Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2013

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Select

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		9,894,085			(3,011,012	)		6,883,073
Forwards		528,063			(69,127	)		458,936
Total Assets		10,422,148			(3,080,139	)		7,342,009
Liabilities
Futures		(3,011,012	)		3,011,012			–
Forwards		(69,127	)		69,127			–
Total Liabilities		(3,080,139	)		3,080,139			–
Unrealized currency loss								(689,577	)
Total net unrealized gain on open contracts								6,652,432

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		7,876,474			(4,169,335	)		3,707,139
Forwards		619,732			(571,652	)		48,080
Total Assets		8,496,206			(4,740,987	)		3,755,219
Liabilities
Futures		(4,169,335	)		4,169,335			–
Forwards		(571,652	)		571,652			–
Total Liabilities		(4,740,987	)		4,740,987			–
Unrealized currency loss								(1,203,865	)
Total net unrealized gain on open contracts								2,551,354

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

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		561,914		(1,776,263	)		2,430,029		(322,157	)		893,523			4,153
Equity		3,462,235		–			36,105		(3,696	)		3,494,644			1,717
Foreign currency		1,474,046		(124,132	)		986,884		(59,129	)		2,277,669			3,214
Interest rate		61,862		(636,034	)		1,409,073		(158,728	)		676,173			5,741
Total		5,560,057		(2,536,429	)		4,862,091		(543,710	)		7,342,009
Unrealized currency loss												(689,577	)
Total net unrealized gain on open contracts												6,652,432

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	3
Options written		–	2

December 31, 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 Year (Absolute Quantity)
	$		$			$		$			$
Commodity		763,693		(1,021,268	)		1,051,860		(1,134,848	)		(340,563	)		4,025
Equity		1,842,840		(517,175	)		–		(36,283	)		1,289,382			1,915
Foreign currency		1,878,922		(1,022,609	)		2,196,364		(253,560	)		2,799,117			5,689
Interest rate		759,302		(607,381	)		3,225		(147,863	)		7,283			9,810
Total		5,244,757		(3,168,433	)		3,251,449		(1,572,554	)		3,755,219
Unrealized currency loss												(1,203,865	)
Total net unrealized gain on open contracts												2,551,354

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Select

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(8,240,610	)		(12,872,729	)		(17,215,862	)
Equity		17,236,173			6,993,095			(27,174,382	)
Foreign currency		69,245			(2,206,555	)		(11,400,426	)
Interest rate		(3,637,449	)		1,388,041			19,104,345
Unrealized currency gain (loss)		514,288			99,725			(567,763	)
Total		5,941,647			(6,598,423	)		(37,254,088	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		1,840,569		(2,747,878	)		(23,852,820	)
Net change in unrealized		4,101,078		(3,850,545	)		(13,401,268	)
Total		5,941,647		(6,598,423	)		(37,254,088	)

Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

The following tables summarize the valuation of each Partnership’s investments as of December 31, 2013 and 2012.

Spectrum Currency

As of December 31, 2013, Spectrum Currency held no futures and forward contracts; therefore, there were no net unrealized gains and losses on futures and forward contracts.

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
		$			$			$
Assets
Forwards		105,849			(64,477	)		41,372
Total Assets		105,849			(64,477	)		41,372
Liabilities
Forwards		(64,477	)		64,477			–
Total Liabilities		(64,477	)		64,477			–
Unrealized currency gain								1,833
Total net unrealized gain on open contracts								43,205

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

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)

$

$

$

$

$

Foreign currency

–

–

–

–

–

826

Total

–

–

–

–

–

Unrealized currency gain (loss)

–

Total net unrealized gain (loss) on open contracts

–

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		1

December 31, 2012

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		47,414		(41,869	)		58,435		(22,608	)		41,372		1,498
Total		47,414		(41,869	)		58,435		(22,608	)		41,372
Unrealized currency gain												1,833
Total net unrealized gain on open contracts												43,205

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–	1
Options written		–	1

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Currency

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(565,844	)		(2,081,165	)		–
Foreign currency		1,542,186			174,080			(1,647,809	)
Unrealized currency loss		(1,832	)		(33,641	)		(46,233	)
Total		974,510			(1,940,726	)		(1,694,042	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results	$			$			$
Net realized		444,474			(199,068	)		(483,261	)
Net change in unrealized		(43,205	)		133,331			(1,210,781	)
Realized loss on investment in KR Master Fund		(551,662	)		(488,412	)		–
Realized loss on investment in FL Master Fund		–			(2,033,985	)		–
Realized income (loss) on investment in Cambridge Master Fund		1,188,237			(44,139	)		–
Unrealized appreciation on investment in FL Master Fund		–			514,630			–
Unrealized appreciation (depreciation) on investment in KR Master Fund		(23,816	)		52,939			–
Unrealized appreciation (depreciation) on investment in Cambridge Master Fund		(39,518	)		123,978			–
Total		974,510			(1,940,726	)		(1,694,042	)

Morgan Stanley Smith Barney Spectrum Global Balanced L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Global Balanced

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		511,577			(200,698	)		310,879
Total Assets		511,577			(200,698	)		310,879
Liabilities
Futures		(200,698	)		200,698			–
Total Liabilities		(200,698	)		200,698			–
Unrealized currency gain								889,621
Total net unrealized gain on open contracts								1,200,500

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		270,741			(195,393	)		75,348
Forwards		70,236			(40,258	)		29,978
Total Assets		340,977			(235,651	)		105,326
Liabilities
Futures		(195,393	)		195,393			–
Forwards		(40,258	)		40,258			–
Total Liabilities		(235,651	)		235,651			–
Unrealized currency gain								876,453
Total net unrealized gain on open contracts								981,779

Schedule of Derivatives Not Offset in Statement of Financial Condition

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(31,915	)		–		(31,915	)
Total Liabilities		(31,915	)		–		(31,915	)
Total							(31,915	)
Net fair value							1,168,585

 

	Gross amounts not offset in the Statements of Financial Condition
	Financial Instruments			Cash Collateral Received		Net Amount
	$			$		$
Liabilities
Options written		(22,859	)		–		(22,859	)
Total Liabilities		(22,859	)		–		(22,859	)
Total							(22,859	)
Net fair value							958,920

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

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)
	$		$			$		$			$
Commodity		35,708		(122,067	)		152,026		(8,002	)		57,665		201
Equity		84,250		(157	)		19,206		(28,030	)		75,269		54
Foreign currency		117,601		(2,295	)		27,474		(1,286	)		141,494		705
Interest rate		10,679		(37,679	)		64,633		(1,182	)		36,451		298
Total		248,238		(162,198	)		263,339		(38,500	)		310,879
Unrealized currency gain												889,621
Total net unrealized gain on open contracts												1,200,500

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–			1
Options written		(31,915	)		10

December 31, 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 Year (Absolute Quantity)
	$		$			$		$			$
Commodity		15,953		(74,679	)		34,996		(23,285	)		(47,015	)		195
Equity		51,479		(8,381	)		15,186		(15,625	)		42,659			46
Foreign currency		125,101		(46,320	)		53,721		(28,930	)		103,572			892
Interest rate		44,541		(18,952	)		–		(19,479	)		6,110			405
Total		237,074		(148,332	)		103,903		(87,319	)		105,326
Unrealized currency gain												876,453
Total net unrealized gain on open contracts												981,779

				Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value	$
Options purchased		–			1
Options written		(22,859	)		14

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Global Balanced

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		(813,691	)		(261,829	)		(864,562	)
Equity		330,825			224,150			(965,779	)
Foreign currency		604,077			171,401			(735,607	)
Interest rate		(54,064	)		6,538			1,137,203
Unrealized currency gain (loss)		13,168			(18,409	)		(61,781	)
Total		80,315			121,851			(1,490,526	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013			2012			2011
Trading Results		$			$			$
Net realized		(129,286	)		370,013			(1,151,478	)
Net change in unrealized		209,601			(248,162	)		(339,048	)
Total		80,315			121,851			(1,490,526	)

Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The Partnership held no futures or forward contracts; therefore, there were no net unrealized gains or losses on futures or forward contracts.

December 31, 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 Year (Absolute Quantity)
	$		$		$		$		$
Commodity		—		—		—		—		—		752
Equity		—		—		—		—		—		328
Foreign currency		—		—		—		—		—		6,514
Interest rate		—		—		—		—		—		2,260
Total		—		—		—		—		—
Unrealized currency gain (loss)										—
Total net unrealized gain (loss) on open contracts										—

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Strategic

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		2,391,667			(1,374,285	)		(18,052,648	)
Equity		853,223			(3,098,127	)		(2,778,840	)
Foreign currency		197,595			(39,186	)		(14,779,073	)
Interest rate		(563,163	)		2,280,070			7,707,782
Unrealized currency loss		–			–			(86,013	)
Total		2,879,322			(2,231,528	)		(27,988,792	)

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		–		–			2,750,625
Net change in unrealized		–		–			(8,555,065	)
Realized gain (loss) on investment in BHM I, LLC		559,473		(429,295	)		(958,118	)
Realized gain (loss) on investment in PGR Master Fund		5,825		(25,751	)		–
Realized gain on investment in MB Master Fund		22,738		3,838			–
Unrealized appreciation (depreciation) on investment in BHM I, LLC		981,916		(687,951	)		(21,346,446	)
Unrealized appreciation (depreciation) on investment in PGR Master Fund		1,092,727		(1,252,834	)		240,600
Unrealized appreciation (depreciation) on investment in MB Master Fund		216,643		160,465			(120,388	)
Total Trading Results		2,879,322		(2,231,528	)		(27,988,792	)

Morgan Stanley Smith Barney Spectrum Technical L.P. [Member]

Derivative Instruments and Hedging Activities, Disclosures [Line Items]

Offsetting Of Derivative Assets And Liabilities

Spectrum Technical

Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		5,404,721			(1,139,524	)		4,265,197
Forwards		728,738			(320,514	)		408,224
Total Assets		6,133,459			(1,460,038	)		4,673,421
Liabilities
Futures		(1,139,524	)		1,139,524			–
Forwards		(320,514	)		320,514			–
Total Liabilities		(1,460,038	)		1,460,038			–
Unrealized currency loss								(3,447,831	)
Total net unrealized gain on open contracts								1,225,590

Offsetting of Derivative Assets and Liabilities as of December 31, 2012:

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Net Amounts Presented in the Statements of Financial Condition
	$			$			$
Assets
Futures		4,081,355			(2,249,281	)		1,832,074
Forwards		1,275,053			(665,520	)		609,533
Total Assets		5,356,408			(2,914,801	)		2,441,607
Liabilities
Futures		(2,249,281	)		2,249,281			–
Forwards		(665,520	)		665,520			–
Total Liabilities		(2,914,801	)		2,914,801			–
Unrealized currency loss								(3,483,151	)
Total net unrealized loss on open contracts								(1,041,544	)

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2013 and 2012:

December 31, 2013

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		182,135		(386,829	)		893,327		(124,717	)		563,916			1,300
Equity		3,110,927		(1,174	)		28,444		(5,500	)		3,132,697			1,458
Foreign currency		539,752		(239,072	)		601,972		(104,361	)		798,291			4,080
Interest rate		152,993		(553,425	)		623,909		(44,960	)		178,517			3,501
Total		3,985,807		(1,180,500	)		2,147,652		(279,538	)		4,673,421
Unrealized currency loss												(3,447,831	)
Total net unrealized gain on open contracts												1,225,590

December 31, 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 Year (Absolute Quantity)
	$		$			$		$			$
Commodity		503,509		(759,234	)		451,092		(401,945	)		(206,578	)		1,895
Equity		1,289,387		(324,377	)		33		(9,417	)		955,626			1,525
Foreign currency		751,769		(682,406	)		1,511,142		(188,174	)		1,392,331			4,077
Interest rate		845,015		(522,310	)		4,461		(26,938	)		300,228			6,112
Total		3,389,680		(2,288,327	)		1,966,728		(626,474	)		2,441,607
Unrealized currency loss												(3,483,151	)
Total net unrealized loss on open contracts												(1,041,544	)

			Average Number of Contracts Outstanding for the Year (Absolute Quantity)
Option Contracts at Fair Value
	$
Options purchased		–		6
Options written		–		6

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

Spectrum Technical

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011, included in Total Trading Results:

	December 31,
	2013			2012			2011
Type of Instrument	$			$			$
Commodity		1,447,554			7,806,061			(13,197,401	)
Equity		16,778,460			(58,323,819	)		(16,512,047	)
Foreign currency		1,893,467			(30,995,834	)		(3,771,234	)
Interest rate		(10,210,043	)		68,102,911			33,707,895
Unrealized currency gain (loss)		35,320			(6,376,922	)		87,382
Proceeds from Litigation		–			–			10,951
Total		9,944,758			(19,787,603	)		325,546

Line Items on the Statements of Income and Expenses for the years ended December 31, 2013, 2012, and 2011:

	December 31,
	2013		2012			2011
Trading Results	$		$			$
Net realized		7,217,969		(6,219,265	)		11,402,800
Net change in unrealized		2,267,134		(9,809,697	)		(11,820,187	)
Realized gain (loss) on investment in Blackwater Master Fund		396,051		(4,657,167	)		167,699
Unrealized appreciation on Investment in Blackwater Master Fund		63,604		898,526			564,283
Proceeds from Litigation		–		–			10,951
Total Trading Results		9,944,758		(19,787,603	)		325,546