Potomac Futures Fund (POTO) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Registrant Name	POTOMAC FUTURES FUND LP
Entity Central Index Key	0001043565
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	POTO
Entity Emerging Growth Company	false
Entity Small Business	false
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		28,441.8268
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22.3230

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Equity in trading account:
Unrestricted cash	$ 28,803,362	$ 13,460,371
Restricted cash	8,029,250	3,230,953
Net unrealized appreciation on open contracts	1,653,839	766,141
Total equity in trading account	38,486,451	17,457,465
Receivable from General Partner	10,425	15,849
Interest receivable	66,148	26,847
Total assets	38,563,024	17,500,161
Liabilities:
Net unrealized depreciation on open contracts	375,488	0
Accrued expenses:
Ongoing selling agent fees	62,754	28,781
Management fees	47,445	21,661
General Partner fees	28,467	14,441
Professional fees	168,881	142,206
Redemptions payable to Limited Partners	667,044	104,315
Total liabilities	1,350,079	311,404
Partners' Capital:
Total partners' capital (net asset value)	37,212,945	17,188,757
Total liabilities and partners' capital	38,563,024	17,500,161
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	0	479,523
Liabilities:
Net unrealized depreciation on open contracts	375,488	0
Futures [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	1,653,839	286,618
Liabilities:
Net unrealized depreciation on open contracts	0	0
Class A [Member]
Partners' Capital:
Limited Partners,	36,691,472	$ 16,975,265
Total partners' capital (net asset value)	$ 36,691,472
Net asset value per Redeemable Unit	$ 1,270.03	$ 1,230.07
Class Z [Member]
Partners' Capital:
General Partner, Class Z, 557.7190 and 246.4190 Redeemable Units outstanding at March 31, 2019 and December 31, 2018, respectively	$ 501,404	$ 213,492
Limited Partners,	20,069
Total partners' capital (net asset value)	$ 521,473
Net asset value per Redeemable Unit	$ 899.03	$ 866.38

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Mar. 31, 2019	Dec. 31, 2018
Class A [Member]
Limited Partners Redeemable Units outstanding	28,890.3478	13,800.2198
Class Z [Member]
General Partner Redeemable Units outstanding	557.7190	246.4190
Limited Partners Redeemable Units outstanding	22.3230	0

Condensed Schedule of Investmen

Condensed Schedule of Investments		Mar. 31, 2019USD ($)Derivative		Dec. 31, 2018USD ($)Derivative
Futures [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open contracts		$ 1,653,839		$ 286,618
Percentage of Partners' Capital		4.44%		1.67%
Total unrealized appreciation on open contracts		$ 1,893,979		$ 561,881
Total unrealized depreciation on open contracts		(240,140)		(275,263)
Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		$ 1,209,986		$ 157,988
Percentage of Partners' Capital		3.25%		0.92%
Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		$ 443,853		$ 128,630
Percentage of Partners' Capital		1.19%		0.75%
Metals [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 37,100		$ 23,908
Total unrealized depreciation on open contracts		$ (45,635)		$ (400)
Metals [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		9		8
Investment, Fair Value		$ (41,285)		$ 19,310
Percentage of Partners' Capital		(0.11%)		0.11%
Metals [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		64		7
Investment, Fair Value		$ 32,750		$ 4,198
Percentage of Partners' Capital		0.09%		0.02%
Energy [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 19,234		$ 63,201
Total unrealized depreciation on open contracts		$ (11,710)		$ (83,350)
Energy [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		52		11
Investment, Fair Value		$ 7,824		$ (82,600)
Percentage of Partners' Capital		0.02%		(0.48%)
Energy [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		2		12
Investment, Fair Value		$ (300)		$ 62,451
Percentage of Partners' Capital		(0.00%)	[1]	0.36%
Grains [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 483,962		$ 67,071
Total unrealized depreciation on open contracts		$ (1,865)		$ (930)
Grains [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative				1
Investment, Fair Value				$ (80)
Percentage of Partners' Capital	[1]			(0.00%)
Grains [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		425		167
Investment, Fair Value		$ 482,097		$ 66,221
Percentage of Partners' Capital		1.29%		0.39%
Indices [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 184,983		$ 67,303
Total unrealized depreciation on open contracts		$ (31,877)		$ (67,877)
Indices [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		296		16
Investment, Fair Value		$ 149,556		$ (13,698)
Percentage of Partners' Capital		0.40%		(0.08%)
Indices [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		57		89
Investment, Fair Value		$ 3,550		$ 13,124
Percentage of Partners' Capital		0.01%		0.08%
Interest Rates U.S. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 246,490		$ 40,484
Total unrealized depreciation on open contracts		$ (18,728)		$ (112,616)
Interest Rates U.S. [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		310		98
Investment, Fair Value		$ 231,886		$ 40,140
Percentage of Partners' Capital		0.62%		0.23%
Interest Rates U.S. [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		27		134
Investment, Fair Value		$ (4,124)		$ (112,272)
Percentage of Partners' Capital		(0.01%)		(0.65%)
Interest Rates Non-U.S. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 883,704		$ 191,985
Total unrealized depreciation on open contracts		$ (88,931)		$ (8,061)
Interest Rates Non-U.S. [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1,568		974
Investment, Fair Value		$ 866,985		$ 184,406
Percentage of Partners' Capital		2.33%		1.07%
Interest Rates Non-U.S. [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		95		10
Investment, Fair Value		$ (72,212)		$ (482)
Percentage of Partners' Capital		(0.20%)		(0.00%)	[1]
Livestock [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts				$ 30
Total unrealized depreciation on open contracts		$ (10,450)		$ (1,043)
Livestock [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		3
Investment, Fair Value		$ (4,980)
Percentage of Partners' Capital		(0.01%)
Livestock [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		1		3
Investment, Fair Value		$ (5,470)		$ (1,013)
Percentage of Partners' Capital		(0.01%)		(0.01%)
Softs [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		$ 38,506		$ 107,899
Total unrealized depreciation on open contracts		$ (30,944)		$ (986)
Softs [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative				10
Investment, Fair Value				$ 10,510
Percentage of Partners' Capital				0.07%
Softs [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		116		77
Investment, Fair Value		$ 7,562		$ 96,403
Percentage of Partners' Capital		0.02%		0.56%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open contracts		$ (375,488)		$ 479,523
Percentage of Partners' Capital		(1.01%)		2.79%
Total unrealized appreciation on open contracts		$ 1,583,468		$ 1,333,455
Total unrealized depreciation on open contracts		(1,958,956)		(853,932)
Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts		340,590		171,195
Total unrealized depreciation on open contracts		(371,104)		(126,750)
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional		159,295,609		74,536,326
Total unrealized appreciation on open contracts		1,242,878		1,162,260
Notional		196,814,805		51,277,538
Total unrealized depreciation on open contracts		$ (1,587,852)		$ (727,182)
Unrealized Appreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		4.26%		7.76%
Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		125		60
Percentage of Partners' Capital		0.92%		1.00%
Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		3.34%		6.76%
Unrealized Depreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		(5.27%)		(4.97%)
Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		179		42
Percentage of Partners' Capital		(1.00%)		(0.74%)
Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital		(4.27%)		(4.23%)
[1]	Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Investment Income:
Interest income		$ 187,504	$ 73,590
Total investment income		187,504	73,590
Expenses:
Clearing fees related to direct investments		57,939	19,707
Ongoing selling agent fees		184,827	108,331
Management fees		139,729	81,647
General Partner fees		83,838	54,431
Professional fees		76,836	71,190
Total expenses		543,169	335,306
Expenses borne by the General Partner		(30,842)	(43,708)
Net expenses		512,327	291,598
Net investment loss		(324,823)	(218,008)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		988,787	(320,870)
Net change in unrealized gains (losses) on open contracts		510,198	(234,626)
Total trading results		1,498,985	(555,496)
Net income (loss)		1,174,162	(773,504)
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 1,155,226	$ (769,040)
Net income (loss) per Redeemable Unit	[1]	$ 39.96	$ (49.73)
Weighted average Redeemable Units outstanding		29,825.4568	15,937.3321
Class Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 18,936	$ (4,464)
Net income (loss) per Redeemable Unit	[1]	$ 32.65	$ (29.78)
Weighted average Redeemable Units outstanding		580.0420	263.1707
[1]	Represents the change in net asset value per Redeemable Unit during the period.

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 Z [Member]	Class Z [Member]Limited Partners [Member]	Class Z [Member]General Partner [Member]
Partners' Capital, beginning of period at Dec. 31, 2017	$ 22,263,377			$ 21,985,171		$ 278,206
Redemptions		$ (810,998)	$ (50,000)		$ (810,998)			$ (50,000)
Net income (loss)	$ (773,504)			(769,040)		(4,464)
Partners' Capital, end of period at Mar. 31, 2018				$ 20,405,133		$ 223,742
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2017	16,480.3018			16,183.6278		296.6740
Partners' Capital, Redeemable Units, end of period at Mar. 31, 2018	15,837.7558			15,591.3368		246.4190
Redemptions, Redeemable Units		(592.2910)	(50.2550)		(592.2910)			(50.2550)
Partners' Capital, beginning of period at Dec. 31, 2018	$ 17,188,757
Subscriptions		$ 20,354,371	$ 269,705		$ 20,335,031		$ 19,340	$ 269,705
Redemptions		$ (1,774,050)			$ (1,774,050)
Net income (loss)	1,174,162			$ 1,155,226		$ 18,936
Partners' Capital, end of period at Mar. 31, 2019	$ 37,212,945			$ 36,691,472		$ 521,473
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2018						246.4190
Subscriptions, Redeemable Units		16,553.9280	311.3000		16,531.6050		22.3230	311.3000
Partners' Capital, Redeemable Units, end of period at Mar. 31, 2019	29,470.3898			28,890.3478		580.0420
Redemptions, Redeemable Units		(1,441.4770)			(1,441.4770)

Organization

Organization	3 Months Ended
	Mar. 31, 2019
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 and 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 Partnership commenced trading operations on October 1, 1997. The commodity interests traded directly by the Partnership 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. The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is 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 reporting periods ended March 31, 2019 and 2018, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior reporting periods included in this report, the Partnership deposited a portion of its cash in non-trading bank accounts at JPMorgan Chase Bank, N.A. 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 Class A Redeemable Units were not changed. Class A Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” 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 were first issued on July 1, 2016 at $1,000 per Redeemable Unit. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“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. As of July 17, 2017, the Advisor commenced trading the Partnership’s assets directly pursuant to the Campbell Managed Futures Portfolio, a proprietary, systematic trading program. The General Partner is not aware of any material changes to the trading program other than as discussed above during the fiscal quarter ended March 31, 2019. The Partnership’s trading of futures, forward, swap and option contracts, if applicable, on commodities are done primarily on U.S. and foreign commodity exchanges. The Partnership engages in such trading through commodity brokerage accounts maintained with MS&Co. The Partnership has entered into a foreign exchange brokerage account agreement and a futures brokerage account agreement with MS&Co. The Partnership pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). The Partnership has also entered into a selling agent agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end net assets for Class A Redeemable Units. Class Z Redeemable Units are not subject to the ongoing selling agent fee. The ongoing selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisors of Morgan Stanley Wealth Management who sell Class A Redeemable Units in the Partnership. Effective January 1, 2019, the General Partner fee was reduced to 1/12 of 0.90% (0.90% per year) of month-end adjusted Net Assets per Class for each outstanding class. Effective January 1, 2017, the General Partner instituted a cap on the Partnership’s operating expenses such that the General Partner will be responsible for any such expenses to the extent they exceed 0.50% of the Partnership’s net assets in any calendar year. 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	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2019, the results of its operations and the changes in partners’ capital for the three months ended March 31, 2019 and 2018. These financial statements present the results for interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2018. The December 31, 2018 information has been derived from the audited financial statements as of and for the year ended December 31, 2018. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material. Profit Allocation. The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions, redemptions and losses, if any. Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2019 and 2018, the Partnership carried no debt and substantially all of the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements. Partnership’s Investments. The valuation of the Partnership’s investments, including the classification within the fair value hierarchy of the investments held by the Partnership, are described in Note 5, “Fair Value Measurements.” All commodity interests of the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests for the Partnership are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. The Partnership’s investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses for the Partnership are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Partnership’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s Statements of Income and Expenses. The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s Statements of Income and Expenses. Partnership’s Cash. The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At March 31, 2019 and December 31, 2018, the amount of cash held for margin requirements was $8,029,250 and $3,230,953, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Partnership’s restricted and unrestricted cash includes cash denominated in foreign currencies of $8,464 (cost of $9,933) at March 31, 2019 and $380,451 (cost of $379,908) at December 31, 2018. Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2015 through 2018 tax years remain subject to examination by U.S. federal and most state tax authorities. Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses. Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit for each Class is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2019
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner classes as a whole for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Class A Class Z Class A Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 50.79 $ 35.92 $ (36.13 ) Net investment loss (10.83 ) (3.27 ) (13.60 ) Increase (decrease) for the period 39.96 32.65 (49.73 ) Net asset value per Redeemable Unit, beginning of period 1,230.07 866.38 1,358.48 Net asset value per Redeemable Unit, end of period $ 1,270.03 $ 899.03 $ 1,308.75 Three Months Ended March 31, 2019 2018 Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.6 )% (1.5 )% (4.1 )% Operating expenses before expenses borne by the General Partner and incentive fees 6.0 % 3.9 % 6.3 % Expenses borne by the General Partner (0.3 )% (0.3 )% (0.8 )% Incentive fees - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.7 % 3.6 % 5.5 % Total return: Total return before incentive fees 3.2 % 3.8 % (3.7 )% Incentive fees - % - % - % Total return after incentive fees 3.2 % 3.8 % (3.7 )% * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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. ** Annualized (other than incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period.

Trading Activities

Trading Activities	3 Months Ended
	Mar. 31, 2019
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’s results of trading activities are shown on the Statements of Income and Expenses. The futures brokerage account agreements with MS&Co. give the Partnership the legal right to net unrealized gains and losses on open futures and forward contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met. Trading and transaction fees are based on the number of trades executed by the Advisor. All clearing fees paid to MS&Co. are directly charged to the Partnership. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded by the Partnership during the three months ended March 31, 2019 and 2018 were 3,388 and 1,350, respectively. The monthly average number of metals forward contracts traded by the Partnership during the three months ended March 31, 2019 and 2018 were 361 and 129, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the three months ended March 31, 2019 and 2018 were $578,070,342 and $150,199,615, respectively. The following tables summarize the gross and net amounts relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2019 and December 31, 2018, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ March 31 , 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,893,979 $ (240,140 ) $ 1,653,839 $ - $ - $ 1,653,839 Forwards 1,583,468 (1,583,468 ) - - - - Total assets $ 3,477,447 $ (1,823,608 ) $ 1,653,839 $ - $ - $ 1,653,839 Liabilities Futures $ (240,140 ) $ 240,140 $ - $ - $ - $ - Forwards (1,958,956 ) 1,583,468 (375,488 ) - 375,488 - Total liabilities $ (2,199,096 ) $ 1,823,608 $ (375,488 ) $ - $ 375,488 $ - Net fair value $ 1,653,839 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 561,881 $ (275,263 ) $ 286,618 $ - $ - $ 286,618 Forwards 1,333,455 (853,932 ) 479,523 - - 479,523 Total assets $ 1,895,336 $ (1,129,195 ) $ 766,141 $ - $ - $ 766,141 Liabilities Futures $ (275,263 ) $ 275,263 $ - $ - $ - $ - Forwards (853,932 ) 853,932 - - - - Total liabilities $ (1,129,195 ) $ 1,129,195 $ - $ - $ - $ - Net fair value $ 766,141 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Partnership’s Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities for the Partnership as of March 31, 2019 and December 31, 2018, respectively. March 31, 2019 Assets Futures Contracts Energy $ 19,234 Grains 483,962 Indices 184,983 Interest Rates U.S. 246,490 Interest Rates Non-U.S. 883,704 Metals 37,100 Softs 38,506 Total unrealized appreciation on open futures contracts 1,893,979 Liabilities Futures Contracts Energy (11,710 ) Grains (1,865 ) Indices (31,877 ) Interest Rates U.S. (18,728 ) Interest Rates Non-U.S. (88,931 ) Livestock (10,450 ) Metals (45,635 ) Softs (30,944 ) Total unrealized depreciation on open futures contracts (240,140 ) Net unrealized appreciation on open futures contracts $ 1,653,839 * Assets Forward Contracts Currencies $ 1,242,878 Metals 340,590 Total unrealized appreciation on open forward contracts 1,583,468 Liabilities Forward Contracts Currencies (1,587,852 ) Metals (371,104 ) Total unrealized depreciation on open forward contracts (1,958,956 ) Net unrealized depreciation on open forward contracts $ (375,488 )** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Energy $ 63,201 Grains 67,071 Indices 67,303 Interest Rates U.S. 40,484 Interest Rates Non-U.S. 191,985 Livestock 30 Metals 23,908 Softs 107,899 Total unrealized appreciation on open futures contracts 561,881 Liabilities Futures Contracts Energy (83,350 ) Grains (930 ) Indices (67,877 ) Interest Rates U.S. (112,616 ) Interest Rates Non-U.S. (8,061 ) Livestock (1,043 ) Metals (400 ) Softs (986 ) Total unrealized depreciation on open futures contracts (275,263 ) Net unrealized appreciation on open futures contracts $ 286,618 * Assets Forward Contracts Currencies $ 1,162,260 Metals 171,195 Total unrealized appreciation on open forward contracts 1,333,455 Liabilities Forward Contracts Currencies (727,182 ) Metals (126,750 ) Total unrealized depreciation on open forward contracts (853,932 ) Net unrealized appreciation on open forward contracts $ 479,523 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2019 and 2018, respectively. Three Months Ended March 31, Sector 2019 2018 Currencies $ (415,202 ) $ 176,130 Energy (487,897 ) 102,833 Grains 374,606 (388,895 ) Indices 798,253 (996,192 ) Interest Rates U.S. 428,301 277,682 Interest Rates Non-U.S. 1,286,284 86,932 Livestock (47,483 ) 37,617 Metals (230,465 ) (37,232 ) Softs (207,412 ) 185,629 Total $ 1,498,985 * $ (555,496 )* * This amount is in “Total trading results” in the Partnership’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s Fair Value Measurements. Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Partnership considers prices for commodity futures, exchange-traded swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are or were not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the period ended March 31, 2019 and as of December 31, 2018, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). March 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 1,893,979 $ 1,893,979 $ - $ - Forwards 1,583,468 - 1,583,468 - Total assets $ 3,477,447 $ 1,893,979 $ 1,583,468 $ - Liabilities Futures $ 240,140 $ 240,140 $ - $ - Forwards 1,958,956 - 1,958,956 - Total liabilities $ 2,199,096 $ 240,140 $ 1,958,956 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 561,881 $ 561,881 $ - $ - Forwards 1,333,455 - 1,333,455 - Total assets $ 1,895,336 $ 561,881 $ 1,333,455 $ - Liabilities Futures $ 275,263 $ 275,263 $ - $ - Forwards 853,932 - 853,932 - Total liabilities $ 1,129,195 $ 275,263 $ 853,932 $ -

Financial Instrument Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2019
Investments, All Other Investments [Abstract]
Financial Instrument Risks	6. Financial Instrument Risks: In the normal course of business, the Partnership 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 General Partner estimates that at any given time approximately 46.7% to 62.3% of the Partnership’s contracts are traded OTC. Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership, each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded by the Partnership as unrealized gains or losses. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Partnership’s Statements of Income and Expenses. Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts are valued daily by the Partnership, and the Partnership’s net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Partnership’s Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Partnership’s Statements of Income and Expenses. London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership are cash settled based on prompt dates published by the LME. Variation margin may be made or received by the Partnership each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded by the Partnership as unrealized gains or losses. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Partnership’s Statements of Income and Expenses. Market risk is the potential for changes in the value of the financial instruments that are traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. The Partnership’s market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are or were traded. The Partnership is exposed to market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short. 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 risk of loss in the event of a counterparty default for the Partnership is typically limited to the amounts recognized in the Statements of Financial Condition and is not, for the Partnership, represented by the contract or notional amounts of the instruments. The risk of loss for the Partnership is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership 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 assets. Credit risk with respect to exchange-traded instruments for the Partnership is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to mitigate the Partnership’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 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 contracts by sector, margin requirements, gain and loss transactions and collateral positions. 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. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity. In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.
Profit Allocation	Profit Allocation. The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions, redemptions and losses, if any.
Statement of Cash Flows	Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2019 and 2018, the Partnership carried no debt and substantially all of the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements.
Partnership's Investments	Partnership’s Investments. The valuation of the Partnership’s investments, including the classification within the fair value hierarchy of the investments held by the Partnership, are described in Note 5, “Fair Value Measurements.” All commodity interests of the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests for the Partnership are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. The Partnership’s investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses for the Partnership are realized when contracts are liquidated and are determined using the first-in, first-out method. Unrealized gains or losses on open contracts are included as a component of equity in trading account in the Partnership’s Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s Statements of Income and Expenses. The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s Statements of Income and Expenses.
Partnership's Cash	Partnership’s Cash. The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At March 31, 2019 and December 31, 2018, the amount of cash held for margin requirements was $8,029,250 and $3,230,953, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. The Partnership’s restricted and unrestricted cash includes cash denominated in foreign currencies of $8,464 (cost of $9,933) at March 31, 2019 and $380,451 (cost of $379,908) at December 31, 2018.
Income Taxes	Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2015 through 2018 tax years remain subject to examination by U.S. federal and most state tax authorities.
Investment Company Status	Investment Company Status. Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses.
Net Income (Loss) per Redeemable Unit	Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit for each Class is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” See Note 3, “Financial Highlights.”

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2019
Investment Company [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner classes as a whole for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Class A Class Z Class A Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 50.79 $ 35.92 $ (36.13 ) Net investment loss (10.83 ) (3.27 ) (13.60 ) Increase (decrease) for the period 39.96 32.65 (49.73 ) Net asset value per Redeemable Unit, beginning of period 1,230.07 866.38 1,358.48 Net asset value per Redeemable Unit, end of period $ 1,270.03 $ 899.03 $ 1,308.75 Three Months Ended March 31, 2019 2018 Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.6 )% (1.5 )% (4.1 )% Operating expenses before expenses borne by the General Partner and incentive fees 6.0 % 3.9 % 6.3 % Expenses borne by the General Partner (0.3 )% (0.3 )% (0.8 )% Incentive fees - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.7 % 3.6 % 5.5 % Total return: Total return before incentive fees 3.2 % 3.8 % (3.7 )% Incentive fees - % - % - % Total return after incentive fees 3.2 % 3.8 % (3.7 )% * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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. ** Annualized (other than incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2019
Brokers and Dealers [Abstract]
Summary of Valuation of Investments	The following tables summarize the gross and net amounts relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2019 and December 31, 2018, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ March 31 , 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,893,979 $ (240,140 ) $ 1,653,839 $ - $ - $ 1,653,839 Forwards 1,583,468 (1,583,468 ) - - - - Total assets $ 3,477,447 $ (1,823,608 ) $ 1,653,839 $ - $ - $ 1,653,839 Liabilities Futures $ (240,140 ) $ 240,140 $ - $ - $ - $ - Forwards (1,958,956 ) 1,583,468 (375,488 ) - 375,488 - Total liabilities $ (2,199,096 ) $ 1,823,608 $ (375,488 ) $ - $ 375,488 $ - Net fair value $ 1,653,839 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 561,881 $ (275,263 ) $ 286,618 $ - $ - $ 286,618 Forwards 1,333,455 (853,932 ) 479,523 - - 479,523 Total assets $ 1,895,336 $ (1,129,195 ) $ 766,141 $ - $ - $ 766,141 Liabilities Futures $ (275,263 ) $ 275,263 $ - $ - $ - $ - Forwards (853,932 ) 853,932 - - - - Total liabilities $ (1,129,195 ) $ 1,129,195 $ - $ - $ - $ - Net fair value $ 766,141 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Partnership’s Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities	The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities for the Partnership as of March 31, 2019 and December 31, 2018, respectively. March 31, 2019 Assets Futures Contracts Energy $ 19,234 Grains 483,962 Indices 184,983 Interest Rates U.S. 246,490 Interest Rates Non-U.S. 883,704 Metals 37,100 Softs 38,506 Total unrealized appreciation on open futures contracts 1,893,979 Liabilities Futures Contracts Energy (11,710 ) Grains (1,865 ) Indices (31,877 ) Interest Rates U.S. (18,728 ) Interest Rates Non-U.S. (88,931 ) Livestock (10,450 ) Metals (45,635 ) Softs (30,944 ) Total unrealized depreciation on open futures contracts (240,140 ) Net unrealized appreciation on open futures contracts $ 1,653,839 * Assets Forward Contracts Currencies $ 1,242,878 Metals 340,590 Total unrealized appreciation on open forward contracts 1,583,468 Liabilities Forward Contracts Currencies (1,587,852 ) Metals (371,104 ) Total unrealized depreciation on open forward contracts (1,958,956 ) Net unrealized depreciation on open forward contracts $ (375,488 )** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Energy $ 63,201 Grains 67,071 Indices 67,303 Interest Rates U.S. 40,484 Interest Rates Non-U.S. 191,985 Livestock 30 Metals 23,908 Softs 107,899 Total unrealized appreciation on open futures contracts 561,881 Liabilities Futures Contracts Energy (83,350 ) Grains (930 ) Indices (67,877 ) Interest Rates U.S. (112,616 ) Interest Rates Non-U.S. (8,061 ) Livestock (1,043 ) Metals (400 ) Softs (986 ) Total unrealized depreciation on open futures contracts (275,263 ) Net unrealized appreciation on open futures contracts $ 286,618 * Assets Forward Contracts Currencies $ 1,162,260 Metals 171,195 Total unrealized appreciation on open forward contracts 1,333,455 Liabilities Forward Contracts Currencies (727,182 ) Metals (126,750 ) Total unrealized depreciation on open forward contracts (853,932 ) Net unrealized appreciation on open forward contracts $ 479,523 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2019 and 2018, respectively. Three Months Ended March 31, Sector 2019 2018 Currencies $ (415,202 ) $ 176,130 Energy (487,897 ) 102,833 Grains 374,606 (388,895 ) Indices 798,253 (996,192 ) Interest Rates U.S. 428,301 277,682 Interest Rates Non-U.S. 1,286,284 86,932 Livestock (47,483 ) 37,617 Metals (230,465 ) (37,232 ) Softs (207,412 ) 185,629 Total $ 1,498,985 * $ (555,496 )*

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	March 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 1,893,979 $ 1,893,979 $ - $ - Forwards 1,583,468 - 1,583,468 - Total assets $ 3,477,447 $ 1,893,979 $ 1,583,468 $ - Liabilities Futures $ 240,140 $ 240,140 $ - $ - Forwards 1,958,956 - 1,958,956 - Total liabilities $ 2,199,096 $ 240,140 $ 1,958,956 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 561,881 $ 561,881 $ - $ - Forwards 1,333,455 - 1,333,455 - Total assets $ 1,895,336 $ 561,881 $ 1,333,455 $ - Liabilities Futures $ 275,263 $ 275,263 $ - $ - Forwards 853,932 - 853,932 - Total liabilities $ 1,129,195 $ 275,263 $ 853,932 $ -

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	Jan. 01, 2019	Jan. 01, 2017	Mar. 31, 2019	Jul. 01, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of General Partner fee	0.90%
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee			2.00%
Class Z [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Redeemable units per share				$ 1,000
Minimum [Member] | General Partner [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of expenses to net assets to be covered by General Partner		0.50%

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash held for margin requirements	$ 8,029,250	$ 3,230,953
Cash denominated in foreign currencies	8,464	380,451
Cost of foreign currencies	9,933	$ 379,908
Uncertain tax position	$ 0
Open tax year	2015 2016 2017 2018

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class A [Member]
Per Redeemable Unit Performance (for a unit oustanding throughout the period):
Net asset value per Redeemable Unit, beginning of period	$ 1,230.07
Net asset value per Redeemable Unit, end of period	1,270.03
Class A [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit oustanding throughout the period):
Net realized and unrealized gains (losses)	50.79	$ (36.13)
Net investment loss	(10.83)	(13.60)
Increase (decrease) for the period	39.96	(49.73)
Net asset value per Redeemable Unit, beginning of period	1,230.07	1,358.48
Net asset value per Redeemable Unit, end of period	$ 1,270.03	$ 1,308.75
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.60%)	(4.10%)
Operating expenses before expenses borne by the General Partner and incentive fees	6.00%	6.30%
Expenses borne by the General Partner	(0.30%)	(0.80%)
Incentive fees	0.00%	0.00%
Operating expenses after expenses borne by the General Partner and incentive fees	5.70%	5.50%
Total return:
Total return before incentive fees	3.20%	(3.70%)
Incentive fees	0.00%	0.00%
Total return after incentive fees	3.20%	(3.70%)
Class Z [Member]
Per Redeemable Unit Performance (for a unit oustanding throughout the period):
Net asset value per Redeemable Unit, beginning of period	$ 866.38
Net asset value per Redeemable Unit, end of period	899.03
Class Z [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit oustanding throughout the period):
Net realized and unrealized gains (losses)	35.92
Net investment loss	(3.27)
Increase (decrease) for the period	32.65
Net asset value per Redeemable Unit, beginning of period	866.38
Net asset value per Redeemable Unit, end of period	$ 899.03
Ratios to Average Limited Partners' Capital:
Net investment loss	(1.50%)
Operating expenses before expenses borne by the General Partner and incentive fees	3.90%
Expenses borne by the General Partner	(0.30%)
Incentive fees	0.00%
Operating expenses after expenses borne by the General Partner and incentive fees	3.60%
Total return:
Total return before incentive fees	3.80%
Incentive fees	0.00%
Total return after incentive fees	3.80%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019USD ($)Contract	Mar. 31, 2018USD ($)Contract
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded	3,388
Monthly average number of metals forward contracts traded	361
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts | $	$ 578,070,342
CMF Campbell Master Fund L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded		1,350
Monthly average number of metals forward contracts traded		129
CMF Campbell Master Fund L.P. [Member] | Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts | $		$ 150,199,615

Trading Activities - Summary of

Trading Activities - Summary of Valuation of Investments (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 3,477,447	$ 1,895,336
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,823,608)	(1,129,195)
Amounts Presented in the Statements of Financial Condition, Assets	1,653,839	766,141
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	1,653,839	766,141
Gross Amounts Recognized, Liabilities	(2,199,096)	(1,129,195)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,823,608	1,129,195
Amounts Presented in the Statements of Financial Condition, Liabilities	(375,488)	0
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	375,488	0
Net Amount, Liabilities	0	0
Net fair value	1,653,839	766,141
Futures [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,893,979	561,881
Gross Amounts Offset in the Statements of Financial Condition, Assets	(240,140)	(275,263)
Amounts Presented in the Statements of Financial Condition, Assets	1,653,839	286,618
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	1,653,839	286,618
Gross Amounts Recognized, Liabilities	(240,140)	(275,263)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	240,140	275,263
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,583,468	1,333,455
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,583,468)	(853,932)
Amounts Presented in the Statements of Financial Condition, Assets	0	479,523
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	0	479,523
Gross Amounts Recognized, Liabilities	(1,958,956)	(853,932)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,583,468	853,932
Amounts Presented in the Statements of Financial Condition, Liabilities	(375,488)	0
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	375,488	0
Net Amount, Liabilities	$ 0	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Futures [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 1,893,979	$ 561,881
Total unrealized depreciation on open contracts	(240,140)	(275,263)
Net unrealized appreciation on open contracts	1,653,839	286,618
Futures [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	19,234	63,201
Total unrealized depreciation on open contracts	(11,710)	(83,350)
Futures [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	483,962	67,071
Total unrealized depreciation on open contracts	(1,865)	(930)
Futures [Member] | Indices [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	184,983	67,303
Total unrealized depreciation on open contracts	(31,877)	(67,877)
Futures [Member] | Interest Rates U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	246,490	40,484
Total unrealized depreciation on open contracts	(18,728)	(112,616)
Futures [Member] | Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	883,704	191,985
Total unrealized depreciation on open contracts	(88,931)	(8,061)
Futures [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts		30
Total unrealized depreciation on open contracts	(10,450)	(1,043)
Futures [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	37,100	23,908
Total unrealized depreciation on open contracts	(45,635)	(400)
Futures [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	38,506	107,899
Total unrealized depreciation on open contracts	(30,944)	(986)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,583,468	1,333,455
Total unrealized depreciation on open contracts	(1,958,956)	(853,932)
Net unrealized appreciation on open contracts	(375,488)	479,523
Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	340,590	171,195
Total unrealized depreciation on open contracts	(371,104)	(126,750)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,242,878	1,162,260
Total unrealized depreciation on open contracts	$ (1,587,852)	$ (727,182)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - CMF Campbell Master Fund L.P. [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Derivative [Line Items]
Trading gains and losses	$ 1,498,985	$ (555,496)
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	(415,202)	176,130
Energy [Member]
Derivative [Line Items]
Trading gains and losses	(487,897)	102,833
Grains [Member]
Derivative [Line Items]
Trading gains and losses	374,606	(388,895)
Indices [Member]
Derivative [Line Items]
Trading gains and losses	798,253	(996,192)
Interest Rates U.S. [Member]
Derivative [Line Items]
Trading gains and losses	428,301	277,682
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Trading gains and losses	1,286,284	86,932
Livestock [Member]
Derivative [Line Items]
Trading gains and losses	(47,483)	37,617
Metals [Member]
Derivative [Line Items]
Trading gains and losses	(230,465)	(37,232)
Softs [Member]
Derivative [Line Items]
Trading gains and losses	$ (207,412)	$ 185,629

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 3,477,447	$ 1,895,336
Derivative liabilities	2,199,096	1,129,195
Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,893,979	561,881
Derivative liabilities	240,140	275,263
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,583,468	1,333,455
Derivative liabilities	1,958,956	853,932
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,893,979	561,881
Derivative liabilities	240,140	275,263
Level 1 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,893,979	561,881
Derivative liabilities	240,140	275,263
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	0
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,583,468	1,333,455
Derivative liabilities	1,958,956	853,932
Level 2 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	0
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,583,468	1,333,455
Derivative liabilities	1,958,956	$ 853,932
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	0
Level 3 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	0
Level 3 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	0
Derivative liabilities	$ 0

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2019
Concentration Risk [Line Items]
Financial instruments maturity period	1 year
Credit Concentration Risk [Member] | Partnership's Contracts [Member] | Over the Counter [Member] | Minimum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	46.70%
Credit Concentration Risk [Member] | Partnership's Contracts [Member] | Over the Counter [Member] | Maximum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	62.30%