MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY L.P.
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(Exact name of registrant as specified in its charter)
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Delaware
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13-4084211
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Ceres Managed Futures LLC
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522 Fifth Avenue, 14th Floor
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New York, NY
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10036
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code
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(212) 296-1999
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer x
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Smaller reporting company o
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PART I. FINANCIAL INFORMATION
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Item 1.
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Financial Statements (Unaudited)
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Statements of Financial Condition as of September 30, 2011 and December 31, 2010
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2
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Condensed Schedule of Investments as of September 30, 2011
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3
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Condensed Schedule of Investments as of December 31, 2010
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4
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Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011 and 2010
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5
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Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2011 and 2010
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6
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Notes to Financial Statements
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7-22
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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23-31
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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31-39
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Item 4.
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Controls and Procedures
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39-40
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PART II. OTHER INFORMATION
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Item 1A.
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Risk Factors
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41
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Item 6.
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Exhibits
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41-42
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September 30,
|
December 31,
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||
2011
|
2010
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||
ASSETS
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$
|
$
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|
Trading Equity:
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|||
Unrestricted cash
|
38,316,710
|
47,835,799
|
|
Restricted cash
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323,400
|
88,858
|
|
Total cash
|
38,640,110
|
47,924,657
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|
Net unrealized gain on open contracts (MS&Co.)
|
1,382,552
|
1,118,436
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|
Options purchased (premiums paid $6,129 and $2,240, respectively)
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760
|
4,459
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|
Total Trading Equity
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40,023,422
|
49,047,552
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Interest receivable (MSSB)
|
26
|
3,168
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|
Total Assets
|
40,023,448
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49,050,720
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LIABILITIES AND PARTNERS’ CAPITAL
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Liabilities:
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Redemptions payable
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473,320
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765,167
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Accrued brokerage fees (MS&Co.)
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148,500
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183,824
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|
Accrued management fees
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64,565
|
79,923
|
|
Total Liabilities
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686,385
|
1,028,914
|
|
Partners’ Capital:
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|||
Limited Partners (4,306,495.657 and 4,966,477.604 Units, respectively)
|
38,899,513
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47,504,374
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General Partner (48,440.343 and 54,096.343 Units, respectively)
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437,550
|
517,432
|
|
Total Partners’ Capital
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39,337,063
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48,021,806
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Total Liabilities and Partners’ Capital
|
40,023,448
|
49,050,720
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NET ASSET VALUE PER UNIT
|
9.03
|
9.57
|
Futures and Forward Contracts Purchased
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Net unrealized
gain/(loss) on
open contracts
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% of
Partners’ Capital
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$
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||
Foreign currency
|
(87,005)
|
(0.22)
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Total Futures and Forward Contracts Purchased
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(87,005)
|
(0.22)
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Futures and Forward Contracts Sold
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Foreign currency
|
1,424,671
|
3.62
|
Total Futures and Forward Contracts Sold
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1,424,671
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3.62
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Unrealized Currency Gain
|
44,886
|
0.11
|
Net fair value
|
1,382,552
|
3.51
|
Options Contracts
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Fair Value
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% of
Partners’ Capital
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$
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||
Options purchased on Forward Contracts
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760
|
0.01
|
Futures and Forward Contracts Purchased
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Net unrealized
gain/(loss) on
open contracts
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% of
Partners’ Capital
|
$
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||
Foreign currency
|
1,089,617
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2.27
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Total Futures and Forward Contracts Purchased
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1,089,617
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2.27
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Futures and Forward Contracts Sold
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Foreign currency
|
(79,464)
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(0.17)
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Total Futures and Forward Contracts Sold
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(79,464)
|
(0.17)
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Unrealized Currency Gain
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108,283
|
0.23
|
Net fair value
|
1,118,436
|
2.33
|
Options Contracts
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Fair Value
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% of
Partners’ Capital
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$
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||
Options purchased on Forward Contracts
|
4,459
|
0.01
|
For the Three Months
Ended September 30,
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For the Nine Months
Ended September 30,
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||||||
2011
|
2010
|
2011
|
2010
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$
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$
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$
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$
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||||
INVESTMENT INCOME
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Interest income (MSSB)
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1,379
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14,696
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14,048
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36,143
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EXPENSES
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|||||||
Brokerage fees (MS&Co.)
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457,279
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591,110
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1,482,631
|
1,916,481
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Management fees
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198,817
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257,004
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644,622
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833,252
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Total Expenses
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656,096
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848,114
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2,127,253
|
2,749,733
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NET INVESTMENT LOSS
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(654,717)
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(833,418)
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(2,113,205)
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(2,713,590)
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TRADING RESULTS
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Trading profit (loss):
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|||||||
Realized
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110,272
|
(403,574)
|
(805,585)
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(1,168,029)
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Net change in unrealized
|
1,395,692
|
887,078
|
256,527
|
896,493
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Total Trading Results
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1,505,964
|
483,504
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(549,058)
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(271,536)
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NET INCOME (LOSS)
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851,247
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(349,914)
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(2,662,263)
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(2,985,126)
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NET INCOME (LOSS) ALLOCATION
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Limited Partners
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842,034
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(346,385)
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(2,632,380)
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(2,955,028)
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General Partner
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9,213
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(3,529)
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(29,883)
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(30,098)
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NET INCOME (LOSS) PER UNIT *
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Limited Partners
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0.19
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(0.06)
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(0.54)
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(0.52)
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General Partner
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0.19
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(0.06)
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(0.54)
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(0.52)
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Units
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Units
|
Units
|
Units
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||||
WEIGHTED AVERAGE NUMBER
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OF UNITS OUTSTANDING
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4,474,983.699
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5,451,080.574
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4,724,481.025
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5,695,075.133
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Units of
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|||||||
Partnership
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Limited
|
General
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|||||
Interest
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Partners
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Partner
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Total
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$
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$
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$
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|||||
Partners’ Capital,
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|||||||
December 31, 2010
|
5,020,573.947
|
47,504,374
|
517,432
|
48,021,806
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Net Loss
|
–
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(2,632,380)
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(29,883)
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(2,662,263)
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Redemptions
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(665,637.947)
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(5,972,481)
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(49,999)
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(6,022,480)
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Partners’ Capital,
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|||||||
September 30, 2011
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4,354,936.000
|
38,899,513
|
437,550
|
39,337,063
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|||
Partners’ Capital,
|
|||||||
December 31, 2009
|
6,024,411.202
|
59,798,213
|
612,188
|
60,410,401
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Net Loss
|
–
|
(2,955,028)
|
(30,098)
|
(2,985,126)
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Redemptions
|
(710,798.311)
|
(6,842,842)
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(67,815)
|
(6,910,657)
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|||
Partners’ Capital,
|
|||||||
September 30, 2010
|
5,313,612.891
|
50,000,343
|
514,275
|
50,514,618
|
2.
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Financial Highlights
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2011
|
2010
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2011
|
2010
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|
Per Unit operating performance:
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||||
Net asset value at the beginning of the period:
|
$ 8.84
|
$ 9.57
|
$ 9.57
|
$ 10.03
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Interest Income
|
– (3)
|
– (3)
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– (3)
|
0.01
|
Expenses
|
(0.15)
|
(0.16)
|
(0.45)
|
(0.49)
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Realized/Unrealized Gain (Loss)
|
0.34
|
0.10
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(0.09)
|
(0.04)
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Net Gain (Loss)
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0.19
|
(0.06)
|
(0.54)
|
(0.52)
|
Net asset value, September 30:
|
$ 9.03
|
$ 9.51
|
$ 9.03
|
$ 9.51
|
Ratios to average net assets:
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Net Investment Loss (2)
|
(6.6)%
|
(6.5)%
|
(6.7)%
|
(6.7)%
|
Expenses before Incentive Fees (2)
|
6.6%
|
6.6%
|
6.8%
|
6.8%
|
Expenses after Incentive Fees (2)
|
6.6%
|
6.6%
|
6.8%
|
6.8%
|
Net Gain (Loss) (2)
|
8.6%
|
(2.7)%
|
(8.5)%
|
(7.3)%
|
Total return before incentive fees
|
2.1%
|
(0.6)%
|
(5.6)%
|
(5.2)%
|
Total return after incentive fees
|
2.1%
|
(0.6)%
|
(5.6)%
|
(5.2)%
|
1)
|
a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both;
|
2)
|
Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and
|
3)
|
Terms that require or permit net settlement.
|
Net Unrealized Gains on Open Contracts
|
Longest Maturities
|
||||
Date
|
Exchange-Traded
|
Off-Exchange-Traded
|
Total
|
Exchange-Traded
|
Off-Exchange-Traded
|
$
|
$
|
$
|
|||
Sep. 30, 2011
|
106,548
|
1,276,004
|
1,382,552
|
Dec. 2011
|
Dec. 2011
|
Dec. 31, 2010
|
74,100
|
1,044,336
|
1,118,436
|
Mar. 2011
|
Mar. 2011
|
Futures and Forward Contracts
|
Long Unrealized
Gain
|
Long Unrealized
Loss
|
Short
Unrealized
Gain
|
Short Unrealized
Loss
|
Net Unrealized
Gain
|
Average number of contracts outstanding
for the nine months
(absolute quantity)
|
$
|
$
|
$
|
$
|
$
|
||
Foreign currency
|
74,018
|
(161,023)
|
1,552,379
|
(127,708)
|
1,337,666
|
5,577
|
Total
|
74,018
|
(161,023)
|
1,552,379
|
(127,708)
|
1,337,666
|
|
Unrealized currency gain
|
44,886
|
|||||
Total net unrealized gain on open contracts
|
1,382,552
|
Average number of
|
||
contracts outstanding
|
||
for the nine months
|
||
(absolute quantity)
|
||
Option Contracts at Fair Value
|
$
|
|
Options purchased
|
760
|
1
|
Options written
|
–
|
1
|
Futures and Forward Contracts
|
Long Unrealized
Gain
|
Long Unrealized
Loss
|
Short
Unrealized
Gain
|
Short Unrealized
Loss
|
Net Unrealized
Gain
|
Average number of contracts
outstanding for the year (absolute quantity)
|
$
|
$
|
$
|
$
|
$
|
||
Foreign currency
|
1,132,624
|
(43,007)
|
169,153
|
(248,617)
|
1,010,153
|
6,867
|
Total
|
1,132,624
|
(43,007)
|
169,153
|
(248,617)
|
1,010,153
|
|
Unrealized currency gain
|
108,283
|
|||||
Total net unrealized gain on open contracts
|
1,118,436
|
Average number of
|
||
contracts outstanding
|
||
for the year
|
||
(absolute quantity)
|
||
Option Contracts at Fair Value
|
$
|
|
Options purchased
|
4,459
|
3
|
Options written
|
–
|
2
|
For the Three Months
|
For the Nine Months
|
||
Ended September 30, 2011
|
Ended September 30, 2011
|
||
Type of Instrument
|
$
|
$
|
|
Foreign currency
|
1,524,199
|
(512,236)
|
|
Unrealized currency loss
|
(18,235)
|
(36,822)
|
|
Total
|
1,505,964
|
(549,058)
|
For the Three Months
|
For the Nine Months
|
||
Ended September 30, 2011
|
Ended September 30, 2011
|
||
Trading Results
|
$
|
$
|
|
Realized
|
110,272
|
(805,585)
|
|
Net change in unrealized
|
1,395,692
|
256,527
|
|
Total Trading Results
|
1,505,964
|
(549,058)
|
For the Three Months
|
For the Nine Months
|
||
Ended September 30, 2010
|
Ended September 30, 2010
|
||
Type of Instrument
|
$
|
$
|
|
Foreign currency
|
432,594
|
(276,880)
|
|
Unrealized currency gain
|
50,910
|
5,344
|
|
Total
|
483,504
|
(271,536)
|
For the Three Months
|
For the Nine Months
|
||
Ended September 30, 2010
|
Ended September 30, 2010
|
||
Trading Results
|
$
|
$
|
|
Realized
|
(403,574)
|
(1,168,029)
|
|
Net change in unrealized
|
887,078
|
896,493
|
|
Total Trading Results
|
483,504
|
(271,536)
|
September 30, 2011
|
Unadjusted
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Unobservable Inputs
(Level 3)
|
Total
|
|
$
|
$
|
$
|
$
|
||
Assets
|
|||||
Futures
|
102,269
|
–
|
n/a
|
102,269
|
|
Forwards
|
–
|
1,524,128
|
n/a
|
1,524,128
|
|
Options Purchased
|
–
|
760
|
n/a
|
760
|
|
Total Assets
|
102,269
|
1,524,888
|
n/a
|
1,627,157
|
|
Liabilities
|
|||||
Futures
|
40,607
|
–
|
n/a
|
40,607
|
|
Forwards
|
–
|
248,124
|
n/a
|
248,124
|
|
Total Liabilities
|
40,607
|
248,124
|
n/a
|
288,731
|
|
Unrealized currency gain
|
44,886
|
||||
*Net fair value
|
61,662
|
1,276,764
|
n/a
|
1,383,312
|
|
December 31, 2010
|
Unadjusted
Quoted Prices in Active
Markets for Identical Assets
(Level 1)
|
Significant Other
Observable Inputs
(Level 2)
|
Significant
Unobservable Inputs
(Level 3)
|
Total
|
|
$
|
$
|
$
|
$
|
||
Assets
|
|||||
Futures
|
74,100
|
–
|
n/a
|
74,100
|
|
Forwards
|
–
|
1,227,677
|
n/a
|
1,227,677
|
|
Options Purchased
|
–
|
4,459
|
n/a
|
4,459
|
|
Total Assets
|
74,100
|
1,232,136
|
n/a
|
1,306,236
|
|
Liabilities
|
|||||
Futures
|
–
|
–
|
n/a
|
–
|
|
Forwards
|
–
|
291,624
|
n/a
|
291,624
|
|
Total Liabilities
|
–
|
291,624
|
n/a
|
291,624
|
|
Unrealized currency gain
|
108,283
|
||||
*Net fair value
|
74,100
|
940,512
|
n/a
|
1,122,895
|
|
8. Restricted and Unrestricted Cash
|
|
Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
% of Total
|
||
Market Sector
|
VaR
|
Capitalization
|
Currency
|
$3,061,620
|
7.78%
|
Total
|
$3,061,620
|
7.78%
|
High
|
Low
|
Average
|
|
Market Sector
|
VaR
|
VaR
|
VaR*
|
Currency
|
$5,786,605
|
$2,052,414
|
$3,607,561
|
Primary Market
|
December 31, 2010
|
Risk Category
|
VaR
|
Currency
|
(1.13)%
|
December 31, 2010
|
|||
Primary Market Risk Category
|
High
|
Low
|
Average
|
Currency
|
(1.59)%
|
(1.11)%
|
(1.27)%
|
·
|
past changes in market risk factors will not always result in accurate predictions of the distributions and correlations of future market movements;
|
·
|
changes in portfolio value caused by market movements may differ from those of the VaR model;
|
·
|
VaR results reflect past market fluctuations applied to current trading positions while future risk depends on future positions;
|
·
|
VaR using a one-day time horizon does not fully capture the market risk of positions that cannot be liquidated or hedged within one day; and
|
·
|
the historical market risk factor data used for VaR estimation may provide only limited insight into losses that could be incurred under certain unusual market movements.
|
Item 1A.
|
RISK FACTORS
|
Item 6.
|
EXHIBITS
|
31.01*
|
Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.02*
|
Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.01*
|
Certification of President of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.02*
|
Certification of Chief Financial Officer of Ceres Managed Futures LLC, the general partner of the Partnership, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.LAB*
|
XBRL Taxonomy Extension Label Document
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Document
|
101.DEF*
|
XBRL Taxonomy Extension Definition Document
|
|
Notes to Exhibits List
|
Morgan Stanley Smith Barney Spectrum Currency L.P.
|
||
(Registrant)
|
||
By:
|
Ceres Managed Futures LLC
|
|
(General Partner)
|
||
November 10, 2011
|
By:
|
/s/Brian Centner
|
Brian Centner
|
||
Chief Financial Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Morgan Stanley Smith Barney Spectrum Currency L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 10, 2011
|
By:
|
/s/Walter Davis
|
Walter Davis
|
||
President,
|
||
Ceres Managed Futures LLC,
|
||
General Partner of the registrant
|
1.
|
I have reviewed this quarterly report on Form 10-Q of Morgan Stanley Smith Barney Spectrum Currency L.P.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition and results of operations of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: November 10, 2011
|
By:
|
/s/ Brian Centner
|
Brian Centner
|
||
Chief Financial Officer,
|
||
Ceres Managed Futures LLC,
|
||
General Partner of the registrant
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
By:
|
/s/Walter Davis
|
|
Name:
|
Walter Davis
|
|
Title:
|
President of
|
|
Ceres Managed Futures LLC,
|
||
General Partner of the registrant
|
||
Date:
|
November 10, 2011
|
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.
|
By:
|
/s/ Brian Centner
|
|
Name:
|
Brian Centner
|
|
Title:
|
Chief Financial Officer of
|
|
Ceres Managed Futures LLC,
|
||
General Partner of the registrant
|
||
Date:
|
November 10, 2011
|
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Trading Equity: | ||
Options purchased, premiums paid | $ 6,129 | $ 2,240 |
Partners' Capital: | ||
Limited Partners, Units (in units) | 4,306,495.657 | 4,966,477.604 |
General Partner, Units (in units) | 48,440.343 | 54,096.343 |
Document And Entity Information (USD $) | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Jun. 30, 2010 | |
Entity Registrant Name | MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY LP | |
Entity Central Index Key | 0001097396 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 52,289,122 | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2011 |
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Fair Value Measurements and Disclosures | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements and Disclosures | 6. Fair Value Measurements and Disclosures Financial instruments are carried at fair value, which is 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 carried at fair value are classified and disclosed in the following three levels: Level 1 - unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 - inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates, credit risk); and Level 3 - unobservable inputs for the asset or liability (including the Partnership's own assumptions used in determining the fair value of investments). In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership'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 Partnership'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.
* This amount comprises the “Total net unrealized gain on open contracts” and “Options purchased” on the Statements of Financial Condition. |
Financial Highlights | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Highlights |
Changes in the net asset value per Unit for the three and nine months ended September 30, 2011 and 2010 were as follows: For the Three Months For the Nine Months Ended September 30, Ended September 30,
(1) Realized/Unrealized Gain (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information. (2) Annualized (except for incentive fees, if applicable). (3) Amounts less than $0.005 per Unit. |
Restricted and Unrestricted Cash | 9 Months Ended | ||
---|---|---|---|
Sep. 30, 2011 | |||
Restricted and Unrestricted Cash [Abstract] | |||
Restricted and Unrestricted Cash |
As reflected on the Partnership's Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forwards and options and offset losses on only offset London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. |
Income Taxes | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Income Taxes [Abstract] | |
Income Taxes | 9. Income Taxes No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of the Partnership's revenues or expenses for income tax purposes. The Partnership files U.S. federal and state tax returns. This guidance issued by the FASB on income taxes clarifies the accounting for uncertainty in income taxes recognized in the Partnership's financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnership has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements as of September 30, 2011. If applicable, the Partnership recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2008 through 2010 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination. |
Other Pronouncements | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Other Pronouncements [Abstract] | |
Other Pronouncements | 7. Other Pronouncements In May 2011, FASB issued Accounting Standards Update (“ASU”) 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in accounting principles generally accepted in the United States of America (“U.S. GAAP”) and International Financial Reporting Standards (“IFRSs”). The amendments within this ASU change the wording used to describe many of the requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements to eliminate unnecessary wording differences between U.S. GAAP and IFRSs. However, some of the amendments clarify the FASB's intent about the application of existing fair value measurement requirements and other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The ASU is effective for annual and interim periods beginning after December 15, 2011 for public entities. This new guidance is not expected to have a material impact on the Partnership's financial statements. |
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (Unaudited) (USD $) | Total | Limited Partners [Member] | General Partner [Member] |
---|---|---|---|
Beginning Balance at Dec. 31, 2009 | $ 60,410,401 | $ 59,798,213 | $ 612,188 |
Beginning Balance (in units) at Dec. 31, 2009 | 6,024,411.202 | ||
Net Loss | (2,985,126) | (2,955,028) | (30,098) |
Redemptions | (6,910,657) | (6,842,842) | (67,815) |
Redemptions (in units) | (710,798.311) | ||
Net Loss | (2,985,126) | (2,955,028) | (30,098) |
Beginning Balance at Sep. 30, 2010 | 50,514,618 | 50,000,343 | 514,275 |
Beginning Balance (in units) at Sep. 30, 2010 | 5,313,612.891 | ||
Beginning Balance at Dec. 31, 2010 | 48,021,806 | 47,504,374 | 517,432 |
Beginning Balance (in units) at Dec. 31, 2010 | 5,020,573.947 | ||
Net Loss | (2,662,263) | (2,632,380) | (29,883) |
Redemptions | (6,022,480) | (5,972,481) | (49,999) |
Redemptions (in units) | (665,637.947) | ||
Net Loss | (2,662,263) | (2,632,380) | (29,883) |
Beginning Balance at Sep. 30, 2011 | $ 39,337,063 | $ 38,899,513 | $ 437,550 |
Beginning Balance (in units) at Sep. 30, 2011 | 4,354,936.000 |
Related Party Transactions | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 3. Related Party Transactions The Partnership's cash is on deposit with MSSB and MS&Co. in Futures Interest trading accounts to meet margin requirements as needed. At each month end, MSSB pays the Partnership interest income on 80% of the funds on deposit with the commodity broker at a rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate during such month. MSSB retains any interest earned in excess of the interest paid by MSSB to the Partnership. For purposes of such interest payments, net assets do not include monies owed to the Partnership on Futures Interests. The Partnership pays brokerage fees to MS&Co. |
Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||
Financial Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||
Financial Instruments | 4. Financial Instruments The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the net change in unrealized trading profit (loss) on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) of the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs, the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The Partnership may buy or write put and call options through listed exchanges and the over-the-counter market. The buyer of an option has the right to purchase (in the case of a call option) or sell (in the case of a put option) a specified quantity of a specific Futures Interest on the underlying assets at a specified price prior to or on a specified expiration date. The writer of an option is exposed to the risk of loss if the fair value of the Futures Interest on the underlying asset declines (in the case of a put option) or increases (in the case of a call option). The writer of an option can never profit by more than the premium paid by the buyer but can potentially lose an unlimited amount. Premiums received/premiums paid from writing/purchasing options are recorded as liabilities/assets on the Statements of Financial Condition and are subsequently adjusted to fair values. The difference between the fair value of the option and the premiums received/premiums paid is treated as an unrealized gain or loss. The fair value of exchange-traded contracts is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The Partnership's contracts are accounted for on a trade-date basis and marked to market on a daily basis. The Partnership accounts for its derivative investments as described in Note 5. Derivatives and Hedging as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC” or the “Codification”). A derivative is defined as a financial instrument or other contract that has all three of the following characteristics:
Generally, derivatives include futures, forwards, swaps or options contracts, and other financial instruments with similar characteristics such as caps, floors, and collars. The net unrealized gains on open contracts, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:
The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gain amounts reflected in the Partnership's Statements of Financial Condition. The Partnership also has credit risk because MS&Co. and/or MSCG acts as the futures commission merchant or the counterparty, with respect to most of the Partnership's assets. Exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are marked to market on a daily basis, with variations in value settled on a daily basis. MS&Co., as a commodity broker for the Partnership's exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, is required, pursuant to regulations of the Commodity Futures Trading Commission (“CFTC”), to segregate from their own assets, and for the sole benefit of its commodity customers, all funds held by it with respect to exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, including an amount equal to the net unrealized losses on all open exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, which funds, in the aggregate, totaled $38,746,658 and $47,998,757 at September 30, 2011, and December 31, 2010, respectively. With respect to the Partnership's off-exchange-traded forward currency contracts and forward currency options contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MSSB for the benefit of MS&Co. With respect to those off-exchange-traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. With respect to those off-exchange-traded forward currency options contracts, the Partnership is at risk to the ability of MSCG, the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with each counterparty. These agreements, which seek to reduce both the Partnership's and the counterparties' exposure on off-exchange-traded forward currency contracts, including options on such contracts, should materially decrease the Partnership's credit risk in the event of MS&Co.'s or MSCG's bankruptcy or insolvency. The futures, forwards and options traded by the Partnership involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership's open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement price. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership's accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MSSB for the benefit of MS&Co. |
Derivatives and Hedging | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging | 5. Derivatives and Hedging The Partnership's objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategy. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. The following tables summarize the valuation of the Partnership's investments as of September 30, 2011 and December 31, 2010, respectively. The Effect of Trading Activities on the Statements of Financial Condition as of September 30, 2011:
The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2010:
The following tables summarize the net trading results of the Partnership for the three and nine months ended September 30, 2011 and 2010, respectively. The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011 included in Total Trading Results:
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2011:
The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2010 included in Total Trading Results:
Line Items on the Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2010:
|
STATEMENTS OF INCOME AND EXPENSES (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |||||||
INVESTMENT INCOME | ||||||||||
Interest income (MSSB) | $ 1,379 | $ 14,696 | $ 14,048 | $ 36,143 | ||||||
EXPENSES | ||||||||||
Brokerage fees (MS&Co.) | 457,279 | 591,110 | 1,482,631 | 1,916,481 | ||||||
Management fees | 198,817 | 257,004 | 644,622 | 833,252 | ||||||
Total Expenses | 656,096 | 848,114 | 2,127,253 | 2,749,733 | ||||||
NET INVESTMENT LOSS | (654,717) | (833,418) | (2,113,205) | (2,713,590) | ||||||
Trading profit (loss): | ||||||||||
Realized | 110,272 | (403,574) | (805,585) | (1,168,029) | ||||||
Net change in unrealized | 1,395,692 | 887,078 | 256,527 | 896,493 | ||||||
Total Trading Results | 1,505,964 | 483,504 | (549,058) | (271,536) | ||||||
NET INCOME (LOSS) | 851,247 | (349,914) | (2,662,263) | (2,985,126) | ||||||
NET INCOME (LOSS) ALLOCATION | ||||||||||
Limited Partners | 842,034 | (346,385) | (2,632,380) | (2,955,028) | ||||||
General Partner | $ 9,213 | $ (3,529) | $ (29,883) | $ (30,098) | ||||||
NET INCOME (LOSS) PER UNIT | ||||||||||
Limited Partners | $ 0.19 | [1] | $ (0.06) | [1] | $ (0.54) | [1] | $ (0.52) | [1] | ||
General Partner | $ 0.19 | [1] | $ (0.06) | [1] | $ (0.54) | [1] | $ (0.52) | [1] | ||
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | 4,474,983.699 | 5,451,080.574 | 4,724,481.025 | 5,695,075.133 | ||||||
|
Organization | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Organization [Abstract] | |
Organization | 1. Organization Morgan Stanley Smith Barney Spectrum Currency L.P. is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 4. Financial Instruments). The Partnership is one of the Morgan Stanley Smith Barney Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Global Balanced L.P., Morgan Stanley Smith Barney Spectrum Select L.P., Morgan Stanley Smith Barney Spectrum Strategic L.P., and Morgan Stanley Smith Barney Spectrum Technical L.P. (collectively, the “Spectrum Series”). The Partnership's general partner is Ceres Managed Futures LLC (“Ceres” or the “General Partner”). The non-clearing commodity broker is Morgan Stanley Smith Barney LLC (“MSSB”). The clearing commodity broker is Morgan Stanley & Co. LLC (“MS&Co.”) (formerly, Morgan Stanley & Co. Incorporated). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Capital Group Inc. (“MSCG”) acts as the counterparty on all trading of options on foreign currency forward contracts. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is majority-owned indirectly by Morgan Stanley and minority-owned indirectly by Citigroup Inc. MSSB is the principal subsidiary of MSSBH. MS&Co. and MSCG are wholly-owned subsidiaries of Morgan Stanley. The trading advisors to the Partnership are C-View International Limited, John W. Henry & Company, Inc. (“JWH”) and Sunrise Capital Partners, LLC (“Sunrise”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). |
Subsequent Event | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Subsequent Event [Abstract] | |
Subsequent Event | 10. Subsequent Events Management of Ceres performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements other than these disclosed below. As of January 2, 2012, the General Partner will change the trading strategy of the Partnership to a strategy in which the trading advisors employ proprietary trading models and methodologies that seek to identify favorable price relationships between and among various global currency and commodity markets through the analysis of technical market information. The Partnership will aim to achieve capital appreciation through speculative trading, directly and indirectly, in U.S. and international markets for currencies, agricultural and energy products and precious and base metals. The Partnership may employ futures, options on futures, and forward contracts in those markets. In implementing this new trading strategy, the General Partner has decided to change the name of the Partnership and to make certain changes to the Trading Advisors managing the assets on behalf of the Partnership. Effective January 1, 2012, the Partnership's name will change from “Morgan Stanley Smith Barney Spectrum Currency L.P.” to “Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.” In respect of the Trading Advisors, the General Partners will remove the following Trading Advisors from the Partnership as of December 31, 2011: JWH and Sunrise. Consequently, each of JWH and Sunrise will cease all futures interests trading on behalf of the Partnership as of that date. The General partners also has determined to add the following two new trading advisors to manage the assets of the Partnership as of January 1, 2012: Flintlock Capital Asset Management, LLC and Krom River Investment Management (Cayman) Limited (together with its affiliate, Krom River Trading AG). |
STATEMENTS OF FINANCIAL CONDITION (Unaudited) (USD $) | Sep. 30, 2011 | Dec. 31, 2010 |
---|---|---|
Trading Equity: | ||
Unrestricted cash | $ 38,316,710 | $ 47,835,799 |
Restricted cash | 323,400 | 88,858 |
Total cash | 38,640,110 | 47,924,657 |
Net unrealized gain on open contracts (MS&Co.) | 1,382,552 | 1,118,436 |
Options purchased (premiums paid $6,129 and $2,240, respectively) | 760 | 4,459 |
Total Trading Equity | 40,023,422 | 49,047,552 |
Interest receivable (MSSB) | 26 | 3,168 |
Total Assets | 40,023,448 | 49,050,720 |
Liabilities: | ||
Redemptions payable | 473,320 | 765,167 |
Accrued brokerage fees (MS&Co.) | 148,500 | 183,824 |
Accrued management fees | 64,565 | 79,923 |
Total Liabilities | 686,385 | 1,028,914 |
Partners' Capital: | ||
Limited Partners (4,306,495.657 and 4,966,477.604 Units, respectively) | 38,899,513 | 47,504,374 |
General Partner (48,440.343 and 54,096.343 Units, respectively) | 437,550 | 517,432 |
Total Partners' Capital | 39,337,063 | 48,021,806 |
Total Liabilities and Partners' Capital | $ 40,023,448 | $ 49,050,720 |
NET ASSET VALUE PER UNIT | $ 9.03 | $ 9.57 |
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