Managed Futures Premier Graham (MSCG) 10-K27 Mar 152014 FY Annual reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2014	Feb. 28, 2015	Jun. 30, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	MANAGED FUTURES PREMIER GRAHAM L.P.
Entity Central Index Key	1066656
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$150,527,967
Entity Common Stock, Shares Outstanding		6,847,919.48
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY
Document Type	10-K
Amendment Flag	FALSE
Document Period End Date	31-Dec-14

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Dec. 31, 2014	Dec. 31, 2013
Trading Equity:
Unrestricted cash	$145,034,785	$156,238,893
Restricted cash	22,479,675	29,924,799
Total cash	167,514,460	186,163,692
Net unrealized gain on open contracts	10,991,449	8,014,894
Total Trading Equity	178,505,909	194,178,586
Interest receivable	813	1,722
Total Assets	178,506,722	194,180,308
LIABILTIES
Redemptions payable	2,217,518	3,710,954
Accrued placement agent fees	285,638	547,086
Accrued brokerage fees	285,638	324,198
Accrued management fees	249,934	324,198
Total Liabilities	3,038,728	4,906,436
PARTNERS' CAPITAL
Limited Partners (6,404,822.920 and 8,627,682.375 Units, respectively)	173,548,977	186,979,337
General Partner (70,821.303 and 105,875.441 Units, respectively)	1,919,017	2,294,535
Total Partners' Capital	175,467,994	189,273,872
Total Liabilities and Partners' Capital	$178,506,722	$194,180,308
NET ASSET VALUE PER UNIT (in dollars per unit)	$27.10	$21.67

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical)	Dec. 31, 2014	Dec. 31, 2013
PARTNERS' CAPITAL
Limited Partners, Units (in units)	6,404,822.92	8,627,682.38
General Partner, Units (in units)	70,821.30	105,875.44

Statements_of_Income_and_Expen

Statements of Income and Expenses (USD $)	12 Months Ended
Statements of Income and Expenses (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
INVESTMENT INCOME
Interest income	$24,574		$87,489		$144,258
EXPENSES
Ongoing placement agent fees	3,781,389		6,663,745		8,681,535
Brokerage fees	3,175,074		3,948,888		5,144,616
Management fees	2,888,430		3,948,888		5,144,616
Total Expenses	9,844,893		14,561,521		18,970,767
NET INVESTMENT LOSS	-9,820,319		-14,474,032		-18,826,509
Trading profit (loss):
Net Realized	40,377,221		28,140,076		-8,986,897
Net change in unrealized	2,976,555		3,760,379		-917,565
Total Trading Results	43,353,776		31,900,455		-9,904,462
NET INCOME (LOSS)	33,533,457		17,426,423		-28,730,971
Net Income (Loss) Allocation
Limited Partners	33,178,268		17,211,835		-28,408,388
General Partner	$355,189		$214,588		($322,583)
Net Income (Loss) Per Unit
Limited Partners (in dollars per unit)	$5.43	[1]	$1.81	[1]	($2.52)	[1]
General Partner (in dollars per unit)	$5.43	[1]	$1.81	[1]	($2.52)	[1]
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING (in units)	7,593,571.51		9,567,470.58		11,738,439.56

[1]	Based on change in net asset value per Unit.

Condensed_Schedule_of_Investme

Condensed Schedule of Investments (USD $)	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	$10,991,449	$8,014,894
Percentage of Partners' Capital (in hundredths)	6.26%	4.23%
Unrealized Currency (Loss)	-97,932	-284,357
Unrealized Currency (Loss) Percentage of Partners' Capital (in hundredths)	-0.06%	-0.15%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	4,699,913	4,417,498
Percentage of Partners' Capital (in hundredths)	2.68%	2.33%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	-1,239,297	-1,060,877
Percentage of Partners' Capital (in hundredths)	-0.71%	-0.56%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	806,619	6,045,517
Percentage of Partners' Capital (in hundredths)	0.46%	3.19%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	123,343	1,215,434
Percentage of Partners' Capital (in hundredths)	0.07%	0.64%
Contracts Purchased [Member] \| Futures And Forward Contracts [Member] \| Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	5,009,248	-1,782,576
Percentage of Partners' Capital (in hundredths)	2.86%	-0.94%
Contracts Sold [Member] \| Futures And Forward Contracts [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	6,389,468	3,881,753
Percentage of Partners' Capital (in hundredths)	3.64%	2.05%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Commodity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	4,929,775	2,302,256
Percentage of Partners' Capital (in hundredths)	2.81%	1.22%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Equity Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	-344,353	-542,082
Percentage of Partners' Capital (in hundredths)	-0.20%	-0.29%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Foreign Currency [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	1,793,920	1,326,009
Percentage of Partners' Capital (in hundredths)	1.02%	0.70%
Contracts Sold [Member] \| Futures And Forward Contracts [Member] \| Interest Rate Contract [Member]
Investment Holdings [Line Items]
Net unrealized gain/(loss) on open contracts	$10,126	$795,570
Percentage of Partners' Capital (in hundredths)	0.01%	0.42%

Statements_of_Changes_in_Partn

Statements of Changes in Partners' Capital (USD $)	Limited Partners [Member]	General Partner [Member]	Total
Balance at Dec. 31, 2011	$276,443,739	$3,102,548	$279,546,287
Balance (in units) at Dec. 31, 2011			12,493,257.74
Increase/(decrease) in Partners' Capital [Roll Forward]
Offering of Units	15,421,746	0	15,421,746
Offering of Units (in units)			696,407.47
Net Income (Loss)	-28,408,388	-322,583	-28,730,971
Redemptions	-59,524,050	-399,993	-59,924,043
Redemptions (in units)			-2,798,920.39
Balance at Dec. 31, 2012	203,933,047	2,379,972	206,313,019
Balance (in units) at Dec. 31, 2012			10,390,744.83
Increase/(decrease) in Partners' Capital [Roll Forward]
Offering of Units	10,860,039	0	10,860,039
Offering of Units (in units)			530,497.20
Net Income (Loss)	17,211,835	214,588	17,426,423
Redemptions	-45,025,584	-300,025	-45,325,609
Redemptions (in units)			-2,187,684.21
Balance at Dec. 31, 2013	186,979,337	2,294,535	189,273,872
Balance (in units) at Dec. 31, 2013			8,733,557.82
Increase/(decrease) in Partners' Capital [Roll Forward]
Subscriptions	4,970,112	0	4,970,112
Subscriptions (in units)			245,507.57
Net Income (Loss)	33,178,268	355,189	33,533,457
Redemptions	-51,578,740	-730,707	-52,309,447
Redemptions (in units)			-2,503,421.17
Balance at Dec. 31, 2014	$173,548,977	$1,919,017	$175,467,994
Balance (in units) at Dec. 31, 2014			6,475,644.22

Organization

Organization	12 Months Ended
	Dec. 31, 2014
Organization [Abstract]
Organization	1. Organization

	Managed Futures Premier Graham L.P. (“Premier Graham” or the “Partnership”) is a limited partnership organized to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 5. Financial Instruments).

	Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnership. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is wholly-owned indirectly by Morgan Stanley. Prior to June 28, 2013, Citigroup Inc. was the indirect minority owner of MSSBH. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). This entity, previously acted as a non-clearing commodity broker for the Partnership, and currently acts as the placement agent (the “Placement Agent”) for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSSBH.

	The clearing commodity broker is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley.

	Effective November 30, 2012, the General Partner changed the name of the Partnership from Managed Futures Charter Graham L.P. to Managed Futures Premier Graham L.P. The name change had no impact on the operation of the Partnership or its limited partners.

	Effective June 1, 2011, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two share classes (each a “Class” or collectively, the “Classes”). The Class of Units that a limited partner receives depends on the aggregate subscription amount made by such limited partner in the Partnership.

	Class of Units	Aggregate Investment
	A	Up to $4,999,999
	D	$5,000,000 and above

	As of December 31, 2014, all Units outstanding are considered Class A Units. The General Partner may, at its discretion, offer additional Classes of Units as described in the private placement memorandum of the Partnership, as amended from time to time (the “Memorandum”).

	Effective April 1, 2014, the ongoing Placement Agent fee paid by the Partnership to Morgan Stanley Wealth Management was reduced for Class A Unit holders from an annual rate of 3.375% to an annual rate of 2.00% of the net asset value of a limited partner’s Class A Units.

	Effective April 1, 2014, the monthly management fee paid by the Partnership to Graham was reduced from 1/12th of 2.00% (a 2.00% annual rate) to 1/12th of 1.75% (a 1.75% annual rate) of the net assets of the Partnership (plus “notional” funds, if any) as of the beginning of each month.

	Ceres is required to maintain a 1% minimum interest in the equity of the Partnership and income (losses) are shared by Ceres and the limited partners based on their proportional ownership interest.

	Graham Capital Management L.P. (“Graham” or the “Trading Advisor”) is the Partnership’s trading advisor.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies

	Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material.


	Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility.

	Revenue Recognition — Monthly, MS&Co. credits the Partnership with interest income on 100% of the average daily equity maintained in cash in the Partnership’s account during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid by MS&Co. to the Partnership. For purposes of these interest credits, daily funds do not include monies due to the Partnership on or with respect to futures, forwards, or options contracts that have not been received.

	Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities that qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition.

	Foreign Currency Transactions and Translation — The Partnership’s functional currency is the U.S. dollar; however, the Partnership may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses.

	Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 8. Financial Highlights).

	Trading Equity — The Partnership’s asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co. to be used as margin for trading and (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value.

	The Partnership, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Partnership and are reported on a net basis on the Statements of Financial Condition.


	The Partnership has offset its unrealized gains or losses recognized on forward contracts executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., as the counterparty on such contracts. The Partnership has consistently applied its right to offset.

	Restricted and Unrestricted Cash — As reflected on the Partnership’s Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forward and options contracts and offset unrealized losses only on the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash.

	Brokerage and Related Transaction Fees and Costs — The Partnership pays the General Partner a monthly administrative fee equal to 1/12th of 2% of the Partnership’s net assets (plus “notional” funds, if any) as of the first day of each month (a 2% annual rate), as described in the Partnership’s Memorandum. The General Partner then pays or reimburses the Partnership for all fees and costs charged or incurred by the commodity brokers for trades executed on behalf of the Partnership for all fees and costs charged or incurred by the commodity broker for trades executed on behalf of the Partnership, and for all ordinary administrative and offering expenses. Such fees cover all brokerage fees, transaction fees and costs, and legal, accounting and auditing expenses, printing costs, filing fees, escrow fees, marketing costs, and other related fees and expenses.

	Placement Agent Fees — Limited partners are not charged an initial sales commission. The Partnership pays the Placement Agent ongoing compensation on a monthly basis equal to a percentage of the net asset value (as defined in the Memorandum) of a limited partner’s Unit as of the beginning of each month. The applicable rate payable by each limited partner is determined by the Class of Units held by such limited partner. The Partnership pays the Placement Agent the following percentage in accordance with the following schedule.

	Class of Units	Annualized Rate (%)
	A	2.00%
	D	0.75%

	The Placement Agent pays a portion of the ongoing Placement Agent fees it received from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the limited partner.

	Effective April 1, 2014, the ongoing Placement Agent fee paid by the Partnership to Morgan Stanley Wealth Management was reduced for Class A Unit holders from an annual rate of 3.375% to an annual rate of 2.00% of the net asset value of a limited partner’s Class A Units.

	Continuing Offering — Units of the Partnership are offered at a price equal to 100% of the net asset value per Unit as of the first day of each month at the final net asset value per Unit as of the last day of the immediately preceding month. The minimum subscription amount in Class A Units in the Partnership is $25,000 ($10,000 for ERISA/IRA investors), subject to the discretion of Ceres to accept a lower amount. Certain investors are eligible to purchase Class D Units upon investing a minimum of $5,000,000 in the Partnership. The Class of Units that a limited partner receives upon a subscription will generally depend upon the aggregate amount invested in the Partnership, although the General Partner may determine to offer Class A or Class D Units to an investor in its sole discretion, regardless of investment amount. Additional subscriptions can be made in a minimum amount of $10,000, subject to the discretion of Ceres to accept a lower amount. The request for subscriptions must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded to and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month.

	No selling commissions or charges related to the initial offering of Units are paid by the limited partners or the Partnership. MS&Co. pays all such costs.

	Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit as of the end of the last day of any month (a “Redemption Date”). The request for redemptions must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the third business day before the end of the month. A limited partner must maintain a minimum investment of 300 Units in the Partnership unless such limited partner is redeeming the entire interest in the Partnership. Ceres may cause a limited partner to withdraw from the Partnership at any time and for any reason upon at least five days’ written notice. Ceres may also, in its sole discretion, permit redemptions by limited partners in any amount at any time.

	There were no redemption charges paid to MS&Co. for the years ended December 31, 2014, 2013, and 2012.

	Exchanges — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit of the Partnership on the Redemption Date and use the proceeds to purchase units in any other commodity pool operated by Ceres that is open to investment. Limited partners may also redeem units in any other commodity pool operated by Ceres and use the proceeds to purchase Units in the Partnership. The request for exchanges must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month.

	Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnership’s profits.

	Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of the Partnership’s revenue and expenses for income tax purposes. The Partnership files U.S. federal and state tax returns.

	The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in the Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnership has concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnership recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.

	Dissolution of the Partnership — The Partnership will terminate on December 31, 2035, or at an earlier date if certain conditions occur as defined in the Memorandum.

	Statement of Cash Flows — The Partnership is not required to provide a Statement of Cash Flows.

	Investment Company Status

	Effective January 1, 2014, the Partnership adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on Management’s assessment, the Partnership has been deemed to be an investment company since inception.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2014
Related Party Transactions [Abstract]
Related Party Transactions	3. Related Party Transactions

	The Partnership’s cash is on deposit in commodity brokerage accounts with Morgan Stanley. MS&Co. credits the Partnership with interest income as described in Note 2. Summary of Significant Accounting Policies. MS&Co. acts as the counterparty on all trading of foreign currency forward contracts. Since October 2012, the Partnership pays brokerage fees to Morgan Stanley Wealth Management and prior to October 2012, the Partnership paid brokerage fees to MS&Co., as described in Note 2. Summary of Significant Accounting Policies.

Trading_Advisor

Trading Advisor	12 Months Ended
Trading Advisor	Dec. 31, 2014
Trading Advisor [Abstract]
Trading Advisor	4. Trading Advisor

	Ceres, on behalf of the Partnership, has retained Graham to make all trading decisions for the Partnership.

	Compensation to the Trading Advisor by the Partnership consists of a management fee and an incentive fee as follows:

	Management Fee — The Partnership pays its Trading Advisor a flat-rate monthly fee equal to 1/12th of 1.75% (a 1.75% annual rate) of the Partnership’s net assets (plus “notional” funds, if any) as of the first day of each month.

	Prior to April 1, 2014, the Partnership paid its Trading Advisor a flat-rate monthly fee equal to 1/12^th of 2% (a 2% annual rate) of the Partnership’s net assets as of the first day of each month.

	Incentive Fee — The Partnership pays the Trading Advisor an incentive fee equal to 20% of trading profits experienced by the Partnership as of the end of each calendar month.

	Trading profits represent the amount by which profits from futures, forwards, and options trading exceed losses after brokerage and management fees are deducted. When the Trading Advisor experiences losses with respect to net assets as of the end of a calendar month, the Trading Advisor must recover such losses before the Trading Advisor is eligible for an incentive fee in the future. Cumulative trading losses are adjusted on a pro rated basis for the amount of each month’s net withdrawals.

	For the years ended December 31, 2014, 2013 and 2012, there were no incentive fees charged.

Financial_Instruments

Financial Instruments

12 Months Ended

Dec. 31, 2014

Financial Instruments [Abstract]

Financial Instruments

5. Financial Instruments

The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price.

The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty.

The Partnership’s contracts are accounted for on a trade-date basis. A derivative is defined as a financial instrument or other contract that has all three of the following characteristics:

(1) a) One or more “underlyings” and b) one or more “notional amounts” or payment provisions or both;

(2) Requires no initial net investment or a smaller initial net investment than would be required for other types of contracts that would be expected to have a similar response relative to changes in market factors; and

(3) Terms that require or permit net settlement.

Generally, derivatives include futures, forward, swaps or options contracts, and other financial instruments with similar characteristics such as caps, floors, and collars.

The net unrealized gains on open contracts at December 31, 2014 and 2013, respectively, reported as a component of “Trading Equity” on the Statements of Financial Condition, and their longest contract maturities were as follows:

Net Unrealized Gains on Open Contracts

Longest Maturities

Year

Exchange-Traded

Off-Exchange-Traded

Total

Exchange-Traded

Off-Exchange-Traded

2014

9,505,992

1,485,457

10,991,449

Mar. 2019

Mar. 2015

2013

5,557,421

2,457,473

8,014,894

Mar. 2018

Mar. 2014

In general, the risks associated with off-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to an off-exchange-traded contract. The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gains (losses) amounts reflected in the Partnership’s Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed by type of contract and corresponding fair value level in Note 7. Fair Value Measurements and Disclosures.

The Partnership also has credit risk because MS&Co. acts as the futures commission merchant or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are fair valued on a daily basis, with variations in value settled on a daily basis. MS&Co., which is acting as a commodity futures broker for the Partnership’s exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, is required, pursuant to regulations of the Commodity Futures Trading Commission, to segregate from its own assets, and for the sole benefit of its commodity customers, total cash held by it with respect to exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, including an amount equal to the net unrealized gains on all open exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts, which in the aggregate, totaled $177,020,452 and $191,721,113 at December 31, 2014 and 2013, respectively. With respect to the Partnership’s off-exchange-traded forward currency contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership’s account with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co., for the benefit of MS&Co. With respect to those off-exchange-traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with MS&Co. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce both the Partnership’s and MS&Co.’s exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency.

The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards and options positions by sector, margin requirements, gain and loss transactions and collateral positions.

The futures, forwards and options traded by the Partnership involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date.

Derivatives_and_Hedging

Derivatives and Hedging	12 Months Ended
Derivatives and Hedging	Dec. 31, 2014
Derivatives and Hedging [Abstract]
Derivatives and Hedging	6. Derivatives and Hedging

	The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategy. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention.

	On January 1, 2013, the Partnership adopted ASU 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities”. ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnership’s financial statements.

	As of December 31, 2014, approximately 69.78% of the Partnership’s total investments are futures contracts which are exchange-traded while approximately 30.22% are forward contracts which are off-exchange traded.

	The following tables summarize the valuation of the Partnership’s investments as of December 31, 2014 and 2013, respectively.


	Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

			Gross Amounts				Gross Amounts				Net Amounts
			Recognized				Offset in the				Presented in the
							Statements of				Statements of
							Financial				Financial
							Condition				Condition
			$				$				$
	Assets
	Futures			12,491,366				(2,280,167	)			10,211,199
	Forwards			2,508,601				(1,630,419	)			878,182

	Total Assets			14,999,967				(3,910,586	)			11,089,381

	Liabilities
	Futures			(2,280,167	)			2,280,167				–
	Forwards			(1,630,419	)			1,630,419				–

	Total Liabilities			(3,910,586	)			3,910,586				–

	Unrealized currency loss											(97,932	)

	Total net unrealized gain on open contracts											10,991,449

	Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

			Gross Amounts				Gross Amounts				Net Amounts
			Recognized				Offset in the				Presented in the
							Statements of				Statements of
							Financial				Financial
							Condition				Condition
			$				$				$
	Assets
	Futures			10,656,264				(4,814,486	)			5,841,778
	Forwards			2,817,116				(359,643	)			2,457,473

	Total Assets			13,473,380				(5,174,129	)			8,299,251

	Liabilities
	Futures			(4,814,486	)			4,814,486				–
	Forwards			(359,643	)			359,643				–

	Total Liabilities			(5,174,129	)			5,174,129				–

	Unrealized currency loss											(284,357	)

	Total net unrealized gain on open contracts											8,014,894

	The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

	31-Dec-14
			Long				Long				Short				Short				Net			Average
			Unrealized				Unrealized				Unrealized				Unrealized				Unrealized			Number of
	Gain		Loss				Gain				Loss				Gain/(Loss)				Contracts
																			Outstanding
																			for the Year
																			(Absolute
Futures and Forward Contracts																			Quantity)
			$				$				$				$				$
Commodity				200,049				(1,439,346	)			5,341,142				(411,367	)			3,690,478			3,481
Equity				1,829,639				(1,023,020	)			7,571				(351,924	)			462,266			2,032
Foreign currency				272,443				(149,100	)			1,960,060				(166,140	)			1,917,263			3,005
Interest rate				5,377,201				(367,953	)			11,862				(1,736	)			5,019,374			7,382
Total			7,679,332				(2,979,419	)			7,320,635				(931,167	)			11,089,381
Unrealized currency loss																			(97,932	)
Total net unrealized gain on open contracts																			10,991,449

31-Dec-13
		Long				Long				Short				Short				Net			Average
		Unrealized				Unrealized				Unrealized				Unrealized				Unrealized			Number of
		Gain				Loss				Gain				Loss				Gain/(Loss)			Contracts
																					Outstanding
																					for the Year
																					(Absolute
Futures and Forward Contracts																					Quantity)
		$				$				$				$				$
Commodity			384,705				(1,445,582	)			2,808,187				(505,931	)			1,241,379			3,708
Equity			6,045,517				–				440				(542,522	)			5,503,435			3,144
Foreign currency			1,399,755				(184,321	)			1,526,651				(200,642	)			2,541,443			7,647
Interest rate			9,355				(1,791,931	)			1,298,770				(503,200	)			(987,006	)		8,798
Total			7,839,332				(3,421,834	)			5,634,048				(1,752,295	)			8,299,251
Unrealized currency loss																			(284,357	)
Total net unrealized gain on open contracts																			8,014,894

The following tables summarize the net trading results of the Partnership for the years ended December 31, 2014, 2013, and 2012, respectively.

The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

		December 31,
		2014				2013				2012
Type of Instrument		$				$				$
Commodity			440,687				4,744,029				(25,656,631	)
Equity			(5,491,580	)			46,697,833				11,644,684
Foreign currency			18,894,085				(3,283,896	)			(10,314,789	)
Interest rate			29,324,159				(16,467,980	)			14,570,878
Unrealized currency gain (loss)			186,425				210,469				(148,604	)
Total			43,353,776				31,900,455				(9,904,462	)

Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

		December 31,
		2014				2013				2012
Trading Results		$				$				$
Net realized			40,377,221				28,140,076				(8,986,897	)
Net change in unrealized			2,976,555				3,760,379				(917,565	)
Total Trading Results			43,353,776				31,900,455				(9,904,462	)

Fair_Value_Measurements_and_Di

Fair Value Measurements and Disclosures

12 Months Ended

Dec. 31, 2014

Fair Value Measurements and Disclosures [Abstract]

Fair Value Measurements and Disclosures

7. Fair Value Measurements and Disclosures

Financial instruments are carried at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Assets and liabilities carried at fair value are classified and disclosed in the following three levels: Level 1 — unadjusted quoted market prices in active markets for identical assets and liabilities; Level 2 — inputs other than unadjusted quoted market prices that are observable for the asset or liability, either directly or indirectly (including unadjusted quoted market prices for similar investments, interest rates and credit risk); and Level 3 — unobservable inputs for the asset or liability (including the Partnership’s own assumptions used in determining the fair value of investments).

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Partnership’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and consideration of factors specific to the investment.

The Partnership’s assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

Unadjusted

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Assets and

Inputs

31-Dec-14

Liabilities

(Level 2)

(Level 3)

Total

(Level 1)

Assets

Futures

12,491,366

–

n/a

12,491,366

Forwards

742,680

1,765,921

n/a

2,508,601

Total Assets

13,234,046

1,765,921

n/a

14,999,967

Liabilities

Futures

2,280,167

–

n/a

2,280,167

Forwards

1,349,955

280,464

n/a

1,630,419

Total Liabilities

3,630,122

280,464

n/a

3,910,586

Unrealized currency loss

(97,932

)

*Net fair value

9,603,924

1,485,457

n/a

10,991,449

Unadjusted

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Assets and

Inputs

31-Dec-13

Liabilities

(Level 2)

(Level 3)

Total

(Level 1)

Assets

Futures

10,656,264

–

n/a

10,656,264

Forwards

–

2,817,116

n/a

2,817,116

Total Assets

10,656,264

2,817,116

n/a

13,473,380

Liabilities

Futures

4,814,486

–

n/a

4,814,486

Forwards

–

359,643

n/a

359,643

Total Liabilities

4,814,486

359,643

n/a

5,174,129

Unrealized currency loss

(284,357

)

*Net fair value

5,841,778

2,457,473

n/a

8,014,894

This amount comprises of the “Net unrealized gain on open contracts” on the Statements of Financial Condition.

During the twelve months ended December 31, 2014 and 2013, there were no Level 3 assets and liabilities, and there were no transfers of assets or liabilities between Level 1 and Level 2.

Financial_Highlights

Financial Highlights	12 Months Ended
Financial Highlights	Dec. 31, 2014
Financial Highlights [Abstract]
Financial Highlights	8. Financial Highlights

	The following ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partners’ share of income, expenses and average net assets.


		2014			2013			2012
	Per Unit operating performance:
	Net asset value, January 1:	$	21.67		$	19.86		$	22.38

	Interest Income		-	(2)		0.01			0.01
	Expenses		(1.33	)		(1.54	)		(1.64	)
	Realized/Unrealized Income (Loss) ⁽¹⁾		6.76			3.34			(0.89	)

	Net Income (Loss)		5.43			1.81			(2.52	)

	Net asset value, December 31:	$	27.1		$	21.67		$	19.86

	For the Calendar Year:
	Ratios to average net assets:
	Net Investment Loss		(6.2	)%		(7.4	)%		(7.5	)%
	Expenses before Incentive Fees		6.3	%		7.5	%		7.6	%
	Expenses after Incentive Fees		6.3	%		7.5	%		7.6	%
	Total return before incentive fees		25.1	%		9.1	%		(11.3	)%
	Total return after incentive fees		25.1	%		9.1	%		(11.3	)%

	(1) Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the
	other per Unit information.

	(2) Amount less than 0.005%.

Subsequent_Events

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2014
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events

	Management performed its evaluation of subsequent events through the date of filing, and has determined that there were no subsequent events requiring adjustments of or disclosure in the financial statements.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Use of Estimates	Use of Estimates — The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which require management to make estimates and assumptions that affect the reported amounts in the financial statements and related disclosures. Management believes that the estimates utilized in the preparation of the financial statements are prudent and reasonable. Actual results could differ from those estimates and the differences could be material.
Valuation	Valuation — Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized trading profit (loss)” on open contracts from one period to the next on the Statements of Income and Expenses. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. The fair value of an off-exchange-traded contract is based on the fair value quoted by the counterparty. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility.
Revenue Recognition	Revenue Recognition — Monthly, MS&Co. credits the Partnership with interest income on 100% of the average daily equity maintained in cash in the Partnership’s account during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid by MS&Co. to the Partnership. For purposes of these interest credits, daily funds do not include monies due to the Partnership on or with respect to futures, forwards, or options contracts that have not been received.
Fair Value of Financial Instruments	Fair Value of Financial Instruments — The fair value of the Partnership’s assets and liabilities that qualify as financial instruments under the Financial Accounting Standards Board (the “FASB”) Accounting Standards Codification (“ASC”) guidance relating to financial instruments approximates the carrying amount presented in the Statements of Financial Condition.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation — The Partnership’s functional currency is the U.S. dollar; however, the Partnership may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period. The effects of changes in foreign currency exchange rates on investments are not segregated in the Statements of Income and Expenses from the changes in market price of those investments, but are included in the net realized gain/loss and net change in unrealized trading profit (loss) in the Statements of Income and Expenses.
Net Income (Loss) per Unit	Net Income (Loss) per Unit — Net income (loss) per Unit is computed in accordance with the specialized accounting for investment companies as illustrated in the Financial Highlights footnote (refer to Note 8. Financial Highlights).
Trading Equity	Trading Equity — The Partnership’s asset “Trading Equity” reflected on the Statements of Financial Condition, consists of (a) cash on deposit with MS&Co. to be used as margin for trading and (b) net unrealized gains or losses on futures and forward contracts, which are fair valued and calculated as the difference between original contract value and fair value.

	The Partnership, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Partnership and are reported on a net basis on the Statements of Financial Condition.


	The Partnership has offset its unrealized gains or losses recognized on forward contracts executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., as the counterparty on such contracts. The Partnership has consistently applied its right to offset.
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash — As reflected on the Partnership’s Statements of Financial Condition, restricted cash equals the cash portion of assets on deposit to meet margin requirements plus the cash required to offset unrealized losses on foreign currency forward and options contracts and offset unrealized losses only on the offsetting London Metal Exchange positions. All of these amounts are maintained separately. Cash that is not classified as restricted cash is therefore classified as unrestricted cash.
Brokerage and Related Transaction Fees and Costs	Brokerage and Related Transaction Fees and Costs — The Partnership pays the General Partner a monthly administrative fee equal to 1/12th of 2% of the Partnership’s net assets (plus “notional” funds, if any) as of the first day of each month (a 2% annual rate), as described in the Partnership’s Memorandum. The General Partner then pays or reimburses the Partnership for all fees and costs charged or incurred by the commodity brokers for trades executed on behalf of the Partnership for all fees and costs charged or incurred by the commodity broker for trades executed on behalf of the Partnership, and for all ordinary administrative and offering expenses. Such fees cover all brokerage fees, transaction fees and costs, and legal, accounting and auditing expenses, printing costs, filing fees, escrow fees, marketing costs, and other related fees and expenses.
Placement Agent Fees	Placement Agent Fees — Limited partners are not charged an initial sales commission. The Partnership pays the Placement Agent ongoing compensation on a monthly basis equal to a percentage of the net asset value (as defined in the Memorandum) of a limited partner’s Unit as of the beginning of each month. The applicable rate payable by each limited partner is determined by the Class of Units held by such limited partner. The Partnership pays the Placement Agent the following percentage in accordance with the following schedule.

	Class of Units	Annualized Rate (%)
	A	2.00%
	D	0.75%

	The Placement Agent pays a portion of the ongoing Placement Agent fees it received from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the limited partner.

	Effective April 1, 2014, the ongoing Placement Agent fee paid by the Partnership to Morgan Stanley Wealth Management was reduced for Class A Unit holders from an annual rate of 3.375% to an annual rate of 2.00% of the net asset value of a limited partner’s Class A Units.
Continuing Offering	Continuing Offering — Units of the Partnership are offered at a price equal to 100% of the net asset value per Unit as of the first day of each month at the final net asset value per Unit as of the last day of the immediately preceding month. The minimum subscription amount in Class A Units in the Partnership is $25,000 ($10,000 for ERISA/IRA investors), subject to the discretion of Ceres to accept a lower amount. Certain investors are eligible to purchase Class D Units upon investing a minimum of $5,000,000 in the Partnership. The Class of Units that a limited partner receives upon a subscription will generally depend upon the aggregate amount invested in the Partnership, although the General Partner may determine to offer Class A or Class D Units to an investor in its sole discretion, regardless of investment amount. Additional subscriptions can be made in a minimum amount of $10,000, subject to the discretion of Ceres to accept a lower amount. The request for subscriptions must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded to and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month.

	No selling commissions or charges related to the initial offering of Units are paid by the limited partners or the Partnership. MS&Co. pays all such costs.
Redemptions	Redemptions — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit as of the end of the last day of any month (a “Redemption Date”). The request for redemptions must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 p.m., New York City time, on the third business day before the end of the month. A limited partner must maintain a minimum investment of 300 Units in the Partnership unless such limited partner is redeeming the entire interest in the Partnership. Ceres may cause a limited partner to withdraw from the Partnership at any time and for any reason upon at least five days’ written notice. Ceres may also, in its sole discretion, permit redemptions by limited partners in any amount at any time.

	There were no redemption charges paid to MS&Co. for the years ended December 31, 2014, 2013, and 2012.
Exchanges	Exchanges — Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit of the Partnership on the Redemption Date and use the proceeds to purchase units in any other commodity pool operated by Ceres that is open to investment. Limited partners may also redeem units in any other commodity pool operated by Ceres and use the proceeds to purchase Units in the Partnership. The request for exchanges must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month.
Distributions	Distributions — Distributions, other than redemptions of Units, are made on a pro rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnership’s profits.
Income Taxes	Income Taxes — No provision for income taxes has been made in the accompanying financial statements, as partners are individually responsible for reporting income or loss based upon their respective share of the Partnership’s revenue and expenses for income tax purposes. The Partnership files U.S. federal and state tax returns.

	The guidance issued by the FASB on income taxes, clarifies the accounting for uncertainty in income taxes recognized in the Partnership’s financial statements, and prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of a tax position taken or expected to be taken. The Partnership has concluded that there were no significant uncertain tax positions that would require recognition in the financial statements as of December 31, 2014 and 2013. If applicable, the Partnership recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in other expenses in the Statements of Income and Expenses. Generally, the 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities. No income tax returns are currently under examination.
Dissolution of the Partnership	Dissolution of the Partnership — The Partnership will terminate on December 31, 2035, or at an earlier date if certain conditions occur as defined in the Memorandum.
Investment Company Status	Investment Company Status

	Effective January 1, 2014, the Partnership adopted Accounting Standards Update (“ASU”) 2013-08, “Financial Services – Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on Management’s assessment, the Partnership has been deemed to be an investment company since inception.

Organization_Tables

Organization (Tables)	12 Months Ended
	Dec. 31, 2014
Organization [Abstract]
Schedule of Limited Partners' Capital Account by Class	Effective June 1, 2011, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two share classes (each a “Class” or collectively, the “Classes”). The Class of Units that a limited partner receives depends on the aggregate subscription amount made by such limited partner in the Partnership.

	Class of Units	Aggregate Investment
	A	Up to $4,999,999
	D	$5,000,000 and above

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies [Abstract]
Schedule of Payment to the Placement Agent	The Partnership pays the Placement Agent the following percentage in accordance with the following schedule.

	Class of Units	Annualized Rate (%)
	A	2.00%
	D	0.75%

Financial_Instruments_Tables

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2014

Financial Instruments [Abstract]

Net Unrealized Gains on Open Contracts

Longest Maturities

Year

Exchange-Traded

Off-Exchange-Traded

Total

Exchange-Traded

Off-Exchange-Traded

2014

9,505,992

1,485,457

10,991,449

Mar. 2019

Mar. 2015

2013

5,557,421

2,457,473

8,014,894

Mar. 2018

Mar. 2014

Derivatives_and_Hedging_Tables

Derivatives and Hedging (Tables)	12 Months Ended
Derivatives and Hedging (Tables)	Dec. 31, 2014
Derivatives and Hedging [Abstract]
Offsetting of Derivative Assets and Liabilities	The following tables summarize the valuation of the Partnership’s investments as of December 31, 2014 and 2013, respectively.

	Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

		Gross Amounts			Gross Amounts			Net Amounts
		Recognized			Offset in the			Presented in the
					Statements of			Statements of
					Financial			Financial
					Condition			Condition
		$			$			$
	Assets
	Futures		12,491,366			(2,280,167	)		10,211,199
	Forwards		2,508,601			(1,630,419	)		878,182

	Total Assets		14,999,967			(3,910,586	)		11,089,381

	Liabilities
	Futures		(2,280,167	)		2,280,167			–
	Forwards		(1,630,419	)		1,630,419			–

	Total Liabilities		(3,910,586	)		3,910,586			–

	Unrealized currency loss								(97,932	)

	Total net unrealized gain on open contracts								10,991,449

	Offsetting of Derivative Assets and Liabilities as of December 31, 2013:

		Gross Amounts			Gross Amounts			Net Amounts
		Recognized			Offset in the			Presented in the
					Statements of			Statements of
					Financial			Financial
					Condition			Condition
		$			$			$
	Assets
	Futures		10,656,264			(4,814,486	)		5,841,778
	Forwards		2,817,116			(359,643	)		2,457,473

	Total Assets		13,473,380			(5,174,129	)		8,299,251

	Liabilities
	Futures		(4,814,486	)		4,814,486			–
	Forwards		(359,643	)		359,643			–

	Total Liabilities		(5,174,129	)		5,174,129			–

	Unrealized currency loss								(284,357	)

	Total net unrealized gain on open contracts								8,014,894
Schedule of Effect of Trading Activities on the Statements of Financial Condition	The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014 and 2013:

	31-Dec-14
		Long			Long			Short			Short			Net			Average
		Unrealized			Unrealized			Unrealized			Unrealized			Unrealized			Number of
		Gain			Loss			Gain			Loss			Gain/(Loss)			Contracts
																	Outstanding
																	for the Year
																	(Absolute
	Futures and Forward Contracts																Quantity)
		$			$			$			$			$
	Commodity		200,049			(1,439,346	)		5,341,142			(411,367	)		3,690,478			3,481
	Equity		1,829,639			(1,023,020	)		7,571			(351,924	)		462,266			2,032
	Foreign currency		272,443			(149,100	)		1,960,060			(166,140	)		1,917,263			3,005
	Interest rate		5,377,201			(367,953	)		11,862			(1,736	)		5,019,374			7,382
	Total		7,679,332			(2,979,419	)		7,320,635			(931,167	)		11,089,381
	Unrealized currency loss														(97,932	)
	Total net unrealized gain on open contracts														10,991,449

	31-Dec-13
		Long			Long			Short			Short			Net			Average
		Unrealized			Unrealized			Unrealized			Unrealized			Unrealized			Number of
		Gain			Loss			Gain			Loss			Gain/(Loss)			Contracts
																	Outstanding
																	for the Year
																	(Absolute
	Futures and Forward Contracts																Quantity)
		$			$			$			$			$
	Commodity		384,705			(1,445,582	)		2,808,187			(505,931	)		1,241,379			3,708
	Equity		6,045,517			–			440			(542,522	)		5,503,435			3,144
	Foreign currency		1,399,755			(184,321	)		1,526,651			(200,642	)		2,541,443			7,647
	Interest rate		9,355			(1,791,931	)		1,298,770			(503,200	)		(987,006	)		8,798
	Total		7,839,332			(3,421,834	)		5,634,048			(1,752,295	)		8,299,251
	Unrealized currency loss														(284,357	)
	Total net unrealized gain on open contracts														8,014,894
Schedule of Effect of Trading Activities on the Statements of Income and Expenses	The effect of Trading Activities on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012, included in Total Trading Results:

		December 31,
		2014			2013			2012
	Type of Instrument	$			$			$
	Commodity		440,687			4,744,029			(25,656,631	)
	Equity		(5,491,580	)		46,697,833			11,644,684
	Foreign currency		18,894,085			(3,283,896	)		(10,314,789	)
	Interest rate		29,324,159			(16,467,980	)		14,570,878
	Unrealized currency gain (loss)		186,425			210,469			(148,604	)
	Total		43,353,776			31,900,455			(9,904,462	)

	Line items on the Statements of Income and Expenses for the years ended December 31, 2014, 2013, and 2012:

		December 31,
		2014			2013			2012
	Trading Results	$			$			$
	Net realized		40,377,221			28,140,076			(8,986,897	)
	Net change in unrealized		2,976,555			3,760,379			(917,565	)
	Total Trading Results		43,353,776			31,900,455			(9,904,462	)

Fair_Value_Measurements_and_Di1

Fair Value Measurements and Disclosures (Tables)

12 Months Ended

Dec. 31, 2014

Fair Value Measurements and Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The Partnership’s assets and liabilities measured at fair value on a recurring basis are summarized in the following tables by the type of inputs applicable to the fair value measurements.

Unadjusted

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Assets and

Inputs

31-Dec-14

Liabilities

(Level 2)

(Level 3)

Total

(Level 1)

Assets

Futures

12,491,366

–

n/a

12,491,366

Forwards

742,680

1,765,921

n/a

2,508,601

Total Assets

13,234,046

1,765,921

n/a

14,999,967

Liabilities

Futures

2,280,167

–

n/a

2,280,167

Forwards

1,349,955

280,464

n/a

1,630,419

Total Liabilities

3,630,122

280,464

n/a

3,910,586

Unrealized currency loss

(97,932

)

*Net fair value

9,603,924

1,485,457

n/a

10,991,449

Unadjusted

Quoted Prices in

Significant

Active Markets

Other

Significant

for Identical

Observable

Unobservable

Assets and

Inputs

31-Dec-13

Liabilities

(Level 2)

(Level 3)

Total

(Level 1)

Assets

Futures

10,656,264

–

n/a

10,656,264

Forwards

–

2,817,116

n/a

2,817,116

Total Assets

10,656,264

2,817,116

n/a

13,473,380

Liabilities

Futures

4,814,486

–

n/a

4,814,486

Forwards

–

359,643

n/a

359,643

Total Liabilities

4,814,486

359,643

n/a

5,174,129

Unrealized currency loss

(284,357

)

*Net fair value

5,841,778

2,457,473

n/a

8,014,894

This amount comprises of the “Net unrealized gain on open contracts” on the Statements of Financial Condition.

Financial_Highlights_Tables

Financial Highlights (Tables)	12 Months Ended
Financial Highlights (Tables)	Dec. 31, 2014
Financial Highlights [Abstract]
Financial Information Additional Disclosure	The following ratios may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partners’ share of income, expenses and average net assets.


		2014			2013			2012
	Per Unit operating performance:
	Net asset value, January 1:	$	21.67		$	19.86		$	22.38

	Interest Income		-	(2)		0.01			0.01
	Expenses		(1.33	)		(1.54	)		(1.64	)
	Realized/Unrealized Income (Loss) ⁽¹⁾		6.76			3.34			(0.89	)

	Net Income (Loss)		5.43			1.81			(2.52	)

	Net asset value, December 31:	$	27.1		$	21.67		$	19.86

	For the Calendar Year:
	Ratios to average net assets:
	Net Investment Loss		(6.2	)%		(7.4	)%		(7.5	)%
	Expenses before Incentive Fees		6.3	%		7.5	%		7.6	%
	Expenses after Incentive Fees		6.3	%		7.5	%		7.6	%
	Total return before incentive fees		25.1	%		9.1	%		(11.3	)%
	Total return after incentive fees		25.1	%		9.1	%		(11.3	)%

	(1) Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the
	other per Unit information.

	(2) Amount less than 0.005%.

Organization_Details

Organization (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2014
	Mar. 31, 2014	Dec. 31, 2014	Class
Related Party Transaction [Line Items]
Number of share classes			2
Annualized ongoing placement agent fee (in hundredths)	3.38%	2.00%
Management fee, monthly basis (in hundredths)	0.17%	0.15%
Management fee, annual basis (in hundredths)	2.00%	1.75%
Required interest in the equity of each Partnership (in hundredths)		1.00%	1.00%
Class of Units A [Member]
Related Party Transaction [Line Items]
Limited Partner Unit Class Threshold Subscription Maximum		4,999,999	4,999,999
Annualized ongoing placement agent fee (in hundredths)	3.38%	2.00%
Class of Units D [Member]
Related Party Transaction [Line Items]
Limited Partner Unit Class Threshold Subscription Minimum		5,000,000	5,000,000

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Schedule of Equity Method Investments [Line Items]
Percentage basis of funds on deposit for interest income recognition (in hundredths)			100.00%
Partnership assets percentage not deposited as margin credit for interest income (in hundredths)			80.00%
General Partner flat rate monthly brokerage fee on net assets (in hundredths)			0.17%
General Partner flat rate annual brokerage fee on net assets (in hundredths)			2.00%
Annualized ongoing placement agent fee (in hundredths)	3.38%	2.00%
Percentage basis Partnership offer price to net asset value per Unit (in hundredths)		100.00%	100.00%
Limited partners unit that can be redeemed (in hundredths)		100.00%	100.00%
Aggregate amount of redemption charges paid			$0	$0	$0
Class of Units A [Member]
Schedule of Equity Method Investments [Line Items]
Annualized ongoing placement agent fee (in hundredths)	3.38%	2.00%
Placement agent fees, based on net asset value (in hundredths)			2.00%
Class of Units D [Member]
Schedule of Equity Method Investments [Line Items]
Placement agent fees, based on net asset value (in hundredths)			0.75%
General Partner [Member] \| Class of Units A [Member]
Schedule of Equity Method Investments [Line Items]
Minimum partnership subscription amount		25,000	25,000
General Partner [Member] \| Class of Units D [Member]
Schedule of Equity Method Investments [Line Items]
Minimum partnership subscription amount		5,000,000	5,000,000
ERISA/IRA Investors [Member]
Schedule of Equity Method Investments [Line Items]
Minimum partnership subscription amount		10,000	10,000
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Incremental additional subscriptions		10,000	$10,000
Whole Units required per redemption (in units)			300

Trading_Advisor_Details

Trading Advisor (Details)	3 Months Ended	9 Months Ended	12 Months Ended
Trading Advisor (Details)	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2014
Management Fee [Abstract]
Management fee, monthly basis (in hundredths)	0.17%	0.15%
Management fee, annual basis (in hundredths)	2.00%	1.75%
Incentive Fee [Abstract]
Incentive fee, monthly trading profits basis (in hundredths)			20.00%

Financial_Instruments_Details

Financial Instruments (Details) (USD $)	12 Months Ended
Financial Instruments (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Net unrealized gain on open contracts	$10,991,449	$8,014,894
Cash held by acting commodity futures brokers administrating open contracts	177,020,452	191,721,113
Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain on open contracts	9,505,992	5,557,421
Longest maturity date	31-Mar-19	31-Mar-18
Off-Exchange-Traded [Member]
Investment Holdings [Line Items]
Net unrealized gain on open contracts	$1,485,457	$2,457,473
Longest maturity date	31-Mar-15	31-Mar-14

Derivatives_and_Hedging_Detail

Derivatives and Hedging (Details)	Dec. 31, 2014
Future Contracts [Member] \| Exchange-Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	69.78%
Forward Contracts [Member] \| Off-Exchange-Traded [Member]
Derivative [Line Items]
Percentage of total investments (in hundredths)	30.22%

Derivatives_and_Hedging_Offset

Derivatives and Hedging, Offsetting Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	$14,999,967	$13,473,380
Gross Amounts Offset in the Statements of Financial Condition	-3,910,586	-5,174,129
Net Amounts Presented in the Statement of Financial Condition	11,089,381	8,299,251
Future Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	12,491,366	10,656,264
Gross Amounts Offset in the Statements of Financial Condition	-2,280,167	-4,814,486
Net Amounts Presented in the Statement of Financial Condition	10,211,199	5,841,778
Forward Contracts [Member]
Offsetting of Derivative Assets [Line Items]
Gross Amounts Recognized	2,508,601	2,817,116
Gross Amounts Offset in the Statements of Financial Condition	-1,630,419	-359,643
Net Amounts Presented in the Statement of Financial Condition	$878,182	$2,457,473

Derivatives_and_Hedging_Offset1

Derivatives and Hedging, Offseting Liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	($3,910,586)	($5,174,129)
Gross Amounts Offset in the Statement of Financial Condition	3,910,586	5,174,129
Net Amounts Presented in the Statement of Financial Condition	0	0
Unrealized currency loss	-97,932	-284,357
Total net unrealized gain on open contracts	10,991,449	8,014,894
Future Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	-2,280,167	-4,814,486
Gross Amounts Offset in the Statement of Financial Condition	2,280,167	4,814,486
Net Amounts Presented in the Statement of Financial Condition	0	0
Forward Contracts [Member]
Offsetting of Derivative Liabilities [Line Items]
Gross Amounts Recognized	-1,630,419	-359,643
Gross Amounts Offset in the Statement of Financial Condition	1,630,419	359,643
Net Amounts Presented in the Statement of Financial Condition	$0	$0

Derivatives_and_Hedging_Effect

Derivatives and Hedging, Effect of Trading Activities on the Statements of Financial Condition (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	$10,991,449	$8,014,894
Unrealized currency loss	-97,932	-284,357
Effect of Trading Activities on Statements of Income and Expenses [Abstract]
Trading results	43,353,776	31,900,455	-9,904,462
Unrealized currency gain (loss)	186,425	210,469	-148,604
Net realized	40,377,221	28,140,076	-8,986,897
Net change in unrealized	2,976,555	3,760,379	-917,565
Total Trading Results	43,353,776	31,900,455	-9,904,462
Commodity [Member]
Effect of Trading Activities on Statements of Income and Expenses [Abstract]
Trading results	440,687	4,744,029	-25,656,631
Equity [Member]
Effect of Trading Activities on Statements of Income and Expenses [Abstract]
Trading results	-5,491,580	46,697,833	11,644,684
Foreign Currency [Member]
Effect of Trading Activities on Statements of Income and Expenses [Abstract]
Trading results	18,894,085	-3,283,896	-10,314,789
Interest Rate [Member]
Effect of Trading Activities on Statements of Income and Expenses [Abstract]
Trading results	29,324,159	-16,467,980	14,570,878
Futures and Forward Contracts [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	11,089,381	8,299,251
Futures and Forward Contracts [Member] \| Commodity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	3,690,478	1,241,379
Average number of contracts outstanding	3,481	3,708
Futures and Forward Contracts [Member] \| Equity [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	462,266	5,503,435
Average number of contracts outstanding	2,032	3,144
Futures and Forward Contracts [Member] \| Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	1,917,263	2,541,443
Average number of contracts outstanding	3,005	7,647
Futures and Forward Contracts [Member] \| Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Net unrealized gain on open contracts	5,019,374	-987,006
Average number of contracts outstanding	7,382	8,798
Futures and Forward Contracts [Member] \| Long [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	7,679,332	7,839,332
Unrealized loss	-2,979,419	-3,421,834
Futures and Forward Contracts [Member] \| Long [Member] \| Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	200,049	384,705
Unrealized loss	-1,439,346	-1,445,582
Futures and Forward Contracts [Member] \| Long [Member] \| Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,829,639	6,045,517
Unrealized loss	-1,023,020	0
Futures and Forward Contracts [Member] \| Long [Member] \| Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	272,443	1,399,755
Unrealized loss	-149,100	-184,321
Futures and Forward Contracts [Member] \| Long [Member] \| Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	5,377,201	9,355
Unrealized loss	-367,953	-1,791,931
Futures and Forward Contracts [Member] \| Short [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	7,320,635	5,634,048
Unrealized loss	-931,167	-1,752,295
Futures and Forward Contracts [Member] \| Short [Member] \| Commodity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	5,341,142	2,808,187
Unrealized loss	-411,367	-505,931
Futures and Forward Contracts [Member] \| Short [Member] \| Equity [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	7,571	440
Unrealized loss	-351,924	-542,522
Futures and Forward Contracts [Member] \| Short [Member] \| Foreign Currency [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	1,960,060	1,526,651
Unrealized loss	-166,140	-200,642
Futures and Forward Contracts [Member] \| Short [Member] \| Interest Rate [Member]
Futures and Forward Contracts [Abstract]
Unrealized gain	11,862	1,298,770
Unrealized loss	($1,736)	($503,200)

Fair_Value_Measurements_and_Di2

Fair Value Measurements and Disclosures (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency loss	($97,932)		($284,357)
Net fair value	10,991,449		8,014,894
Fair Value Measured on a Recurring Basis [Member]
Assets [Abstract]
Futures	12,491,366		10,656,264
Forwards	2,508,601		2,817,116
Total Assets	14,999,967		13,473,380
Liabilities [Abstract]
Futures	2,280,167		4,814,486
Forwards	1,630,419		359,643
Total Liabilities	3,910,586		5,174,129
Assets and Liabilities Measured at Fair Value [Abstract]
Unrealized currency loss	-97,932		-284,357
Net fair value	10,991,449	[1]	8,014,894	[1]
Fair Value Measured on a Recurring Basis [Member] \| Unadjusted Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets [Abstract]
Futures	12,491,366		10,656,264
Forwards	742,680		0
Total Assets	13,234,046		10,656,264
Liabilities [Abstract]
Futures	2,280,167		4,814,486
Forwards	1,349,955		0
Total Liabilities	3,630,122		4,814,486
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	9,603,924	[1]	5,841,778	[1]
Fair Value Measured on a Recurring Basis [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Futures	0		0
Forwards	1,765,921		2,817,116
Total Assets	1,765,921		2,817,116
Liabilities [Abstract]
Futures	0		0
Forwards	280,464		359,643
Total Liabilities	280,464		359,643
Assets and Liabilities Measured at Fair Value [Abstract]
Net fair value	$1,485,457	[1]	$2,457,473	[1]

[1]	This amount comprises of the "Net unrealized gain on open contracts" on the Statements of Financial Condition.

Financial_Highlights_Details

Financial Highlights (Details) (USD $)	12 Months Ended
Financial Highlights (Details) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Per Unit operating performance [Abstract]
Net asset value, period start (in dollars per unit)	$21.67		$19.86		$22.38
Interest Income (in dollars per unit)	$0	[1]	$0.01		$0.01
Expenses (in dollars per unit)	($1.33)		($1.54)		($1.64)
Realized/Unrealized Income (Loss) (in dollars per unit)	$6.76	[2]	$3.34	[2]	($0.89)	[2]
Net Income (Loss) (in dollars per unit)	$5.43	[3]	$1.81	[3]	($2.52)	[3]
Net asset value, period end (in dollars per unit)	$27.10		$21.67		$19.86
Ratios to average net assets [Abstract]
Net Investment Loss (in hundredths)	-6.20%		-7.40%		-7.50%
Expenses before Incentive Fees (in hundredths)	6.30%		7.50%		7.60%
Expenses after Incentive Fees (in hundredths)	6.30%		7.50%		7.60%
Total return before incentive fees (in hundredths)	25.10%		9.10%		-11.30%
Total return after incentive fees (in hundredths)	25.10%		9.10%		-11.30%
Amount is less than this percentage (in hundredths)	0.01%

[1]	Amount less than 0.005%.
[2]	Realized/Unrealized Income (Loss) is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per Unit information.
[3]	Based on change in net asset value per Unit.