3. CONDENSED CONSOLIDATED SCHEDULES OF INVESTMENTS
The Partnership trades futures, forwards and options contracts. The level of trading is affected by conditions in those markets. During the year ended December 31, 2013, 224,642 contracts were closed. The fair value of options held as of December 31, 2013 includes premiums paid of $380,693 and received of $957,228. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2013 are as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized Profit (Loss) |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Profit (Loss)/ |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Profit (Loss)/ |
|
Percent of |
|
Market Value on Open |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Market Value |
|
Net Assets |
|
of Contracts |
|
Gains |
|
Losses |
|
Market Value |
|
Net Assets |
|
Contracts/Options |
|
Net Assets |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
133 |
|
$ |
15,035 |
|
$ |
(97,886 |
) |
$ |
(82,851 |
) |
-0.06 |
% |
(150 |
) |
$ |
153,565 |
|
$ |
(22,043 |
) |
$ |
131,522 |
|
0.10 |
% |
$ |
48,671 |
|
0.04 |
% |
January 14 - December 14 |
|
|
Currencies |
|
214 |
|
97,977 |
|
(40,224 |
) |
57,753 |
|
0.04 |
% |
(95 |
) |
158,091 |
|
(4,433 |
) |
153,658 |
|
0.12 |
% |
211,411 |
|
0.16 |
% |
March 14 |
| |||||||
|
Energy |
|
56 |
|
40,183 |
|
(26,367 |
) |
13,816 |
|
0.01 |
% |
(5 |
) |
— |
|
(9,488 |
) |
(9,488 |
) |
-0.01 |
% |
4,328 |
|
0.00 |
% |
January 14 - April 14 |
| |||||||
|
Interest rates |
|
1,284 |
|
47,047 |
|
(223,537 |
) |
(176,490 |
) |
-0.13 |
% |
(362 |
) |
45,288 |
|
(15,569 |
) |
29,719 |
|
0.02 |
% |
(146,771 |
) |
-0.11 |
% |
January 14 - September 16 |
| |||||||
|
Metals |
|
346 |
|
800,800 |
|
(211,988 |
) |
588,812 |
|
0.45 |
% |
(331 |
) |
227,723 |
|
(737,914 |
) |
(510,191 |
) |
-0.39 |
% |
78,621 |
|
0.06 |
% |
January 14 - April 14 |
| |||||||
|
Stock indices |
|
495 |
|
970,818 |
|
(1,787 |
) |
969,031 |
|
0.73 |
% |
(96 |
) |
200 |
|
(11,777 |
) |
(11,577 |
) |
-0.01 |
% |
957,454 |
|
0.72 |
% |
January 14 - March 14 |
| |||||||
|
Subtotal |
|
2,528 |
|
1,971,860 |
|
(601,789 |
) |
1,370,071 |
|
1.04 |
% |
(1,039 |
) |
584,867 |
|
(801,224 |
) |
(216,357 |
) |
-0.17 |
% |
1,153,714 |
|
0.87 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Forwards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
|
|
156,904 |
|
(116,121 |
) |
40,783 |
|
0.03 |
% |
|
|
179,807 |
|
(303,256 |
) |
(123,449 |
) |
-0.09 |
% |
(82,666 |
) |
-0.06 |
% |
January 14 - May 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
— |
|
172,223 |
|
— |
|
172,223 |
|
0.13 |
% |
— |
|
— |
|
(122,974 |
) |
(122,974 |
) |
-0.09 |
% |
49,249 |
|
0.04 |
% |
January 14 |
| |||||||
|
Energy |
|
15 |
|
11,100 |
|
— |
|
11,100 |
|
0.01 |
% |
(75 |
) |
— |
|
(37,650 |
) |
(37,650 |
) |
-0.03 |
% |
(26,550 |
) |
-0.02 |
% |
January 14 |
| |||||||
|
Interest rates |
|
465 |
|
406,734 |
|
— |
|
406,734 |
|
0.31 |
% |
(1,935 |
) |
— |
|
(733,359 |
) |
(733,359 |
) |
-0.56 |
% |
(326,625 |
) |
-0.25 |
% |
January 14 |
| |||||||
|
Stock indices |
|
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(333 |
) |
— |
|
(262,470 |
) |
(262,470 |
) |
-0.20 |
% |
(262,470 |
) |
-0.20 |
% |
January 14 - March 14 |
| |||||||
|
Subtotal |
|
480 |
|
590,057 |
|
— |
|
590,057 |
|
0.45 |
% |
(2,343 |
) |
— |
|
(1,156,453 |
) |
(1,156,453 |
) |
-0.88 |
% |
(566,396 |
) |
-0.43 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
3,008 |
|
$ |
2,718,821 |
|
$ |
(717,910 |
) |
$ |
2,000,911 |
|
1.52 |
% |
(3,382 |
) |
$ |
764,674 |
|
$ |
(2,260,933 |
) |
$ |
(1,496,259 |
) |
-1.14 |
% |
$ |
504,652 |
|
0.38 |
% |
|
|
No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2013.
During the year ended December 31, 2012, 181,630 contracts were closed. The fair value of options held as of December 31, 2012 includes premiums paid of $431,164 and received of $265,272. The fair value of the Partnership’s futures, forwards and options contracts by type that are presented as Net unrealized profit (loss) / market value on open contracts / options in the Consolidated Statements of Financial Condition as of December 31, 2012 are as follows:
|
|
|
|
|
|
|
|
|
Long Positions |
|
|
|
|
|
|
|
|
|
Short Positions |
|
|
|
|
|
|
|
|
| |||||||
|
|
|
Long Positions |
|
Unrealized |
|
|
|
Short Positions |
|
Unrealized |
|
|
|
Net Unrealized Profit (Loss) |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Profit (Loss)/ |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Profit (Loss)/ |
|
Percent of |
|
Market Value on Open |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Market Value |
|
Net Assets |
|
of Contracts |
|
Gains |
|
Losses |
|
Market Value |
|
Net Assets |
|
Contracts/Options |
|
Net Assets |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
227 |
|
$ |
30,992 |
|
$ |
(210,917 |
) |
$ |
(179,925 |
) |
-0.07 |
% |
(191 |
) |
$ |
137,576 |
|
$ |
(47,215 |
) |
$ |
90,361 |
|
0.04 |
% |
$ |
(89,564 |
) |
-0.03 |
% |
January 13 - December 13 |
|
|
Currencies |
|
671 |
|
166,846 |
|
(485,889 |
) |
(319,043 |
) |
-0.12 |
% |
(146 |
) |
552,029 |
|
(8,725 |
) |
543,304 |
|
0.21 |
% |
224,261 |
|
0.09 |
% |
January 13 - March 13 |
| |||||||
|
Energy |
|
513 |
|
364,585 |
|
(120,408 |
) |
244,177 |
|
0.09 |
% |
(413 |
) |
209,763 |
|
(292,975 |
) |
(83,212 |
) |
-0.03 |
% |
160,965 |
|
0.06 |
% |
January 13 - December 13 |
| |||||||
|
Interest rates |
|
3,850 |
|
553,893 |
|
(218,013 |
) |
335,880 |
|
0.13 |
% |
(209 |
) |
8,275 |
|
(74,463 |
) |
(66,188 |
) |
-0.03 |
% |
269,692 |
|
0.10 |
% |
January 13 - March 16 |
| |||||||
|
Metals |
|
1,042 |
|
2,081,342 |
|
(671,087 |
) |
1,410,255 |
|
0.54 |
% |
(949 |
) |
321,773 |
|
(2,229,051 |
) |
(1,907,278 |
) |
-0.73 |
% |
(497,023 |
) |
-0.19 |
% |
January 13 - March 14 |
| |||||||
|
Stock indices |
|
1,219 |
|
655,637 |
|
(328,838 |
) |
326,799 |
|
0.12 |
% |
(90 |
) |
21,870 |
|
(195 |
) |
21,675 |
|
0.01 |
% |
348,474 |
|
0.13 |
% |
January 13 - December 13 |
| |||||||
|
Subtotal |
|
7,522 |
|
3,853,295 |
|
(2,035,152 |
) |
1,818,143 |
|
0.69 |
% |
(1,998 |
) |
1,251,286 |
|
(2,652,624 |
) |
(1,401,338 |
) |
-0.53 |
% |
416,805 |
|
0.16 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Forwards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
|
|
355,855 |
|
(287,104 |
) |
68,751 |
|
0.03 |
% |
|
|
604,032 |
|
(2,745,213 |
) |
(2,141,181 |
) |
-0.82 |
% |
(2,072,430 |
) |
-0.79 |
% |
January 13 - September 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Options |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
— |
|
2,200 |
|
— |
|
2,200 |
|
0.00 |
% |
— |
|
— |
|
(203,826 |
) |
(203,826 |
) |
-0.08 |
% |
(201,626 |
) |
-0.08 |
% |
January 13 |
| |||||||
|
Energy |
|
33 |
|
4,840 |
|
— |
|
4,840 |
|
0.00 |
% |
(33 |
) |
— |
|
(32,670 |
) |
(32,670 |
) |
-0.01 |
% |
(27,830 |
) |
-0.01 |
% |
January 13 - February 13 |
| |||||||
|
Interest rates |
|
110 |
|
47,438 |
|
— |
|
47,438 |
|
0.02 |
% |
(407 |
) |
— |
|
(108,625 |
) |
(108,625 |
) |
-0.04 |
% |
(61,187 |
) |
-0.02 |
% |
January 13 - February 13 |
| |||||||
|
Metals |
|
79 |
|
254,000 |
|
— |
|
254,000 |
|
0.10 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
254,000 |
|
0.10 |
% |
January 13 - November 13 |
| |||||||
|
Stock indices |
|
44 |
|
75,350 |
|
— |
|
75,350 |
|
0.03 |
% |
(88 |
) |
— |
|
(68,200 |
) |
(68,200 |
) |
-0.03 |
% |
7,150 |
|
0.00 |
% |
January 13 |
| |||||||
|
Subtotal |
|
266 |
|
383,828 |
|
— |
|
383,828 |
|
0.15 |
% |
(528 |
) |
— |
|
(413,321 |
) |
(413,321 |
) |
-0.16 |
% |
(29,493 |
) |
-0.01 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
7,788 |
|
$ |
4,592,978 |
|
$ |
(2,322,256 |
) |
$ |
2,270,722 |
|
0.87 |
% |
(2,526 |
) |
$ |
1,855,318 |
|
$ |
(5,811,158 |
) |
$ |
(3,955,840 |
) |
-1.51 |
% |
$ |
(1,685,118 |
) |
-0.64 |
% |
|
|
No individual contract’s unrealized profit or loss comprised greater than 5% of the Partnership’s capital as of December 31, 2012.
The following table represents the Partnership’s investment in each Non-Consolidated LLC as well as the financial statements, condensed schedules of investments, and relevant financial information of the Non-Consolidated LLCs as of December 31, 2013 and 2012:
2013
|
|
|
Partnership’s |
|
Partnership’s |
|
Partnership’s investment % |
|
|
|
|
|
|
| ||
|
Non-Consolidated LLC |
|
Fair Value |
|
Cost |
|
of Non-Consolidated LLC |
|
Management Fee |
|
Profit Share |
|
Redemptions Permitted |
| ||
|
Alamo Global Horizons, LLC |
|
$ |
8,199,499 |
|
$ |
9,469,624 |
|
77.02 |
% |
2 |
% |
20 |
% |
Monthly |
|
|
Breakout Global Horizons, LLC |
|
9,010,495 |
|
9,579,951 |
|
70.62 |
% |
1 |
% |
15 |
% |
Monthly |
| ||
|
Cambridge Global Horizons, LLC |
|
7,773,556 |
|
11,256,744 |
|
60.99 |
% |
1.35 |
% |
10 |
% |
Monthly |
| ||
|
Quaker Global Horizons, LLC |
|
14,195,907 |
|
13,349,897 |
|
64.37 |
% |
1 |
% |
20 |
%(1) |
Monthly |
| ||
|
Quantum Global Horizons, LLC |
|
10,085,057 |
|
11,757,274 |
|
45.15 |
% |
0 |
% |
30 |
% |
Monthly |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
49,264,514 |
|
$ |
55,413,490 |
|
|
|
|
|
|
|
|
|
(1) If net contribution amount is more than $50 million, the percentage shall equal 17.5%
2012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
Partnership’s |
|
Partnership’s |
|
Partnership’s investment % |
|
|
|
|
|
|
| ||
|
Non-Consolidated LLC |
|
Fair Value |
|
Cost |
|
of Non-Consolidated LLC |
|
Management Fee |
|
Profit Share |
|
Redemptions Permitted |
| ||
|
Alamo Global Horizons, LLC |
|
$ |
17,559,155 |
|
$ |
20,116,405 |
|
76.18 |
% |
2 |
% |
20 |
% |
Monthly |
|
|
Breakout Global Horizons, LLC |
|
18,966,146 |
|
23,560,266 |
|
48.24 |
% |
1 |
% |
15 |
% |
Monthly |
| ||
|
Cambridge Global Horizons, LLC |
|
24,462,897 |
|
21,260,160 |
|
59.84 |
% |
2 |
% |
20 |
% |
Monthly |
| ||
|
Nets Global Horizons, LLC |
|
17,110,071 |
|
22,837,847 |
|
57.54 |
% |
2 |
% |
17 |
% |
Monthly |
| ||
|
Quantum Global Horizons, LLC |
|
21,164,490 |
|
20,640,437 |
|
47.64 |
% |
0 |
% |
30 |
% |
Monthly |
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
$ |
99,262,759 |
|
$ |
108,415,115 |
|
|
|
|
|
|
|
|
|
STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2013
|
|
|
Alamo |
|
Breakout |
|
Cambridge |
|
Quaker |
|
Quantum |
| |||||
|
|
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Cash and cash equivalents |
|
$ |
8,183,611 |
|
$ |
10,497,462 |
|
$ |
8,337,799 |
|
$ |
11,978,889 |
|
$ |
19,551,925 |
|
|
Equity in commodity futures trading accounts: Cash (1) |
|
2,966,409 |
|
3,178,709 |
|
5,069,438 |
|
10,681,449 |
|
4,535,527 |
| |||||
|
Net unrealized profit on open contracts |
|
99,554 |
|
539,757 |
|
238,479 |
|
840,087 |
|
381,076 |
| |||||
|
Accrued interest and other assets |
|
520 |
|
— |
|
— |
|
— |
|
272 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
11,250,094 |
|
$ |
14,215,928 |
|
$ |
13,645,716 |
|
$ |
23,500,425 |
|
$ |
24,468,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
LIABILITIES AND MEMBERS’ CAPITAL |
|
|
|
|
|
|
|
|
|
|
| |||||
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Due to Partnership |
|
$ |
559,480 |
|
$ |
614,421 |
|
$ |
527,516 |
|
$ |
1,242,900 |
|
$ |
687,414 |
|
|
Redemptions payable |
|
— |
|
573,985 |
|
308,875 |
|
— |
|
853,745 |
| |||||
|
Subscription received in advance |
|
— |
|
200,000 |
|
— |
|
— |
|
450,000 |
| |||||
|
Profit Shares payable |
|
— |
|
— |
|
— |
|
173,061 |
|
68,481 |
| |||||
|
Trading Advisors’ management fees payable |
|
4,083 |
|
3,605 |
|
5,937 |
|
6,698 |
|
— |
| |||||
|
Administrator fees payable |
|
10,806 |
|
26,605 |
|
22,632 |
|
3,288 |
|
31,646 |
| |||||
|
Professional fees payable |
|
33,261 |
|
36,433 |
|
32,016 |
|
20,001 |
|
38,933 |
| |||||
|
Other fees payable |
|
(2,864 |
) |
2,365 |
|
2,935 |
|
382 |
|
1,767 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total liabilities |
|
604,766 |
|
1,457,414 |
|
899,911 |
|
1,446,330 |
|
2,131,986 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
TOTAL MEMBERS’ CAPITAL |
|
10,645,328 |
|
12,758,514 |
|
12,745,805 |
|
22,054,095 |
|
22,336,814 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND MEMBERS’ CAPITAL |
|
$ |
11,250,094 |
|
$ |
14,215,928 |
|
$ |
13,645,716 |
|
$ |
23,500,425 |
|
$ |
24,468,800 |
|
(1) Includes restricted cash of $1,318,821, $2,529,118, $669,616, $5,369,821 and $1,123,068, respectively.
STATEMENTS OF FINANCIAL CONDITION
DECEMBER 31, 2012
|
|
|
Alamo |
|
Breakout |
|
Cambridge |
|
Nets |
|
Quantum |
| |||||
|
|
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
ASSETS: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Cash and cash equivalents |
|
$ |
20,377,477 |
|
$ |
21,595,885 |
|
$ |
4,757,862 |
|
$ |
26,712,321 |
|
$ |
24,812,881 |
|
|
Equity in commodity futures trading accounts: Cash (1) |
|
3,478,994 |
|
18,089,465 |
|
38,461,055 |
|
5,138,261 |
|
21,435,349 |
| |||||
|
Net unrealized profit on open contracts |
|
262,603 |
|
1,042,090 |
|
— |
|
— |
|
— |
| |||||
|
Accrued interest and other assets |
|
2,712 |
|
3,325 |
|
2,720 |
|
1,319 |
|
4,094 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
24,121,786 |
|
$ |
40,730,765 |
|
$ |
43,221,637 |
|
$ |
31,851,901 |
|
$ |
46,252,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
LIABILITIES AND MEMBERS’ CAPITAL |
|
|
|
|
|
|
|
|
|
|
| |||||
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Net unrealized loss on open contracts |
|
$ |
— |
|
$ |
— |
|
$ |
175,044 |
|
$ |
91,517 |
|
$ |
521,711 |
|
|
Due to Partnership |
|
1,026,163 |
|
1,108,537 |
|
1,680,015 |
|
997,556 |
|
1,237,006 |
| |||||
|
Redemptions payable |
|
— |
|
230,000 |
|
— |
|
950,000 |
|
— |
| |||||
|
Profit Shares payable |
|
— |
|
— |
|
407,841 |
|
— |
|
— |
| |||||
|
Trading Advisors’ management fees payable |
|
9,166 |
|
17,164 |
|
28,093 |
|
22,700 |
|
— |
| |||||
|
Administrator fees payable |
|
8,224 |
|
19,706 |
|
15,569 |
|
17,468 |
|
22,826 |
| |||||
|
Professional fees payable |
|
27,361 |
|
30,833 |
|
26,116 |
|
31,250 |
|
33,333 |
| |||||
|
Other fees payable |
|
1,368 |
|
9,307 |
|
6,247 |
|
5,667 |
|
8,148 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total liabilities |
|
1,072,282 |
|
1,415,547 |
|
2,338,925 |
|
2,116,158 |
|
1,823,024 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
TOTAL MEMBERS’ CAPITAL |
|
23,049,504 |
|
39,315,218 |
|
40,882,712 |
|
29,735,743 |
|
44,429,300 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND MEMBERS’ CAPITAL |
|
$ |
24,121,786 |
|
$ |
40,730,765 |
|
$ |
43,221,637 |
|
$ |
31,851,901 |
|
$ |
46,252,324 |
|
(1) Includes restricted cash of $1,359,877, $7,597,881, $14,557,619, $2,095,713 and $7,392,494, respectively.
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2013
|
|
|
Alamo |
|
Breakout |
|
Cambridge |
|
Quaker |
|
Quantum |
| |||||
|
|
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
| |||||
|
TRADING PROFITS (LOSSES): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Realized |
|
$ |
(178,588 |
) |
$ |
1,028,777 |
|
$ |
(4,507,557 |
) |
$ |
1,908,485 |
|
$ |
(3,054,963 |
) |
|
Change in unrealized |
|
(178,881 |
) |
(489,618 |
) |
180,645 |
|
839,434 |
|
922,140 |
| |||||
|
Brokerage commissions and clearing costs |
|
(43,377 |
) |
(67,359 |
) |
(192,350 |
) |
(117,010 |
) |
(129,629 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total trading profits (losses) |
|
(400,846 |
) |
471,800 |
|
(4,519,262 |
) |
2,630,909 |
|
(2,262,452 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest |
|
9,324 |
|
11,148 |
|
— |
|
— |
|
14,689 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Trading Advisors’ management fees |
|
314,380 |
|
259,378 |
|
428,609 |
|
154,892 |
|
— |
| |||||
|
Profit Shares |
|
— |
|
— |
|
479 |
|
471,623 |
|
68,481 |
| |||||
|
Administrator fees |
|
46,078 |
|
50,483 |
|
55,783 |
|
32,980 |
|
51,158 |
| |||||
|
Professional fees |
|
70,968 |
|
74,841 |
|
79,833 |
|
48,591 |
|
74,621 |
| |||||
|
Other fees |
|
578,782 |
|
636,905 |
|
792,930 |
|
483,195 |
|
634,624 |
| |||||
|
Total expenses |
|
1,010,208 |
|
1,021,607 |
|
1,357,634 |
|
1,191,281 |
|
828,884 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NET INVESTMENT LOSS |
|
(1,000,884 |
) |
(1,010,459 |
) |
(1,357,634 |
) |
(1,191,281 |
) |
(814,195 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NET INCOME / (LOSS) |
|
$ |
(1,401,730 |
) |
$ |
(538,659 |
) |
$ |
(5,876,896 |
) |
$ |
1,439,628 |
|
$ |
(3,076,647 |
) |
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED DECEMBER 31, 2012
|
|
|
Alamo |
|
Breakout |
|
Cambridge |
|
Nets |
|
Quantum |
| |||||
|
|
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
|
Global Horizons, LLC |
| |||||
|
TRADING PROFITS (LOSSES): |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Realized |
|
$ |
(695,043 |
) |
$ |
(6,295,144 |
) |
$ |
9,438,281 |
|
$ |
(6,661,564 |
) |
$ |
5,853,021 |
|
|
Change in unrealized |
|
(239,088 |
) |
687,004 |
|
380,791 |
|
128,008 |
|
309,294 |
| |||||
|
Brokerage commissions and clearing costs |
|
(155,012 |
) |
(151,374 |
) |
(624,299 |
) |
(73,267 |
) |
(269,264 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Total trading profits (losses) |
|
(1,089,143 |
) |
(5,759,514 |
) |
9,194,773 |
|
(6,606,823 |
) |
5,893,051 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
INVESTMENT INCOME: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Interest |
|
43,077 |
|
52,475 |
|
— |
|
47,328 |
|
53,066 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
| |||||
|
Trading Advisors’ management fees |
|
614,518 |
|
488,959 |
|
953,699 |
|
851,236 |
|
— |
| |||||
|
Profit Shares |
|
— |
|
— |
|
1,173,623 |
|
— |
|
2,756,131 |
| |||||
|
Administrator fees |
|
88,694 |
|
95,739 |
|
113,056 |
|
94,334 |
|
91,946 |
| |||||
|
Professional fees |
|
152,733 |
|
160,459 |
|
185,622 |
|
158,204 |
|
155,086 |
| |||||
|
Other fees |
|
1,058,674 |
|
1,132,442 |
|
1,435,287 |
|
1,110,434 |
|
1,115,510 |
| |||||
|
Total expenses |
|
1,914,619 |
|
1,877,599 |
|
3,861,287 |
|
2,214,208 |
|
4,118,673 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NET INVESTMENT LOSS |
|
(1,871,542 |
) |
(1,825,124 |
) |
(3,861,287 |
) |
(2,166,880 |
) |
(4,065,607 |
) | |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
NET INCOME / (LOSS) |
|
$ |
(2,960,685 |
) |
$ |
(7,584,638 |
) |
$ |
5,333,486 |
|
$ |
(8,773,703 |
) |
$ |
1,827,444 |
|
The Non-Consolidated LLCs trade futures and forwards contracts. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2013 are as follows:
Alamo Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
134 |
|
$ |
20,100 |
|
$ |
(90,318 |
) |
$ |
(70,218 |
) |
-0.66 |
% |
(443 |
) |
$ |
267,788 |
|
$ |
(65,870 |
) |
$ |
201,918 |
|
1.90 |
% |
$ |
131,700 |
|
1.24 |
% |
February 14 - March 14 |
|
|
Currencies |
|
113 |
|
108,074 |
|
(16,612 |
) |
91,462 |
|
0.86 |
% |
(88 |
) |
75,461 |
|
(5,051 |
) |
70,410 |
|
0.66 |
% |
161,872 |
|
1.52 |
% |
March 14 |
| |||||||
|
Interest rates |
|
69 |
|
— |
|
(34,882 |
) |
(34,882 |
) |
-0.32 |
% |
(41 |
) |
— |
|
(45,469 |
) |
(45,469 |
) |
-0.43 |
% |
(80,351 |
) |
-0.75 |
% |
March 14 - June 14 |
| |||||||
|
Metals |
|
12 |
|
4,108 |
|
(30,693 |
) |
(26,585 |
) |
-0.25 |
% |
(61 |
) |
— |
|
(87,082 |
) |
(87,082 |
) |
-0.82 |
% |
(113,667 |
) |
-1.07 |
% |
January 14 - April 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
328 |
|
$ |
132,282 |
|
$ |
(172,505 |
) |
$ |
(40,223 |
) |
-0.37 |
% |
(633 |
) |
$ |
343,249 |
|
$ |
(203,472 |
) |
$ |
139,777 |
|
1.31 |
% |
$ |
99,554 |
|
0.94 |
% |
|
|
Breakout Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
80 |
|
$ |
76,560 |
|
$ |
(8,688 |
) |
$ |
67,872 |
|
0.53 |
% |
(80 |
) |
$ |
108,725 |
|
$ |
— |
|
$ |
108,725 |
|
0.85 |
% |
$ |
176,597 |
|
1.38 |
% |
February 14 - March 14 |
|
|
Currencies |
|
139 |
|
132,914 |
|
(21,575 |
) |
111,339 |
|
0.87 |
% |
(151 |
) |
96,275 |
|
(27,890 |
) |
68,385 |
|
0.54 |
% |
179,724 |
|
1.41 |
% |
March 14 |
| |||||||
|
Energy |
|
32 |
|
59,320 |
|
(7,526 |
) |
51,794 |
|
0.41 |
% |
(9 |
) |
— |
|
(8,130 |
) |
(8,130 |
) |
-0.07 |
% |
43,664 |
|
0.34 |
% |
January 14 - March 14 |
| |||||||
|
Interest rates |
|
55 |
|
1,443 |
|
(67,135 |
) |
(65,692 |
) |
-0.51 |
% |
(173 |
) |
17,274 |
|
(58,186 |
) |
(40,912 |
) |
-0.33 |
% |
(106,604 |
) |
-0.84 |
% |
March 14 - June 14 |
| |||||||
|
Metals |
|
103 |
|
46,081 |
|
(133,491 |
) |
(87,410 |
) |
-0.69 |
% |
(118 |
) |
85,961 |
|
(107,526 |
) |
(21,565 |
) |
-0.16 |
% |
(108,975 |
) |
-0.85 |
% |
January 14 - March 14 |
| |||||||
|
Stock indices |
|
196 |
|
355,451 |
|
(100 |
) |
355,351 |
|
2.79 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
355,351 |
|
2.79 |
% |
January 14 - March 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
605 |
|
$ |
671,769 |
|
$ |
(238,515 |
) |
$ |
433,254 |
|
3.40 |
% |
(531 |
) |
$ |
308,235 |
|
$ |
(201,732 |
) |
$ |
106,503 |
|
0.83 |
% |
$ |
539,757 |
|
4.23 |
% |
|
|
Cambridge Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
5 |
|
$ |
— |
|
$ |
(5,123 |
) |
$ |
(5,123 |
) |
-0.04 |
% |
(29 |
) |
$ |
18,939 |
|
$ |
(5,044 |
) |
$ |
13,895 |
|
0.11 |
% |
$ |
8,772 |
|
0.07 |
% |
January 14 - March 14 |
|
|
Currencies |
|
10 |
|
4,738 |
|
(1,310 |
) |
3,428 |
|
0.03 |
% |
(14 |
) |
16,174 |
|
(148 |
) |
16,026 |
|
0.13 |
% |
19,454 |
|
0.16 |
% |
March 14 |
| |||||||
|
Energy |
|
10 |
|
4,432 |
|
(4,530 |
) |
(98 |
) |
0.00 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(98 |
) |
0.00 |
% |
January 14 - February 14 |
| |||||||
|
Interest rates |
|
123 |
|
634 |
|
(43,996 |
) |
(43,362 |
) |
-0.34 |
% |
(36 |
) |
18,532 |
|
(54 |
) |
18,478 |
|
0.14 |
% |
(24,884 |
) |
-0.20 |
% |
January 14 - June 17 |
| |||||||
|
Metals |
|
122 |
|
176,112 |
|
(63,429 |
) |
112,683 |
|
0.88 |
% |
(130 |
) |
80,170 |
|
(240,552 |
) |
(160,382 |
) |
-1.26 |
% |
(47,699 |
) |
-0.38 |
% |
January 14 - April 14 |
| |||||||
|
Stock indices |
|
66 |
|
187,099 |
|
— |
|
187,099 |
|
1.47 |
% |
(1 |
) |
550 |
|
— |
|
550 |
|
0.00 |
% |
187,649 |
|
1.47 |
% |
January 14 - March 14 |
| |||||||
|
Subtotal |
|
336 |
|
373,015 |
|
(118,388 |
) |
254,627 |
|
2.00 |
% |
(210 |
) |
134,365 |
|
(245,798 |
) |
(111,433 |
) |
-0.88 |
% |
143,194 |
|
1.12 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Forwards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
|
|
244,177 |
|
(132,514 |
) |
111,663 |
|
0.87 |
% |
|
|
168,866 |
|
(185,244 |
) |
(16,378 |
) |
-0.12 |
% |
95,285 |
|
0.75 |
% |
March 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
336 |
|
$ |
617,192 |
|
$ |
(250,902 |
) |
$ |
366,290 |
|
2.87 |
% |
(210 |
) |
$ |
303,231 |
|
$ |
(431,042 |
) |
$ |
(127,811 |
) |
-1.00 |
% |
$ |
238,479 |
|
1.87 |
% |
|
|
Quaker Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
117 |
|
$ |
87,920 |
|
$ |
(66,517 |
) |
$ |
21,403 |
|
0.10 |
% |
(225 |
) |
$ |
320,545 |
|
$ |
(15,173 |
) |
$ |
305,372 |
|
1.38 |
% |
$ |
326,775 |
|
1.48 |
% |
February 14 - March 14 |
|
|
Energy |
|
76 |
|
59,337 |
|
(41,925 |
) |
17,412 |
|
0.08 |
% |
(10 |
) |
7,370 |
|
(9,496 |
) |
(2,126 |
) |
-0.01 |
% |
15,286 |
|
0.07 |
% |
January 14 - February 14 |
| |||||||
|
Interest rates |
|
846 |
|
1,726 |
|
(911,303 |
) |
(909,577 |
) |
-4.12 |
% |
(674 |
) |
473,078 |
|
(122,305 |
) |
350,773 |
|
1.59 |
% |
(558,804 |
) |
-2.53 |
% |
January 14 - December 14 |
| |||||||
|
Metals |
|
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(31 |
) |
49,220 |
|
(7,760 |
) |
41,460 |
|
0.19 |
% |
41,460 |
|
0.19 |
% |
February 14 - April 14 |
| |||||||
|
Stock indices |
|
240 |
|
696,785 |
|
— |
|
696,785 |
|
3.16 |
% |
(76 |
) |
— |
|
(175,963 |
) |
(175,963 |
) |
-0.80 |
% |
520,822 |
|
2.36 |
% |
January 14 - March 14 |
| |||||||
|
Subtotal |
|
1,279 |
|
845,768 |
|
(1,019,745 |
) |
(173,977 |
) |
-0.78 |
% |
(1,016 |
) |
850,213 |
|
(330,697 |
) |
519,516 |
|
2.35 |
% |
345,539 |
|
1.57 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Forwards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
|
|
281,937 |
|
(154,705 |
) |
127,232 |
|
0.57 |
% |
|
|
560,587 |
|
(193,271 |
) |
367,316 |
|
1.67 |
% |
494,548 |
|
2.24 |
% |
January 14 - March 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
1,279 |
|
$ |
1,127,705 |
|
$ |
(1,174,450 |
) |
$ |
(46,745 |
) |
-0.21 |
% |
(1,016 |
) |
$ |
1,410,800 |
|
$ |
(523,968 |
) |
$ |
886,832 |
|
4.02 |
% |
$ |
840,087 |
|
3.81 |
% |
|
|
Quantum Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
0.00 |
% |
(22 |
) |
$ |
7,337 |
|
$ |
— |
|
$ |
7,337 |
|
0.03 |
% |
$ |
7,337 |
|
0.03 |
% |
March 14 |
|
|
Currencies |
|
17 |
|
23,935 |
|
— |
|
23,935 |
|
0.11 |
% |
(17 |
) |
29,046 |
|
(9 |
) |
29,037 |
|
0.13 |
% |
52,972 |
|
0.24 |
% |
March 14 |
| |||||||
|
Energy |
|
28 |
|
350 |
|
(37,338 |
) |
(36,988 |
) |
-0.17 |
% |
(11 |
) |
2,202 |
|
(3,111 |
) |
(909 |
) |
0.00 |
% |
(37,897 |
) |
-0.17 |
% |
January 14 - February 14 |
| |||||||
|
Interest rates |
|
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(241 |
) |
144,533 |
|
(426 |
) |
144,107 |
|
0.65 |
% |
144,107 |
|
0.65 |
% |
March 14 |
| |||||||
|
Metals |
|
3 |
|
5,408 |
|
— |
|
5,408 |
|
0.02 |
% |
(6 |
) |
7,895 |
|
(1,700 |
) |
6,195 |
|
0.03 |
% |
11,603 |
|
0.05 |
% |
February 14 - March 14 |
| |||||||
|
Stock indices |
|
143 |
|
202,096 |
|
(292 |
) |
201,804 |
|
0.90 |
% |
(8 |
) |
2,100 |
|
(950 |
) |
1,150 |
|
0.01 |
% |
202,954 |
|
0.91 |
% |
January 14 - March 14 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
191 |
|
$ |
231,789 |
|
$ |
(37,630 |
) |
$ |
194,159 |
|
0.86 |
% |
(305 |
) |
$ |
193,113 |
|
$ |
(6,196 |
) |
$ |
186,917 |
|
0.85 |
% |
$ |
381,076 |
|
1.71 |
% |
|
|
The level of trading is affected by conditions in those markets. The fair value of the Non-Consolidated LLCs’ futures and forwards contracts by type that are presented as Net unrealized profit (loss) on open contracts in their respective Statements of Financial Condition as of December 31, 2012 are as follows:
Alamo Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
53 |
|
$ |
41,903 |
|
$ |
— |
|
$ |
41,903 |
|
0.18 |
% |
(247 |
) |
$ |
192,660 |
|
$ |
(95,359 |
) |
$ |
97,301 |
|
0.42 |
% |
$ |
139,204 |
|
0.60 |
% |
March 13 |
|
|
Currencies |
|
215 |
|
76,513 |
|
(174,782 |
) |
(98,269 |
) |
-0.43 |
% |
(56 |
) |
259,056 |
|
— |
|
259,056 |
|
1.13 |
% |
160,787 |
|
0.70 |
% |
March 13 |
| |||||||
|
Energy |
|
9 |
|
13,066 |
|
(12,524 |
) |
542 |
|
0.00 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
542 |
|
0.00 |
% |
February 13 |
| |||||||
|
Interest rates |
|
275 |
|
1,880 |
|
(39,810 |
) |
(37,930 |
) |
-0.16 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(37,930 |
) |
-0.16 |
% |
March 13 - June 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
552 |
|
$ |
133,362 |
|
$ |
(227,116 |
) |
$ |
(93,754 |
) |
-0.41 |
% |
(303 |
) |
$ |
451,716 |
|
$ |
(95,359 |
) |
$ |
356,357 |
|
1.55 |
% |
$ |
262,603 |
|
1.14 |
% |
|
|
Breakout Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
0.00 |
% |
(264 |
) |
$ |
337,925 |
|
$ |
— |
|
$ |
337,925 |
|
0.86 |
% |
$ |
337,925 |
|
0.86 |
% |
March 13 |
|
|
Currencies |
|
968 |
|
729,065 |
|
(307,440 |
) |
421,625 |
|
1.07 |
% |
(183 |
) |
365,402 |
|
— |
|
365,402 |
|
0.93 |
% |
787,027 |
|
2.00 |
% |
March 13 |
| |||||||
|
Energy |
|
15 |
|
— |
|
(9,341 |
) |
(9,341 |
) |
-0.02 |
% |
(80 |
) |
53,800 |
|
(225,120 |
) |
(171,320 |
) |
-0.44 |
% |
(180,661 |
) |
-0.46 |
% |
January 13 - March 13 |
| |||||||
|
Interest rates |
|
553 |
|
206,994 |
|
(238,994 |
) |
(32,000 |
) |
-0.08 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
(32,000 |
) |
-0.08 |
% |
March 13 - June 13 |
| |||||||
|
Metals |
|
158 |
|
— |
|
(266,278 |
) |
(266,278 |
) |
-0.68 |
% |
(103 |
) |
— |
|
(335,677 |
) |
(335,677 |
) |
-0.85 |
% |
(601,955 |
) |
-1.53 |
% |
February 13 - March 13 |
| |||||||
|
Stock indices |
|
444 |
|
756,597 |
|
(24,843 |
) |
731,754 |
|
1.86 |
% |
— |
|
— |
|
— |
|
— |
|
0.00 |
% |
731,754 |
|
1.86 |
% |
January 13 - March 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
2,138 |
|
$ |
1,692,656 |
|
$ |
(846,896 |
) |
$ |
845,760 |
|
2.15 |
% |
(630 |
) |
$ |
757,127 |
|
$ |
(560,797 |
) |
$ |
196,330 |
|
0.50 |
% |
$ |
1,042,090 |
|
2.65 |
% |
|
|
Cambridge Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
95 |
|
$ |
1,398 |
|
$ |
(159,683 |
) |
$ |
(158,285 |
) |
-0.38 |
% |
(211 |
) |
$ |
159,461 |
|
$ |
(49,206 |
) |
$ |
110,255 |
|
0.27 |
% |
$ |
(48,030 |
) |
-0.11 |
% |
February 13 - May 13 |
|
|
Currencies |
|
251 |
|
21,950 |
|
(195,816 |
) |
(173,866 |
) |
-0.43 |
% |
(60 |
) |
115,239 |
|
(12,222 |
) |
103,017 |
|
0.25 |
% |
(70,849 |
) |
-0.18 |
% |
March 13 |
| |||||||
|
Energy |
|
333 |
|
988,215 |
|
(17,519 |
) |
970,696 |
|
2.37 |
% |
(275 |
) |
23,595 |
|
(668,170 |
) |
(644,575 |
) |
-1.58 |
% |
326,121 |
|
0.79 |
% |
January 13 - March 13 |
| |||||||
|
Interest rates |
|
4,585 |
|
272,084 |
|
(392,660 |
) |
(120,576 |
) |
-0.29 |
% |
(309 |
) |
13,922 |
|
(8,114 |
) |
5,808 |
|
0.01 |
% |
(114,768 |
) |
-0.28 |
% |
January 13 - December 14 |
| |||||||
|
Metals |
|
179 |
|
130,109 |
|
(110,636 |
) |
19,473 |
|
0.05 |
% |
(238 |
) |
120,327 |
|
(521,274 |
) |
(400,947 |
) |
-0.98 |
% |
(381,474 |
) |
-0.93 |
% |
January 13 - April 13 |
| |||||||
|
Stock indices |
|
926 |
|
253,558 |
|
(396,736 |
) |
(143,178 |
) |
-0.35 |
% |
(16 |
) |
2,200 |
|
(11,350 |
) |
(9,150 |
) |
-0.02 |
% |
(152,328 |
) |
-0.37 |
% |
January 13 - March 13 |
| |||||||
|
Subtotal |
|
6,369 |
|
1,667,314 |
|
(1,273,050 |
) |
394,264 |
|
0.97 |
% |
(1,109 |
) |
434,744 |
|
(1,270,336 |
) |
(835,592 |
) |
-2.05 |
% |
(441,328 |
) |
-1.08 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Forwards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Currencies |
|
|
|
1,626,302 |
|
(815,193 |
) |
811,109 |
|
1.98 |
% |
|
|
1,137,882 |
|
(1,682,707 |
) |
(544,825 |
) |
-1.33 |
% |
266,284 |
|
0.65 |
% |
March 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
6,369 |
|
$ |
3,293,616 |
|
$ |
(2,088,243 |
) |
$ |
1,205,373 |
|
2.95 |
% |
(1,109 |
) |
$ |
1,572,626 |
|
$ |
(2,953,043 |
) |
$ |
(1,380,417 |
) |
-3.38 |
% |
$ |
(175,044 |
) |
-0.43 |
% |
|
|
Nets Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
50 |
|
$ |
— |
|
$ |
(128,932 |
) |
$ |
(128,932 |
) |
-0.43 |
% |
(176 |
) |
$ |
141,311 |
|
$ |
(25,300 |
) |
$ |
116,011 |
|
0.39 |
% |
$ |
(12,921 |
) |
-0.04 |
% |
February 13 - March 13 |
|
|
Currencies |
|
102 |
|
21,032 |
|
(71,651 |
) |
(50,619 |
) |
-0.17 |
% |
(20 |
) |
120,000 |
|
— |
|
120,000 |
|
0.40 |
% |
69,381 |
|
0.23 |
% |
March 13 |
| |||||||
|
Energy |
|
10 |
|
4,989 |
|
(6,964 |
) |
(1,975 |
) |
-0.01 |
% |
(34 |
) |
33,953 |
|
(31,918 |
) |
2,035 |
|
0.01 |
% |
60 |
|
0.00 |
% |
January 13 - February 13 |
| |||||||
|
Interest rates |
|
72 |
|
16,661 |
|
(9,829 |
) |
6,832 |
|
0.02 |
% |
(18 |
) |
12,104 |
|
(3,084 |
) |
9,020 |
|
0.03 |
% |
15,852 |
|
0.05 |
% |
March 13 - June 13 |
| |||||||
|
Metals |
|
31 |
|
48,405 |
|
(35,391 |
) |
13,014 |
|
0.05 |
% |
(52 |
) |
26,378 |
|
(79,691 |
) |
(53,313 |
) |
-0.18 |
% |
(40,299 |
) |
-0.13 |
% |
January 13 - March 13 |
| |||||||
|
Stock indices |
|
10 |
|
3,246 |
|
(6,325 |
) |
(3,079 |
) |
-0.01 |
% |
(127 |
) |
67,767 |
|
(188,278 |
) |
(120,511 |
) |
-0.41 |
% |
(123,590 |
) |
-0.42 |
% |
January 13 - March 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
275 |
|
$ |
94,333 |
|
$ |
(259,092 |
) |
$ |
(164,759 |
) |
-0.55 |
% |
(427 |
) |
$ |
401,513 |
|
$ |
(328,271 |
) |
$ |
73,242 |
|
0.24 |
% |
$ |
(91,517 |
) |
-0.31 |
% |
|
|
Quantum Global Horizons, LLC
|
|
|
Long Positions |
|
Long Positions |
|
|
|
Short Positions |
|
Short Positions |
|
|
|
Net Unrealized |
|
|
|
|
| |||||||||||||||
|
Commodity |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Number |
|
Gross Unrealized |
|
Unrealized |
|
Percent of |
|
Profit (Loss) on |
|
Percent of |
|
|
| |||||||||||
|
Industry Sector |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
of Contracts |
|
Gains |
|
Losses |
|
Profit (Loss) |
|
Members’ Capital |
|
Open Contracts |
|
Members’ Capital |
|
Maturity Dates |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Futures |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Agriculture |
|
35 |
|
$ |
2,559 |
|
$ |
(11,257 |
) |
$ |
(8,698 |
) |
-0.02 |
% |
(17 |
) |
$ |
5,557 |
|
$ |
(1,671 |
) |
$ |
3,886 |
|
0.01 |
% |
$ |
(4,812 |
) |
-0.01 |
% |
February 13 - March 13 |
|
|
Currencies |
|
247 |
|
17,613 |
|
(141,677 |
) |
(124,064 |
) |
-0.28 |
% |
(94 |
) |
10,408 |
|
(14,539 |
) |
(4,131 |
) |
-0.01 |
% |
(128,195 |
) |
-0.29 |
% |
March 13 |
| |||||||
|
Energy |
|
13 |
|
8,471 |
|
— |
|
8,471 |
|
0.02 |
% |
(18 |
) |
22,753 |
|
(835 |
) |
21,918 |
|
0.05 |
% |
30,389 |
|
0.07 |
% |
January 13 - February 13 |
| |||||||
|
Interest rates |
|
436 |
|
675,970 |
|
(2,705 |
) |
673,265 |
|
1.52 |
% |
(970 |
) |
73,045 |
|
(357,958 |
) |
(284,913 |
) |
-0.64 |
% |
388,352 |
|
0.88 |
% |
March 13 |
| |||||||
|
Metals |
|
23 |
|
36,135 |
|
— |
|
36,135 |
|
0.08 |
% |
(23 |
) |
303 |
|
(1,184 |
) |
(881 |
) |
0.00 |
% |
35,254 |
|
0.08 |
% |
February 13 - April 13 |
| |||||||
|
Stock indices |
|
75 |
|
4,031 |
|
(64,252 |
) |
(60,221 |
) |
-0.14 |
% |
(1,296 |
) |
106,146 |
|
(888,624 |
) |
(782,478 |
) |
-1.76 |
% |
(842,699 |
) |
-1.90 |
% |
January 13 - March 13 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
Total |
|
829 |
|
$ |
744,779 |
|
$ |
(219,891 |
) |
$ |
524,888 |
|
1.18 |
% |
(2,418 |
) |
$ |
218,212 |
|
$ |
(1,264,811 |
) |
$ |
(1,046,599 |
) |
-2.35 |
% |
$ |
(521,711 |
) |
-1.17 |
% |
|
|
The trading profits (losses) of the Partnership’s derivatives by instrument type, as well as the location of those gains and losses on the Consolidated Statements of Operations for the years ended December 31, 2013, 2012 and 2011 are as follows:
2013
|
|
|
|
|
Change in Net |
|
|
| |||
|
Commodity |
|
Realized Profits |
|
Unrealized |
|
Net Trading |
| |||
|
Industry Sector |
|
(Losses) |
|
Profits (Losses) |
|
Profits (Losses) |
| |||
|
|
|
|
|
|
|
|
| |||
|
Futures |
|
|
|
|
|
|
| |||
|
Agriculture |
|
$ |
302,931 |
|
$ |
138,234 |
|
$ |
441,165 |
|
|
Currencies |
|
(2,658,672 |
) |
(83,717 |
) |
(2,742,389 |
) | |||
|
Energy |
|
(2,636,353 |
) |
(156,637 |
) |
(2,792,990 |
) | |||
|
Interest rates |
|
(7,711,437 |
) |
(416,464 |
) |
(8,127,901 |
) | |||
|
Metals |
|
(88,677 |
) |
575,645 |
|
486,968 |
| |||
|
Stock indices |
|
2,719,677 |
|
608,980 |
|
3,328,657 |
| |||
|
Subtotal |
|
(10,072,531 |
) |
666,041 |
|
(9,406,490 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Forwards |
|
|
|
|
|
|
| |||
|
Currencies |
|
(5,939,318 |
) |
1,989,762 |
|
(3,949,556 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Options |
|
|
|
|
|
|
| |||
|
Agriculture |
|
(432,986 |
) |
— |
|
(432,986 |
) | |||
|
Currencies |
|
2,673,941 |
|
240,288 |
|
2,914,229 |
| |||
|
Energy |
|
1,022,878 |
|
(11,183 |
) |
1,011,695 |
| |||
|
Interest rates |
|
6,011,454 |
|
(55,100 |
) |
5,956,354 |
| |||
|
Metals |
|
(436,295 |
) |
56,144 |
|
(380,151 |
) | |||
|
Stock indices |
|
1,735,886 |
|
(24,623 |
) |
1,711,263 |
| |||
|
Subtotal |
|
10,574,878 |
|
205,526 |
|
10,780,404 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total |
|
$ |
(5,436,971 |
) |
$ |
2,861,329 |
|
$ |
(2,575,642 |
) |
2012
|
|
|
|
|
Change in Net |
|
|
| |||
|
Commodity |
|
Realized Profits |
|
Unrealized |
|
Net Trading |
| |||
|
Industry Sector |
|
(Losses) |
|
Profits (Losses) |
|
Profits (Losses) |
| |||
|
|
|
|
|
|
|
|
| |||
|
Futures |
|
|
|
|
|
|
| |||
|
Agriculture |
|
$ |
(2,820,296 |
) |
$ |
(199,915 |
) |
$ |
(3,020,211 |
) |
|
Currencies |
|
(3,263,268 |
) |
(232,086 |
) |
(3,495,354 |
) | |||
|
Energy |
|
465,650 |
|
(37,269 |
) |
428,381 |
| |||
|
Interest rates |
|
2,717,223 |
|
(1,279,367 |
) |
1,437,856 |
| |||
|
Metals |
|
(2,136,315 |
) |
(325,359 |
) |
(2,461,674 |
) | |||
|
Stock indices |
|
(403,550 |
) |
313,805 |
|
(89,745 |
) | |||
|
Subtotal |
|
(5,440,556 |
) |
(1,760,191 |
) |
(7,200,747 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Forwards |
|
|
|
|
|
|
| |||
|
Currencies |
|
(5,225,167 |
) |
(2,190,759 |
) |
(7,415,926 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Options |
|
|
|
|
|
|
| |||
|
Agriculture |
|
(25,197 |
) |
— |
|
(25,197 |
) | |||
|
Currencies |
|
1,030,112 |
|
(185,404 |
) |
844,708 |
| |||
|
Energy |
|
1,006,201 |
|
21,872 |
|
1,028,073 |
| |||
|
Interest rates |
|
4,555,729 |
|
(45,727 |
) |
4,510,002 |
| |||
|
Metals |
|
62,913 |
|
(56,144 |
) |
6,769 |
| |||
|
Stock indices |
|
1,354,178 |
|
(16,165 |
) |
1,338,013 |
| |||
|
Subtotal |
|
7,983,936 |
|
(281,568 |
) |
7,702,368 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total |
|
$ |
(2,681,787 |
) |
$ |
(4,232,518 |
) |
$ |
(6,914,305 |
) |
2011
|
|
|
|
|
Change in Net |
|
|
| |||
|
Commodity |
|
Realized Profits |
|
Unrealized |
|
Net Trading |
| |||
|
Industry Sector |
|
(Losses) |
|
Profits (Losses) |
|
Profits (Losses) |
| |||
|
|
|
|
|
|
|
|
| |||
|
Futures |
|
|
|
|
|
|
| |||
|
Agriculture |
|
$ |
(5,774,791 |
) |
$ |
(1,538,257 |
) |
$ |
(7,313,048 |
) |
|
Currencies |
|
(992,911 |
) |
(1,267,577 |
) |
(2,260,488 |
) | |||
|
Energy |
|
(4,011,563 |
) |
(536,058 |
) |
(4,547,621 |
) | |||
|
Interest rates |
|
20,886,245 |
|
553,178 |
|
21,439,423 |
| |||
|
Metals |
|
3,345,246 |
|
(1,501,750 |
) |
1,843,496 |
| |||
|
Stock indices |
|
(7,339,014 |
) |
(446,410 |
) |
(7,785,424 |
) | |||
|
Subtotal |
|
6,113,212 |
|
(4,736,874 |
) |
1,376,338 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Forwards |
|
|
|
|
|
|
| |||
|
Currencies |
|
564,076 |
|
(2,901,353 |
) |
(2,337,277 |
) | |||
|
|
|
|
|
|
|
|
| |||
|
Options |
|
|
|
|
|
|
| |||
|
Currencies |
|
3,351,068 |
|
8,090 |
|
3,359,158 |
| |||
|
Energy |
|
586,225 |
|
— |
|
586,225 |
| |||
|
Interest rates |
|
3,962,742 |
|
58,130 |
|
4,020,872 |
| |||
|
Metals |
|
108,137 |
|
— |
|
108,137 |
| |||
|
Stock indices |
|
1,133,607 |
|
21,863 |
|
1,155,470 |
| |||
|
Subtotal |
|
9,141,779 |
|
88,083 |
|
9,229,862 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Total |
|
$ |
15,819,067 |
|
$ |
(7,550,144 |
) |
$ |
8,268,923 |
|