Potomac Futures Fund (POTO) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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 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		20,194.0158
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		22.3230

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Equity in trading account:
Unrestricted cash	$ 21,106,254	$ 25,418,567
Restricted cash	7,565,621	10,484,390
Net unrealized appreciation on open contracts	304,193	0
Total equity in trading account	28,976,068	35,902,957
Interest receivable	2,441	38,067
Total assets	28,978,509	35,941,024
Liabilities:
Net unrealized depreciation on open contracts	507,789	1,127,120
Accrued expenses:
Ongoing selling agent fees	46,757	57,335
Management fees	35,353	43,144
General Partner fees	21,212	25,886
Professional fees	141,817	241,545
Redemptions payable to Limited Partners	339,164	267,526
Total liabilities	1,092,092	1,762,556
Partners' Capital:
Total partners' capital (net asset value)	27,886,417	34,178,468
Total liabilities and partners' capital	28,978,509	35,941,024
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	0	0
Liabilities:
Net unrealized depreciation on open contracts	507,789	681,111
Futures [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	304,193	0
Liabilities:
Net unrealized depreciation on open contracts	0	446,009
Class A [Member]
Partners' Capital:
Limited Partners	27,472,863	33,769,421
Total partners' capital (net asset value)	$ 27,472,863	$ 33,769,421
Net asset value per Redeemable Unit	$ 1,310.18	$ 1,309.01
Class Z [Member]
Partners' Capital:
General Partner, Class Z, 412.4990 Redeemable units outstanding at June 30, 2020 and December 31, 2019	$ 392,323	$ 388,047
Limited Partners	21,231	21,000
Total partners' capital (net asset value)	$ 413,554	$ 409,047
Net asset value per Redeemable Unit	$ 951.09	$ 940.72

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Class A [Member]
Limited Partners Redeemable Units outstanding	20,968.7808	25,797.7368
Class Z [Member]
General Partner Redeemable Units outstanding	412.4990	412.4990
Limited Partners Redeemable Units outstanding	22.3230	22.3230

Condensed Schedule of Investmen

Condensed Schedule of Investments	Jun. 30, 2020USD ($)Derivative	Dec. 31, 2019USD ($)Derivative
Futures [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation and depreciation on open contracts	$ 304,193	$ (446,009)
Percentage of Partners' Capital	1.09%	(1.30%)
Total unrealized appreciation on open contracts	$ 598,822	$ 757,718
Total unrealized depreciation on open contracts	(294,629)	(1,203,727)
Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Investment, Fair Value	$ 308,616	$ (333,904)
Percentage of Partners' Capital	1.11%	(0.98%)
Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Investment, Fair Value	$ (4,423)	$ (112,105)
Percentage of Partners' Capital	(0.02%)	(0.32%)
Metals [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 59,235	$ 142,058
Total unrealized depreciation on open contracts	$ (2,250)	$ (4,595)
Metals [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	29	34
Investment, Fair Value	$ 59,175	$ 136,400
Percentage of Partners' Capital	0.21%	0.40%
Metals [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	1	14
Investment, Fair Value	$ (2,190)	$ 1,063
Percentage of Partners' Capital	(0.01%)	0.00%	[1]
Energy [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 116,235	$ 222,120
Total unrealized depreciation on open contracts	$ (32,389)	$ (23,343)
Energy [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		126
Investment, Fair Value		$ 132,267
Percentage of Partners' Capital		0.39%
Energy [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	139	124
Investment, Fair Value	$ 83,846	$ 66,510
Percentage of Partners' Capital	0.30%	0.19%
Grains [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 44,971	$ 15,267
Total unrealized depreciation on open contracts	$ (89,172)	$ (188,403)
Grains [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		97
Investment, Fair Value		$ 11,742
Percentage of Partners' Capital		0.03%
Grains [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	382	100
Investment, Fair Value	$ (44,201)	$ (184,878)
Percentage of Partners' Capital	(0.16%)	(0.53%)
Indices [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 79,138	$ 167,959
Total unrealized depreciation on open contracts	$ (100,893)	$ (125,346)
Indices [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	87	302
Investment, Fair Value	$ (18,623)	$ 33,970
Percentage of Partners' Capital	(0.07%)	0.10%
Indices [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	59	37
Investment, Fair Value	$ (3,132)	$ 8,643
Percentage of Partners' Capital	(0.01%)	0.03%
Interest Rates U.S. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 79,861	$ 54,968
Total unrealized depreciation on open contracts	$ (902)	$ (35,983)
Interest Rates U.S. [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	294	326
Investment, Fair Value	$ 78,959	$ (8,797)
Percentage of Partners' Capital	0.28%	(0.03%)
Interest Rates U.S. [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative		77
Investment, Fair Value		$ 27,782
Percentage of Partners' Capital		0.08%
Interest Rates Non-U.S. [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 218,030	$ 150,708
Total unrealized depreciation on open contracts	$ (36,902)	$ (680,331)
Interest Rates Non-U.S. [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	880	1,593
Investment, Fair Value	$ 194,935	$ (640,186)
Percentage of Partners' Capital	0.70%	(1.87%)
Interest Rates Non-U.S. [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	119	245
Investment, Fair Value	$ (13,807)	$ 110,563
Percentage of Partners' Capital	(0.05%)	0.32%
Livestock [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 610	$ 2,320
Total unrealized depreciation on open contracts	$ (4,328)	$ (14,750)
Livestock [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	5	40
Investment, Fair Value	$ (3,718)	$ (12,430)
Percentage of Partners' Capital	(0.01%)	(0.04%)
Softs [Member] | Futures [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 742	$ 2,318
Total unrealized depreciation on open contracts	$ (27,793)	$ (130,976)
Softs [Member] | Contracts Purchased [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	3	7
Investment, Fair Value	$ (5,830)	$ 700
Percentage of Partners' Capital	(0.01%)	0.00%	[1]
Softs [Member] | Contracts Sold [Member] | Futures [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	56	103
Investment, Fair Value	$ (21,221)	$ (129,358)
Percentage of Partners' Capital	(0.08%)	(0.37%)
Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation and depreciation on open contracts	$ (507,789)	$ (681,111)
Percentage of Partners' Capital	(1.82%)	(1.99%)
Total unrealized appreciation on open contracts	$ 1,353,625	$ 3,084,676
Total unrealized depreciation on open contracts	(1,861,414)	(3,765,787)
Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	426,713	442,448
Total unrealized depreciation on open contracts	(632,633)	(827,607)
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional	111,833,980	172,288,041
Total unrealized appreciation on open contracts	926,912	2,642,228
Notional	115,284,453	185,693,020
Total unrealized depreciation on open contracts	$ (1,228,781)	$ (2,938,180)
Unrealized Appreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	4.85%	9.03%
Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	149	137
Percentage of Partners' Capital	1.53%	1.29%
Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	3.32%	7.74%
Unrealized Depreciation [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(6.67%)	(11.02%)
Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Derivative	232	235
Percentage of Partners' Capital	(2.27%)	(2.42%)
Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(4.40%)	(8.60%)
[1]	Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment Income:
Interest income		$ 7,688	$ 199,091	$ 101,792	$ 386,595
Total investment income		7,688	199,091	101,792	386,595
Expenses:
Clearing fees related to direct investments		39,664	62,461	100,771	120,400
Ongoing selling agent fees		152,764	187,536	332,529	372,363
Management fees		115,370	141,546	250,856	281,275
General Partner fees		69,222	84,927	150,514	168,765
Professional fees		9,500	64,489	9,500	141,325
Total expenses		386,520	540,959	844,170	1,084,128
Expenses borne by the General Partner		0	(20,314)	0	(51,156)
Net expenses		386,520	520,645	844,170	1,032,972
Net investment loss		(378,832)	(321,554)	(742,378)	(646,377)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		845,985	2,781,868	185,940	3,770,655
Net change in unrealized gains (losses) on open contracts		(2,334,777)	(396,837)	923,319	113,361
Total trading results		(1,488,792)	2,385,031	1,109,259	3,884,016
Net income (loss)		(1,867,624)	2,063,477	366,881	3,237,639
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (1,843,214)	$ 2,034,788	$ 362,374	$ 3,190,014
Net income (loss) per Redeemable Unit	[1]	$ (84.33)	$ 71.99	$ 1.17	$ 111.95
Weighted average Redeemable Units outstanding		22,451.3521	28,451.4631	24,001.1681	29,138.4600
Class Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (24,410)	$ 28,689	$ 4,507	$ 47,625
Net income (loss) per Redeemable Unit	[1]	$ (56.14)	$ 55.75	$ 10.37	$ 88.40
Weighted average Redeemable Units outstanding		434.8220	500.6847	434.8220	540.3633
[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, 2018	$ 17,188,757			$ 16,975,265		$ 213,492
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2018	14,046.6388			13,800.2198		246.4190
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		$ (3,506,529)	$ (135,005)		$ (3,506,529)			$ (135,005)
Redemptions, Redeemable Units		(2,767.1290)	(145.2200)		(2,767.1290)			(145.2200)
Net income (loss)	$ 3,237,639			$ 3,190,014		$ 47,625
Partners' Capital, end of period at Jun. 30, 2019	$ 37,443,938			$ 37,028,781		$ 415,157
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2019	28,026.6728			27,591.8508		434.8220
Partners' Capital, beginning of period at Mar. 31, 2019	$ 37,212,945			$ 36,691,472		$ 521,473
Partners' Capital, Redeemable Units, beginning of period at Mar. 31, 2019	29,470.3898			28,890.3478		580.0420
Subscriptions		$ 35,000			$ 35,000
Subscriptions, Redeemable Units		27.1550			27.1550
Redemptions		$ (1,732,479)	$ (135,005)		$ (1,732,479)			$ (135,005)
Redemptions, Redeemable Units		(1,325.6520)	(145.2200)		(1,325.6520)			(145.2200)
Net income (loss)	$ 2,063,477			$ 2,034,788		$ 28,689
Partners' Capital, end of period at Jun. 30, 2019	$ 37,443,938			$ 37,028,781		$ 415,157
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2019	28,026.6728			27,591.8508		434.8220
Partners' Capital, beginning of period at Dec. 31, 2019	$ 34,178,468			$ 33,769,421		$ 409,047
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2019	26,232.5588			25,797.7368		434.8220
Redemptions		$ (6,658,932)			$ (6,658,932)
Redemptions, Redeemable Units		(4,828.9560)			(4,828.9560)
Net income (loss)	$ 366,881			$ 362,374		$ 4,507
Partners' Capital, end of period at Jun. 30, 2020	$ 27,886,417			$ 27,472,863		$ 413,554
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2020	21,403.6028			20,968.7808		434.8220
Partners' Capital, beginning of period at Mar. 31, 2020	$ 34,679,687			$ 34,241,723		$ 437,964
Partners' Capital, Redeemable Units, beginning of period at Mar. 31, 2020	24,989.5008			24,554.6788		434.8220
Redemptions		$ (4,925,646)			$ (4,925,646)
Redemptions, Redeemable Units		(3,585.8980)			(3,585.8980)
Net income (loss)	$ (1,867,624)			$ (1,843,214)		$ (24,410)
Partners' Capital, end of period at Jun. 30, 2020	$ 27,886,417			$ 27,472,863		$ 413,554
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2020	21,403.6028			20,968.7808		434.8220

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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 reporting periods ended June 30, 2020 and 2019, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. 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. 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 June 30, 2020. 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, 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 received a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end Effective January 1, 2019, the General Partner fee was reduced to 1/12 of 0.90% (0.90% per year) of month-end 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. 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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the results of its operations and the changes in partners’ capital for the three and six months ended June 30, 2020 and 2019. These financial statements present the results of 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 10-K”) 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. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’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 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 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. Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Investment Company Status. 2013-08 “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” 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

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2020
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ (67.60) $ (48.93) $ 83.23 $ 59.03 $ 31.88 $ 22.71 $ 134.01 $ 94.95 Net investment loss (16.73) (7.21) (11.24) (3.28) (30.71) (12.34) (22.06) (6.55) Increase (decrease) for the period (84.33) (56.14) 71.99 55.75 1.17 10.37 111.95 88.40 Net asset value per Redeemable Unit, beginning of period 1,394.51 1,007.23 1,270.03 899.03 1,309.01 940.72 1,230.07 866.38 Net asset value per Redeemable Unit, end of period $ 1,310.18 $ 951.09 $ 1,342.02 $ 954.78 $ 1,310.18 $ 951.09 $ 1,342.02 $ 954.78 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.0) % (2.9) % (3.5) % (1.4) % (4.6) % (2.5) % (3.6) % (1.5) % Operating expenses before expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.9 % 3.8 % 5.2 % 3.1 % 5.9 % 3.8 % Expenses borne by the General Partner - % - % (0.2) % (0.2) % - % - % (0.3) % (0.3) % Incentive fees - % - % - % - % - % - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.7 % 3.6 % 5.2 % 3.1 % 5.6 % 3.5 % Total return: Total return before incentive fees (6.0) % (5.6) % 5.7 % 6.2 % 0.1 % 1.1 % 9.1 % 10.2 % Incentive fees - % - % - % - % - % - % - % - % Total return after incentive fees (6.0) % (5.6) % 5.7 % 6.2 % 0.1 % 1.1 % 9.1 % 10.2 % * 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	6 Months Ended
	Jun. 30, 2020
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 and foreign exchange brokerage account agreement 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,” 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. 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 June 30, 2020 and 2019 were 2,015 and 3,643, respectively. The monthly average number of futures contracts traded by the Partnership during the six months ended June 30, 2020 and 2019 were 2,093 and 3,516, respectively. The monthly average number of metals forward contracts traded by the Partnership during the three months ended June 30, 2020 and 2019 were 567 and 495, respectively. The monthly average number of metals forward contracts traded by the Partnership during the six months ended June 30, 2020 and 2019 were 572 and 428, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the three months ended June 30, 2020 and 2019 were $317,819,336 and $760,666,346, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the six months ended June 30, 2020 and 2019 were $420,818,478 and $669,368,344, 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 June 30, 2020 and December 31, 2019, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ June 30, 2020 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 598,822 $ (294,629) $ 304,193 $ - $ - $ 304,193 Forwards 1,353,625 (1,353,625) - - - - Total assets $ 1,952,447 $ (1,648,254) $ 304,193 $ - $ - $ 304,193 Liabilities Futures $ (294,629) $ 294,629 $ - $ - $ - $ - Forwards (1,861,414) 1,353,625 (507,789) - 507,789 - Total liabilities $ (2,156,043) $ 1,648,254 $ (507,789) $ - $ 507,789 $ - Net fair value $ 304,193 * 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, 2019 Recognized Condition Condition Instruments 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 $ - * * 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 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 June 30, 2020 and December 31, 2019, respectively. Assets June 30, 2020 Futures Contracts Energy $ 116,235 Grains 44,971 Indices 79,138 Interest Rates U.S. 79,861 Interest Rates Non-U.S. 218,030 Livestock 610 Metals 59,235 Softs 742 Total unrealized appreciation on open futures contracts 598,822 Liabilities Futures Contracts Energy (32,389) Grains (89,172) Indices (100,893) Interest Rates U.S. (902) Interest Rates Non-U.S. (36,902) Livestock (4,328) Metals (2,250) Softs (27,793) Total unrealized depreciation on open futures contracts (294,629) Net unrealized appreciation on open futures contracts $ 304,193 * Assets Forward Contracts Currencies $ 926,912 Metals 426,713 Total unrealized appreciation on open forward contracts 1,353,625 Liabilities Forward Contracts Currencies (1,228,781) Metals (632,633) Total unrealized depreciation on open forward contracts (1,861,414) Net unrealized depreciation on open forward contracts $ (507,789) ** * 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. 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2020 and 2019, respectively. Three Months Ended June 30, Six Months Ended June 30, Sector 2020 2019 2020 2019 Currencies $ (1,103,291) $ (356,252) $ 1,353,347 $ (771,454) Energy (107,430) 40,156 920,944 (447,741) Grains (220,618) (796,003) (177,961) (421,397) Indices 16,401 1,126,739 (4,176,450) 1,924,992 Interest Rates U.S. 163,178 493,918 436,693 922,219 Interest Rates Non-U.S. (38,073) 1,997,620 1,597,323 3,283,904 Livestock 25,528 158,235 524,883 110,752 Metals (150,853) (341,991) 904,128 (572,456) Softs (73,634) 62,609 (273,648) (144,803) Total $ (1,488,792) *** $ 2,385,031 *** $ 1,109,259 *** 3,884,016 *** *** This amount is in “Total trading results” in the Partnership’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 598,822 $ 598,822 $ - $ - Forwards 1,353,625 - 1,353,625 - Total assets $ 1,952,447 $ 598,822 $ 1,353,625 $ - Liabilities Futures $ 294,629 $ 294,629 $ - $ - Forwards 1,861,414 - 1,861,414 - Total liabilities $ 2,156,043 $ 294,629 $ 1,861,414 $ - 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 $ -

Financial Instrument Risks

Financial Instrument Risks	6 Months Ended
	Jun. 30, 2020
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 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 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 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 General Partner considers the risk of any future obligation relating to these indemnifications to be remote.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
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, other than disclosed below requiring adjustment to or disclosure in the financial statements. Effective July 1, 2020, the ongoing selling agent fee paid by the Partnership to Morgan Stanley Wealth Management was reduced for Class A Redeemable Unit holders from an annual rate of 2.00% of the adjusted net assets of Class A Redeemable Units to an annual rate of 1.00% of the adjusted net assets of Class A Redeemable Units. Additionally, effective July 1, 2020, the general partner administrative fee paid by the Partnership to the General Partner was reduced for all limited partners from a monthly rate of 1/12th of 0.90% of month-end month-end

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 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 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 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.
Income Taxes	Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not
Investment Company Status	Investment Company Status. 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. “Financial Services – Investment Companies.”

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2020
Investment Company [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ (67.60) $ (48.93) $ 83.23 $ 59.03 $ 31.88 $ 22.71 $ 134.01 $ 94.95 Net investment loss (16.73) (7.21) (11.24) (3.28) (30.71) (12.34) (22.06) (6.55) Increase (decrease) for the period (84.33) (56.14) 71.99 55.75 1.17 10.37 111.95 88.40 Net asset value per Redeemable Unit, beginning of period 1,394.51 1,007.23 1,270.03 899.03 1,309.01 940.72 1,230.07 866.38 Net asset value per Redeemable Unit, end of period $ 1,310.18 $ 951.09 $ 1,342.02 $ 954.78 $ 1,310.18 $ 951.09 $ 1,342.02 $ 954.78 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.0) % (2.9) % (3.5) % (1.4) % (4.6) % (2.5) % (3.6) % (1.5) % Operating expenses before expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.9 % 3.8 % 5.2 % 3.1 % 5.9 % 3.8 % Expenses borne by the General Partner - % - % (0.2) % (0.2) % - % - % (0.3) % (0.3) % Incentive fees - % - % - % - % - % - % - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.7 % 3.6 % 5.2 % 3.1 % 5.6 % 3.5 % Total return: Total return before incentive fees (6.0) % (5.6) % 5.7 % 6.2 % 0.1 % 1.1 % 9.1 % 10.2 % Incentive fees - % - % - % - % - % - % - % - % Total return after incentive fees (6.0) % (5.6) % 5.7 % 6.2 % 0.1 % 1.1 % 9.1 % 10.2 % * 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)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ June 30, 2020 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 598,822 $ (294,629) $ 304,193 $ - $ - $ 304,193 Forwards 1,353,625 (1,353,625) - - - - Total assets $ 1,952,447 $ (1,648,254) $ 304,193 $ - $ - $ 304,193 Liabilities Futures $ (294,629) $ 294,629 $ - $ - $ - $ - Forwards (1,861,414) 1,353,625 (507,789) - 507,789 - Total liabilities $ (2,156,043) $ 1,648,254 $ (507,789) $ - $ 507,789 $ - Net fair value $ 304,193 * 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, 2019 Recognized Condition Condition Instruments 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 $ - * * 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
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 June 30, 2020 and December 31, 2019, respectively. Assets June 30, 2020 Futures Contracts Energy $ 116,235 Grains 44,971 Indices 79,138 Interest Rates U.S. 79,861 Interest Rates Non-U.S. 218,030 Livestock 610 Metals 59,235 Softs 742 Total unrealized appreciation on open futures contracts 598,822 Liabilities Futures Contracts Energy (32,389) Grains (89,172) Indices (100,893) Interest Rates U.S. (902) Interest Rates Non-U.S. (36,902) Livestock (4,328) Metals (2,250) Softs (27,793) Total unrealized depreciation on open futures contracts (294,629) Net unrealized appreciation on open futures contracts $ 304,193 * Assets Forward Contracts Currencies $ 926,912 Metals 426,713 Total unrealized appreciation on open forward contracts 1,353,625 Liabilities Forward Contracts Currencies (1,228,781) Metals (632,633) Total unrealized depreciation on open forward contracts (1,861,414) Net unrealized depreciation on open forward contracts $ (507,789) ** * 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. 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.
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 and six months ended June 30, 2020 and 2019, respectively. Three Months Ended June 30, Six Months Ended June 30, Sector 2020 2019 2020 2019 Currencies $ (1,103,291) $ (356,252) $ 1,353,347 $ (771,454) Energy (107,430) 40,156 920,944 (447,741) Grains (220,618) (796,003) (177,961) (421,397) Indices 16,401 1,126,739 (4,176,450) 1,924,992 Interest Rates U.S. 163,178 493,918 436,693 922,219 Interest Rates Non-U.S. (38,073) 1,997,620 1,597,323 3,283,904 Livestock 25,528 158,235 524,883 110,752 Metals (150,853) (341,991) 904,128 (572,456) Softs (73,634) 62,609 (273,648) (144,803) Total $ (1,488,792) *** $ 2,385,031 *** $ 1,109,259 *** 3,884,016 *** *** This amount is in “Total trading results” in the Partnership’s Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	June 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 598,822 $ 598,822 $ - $ - Forwards 1,353,625 - 1,353,625 - Total assets $ 1,952,447 $ 598,822 $ 1,353,625 $ - Liabilities Futures $ 294,629 $ 294,629 $ - $ - Forwards 1,861,414 - 1,861,414 - Total liabilities $ 2,156,043 $ 294,629 $ 1,861,414 $ - 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 $ -

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	Jan. 01, 2019	Jan. 01, 2017	Jun. 30, 2020	Jul. 01, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of General Partner fee	0.90%		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 ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash held for margin requirements	$ 7,565,621	$ 10,484,390
Cash denominated in foreign currencies	(62,300)	308,671
Cost of foreign currencies	62,291	$ 308,475
Uncertain tax position	$ 0
Open tax year	2016 2017 2018 2019

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Class A [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 1,309.01
Net asset value per Redeemable Unit, end of period	$ 1,310.18		1,310.18
Class A [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	(67.60)	$ 83.23	31.88	$ 134.01
Net investment loss	(16.73)	(11.24)	(30.71)	(22.06)
Increase (decrease) for the period	(84.33)	71.99	1.17	111.95
Net asset value per Redeemable Unit, beginning of period	1,394.51	1,270.03	1,309.01	1,230.07
Net asset value per Redeemable Unit, end of period	$ 1,310.18	$ 1,342.02	$ 1,310.18	$ 1,342.02
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.00%)	(3.50%)	(4.60%)	(3.60%)
Operating expenses before expenses borne by the General Partner and incentive fees	5.10%	5.90%	5.20%	5.90%
Expenses borne by the General Partner		(0.20%)		(0.30%)
Operating expenses after expenses borne by the General Partner and incentive fees	5.10%	5.70%	5.20%	5.60%
Total return:
Total return before incentive fees	(6.00%)	5.70%	0.10%	9.10%
Total return after incentive fees	(6.00%)	5.70%	0.10%	9.10%
Class Z [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net asset value per Redeemable Unit, beginning of period			$ 940.72
Net asset value per Redeemable Unit, end of period	$ 951.09		951.09
Class Z [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	(48.93)	$ 59.03	22.71	$ 94.95
Net investment loss	(7.21)	(3.28)	(12.34)	(6.55)
Increase (decrease) for the period	(56.14)	55.75	10.37	88.40
Net asset value per Redeemable Unit, beginning of period	1,007.23	899.03	940.72	866.38
Net asset value per Redeemable Unit, end of period	$ 951.09	$ 954.78	$ 951.09	$ 954.78
Ratios to Average Limited Partners' Capital:
Net investment loss	(2.90%)	(1.40%)	(2.50%)	(1.50%)
Operating expenses before expenses borne by the General Partner and incentive fees	3.00%	3.80%	3.10%	3.80%
Expenses borne by the General Partner		(0.20%)		(0.30%)
Operating expenses after expenses borne by the General Partner and incentive fees	3.00%	3.60%	3.10%	3.50%
Total return:
Total return before incentive fees	(5.60%)	6.20%	1.10%	10.20%
Total return after incentive fees	(5.60%)	6.20%	1.10%	10.20%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)Contract	Jun. 30, 2019USD ($)Contract	Jun. 30, 2020USD ($)Contract	Jun. 30, 2019USD ($)Contract
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded	2,015		2,093
Monthly average number of metals forward contracts traded	567		572
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts | $	$ 317,819,336		$ 420,818,478
CMF Campbell Master Fund L.P. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of futures contracts traded		3,643		3,516
Monthly average number of metals forward contracts traded		495		428
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 | $		$ 760,666,346		$ 669,368,344

Trading Activities - Summary of

Trading Activities - Summary of Valuation of Investments (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 1,952,447	$ 3,842,394
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,648,254)	(3,842,394)
Amounts Presented in the Statements of Financial Condition, Assets	304,193	0
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	304,193	0
Gross Amounts Recognized, Liabilities	(2,156,043)	(4,969,514)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,648,254	3,842,394
Amounts Presented in the Statements of Financial Condition, Liabilities	(507,789)	(1,127,120)
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	507,789	1,127,120
Net Amount, Liabilities	0	0
Net fair value	304,193	0
Futures [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	598,822	757,718
Gross Amounts Offset in the Statements of Financial Condition, Assets	(294,629)	(757,718)
Amounts Presented in the Statements of Financial Condition, Assets	304,193	0
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	304,193	0
Gross Amounts Recognized, Liabilities	(294,629)	(1,203,727)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	294,629	757,718
Amounts Presented in the Statements of Financial Condition, Liabilities	0	(446,009)
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	0	446,009
Net Amount, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,353,625	3,084,676
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,353,625)	(3,084,676)
Amounts Presented in the Statements of Financial Condition, Assets	0	0
Financial Instruments, Assets	0	0
Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	0	0
Gross Amounts Recognized, Liabilities	(1,861,414)	(3,765,787)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,353,625	3,084,676
Amounts Presented in the Statements of Financial Condition, Liabilities	(507,789)	(681,111)
Financial Instruments, Liabilities	0	0
Collateral Received/Pledged, Liabilities	507,789	681,111
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 ($)	Jun. 30, 2020	Dec. 31, 2019
Futures [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 598,822	$ 757,718
Total unrealized depreciation on open contracts	(294,629)	(1,203,727)
Net unrealized appreciation (depreciation) on open contracts	304,193	(446,009)
Futures [Member] | Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	116,235	222,120
Total unrealized depreciation on open contracts	(32,389)	(23,343)
Futures [Member] | Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	44,971	15,267
Total unrealized depreciation on open contracts	(89,172)	(188,403)
Futures [Member] | Indices [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	79,138	167,959
Total unrealized depreciation on open contracts	(100,893)	(125,346)
Futures [Member] | Interest Rates U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	79,861	54,968
Total unrealized depreciation on open contracts	(902)	(35,983)
Futures [Member] | Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	218,030	150,708
Total unrealized depreciation on open contracts	(36,902)	(680,331)
Futures [Member] | Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	610	2,320
Total unrealized depreciation on open contracts	(4,328)	(14,750)
Futures [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	59,235	142,058
Total unrealized depreciation on open contracts	(2,250)	(4,595)
Futures [Member] | Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	742	2,318
Total unrealized depreciation on open contracts	(27,793)	(130,976)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,353,625	3,084,676
Total unrealized depreciation on open contracts	(1,861,414)	(3,765,787)
Net unrealized appreciation (depreciation) on open contracts	(507,789)	(681,111)
Forward Contracts [Member] | Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	426,713	442,448
Total unrealized depreciation on open contracts	(632,633)	(827,607)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	926,912	2,642,228
Total unrealized depreciation on open contracts	$ (1,228,781)	$ (2,938,180)

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Trading gains and losses	$ (1,488,792)	$ 2,385,031	$ 1,109,259	$ 3,884,016
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	(1,103,291)	(356,252)	1,353,347	(771,454)
Energy [Member]
Derivative [Line Items]
Trading gains and losses	(107,430)	40,156	920,944	(447,741)
Grains [Member]
Derivative [Line Items]
Trading gains and losses	(220,618)	(796,003)	(177,961)	(421,397)
Indices [Member]
Derivative [Line Items]
Trading gains and losses	16,401	1,126,739	(4,176,450)	1,924,992
Interest Rates U.S. [Member]
Derivative [Line Items]
Trading gains and losses	163,178	493,918	436,693	922,219
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Trading gains and losses	(38,073)	1,997,620	1,597,323	3,283,904
Livestock [Member]
Derivative [Line Items]
Trading gains and losses	25,528	158,235	524,883	110,752
Metals [Member]
Derivative [Line Items]
Trading gains and losses	(150,853)	(341,991)	904,128	(572,456)
Softs [Member]
Derivative [Line Items]
Trading gains and losses	$ (73,634)	$ 62,609	$ (273,648)	$ (144,803)

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 1,952,447	$ 3,842,394
Derivative liabilities	2,156,043	4,969,514
Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	598,822	757,718
Derivative liabilities	294,629	1,203,727
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,353,625	3,084,676
Derivative liabilities	1,861,414	3,765,787
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	598,822	757,718
Derivative liabilities	294,629	1,203,727
Level 1 [Member] | Futures [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	598,822	757,718
Derivative liabilities	294,629	1,203,727
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,353,625	3,084,676
Derivative liabilities	1,861,414	3,765,787
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	1,353,625	3,084,676
Derivative liabilities	$ 1,861,414	$ 3,765,787

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2020
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	0.00%
Credit Concentration Risk [Member] | Partnership's Contracts [Member] | Over the Counter [Member] | Maximum [Member]
Concentration Risk [Line Items]
Concentration risk percentage	53.30%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Jul. 01, 2020	Jan. 01, 2019	Jun. 30, 2020
Subsequent Event [Line Items]
Percentage of General Partner fee		0.90%	0.90%
Percentage of monthly General Partner fee			0.075%
Morgan Stanley Wealth Management [Member]
Subsequent Event [Line Items]
Ongoing selling agent fee			2.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of General Partner fee	0.75%
Percentage of monthly General Partner fee	0.0625%
Subsequent Event [Member] | Morgan Stanley Wealth Management [Member]
Subsequent Event [Line Items]
Ongoing selling agent fee	1.00%