Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 29, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
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 | ||
Entity Current Reporting Status | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Address, State or Province | NY | ||
Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 25,299.7998 | ||
Entity Public Float | $ 37,028,781 | ||
Class Z [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 22.3230 | ||
Entity Public Float | $ 21,313 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Equity in trading account: | ||
Unrestricted cash (Note 3c) | $ 25,418,567 | $ 13,460,371 |
Restricted cash (Note 3c) | 10,484,390 | 3,230,953 |
Net unrealized appreciation on open contracts | 0 | 766,141 |
Total equity in trading account | 35,902,957 | 17,457,465 |
Receivable from General Partner (Note 3a) | 15,849 | |
Interest receivable | 38,067 | 26,847 |
Total assets | 35,941,024 | 17,500,161 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 1,127,120 | 0 |
Accrued expenses: | ||
Ongoing selling agent fees (Note 3d) | 57,335 | 28,781 |
Management fees (Note 3b) | 43,144 | 21,661 |
General Partner fees (Note 3a) | 25,886 | 14,441 |
Professional fees | 241,545 | 142,206 |
Redemptions payable to Limited Partners | 267,526 | 104,315 |
Total liabilities | 1,762,556 | 311,404 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 34,178,468 | 17,188,757 |
Total liabilities and partners' capital | 35,941,024 | 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 | 681,111 | 0 |
Futures [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 0 | 286,618 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 446,009 | 0 |
Class A [Member] | ||
Partners' Capital: | ||
Limited Partners, | 33,769,421 | 16,975,265 |
Total partners' capital (net asset value) | $ 33,769,421 | $ 16,975,265 |
Net asset value per Redeemable Unit | $ 1,309.01 | $ 1,230.07 |
Class Z [Member] | ||
Partners' Capital: | ||
General Partner, Class Z, 412.4990 and 246.4190 Redeemable Units outstanding at December 31, 2019 and 2018, respectively | $ 388,047 | $ 213,492 |
Limited Partners, | 21,000 | |
Total partners' capital (net asset value) | $ 409,047 | $ 213,492 |
Net asset value per Redeemable Unit | $ 940.72 | $ 866.38 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Class A [Member] | ||
Limited Partners Redeemable Units outstanding | 25,797.7368 | 13,800.2198 |
Class Z [Member] | ||
General Partner Redeemable Units outstanding | 412.4990 | 246.4190 |
Limited Partners Redeemable Units outstanding | 22.3230 | 0 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Dec. 31, 2019USD ($)Derivative | Dec. 31, 2018USD ($)Derivative | ||
Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation and depreciation on open contracts | $ (446,009) | $ 286,618 | ||
Percentage of Partners' Capital | (1.30%) | 1.67% | ||
Total unrealized appreciation on open contracts | $ 757,718 | $ 561,881 | ||
Total unrealized depreciation on open contracts | (1,203,727) | (275,263) | ||
Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ (333,904) | $ 157,988 | ||
Percentage of Partners' Capital | (0.98%) | 0.92% | ||
Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ (112,105) | $ 128,630 | ||
Percentage of Partners' Capital | (0.32%) | 0.75% | ||
Metals [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 142,058 | $ 23,908 | ||
Total unrealized depreciation on open contracts | $ (4,595) | $ (400) | ||
Metals [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 34 | 8 | ||
Investment, Fair Value | $ 136,400 | $ 19,310 | ||
Percentage of Partners' Capital | 0.40% | 0.11% | ||
Metals [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 14 | 7 | ||
Investment, Fair Value | $ 1,063 | $ 4,198 | ||
Percentage of Partners' Capital | 0.00% | [1] | 0.02% | |
Energy [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 222,120 | $ 63,201 | ||
Total unrealized depreciation on open contracts | $ (23,343) | $ (83,350) | ||
Energy [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 126 | 11 | ||
Investment, Fair Value | $ 132,267 | $ (82,600) | ||
Percentage of Partners' Capital | 0.39% | (0.48%) | ||
Energy [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 124 | 12 | ||
Investment, Fair Value | $ 66,510 | $ 62,451 | ||
Percentage of Partners' Capital | 0.19% | 0.36% | ||
Grains [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 15,267 | $ 67,071 | ||
Total unrealized depreciation on open contracts | $ (188,403) | $ (930) | ||
Grains [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 97 | 1 | ||
Investment, Fair Value | $ 11,742 | $ (80) | ||
Percentage of Partners' Capital | 0.03% | 0.00% | [1] | |
Grains [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 100 | 167 | ||
Investment, Fair Value | $ (184,878) | $ 66,221 | ||
Percentage of Partners' Capital | (0.53%) | 0.39% | ||
Indices [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 167,959 | $ 67,303 | ||
Total unrealized depreciation on open contracts | $ (125,346) | $ (67,877) | ||
Indices [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 302 | 16 | ||
Investment, Fair Value | $ 33,970 | $ (13,698) | ||
Percentage of Partners' Capital | 0.10% | (0.08%) | ||
Indices [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 37 | 89 | ||
Investment, Fair Value | $ 8,643 | $ 13,124 | ||
Percentage of Partners' Capital | 0.03% | 0.08% | ||
Interest Rates U.S. [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 54,968 | $ 40,484 | ||
Total unrealized depreciation on open contracts | $ (35,983) | $ (112,616) | ||
Interest Rates U.S. [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 326 | 98 | ||
Investment, Fair Value | $ (8,797) | $ 40,140 | ||
Percentage of Partners' Capital | (0.03%) | 0.23% | ||
Interest Rates U.S. [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 77 | 134 | ||
Investment, Fair Value | $ 27,782 | $ (112,272) | ||
Percentage of Partners' Capital | 0.08% | (0.65%) | ||
Interest Rates Non-U.S. [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 150,708 | $ 191,985 | ||
Total unrealized depreciation on open contracts | $ (680,331) | $ (8,061) | ||
Interest Rates Non-U.S. [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,593 | 974 | ||
Investment, Fair Value | $ (640,186) | $ 184,406 | ||
Percentage of Partners' Capital | (1.87%) | 1.07% | ||
Interest Rates Non-U.S. [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 245 | 10 | ||
Investment, Fair Value | $ 110,563 | $ (482) | ||
Percentage of Partners' Capital | 0.32% | 0.00% | [1] | |
Livestock [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 2,320 | $ 30 | ||
Total unrealized depreciation on open contracts | $ (14,750) | $ (1,043) | ||
Livestock [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 40 | 3 | ||
Investment, Fair Value | $ (12,430) | $ (1,013) | ||
Percentage of Partners' Capital | (0.04%) | (0.01%) | ||
Softs [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 2,318 | $ 107,899 | ||
Total unrealized depreciation on open contracts | $ (130,976) | $ (986) | ||
Softs [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 7 | 10 | ||
Investment, Fair Value | $ 700 | $ 10,510 | ||
Percentage of Partners' Capital | 0.00% | [1] | 0.07% | |
Softs [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 103 | 77 | ||
Investment, Fair Value | $ (129,358) | $ 96,403 | ||
Percentage of Partners' Capital | (0.37%) | 0.56% | ||
Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation and depreciation on open contracts | $ (681,111) | $ 479,523 | ||
Percentage of Partners' Capital | (1.99%) | 2.79% | ||
Total unrealized appreciation on open contracts | $ 3,084,676 | $ 1,333,455 | ||
Total unrealized depreciation on open contracts | (3,765,787) | (853,932) | ||
Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | 442,448 | 171,195 | ||
Total unrealized depreciation on open contracts | (827,607) | (126,750) | ||
Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Notional | 172,288,041 | 74,536,326 | ||
Total unrealized appreciation on open contracts | 2,642,228 | 1,162,260 | ||
Notional | 185,693,020 | 51,277,538 | ||
Total unrealized depreciation on open contracts | $ (2,938,180) | $ (727,182) | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | 9.03% | 7.76% | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 137 | 60 | ||
Percentage of Partners' Capital | 1.29% | 1.00% | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | 7.74% | 6.76% | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | (11.02%) | (4.97%) | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 235 | 42 | ||
Percentage of Partners' Capital | (2.42%) | (0.74%) | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | (8.60%) | (4.23%) | ||
[1] | Due to rounding. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Investment Income: | ||||
Interest income (Note 3c) | $ 705,471 | $ 317,438 | $ 109,109 | |
Interest income allocated from the Master (Note 3c) | 92,905 | |||
Total investment income | 705,471 | 317,438 | 202,014 | |
Expenses: | ||||
Expenses allocated from the Master | 125,277 | |||
Clearing fees related to direct investments (Note 3c) | 237,285 | 79,838 | 41,970 | |
Ongoing selling agent fees (Note 3d) | 745,822 | 386,831 | 529,876 | |
Management fees (Note 3b) | 562,174 | 291,342 | 400,229 | |
General Partner fees (Note 3a) | 337,304 | 194,227 | 266,820 | |
Professional fees | 177,132 | 279,058 | 255,641 | |
Total expenses | 2,059,717 | 1,231,296 | 1,619,813 | |
Expenses reimbursed by the General Partner (Note 3a) | (66,547) | (181,320) | (181,311) | |
Net expenses | 1,993,170 | 1,049,976 | 1,438,502 | |
Net investment loss | (1,287,699) | (732,538) | (1,236,488) | |
Net gains (losses) on trading of commodity interests and investment in the Master: | ||||
Net realized gains (losses) on closed contracts | 5,658,022 | (1,544,244) | 1,863,780 | |
Net realized gains (losses) on closed contracts allocated from the Master | (903,323) | |||
Net change in unrealized gains (losses) on open contracts | (1,893,608) | 291,473 | 475,211 | |
Net change in unrealized gains (losses) on open contracts allocated from the Master | (252,646) | |||
Total trading results | 3,764,414 | (1,252,771) | 1,183,022 | |
Net income (loss) | 2,476,715 | (1,985,309) | (53,466) | |
Class A [Member] | ||||
Net gains (losses) on trading of commodity interests and investment in the Master: | ||||
Net income (loss) | $ 2,435,200 | $ (1,970,595) | $ (56,971) | |
Net income (loss) per Redeemable Unit (Note 7): | [1] | $ 78.94 | $ (128.41) | $ 9.76 |
Weighted average Redeemable Units outstanding | 27,866.2771 | 15,031.7262 | 19,944.6721 | |
Class Z [Member] | ||||
Net gains (losses) on trading of commodity interests and investment in the Master: | ||||
Net income (loss) | $ 41,515 | $ (14,714) | $ 3,505 | |
Net income (loss) per Redeemable Unit (Note 7): | [1] | $ 74.34 | $ (71.37) | $ 25.25 |
Weighted average Redeemable Units outstanding | 487.5927 | 250.6069 | 357.2938 | |
[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 Z [Member] | Class Z [Member]Limited Partners [Member] | Class Z [Member]General Partner [Member] |
Net asset value per Redeemable Unit | $ 1,348.72 | |||||||
Partners' Capital, beginning of period at Dec. 31, 2016 | $ 17,694,545 | $ 17,486,619 | $ 207,926 | |||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2016 | 13,193.2218 | 12,965.3578 | 227.8640 | |||||
Subscriptions | $ 15,266,995 | $ 181,777 | $ 15,266,995 | $ 181,777 | ||||
Subscriptions, Redeemable Units | 11,319.9380 | 199.2080 | 11,319.9380 | 199.2080 | ||||
Redemptions | $ (10,711,472) | $ (115,002) | $ (10,711,472) | $ (115,002) | ||||
Redemptions, Redeemable Units | (8,101.6680) | (130.3980) | (8,101.6680) | (130.3980) | ||||
Net income (loss) | $ (53,466) | $ (56,971) | $ 3,505 | |||||
Partners' Capital, end of period at Dec. 31, 2017 | $ 22,263,377 | $ 21,985,171 | $ 278,206 | |||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2017 | 16,480.3018 | 16,183.6278 | 296.6740 | |||||
Net asset value per Redeemable Unit | $ 1,358.48 | $ 1,358.48 | $ 937.75 | |||||
Subscriptions | $ 60,000 | $ 60,000 | ||||||
Subscriptions, Redeemable Units | 46.5100 | 46.5100 | ||||||
Redemptions | $ (3,099,311) | $ (50,000) | $ (3,099,311) | $ (50,000) | ||||
Redemptions, Redeemable Units | (2,429.9180) | (50.2550) | (2,429.9180) | (50.2550) | ||||
Net income (loss) | $ (1,985,309) | $ (1,970,595) | $ (14,714) | |||||
Partners' Capital, end of period at Dec. 31, 2018 | $ 17,188,757 | $ 16,975,265 | $ 213,492 | |||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2018 | 14,046.6388 | 13,800.2198 | 246.4190 | |||||
Net asset value per Redeemable Unit | $ 1,230.07 | $ 1,230.07 | $ 866.38 | $ 866.38 | ||||
Subscriptions | $ 20,389,371 | $ 269,705 | $ 20,370,031 | $ 19,340 | $ 269,705 | |||
Subscriptions, Redeemable Units | 16,581.0830 | 311.3000 | 16,558.7600 | 22.3230 | 311.3000 | |||
Redemptions | $ (6,011,075) | $ (135,005) | $ (6,011,075) | $ (135,005) | ||||
Redemptions, Redeemable Units | (4,561.2430) | (145.2200) | (4,561.2430) | (145.2200) | ||||
Net income (loss) | $ 2,476,715 | $ 2,435,200 | $ 41,515 | |||||
Partners' Capital, end of period at Dec. 31, 2019 | $ 34,178,468 | $ 33,769,421 | $ 409,047 | |||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2019 | 26,232.5588 | 25,797.7368 | 434.8220 | |||||
Net asset value per Redeemable Unit | $ 1,309.01 | $ 1,309.01 | $ 940.72 | $ 940.72 |
Organization
Organization | 12 Months Ended |
Dec. 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. 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 During the periods covered by this report, the Partnership’s and the Master’s (prior to its termination effective July 31, 2017) commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During the prior reporting periods covered by this report, the Partnership and the Master deposited a portion of their cash in non-trading 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. Effective at the close of business on July 14, 2017, the Partnership fully redeemed its investment in the Master. As of July 17, 2017, all positions from the Master were transferred to the Partnership and the Advisor commenced trading the Partnership’s assets directly pursuant to the Campbell Managed Futures Portfolio, a proprietary, systematic trading program. Consequently, the General Partner liquidated the Master, effective July 31, 2017. The units of the Master were used solely for accounting purposes and did not represent legally distinct units. Prior to the Master’s termination of operations on July 31, 2017, the Master permitted accounts managed by the Advisor using the Campbell Managed Futures Portfolio to invest together in one trading vehicle. The General Partner was also the general partner of the Master. Expenses to limited partners as a result of the investment in the Master, prior to the Partnership’s full redemption from the Master effective July 14, 2017, were approximately the same as expenses to limited partners as a result of the Partnership trading directly, and redemption rights were 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 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. Prior to the Partnership’s full redemption from the Master effective July 14, 2017, the Partnership owned 100% of the Master. The performance of the Partnership was directly affected by the performance of the Master. The Partnership’s/Master’s trading of futures, forward, swap and option contracts, if applicable, on commodities are or were done primarily on U.S. and foreign commodity exchanges. The Partnership engages, and the Master engaged, in such trading through commodity brokerage accounts maintained with MS&Co. 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, as amended and restated from time to time (the “Limited Partnership Agreement”). The General Partner has 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, 2019 | |
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 Statement of Cash Flows d. Partnership’s/Master’s Investments 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 or were 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/Master are or were realized when contracts are or were liquidated and are or were determined using the first-in, first-out Partnership’s Cash. e. Income Taxes Income Taxes “more-likely-than-not” more-likely-than-not f. Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements g. Net Income (Loss) per Redeemable Unit Financial Services – Investment Companies.” |
Agreements
Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Agreements | 3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership. The Partnership pays the General Partner a monthly General Partner fee in return for its services to the Partnership equal to 1/12 of 0.9% (0.9% per year) of month-end month-end Month-end 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 Month-end 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 Advisor, the General Partner considers, among other factors, 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 “Customer Agreement”). Under the Customer Agreement and 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, user, give-up, 4-week 4-week 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, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end Month-end |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 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. Prior to its full redemption from the Master effective July 14, 2017, the Partnership invested substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata The futures brokerage account agreements and foreign exchange brokerage account agreement with MS&Co. give the Partnership, and gave the Master, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts. The Partnership nets, and the Master netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in their respective 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. All clearing fees paid to MS&Co. for direct trading are directly charged to the Partnership and prior to the Partnership’s full redemption from the Master effective July 14, 2017, were borne by the Master and allocated 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 years ended December 31, 2019 and 2018 were 3,292 and 1,363, respectively. The monthly average number of metals forward contracts traded by the Partnership during the years ended December 31, 2019 and 2018 were 501 and 157, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the years ended December 31, 2019 and 2018 were $648,399,565 and $158,517,260, 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 December 31, 2019 and 2018, respectively. Gross Amounts Offset in the Amounts Gross Amounts Not Offset in the December 31, 2019 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ Pledged * Net Amount Assets Futures $ 757,718 $ (757,718 ) $ - $ - $ - $ - Forwards 3,084,676 (3,084,676 ) - - - - Total assets $ 3,842,394 $ (3,842,394 ) $ - $ - $ - $ - Liabilities Futures $ (1,203,727 ) $ 757,718 $ (446,009 ) $ - $ 446,009 $ - Forwards (3,765,787 ) 3,084,676 (681,111 ) - 681,111 - Total liabilities $ (4,969,514 ) $ 3,842,394 $ (1,127,120 ) $ - $ 1,127,120 $ - Net fair value $ - * Gross Amounts Offset in the Amounts Gross Amounts Not Offset in the December 31, 2018 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ 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 brokers and the sole counterparty to the Partnership’s non-exchange-traded 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 December 31, 2019 and 2018, respectively. Assets December 31, 2019 Futures Contracts Energy $ 222,120 Grains 15,267 Indices 167,959 Interest Rates U.S. 54,968 Interest Rates Non-U.S. 150,708 Livestock 2,320 Metals 142,058 Softs 2,318 Total unrealized appreciation on open futures contracts 757,718 Liabilities Futures Contracts Energy (23,343) Grains (188,403) Indices (125,346) Interest Rates U.S. (35,983) Interest Rates Non-U.S. (680,331) Livestock (14,750) Metals (4,595) Softs (130,976) Total unrealized depreciation on open futures contracts (1,203,727) Net unrealized depreciation on open futures contracts $ (446,009) * Assets Forward Contracts Currencies $ 2,642,228 Metals 442,448 Total unrealized appreciation on open forward contracts 3,084,676 Liabilities Forward Contracts Currencies (2,938,180) Metals (827,607) Total unrealized depreciation on open forward contracts (3,765,787) Net unrealized depreciation on open forward contracts $ (681,111) ** * This amount is in “Net unrealized depreciation 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. Assets December 31, 2018 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 years ended December 31 2019, 2018 and 2017. Sector 2019 2018 2017** Currencies $ (1,216,523) $ 636,438 $ (1,586,994) Energy (1,403,314) 528,757 (595,331) Grains (597,415) (401,562) (759,369) Indices 3,379,359 (1,764,964) 5,597,239 Interest Rates U.S. 726,442 159,139 (366,474) Interest Rates Non-U.S. 3,923,791 232,657 (879,489) Livestock 268,858 (150,735) (90,330) Metals (883,048) (579,734) (28,141) Softs (433,736) 87,233 (108,089) Total $ 3,764,414 * $ (1,252,771) * $ 1,183,022 * * This amount is in “Total trading results” in the Partnership’s/Master’s Statements of Income and Expenses. ** Prior to July 17, 2017, trading gains and losses were allocated to the Partnership through its investment in the Master, of which the Partnership owned 100%. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Partnership’s Fair Value Measurements. 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 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 December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 757,718 $ 757,718 $ - $ - Forwards 3,084,676 - 3,084,676 - Total assets $ 3,842,394 $ 757,718 $ 3,084,676 $ - Liabilities Futures $ 1,203,727 $ 1,203,727 $ - $ - Forwards 3,765,787 - 3,765,787 - Total liabilities $ 4,969,514 $ 1,203,727 $ 3,765,787 $ - 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 $ - |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2019 | |
Investment Company [Abstract] | |
Financial Highlights | 7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Class A Class Z Class A Class A Per Redeemable Unit Performance (for a unit oustanding throughout the year): * Net realized and unrealized gains (losses) $ 124.91 $ 87.97 $ (79.94) $ 71.32 Net investment loss (45.97) (13.63) (48.47) (61.56) Increase (decrease) for the year 78.94 74.34 (128.41) 9.76 Net asset value per Redeemable Unit, beginning of year 1,230.07 866.38 1,358.48 1,348.72 Net asset value per Redeemable Unit, end of year $ 1,309.01 $ 940.72 $ 1,230.07 $ 1,358.48 2019 2018 2017 Class A Class Z Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (3.5) % (1.5) % (3.8) % (5.0) % Operating expenses before expenses borne by the General Partner and incentive fees 5.6 % 3.5 % 6.4 % 6.5 % Expenses borne by the General Partner (0.2) % (0.2) % (0.9) % (0.7) % Incentive fees - % - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.4 % 3.3 % 5.5 % 5.8 % Total return: Total return before incentive fees 6.4 % 8.6 % (9.5) % 0.7 % Incentive fees - % - % - % - % Total return after incentive fees 6.4 % 8.6 % (9.5) % 0.7 % * 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 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, including interest income allocated from the Master prior to the Partnership’s full redemption from the Master effective July 14, 2017, 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 include the income and expenses allocated from the Master prior to the Partnership’s full redemption from the Master effective July 14, 2017. |
Financial Instrument Risks
Financial Instrument Risks | 12 Months Ended |
Dec. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 8. Financial Instrument Risks: In the normal course of business, the Partnership is and through its investment in the Master prior to its full redemption effective July 14, 2017, was party to financial instruments with off-balance over-the-counter Futures Contracts. Forward Foreign Currency Contracts. London Metal Exchange Forward Contracts. 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, and the Master’s market risk was, directly impacted by the volatility and liquidity in the markets in which the related underlying assets are or were traded. The Partnership is, and the Master was, 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, and for the Master was, typically limited to the amounts recognized in the Statements of Financial Condition and is not for the Partnership, and was not for the Master, represented by the contract or notional amounts of the instruments. The risk of loss is for the Partnership, and was for the Master, reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership, and permitted the Master, to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has, and the Master had, credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is or was the sole counterparty or broker with respect to the Partnership’s/Master’s assets. Credit risk with respect to exchange-traded The General Partner monitors and attempts for the Partnership, and monitored and attempted for the Master, to mitigate 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 or had effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be, and the Master may have been, subject. These monitoring systems generally allow and allowed the General Partner to statistically analyze actual trading results with risk-adjusted 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. 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. In the ordinary course of business, the Partnership enters, and the Master entered, into contracts and agreements that contain or contained various representations and warranties and which provide or provided 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 General Partner considers the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. 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) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Profit Allocation | Profit Allocation |
Statement of Cash Flows | Statement of Cash Flows Statement of Cash Flows |
Partnership's Investments | Partnership’s/Master’s Investments . The Partnership carried its investment in the Master, prior to its full redemption effective July 14, 2017, at fair value based on the Master’s net asset value per redeemable unit as calculated by the Master. 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 or were 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/Master are or were realized when contracts are or were liquidated and are or were 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. |
Partnership's Cash | Partnership’s Cash. The Partnership’s restricted and unrestricted cash includes cash denominated in foreign currencies of $308,671 (cost of $308,475) and $380,451 (cost of $379,908) as of December 31, 2019 and 2018, respectively. |
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 |
Investment Company Status | Investment Company Status . The Partnership has adopted Accounting Standards Update 2013-08, “ Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements |
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.” |
Trading Activities (Tables)
Trading Activities (Tables) | 12 Months Ended |
Dec. 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 December 31, 2019 and 2018, respectively. Gross Amounts Offset in the Amounts Gross Amounts Not Offset in the December 31, 2019 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ Pledged * Net Amount Assets Futures $ 757,718 $ (757,718 ) $ - $ - $ - $ - Forwards 3,084,676 (3,084,676 ) - - - - Total assets $ 3,842,394 $ (3,842,394 ) $ - $ - $ - $ - Liabilities Futures $ (1,203,727 ) $ 757,718 $ (446,009 ) $ - $ 446,009 $ - Forwards (3,765,787 ) 3,084,676 (681,111 ) - 681,111 - Total liabilities $ (4,969,514 ) $ 3,842,394 $ (1,127,120 ) $ - $ 1,127,120 $ - Net fair value $ - * Gross Amounts Offset in the Amounts Gross Amounts Not Offset in the December 31, 2018 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ 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 brokers and the sole counterparty to the Partnership’s non-exchange-traded |
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 December 31, 2019 and 2018, respectively. Assets December 31, 2019 Futures Contracts Energy $ 222,120 Grains 15,267 Indices 167,959 Interest Rates U.S. 54,968 Interest Rates Non-U.S. 150,708 Livestock 2,320 Metals 142,058 Softs 2,318 Total unrealized appreciation on open futures contracts 757,718 Liabilities Futures Contracts Energy (23,343) Grains (188,403) Indices (125,346) Interest Rates U.S. (35,983) Interest Rates Non-U.S. (680,331) Livestock (14,750) Metals (4,595) Softs (130,976) Total unrealized depreciation on open futures contracts (1,203,727) Net unrealized depreciation on open futures contracts $ (446,009) * Assets Forward Contracts Currencies $ 2,642,228 Metals 442,448 Total unrealized appreciation on open forward contracts 3,084,676 Liabilities Forward Contracts Currencies (2,938,180) Metals (827,607) Total unrealized depreciation on open forward contracts (3,765,787) Net unrealized depreciation on open forward contracts $ (681,111) ** * This amount is in “Net unrealized depreciation 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. Assets December 31, 2018 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 years ended December 31 2019, 2018 and 2017. Sector 2019 2018 2017** Currencies $ (1,216,523) $ 636,438 $ (1,586,994) Energy (1,403,314) 528,757 (595,331) Grains (597,415) (401,562) (759,369) Indices 3,379,359 (1,764,964) 5,597,239 Interest Rates U.S. 726,442 159,139 (366,474) Interest Rates Non-U.S. 3,923,791 232,657 (879,489) Livestock 268,858 (150,735) (90,330) Metals (883,048) (579,734) (28,141) Softs (433,736) 87,233 (108,089) Total $ 3,764,414 * $ (1,252,771) * $ 1,183,022 * * This amount is in “Total trading results” in the Partnership’s/Master’s Statements of Income and Expenses. ** Prior to July 17, 2017, trading gains and losses were allocated to the Partnership through its investment in the Master, of which the Partnership owned 100%. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 757,718 $ 757,718 $ - $ - Forwards 3,084,676 - 3,084,676 - Total assets $ 3,842,394 $ 757,718 $ 3,084,676 $ - Liabilities Futures $ 1,203,727 $ 1,203,727 $ - $ - Forwards 3,765,787 - 3,765,787 - Total liabilities $ 4,969,514 $ 1,203,727 $ 3,765,787 $ - 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 Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investment Company [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner class as a whole for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Class A Class Z Class A Class A Per Redeemable Unit Performance (for a unit oustanding throughout the year): * Net realized and unrealized gains (losses) $ 124.91 $ 87.97 $ (79.94) $ 71.32 Net investment loss (45.97) (13.63) (48.47) (61.56) Increase (decrease) for the year 78.94 74.34 (128.41) 9.76 Net asset value per Redeemable Unit, beginning of year 1,230.07 866.38 1,358.48 1,348.72 Net asset value per Redeemable Unit, end of year $ 1,309.01 $ 940.72 $ 1,230.07 $ 1,358.48 2019 2018 2017 Class A Class Z Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (3.5) % (1.5) % (3.8) % (5.0) % Operating expenses before expenses borne by the General Partner and incentive fees 5.6 % 3.5 % 6.4 % 6.5 % Expenses borne by the General Partner (0.2) % (0.2) % (0.9) % (0.7) % Incentive fees - % - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.4 % 3.3 % 5.5 % 5.8 % Total return: Total return before incentive fees 6.4 % 8.6 % (9.5) % 0.7 % Incentive fees - % - % - % - % Total return after incentive fees 6.4 % 8.6 % (9.5) % 0.7 % * 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 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, including interest income allocated from the Master prior to the Partnership’s full redemption from the Master effective July 14, 2017, less total expenses. |
Organization - Additional Infor
Organization - Additional Information (Detail) - $ / shares | Jul. 14, 2017 | Dec. 31, 2019 |
CMF Campbell Master Fund L.P. [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Percentage of Partnership owned | 100.00% | |
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 Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ 308,671 | $ 380,451 |
Cost of foreign currencies | 308,475 | $ 379,908 |
Uncertain tax position | $ 0 | |
Open tax year | 2016 2017 2018 2019 |
Agreements - Additional Informa
Agreements - Additional Information (Detail) - USD ($) | Jan. 01, 2019 | Jan. 01, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | |||||
Percentage of monthly General Partner fee | 0.0833% | 10.80% | |||
Percentage of General Partner fee | 0.90% | 1.00% | |||
Percentage of monthly management fee | 0.125% | ||||
Percentage of management fee | 1.50% | ||||
Incentive fee, percent | 20.00% | ||||
Cash held for restricted cash requirements | $ 10,484,390 | $ 3,230,953 | |||
General Partner [Member] | Minimum [Member] | |||||
Investment [Line Items] | |||||
Percentage of expenses to net assets to be covered by General Partner | 0.50% | ||||
MS&Co. [Member] | |||||
Investment [Line Items] | |||||
Percentage of allocable shares | 80.00% | 100.00% | |||
Treasury bill maturity period | 28 days | ||||
Morgan Stanley Wealth Management [Member] | |||||
Investment [Line Items] | |||||
Ongoing selling agent fee | 2.00% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | |
Trading Activity, Gains and Losses, Net [Line Items] | ||
Monthly average number of futures contracts traded | 3,292 | |
Monthly average number of metals forward contracts traded | 501 | |
Forward Contracts [Member] | Currencies [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Average notional values of currency forward contracts | $ | $ 648,399,565 | |
CMF Campbell Master Fund L.P. [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Monthly average number of futures contracts traded | 1,363 | |
Monthly average number of metals forward contracts traded | 157 | |
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 | $ | $ 158,517,260 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Investments (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 3,842,394 | $ 1,895,336 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (3,842,394) | (1,129,195) |
Amounts Presented in the Statements of Financial Condition, Assets | 0 | 766,141 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 0 | 766,141 |
Gross Amounts Recognized, Liabilities | (4,969,514) | (1,129,195) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 3,842,394 | 1,129,195 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (1,127,120) | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 1,127,120 | 0 |
Net Amount, Liabilities | 0 | 0 |
Net fair value | 0 | 766,141 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 757,718 | 561,881 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (757,718) | (275,263) |
Amounts Presented in the Statements of Financial Condition, Assets | 0 | 286,618 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 0 | 286,618 |
Gross Amounts Recognized, Liabilities | (1,203,727) | (275,263) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 757,718 | 275,263 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (446,009) | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 446,009 | 0 |
Net Amount, Liabilities | 0 | 0 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 3,084,676 | 1,333,455 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (3,084,676) | (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 | (3,765,787) | (853,932) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 3,084,676 | 853,932 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (681,111) | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 681,111 | 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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 757,718 | $ 561,881 |
Total unrealized depreciation on open contracts | (1,203,727) | (275,263) |
Net unrealized appreciation (depreciation) on open contracts | (446,009) | 286,618 |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 222,120 | 63,201 |
Total unrealized depreciation on open contracts | (23,343) | (83,350) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 15,267 | 67,071 |
Total unrealized depreciation on open contracts | (188,403) | (930) |
Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 167,959 | 67,303 |
Total unrealized depreciation on open contracts | (125,346) | (67,877) |
Futures [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 54,968 | 40,484 |
Total unrealized depreciation on open contracts | (35,983) | (112,616) |
Futures [Member] | Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 150,708 | 191,985 |
Total unrealized depreciation on open contracts | (680,331) | (8,061) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,320 | 30 |
Total unrealized depreciation on open contracts | (14,750) | (1,043) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 142,058 | 23,908 |
Total unrealized depreciation on open contracts | (4,595) | (400) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,318 | 107,899 |
Total unrealized depreciation on open contracts | (130,976) | (986) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 3,084,676 | 1,333,455 |
Total unrealized depreciation on open contracts | (3,765,787) | (853,932) |
Net unrealized appreciation (depreciation) on open contracts | (681,111) | 479,523 |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 442,448 | 171,195 |
Total unrealized depreciation on open contracts | (827,607) | (126,750) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,642,228 | 1,162,260 |
Total unrealized depreciation on open contracts | $ (2,938,180) | $ (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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Trading gains and losses | $ 3,764,414 | $ (1,252,771) | $ 1,183,022 |
Currencies [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (1,216,523) | 636,438 | (1,586,994) |
Energy [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (1,403,314) | 528,757 | (595,331) |
Grains [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (597,415) | (401,562) | (759,369) |
Indices [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 3,379,359 | (1,764,964) | 5,597,239 |
Interest Rates U.S. [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 726,442 | 159,139 | (366,474) |
Interest Rates Non-U.S. [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 3,923,791 | 232,657 | (879,489) |
Livestock [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 268,858 | (150,735) | (90,330) |
Metals [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (883,048) | (579,734) | (28,141) |
Softs [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | $ (433,736) | $ 87,233 | $ (108,089) |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 3,842,394 | $ 1,895,336 |
Derivative liabilities | 4,969,514 | 1,129,195 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 757,718 | 561,881 |
Derivative liabilities | 1,203,727 | 275,263 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,084,676 | 1,333,455 |
Derivative liabilities | 3,765,787 | 853,932 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 757,718 | 561,881 |
Derivative liabilities | 1,203,727 | 275,263 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 757,718 | 561,881 |
Derivative liabilities | 1,203,727 | 275,263 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,084,676 | 1,333,455 |
Derivative liabilities | 3,765,787 | 853,932 |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 3,084,676 | 1,333,455 |
Derivative liabilities | $ 3,765,787 | $ 853,932 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class A [Member] | |||
Per Redeemable Unit Performance (for a unit oustanding throughout the year): | |||
Net asset value per Redeemable Unit, beginning of year | $ 1,230.07 | $ 1,358.48 | |
Net asset value per Redeemable Unit, end of year | 1,309.01 | 1,230.07 | $ 1,358.48 |
Class A [Member] | Limited Partners [Member] | |||
Per Redeemable Unit Performance (for a unit oustanding throughout the year): | |||
Net realized and unrealized gains (losses) | 124.91 | (79.94) | 71.32 |
Net investment loss | (45.97) | (48.47) | (61.56) |
Increase (decrease) for the year | 78.94 | (128.41) | 9.76 |
Net asset value per Redeemable Unit, beginning of year | 1,230.07 | 1,358.48 | 1,348.72 |
Net asset value per Redeemable Unit, end of year | $ 1,309.01 | $ 1,230.07 | $ 1,358.48 |
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (3.50%) | (3.80%) | (5.00%) |
Operating expenses before expenses borne by the General Partner and incentive fees | 5.60% | 6.40% | 6.50% |
Expenses borne by the General Partner | (0.20%) | (0.90%) | (0.70%) |
Operating expenses after expenses borne by the General Partner and incentive fees | 5.40% | 5.50% | 5.80% |
Total return: | |||
Total return before incentive fees | 6.40% | (9.50%) | 0.70% |
Total return after incentive fees | 6.40% | (9.50%) | 0.70% |
Class Z [Member] | |||
Per Redeemable Unit Performance (for a unit oustanding throughout the year): | |||
Net asset value per Redeemable Unit, beginning of year | $ 866.38 | $ 937.75 | |
Net asset value per Redeemable Unit, end of year | 940.72 | 866.38 | $ 937.75 |
Class Z [Member] | Limited Partners [Member] | |||
Per Redeemable Unit Performance (for a unit oustanding throughout the year): | |||
Net realized and unrealized gains (losses) | 87.97 | ||
Net investment loss | (13.63) | ||
Increase (decrease) for the year | 74.34 | ||
Net asset value per Redeemable Unit, beginning of year | 866.38 | ||
Net asset value per Redeemable Unit, end of year | $ 940.72 | $ 866.38 | |
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (1.50%) | ||
Operating expenses before expenses borne by the General Partner and incentive fees | 3.50% | ||
Expenses borne by the General Partner | (0.20%) | ||
Operating expenses after expenses borne by the General Partner and incentive fees | 3.30% | ||
Total return: | |||
Total return before incentive fees | 8.60% | ||
Total return after incentive fees | 8.60% |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 12 Months Ended |
Dec. 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 | 64.70% |