FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| FOR THE QUARTER ENDED: 9/30/02 |
|
COMMISSION FILE NUMBER: 333-52543 |
TUDOR FUND FOR EMPLOYEES
L.P.
(Exact name of registrant as specified in its charter)
| Delaware |
|
13-3543779 |
| (State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
|
|
|
|
| 1275 King Street, Greenwich, Connecticut |
|
06831 |
| (Address of principal executive offices) |
|
(Zip Code) |
|
|
|
|
| (203) 863-6700 | ||
| (Registrant’s telephone number, including area code) | ||
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.
| x |
YES |
o |
NO |
PART I – FINANCIAL INFORMATION
Item 1. – Financial Statements
TUDOR FUND FOR EMPLOYEES L.P.
STATEMENTS OF FINANCIAL CONDITION
|
|
|
SEPTEMBER 30, |
|
DECEMBER 31, |
| |||
|
|
|
|
|
|
| |||
|
|
|
(UNAUDITED) |
|
(AUDITED) |
| |||
| ASSETS |
|
|
|
|
|
|
| |
| Cash and cash equivalents |
|
$ |
39,935,789 |
|
$ |
29,804,258 |
| |
| Due from brokers |
|
|
3,941,760 |
|
|
3,865,128 |
| |
|
|
|
|
|
|
|
|
| |
|
|
Total assets |
|
$ |
43,877,549 |
|
$ |
33,669,386 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES AND PARTNERS’ CAPITAL |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
| |
| Pending partner additions |
|
$ |
674,000 |
|
$ |
1,525,056 |
| |
| Redemptions payable |
|
|
533,660 |
|
|
187,808 |
| |
| Management fee payable |
|
|
172,607 |
|
|
85,100 |
| |
| Accrued professional fees and other |
|
|
161,500 |
|
|
81,038 |
| |
|
|
|
|
|
|
|
|
| |
|
|
Total liabilities |
|
|
1,541,767 |
|
|
1,879,002 |
|
|
|
|
|
|
|
|
|
|
|
| PARTNERS’ CAPITAL: |
|
|
|
|
|
|
| |
| Limited Partners, 20,000 units authorized and 3,901.341 and 3,363.810 outstanding at September 30, 2002 and December 31, 2001 |
|
|
40,304,900 |
|
|
30,035,126 |
| |
| General Partner, 196.580 units outstanding at September 30, 2002 and December 31, 2001 |
|
|
2,030,882 |
|
|
1,755,258 |
| |
|
|
|
|
|
|
|
|
| |
|
|
Total partners’ capital |
|
|
42,335,782 |
|
|
31,790,384 |
|
|
|
|
|
|
|
|
|
|
|
| Total liabilities and partners’ capital |
|
$ |
43,877,549 |
|
$ |
33,669,386 |
| |
|
|
|
|
|
|
|
|
| |
The accompanying notes are an integral part of these statements.
2
TUDOR FUND FOR EMPLOYEES L.P.
CONDENSED SCHEDULES OF INVESTMENTS
|
|
|
North |
|
Asia |
|
Europe |
|
Total |
|
Percent of |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| September 30, 2002 (UNAUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| OPTIONS, at market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Equity indexes |
|
$ |
— |
|
$ |
(185,461 |
) |
$ |
— |
|
$ |
(185,461 |
) |
|
(.44 |
)% | |||||
|
|
Interest rate swaptions |
|
|
— |
|
|
— |
|
|
227,094 |
|
|
227,094 |
|
|
.54 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Total options, at market value |
|
|
— |
|
|
(185,461 |
) |
|
227,094 |
|
|
41,633 |
|
|
.10 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| FUTURES, at market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Equity indexes |
|
|
— |
|
|
(65,092 |
) |
|
(335 |
) |
|
(65,427 |
) |
|
(.15 |
) | |||||
|
|
Interest rates |
|
|
36,399 |
|
|
(89,434 |
) |
|
— |
|
|
(53,035 |
) |
|
(.13 |
) | |||||
|
|
Foreign exchange |
|
|
(257,920 |
) |
|
— |
|
|
— |
|
|
(257,920 |
) |
|
(.61 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Total futures, at market value |
|
|
(221,521 |
) |
|
(154,526 |
) |
|
(335 |
) |
|
(376,382 |
) |
|
(.89 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| FOREIGN EXCHANGE FORWARDS, at market value: |
|
|
— |
|
|
3,441 |
|
|
(25,352 |
) |
|
(21,911 |
) |
|
(.05 |
) | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| TOTAL INVESTMENTS, at market value (1) |
|
$ |
(221,521 |
) |
$ |
(336,546 |
) |
$ |
201,407 |
|
$ |
(356,660 |
) |
|
(.84 |
)% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
|
North |
|
Asia |
|
Europe |
|
Total |
|
Percent of |
| |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
| December 31, 2001 (AUDITED) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| OPTIONS, at market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Foreign exchange |
|
$ |
— |
|
$ |
352,710 |
|
$ |
— |
|
$ |
352,710 |
|
|
1.11 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
Total options, at market value |
|
|
— |
|
|
352,710 |
|
|
— |
|
|
352,710 |
|
|
1.11 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| FUTURES, at market value: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Equity indexes |
|
|
(24,950 |
) |
|
(5,300 |
) |
|
— |
|
|
(30,250 |
) |
|
(.10 |
) | |||||
|
|
Interest rates |
|
|
— |
|
|
101,645 |
|
|
— |
|
|
101,645 |
|
|
.33 |
| |||||
|
|
Foreign exchange |
|
|
220 |
|
|
— |
|
|
— |
|
|
220 |
|
|
.00 |
| |||||
|
|
Commodities |
|
|
(30,894 |
) |
|
— |
|
|
— |
|
|
(30,894 |
) |
|
(.10 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
|
|
Total futures, at market value |
|
|
(55,624 |
) |
|
96,345 |
|
|
— |
|
|
40,721 |
|
|
.13 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| FOREIGN EXCHANGE FORWARDS, at market value |
|
|
— |
|
|
97,393 |
|
|
215,973 |
|
|
313,366 |
|
|
.99 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| EQUITY SWAPS, at market value: |
|
|
643,367 |
|
|
— |
|
|
— |
|
|
643,367 |
|
|
2.02 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
| TOTAL INVESTMENTS, at market value (1) |
|
$ |
587,743 |
|
$ |
546,448 |
|
$ |
215,973 |
|
$ |
1,350,164 |
|
|
4.25 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
The accompanying notes are an integral part of these schedules.
(1) All such amounts are included in due from brokers on the statements of financial condition.
3
TUDOR FUND FOR EMPLOYEES L.P.
STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(UNAUDITED)
|
|
|
THREE MONTHS ENDED |
|
NINE MONTHS ENDED |
| ||||||||
|
|
|
|
|
|
| ||||||||
|
|
|
2002 |
|
2001 |
|
2002 |
|
2001 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
| Investment income |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
$ |
189,599 |
|
$ |
279,248 |
|
$ |
507,309 |
|
$ |
1,010,310 |
|
| Dividends |
|
|
— |
|
|
1,016 |
|
|
— |
|
|
1,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investment income |
|
|
189,599 |
|
|
280,264 |
|
|
507,309 |
|
|
1,011,326 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest |
|
|
3,471 |
|
|
32,505 |
|
|
10,733 |
|
|
87,095 |
|
| Brokerage commissions |
|
|
75,480 |
|
|
47,086 |
|
|
254,882 |
|
|
146,247 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total investment expenses |
|
|
78,951 |
|
|
79,591 |
|
|
265,615 |
|
|
233,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Management fee |
|
|
172,607 |
|
|
133,708 |
|
|
479,255 |
|
|
382,810 |
|
| Incentive fee |
|
|
— |
|
|
434,116 |
|
|
621,857 |
|
|
702,994 |
|
| Professional fees and other |
|
|
121,398 |
|
|
34,382 |
|
|
213,513 |
|
|
103,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total operating expenses |
|
|
294,005 |
|
|
602,206 |
|
|
1,314,625 |
|
|
1,189,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net investment loss |
|
|
(183,357 |
)< | |||||||||