Managed Futures Premier Graham (MSCG) 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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 Filer Category	Non-accelerated Filer
Class of Units A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,024,237.857
Class of Units Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Equity in trading account:
Unrestricted cash	$ 79,075,363	$ 26,328,389
Restricted cash	29,814,156	29,644,918
Net unrealized appreciation on open contracts	567,683	2,824,343
Total equity in trading account	109,457,202	133,761,134
Cash at bank	631	218
Interest receivable	65,742	9,278
Total assets	109,523,575	133,770,630
Liabilities:
Net unrealized depreciation on open contracts	3,350,333
Accrued expenses:
Administrative and General Partner's fees	183,583	226,248
Ongoing placement agent fees	181,608	223,639
Management fees	160,636	197,967
Redemptions payable to Limited Partners	1,557,684	3,026,006
Total liabilities	5,433,844	3,673,860
Partners' Capital:
Total partners' capital (net asset value)	104,089,731	130,096,770
Total liabilities and partners' capital	109,523,575	133,770,630
Class of Units Z [Member]
Partners' Capital:
General Partner	1,138,756	1,537,801
Total partners' capital (net asset value)	$ 1,138,756	$ 1,537,801
Net asset value per Unit:
Net asset value per unit	$ 8.05	$ 8.65
Class of Units A [Member]
Partners' Capital:
Limited Partners	$ 102,950,975	$ 128,558,969
Total partners' capital (net asset value)	$ 102,950,975	$ 128,558,969
Net asset value per Unit:
Net asset value per unit	$ 20.22	$ 22.06
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts		$ 142,404
Liabilities:
Net unrealized depreciation on open contracts	$ 3,350,333
U.S. Treasury Bills [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $74,931,917 at September 30, 2017 and December 31, 2016, respectively)		74,963,484
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	$ 567,683	$ 2,681,939

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Limited Partners, Units	5,092,461.230	5,826,676.707
U.S. Treasury Bills [Member]
Investment in U.S. Treasury bills, cost	$ 0	$ 74,931,917
Class of Units Z [Member]
General Partner, Units	141,515.298	177,782.627

Condensed Schedule of Investmen

Condensed Schedule of Investments	12 Months Ended
	Dec. 31, 2016USD ($)Contracts	Sep. 30, 2017USD ($)Contracts
Futures Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 4,631,978	$ 5,030,725
Unrealized Depreciation on Open Forward Contracts	(1,950,039)	(4,463,042)
Net unrealized appreciation (depreciation) on open contracts	$ 2,681,939	$ 567,683
% of Partners' Capital	2.06%	0.55%
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 1,806,267	$ 1,101,570
Unrealized Depreciation on Open Forward Contracts	(961,741)	(807,460)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	1,364,057	3,230,792
Unrealized Depreciation on Open Forward Contracts	(713,988)	(118,676)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	74,032	7,660
Unrealized Depreciation on Open Forward Contracts	(8,214)	(109,533)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	1,387,622	690,703
Unrealized Depreciation on Open Forward Contracts	(266,096)	(3,427,373)
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,579,836	$ (727,909)
% of Partners' Capital	1.21%	(0.70%)
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,173	644
Net unrealized appreciation (depreciation) on open contracts	$ 24,761	$ (125,148)
% of Partners' Capital	0.02%	(0.12%)
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,723	1,235
Net unrealized appreciation (depreciation) on open contracts	$ 740,530	$ 2,805,128
% of Partners' Capital	0.56%	2.69%
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	111	3
Net unrealized appreciation (depreciation) on open contracts	$ 62,192	$ (349)
% of Partners' Capital	0.05%	0.00%
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,577	3,279
Net unrealized appreciation (depreciation) on open contracts	$ 752,353	$ (3,407,540)
% of Partners' Capital	0.58%	(3.27%)
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,102,103	$ 1,295,592
% of Partners' Capital	0.85%	1.25%
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	801	931
Net unrealized appreciation (depreciation) on open contracts	$ 819,765	$ 419,258
% of Partners' Capital	0.63%	0.40%
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	147	172
Net unrealized appreciation (depreciation) on open contracts	$ (90,461)	$ 306,988
% of Partners' Capital	(0.06%)	0.30%
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	15	91
Net unrealized appreciation (depreciation) on open contracts	$ 3,626	$ (101,524)
% of Partners' Capital	0.00%	(0.10%)
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	3,074	1,312
Net unrealized appreciation (depreciation) on open contracts	$ 369,173	$ 670,870
% of Partners' Capital	0.28%	0.65%
U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Fair Value	$ 74,963,484
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%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 3,216,237	$ 986,161
Unrealized Depreciation on Open Forward Contracts	(3,073,833)	(4,336,494)
Net unrealized appreciation (depreciation) on open contracts	$ 142,404	$ (3,350,333)
% of Partners' Capital	0.11%	(3.22%)
% of Partners' Capital, Unrealized Appreciation	2.47%	0.95%
% of Partners' Capital, Unrealized Depreciation	2.36%	4.17%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 329,971	$ 217,726
Unrealized Depreciation on Open Forward Contracts	$ (808,016)	$ (797,034)
% of Partners' Capital, Unrealized Appreciation	0.25%	0.21%
% of Partners' Capital, Unrealized Depreciation	0.62%	0.77%
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	249	213
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	175	222
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional Amount	$ 168,289,643	$ 83,479,003
Total unrealized appreciation on open forward contracts	2,886,266	768,435
Notional Amount	112,192,404	219,296,193
Unrealized Depreciation on Open Forward Contracts	$ (2,265,817)	$ (3,539,460)
% of Partners' Capital, Unrealized Appreciation	2.22%	0.74%
% of Partners' Capital, Unrealized Depreciation	1.74%	3.40%

Condensed Schedule of Investme5

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

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment Income:
Interest income		$ 202,898	$ 103,814	$ 523,705	$ 267,376
Expenses:
Administrative and General Partner's fees		544,069	817,802	1,786,753	2,554,280
Ongoing placement agent fees		538,280	808,766	1,765,849	2,545,244
Management fees		476,061	715,576	1,563,410	2,234,994
Total expenses		1,558,410	2,342,144	5,116,012	7,334,518
Net investment loss		(1,355,512)	(2,238,330)	(4,592,307)	(7,067,142)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(3,028,509)	(689,792)	146,022	(5,996,409)
Net change in unrealized gains (losses) on open contracts		3,954,627	(6,076,969)	(5,604,178)	(1,161,415)
Total trading results		926,118	(6,766,761)	(5,458,156)	(7,157,824)
Net income (loss)		(429,394)	(9,005,091)	(10,050,463)	(14,224,966)
Class of Units A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (429,878)	$ (8,914,226)	$ (9,951,418)	$ (14,134,101)
Net asset value per Unit:
Net asset value per unit		$ 20.22	$ 24.37	$ 20.22	$ 24.37
Net income (loss) per Unit:
Net income (loss) per unit	[1]	$ (0.09)	$ (1.40)	$ (1.84)	$ (2.13)
Weighted average Units outstanding:
Weighted average units outstanding		5,220,218.402	6,390,775.789	5,477,311.207	6,634,283.241
Class of Units Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 484	$ (90,865)	$ (99,045)	$ (90,865)
Net asset value per Unit:
Net asset value per unit		$ 8.05	$ 9.50	$ 8.05	$ 9.50
Net income (loss) per Unit:
Net income (loss) per unit	[1]	$ 0.01	$ (0.50)	$ (0.60)	$ (0.50)
Weighted average Units outstanding:
Weighted average units outstanding		141,515.298	183,045.785	164,082.277	183,045.785
[1]	Represents the change in net asset value per Unit during the period.

Statements of Income and Expen7

Statements of Income and Expenses (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Units outstanding	5,233,976.528	6,004,459.334	6,340,832.501	6,709,418.184
Class of Units A [Member]
Units outstanding	5,092,461.230	5,826,676.707	6,163,049.874	6,709,418.184
Class of Units Z [Member]
Units outstanding	141,515.298	177,782.627	177,782.627

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, 2015	$ 177,818,647			$ 177,818,647
Subscriptions		$ 9,482,749	$ 1,830,458		$ 9,482,749			$ 1,830,458
Redemptions		$ (21,081,125)	$ (1,960,458)		$ (21,081,125)	$ (1,910,458)		$ (50,000)
Net income (loss)	(14,224,966)			(14,134,101)			$ (90,865)
Balance at Sep. 30, 2016	$ 151,865,305			$ 150,175,712			$ 1,689,593
Balance (in units) at Dec. 31, 2015	6,709,418.184			6,709,418.184
Subscriptions (in units)		371,088.484	183,045.785		371,088.484			183,045.785
Redemptions (in units)		(843,459.103)	(79,260.849)		(843,459.103)	(73,997.691)		(5,263.158)
Balance (in units) at Sep. 30, 2016	6,340,832.501			6,163,049.874			177,782.627
Balance at Dec. 31, 2016	$ 130,096,770			$ 128,558,969			$ 1,537,801
Subscriptions		$ 918,536			$ 918,536
Redemptions		$ (16,575,112)	$ (300,000)		$ (16,575,112)			$ (300,000)
Net income (loss)	(10,050,463)			(9,951,418)			(99,045)
Balance at Sep. 30, 2017	$ 104,089,731			$ 102,950,975			$ 1,138,756
Balance (in units) at Dec. 31, 2016	6,004,459.334			5,826,676.707			177,782.627
Subscriptions (in units)		42,440.978			42,440.978
Redemptions (in units)		(776,656.455)	(36,267.329)		(776,656.455)			(36,267.329)
Balance (in units) at Sep. 30, 2017	5,233,976.528			5,092,461.230			141,515.298

Organization

Organization	9 Months Ended
	Sep. 30, 2017
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, 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. As of January 1, 2017, Ceres became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, Ceres was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. 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 for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSD Holdings. Graham Capital Management, L.P. (“Graham” or the “Trading Advisor”) is the trading advisor to the Partnership and manages the assets of the Partnership pursuant to its K4D-15V Program, the Trading Advisor’s proprietary, trend-following trading program. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017. During the reporting periods ended September 30, 2017 and 2016, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. 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. The Partnership also deposits a portion of its cash in a non-trading account at JPMorgan Chase Bank, N.A. As of September 30, 2017, 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 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. 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 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	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2017, the results of its operations for the three and nine months ended September 30, 2017 and 2016 and changes in partners’ capital for the nine months ended September 30, 2017 and 2016. These financial statements present the results of interim periods and do not include all of the disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2016. The December 31, 2016 information has been derived from the audited financial statements as of and for the year ended December 31, 2016. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investments Restricted and Unrestricted Cash Income Taxes “Income Taxes,” Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Net Income (Loss) per Unit. “Financial Services – Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended September 30, 2017 2016 2017 2016 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 0.17 $ (1.06 ) $ (1.01 ) $ (1.07 ) Net investment loss (0.26 ) (0.34 ) (0.83 ) (1.06 ) Increase (decrease) for the period (0.09 ) (1.40 ) (1.84 ) (2.13 ) Net asset value per Unit, beginning of period 20.31 25.77 22.06 26.50 Net asset value per Unit, end of period $ 20.22 $ 24.37 $ 20.22 $ 24.37 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.0 ) % (5.6 ) % (5.2 ) % (5.6 ) % Operating expenses 5.8 % 5.8 % 5.8 % 5.9 % Incentive fees - - - - Total expenses 5.8 % 5.8 % 5.8 % 5.9 % Total return: Total return before incentive fees (0.4 ) % (5.4 ) % (8.3 ) % (8.0 ) % Incentive fees - - - - Total return after incentive fees (0.4 ) % (5.4 ) % (8.3 ) % (8.0 ) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. 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. ** Annualized (except for incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2017
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. The General Partner estimates that, at any given time, approximately 25.7% to 45.1% of the Partnership’s contracts are traded over-the-counter. In general, the risks associated with non-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a non-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 gain amounts reflected in the Statements of Financial Condition. 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 non-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 accounts 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 non-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 non-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 mitigate the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of 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 non-exchange-traded forward currency contracts are settled upon termination of the contract. In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2017
Brokers and Dealers [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. All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2017 and 2016 were 7,174 and 10,279, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2017 and 2016 were 8,472 and 10,709, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2017 and 2016 were 945 and 1,033, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2017 and 2016 were 890 and 1,107, respectively. The monthly average notional values of currency forward contracts traded during the three months ended September 30, 2017 and 2016 were $555,840,665 and $544,187,733, respectively. The monthly average notional values of currency forward contracts traded during the nine months ended September 30, 2017 and 2016 were $558,587,008 and $574,739,732, 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 September 30, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Instruments Cash Collateral Pledged* Assets Futures $ 5,030,725 $ (4,463,042 ) $ 567,683 $ - $ - $ 567,683 Forwards 986,161 (986,161 ) - - - - Total assets $ 6,016,886 $ (5,449,203 ) $ 567,683 $ - $ - $ 567,683 Liabilities Futures $ (4,463,042 ) $ 4,463,042 $ - $ - $ - $ - Forwards (4,336,494 ) 986,161 (3,350,333 ) - - (3,350,333) Total liabilities $ (8,799,536 ) $ 5,449,203 $ (3,350,333 ) $ - $ - $ (3,350,333) Net fair value $ (2,782,650) * Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net December 31, 2016 Financial Cash Collateral Pledged* 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2017 and December 31, 2016, respectively. September 30, Assets Futures Contracts Commodity $ 1,101,570 Equity 3,230,792 Currencies 7,660 Interest Rates 690,703 Total unrealized appreciation on open futures contracts 5,030,725 Liabilities Futures Contracts Commodity (807,460 ) Equity (118,676 ) Currencies (109,533 ) Interest Rates (3,427,373 ) Total unrealized depreciation on open futures contracts (4,463,042 ) Net unrealized appreciation on open futures contracts $ 567,683 * Assets Forward Contracts Commodity $ 217,726 Currencies 768,435 Total unrealized appreciation on open forward contracts 986,161 Liabilities Forward Contracts Commodity (797,034 ) Currencies (3,539,460 ) Total unrealized depreciation on open forward contracts (4,336,494 ) Net unrealized depreciation on open forward contracts $ (3,350,333 ) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2017 2016 2017 2016 Commodity $ (541,942 ) $ (11,065,460 ) $ (8,308,865 ) $ (13,502,972 ) Equity 4,492,042 5,930,163 18,595,714 (190,374 ) Currencies 535,734 (101,274 ) (7,970,592 ) (2,223,719 ) Interest Rates (3,559,716 ) (1,530,190 ) (7,774,413 ) 8,759,241 Total $ 926,118 *** $ (6,766,761 ) *** $ (5,458,156 ) *** $ (7,157,824 ) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, 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 foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Partnership considers prices for 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 forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2017 and December 31, 2016 and for the periods ended September 30, 2017 and 2016, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 5,030,725 $ 5,030,725 $ - $ - Forwards 986,161 217,726 768,435 - Total assets $ 6,016,886 $ 5,248,451 $ 768,435 $ - Liabilities Futures $ 4,463,042 $ 4,463,042 $ - $ - Forwards 4,336,494 797,034 3,539,460 - Total liabilities $ 8,799,536 $ 5,260,076 $ 3,539,460 $ - 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 $ -

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows. “Statement of Cash Flows.”
Partnership's Investments	Partnership’s Investments
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash
Income Taxes	Income Taxes “Income Taxes,”
Investment Company Status	Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Net Income (Loss) per Unit	Net Income (Loss) per Unit. “Financial Services – Investment Companies.”
Recent Accounting Pronouncement	There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016.

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2017
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

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended September 30, 2017 2016 2017 2016 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 0.17 $ (1.06 ) $ (1.01 ) $ (1.07 ) Net investment loss (0.26 ) (0.34 ) (0.83 ) (1.06 ) Increase (decrease) for the period (0.09 ) (1.40 ) (1.84 ) (2.13 ) Net asset value per Unit, beginning of period 20.31 25.77 22.06 26.50 Net asset value per Unit, end of period $ 20.22 $ 24.37 $ 20.22 $ 24.37 Three Months Ended Nine Months Ended 2017 2016 2017 2016 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.0 ) % (5.6 ) % (5.2 ) % (5.6 ) % Operating expenses 5.8 % 5.8 % 5.8 % 5.9 % Incentive fees - - - - Total expenses 5.8 % 5.8 % 5.8 % 5.9 % Total return: Total return before incentive fees (0.4 ) % (5.4 ) % (8.3 ) % (8.0 ) % Incentive fees - - - - Total return after incentive fees (0.4 ) % (5.4 ) % (8.3 ) % (8.0 ) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. 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. ** Annualized (except for incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Brokers and Dealers [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 September 30, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Instruments Cash Collateral Pledged* Assets Futures $ 5,030,725 $ (4,463,042 ) $ 567,683 $ - $ - $ 567,683 Forwards 986,161 (986,161 ) - - - - Total assets $ 6,016,886 $ (5,449,203 ) $ 567,683 $ - $ - $ 567,683 Liabilities Futures $ (4,463,042 ) $ 4,463,042 $ - $ - $ - $ - Forwards (4,336,494 ) 986,161 (3,350,333 ) - - (3,350,333) Total liabilities $ (8,799,536 ) $ 5,449,203 $ (3,350,333 ) $ - $ - $ (3,350,333) Net fair value $ (2,782,650) * Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net December 31, 2016 Financial Cash Collateral Pledged* 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.
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 September 30, 2017 and December 31, 2016, respectively. September 30, Assets Futures Contracts Commodity $ 1,101,570 Equity 3,230,792 Currencies 7,660 Interest Rates 690,703 Total unrealized appreciation on open futures contracts 5,030,725 Liabilities Futures Contracts Commodity (807,460 ) Equity (118,676 ) Currencies (109,533 ) Interest Rates (3,427,373 ) Total unrealized depreciation on open futures contracts (4,463,042 ) Net unrealized appreciation on open futures contracts $ 567,683 * Assets Forward Contracts Commodity $ 217,726 Currencies 768,435 Total unrealized appreciation on open forward contracts 986,161 Liabilities Forward Contracts Commodity (797,034 ) Currencies (3,539,460 ) Total unrealized depreciation on open forward contracts (4,336,494 ) Net unrealized depreciation on open forward contracts $ (3,350,333 ) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2017 2016 2017 2016 Commodity $ (541,942 ) $ (11,065,460 ) $ (8,308,865 ) $ (13,502,972 ) Equity 4,492,042 5,930,163 18,595,714 (190,374 ) Currencies 535,734 (101,274 ) (7,970,592 ) (2,223,719 ) Interest Rates (3,559,716 ) (1,530,190 ) (7,774,413 ) 8,759,241 Total $ 926,118 *** $ (6,766,761 ) *** $ (5,458,156 ) *** $ (7,157,824 ) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	September 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 5,030,725 $ 5,030,725 $ - $ - Forwards 986,161 217,726 768,435 - Total assets $ 6,016,886 $ 5,248,451 $ 768,435 $ - Liabilities Futures $ 4,463,042 $ 4,463,042 $ - $ - Forwards 4,336,494 797,034 3,539,460 - Total liabilities $ 8,799,536 $ 5,260,076 $ 3,539,460 $ - 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 $ -

Organization - Additional Infor

Organization - Additional Information (Detail)	Sep. 30, 2017Class	Jul. 01, 2016$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of share classes | Class	3
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)	Sep. 30, 2017USD ($)
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
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 Sum23

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Cash denominated in foreign currencies	$ 377,652	$ 1,733,117
Cash denominated in foreign currencies, proceeds	378,529	1,731,179
Cash held for margin requirements	29,814,156	$ 29,644,918
Uncertain tax position	$ 0
Earliest Tax Year [Member]
Accounting Policies [Line Items]
Open tax year	2,013
Latest Tax Year [Member]
Accounting Policies [Line Items]
Open tax year	2,016

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class of Units A [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period			$ 22.06
Net asset value per Unit, end of period	$ 20.22	$ 24.37	20.22	$ 24.37
Limited Partner [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	0.17	(1.06)	(1.01)	(1.07)
Net investment loss	(0.26)	(0.34)	(0.83)	(1.06)
Increase (decrease) for the period	(0.09)	(1.40)	(1.84)	(2.13)
Net asset value per Unit, beginning of period	20.31	25.77	22.06	26.50
Net asset value per Unit, end of period	$ 20.22	$ 24.37	$ 20.22	$ 24.37
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.00%)	(5.60%)	(5.20%)	(5.60%)
Operating expenses	5.80%	5.80%	5.80%	5.90%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	5.80%	5.80%	5.80%	5.90%
Total return:
Total return before incentive fees	(0.40%)	(5.40%)	(8.30%)	(8.00%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	(0.40%)	(5.40%)	(8.30%)	(8.00%)

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Over the Counter [Member]	Sep. 30, 2017
Minimum [Member]
Investment Holdings [Line Items]
Percentage of investment contracts	25.70%
Maximum [Member]
Investment Holdings [Line Items]
Percentage of investment contracts	45.10%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average number of futures contracts traded	7,174	10,279	8,472	10,709
Average number of metals forward contracts traded	945	1,033	890	1,107
Average notional value of currency forward contracts	$ 555,840,665	$ 544,187,733	$ 558,587,008	$ 574,739,732

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 ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized	$ 6,016,886	$ 7,848,215
Gross Amounts Offset in the Statements of Financial Condition	(5,449,203)	(5,023,872)
Net Amounts Presented in the Statements of Financial Condition	567,683	2,824,343
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	567,683	2,824,343
Gross Amounts Recognized	(8,799,536)	(5,023,872)
Gross Amounts Offset in the Statements of Financial Condition	5,449,203	5,023,872
Net Amounts Presented in the Statements of Financial Condition	(3,350,333)
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	(3,350,333)
Net fair value	(2,782,650)	2,824,343
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	5,030,725	4,631,978
Gross Amounts Offset in the Statements of Financial Condition	(4,463,042)	(1,950,039)
Net Amounts Presented in the Statements of Financial Condition	567,683	2,681,939
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	567,683	2,681,939
Gross Amounts Recognized	(4,463,042)	(1,950,039)
Gross Amounts Offset in the Statements of Financial Condition	4,463,042	1,950,039
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
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	986,161	3,216,237
Gross Amounts Offset in the Statements of Financial Condition	(986,161)	(3,073,833)
Net Amounts Presented in the Statements of Financial Condition		142,404
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
Gross Amounts Recognized	(4,336,494)	(3,073,833)
Gross Amounts Offset in the Statements of Financial Condition	986,161	3,073,833
Net Amounts Presented in the Statements of Financial Condition	(3,350,333)
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	$ (3,350,333)

Trading Activities - Summary 28

Trading Activities - Summary of Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 5,030,725	$ 4,631,978
Total unrealized depreciation on open contracts	(4,463,042)	(1,950,039)
Net unrealized appreciation (depreciation) on open contracts	567,683	2,681,939
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,101,570	1,806,267
Total unrealized depreciation on open contracts	(807,460)	(961,741)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,230,792	1,364,057
Total unrealized depreciation on open contracts	(118,676)	(713,988)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	7,660	74,032
Total unrealized depreciation on open contracts	(109,533)	(8,214)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	690,703	1,387,622
Total unrealized depreciation on open contracts	(3,427,373)	(266,096)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	986,161	3,216,237
Total unrealized depreciation on open contracts	(4,336,494)	(3,073,833)
Net unrealized appreciation (depreciation) on open contracts	(3,350,333)	142,404
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	217,726	329,971
Total unrealized depreciation on open contracts	(797,034)	(808,016)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	768,435	2,886,266
Total unrealized depreciation on open contracts	$ (3,539,460)	$ (2,265,817)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
Gain (loss) from trading	$ 926,118	$ (6,766,761)	$ (5,458,156)	$ (7,157,824)
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	(541,942)	(11,065,460)	(8,308,865)	(13,502,972)
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	4,492,042	5,930,163	18,595,714	(190,374)
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	535,734	(101,274)	(7,970,592)	(2,223,719)
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ (3,559,716)	$ (1,530,190)	$ (7,774,413)	$ 8,759,241

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2017USD ($)
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 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 ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 6,016,886	$ 82,811,699
Liabilities	8,799,536	5,023,872
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	986,161	3,216,237
Liabilities	4,336,494	3,073,833
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,030,725	4,631,978
Liabilities	4,463,042	1,950,039
U.S. Treasury Bills [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		74,963,484
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,248,451	4,961,949
Liabilities	5,260,076	2,758,055
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	217,726	329,971
Liabilities	797,034	808,016
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	5,030,725	4,631,978
Liabilities	4,463,042	1,950,039
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	768,435	77,849,750
Liabilities	3,539,460	2,265,817
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	768,435	2,886,266
Liabilities	$ 3,539,460	2,265,817
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