Exposure Net realized gain (loss) Net change Net realized gain (loss) Net change Futures contracts Agricultural commodities $ (584,103 ) $ 728,912 $ 4,365,731 $ (1,133,067 ) Currencies (294,725 ) 260,831 (277,713 ) (18,185 ) Energy 3,827,948 1,733,873 11,083,141 2,919,774 Equity indices (411,515 ) (2,078,304 ) 14,206,897 (4,626,288 ) Interest rate instruments (2,410,548 ) (2,356,504 ) (8,887,150 ) (2,970,287 ) Metals (230,540 ) 63,420 2,646,080 (1,864,848 ) Total futures contracts (103,483 ) (1,647,772 ) 23,136,986 (7,692,901 ) Futures options contracts Energy 45,100 — 45,100 — Equity indices — — (435,238 ) 157,775 Interest rate instruments — 160,672 — 160,673 Total futures options contracts 45,100 160,672 (390,138 ) 318,448 Forward currency contracts (3,015,263 ) 1,153,289 (4,329,601 ) (43,218 ) Swap contracts (36,526 ) (585 ) 84,321 5 Total futures, futures options, swap and forward contracts $ (3,110,172 ) $ (334,396 ) $ 18,501,568 $ (7,417,666 ) |
Trading Activities and Relate_2
Trading Activities and Related Risks (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Trading Activities And Related Risks | |
The following table presents the exposure | Through its investments in debt securities and certificates of deposit, the Fund has exposure to U.S. and foreign enterprises. The following table presents the exposure Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 12,407,712 $ 9,588,216 $ 47,018,034 $ 8,003,430 $ 77,017,392 45.38 % Canada — 1,198,657 — — 1,198,657 0.71 % Ireland — 2,297,897 — — 2,297,897 1.35 % United Kingdom — 2,398,390 3,694,029 — 6,092,419 3.59 % Finland — — 2,949,123 — 2,949,123 1.74 % Singapore — 1,199,746 — — 1,199,746 0.71 % Australia — 1,195,820 — — 1,195,820 0.70 % Japan — 1,198,277 — — 1,198,277 0.71 % Total $ 12,407,712 $ 19,077,003 $ 53,661,186 $ 8,003,430 $ 93,149,331 54.89 % The following table presents the exposure at December 31, 2021. Country or Region U.S. Treasury Securities Commercial Paper Corporate Notes Asset Backed Securities Total % of Partners’ Capital (Net Asset Value) United States $ 10,430,298 $ 13,098,607 $ 59,723,543 $ 8,313,893 $ 91,566,341 60.19 % Ireland — 1,199,472 — — 1,199,472 0.79 % United Kingdom — 2,399,788 — — 2,399,788 1.58 % Finland — — 3,008,775 — 3,008,775 1.98 % Singapore — 1,199,815 — — 1,199,815 0.79 % Norway — 1,199,948 — — 1,199,948 0.79 % Germany — 1,199,820 — — 1,199,820 0.79 % Total $ 10,430,298 $ 20,297,450 $ 62,732,318 $ 8,313,893 $ 101,773,959 66.91 % |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investment Company [Abstract] | |
The following information presents per unit operating performance data and other ratios for the three and nine months ended September 30, 2022 and 2021, assuming the unit was outstanding throughout the entire period: | The following information presents per unit operating performance data and other ratios for the three and nine months ended September 30, 2022 and 2021, assuming the unit was outstanding throughout the entire period: Three Months Ended September 30, 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,657.38 $ 1,245.79 $ — $ 7,627.35 $ 1,300.32 $ 1,274.71 Net realized and change in unrealized gain (loss) on investments (1) 240.82 64.52 — 395.85 67.63 66.17 Net investment income (loss) (1) (60.74 ) (11.84 ) — (65.46 ) (8.11 ) (10.30 ) Total income (loss) from operations 180.08 52.68 — 330.39 59.52 55.87 Net asset value per unit, end of period $ 4,837.46 $ 1,298.47 $ — $ 7,957.74 $ 1,359.84 $ 1,330.58 Total return (4) 3.87 % 4.23 % — 4.33 % 4.58 % 4.38 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.81 % 5.45 % — 4.98 % 4.01 % 4.76 % General Partner 1% allocation 0.04 % 0.04 % — 0.04 % 0.05 % 0.04 % Net total expenses 6.85 % 5.49 % — 5.02 % 4.06 % 4.80 % Net investment income (loss) (2) (3) (5) (5.10 )% (3.68 )% — (3.27 )% (2.31 )% (3.06 )% Three Months Ended September 30, 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,094.80 $ 1,080.20 $ 1,047.78 $ 6,587.30 $ 1,112.49 $ 1,098.71 Net realized and change in unrealized gain (loss) on investments (1) (23.22 ) (6.20 ) (6.01 ) (37.61 ) (6.42 ) (6.27 ) Net investment income (loss) (1) (60.58 ) (12.23 ) (12.25 ) (68.32 ) (8.90 ) (10.86 ) Total income (loss) from operations (83.80 ) (18.43 ) (18.26 ) (105.93 ) (15.32 ) (17.13 ) Net asset value per unit, end of period $ 4,011.00 $ 1,061.77 $ 1,029.52 $ 6,481.37 $ 1,097.17 $ 1,081.58 Total return (4) (2.05 )% (1.71 )% (1.74 )% (1.61 )% (1.38 )% (1.56 )% Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.62 % 5.11 % 5.26 % 4.77 % 3.75 % 4.57 % General Partner 1% allocation (0.02 )% (0.02 )% (0.02 )% (0.02 )% (0.01 )% (0.02 )% Net total expenses 6.60 % 5.09 % 5.24 % 4.75 % 3.74 % 4.55 % Net investment income (loss) (2) (3) (5) (6.14 )% (4.63 )% (4.78 )% (4.28 )% (3.27 )% (4.09 )% Nine Months Ended September 30, 2022 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 4,046.32 $ 1,074.85 $ 1,041.81 $ 6,567.70 $ 1,114.41 $ 1,096.53 Net realized and change in unrealized gain (loss) on investments (1) 1,089.09 290.83 221.97 1,775.84 301.59 296.14 Net investment income (loss) (1) (297.95 ) (67.21 ) (46.47 ) (385.80 ) (56.16 ) (62.09 ) Total income (loss) from operations 791.14 223.62 175.50 1,390.04 245.43 234.05 Redemption value per share — — (1,217.31 ) — — — Net asset value per unit, end of period $ 4,837.46 $ 1,298.47 $ — $ 7,957.74 $ 1,359.84 $ 1,330.58 Total return (4) 19.55 % 20.80 % 16.85 % 21.16 % 22.02 % 21.34 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 9.66 % 8.27 % 5.70 % 7.80 % 6.77 % 7.54 % General Partner 1% allocation 0.18 % 0.18 % 0.16 % 0.19 % 0.20 % 0.19 % Net total expenses 9.84 % 8.45 % 5.86 % 7.99 % 6.97 % 7.73 % Net investment income (loss) (2) (3) (5) (8.66 )% (7.28 )% (5.39 )% (6.80 )% (5.76 )% (6.53 )% Nine Months Ended September 30, 2021 Class A Class A2 Class A3 Class B Class I Class R Per Unit Operating Performance Net asset value per unit, beginning of period $ 3,818.95 $ 1,000.45 $ 971.15 $ 6,088.92 $ 1,023.49 $ 1,014.58 Net realized and change in unrealized gain (loss) on investments (1) 367.24 94.53 90.33 589.52 99.73 98.38 Net investment income (loss) (1) (175.19 ) (33.21 ) (31.96 ) (197.07 ) (26.05 ) (31.38 ) Total income (loss) from operations 192.05 61.32 58.37 392.45 73.68 67.00 Net asset value per unit, end of period $ 4,011.00 $ 1,061.77 $ 1,029.52 $ 6,481.37 $ 1,097.17 $ 1,081.58 Total return (4) 5.03 % 6.13 % 6.01 % 6.45 % 7.20 % 6.60 % Other Financial Ratios Ratios to average net asset value Expenses prior to General Partner 1% allocation (2) (3) 6.57 % 5.13 % 5.26 % 4.73 % 3.74 % 4.54 % General Partner 1% allocation 0.05 % 0.06 % 0.06 % 0.06 % 0.07 % 0.07 % Net total expenses 6.62 % 5.19 % 5.32 % 4.79 % 3.81 % 4.61 % Net investment income (loss) (2) (3) (5) (5.96 )% (4.50 )% (4.60 )% (4.12 )% (3.14 )% (3.93 )% Total returns are calculated based on the change in value of a Class A, A2, A3, B, I or R Unit during the period. An individual partner’s total returns and ratios may vary from the above total returns and ratios based on the timing of subscriptions and redemptions. (1) The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding. (2) The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period. (3) Ratios have been annualized. (4) Ratios have not been annualized. (5) Ratio excludes General Partner 1% allocation. |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 | |
Capital Unit, Class A [Member] | |
Percentage of selling agent fee | 2% |
Percentage of management fees | 1.50% |
Capital Unit, Class A [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class A2 [Member] | |
Percentage of sales commission | 3% |
Percentage of offering price | 0.60% |
Percentage of management fees | 1.50% |
Capital Unit Class A2 [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class A3 [Member] | |
Percentage of sales commission | 2% |
Percentage of offering price | 0.75% |
Percentage of management fees | 1.50% |
Capital Unit Class A3 [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Capital Unit, Class B [Member] | |
Percentage of broker dealer servicing fee | 0.20% |
Percentage of management fees | 1.50% |
Capital Unit, Class B [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class I [Member] | |
Percentage of management fees | 0.75% |
Capital Unit Class I [Member] | General Partner [Member] | |
Percentage of management fees | 0.75% |
Percentage of performance fee | 7.50% |
The Fund_s assets and liabiliti
The Fund’s assets and liabilities, measured at fair value on a recurring basis, are summarized in the following tables by the type of inputs applicable to the fair value measurements: (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net unrealized gain (loss) on open futures contracts | $ 3,828,955 | $ (723,716) | |||
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | 328,039 | |||
Net unrealized gain (loss) on swap contracts | (5,908) | 270,782 | |||
Fair Value, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net unrealized gain (loss) on open futures contracts | 3,828,955 | [1] | (723,716) | [2] | |
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | [1] | 328,039 | [2] | |
Net unrealized gain (loss) on swap contracts | (5,908) | 270,782 | [2] | ||
Money market funds | 3,736,014 | 1,577,950 | |||
Investment in private investment company | 3,221,054 | 3,200,634 | |||
Total | 107,847,250 | 106,539,648 | |||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 12,407,712 | [1] | 10,430,298 | [2] | |
Fair Value, Recurring [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 8,003,430 | [1] | 8,313,893 | [2] | |
Fair Value, Recurring [Member] | Commercial Paper [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 19,077,003 | [1] | 20,297,450 | [2] | |
Fair Value, Recurring [Member] | Corporate Note Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 53,661,186 | [1] | 62,732,318 | [2] | |
Fair Value, Recurring [Member] | Exchange Membership [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 165,000 | 112,000 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net unrealized gain (loss) on open futures contracts | 3,828,955 | [1] | (723,716) | [2] | |
Net unrealized gain (loss) on open forward currency contracts | [1] | ||||
Money market funds | 3,736,014 | 1,577,950 | |||
Total | 19,972,681 | 11,284,532 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 12,407,712 | [1] | 10,430,298 | [2] | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | [1] | 328,039 | [2] | |
Net unrealized gain (loss) on swap contracts | (5,908) | 270,782 | [2] | ||
Total | 84,653,515 | 92,054,482 | |||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Asset-Backed Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 8,003,430 | [1] | 8,313,893 | [2] | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Paper [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 19,077,003 | [1] | 20,297,450 | [2] | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Note Securities [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 53,661,186 | [1] | 62,732,318 | [2] | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Exchange Membership [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Total | 165,000 | 112,000 | |||
Fair Value, Recurring [Member] | Fair Value Measured at Net Asset Value Per Share [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Investment in private investment company | 3,221,054 | 3,200,634 | |||
Total | $ 3,221,054 | $ 3,200,634 | |||
[1]See the condensed schedule of investments for further description.[2]See the condensed schedule of investments for further description. |
The Fund_s derivative contracts
The Fund’s derivative contracts are comprised of futures and forward currency contracts, none of which are designated as hedging instruments. (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | $ 3,828,955 | $ (723,716) |
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | 328,039 |
Not Designated as Hedging Instrument [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 3,828,955 | (723,716) |
Net unrealized gain (loss) on open forward currency contracts | 3,752,804 | 328,039 |
Net unrealized gain (loss) on open forward currency contracts | (5,908) | 270,782 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (9,096,022) | (10,607,509) |
Net unrealized gain (loss) on open forward currency contracts | (3,801,335) | (2,656,489) |
Net unrealized gain (loss) on open forward currency contracts | (9,092) | |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (811,916) | 329,454 |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (1,592,349) | (552,256) |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 524,691 | (129,524) |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (1,123,502) | (516,726) |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (520,737) | 255,707 |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (782,208) | (707,817) |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (255,844) | 393,515 |
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (1,742,308) | (803,473) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 4,630,544 | (1,545,905) |
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (1,314,097) | (2,448,956) |
Not Designated as Hedging Instrument [Member] | Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 262,217 | (26,963) |
Not Designated as Hedging Instrument [Member] | Metals [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | (2,541,558) | (5,578,281) |
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | ||
Not Designated as Hedging Instrument [Member] | Single Stock Futures [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | ||
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 12,924,977 | 9,883,793 |
Net unrealized gain (loss) on open forward currency contracts | 7,554,139 | 2,984,528 |
Net unrealized gain (loss) on open forward currency contracts | 3,184 | 270,782 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Agricultural Commodities [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 780,433 | 881,710 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 1,648,193 | 387,202 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Energy Related Derivative [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 261,471 | 963,524 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Equity indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 1,486,464 | 1,196,988 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | 5,944,641 | 903,051 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts | $ 2,803,775 | 5,551,318 |
Not Designated as Hedging Instrument [Member] | Derivative Financial Instruments, Assets [Member] | Single Stock Futures [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net unrealized gain (loss) on open futures contracts |
The Fund_s financial assets, de
The Fund’s financial assets, derivative assets, and cash collateral held by counterparties (Details) - Not Designated as Hedging Instrument [Member] - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Amount of Assets in the Statements of Financial Condition | $ 7,575,851 | $ (395,677) |
Net amount | 7,575,851 | (124,895) |
Deutsche Bank, AG [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Amount of Assets in the Statements of Financial Condition | 1,805,071 | 350,186 |
Net amount | 1,805,071 | 350,186 |
Deutsche Bank Securities, Inc. [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Amount of Assets in the Statements of Financial Condition | 1,574,225 | 213,370 |
Net amount | 1,574,225 | 213,370 |
Goldman Sachs & Co. LLC [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Amount of Assets in the Statements of Financial Condition | (278,685) | 107,389 |
Net amount | (278,685) | 107,389 |
SG Americas Securities, LLC [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net Amount of Assets in the Statements of Financial Condition | 4,475,240 | (1,066,622) |
Net amount | $ 4,475,240 | $ (795,840) |
Fund_s derivative contracts had
Fund’s derivative contracts had the following impact on the statements of operations: (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures and forward contracts | $ 7,700,746 | $ (7,358,760) | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | $ (3,597,215) | $ (103,483) | 21,715,009 | 23,136,986 |
Total futures contracts | 5,082,194 | (1,647,772) | 4,552,672 | (7,692,901) |
Net future options contracts | 45,100 | (390,138) | ||
Net future options contracts | 160,672 | 318,448 | ||
Forward currency contracts | 4,733,089 | (3,015,263) | 12,170,886 | (4,329,601) |
Forward currency contracts | 3,478,020 | 1,153,289 | 3,424,764 | (43,218) |
Swap contracts | (1,049,051) | (36,526) | (388,687) | 84,321 |
Swap contracts | (6,122) | (585) | (276,690) | 5 |
Total futures and forward contracts | 86,823 | (3,110,172) | 32,989,018 | 18,501,568 |
Total futures and forward contracts | 8,554,092 | (334,396) | 7,700,746 | (7,417,666) |
Not Designated as Hedging Instrument [Member] | Agricultural Commodities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | (2,425,148) | (584,103) | (164,691) | 4,365,731 |
Total futures contracts | (125,219) | 728,912 | (1,141,370) | (1,133,067) |
Not Designated as Hedging Instrument [Member] | Currencies [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | 1,510,274 | (294,725) | 2,213,762 | (277,713) |
Total futures contracts | 364,030 | 260,831 | 654,216 | (18,185) |
Not Designated as Hedging Instrument [Member] | Energy Related Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | (5,900,793) | 3,827,948 | 14,647,503 | 11,083,141 |
Total futures contracts | 805,758 | 1,733,873 | (776,443) | 2,919,774 |
Net future options contracts | 45,100 | (508,190) | 45,100 | |
Net future options contracts | ||||
Not Designated as Hedging Instrument [Member] | Equity indices [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | (772,103) | (411,515) | (8,433,290) | 14,206,897 |
Total futures contracts | (540,930) | (2,078,304) | (649,359) | (4,626,288) |
Net future options contracts | (435,238) | |||
Net future options contracts | 157,775 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | 3,682,738 | (2,410,548) | 12,294,389 | (8,887,150) |
Total futures contracts | 4,521,779 | (2,356,504) | 6,176,449 | (2,970,287) |
Net future options contracts | 160,672 | 160,673 | ||
Not Designated as Hedging Instrument [Member] | Metals [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total futures contracts | 307,817 | (230,540) | 1,157,336 | 2,646,080 |
Total futures contracts | $ 56,776 | $ 63,420 | $ 289,179 | $ (1,864,848) |
Derivative Instruments Disclo_3
Derivative Instruments Disclosures (Details Narrative) - Number | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||
Number of open futures contracts | 10,908 | 10,908 | 11,903 | ||
Number of open forward currency contracts | 3,668 | 3,668 | 3,971 | ||
Number of open swap contracts | 197 | 197 | 156 | ||
Number of futures contracts closed | 110,371 | 111,391 | 373,228 | 330,842 | |
Number of futures options contracts closed | 0 | 820 | 730 | 1,546 | |
Number of forward currency contracts closed | 63,718 | 105,618 | 199,709 | 290,328 | |
Number of swap contracts closed | 240 | 721 |
General Partner (Details Narrat
General Partner (Details Narrative) | 9 Months Ended |
Sep. 30, 2022 | |
Description of terms of partnership agreement | each year the General Partner receives from the Fund 1% of any net income earned by the Fund. Conversely, the General Partner pays to the Fund 1% of any net loss incurred by the Fund. Such amounts are reflected as General Partner 1% allocation receivable or payable in the statements of financial condition and as General Partner 1% allocation in the statements of operations. |
General Partner [Member] | |
Description of admistrative expenses payable fee | equal to 1/12th of 0.45% of the month-end net asset value of the Fund, payable in arrears to the General Partner. |
Capital Unit, Class A [Member] | |
Percentage of management fees | 1.50% |
Capital Unit, Class A [Member] | General Partner [Member] | |
Description of management fee | equal to 1/12th of 1.5% of the month-end net asset value |
Percentage of management fees | 1.50% |
Description of selling agent fees | equal to 1/12th of 2% of the month-end net asset value |
Capital Unit Class A2 [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class A2 [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Description of selling agent fees | sales commission of up to 3% of the offering price and a 0.6% per annum selling agent fee. |
Capital Unit Class A3 [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class A3 [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Description of selling agent fees | sales commission of up to 2% of the offering price and a 0.75% per annum selling agent fee. |
Capital Unit, Class B [Member] | |
Percentage of management fees | 1.50% |
Capital Unit, Class B [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Description of admistrative expenses payable fee | equal to 1/12th of 0.2% of the month-end net asset value |
Capital Unit Class R [Member] | General Partner [Member] | |
Percentage of management fees | 1.50% |
Capital Unit Class I [Member] | |
Percentage of management fees | 0.75% |
Capital Unit Class I [Member] | General Partner [Member] | |
Percentage of management fees | 0.75% |
Performance fee description | equal to 7.5% of any Net New Trading Profits of the Class I Units calculated monthly. |
Percentage of performance fee | 7.50% |
Trading Advisors and Cash Man_2
Trading Advisors and Cash Managers (Details Narrative) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Trading Advisor [Member] | Minimum [Member] | ||
Management fee | 0.50% | |
Incentive fee | 0% | |
Trading Advisor [Member] | Maximum [Member] | ||
Management fee | 1.50% | |
Incentive fee | 25% | |
Cash Managers [Member] | ||
Cash management services | 0.14% | 0.13% |
Deposits with Brokers (Details
Deposits with Brokers (Details Narrative) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Deposits With Brokers | ||
Fund assets | $ 59,783,948 | $ 44,247,414 |
Margin deposit assets | $ 22,611,634 | $ 24,018,751 |
Subscriptions, Distributions _2
Subscriptions, Distributions and Redemptions (Details Narrative) | Sep. 30, 2022 USD ($) |
Capital Unit, Class A [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | $ 10,000 |
Capital Unit Class A2 [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | 10,000 |
Capital Unit Class A3 [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | 10,000 |
Capital Unit, Class B [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | 10,000 |
Capital Unit Class R [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | 10,000 |
Capital Unit Class I [Member] | |
Capital Unit [Line Items] | |
Minimum investment amount | $ 2,000,000 |
The following table presents th
The following table presents the exposure (Details) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Total | $ 93,149,331 | $ 101,773,959 |
% of Partners' Capital (Net Asset Value) | 54.89% | 66.91% |
US Treasury Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 12,407,712 | $ 10,430,298 |
% of Partners' Capital (Net Asset Value) | 7.31% | 6.85% |
Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 19,077,003 | $ 20,297,450 |
% of Partners' Capital (Net Asset Value) | 5.65% | 13.36% |
Corporate Note Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 53,661,186 | $ 62,732,318 |
% of Partners' Capital (Net Asset Value) | 31.62% | 41.24% |
Asset-Backed Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 8,003,430 | $ 8,313,893 |
% of Partners' Capital (Net Asset Value) | 4.72% | 5.46% |
UNITED STATES | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 77,017,392 | $ 91,566,341 |
% of Partners' Capital (Net Asset Value) | 45.38% | 60.19% |
UNITED STATES | US Treasury Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 12,407,712 | $ 10,430,298 |
UNITED STATES | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | 9,588,216 | 13,098,607 |
UNITED STATES | Corporate Note Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | 47,018,034 | 59,723,543 |
UNITED STATES | Asset-Backed Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | 8,003,430 | 8,313,893 |
CANADA | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,198,657 | |
% of Partners' Capital (Net Asset Value) | 0.71% | |
CANADA | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,198,657 | |
IRELAND | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 2,297,897 | $ 1,199,472 |
% of Partners' Capital (Net Asset Value) | 1.35% | 0.79% |
IRELAND | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 2,297,897 | $ 1,199,472 |
UNITED KINGDOM | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 6,092,419 | $ 2,399,788 |
% of Partners' Capital (Net Asset Value) | 3.59% | 1.58% |
UNITED KINGDOM | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 2,398,390 | $ 2,399,788 |
UNITED KINGDOM | Corporate Note Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | 3,694,029 | |
FINLAND | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 2,949,123 | $ 3,008,775 |
% of Partners' Capital (Net Asset Value) | 1.74% | 1.98% |
FINLAND | Corporate Note Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 2,949,123 | $ 3,008,775 |
SINGAPORE | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,746 | $ 1,199,815 |
% of Partners' Capital (Net Asset Value) | 0.71% | 0.79% |
SINGAPORE | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,746 | $ 1,199,815 |
AUSTRALIA | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,195,820 | |
% of Partners' Capital (Net Asset Value) | 0.70% | |
AUSTRALIA | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,195,820 | |
JAPAN | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,198,277 | |
% of Partners' Capital (Net Asset Value) | 0.71% | |
JAPAN | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,198,277 | |
NORWAY | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,948 | |
% of Partners' Capital (Net Asset Value) | 0.79% | |
NORWAY | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,948 | |
GERMANY | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,820 | |
% of Partners' Capital (Net Asset Value) | 0.79% | |
GERMANY | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Total | $ 1,199,820 |
The following information prese
The following information presents per unit operating performance data and other ratios for the three and nine months ended September 30, 2022 and 2021, assuming the unit was outstanding throughout the entire period: (Details) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Capital Unit, Class A [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 4,657.38 | $ 4,094.80 | $ 4,046.32 | $ 3,818.95 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 240.82 | (23.22) | 1,089.09 | 367.24 |
Net investment income (loss) | [1] | (60.74) | (60.58) | (297.95) | (175.19) |
Total income (loss) from operations | 180.08 | (83.80) | 791.14 | 192.05 | |
Redemption value per share | |||||
Net asset value per unit, end of period | $ 4,837.46 | $ 4,011 | $ 4,837.46 | $ 4,011 | |
Total return | [2] | 3.87% | (2.05%) | 19.55% | 5.03% |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 6.81% | 6.62% | 9.66% | 6.57% |
General Partner 1% allocation | 0.04% | (0.02%) | 0.18% | 0.05% | |
Net total expenses | 6.85% | 6.60% | 9.84% | 6.62% | |
Net investment income (loss) | [3],[4],[5] | (5.10%) | (6.14%) | (8.66%) | (5.96%) |
Capital Unit Class A2 [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 1,245.79 | $ 1,080.20 | $ 1,074.85 | $ 1,000.45 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 64.52 | (6.20) | 290.83 | 94.53 |
Net investment income (loss) | [1] | (11.84) | (12.23) | (67.21) | (33.21) |
Total income (loss) from operations | 52.68 | (18.43) | 223.62 | 61.32 | |
Redemption value per share | |||||
Net asset value per unit, end of period | $ 1,298.47 | $ 1,061.77 | $ 1,298.47 | $ 1,061.77 | |
Total return | [2] | 4.23% | (1.71%) | 20.80% | 6.13% |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 5.45% | 5.11% | 8.27% | 5.13% |
General Partner 1% allocation | 0.04% | (0.02%) | 0.18% | 0.06% | |
Net total expenses | 5.49% | 5.09% | 8.45% | 5.19% | |
Net investment income (loss) | [3],[4],[5] | (3.68%) | (4.63%) | (7.28%) | (4.50%) |
Capital Unit Class A3 [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 1,047.78 | $ 1,041.81 | $ 971.15 | ||
Net realized and change in unrealized gain (loss) on investments | [1] | (6.01) | 221.97 | 90.33 | |
Net investment income (loss) | [1] | (12.25) | (46.47) | (31.96) | |
Total income (loss) from operations | (18.26) | 175.50 | 58.37 | ||
Redemption value per share | (1,217.31) | ||||
Net asset value per unit, end of period | $ 1,029.52 | $ 1,029.52 | |||
Total return | [2] | (1.74%) | 16.85% | 6.01% | |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 5.26% | 5.70% | 5.26% | |
General Partner 1% allocation | (0.02%) | 0.16% | 0.06% | ||
Net total expenses | 5.24% | 5.86% | 5.32% | ||
Net investment income (loss) | [3],[4],[5] | (4.78%) | (5.39%) | (4.60%) | |
Capital Unit, Class B [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 7,627.35 | $ 6,587.30 | $ 6,567.70 | $ 6,088.92 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 395.85 | (37.61) | 1,775.84 | 589.52 |
Net investment income (loss) | [1] | (65.46) | (68.32) | (385.80) | (197.07) |
Total income (loss) from operations | 330.39 | (105.93) | 1,390.04 | 392.45 | |
Redemption value per share | |||||
Net asset value per unit, end of period | $ 7,957.74 | $ 6,481.37 | $ 7,957.74 | $ 6,481.37 | |
Total return | [2] | 4.33% | (1.61%) | 21.16% | 6.45% |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 4.98% | 4.77% | 7.80% | 4.73% |
General Partner 1% allocation | 0.04% | (0.02%) | 0.19% | 0.06% | |
Net total expenses | 5.02% | 4.75% | 7.99% | 4.79% | |
Net investment income (loss) | [3],[4],[5] | (3.27%) | (4.28%) | (6.80%) | (4.12%) |
Capital Unit Class I [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 1,300.32 | $ 1,112.49 | $ 1,114.41 | $ 1,023.49 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 67.63 | (6.42) | 301.59 | 99.73 |
Net investment income (loss) | [1] | (8.11) | (8.90) | (56.16) | (26.05) |
Total income (loss) from operations | 59.52 | (15.32) | 245.43 | 73.68 | |
Redemption value per share | |||||
Net asset value per unit, end of period | $ 1,359.84 | $ 1,097.17 | $ 1,359.84 | $ 1,097.17 | |
Total return | [2] | 4.58% | (1.38%) | 22.02% | 7.20% |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 4.01% | 3.75% | 6.77% | 3.74% |
General Partner 1% allocation | 0.05% | (0.01%) | 0.20% | 0.07% | |
Net total expenses | 4.06% | 3.74% | 6.97% | 3.81% | |
Net investment income (loss) | [3],[4],[5] | (2.31%) | (3.27%) | (5.76%) | (3.14%) |
Capital Unit Class R [Member] | |||||
Per Unit Operating Performance | |||||
Net asset value per unit, beginning of period | $ 1,274.71 | $ 1,098.71 | $ 1,096.53 | $ 1,014.58 | |
Net realized and change in unrealized gain (loss) on investments | [1] | 66.17 | (6.27) | 296.14 | 98.38 |
Net investment income (loss) | [1] | (10.30) | (10.86) | (62.09) | (31.38) |
Total income (loss) from operations | 55.87 | (17.13) | 234.05 | 67 | |
Redemption value per share | |||||
Net asset value per unit, end of period | $ 1,330.58 | $ 1,081.58 | $ 1,330.58 | $ 1,081.58 | |
Total return | [2] | 4.38% | (1.56%) | 21.34% | 6.60% |
Ratios to average net asset value | |||||
Expenses prior to General Partner 1% allocation | [3],[4] | 4.76% | 4.57% | 7.54% | 4.54% |
General Partner 1% allocation | 0.04% | (0.02%) | 0.19% | 0.07% | |
Net total expenses | 4.80% | 4.55% | 7.73% | 4.61% | |
Net investment income (loss) | [3],[4],[5] | (3.06%) | (4.09%) | (6.53%) | (3.93%) |
[1]The net investment income (loss) per unit is calculated by dividing the net investment income (loss) by the average number of Class A, A2, A3, B, I or R Units outstanding during the period. Net realized and change in unrealized gain (loss) on investments is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. Such balancing amount may differ from the calculation of net realized and change in unrealized gain (loss) on investment per unit due to the timing of investment gains and losses during the period relative to the number of units outstanding.[2]Ratios have not been annualized.[3]Ratios have been annualized.[4]The net investment income (loss) includes interest income and excludes net realized and net change in unrealized gain (loss) from investment activities as shown in the statements of operations. The total amount is then reduced by all expenses, excluding brokerage commissions, which are included in net investment gain (loss) in the statements of operations. The resulting amount is divided by the average net asset value for the period.[5]Ratio excludes General Partner 1% allocation. |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Nov. 14, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Subsequent Event [Line Items] | |||||||
Contributions | $ 150,000 | $ 35,000 | $ 145,000 | $ 372,492 | $ 169,000 | ||
Redemptions | $ 3,979,513 | $ 4,798,638 | $ 3,591,493 | $ 5,703,325 | $ 8,879,736 | $ 11,437,530 | |
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Contributions | $ 50,000 | ||||||
Redemptions | $ 662,189 |