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Trading Activities
 12 Months Ended
Dec. 31, 2016
Brokers and Dealers [Abstract]  
Trading Activities

6.  Trading Activities:

The Partnerships’ objective is to profit from speculative trading in Futures Interests. Therefore, the trading advisors for each Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their respective trading strategies. 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.

100% of Tactical Currency’s contracts held indirectly through its investment in Cambridge Master Fund are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 7.7% to 27.7% of Spectrum Select’s contracts are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 0.0% to 14.7% of Spectrum Strategic’s contracts held indirectly through its investment in the Funds are traded over-the-counter.

The General Partner estimates that, at any given time, approximately 21.2% to 42.3% of Spectrum Technical’s contracts held both directly and indirectly through its investment in SECOR Master Fund are traded over-the-counter.

All of the commodity interests owned by Spectrum Select and Spectrum Technical are held for trading purposes. The monthly average number of futures contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 6,303 and 8,519, respectively. The monthly average number of metals forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were 965 and 1,135, respectively. The monthly average notional values of currency forward contracts traded by Spectrum Select during the years ended December 31, 2016 and 2015 were $117,997,719 and $124,501,944, respectively.

The monthly average number of futures contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 3,074 and 4,195, respectively. The monthly average number of metals forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were 393 and 502, respectively. The monthly average notional values of currency forward contracts traded directly by Spectrum Technical during the years ended December 31, 2016 and 2015 were $302,187,265 and $288,970,752, respectively.

 

The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2016 and 2015, respectively.

Spectrum Select

 

December 31, 2016

   Gross Amounts
Recognized		     Gross Amounts
Offset in the
Statements of
Financial
Condition		     Amounts
Presented in the
Statements of
Financial
Condition		     Gross Amounts Not Offset in the
Statements of Financial Condition		        
        Financial
Instruments		     Cash Collateral
Received/
Pledged*		     Net Amount  

Assets

            

Futures

     $ 2,203,401         $ (827,990)        $ 1,375,411         $ -           $ -           $ 1,375,411    

Forwards

     1,069,028         (1,069,028)        -           -           -           -    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     $ 3,272,429         $ (1,897,018)        $ 1,375,411         $ -           $ -           $ 1,375,411    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

            

Futures

     $ (827,990)        $ 827,990         $ -           $ -           $ -           $ -      

Forwards

     (1,116,899)        1,069,028         (47,871)        -           -           (47,871)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     $ (1,944,889)        $ 1,897,018         $ (47,871)        $ -           $ -           $ (47,871)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net fair value

               $ 1,327,540    * 
           

 

 

  

December 31, 2015

   Gross Amounts
Recognized		     Gross Amounts
Offset in the
Statements of
Financial
Condition		     Amounts
Presented in the
Statements of
Financial
Condition		     Gross Amounts Not Offset in the
Statements of Financial Condition		        
        Financial
Instruments		     Cash Collateral
Received/
Pledged*		     Net Amount  

Assets

            

Futures

     $ 3,831,162         $ (2,431,726)        $ 1,399,436         $ -           $ -           $ 1,399,436    

Forwards

     1,168,919         (1,125,088)        43,831         -           -           43,831    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     $ 5,000,081         $ (3,556,814)        $ 1,443,267         $ -           $ -           $ 1,443,267    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

            

Futures

     $ (2,431,726)        $ 2,431,726         $ -           $ -           $ -           $ -      

Forwards

     (1,125,088)        1,125,088         -           -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     $ (3,556,814)        $ 3,556,814         $ -           $ -           $ -           $ -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net fair value

               $ 1,443,267    * 
           

 

 

  

 

*

In the event of default by Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Select’s obligation with Spectrum Select’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Select is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Select’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

 

Spectrum Technical

 

December 31, 2016

   Gross Amounts
Recognized		     Gross Amounts
Offset in the
Statements of
Financial
Condition		     Amounts
Presented in the
Statements of
Financial
Condition		     Gross Amounts Not Offset in the
Statements of Financial Condition		        
        Financial
Instruments		     Cash Collateral
Received/
Pledged*		     Net Amount  

Assets

            

Futures

     $ 1,051,049         $ (756,615)        $ 294,434         $ -           $ -           $ 294,434    

Forwards

     665,811         (665,811)        -           -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     $ 1,716,860         $ (1,422,426)        $ 294,434         $ -           $ -           $ 294,434    
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

            

Futures

     $ (756,615)        $ 756,615         $ -           $ -           $ -           $ -      

Forwards

     (730,361)        665,811         (64,550)        -           -           (64,550)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     $ (1,486,976)        $ 1,422,426         $ (64,550)        $ -           $ -           $ (64,550)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net fair value

               $ 229,884   * 
           

 

 

  

December 31, 2015

   Gross Amounts
Recognized		     Gross Amounts
Offset in the
Statements of
Financial
Condition		     Amounts
Presented in the
Statements of
Financial
Condition		     Gross Amounts Not Offset in the
Statements of Financial Condition		        
        Financial
Instruments		     Cash Collateral
Received/
Pledged*		     Net Amount  

Assets

            

Futures

     $ 1,246,261         $ (1,246,261)        $ -           $ -           $ -           $ -      

Forwards

     1,901,957         (1,901,957)        -           -           -           -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total assets

     $ 3,148,218         $ (3,148,218)        $ -           $ -           $ -           $ -      
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Liabilities

            

Futures

     $ (1,548,907)        $ 1,246,261         $ (302,646)        $ -           $ -           $ (302,646)   

Forwards

     (1,988,889)        1,901,957         (86,932)        -           -           (86,932)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total liabilities

     $ (3,537,796)        $ 3,148,218         $ (389,578)        $ -           $ -           $ (389,578)   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net fair value

               $ (389,578)   * 
           

 

 

  

 

*

In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s off-exchange-traded contracts, as applicable, has the right to offset Spectrum Technical’s obligation with Spectrum Technical’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., Spectrum Technical is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, Spectrum Technical’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

 

The following tables indicates the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively.

Spectrum Select

 

     December 31, 2016  

Assets

   

Futures Contracts

   

Commodity

      $ 864,337  

Equity

      696,575  

Currencies

      202,478  

Interest rates

      440,011  
  

 

 

  

Total unrealized appreciation on open futures contracts

      2,203,401  
  

 

 

  

Liabilities

   

Futures Contracts

   

Commodity

      (385,917)  

Equity

      (263,755)  

Currencies

      (55,806)  

Interest rates

      (122,512)  
  

 

 

  

Total unrealized depreciation on open futures contracts

      (827,990)  
  

 

 

  

Net unrealized appreciation on open futures contracts

      $ 1,375,411  * 
  

 

 

  

Assets

   

Forward Contracts

   

Commodity

      $ 370,551  

Currencies

      698,477  
  

 

 

  

Total unrealized appreciation on open forward contracts

      1,069,028  
  

 

 

  

Liabilities

   

Forward Contracts

   

Commodity

      (534,709)  

Currencies

      (582,190)  
  

 

 

  

Total unrealized depreciation on open forward contracts

      (1,116,899)  
  

 

 

  

Net unrealized depreciation on open forward contracts

      $ (47,871)  ** 
  

 

 

  

 

*

This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.
**

This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

 

 

     December 31, 2015  

Assets

   

Futures Contracts

   

Commodity

      $ 2,019,401  

Equity

      196,959  

Currencies

      1,206,216  

Interest rates

      408,586  
  

 

 

  

Total unrealized appreciation on open futures contracts

      3,831,162  
  

 

 

  

Liabilities

   

Futures Contracts

   

Commodity

      (937,845)  

Equity

      (421,360)  

Currencies

      (469,882)  

Interest rates

      (602,639)  
  

 

 

  

Total unrealized depreciation on open futures contracts

      (2,431,726)  
  

 

 

  

Net unrealized appreciation on open futures contracts

      $ 1,399,436  * 
  

 

 

  

Assets

   

Forward Contracts

   

Commodity

      $ 740,942  

Currencies

      427,977  
  

 

 

  

Total unrealized appreciation on open forward contracts

      1,168,919  
  

 

 

  

Liabilities

   

Forward Contracts

   

Commodity

      (954,788)  

Currencies

      (170,300)  
  

 

 

  

Total unrealized depreciation on open forward contracts

      (1,125,088)  
  

 

 

  

Net unrealized appreciation on open forward contracts

      $ 43,831  ** 
  

 

 

  

 

*

This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition.
**

This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition.

 

Spectrum Technical

 

     December 31, 2016  

Assets

   

Futures Contracts

   

Commodity

      $ 323,692  

Equity

      348,618  

Currencies

      24,345  

Interest rates

      354,394  
  

 

 

  

Total unrealized appreciation on open futures contracts

      1,051,049  
  

 

 

  

Liabilities

   

Futures Contracts

   

Commodity

      (226,494)  

Equity

      (140,355)  

Currencies

      (144,708)  

Interest rates

      (245,058)  
  

 

 

  

Total unrealized depreciation on open futures contracts

      (756,615)  
  

 

 

  

Net unrealized appreciation on open futures contracts

      $ 294,434  * 
  

 

 

  

Assets

   

Forward Contracts

   

Commodity

      $ 58,919  

Currencies

      606,892  
  

 

 

  

Total unrealized appreciation on open forward contracts

      665,811  
  

 

 

  

Liabilities

   

Forward Contracts

   

Commodity

      (293,032)  

Currencies

      (437,329)  
  

 

 

  

Total unrealized depreciation on open forward contracts

      (730,361)  
  

 

 

  

Net unrealized depreciation on open forward contracts

      $ (64,550)  ** 
  

 

 

  

 

*

This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.
**

This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

 

 

     December 31, 2015  

Assets

   

Futures Contracts

   

Commodity

      $ 776,736  

Equity

      143,690  

Currencies

      121,130  

Interest rates

      204,705  
  

 

 

  

Total unrealized appreciation on open futures contracts

      1,246,261  
  

 

 

  

Liabilities

   

Futures Contracts

   

Commodity

      (762,145)  

Equity

      (170,907)  

Currencies

      (10,967)  

Interest rates

      (604,888)  
  

 

 

  

Total unrealized depreciation on open futures contracts

      (1,548,907)  
  

 

 

  

Net unrealized depreciation on open futures contracts

      $ (302,646) * 
  

 

 

  

Assets

   

Forward Contracts

   

Commodity

      $ 156,179  

Currencies

      1,745,778  
  

 

 

  

Total unrealized appreciation on open forward contracts

      1,901,957  
  

 

 

  

Liabilities

   

Forward Contracts

   

Commodity

      (366,155)  

Currencies

      (1,622,734)  
  

 

 

  

Total unrealized depreciation on open forward contracts

      (1,988,889)  
  

 

 

  

Net unrealized depreciation on open forward contracts

      $ (86,932) ** 
  

 

 

  

 

*

This amount is in “Net unrealized depreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition.
**

This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition.

 

The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively.

  Spectrum Select

 

Sector

    2016     2015     2014  

Commodity

      $ (6,068,586)       $ (1,071,073)       $ 11,295,753   

Equity

      (2,859,526)       (2,848,607)       (3,990,077)  

Currencies

      (701,495)       2,577,114        4,185,603   

Interest rates

      966,204        (132,336)       9,213,718   
  

 

 

    

 

 

    

 

 

  

Total

      $     (8,663,403)  *      $     (1,474,902)  *      $     20,704,997   * 
  

 

 

    

 

 

    

 

 

  

  Spectrum Technical

 

Sector

    2016     2015     2014  

Commodity

      $ (3,763,856)       $ 5,162,412        $ 3,173,650   

Equity

      1,904,910        (769,729)       3,873,373   

Currencies

      (409,677)       1,503,142        (6,217,792)  

Interest rates

      1,151,677        344,021        20,943,980       
  

 

 

    

 

 

    

 

 

  

Total

      $     (1,116,946)  *      $       6,239,846   *      $ 21,773,211   * 
  

 

 

    

 

 

    

 

 

  

 

*

This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses.