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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

 

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE QUARTER ENDED: 6/30/04

 

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    NO  ¨

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).    ¨  YES    NO  x

 

Table of Contents

TUDOR FUND FOR EMPLOYEES L.P.

 

QUARTERLY REPORT ON FORM 10-Q

 

TABLE OF CONTENTS

 

          Page
     PART I     

Item 1.

    Financial Statements     
     Statements of Financial Condition as of June 30, 2004 and December 31, 2003    3
     Condensed Schedule of Investments as of June 30, 2004    4
     Condensed Schedule of Investments as of December 31, 2003    5
     Statements of Operations for the three and six months ended June 30, 2004 and 2003    6
     Statements of Changes in Partners’ Capital for the six months ended June 30, 2004 and the year ended December 31, 2003    7
     Notes to Financial Statements    8

Item 2.

    Management’s Discussion and Analysis of Financial Condition and Results of Operations    13

Item 3.

    Quantitative and Qualitative Disclosures About Market Risk    16

Item 4.

    Controls and Procedures    18
     PART II     

Item 1.

    Legal Proceedings    19

Item 2.

    Changes in Securities and Use of Proceeds    19

Item 3.

    Defaults Upon Senior Securities    19

Item 4.

    Submission of Matters to a Vote of Unit Holders    19

Item 5.

    Other Information    19

Item 6.

    Exhibits and Reports on Form 8-K    20

Signatures

        21

Table of Contents

PART I—FINANCIAL INFORMATION

Item 1.—Financial Statements

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF FINANCIAL CONDITION

 

    

June 30,

2004

    DECEMBER 31,
2003
     (UNAUDITED)    (AUDITED)

Assets:

              

Cash and cash equivalents

    $ 74,067,582    $ 51,326,211

Due from brokers

      4,272,124      7,368,022
    
  

Total assets

    $ 78,339,706    $ 58,694,233
    
  

Liabilities and partners’ capital:

              

Liabilities:

              

Pending partner additions

    $ 4,939,469    $ 2,045,527

Redemptions payable

      4,264,163      2,036,104

Incentive fee payable

      265,727      —  

Management fee payable

      194,841      221,828

Accrued professional fees and other

      127,672      117,179
    
  

Total liabilities

      9,791,872      4,420,638
    
  

Partners’ capital:

              

Limited Partners, 20,000 units authorized and 4,964.062 and 4,383.242 units outstanding as of June 30, 2004 and December 31, 2003

      65,936,699      51,944,007

General Partner, 196.580 units outstanding as of June 30, 2004 and December 31, 2003

      2,611,135      2,329,588
    
  

Total partners’ capital

      68,547,834      54,273,595
    
  

Total liabilities and partners’ capital

    $ 78,339,706    $ 58,694,233
    
  

Net asset value per unit

    $ 13,282.81    $ 11,850.59
    
  

 

See accompanying notes to financial statements.

 

3

Table of Contents

TUDOR FUND FOR EMPLOYEES L.P.

 

CONDENSED SCHEDULE OF INVESTMENTS

 

June 30, 2004 (unaudited)

    Cost
(Proceeds)
     Market or Fair
Value
     Percent of
Partners’
Capital
  

Long contracts(1)

                       

Futures

                       

Foreign exchange

            $ 32,000     0.05 %

Equity index

              (175,750 )   (0.26 )
            
 

Total futures

              (143,750 )   (0.21 )
            
 

Forwards

                       

Foreign exchange

              118,630     0.17  

Short contracts(1)

                       

Options

                       

Commodity

    $ (66,870 )   $ (14,585 )   (0.02 )%

Futures

                       

Foreign exchange

              (32,000 )   (0.05 )

Forwards

                       

Foreign exchange

              (10,792 )   (0.02 )
(1) All such amounts are included, net, in due from brokers on the statements of financial condition.

 

See accompanying notes to financial statements.

 

4

Table of Contents

TUDOR FUND FOR EMPLOYEES L.P.

 

CONDENSED SCHEDULE OF INVESTMENTS

 

December 31, 2003 (audited)

    Cost
(Proceeds)
    Market or Fair
Value
    

Percent of
Partners’

Capital

  

Long contracts(1)

                      

Options

                      

Metal

    $ 66,980    $ 134,677     0.25 %

Futures

                      

Bond

             443,052     0.82  

Interest rate

             212,500     0.39  

Commodity

             425     0.00  

Foreign exchange

             (140,080 )   (0.26 )
           
 

Total futures

             515,897     0.95  
           
 

Forwards

                      

Metal

             12,680     0.02  

Swaps

                      

Equity index

             1,168,183     2.15  

Short contracts(1)

                      

Futures

                      

Foreign exchange

           $ 138,720     0.26 %

Bond

             137,530     0.25  

Equity index

             (190,512 )   (0.35 )
           
 

Total futures

             85,738     0.16  
           
 

Forwards

                      

Foreign exchange

             (281 )   0.00  
(1) All such amounts are included, net, in due from brokers on the statements of financial condition.

 

See accompanying notes to financial statements.

 

5

Table of Contents

TUDOR FUND FOR EMPLOYEES L.P.

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

     THREE MONTHS ENDED
JUNE 30,
     SIX MONTHS ENDED
JUNE 30,
  
     2004
     2003
     2004
     2003
  

Investment income

                                 

Interest

    $ 174,356     $ 154,882     $ 327,150     $ 301,738  
    
 
 
 

Total investment income

      174,356       154,882       327,150       301,738  
    
 
 
 

Investment expense

                                 

Brokerage commissions

      103,875       120,318       217,670       196,629  

Interest

      2,311       13,025       5,000       13,561  
    
 
 
 

Total investment expenses

      106,186       133,343       222,670       210,190  
    
 
 
 

Net investment income

      68,170       21,539       104,480       91,548  

Operating expenses

                                 

Management fee

      292,735       211,633       556,847       408,438  

Incentive fee

      265,727       11,580       868,378       11,580  

Professional fees and other

      51,956       56,199       116,243       120,153  
    
 
 
 

Total operating expenses

      610,418       279,412       1,541,468       540,171  
    
 
 
 

Total expenses

      716,604       412,755       1,764,138       750,361  
    
 
 
 

Net operating loss

      (542,248 )     (257,873 )     (1,436,988 )     (448,623 )
    
 
 
 

Net realized and unrealized gains/losses on trading activities

                                 

Net realized gain

      6,849,174       2,512,074       11,617,994       997,003  

Change in net unrealized appreciation (depreciation)

      (3,624,114 )     765,881       (1,885,180 )     (63,316 )
    
 
 
 

Net realized and unrealized gains

      3,225,060       3,277,955       9,732,814       933,687  
    
 
 
 

Net increase in net assets resulting from operations

    $ 2,682,812     $ 3,020,082     $ 8,295,826     $ 485,064  
    
 
 
 

Limited Partners’ net increase in net assets resulting from operations

    $ 2,590,948     $ 2,899,635     $ 8,014,279     $ 475,853  

General Partner’s net increase in net assets resulting from operations

      91,864       120,447       281,547       9,211  
    
 
 
 

Net increase in net assets resulting from operations

    $ 2,682,812     $ 3,020,082     $ 8,295,826     $ 485,064  
    
 
 
 

Change in net asset value per unit

    $ 467.31     $ 612.66     $ 1,432.22     $ 46.81  
    
 
 
 

Net increase in net assets per unit

    $ 486.26