Potomac Futures Fund (POTO) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	POTO
Entity Registrant Name	POTOMAC FUTURES FUND LP
Entity Central Index Key	1,043,565
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,776.2678
Entity Public Float			$ 23,174,777

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in the Master, at fair value (Note 1)	$ 18,270,979	$ 27,018,218
Cash at MS&Co. (Note 3c)	126,256	137,589
Cash at bank (Note 1)	217
Total assets	18,397,452	27,155,807
Accrued expenses:
Ongoing selling agent fees (Note 3d)	30,313	45,260
Management fees (Note 3b)	22,816	33,738
General Partner fees (Note 3a)	15,210	22,492
Professional fees	114,608	120,019
Redemptions payable to Limited Partners (Note 6)	519,960	173,269
Total liabilities	702,907	394,778
Partners' Capital: (Notes 1 and 6)
Total partners' capital (net asset value)	17,694,545	26,761,029
Total liabilities and partners' capital	18,397,452	27,155,807
Class A [Member]
Partners' Capital: (Notes 1 and 6)
General Partner		302,546
Limited Partners, Class A, 12,965.3578 and 16,841.5078 Redeemable Units outstanding at December 31, 2016 and 2015, respectively	17,486,619	26,458,483
Total partners' capital (net asset value)	$ 17,486,619	$ 26,761,029
Net asset value per Redeemable Unit	$ 1,348.72	$ 1,571.03
Class Z [Member]
Partners' Capital: (Notes 1 and 6)
General Partner	$ 207,926
Total partners' capital (net asset value)	$ 207,926
Net asset value per Redeemable Unit	$ 912.50

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2016	Dec. 31, 2015
Class A [Member]
General Partner Redeemable Units outstanding	0	192.5786
Limited Partners Redeemable Units outstanding	12,965.3578	16,841.5078
Class Z [Member]
General Partner Redeemable Units outstanding	227.8640	0

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income allocated from the Master (Note 3c)		$ 45,442	$ 2,081	$ 4,188
Expenses:
Expenses allocated from the Master		192,598	234,518	284,680
Ongoing selling agent fees (Note 3d)		461,501	591,556	970,036
Management fees (Note 3b)		346,035	441,407	485,268
General Partner fees (Note 3a)		230,690	294,269	73,710
Incentive fees (Note 3b)			84,431
Professional fees		331,230	219,601	228,400
Total expenses		1,562,054	1,865,782	2,042,094
Net investment loss		(1,516,612)	(1,863,701)	(2,037,906)
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		(2,413,231)	1,839,783	5,907,663
Net change in unrealized gains (losses) on open contracts allocated from the Master		594,824	(1,864,306)	556,997
Total trading results		(1,818,407)	(24,523)	6,464,660
Net income (loss)		(3,335,019)	(1,888,224)	4,426,754
Class A [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ (3,313,437)	$ (1,888,224)	$ 4,426,754
Net asset value per Redeemable Unit		$ 1,348.72	$ 1,571.03	$ 1,676.61
Net income (loss) per Redeemable Unit	[1]	$ (222.31)	$ (105.58)	$ 265.30
Weighted average Redeemable Units outstanding		15,454.5329	17,729.3828	20,587.9346
Class Z [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ (21,582)
Net asset value per Redeemable Unit		$ 912.50
Net income (loss) per Redeemable Unit	[1]	$ (87.50)
Weighted average Redeemable Units outstanding		246.1860
[1]	Represents the change in net asset value per Redeemable Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class A [Member]General Partner [Member]	Class Z [Member]	Class Z [Member]General Partner [Member]
Net asset value per Redeemable Unit					$ 1,411.31
Partners' Capital, beginning of period at Dec. 31, 2013	$ 30,103,205			$ 30,103,205
Subscriptions		$ 3,736,764			$ 3,736,764
Net income (loss)	4,426,754			4,426,754
Redemptions		$ (7,924,302)	$ (99,993)		$ (7,924,302)	$ (99,993)
Subscriptions, Redeemable Units		2,757.6500			2,757.6500
Partners' Capital, end of period at Dec. 31, 2014	$ 30,242,428			$ 30,242,428
Redemptions, Redeemable Units		(5,976.8650)	(72.9140)		(5,976.8650)	(72.9140)
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2013	21,330.0154			21,330.0154
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2014	18,037.8864			18,037.8864
Net asset value per Redeemable Unit				$ 1,676.61	$ 1,676.61
Subscriptions		$ 2,182,466			$ 2,182,466
Net income (loss)	$ (1,888,224)			$ (1,888,224)
Redemptions		$ (3,775,641)			$ (3,775,641)
Subscriptions, Redeemable Units		1,277.0790			1,277.0790
Partners' Capital, end of period at Dec. 31, 2015	$ 26,761,029			$ 26,761,029
Redemptions, Redeemable Units		(2,280.8790)			(2,280.8790)
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2015	17,034.0864			17,034.0864
Net asset value per Redeemable Unit				$ 1,571.03	$ 1,571.03
Subscriptions		$ 218,400	$ 264,508		$ 218,400			$ 264,508
Net income (loss)	$ (3,335,019)			$ (3,313,437)			$ (21,582)
Redemptions		$ (5,889,865)	$ (324,508)		$ (5,889,865)	$ (289,508)		$ (35,000)
Subscriptions, Redeemable Units		145.6740	264.5080		145.6740			264.5080
Partners' Capital, end of period at Dec. 31, 2016	$ 17,694,545			$ 17,486,619			$ 207,926
Redemptions, Redeemable Units		(4,021.8240)	(229.2226)		(4,021.8240)	(192.5786)		(36.6440)
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2016	13,193.2218			12,965.3578			227.8640
Net asset value per Redeemable Unit				$ 1,348.72	$ 1,348.72		$ 912.50

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Potomac Futures Fund L.P. (the “Partnership”) is a limited partnership organized on March 14, 1997 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, metals and softs. The commodity interests that are indirectly traded by the Partnership through its investment in CMF Campbell Master Fund L.P. (the “Master”) are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership is authorized to sell an unlimited number of redeemable units of limited partnership interest (“Redeemable Units”). The Partnership privately and continuously offers Redeemable Units in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. All trading decisions for the Partnership are made by Campbell & Company, LP (the “Advisor”). During the periods covered in this report, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in a non-trading account at JPMorgan Chase Bank, N.A. On January 1, 2005, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 173,788.6446 units of the Master with cash equal to $172,205,653 and a contribution of open commodity futures and forward contracts with a fair value of $1,582,992. The units of the Master are used solely for accounting purposes and do not represent legally distinct units. The Master permits accounts managed by the Advisor using the Campbell Managed Futures Portfolio (formerly, Financial, Metal & Energy Large Portfolio), a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. As of March 22, 2016, the Partnership began offering two classes of limited partnership interests, Class A Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to February 29, 2016 were deemed “Class A Redeemable Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units were not changed. Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A Redeemable Units and Class Z Redeemable Units are identical, except that Class Z Redeemable Units are not subject to monthly ongoing selling agent fees. Generally, a limited partner in the Master withdraws all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. However, a limited partner in the Master may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. The financial statements of the Master, including the Condensed Schedules of Investments, are contained elsewhere in this report and should be read together with the Partnership’s financial statements. As of December 31, 2016 and 2015, the Partnership owned 100% of the Master. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The Partnership will be liquidated upon the first to occur of the following: December 31, 2057; the net asset value per Redeemable Unit of any class decreases to less than $400 per Redeemable Unit as of a close of any business day; or under certain other circumstances as defined in the limited partnership agreement of the Partnership (the “Limited Partnership Agreement”). In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates b. Profit Allocation c. Statement of Cash Flows d. Partnership’s Investment Master’s Investments e. Fair Value of Financial Instruments Financial Instruments f. Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements g. Income Taxes h. Net Income (Loss) per Redeemable Unit Financial Services – Investment Companies.” i. Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities.

Agreements

Agreements	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Agreements	3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership. Effective October 1, 2014, the Partnership pays the General Partner a monthly General Partner fee in return for its services to the Partnership equal to 1/12 of 1% (1% per year) of month-end adjusted Net Assets per Class, for each outstanding Class. Month-end adjusted Net Assets per Class, for the purpose of calculating the General Partner fees, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s incentive fee accruals, the monthly management fee, the General Partner fee and any redemptions or distributions as of the end of such month. b. Management Agreement: The General Partner, on behalf of the Partnership, has entered into a management agreement (the “Management Agreement”) with the Advisor, a registered commodity trading advisor. The Management Agreement provides that the Advisor has discretion in determining the investment of the assets of the Partnership allocated to the Advisor by the General Partner. The Partnership will pay a monthly management fee equal to 1/12 of 1.5% (1.5% per year) of month-end Net Assets per Class, for each outstanding Class allocated to the Advisor as of the end of each month. Prior to June 1, 2014, the Partnership paid a monthly management fee equal to 1/6 of 1% (2% per year) of month-end Net Assets allocated to the Advisor. Month-end Net Assets per Class, for each outstanding Class, for the purpose of calculating management fees, are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s incentive fee accrual, the monthly management fee, the General Partner fee and any redemptions or distributions as of the end of such month. The Management Agreement may be terminated upon notice by either party. The Partnership is obligated to pay the Advisor an incentive fee, payable quarterly, equal to 20% of the new trading profits, as defined in the Management Agreement, earned by the Advisor for the Partnership during each calendar quarter. The Advisor’s incentive fee will be allocated proportionally to each Class based on the net asset value of the respective Class. The Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership. In allocating substantially all of the assets of the Partnership to the Master, the General Partner considers, among other things, the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time. c. Customer Agreement: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership pays trading fees for the clearing and, where applicable, the execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively the “clearing fees”) through its investment in the Master. Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. The clearing fees are allocated to the Partnership based on its proportionate share of the Master. All of the Partnership’s assets not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash deposited with MS&Co. is held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. MS&Co. has agreed to pay the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. The Partnership Customer Agreement may generally be terminated upon notice by either party. d. Selling Agent Agreement: The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement with Morgan Stanley Wealth Management, the Partnership paid Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014 the monthly ongoing selling agent fee was paid at a rate equal to 5.5% per year of month-end Net Assets. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced to 3% per year of month-end Net Assets. Effective October 1, 2014, the monthly ongoing selling agent fee was reduced to 2% per year of month-end Net Assets for Class A Redeemable Units. Class Z Redeemable Units are not subject to the ongoing selling agent fee. Morgan Stanley Wealth Management will pay a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Redeemable Units. Month-end Net Assets, for the purpose of calculating ongoing selling agent fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fee, management fee, the incentive fee accrued, the General Partner fee and other expenses and any redemptions or distributions as of the end of such month.

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 2016
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities is shown in the Statements of Income and Expenses. The Master has entered into a futures brokerage account agreement (the “Master Customer Agreement” and, together with the Partnership Customer Agreement, the “Customer Agreements”) and a foreign exchange brokerage account agreement with MS&Co. The Customer Agreements give the Partnership and the Master the legal right to net unrealized gains and losses on open futures and on open forward contracts. The Master nets, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “ Balance Sheet Trading and transaction fees are based on the number of trades executed by the Advisor and the Partnership’s percent ownership of the Master. Professional fees and other expenses are borne by the Master and allocated to the Partnership, and also directly charged at the Partnership level. All other fees are charged at the Partnership level. For disclosures regarding the Master’s trading activities, see Note 4, “Trading Activities,” of the attached Master’s financial statements.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: See Notes 2 and 5 of the Master’s financial statements for the determination of the fair value of the Master’s investments and related disclosures, including the fair value hierarchy, pursuant to ASC 820, “ Fair Value Measurement

Subscriptions, Distributions an

Subscriptions, Distributions and Redemptions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Subscriptions, Distributions and Redemptions	6. Subscriptions, Distributions and Redemptions: Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscriptions are processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Partnership’s profits. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value as of the end of each month on three business days’ notice to the General Partner. There is no fee charged to limited partners in connection with redemptions.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: Class A 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (124.48) $ (0.43) $ 363.02 Net investment loss (97.83) (105.15) (97.72) Increase (decrease) for the year (222.31) (105.58) 265.30 Net asset value per Redeemable Unit, beginning of year 1,571.03 1,676.61 1,411.31 Net asset value per Redeemable Unit, end of year $ 1,348.72 $ 1,571.03 $ 1,676.61 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss ** (6.7) % (6.4) % (7.3) % Operating expenses 6.9 % 6.1 % 7.3 % Incentive fees - % 0.3 % - % Total expenses 6.9 % 6.4 % 7.3 % Total return: Total return before incentive fees (14.2) % (6.0) % 18.8 % Incentive fees - % (0.3) % - % Total return after incentive fees (14.2) % (6.3) % 18.8 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and includes the income and expenses allocated from the Master.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	8. Financial Instrument Risks: In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. Market risk is the potential for changes in the value of the financial instruments traded by the Master due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Master is exposed to market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. See Note 8, “Financial Instrument Risks,” of the attached Master’s financial statements for risks relating to financial instruments and derivatives that are traded by the Master. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Master’s risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Master has credit risk and concentration risk, as MS&Co., or an MS&Co. affiliate, is the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co., or an MS&Co. affiliate, the Partnership’s/Master’s counterparty, is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s/Master’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Master may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option positions by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Master’s business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events: As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley. The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation
Statement of Cash Flows	Statement of Cash Flows
Partnership's Investment	Partnership’s Investment
Master's Investments	Master’s Investments
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments
Investment Company Status	Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes
Net Income (Loss) per Redeemable Unit	Net Income (Loss) per Redeemable Unit Financial Services – Investment Companies.”
Recent Accounting Pronouncement	Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities.

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: Class A 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (124.48) $ (0.43) $ 363.02 Net investment loss (97.83) (105.15) (97.72) Increase (decrease) for the year (222.31) (105.58) 265.30 Net asset value per Redeemable Unit, beginning of year 1,571.03 1,676.61 1,411.31 Net asset value per Redeemable Unit, end of year $ 1,348.72 $ 1,571.03 $ 1,676.61 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss ** (6.7) % (6.4) % (7.3) % Operating expenses 6.9 % 6.1 % 7.3 % Incentive fees - % 0.3 % - % Total expenses 6.9 % 6.4 % 7.3 % Total return: Total return before incentive fees (14.2) % (6.0) % 18.8 % Incentive fees - % (0.3) % - % Total return after incentive fees (14.2) % (6.3) % 18.8 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the Master less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Jan. 01, 2005
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of Partnership owned	100.00%	100.00%
CMF Campbell Master Fund L.P. [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Units of Partnership purchased			173,788.6446
Cash equal, Partnership purchased			$ 172,205,653
Fair value, Partnership purchased			$ 1,582,992
Minimum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Net asset value per unit liquidation circumstance	$ 400
Partnership liquidation date circumstance	Dec. 31, 2057

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Provision for income tax	$ 0

Agreements - Additional Informa

Agreements - Additional Information (Detail)	3 Months Ended	5 Months Ended	6 Months Ended	12 Months Ended	27 Months Ended	31 Months Ended
	Mar. 31, 2014	May 31, 2014	Sep. 30, 2014	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Percentage of monthly General Partner fee					0.0833%
Percentage of General Partner fee					1.00%
Percentage of monthly management fee		0.167%				0.125%
Percentage of management fee		2.00%				1.50%
Incentive fee, percent				20.00%
MS&Co. [Member]
Investment [Line Items]
Percentage of allocable shares				80.00%
Morgan Stanley Wealth Management [Member]
Investment [Line Items]
Ongoing selling agent fee	5.50%		3.00%		2.00%

Subscriptions, Distributions 20

Subscriptions, Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Partners' Capital [Abstract]
Fee charged to limited partners	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class A [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,571.03	$ 1,676.61
Net asset value per Redeemable Unit, end of year	1,348.72	1,571.03	$ 1,676.61
Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	(124.48)	(0.43)	363.02
Net investment loss	(97.83)	(105.15)	(97.72)
Increase (decrease) for the year	(222.31)	(105.58)	265.30
Net asset value per Redeemable Unit, beginning of year	1,571.03	1,676.61	1,411.31
Net asset value per Redeemable Unit, end of year	$ 1,348.72	$ 1,571.03	$ 1,676.61
Ratios to Average Limited Partners' Capital:
Net investment loss	(6.70%)	(6.40%)	(7.30%)
Operating expenses	6.90%	6.10%	7.30%
Incentive fees		0.30%
Total expenses	6.90%	6.40%	7.30%
Total return:
Total return before incentive fees	(14.20%)	(6.00%)	18.80%
Incentive fees		(0.30%)
Total return after incentive fees	(14.20%)	(6.30%)	18.80%

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial instruments maturity period	1 year