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v2.4.0.6
FINANCIAL DERIVATIVE INSTRUMENTS
6 Months Ended
Jun. 30, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
FINANCIAL DERIVATIVE INSTRUMENTS

NOTE 7 - FINANCIAL DERIVATIVE INSTRUMENTS

 

The Partnership engages in the speculative trading of futures contracts for the purpose of achieving capital appreciation. None of the Partnership’s derivative instruments are designated as hedging instruments, as defined in the Derivatives and Hedging Topic of the Accounting Standards Codification, nor are they used for other risk management purposes. The Advisor and General Partner actively assess, manage and monitor risk exposure on derivatives on a contract basis, a sector basis (e.g., interest rate derivatives, agricultural derivatives, etc.), and on an overall basis in accordance with established risk parameters. Due to the speculative nature of the Partnership’s derivative trading activity, the Partnership is subject to the risk of substantial losses from derivatives trading.

 

The following presents the fair value of derivative contracts as of June 30, 2012 and December 31, 2011. The fair value of derivative contracts is presented as an asset if in a gain position and a liability if in a loss position. Fair value is presented on a gross basis in the table below even though the derivative contracts qualify for net presentation in the Statements of Financial Condition.

 

June 30, 2012
                     
  Asset   Liability          
  Derivatives   Derivatives     Net  
  Fair Value   Fair Value     Fair Value  
                     
Futures Contacts $ 3,391,150   $ (1,034,122 )   $ 2,357,028  

 

December 31, 2011
                   
    Asset     Liability        
    Derivatives     Derivatives     Net  
    Fair Value     Fair Value     Fair Value  
                   
Futures Contacts   $ 406,872     $ (1,807,665 )   $ (1,400,793 )
                         

 

The following presents the trading results of the Partnership’s derivative trading and information related to the volume of the Partnership’s derivative activity for the three and six months ended June 30, 2012 and 2011.

 

The below captions of “Realized” and “Change in Unrealized” correspond to the captions in the Statements of Operations.

 

Three Months Ended June 30, 2012
                   
          Change in     Number of  
    Realized     Unrealized     Contracts Closed  
                   
Futures Contracts   $ 18,964,022     $ 3,400,614       39,966  
                         

 

Six Months Ended June 30, 2012
                   
          Change in     Number of  
    Realized     Unrealized     Contracts Closed  
                   
                   
Futures Contracts   $ 12,707,043     $ 3,757,821       74,705  
                         

 

Three Months Ended June 30, 2011
                   
          Change in     Number of  
    Realized     Unrealized     Contracts Closed  
                   
                   
Futures Contracts   $ (5,737,906 )   $ (2,894,529 )     32,719  
                         

 

Six Months Ended June 30, 2011
                   
          Change in     Number of  
    Realized     Unrealized     Contracts Closed  
                   
                   
Futures Contracts   $ (6,511,599 )   $ (485,605 )     72,638