Managed Futures Premier Graham (MSCG) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Trading Symbol	MSCG
Entity Registrant Name	MANAGED FUTURES PREMIER GRAHAM L.P.
Entity Central Index Key	1,066,656
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Public Float			$ 166,059,145
Class of Units A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,660,221.426
Class of Units Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Equity in trading account:
Unrestricted cash (Note 2e)	$ 26,328,389	$ 33,848,156
Restricted cash (Note 2e)	29,644,918	22,511,507
Total equity in trading account	133,761,134	180,364,998
Cash at bank (Note 1)	218
Interest receivable (Note 2h)	9,278	5,188
Total assets	133,770,630	180,370,186
Accrued expenses:
Administrative and General Partner's fees (Note 2i)	226,248	303,591
Ongoing placement agent fees (Note 2j)	223,639	303,591
Management fees (Note 3)	197,967	265,642
Redemptions payable to Limited Partners (Notes 2n and 2o)	3,026,006	1,678,715
Total liabilities	3,673,860	2,551,539
Partners' Capital:
Total partners' capital (net asset value)	130,096,770	177,818,647
Total liabilities and partners' capital	133,770,630	180,370,186
Class of Units A [Member]
Partners' Capital:
General Partner		1,961,149
Limited Partners	128,558,969	175,857,498
Total partners' capital (net asset value)	$ 128,558,969	$ 177,818,647
Net asset value per Unit:
Net asset value per unit	$ 22.06	$ 26.50
Class of Units Z [Member]
Partners' Capital:
General Partner	$ 1,537,801
Total partners' capital (net asset value)	$ 1,537,801
Net asset value per Unit:
Net asset value per unit	$ 8.65
U.S. Treasury Bills [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $74,931,917 and $120,992,891 at December 31, 2016 and 2015, respectively)	$ 74,963,484	$ 120,980,413
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	2,681,939	1,902,324
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ 142,404	$ 1,122,598

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Limited Partners, Units	5,826,676.707	6,635,420.493
U.S. Treasury Bills [Member]
Investment in U.S. Treasury bills, cost	$ 74,931,917	$ 120,992,891
Class of Units A [Member]
General Partner, Units	0	73,997.691
Class of Units Z [Member]
General Partner, Units	177,782.627	0

Condensed Schedule of Investmen

Condensed Schedule of Investments	12 Months Ended
	Dec. 31, 2016USD ($)Contracts	Dec. 31, 2015USD ($)Contracts
U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Fair Value	$ 74,963,484	$ 120,980,413
U.S. Treasury Bills [Member] | U.S. Treasury Bills, 0.43% [Member]
Schedule of Investments [Line Items]
Investment, Face amount	$ 75,000,000
Investment, Maturity Date	Feb. 9, 2017
Investment, Fair Value	$ 74,963,484
% of Partners' Capital	57.62%
U.S. Treasury Bills [Member] | U.S. Treasury Bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment, Face amount		$ 121,000,000
Investment, Maturity Date		Mar. 3, 2016
Investment, Fair Value		$ 120,980,413
% of Partners' Capital		68.04%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 2,681,939	$ 1,902,324
% of Partners' Capital	2.06%	1.07%
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,579,836	$ (1,306,945)
% of Partners' Capital	1.21%	(0.74%)
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,173	586
Net unrealized appreciation (depreciation) on open contracts	$ 24,761	$ 230,166
% of Partners' Capital	0.02%	0.13%
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,723	864
Net unrealized appreciation (depreciation) on open contracts	$ 740,530	$ (496,959)
% of Partners' Capital	0.56%	(0.28%)
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	111	50
Net unrealized appreciation (depreciation) on open contracts	$ 62,192	$ (32,105)
% of Partners' Capital	0.05%	(0.02%)
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,577	3,827
Net unrealized appreciation (depreciation) on open contracts	$ 752,353	$ (1,008,047)
% of Partners' Capital	0.58%	(0.57%)
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,102,103	$ 3,209,269
% of Partners' Capital	0.85%	1.81%
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	801	2,246
Net unrealized appreciation (depreciation) on open contracts	$ 819,765	$ 3,783,926
% of Partners' Capital	0.63%	2.13%
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	147	606
Net unrealized appreciation (depreciation) on open contracts	$ (90,461)	$ (729,667)
% of Partners' Capital	(0.06%)	(0.41%)
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	15	70
Net unrealized appreciation (depreciation) on open contracts	$ 3,626	$ 2,440
% of Partners' Capital	0.00%	0.00%
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	3,074	3,147
Net unrealized appreciation (depreciation) on open contracts	$ 369,173	$ 152,570
% of Partners' Capital	0.28%	0.09%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 3,216,237	$ 2,489,669
Percentage of Partners' Capital	(2.36%)	(0.77%)
Unrealized Depreciation on Open Forward Contracts	$ (3,073,833)	$ (1,367,071)
Percentage of Partners' Capital	2.47%	1.40%
Net unrealized appreciation (depreciation) on open contracts	$ 142,404	$ 1,122,598
% of Partners' Capital	0.11%	0.63%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 329,971	$ 550,848
Percentage of Partners' Capital	(0.62%)	(0.39%)
Unrealized Depreciation on Open Forward Contracts	$ (808,016)	$ (692,612)
Percentage of Partners' Capital	0.25%	0.31%
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	175	201
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	249	489
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 2,886,266	$ 1,938,821
Percentage of Partners' Capital	(1.74%)	(0.38%)
Notional Amount	$ 168,289,643	$ 186,734,125
Unrealized Depreciation on Open Forward Contracts	(2,265,817)	(674,459)
Notional Amount	$ 112,192,404	$ 99,908,761
Percentage of Partners' Capital	2.22%	1.09%

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Treasury Bills [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, amortized cost	$ 74,931,917	$ 120,992,891
U.S. Treasury Bills, 0.43% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, amortized cost	$ 74,931,917
Investment, Interest rate	0.43%
U.S. Treasury Bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, amortized cost		$ 120,992,891
Investment, Interest rate		0.015%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income		$ 355,476	$ 4,352	$ 24,574
Expenses:
Administrative and General Partner's fees (Note 2i)		3,271,543	3,853,294	3,175,074
Ongoing placement agent fees (Note 2j)		3,254,390	3,853,294	3,781,389
Management fees (Note 3)		2,862,598	3,371,632	2,888,430
Total expenses		9,388,531	11,078,220	9,844,893
Net investment loss		(9,033,055)	(11,073,868)	(9,820,319)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(19,188,851)	15,501,602	40,377,221
Net change in unrealized gains (losses) on open contracts		(200,612)	(7,968,432)	2,976,555
Total trading results		(19,389,463)	7,533,170	43,353,776
Net income (loss)		(28,422,518)	(3,540,698)	33,533,457
Class of Units A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (28,179,861)	$ (3,540,698)	$ 33,533,457
Net asset value per Unit:
Net asset value per unit		$ 22.06	$ 26.50	$ 27.10
Net income (loss) per Unit (Note 7):
Net income (loss) per unit	[1]	$ (4.44)	$ (0.60)	$ 5.43
Weighted average Units outstanding:
Weighted average units outstanding		6,492,012.518	6,896,944.943	7,593,571.507
Class of Units Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (242,657)
Net asset value per Unit:
Net asset value per unit		$ 8.65
Net income (loss) per Unit (Note 7):
Net income (loss) per unit	[1]	$ (1.35)
Weighted average Units outstanding:
Weighted average units outstanding		180,414.206
[1]	Represents the change in net asset value per Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partner [Member]	General Partner [Member]	Class of Units A [Member]	Class of Units A [Member]Limited Partner [Member]	Class of Units A [Member]General Partner [Member]	Class of Units Z [Member]	Class of Units Z [Member]General Partner [Member]
Balance at Dec. 31, 2013	$ 189,273,872			$ 189,273,872
Subscriptions		$ 4,970,112			$ 4,970,112
Redemptions		$ (51,578,740)	$ (730,707)		$ (51,578,740)	$ (730,707)
Net income (loss)	33,533,457			33,533,457
Balance at Dec. 31, 2014	$ 175,467,994			$ 175,467,994
Balance (in units) at Dec. 31, 2013	8,733,557.816			8,733,557.816
Subscriptions (in units)		245,507.574			245,507.574
Balance (in units) at Dec. 31, 2014	6,475,644.223			6,475,644.223
Redemptions (in units)		(2,468,367.029)	(35,054.138)		(2,468,367.029)	(35,054.138)
Subscriptions		$ 29,730,378	$ 186,599		$ 29,730,378	$ 186,599
Redemptions		$ (23,925,626)	$ (100,000)		$ (23,925,626)	$ (100,000)
Net income (loss)	$ (3,540,698)			$ (3,540,698)
Balance at Dec. 31, 2015	$ 177,818,647			$ 177,818,647
Subscriptions (in units)		1,084,217.043	6,885.587		1,084,217.043	6,885.587
Balance (in units) at Dec. 31, 2015	6,709,418.184			6,709,418.184
Redemptions (in units)		(853,619.470)	(3,709.199)		(853,619.470)	(3,709.199)
Subscriptions		$ 10,284,141	$ 1,830,458		$ 10,284,141			$ 1,830,458
Redemptions		$ (29,453,500)	$ (1,960,458)		$ (29,453,500)	$ (1,910,458)		$ (50,000)
Net income (loss)	$ (28,422,518)			$ (28,179,861)			$ (242,657)
Balance at Dec. 31, 2016	$ 130,096,770			$ 128,558,969			$ 1,537,801
Subscriptions (in units)		404,626.316	183,045.785		404,626.316			183,045.785
Balance (in units) at Dec. 31, 2016	6,004,459.334			5,826,676.707			177,782.627
Redemptions (in units)		(1,213,370.102)	(79,260.849)		(1,213,370.102)	(73,997.691)		(5,263.158)

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Managed Futures Premier Graham L.P. (“Premier Graham” or the “Partnership”) is a Delaware limited partnership organized in 1998 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 4, “Financial Instruments”). The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership. At December 31, 2016, Ceres was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH was ultimately owned by Morgan Stanley. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). This entity currently acts as the placement agent (the “Placement Agent”) for the Partnership. At December 31, 2016, Morgan Stanley Wealth Management was a principal subsidiary of MSSBH. The Partnership’s commodity broker is Morgan Stanley & Co. LLC (“MS&Co”), a registered futures commission merchant. The Partnership also deposits a portion of its cash in a non-trading As of December 31, 2016, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in three share classes (each, a “Class” or collectively, the “Classes”). The Class of Units that a limited partner receives generally depends on the aggregate subscription amount made by such limited partner in the Partnership, although the General Partner may determine to offer Units to investors at its discretion. Class of Units Aggregate Investments A Up to $4,999,999 D $5,000,000 and above Z $25,000 and above As of November 1, 2015, the General Partner of the Partnership began offering Class Z Units. All Units issued prior to June 30, 2016 were deemed Class A Units. The rights, liabilities, risks, and fees associated with investment in the Class A Units did not change. Class Z Units were first issued on July 1, 2016 at $10 per Unit. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Each of Class A, D and Z Units of the Partnership have the same investment exposure and rights except for the amount of the ongoing placement agent fee charged to each Class of Units; Class Z Units are not subject to an ongoing placement agent fee. 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”). 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. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the administrative and General Partner’s fee it receives, the ordinary administrative expenses of the Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnership’s break-even point.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. d. Partnership’s Investments. first-in, first-out e. Restricted and Unrestricted Cash. f. Foreign Currency Transactions and Translation. g. Income Taxes. h. Revenue Recognition. 4-week i. Administrative and General Partner’s fee. th j. Placement Agent Fees. Class of Units Annualized Rate (%) A 2.00% D 0.75% Z 0.00% The Placement Agent pays a portion of the ongoing Placement Agent fees it receives from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the relevant limited partners. Certain limited partners (other than ERISA/IRA investors) may be deemed to hold Class Z Units. Class Z Units are not subject to ongoing placement agent fees. 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. k. Continuing Offering. 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. l. Equity in Trading Account. 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 in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its right to offset. m. Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements n. Redemptions. o. Exchanges. p. Distributions. pro-rata q. Dissolution of the Partnership. r. Net Income (Loss) per Unit “Financial Services – Investment Companies.” s. Fair Value of Financial Instruments “Financial Instruments,” t. Recent Accounting Pronouncement 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-01’s u. Reclassification

Trading Advisor

Trading Advisor	12 Months Ended
	Dec. 31, 2016
Brokers and Dealers [Abstract]
Trading Advisor	3. Trading Advisor: Ceres, on behalf of the Partnership, has retained Graham Capital Management L.P. (“Graham” or the “Trading Advisor”) 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 — th th Incentive Fee — Trading profits represent the amount by which profits from trading in Futures Interests exceed losses after ongoing placement agent, management and administrative and General Partner’s 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 redemptions.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	4. 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. In general, the risks associated with off-exchange-traded off-exchange-traded The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s off-exchange-traded off-exchange-traded off-exchange-traded 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 Statements of Income and Expenses. 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 U.S. Treasury bills, futures, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The Futures Interests traded, and the U.S. Treasury bills held 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 and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on off-exchange-traded

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Trading Activities	5. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor 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. The General Partner estimates that, at any given time, approximately 19.3% to 42.3% of the Partnership’s contracts are traded over-the-counter. All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the years ended December 31, 2016 and 2015 were 10,300 and 12,230, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2016 and 2015 were 1,032 and 1,373, respectively. The monthly average notional values of currency forward contracts traded during the years ended December 31, 2016 and 2015 were $545,588,665 and $556,794,492, respectively. The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of December 31, 2016 and 2015, respectively. Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Gross Amounts Recognized Statements of Financial Condition Financial Instruments Cash Collateral Received/Pledged* December 31, 2016 Net Amount Assets Futures $ 4,631,978 $ (1,950,039 ) $ 2,681,939 $ - $ - $ 2,681,939 Forwards 3,216,237 (3,073,833 ) 142,404 - - 142,404 Total assets $ 7,848,215 $ (5,023,872 ) $ 2,824,343 $ - $ - $ 2,824,343 Liabilities Futures $ (1,950,039 ) $ 1,950,039 $ - $ - $ - $ - Forwards (3,073,833 ) 3,073,833 - - - - Total liabilities $ (5,023,872 ) $ 5,023,872 $ - $ - $ - $ - Net fair value $ 2,824,343 * Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Gross Amounts Recognized Statements of Financial Condition Financial Instruments Cash Collateral Received/Pledged* December 31, 2015 Net Amount Assets Futures $ 5,512,072 $ (3,609,748 ) $ 1,902,324 $ - $ - $ 1,902,324 Forwards 2,489,669 (1,367,071 ) 1,122,598 - - 1,122,598 Total assets $ 8,001,741 $ (4,976,819 ) $ 3,024,922 $ - $ - $ 3,024,922 Liabilities Futures $ (3,609,748 ) $ 3,609,748 $ - $ - $ - $ - Forwards (1,367,071 ) 1,367,071 - - - - Total liabilities $ (4,976,819 ) $ 4,976,819 $ - $ - $ - $ - Net fair value $ 3,024,922 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2016 and 2015, respectively. December 31, 2016 Assets Futures Contracts Commodity $ 1,806,267 Equity 1,364,057 Currencies 74,032 Interest Rates 1,387,622 Total unrealized appreciation on open futures contracts 4,631,978 Liabilities Futures Contracts Commodity (961,741) Equity (713,988) Currencies (8,214) Interest Rates (266,096) Total unrealized depreciation on open futures contracts (1,950,039) Net unrealized appreciation on open futures contracts $ 2,681,939 * Assets Forward Contracts Commodity $ 329,971 Currencies 2,886,266 Total unrealized appreciation on open forward contracts 3,216,237 Liabilities Forward Contracts Commodity (808,016) Currencies (2,265,817) Total unrealized depreciation on open forward contracts (3,073,833) Net unrealized appreciation on open forward contracts $ 142,404 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Commodity $ 4,810,742 Equity 64,107 Currencies 47,763 Interest Rates 589,460 Total unrealized appreciation on open futures contracts 5,512,072 Liabilities Futures Contracts Commodity (796,650 ) Equity (1,290,733 ) Currencies (77,428 ) Interest Rates (1,444,937 ) Total unrealized depreciation on open futures contracts (3,609,748 ) Net unrealized appreciation on open futures contracts $ 1,902,324 * Assets Forward Contracts Commodity $ 550,848 Currencies 1,938,821 Total unrealized appreciation on open forward contracts 2,489,669 Liabilities Forward Contracts Commodity (692,612 ) Currencies (674,459 ) Total unrealized depreciation on open forward contracts (1,367,071 ) Net unrealized appreciation on open forward contracts $ 1,122,598 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. The following table indicates the trading gains and losses by market sector, on derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively. 2016 2015 2014 Sector Commodity $ (22,477,498 ) $ 7,417,322 $ 440,687 Equity (3,793,015 ) (860,090 ) (5,491,580 ) Currencies (1,241,179 ) 5,660,876 19,080,510 Interest Rates 8,122,229 (4,684,938 ) 29,324,159 Total $ (19,389,463 ) *** $ 7,533,170 *** $ 43,353,776 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, forward and option 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 exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded December 31, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 74,963,484 $ - $ 74,963,484 $ - Futures 4,631,978 4,631,978 - - Forwards 3,216,237 329,971 2,886,266 - Total assets $ 82,811,699 $ 4,961,949 $ 77,849,750 $ - Liabilities Futures $ 1,950,039 $ 1,950,039 $ - $ - Forwards 3,073,833 808,016 2,265,817 - Total liabilities $ 5,023,872 $ 2,758,055 $ 2,265,817 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 120,980,413 $ - $ 120,980,413 $ - Futures 5,512,072 5,512,072 - - Forwards 2,489,669 550,848 1,938,821 - Total assets $ 128,982,154 $ 6,062,920 $ 122,919,234 $ - Liabilities Futures $ 3,609,748 $ 3,609,748 $ - $ - Forwards 1,367,071 692,612 674,459 - Total liabilities $ 4,976,819 $ 4,302,360 $ 674,459 $ -

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ (3.05 ) $ 1.03 $ 6.76 Net investment loss (1.39 ) (1.63 ) (1.33 ) Increase (decrease) for the year (4.44 ) (0.60 ) 5.43 Net asset value per Unit, beginning of year 26.50 27.10 21.67 Net asset value per Unit, end of year $ 22.06 $ 26.50 $ 27.10 2016 2015 2014 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.6 ) % (5.9 ) % (6.2 ) % Operating expenses 5.9 % 5.9 % 6.3 % Incentive fees - - - Total expenses 5.9 % 5.9 % 6.3 % Total return: Total return before incentive fees (16.8 ) % (2.2 ) % 25.1 % Incentive fees - - - Total return after incentive fees (16.8 ) % (2.2 ) % 25.1 % * Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** 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 year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: As of January 1, 2017, Ceres and Morgan Stanley Wealth Management became wholly-owned subsidiaries of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, Ceres and Morgan Stanley Wealth Management were wholly-owned subsidiaries of MSSBH. MSD Holdings is ultimately owned by Morgan Stanley. Ceres has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows.
Partnership's Investments	Partnership’s Investments. first-in, first-out
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation.
Income Taxes	Income Taxes.
Revenue Recognition	Revenue Recognition. 4-week
Administrative and General Partner's fee	Administrative and General Partner’s fee. th
Placement Agent Fees	j. Placement Agent Fees. Class of Units Annualized Rate (%) A 2.00% D 0.75% Z 0.00% The Placement Agent pays a portion of the ongoing Placement Agent fees it receives from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the relevant limited partners. Certain limited partners (other than ERISA/IRA investors) may be deemed to hold Class Z Units. Class Z Units are not subject to ongoing placement agent fees. 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	k. Continuing Offering. 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.
Equity in Trading Account	l. Equity in Trading Account. 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 in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its right to offset.
Investment Company Status	Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Redemptions	Redemptions.
Exchanges	Exchanges.
Distributions	Distributions. pro-rata
Dissolution of the Partnership	Dissolution of the Partnership.
Net Income (Loss) per Unit	Net Income (Loss) per Unit “Financial Services – Investment Companies.”
Fair Value of Financial Instruments	Fair Value of Financial Instruments “Financial Instruments,”
Recent Accounting Pronouncement	Recent Accounting Pronouncement 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-01’s
Reclassification	Reclassification

Organization (Tables)

Organization (Tables)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Limited Partner Capital Account by Class	The Class of Units that a limited partner receives generally depends on the aggregate subscription amount made by such limited partner in the Partnership, although the General Partner may determine to offer Units to investors at its discretion. Class of Units Aggregate Investments A Up to $4,999,999 D $5,000,000 and above Z $25,000 and above

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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% Z 0.00%

Trading Activities (Tables)

Trading Activities (Tables)	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivative Instruments and Transactions Eligible for Offset Subject to Master Netting Agreements or Similar Agreements	The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of December 31, 2016 and 2015, respectively. Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Gross Amounts Recognized Statements of Financial Condition Financial Instruments Cash Collateral Received/Pledged* December 31, 2016 Net Amount Assets Futures $ 4,631,978 $ (1,950,039 ) $ 2,681,939 $ - $ - $ 2,681,939 Forwards 3,216,237 (3,073,833 ) 142,404 - - 142,404 Total assets $ 7,848,215 $ (5,023,872 ) $ 2,824,343 $ - $ - $ 2,824,343 Liabilities Futures $ (1,950,039 ) $ 1,950,039 $ - $ - $ - $ - Forwards (3,073,833 ) 3,073,833 - - - - Total liabilities $ (5,023,872 ) $ 5,023,872 $ - $ - $ - $ - Net fair value $ 2,824,343 * Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Gross Amounts Recognized Statements of Financial Condition Financial Instruments Cash Collateral Received/Pledged* December 31, 2015 Net Amount Assets Futures $ 5,512,072 $ (3,609,748 ) $ 1,902,324 $ - $ - $ 1,902,324 Forwards 2,489,669 (1,367,071 ) 1,122,598 - - 1,122,598 Total assets $ 8,001,741 $ (4,976,819 ) $ 3,024,922 $ - $ - $ 3,024,922 Liabilities Futures $ (3,609,748 ) $ 3,609,748 $ - $ - $ - $ - Forwards (1,367,071 ) 1,367,071 - - - - Total liabilities $ (4,976,819 ) $ 4,976,819 $ - $ - $ - $ - Net fair value $ 3,024,922 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded
Summary of 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 as of December 31, 2016 and 2015, respectively. December 31, 2016 Assets Futures Contracts Commodity $ 1,806,267 Equity 1,364,057 Currencies 74,032 Interest Rates 1,387,622 Total unrealized appreciation on open futures contracts 4,631,978 Liabilities Futures Contracts Commodity (961,741) Equity (713,988) Currencies (8,214) Interest Rates (266,096) Total unrealized depreciation on open futures contracts (1,950,039) Net unrealized appreciation on open futures contracts $ 2,681,939 * Assets Forward Contracts Commodity $ 329,971 Currencies 2,886,266 Total unrealized appreciation on open forward contracts 3,216,237 Liabilities Forward Contracts Commodity (808,016) Currencies (2,265,817) Total unrealized depreciation on open forward contracts (3,073,833) Net unrealized appreciation on open forward contracts $ 142,404 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Commodity $ 4,810,742 Equity 64,107 Currencies 47,763 Interest Rates 589,460 Total unrealized appreciation on open futures contracts 5,512,072 Liabilities Futures Contracts Commodity (796,650 ) Equity (1,290,733 ) Currencies (77,428 ) Interest Rates (1,444,937 ) Total unrealized depreciation on open futures contracts (3,609,748 ) Net unrealized appreciation on open futures contracts $ 1,902,324 * Assets Forward Contracts Commodity $ 550,848 Currencies 1,938,821 Total unrealized appreciation on open forward contracts 2,489,669 Liabilities Forward Contracts Commodity (692,612 ) Currencies (674,459 ) Total unrealized depreciation on open forward contracts (1,367,071 ) Net unrealized appreciation on open forward contracts $ 1,122,598 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the trading gains and losses by market sector, on derivative instruments for the years ended December 31, 2016, 2015 and 2014, respectively. 2016 2015 2014 Sector Commodity $ (22,477,498 ) $ 7,417,322 $ 440,687 Equity (3,793,015 ) (860,090 ) (5,491,580 ) Currencies (1,241,179 ) 5,660,876 19,080,510 Interest Rates 8,122,229 (4,684,938 ) 29,324,159 Total $ (19,389,463 ) *** $ 7,533,170 *** $ 43,353,776 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	December 31, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 74,963,484 $ - $ 74,963,484 $ - Futures 4,631,978 4,631,978 - - Forwards 3,216,237 329,971 2,886,266 - Total assets $ 82,811,699 $ 4,961,949 $ 77,849,750 $ - Liabilities Futures $ 1,950,039 $ 1,950,039 $ - $ - Forwards 3,073,833 808,016 2,265,817 - Total liabilities $ 5,023,872 $ 2,758,055 $ 2,265,817 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 120,980,413 $ - $ 120,980,413 $ - Futures 5,512,072 5,512,072 - - Forwards 2,489,669 550,848 1,938,821 - Total assets $ 128,982,154 $ 6,062,920 $ 122,919,234 $ - Liabilities Futures $ 3,609,748 $ 3,609,748 $ - $ - Forwards 1,367,071 692,612 674,459 - Total liabilities $ 4,976,819 $ 4,302,360 $ 674,459 $ -

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights for Limited Partner Class as a Whole	Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ (3.05 ) $ 1.03 $ 6.76 Net investment loss (1.39 ) (1.63 ) (1.33 ) Increase (decrease) for the year (4.44 ) (0.60 ) 5.43 Net asset value per Unit, beginning of year 26.50 27.10 21.67 Net asset value per Unit, end of year $ 22.06 $ 26.50 $ 27.10 2016 2015 2014 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.6 ) % (5.9 ) % (6.2 ) % Operating expenses 5.9 % 5.9 % 6.3 % Incentive fees - - - Total expenses 5.9 % 5.9 % 6.3 % Total return: Total return before incentive fees (16.8 ) % (2.2 ) % 25.1 % Incentive fees - - - Total return after incentive fees (16.8 ) % (2.2 ) % 25.1 % * Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Interest income less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail)	Dec. 31, 2016Class	Jul. 01, 2016$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of share classes | Class	3
Required interest in the equity of each Partnership	1.00%
Class of Units Z [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Redeemable units per share | $ / shares		$ 10

Organization - Summary of Limit

Organization - Summary of Limited Partner Unit Class Threshold Subscription (Detail)	Dec. 31, 2016USD ($)
Class of Units A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner unit class threshold subscription, maximum	$ 4,999,999
Limited partner unit class threshold subscription, minimum	25,000
Class of Units D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner unit class threshold subscription, minimum	5,000,000
Class of Units Z [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner unit class threshold subscription, minimum	$ 25,000

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended	33 Months Ended
	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Cash denominated in foreign currencies		$ 1,733,117	$ 1,733,117	$ 1,636,531
Cash denominated in foreign currencies, proceeds		1,731,179	1,731,179
Cash denominated in foreign currencies, cost				1,638,436
Cash held for margin requirements		29,644,918	$ 29,644,918	$ 22,511,507
Provision for income tax		$ 0
Provision for income tax, description		The General Partner concluded that no provision for income tax is required in the Partnership's financial statements.
Percentage basis of funds on deposit for interest income recognition		100.00%
Partnership assets percentage not deposited as margin credit for interest income		80.00%
General Partner flat rate annual brokerage fee on net assets		0.1667%
General Partner flat rate monthly brokerage fee on net assets		2.00%
Percentage basis Partnership offer price to net asset value per Unit		100.00%	100.00%
Limited partners unit that can be redeemed		100.00%	100.00%
Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Incremental additional subscriptions		$ 10,000	$ 10,000
ERISA/IRA Investors [Member]
Schedule of Equity Method Investments [Line Items]
Minimum partnership subscription amount		10,000	$ 10,000
Class of Units A [Member]
Schedule of Equity Method Investments [Line Items]
Annualized ongoing placement agent fee	3.375%		2.00%
Minimum partnership subscription amount		25,000	$ 25,000
Class of Units D [Member]
Schedule of Equity Method Investments [Line Items]
Minimum partnership subscription amount		$ 5,000,000	$ 5,000,000

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Percentage Payment to Placement Agent (Detail)	12 Months Ended
	Dec. 31, 2016
Class of Units A [Member]
Schedule of Equity Method Investments [Line Items]
Placement agent fees, based on net asset value	2.00%
Class of Units D [Member]
Schedule of Equity Method Investments [Line Items]
Placement agent fees, based on net asset value	0.75%
Class of Units Z [Member]
Schedule of Equity Method Investments [Line Items]
Placement agent fees, based on net asset value	0.00%

Trading Advisor - Additional In

Trading Advisor - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2016
Trading Advisors [Abstract]
Management fee, monthly basis	0.167%	0.146%
Management fee, annual basis	2.00%	1.75%
Incentive fee, monthly trading profits basis		20.00%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Trading Securities and Other Trading Assets [Line Items]
Average number of futures contracts traded	10,300	12,230
Average number of metals forward contracts traded	1,032	1,373
Average notional value of currency forward contracts	$ 545,588,665	$ 556,794,492
Minimum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percentage of contracts traded over the counter	19.30%
Maximum [Member]
Schedule of Trading Securities and Other Trading Assets [Line Items]
Percentage of contracts traded over the counter	42.30%

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivative Instruments and Transactions Eligible for Offset Subject to Master Netting Agreements or Similar Agreements (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized	$ 7,848,215	$ 8,001,741
Gross Amounts Offset in the Statements of Financial Condition	(5,023,872)	(4,976,819)
Net Amounts Presented in the Statements of Financial Condition	2,824,343	3,024,922
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Net Amount, Assets	2,824,343	3,024,922
Gross Amounts Recognized	(5,023,872)	(4,976,819)
Gross Amounts Offset in the Statements of Financial Condition	5,023,872	4,976,819
Net Amounts Presented in the Statements of Financial Condition	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	0
Net Amount, Liabilities	0	0
Net fair value	2,824,343	3,024,922
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	4,631,978	5,512,072
Gross Amounts Offset in the Statements of Financial Condition	(1,950,039)	(3,609,748)
Net Amounts Presented in the Statements of Financial Condition	2,681,939	1,902,324
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Net Amount, Assets	2,681,939	1,902,324
Gross Amounts Recognized	(1,950,039)	(3,609,748)
Gross Amounts Offset in the Statements of Financial Condition	1,950,039	3,609,748
Net Amounts Presented in the Statements of Financial Condition	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	0
Net Amount, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	3,216,237	2,489,669
Gross Amounts Offset in the Statements of Financial Condition	(3,073,833)	(1,367,071)
Net Amounts Presented in the Statements of Financial Condition	142,404	1,122,598
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged	0	0
Net Amount, Assets	142,404	1,122,598
Gross Amounts Recognized	(3,073,833)	(1,367,071)
Gross Amounts Offset in the Statements of Financial Condition	3,073,833	1,367,071
Net Amounts Presented in the Statements of Financial Condition	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	0	0
Net Amount, Liabilities	$ 0	$ 0

Trading Activities - Summary 29

Trading Activities - Summary of Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 2,824,343	$ 3,024,922
Derivative liabilities	(5,023,872)	(4,976,819)
Futures Contracts [Member]
Derivative [Line Items]
Derivative assets	2,681,939	1,902,324
Total unrealized appreciation on open futures and forward contracts	4,631,978	5,512,072
Derivative liabilities	(1,950,039)	(3,609,748)
Total unrealized depreciation on open futures and forward contracts	(1,950,039)	(3,609,748)
Net unrealized appreciation on open forward contracts	2,681,939	1,902,324
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Derivative assets	1,806,267	4,810,742
Derivative liabilities	(961,741)	(796,650)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Derivative assets	1,364,057	64,107
Derivative liabilities	(713,988)	(1,290,733)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Derivative assets	74,032	47,763
Derivative liabilities	(8,214)	(77,428)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Derivative assets	1,387,622	589,460
Derivative liabilities	(266,096)	(1,444,937)
Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	142,404	1,122,598
Total unrealized appreciation on open futures and forward contracts	3,216,237	2,489,669
Derivative liabilities	(3,073,833)	(1,367,071)
Total unrealized depreciation on open futures and forward contracts	(3,073,833)	(1,367,071)
Net unrealized appreciation on open forward contracts	142,404	1,122,598
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Derivative assets	329,971	550,848
Derivative liabilities	(808,016)	(692,612)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Derivative assets	2,886,266	1,938,821
Derivative liabilities	$ (2,265,817)	$ (674,459)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivative [Line Items]
Gain (loss) from trading	$ (19,389,463)	$ 7,533,170	$ 43,353,776
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	(22,477,498)	7,417,322	440,687
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	(3,793,015)	(860,090)	(5,491,580)
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	(1,241,179)	5,660,876	19,080,510
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ 8,122,229	$ (4,684,938)	$ 29,324,159

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measured on a Recurring Basis [Member] - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 82,811,699	$ 128,982,154
Liabilities	5,023,872	4,976,819
U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	74,963,484	120,980,413
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,631,978	5,512,072
Liabilities	1,950,039	3,609,748
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,216,237	2,489,669
Liabilities	3,073,833	1,367,071
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,961,949	6,062,920
Liabilities	2,758,055	4,302,360
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	4,631,978	5,512,072
Liabilities	1,950,039	3,609,748
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	329,971	550,848
Liabilities	808,016	692,612
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	77,849,750	122,919,234
Liabilities	2,265,817	674,459
Level 2 [Member] | U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	74,963,484	120,980,413
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,886,266	1,938,821
Liabilities	$ 2,265,817	$ 674,459

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class as a Whole (Detail) - Class of Units A [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Unit Performance (for a unit outstanding throughout the year):
Net asset value per Unit, beginning of year	$ 26.50	$ 27.10
Net asset value per Unit, end of year	22.06	26.50	$ 27.10
Limited Partner [Member]
Per Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	(3.05)	1.03	6.76
Net investment loss	(1.39)	(1.63)	(1.33)
Increase (decrease) for the year	(4.44)	(0.60)	5.43
Net asset value per Unit, beginning of year	26.50	27.10	21.67
Net asset value per Unit, end of year	$ 22.06	$ 26.50	$ 27.10
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.60%)	(5.90%)	(6.20%)
Operating expenses	5.90%	5.90%	6.30%
Incentive fees	0.00%	0.00%	0.00%
Total expenses	5.90%	5.90%	6.30%
Total return:
Total return before incentive fees	(16.80%)	(2.20%)	25.10%
Incentive fees	0.00%	0.00%	0.00%
Total return after incentive fees	(16.80%)	(2.20%)	25.10%