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Derivatives and Hedging
 6 Months Ended
Jun. 30, 2012
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 June 30, 2012 and December 31, 2011, respectively.
 
The Effect of Trading Activities on the Statements of Financial Condition as of June 30, 2012:

Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the six
months
(absolute
quantity)
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
1,560,458
 
 
 
(799,924
)
 
 
1,540,212
 
 
 
(2,725,980
)
 
 
(425,234
)
 
 
4,424
 
Equity
 
 
1,015,276
 
 
 
(67,281
)
 
 
-
 
 
 
(488,058
)
 
 
459,937
 
 
 
1,892
 
Foreign currency
 
 
641,868
 
 
 
(186,825
)
 
 
257,154
 
 
 
(1,173,005
)
 
 
(460,808
)
 
 
6,444
 
Interest rate
 
 
1,796,694
 
 
 
(326,783
)
 
 
 6,814
 
 
 
(68,952
)
 
 
1,407,773
 
 
 
9,873
 
Total
 
 
5,014,296
 
 
 
(1,380,813
)
 
 
1,804,180
 
 
 
(4,455,995
)
 
 
981,668
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,221,923
)
 
 
 
 
Total net unrealized loss on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(240,255
)
 
 
 
 

The Effect of Trading Activities on the Statements of Financial Condition as of December 31, 2011:

Futures and Forward Contracts
 
Long
Unrealized
Gain
 
 
Long
Unrealized
Loss
 
 
Short Unrealized
Gain
 
 
Short Unrealized
Loss
 
 
Net Unrealized
 Gain/(Loss)
 
 
Average
number of
contracts
outstanding
for the year
(absolute
quantity)
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 
$
 
 
 $
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity
 
 
418,029
 
 
 
(822,942
)
 
 
4,381,649
 
 
 
(2,417,431
)
 
 
1,559,305
 
 
 
4,077
 
Equity
 
 
307,762
 
 
 
(7,656
)
 
 
94,660
 
 
 
(143,961
)
 
 
250,805
 
 
 
1,386
 
Foreign currency
 
 
739,841
 
 
 
(106,865
)
 
 
2,115,906
 
 
 
(300,292
)
 
 
2,448,590
 
 
 
7,744
 
Interest rate
 
 
3,538,706
 
 
 
(109,261
)
 
 
139,283
 
 
 
(121,941
)
 
 
3,446,787
 
 
 
7,073
 
Total
 
 
5,004,338
 
 
 
(1,046,724
)
 
 
6,731,498
 
 
 
(2,983,625
)
 
 
7,705,487
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized currency loss
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1,303,588
)
 
 
 
 
Total net unrealized gain on open contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6,401,899
 
 
 
 
 

The following tables summarize the net trading results of the Partnership for the three and six months ended June 30, 2012 and 2011, respectively.

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012 included in Total Trading Results:

 
For the Three Months
 
 
For the Six Months
 
 
Ended June 30, 2012
 
 
Ended June 30, 2012
 
Type of Instrument
 
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
Commodity
 
 
(861,207
)
 
 
3,423,017
 
Equity
 
 
(8,143,567
)
 
 
3,061,766
 
Foreign currency
 
 
(1,014,291
)
 
 
(5,834,615
)
Interest rate
 
 
12,505,129
 
 
 
6,054,065
 
Unrealized currency gain
 
 
93,283
 
 
 
81,666
 
Total
 
 
2,579,347
 
 
 
6,785,899
 

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2012:
 
For the Three Months
 
 
For the Six Months
 
 
Ended June 30, 2012
 
 
Ended June 30, 2012
 
Trading Results
 
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
Net realized
 
 
6,374,875
 
 
 
13,428,053
 
Net change in unrealized
 
 
(3,795,528
)
 
 
 (6,642,154
)
Total Trading Results
 
 
 2,579,347
 
 
 
6,785,899
 

The Effect of Trading Activities on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011 included in Total Trading Results:


 
For the Three Months
 
 
For the Six Months
 
 
Ended June 30, 2011
 
 
Ended June 30, 2011
 
Type of Instrument
 
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
Commodity
 
 
(18,360,323
)
 
 
(4,684,465
)
Equity
 
 
(11,098,993
)
 
 
(17,330,260
)
Foreign currency
 
 
8,155,318
 
 
 
(1,034,810
)
Interest rate
 
 
5,956,209
 
 
 
142,936
 
Unrealized currency loss
 
 
(147,279
)
 
 
(310,994
)
Total
 
 
(15,495,068
)
 
 
(23,217,593
)

Line Items on the Statements of Income and Expenses for the Three and Six Months Ended June 30, 2011:
 
For the Three Months
 
 
For the Six Months
 
 
Ended June 30, 2011
 
 
Ended June 30, 2011
 
Trading Results
 
 
$
 
 
 
$
 
 
 
 
 
 
 
 
 
Net realized
 
 
(8,012,979
)
 
 
(3,053,102
)
Net change in unrealized
 
 
(7,482,089
)
 
 
(20,164,491
)
Total Trading Results
 
 
(15,495,068
)
 
 
(23,217,593
)