Managed Futures Premier Graham (MSCG) 10-K 28 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 28, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
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
Class of Units A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		5,127,930.269
Entity Public Float			$ 106,836,310
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, 2017	Dec. 31, 2016
Equity in trading account:
Unrestricted cash (Note 2e)	$ 82,882,101	$ 26,328,389
Restricted cash (Note 2e)	27,194,974	29,644,918
Net unrealized appreciation on open contracts	5,816,678	2,824,343
Total equity in trading account	115,893,753	133,761,134
Cash at bank (Note 1)	437	218
Interest receivable (Note 2h)	86,426	9,278
Total assets	115,980,616	133,770,630
Accrued expenses:
Administrative and General Partner's fees (Note 2i)	185,208	226,248
Ongoing placement agent fees (Note 2j)	183,110	223,639
Management fees (Note 3)	162,056	197,967
Redemptions payable to Limited Partners (Notes 2n and 2o)	2,546,441	3,026,006
Total liabilities	3,076,815	3,673,860
Partners' Capital:
Total partners' capital (net asset value)	112,903,801	130,096,770
Total liabilities and partners' capital	115,980,616	133,770,630
Class of Units Z [Member]
Partners' Capital:
General Partner, Class Z, 141,515.298 and 177,782.627 Units outstanding at December 31, 2017 and 2016, respectively	1,309,582	1,537,801
Total partners' capital (net asset value)	$ 1,309,582	$ 1,537,801
Net asset value per Unit:
Net asset value per unit	$ 9.25	$ 8.65
Class of Units A [Member]
Partners' Capital:
Limited Partners	$ 111,594,219	$ 128,558,969
Total partners' capital (net asset value)	$ 111,594,219	$ 128,558,969
Net asset value per Unit:
Net asset value per unit	$ 23.14	$ 22.06
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	$ 1,291,740	$ 142,404
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 December 31, 2017 and 2016, respectively)		74,963,484
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	$ 4,524,938	$ 2,681,939

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Limited Partners, Units	4,822,944.482	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 ($)Contracts	Dec. 31, 2017USD ($)Contracts
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 3,216,237	$ 3,276,785
Unrealized Depreciation on Open Forward Contracts	(3,073,833)	(1,985,045)
Net unrealized appreciation (depreciation) on open contracts	$ 142,404	$ 1,291,740
% of Partners' Capital	0.11%	1.14%
% of Partners' Capital, Unrealized Appreciation	2.47%	2.90%
% of Partners' Capital, Unrealized Depreciation	2.36%	(1.76%)
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 329,971	$ 1,760,347
Unrealized Depreciation on Open Forward Contracts	$ (808,016)	$ (303,656)
% of Partners' Capital, Unrealized Appreciation	0.25%	1.56%
% of Partners' Capital, Unrealized Depreciation	0.62%	(0.27%)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	249	42
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	175	348
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional Amount	$ 168,289,643	$ 160,901,250
Total unrealized appreciation on open forward contracts	2,886,266	1,516,438
Notional Amount	112,192,404	151,404,641
Unrealized Depreciation on Open Forward Contracts	$ (2,265,817)	$ (1,681,389)
% of Partners' Capital, Unrealized Appreciation	2.22%	1.34%
% of Partners' Capital, Unrealized Depreciation	1.74%	(1.49%)
Futures Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 4,631,978	$ 6,470,501
Unrealized Depreciation on Open Forward Contracts	(1,950,039)	(1,945,563)
Net unrealized appreciation (depreciation) on open contracts	$ 2,681,939	$ 4,524,938
% of Partners' Capital	2.06%	4.01%
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	$ 1,806,267	$ 3,582,239
Unrealized Depreciation on Open Forward Contracts	(961,741)	(538,303)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	1,364,057	1,462,121
Unrealized Depreciation on Open Forward Contracts	(713,988)	(436,625)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	74,032	76,914
Unrealized Depreciation on Open Forward Contracts	(8,214)	(11,984)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts	1,387,622	1,349,227
Unrealized Depreciation on Open Forward Contracts	(266,096)	(958,651)
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,579,836	$ 3,509,481
% of Partners' Capital	1.21%	3.11%
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,173	767
Net unrealized appreciation (depreciation) on open contracts	$ 24,761	$ 2,924,247
% of Partners' Capital	0.02%	2.59%
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,723	1,110
Net unrealized appreciation (depreciation) on open contracts	$ 740,530	$ 1,012,530
% of Partners' Capital	0.56%	0.90%
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	111	6
Net unrealized appreciation (depreciation) on open contracts	$ 62,192	$ 10,640
% of Partners' Capital	0.05%	0.01%
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,577	2,059
Net unrealized appreciation (depreciation) on open contracts	$ 752,353	$ (437,936)
% of Partners' Capital	0.58%	(0.39%)
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,102,103	$ 1,015,457
% of Partners' Capital	0.85%	0.90%
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	801	1,057
Net unrealized appreciation (depreciation) on open contracts	$ 819,765	$ 119,689
% of Partners' Capital	0.63%	0.11%
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	147	169
Net unrealized appreciation (depreciation) on open contracts	$ (90,461)	$ 12,966
% of Partners' Capital	(0.06%)	0.01%
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	15	71
Net unrealized appreciation (depreciation) on open contracts	$ 3,626	$ 54,290
% of Partners' Capital	0.00%	0.05%
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	3,074	2,831
Net unrealized appreciation (depreciation) on open contracts	$ 369,173	$ 828,512
% of Partners' Capital	0.28%	0.73%
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%

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 ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Investment Income:
Interest income		$ 767,410	$ 355,476	$ 4,352
Expenses:
Administrative and General Partner's fees (Note 2i)		2,326,881	3,271,543	3,853,294
Ongoing placement agent fees (Note 2j)		2,299,967	3,254,390	3,853,294
Management fees (Note 3)		2,036,022	2,862,598	3,371,632
Total expenses		6,662,870	9,388,531	11,078,220
Net investment loss		(5,895,460)	(9,033,055)	(11,073,868)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		7,703,605	(19,188,851)	15,501,602
Net change in unrealized gains (losses) on open contracts		2,996,032	(200,612)	(7,968,432)
Total trading results		10,699,637	(19,389,463)	7,533,170
Net income (loss)		4,804,177	(28,422,518)	(3,540,698)
Class of Units A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 4,732,396	$ (28,179,861)	$ (3,540,698)
Net income (loss) per Unit (Note 7): *
Net income (loss) per unit	[1]	$ 1.08	$ (4.44)	$ (0.60)
Weighted average Units outstanding:
Weighted average units outstanding		5,362,124.118	6,492,012.518	6,896,944.943
Class of Units Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 71,781	$ (242,657)
Net income (loss) per Unit (Note 7): *
Net income (loss) per unit	[1]	$ 0.60	$ (1.35)
Weighted average Units outstanding:
Weighted average units outstanding		158,440.533	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	General Partner [Member]	Limited Partner [Member]	Class of Units A [Member]	Class of Units A [Member]General Partner [Member]	Class of Units A [Member]Limited Partner [Member]	Class of Units Z [Member]	Class of Units Z [Member]General Partner [Member]
Balance at Dec. 31, 2014	$ 175,467,994			$ 175,467,994
Subscriptions		$ 186,599	$ 29,730,378		$ 186,599	$ 29,730,378
Redemptions		$ (100,000)	$ (23,925,626)		$ (100,000)	$ (23,925,626)
Net income (loss)	(3,540,698)			(3,540,698)
Balance at Dec. 31, 2015	$ 177,818,647			$ 177,818,647
Balance (in units) at Dec. 31, 2014	6,475,644.223			6,475,644.223
Subscriptions (in units)		6,885.587	1,084,217.043		6,885.587	1,084,217.043
Balance (in units) at Dec. 31, 2015	6,709,418.184			6,709,418.184
Redemptions (in units)		(3,709.199)	(853,619.470)		(3,709.199)	(853,619.470)
Subscriptions		$ 1,830,458	$ 10,284,141			$ 10,284,141		$ 1,830,458
Redemptions		$ (1,960,458)	$ (29,453,500)		$ (1,910,458)	$ (29,453,500)		$ (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)		183,045.785	404,626.316			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)		(79,260.849)	(1,213,370.102)		(73,997.691)	(1,213,370.102)		(5,263.158)
Subscriptions			$ 918,536			$ 918,536
Redemptions		$ (300,000)	$ (22,615,682)			$ (22,615,682)		$ (300,000)
Net income (loss)	$ 4,804,177			$ 4,732,396			$ 71,781
Balance at Dec. 31, 2017	$ 112,903,801			$ 111,594,219			$ 1,309,582
Subscriptions (in units)			42,440.978			42,440.978
Balance (in units) at Dec. 31, 2017	4,964,459.780			4,822,944.482			141,515.298
Redemptions (in units)		(36,267.329)	(1,046,173.203)			(1,046,173.203)		(36,267.329)

Organization

Organization	12 Months Ended
	Dec. 31, 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 of 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 (the “Placement Agent”) for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSD Holdings. During the periods covered by this report, 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 As of December 31, 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 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 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, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. “Statement of Cash Flows.” d. Partnership’s Investments. first-in, first-out e. Restricted and Unrestricted Cash. f. Foreign Currency Transactions and Translation. g. Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not 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. 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. Reclassification.

Trading Advisor

Trading Advisor	12 Months Ended
	Dec. 31, 2017
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 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, 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 22.2% to 49.6% of the Partnership’s contracts are traded over-the-counter. In general, the risks associated with non-exchange-traded non-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 non-exchange-traded non-exchange-traded non-exchange-traded 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 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	12 Months Ended
	Dec. 31, 2017
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. 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, 2017 and 2016 were 8,438 and 10,300, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2017 and 2016 were 834 and 1,032, respectively. The monthly average notional values of currency forward contracts traded during the years ended December 31, 2017 and 2016 were $531,535,509 and $545,588,665, 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, 2017 and 2016, respectively. Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition Amounts Financial Financial Financial Cash Collateral December 31, 2017 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 6,470,501 $ (1,945,563) $ 4,524,938 $ - $ - $ 4,524,938 Forwards 3,276,785 (1,985,045) 1,291,740 - - 1,291,740 Total assets $ 9,747,286 $ (3,930,608) $ 5,816,678 $ - $ - $ 5,816,678 Liabilities Futures $ (1,945,563) $ 1,945,563 $ - $ - $ - $ - Forwards (1,985,045) 1,985,045 - - - - Total liabilities $ (3,930,608) $ 3,930,608 $ - $ - $ - $ - Net fair value $ 5,816,678 * Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition Amounts Financial Financial Financial Cash Collateral December 31, 2016 Recognized Condition Condition Instruments Received/Pledged* 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2017 and 2016, respectively. December 31, 2017 Assets Futures Contracts Commodity $ 3,582,239 Equity 1,462,121 Currencies 76,914 Interest Rates 1,349,227 Total unrealized appreciation on open futures contracts 6,470,501 Liabilities Futures Contracts Commodity (538,303) Equity (436,625) Currencies (11,984) Interest Rates (958,651) Total unrealized depreciation on open futures contracts (1,945,563) Net unrealized appreciation on open futures contracts $ 4,524,938 * Assets Forward Contracts Commodity $ 1,760,347 Currencies 1,516,438 Total unrealized appreciation on open forward contracts 3,276,785 Liabilities Forward Contracts Commodity (303,656) Currencies (1,681,389) Total unrealized depreciation on open forward contracts (1,985,045) Net unrealized appreciation on open forward contracts $ 1,291,740 ** * 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, 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2017, 2016 and 2015, respectively. Sector 2017 2016 2015 Commodity $ (671,410) $ (22,477,498) $ 7,417,322 Equity 27,931,380 (3,793,015) (860,090) Currencies (10,774,286) (1,241,179) 5,660,876 Interest Rates (5,786,047) 8,122,229 (4,684,938) Total $ 10,699,637 *** $ (19,389,463) *** $ 7,533,170 *** *** 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, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Partnership’s Fair Value Measurements. 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 commodity futures, 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, 2017* Total Level 1 Level 2 Level 3 Assets Futures $ 6,470,501 $ 6,470,501 $ - $ - Forwards 3,276,785 - 3,276,785 - Total assets $ 9,747,286 $ 6,470,501 $ 3,276,785 $ - Liabilities Futures $ 1,945,563 $ 1,945,563 $ - $ - Forwards 1,985,045 - 1,985,045 - Total liabilities $ 3,930,608 $ 1,945,563 $ 1,985,045 $ - 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 $ - * $329,971 of assets and $808,016 of liabilities were transferred from Level 1 to Level 2 during the year ended December 31, 2017. The General Partner believes that for London Metal Exchange contracts, the inputs are derived from an exchange and not actively quoted prices, which is more representative of a Level 2 security.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 2.17 $ (3.05) $ 1.03 Net investment loss (1.09) (1.39) (1.63) Increase (decrease) for the year 1.08 (4.44) (0.60) Net asset value per Unit, beginning of year 22.06 26.50 27.10 Net asset value per Unit, end of year $ 23.14 $ 22.06 $ 26.50 2017 2016 2015 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.1) % (5.6) % (5.9) % Operating expenses 5.8 % 5.9 % 5.9 % Incentive fees - - - Total expenses 5.8 % 5.9 % 5.9 % Total return: Total return before incentive fees 4.9 % (16.8) % (2.2) % Incentive fees - - - Total return after incentive fees 4.9 % (16.8) % (2.2) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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 of the Partnership.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 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. 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. “Income Taxes,” “more-likely-than-not” more-likely-than-not
Revenue Recognition	Revenue Recognition. 4-week
Administrative and General Partner's fee	Administrative and General Partner’s fee. th
Placement Agent Fees	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.
Continuing Offering	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.”
Reclassification	Reclassification.

Organization (Tables)

Organization (Tables)	12 Months Ended
	Dec. 31, 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

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017
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, 2017 and 2016, respectively. Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition Amounts Financial Financial Financial Cash Collateral December 31, 2017 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 6,470,501 $ (1,945,563) $ 4,524,938 $ - $ - $ 4,524,938 Forwards 3,276,785 (1,985,045) 1,291,740 - - 1,291,740 Total assets $ 9,747,286 $ (3,930,608) $ 5,816,678 $ - $ - $ 5,816,678 Liabilities Futures $ (1,945,563) $ 1,945,563 $ - $ - $ - $ - Forwards (1,985,045) 1,985,045 - - - - Total liabilities $ (3,930,608) $ 3,930,608 $ - $ - $ - $ - Net fair value $ 5,816,678 * Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition Amounts Financial Financial Financial Cash Collateral December 31, 2016 Recognized Condition Condition Instruments Received/Pledged* 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 * * 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
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, 2017 and 2016, respectively. December 31, 2017 Assets Futures Contracts Commodity $ 3,582,239 Equity 1,462,121 Currencies 76,914 Interest Rates 1,349,227 Total unrealized appreciation on open futures contracts 6,470,501 Liabilities Futures Contracts Commodity (538,303) Equity (436,625) Currencies (11,984) Interest Rates (958,651) Total unrealized depreciation on open futures contracts (1,945,563) Net unrealized appreciation on open futures contracts $ 4,524,938 * Assets Forward Contracts Commodity $ 1,760,347 Currencies 1,516,438 Total unrealized appreciation on open forward contracts 3,276,785 Liabilities Forward Contracts Commodity (303,656) Currencies (1,681,389) Total unrealized depreciation on open forward contracts (1,985,045) Net unrealized appreciation on open forward contracts $ 1,291,740 ** * 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, 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.
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, 2017, 2016 and 2015, respectively. Sector 2017 2016 2015 Commodity $ (671,410) $ (22,477,498) $ 7,417,322 Equity 27,931,380 (3,793,015) (860,090) Currencies (10,774,286) (1,241,179) 5,660,876 Interest Rates (5,786,047) 8,122,229 (4,684,938) Total $ 10,699,637 *** $ (19,389,463) *** $ 7,533,170 *** *** 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, 2017
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	December 31, 2017* Total Level 1 Level 2 Level 3 Assets Futures $ 6,470,501 $ 6,470,501 $ - $ - Forwards 3,276,785 - 3,276,785 - Total assets $ 9,747,286 $ 6,470,501 $ 3,276,785 $ - Liabilities Futures $ 1,945,563 $ 1,945,563 $ - $ - Forwards 1,985,045 - 1,985,045 - Total liabilities $ 3,930,608 $ 1,945,563 $ 1,985,045 $ - 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 $ -

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 2.17 $ (3.05) $ 1.03 Net investment loss (1.09) (1.39) (1.63) Increase (decrease) for the year 1.08 (4.44) (0.60) Net asset value per Unit, beginning of year 22.06 26.50 27.10 Net asset value per Unit, end of year $ 23.14 $ 22.06 $ 26.50 2017 2016 2015 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.1) % (5.6) % (5.9) % Operating expenses 5.8 % 5.9 % 5.9 % Incentive fees - - - Total expenses 5.8 % 5.9 % 5.9 % Total return: Total return before incentive fees 4.9 % (16.8) % (2.2) % Incentive fees - - - Total return after incentive fees 4.9 % (16.8) % (2.2) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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, 2017Class	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, 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
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 ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Line Items]
Cash denominated in foreign currencies	$ 43,923	$ (1,733,117)
Cash denominated in foreign currencies, proceeds		1,731,179
Cash denominated in foreign currencies, cost	42,164
Cash held for margin requirements	27,194,974	$ 29,644,918
Uncertain tax position	$ 0
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%
Limited partners unit that can be redeemed	100.00%
Earliest Tax Year [Member]
Accounting Policies [Line Items]
Open tax year	2,014
Latest Tax Year [Member]
Accounting Policies [Line Items]
Open tax year	2,017
Minimum [Member]
Accounting Policies [Line Items]
Incremental additional subscriptions	$ 10,000
ERISA/IRA Investors [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	10,000
Class of Units A [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	25,000
Class of Units D [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	$ 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, 2017
Class of Units A [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	2.00%
Class of Units D [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	0.75%
Class of Units Z [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	0.00%

Trading Advisor - Additional In

Trading Advisor - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Trading Advisors [Abstract]
Management fee, monthly basis	0.146%
Management fee, annual basis	1.75%
Incentive fee, monthly trading profits basis	20.00%

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Over the Counter [Member]	Dec. 31, 2017
Minimum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	22.20%
Maximum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	49.60%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average number of futures contracts traded	8,438	10,300
Average number of metals forward contracts traded	834	1,032
Average notional value of currency forward contracts	$ 531,535,509	$ 545,588,665

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, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized	$ 9,747,286	$ 7,848,215
Gross Amounts Offset in the Statements of Financial Condition	(3,930,608)	(5,023,872)
Net Amounts Presented in the Statements of Financial Condition	5,816,678	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	5,816,678	2,824,343
Gross Amounts Recognized	(3,930,608)	(5,023,872)
Gross Amounts Offset in the Statements of Financial Condition	3,930,608	5,023,872
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	5,816,678	2,824,343
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	6,470,501	4,631,978
Gross Amounts Offset in the Statements of Financial Condition	(1,945,563)	(1,950,039)
Net Amounts Presented in the Statements of Financial Condition	4,524,938	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	4,524,938	2,681,939
Gross Amounts Recognized	(1,945,563)	(1,950,039)
Gross Amounts Offset in the Statements of Financial Condition	1,945,563	1,950,039
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	3,276,785	3,216,237
Gross Amounts Offset in the Statements of Financial Condition	(1,985,045)	(3,073,833)
Net Amounts Presented in the Statements of Financial Condition	1,291,740	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	1,291,740	142,404
Gross Amounts Recognized	(1,985,045)	(3,073,833)
Gross Amounts Offset in the Statements of Financial Condition	1,985,045	3,073,833
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 30

Trading Activities - Summary of Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 6,470,501	$ 4,631,978
Total unrealized depreciation on open contracts	(1,945,563)	(1,950,039)
Net unrealized appreciation (depreciation) on open contracts	4,524,938	2,681,939
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,582,239	1,806,267
Total unrealized depreciation on open contracts	(538,303)	(961,741)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,462,121	1,364,057
Total unrealized depreciation on open contracts	(436,625)	(713,988)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	76,914	74,032
Total unrealized depreciation on open contracts	(11,984)	(8,214)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,349,227	1,387,622
Total unrealized depreciation on open contracts	(958,651)	(266,096)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,276,785	3,216,237
Total unrealized depreciation on open contracts	(1,985,045)	(3,073,833)
Net unrealized appreciation (depreciation) on open contracts	1,291,740	142,404
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,760,347	329,971
Total unrealized depreciation on open contracts	(303,656)	(808,016)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,516,438	2,886,266
Total unrealized depreciation on open contracts	$ (1,681,389)	$ (2,265,817)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gain (loss) from trading	$ 10,699,637	$ (19,389,463)	$ 7,533,170
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	(671,410)	(22,477,498)	7,417,322
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	27,931,380	(3,793,015)	(860,090)
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	(10,774,286)	(1,241,179)	5,660,876
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ (5,786,047)	$ 8,122,229	$ (4,684,938)

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, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 9,747,286	$ 82,811,699
Liabilities	3,930,608	5,023,872
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,276,785	3,216,237
Liabilities	1,985,045	3,073,833
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	6,470,501	4,631,978
Liabilities	1,945,563	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	6,470,501	4,961,949
Liabilities	1,945,563	2,758,055
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets		329,971
Liabilities		808,016
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	6,470,501	4,631,978
Liabilities	1,945,563	1,950,039
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,276,785	77,849,750
Liabilities	1,985,045	2,265,817
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	3,276,785	2,886,266
Liabilities	$ 1,985,045	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

Fair Value Measurements - Ass33

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Parenthetical) (Detail) - Fair Value Measured on a Recurring Basis [Member]	Dec. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets between Level 1 and Level 2	$ 329,971
Transfers of liabilities between Level 1 and Level 2	$ 808,016

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class of Units A [Member] - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of year	$ 22.06
Net asset value per Unit, end of year	23.14	$ 22.06
Limited Partner [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	2.17	(3.05)	$ 1.03
Net investment loss	(1.09)	(1.39)	(1.63)
Increase (decrease) for the year	1.08	(4.44)	(0.60)
Net asset value per Unit, beginning of year	22.06	26.50	27.10
Net asset value per Unit, end of year	$ 23.14	$ 22.06	$ 26.50
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.10%)	(5.60%)	(5.90%)
Operating expenses	5.80%	5.90%	5.90%
Incentive fees	0.00%	0.00%	0.00%
Total expenses	5.80%	5.90%	5.90%
Total return:
Total return before incentive fees	4.90%	(16.80%)	(2.20%)
Incentive fees	0.00%	0.00%	0.00%
Total return after incentive fees	4.90%	(16.80%)	(2.20%)