Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Class of Units A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,543,634.794 | |
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, 2018 | Dec. 31, 2017 |
Equity in trading account: | ||
Unrestricted cash | $ 72,671,190 | $ 82,882,101 |
Restricted cash | 26,269,672 | 27,194,974 |
Net unrealized appreciation on open contracts | 7,320,068 | 5,816,678 |
Total equity in trading account | 106,260,930 | 115,893,753 |
Cash at bank | 437 | |
Interest receivable | 104,477 | 86,426 |
Total assets | 106,365,407 | 115,980,616 |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | 374,435 | |
Accrued expenses: | ||
Administrative and General Partner's fees | 171,029 | 185,208 |
Ongoing placement agent fees | 183,110 | |
Management fees | 149,651 | 162,056 |
Redemptions payable to Limited Partners | 2,829,058 | 2,546,441 |
Total liabilities | 3,524,173 | 3,076,815 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 102,841,234 | 112,903,801 |
Total liabilities and partners' capital | 106,365,407 | 115,980,616 |
Class of Units Z [Member] | ||
Partners' Capital: | ||
General Partner, Class Z, 138,644.001 and 141,515.298 Units outstanding at September 30, 2018 and December 31, 2017, respectively | 1,242,766 | 1,309,582 |
Total partners' capital (net asset value) | $ 1,242,766 | $ 1,309,582 |
Net asset value per Unit: | ||
Net asset value per unit | $ 8.96 | $ 9.25 |
Class of Units A [Member] | ||
Partners' Capital: | ||
Limited Partners, Class A, 4,601,675.835 and 4,822,944.482 Units outstanding at September 30, 2018 and December 31, 2017, respectively | $ 101,598,468 | $ 111,594,219 |
Total partners' capital (net asset value) | $ 101,598,468 | $ 111,594,219 |
Net asset value per Unit: | ||
Net asset value per unit | $ 22.08 | $ 23.14 |
Forward Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | $ 1,291,740 | |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | $ 374,435 | |
Futures Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | $ 7,320,068 | $ 4,524,938 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Sep. 30, 2018 | Dec. 31, 2017 |
Limited Partners, Units | 4,601,675.835 | 4,822,944.482 |
Class of Units Z [Member] | ||
General Partner, Units | 138,644.001 | 141,515.298 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Sep. 30, 2018USD ($)Contracts | Dec. 31, 2017USD ($)Contracts |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | $ 1,556,214 | $ 3,276,785 |
% of Partners' Capital, Unrealized Appreciation | 1.51% | 2.90% |
Total unrealized appreciation on open forward contracts | $ 1,556,214 | $ 3,276,785 |
Unrealized Depreciation on Open Forward Contracts | (1,930,649) | (1,985,045) |
Net unrealized appreciation (depreciation) on open contracts | (374,435) | 1,291,740 |
Unrealized Depreciation on Open Forward Contracts | (1,930,649) | (1,985,045) |
Net unrealized appreciation (depreciation) on open contracts | $ (374,435) | $ 1,291,740 |
% of Partners' Capital, Unrealized Depreciation | (1.88%) | (1.76%) |
% of Partners' Capital | (0.37%) | 1.14% |
Forward Contracts [Member] | Commodity [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | $ 231,674 | $ 1,760,347 |
% of Partners' Capital, Unrealized Appreciation | 0.22% | 1.56% |
Total unrealized appreciation on open forward contracts | $ 231,674 | $ 1,760,347 |
Unrealized Depreciation on Open Forward Contracts | (429,765) | (303,656) |
Unrealized Depreciation on Open Forward Contracts | $ (429,765) | $ (303,656) |
% of Partners' Capital, Unrealized Depreciation | (0.42%) | (0.27%) |
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 205 | 42 |
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 176 | 348 |
Forward Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Notional Amount | $ 160,901,250 | |
Total unrealized appreciation on open forward contracts | $ 1,324,540 | $ 1,516,438 |
% of Partners' Capital, Unrealized Appreciation | 1.29% | 1.34% |
Total unrealized appreciation on open forward contracts | $ 1,324,540 | $ 1,516,438 |
Notional Amount | 151,404,641 | |
Unrealized Depreciation on Open Forward Contracts | (1,500,884) | (1,681,389) |
Unrealized Depreciation on Open Forward Contracts | $ (1,500,884) | $ (1,681,389) |
% of Partners' Capital, Unrealized Depreciation | (1.46%) | (1.49%) |
Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | $ 8,921,607 | $ 6,470,501 |
Total unrealized appreciation on open forward contracts | 8,921,607 | 6,470,501 |
Unrealized Depreciation on Open Forward Contracts | (1,601,539) | (1,945,563) |
Net unrealized appreciation (depreciation) on open contracts | 7,320,068 | 4,524,938 |
Unrealized Depreciation on Open Forward Contracts | (1,601,539) | (1,945,563) |
Net unrealized appreciation (depreciation) on open contracts | $ 7,320,068 | $ 4,524,938 |
% of Partners' Capital | 7.12% | 4.01% |
Futures Contracts [Member] | Commodity [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | $ 4,197,454 | $ 3,582,239 |
Total unrealized appreciation on open forward contracts | 4,197,454 | 3,582,239 |
Unrealized Depreciation on Open Forward Contracts | (83,942) | (538,303) |
Unrealized Depreciation on Open Forward Contracts | (83,942) | (538,303) |
Futures Contracts [Member] | Equity [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | 2,733,648 | 1,462,121 |
Total unrealized appreciation on open forward contracts | 2,733,648 | 1,462,121 |
Unrealized Depreciation on Open Forward Contracts | (362,343) | (436,625) |
Unrealized Depreciation on Open Forward Contracts | (362,343) | (436,625) |
Futures Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | 25,640 | 76,914 |
Total unrealized appreciation on open forward contracts | 25,640 | 76,914 |
Unrealized Depreciation on Open Forward Contracts | (1,299) | (11,984) |
Unrealized Depreciation on Open Forward Contracts | (1,299) | (11,984) |
Futures Contracts [Member] | Interest Rates [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open forward contracts | 1,964,865 | 1,349,227 |
Total unrealized appreciation on open forward contracts | 1,964,865 | 1,349,227 |
Unrealized Depreciation on Open Forward Contracts | (1,153,955) | (958,651) |
Unrealized Depreciation on Open Forward Contracts | (1,153,955) | (958,651) |
Futures Contracts [Member] | Contracts Purchased [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | 4,189,781 | 3,509,481 |
Net unrealized appreciation (depreciation) on open contracts | $ 4,189,781 | $ 3,509,481 |
% of Partners' Capital | 4.08% | 3.11% |
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 695 | 767 |
Net unrealized appreciation (depreciation) on open contracts | $ 2,804,195 | $ 2,924,247 |
Net unrealized appreciation (depreciation) on open contracts | $ 2,804,195 | $ 2,924,247 |
% of Partners' Capital | 2.73% | 2.59% |
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 1,036 | 1,110 |
Net unrealized appreciation (depreciation) on open contracts | $ 2,437,921 | $ 1,012,530 |
Net unrealized appreciation (depreciation) on open contracts | $ 2,437,921 | $ 1,012,530 |
% of Partners' Capital | 2.37% | 0.90% |
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 50 | 6 |
Net unrealized appreciation (depreciation) on open contracts | $ 6,097 | $ 10,640 |
Net unrealized appreciation (depreciation) on open contracts | $ 6,097 | $ 10,640 |
% of Partners' Capital | 0.01% | 0.01% |
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 1,290 | 2,059 |
Net unrealized appreciation (depreciation) on open contracts | $ (1,058,432) | $ (437,936) |
Net unrealized appreciation (depreciation) on open contracts | $ (1,058,432) | $ (437,936) |
% of Partners' Capital | (1.03%) | (0.39%) |
Futures Contracts [Member] | Contracts Sold [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | $ 3,130,287 | $ 1,015,457 |
Net unrealized appreciation (depreciation) on open contracts | $ 3,130,287 | $ 1,015,457 |
% of Partners' Capital | 3.04% | 0.90% |
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 1,119 | 1,057 |
Net unrealized appreciation (depreciation) on open contracts | $ 1,309,317 | $ 119,689 |
Net unrealized appreciation (depreciation) on open contracts | $ 1,309,317 | $ 119,689 |
% of Partners' Capital | 1.27% | 0.11% |
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 115 | 169 |
Net unrealized appreciation (depreciation) on open contracts | $ (66,616) | $ 12,966 |
Net unrealized appreciation (depreciation) on open contracts | $ (66,616) | $ 12,966 |
% of Partners' Capital | (0.07%) | 0.01% |
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 29 | 71 |
Net unrealized appreciation (depreciation) on open contracts | $ 18,244 | $ 54,290 |
Net unrealized appreciation (depreciation) on open contracts | $ 18,244 | $ 54,290 |
% of Partners' Capital | 0.02% | 0.05% |
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 3,377 | 2,831 |
Net unrealized appreciation (depreciation) on open contracts | $ 1,869,342 | $ 828,512 |
Net unrealized appreciation (depreciation) on open contracts | $ 1,869,342 | $ 828,512 |
% of Partners' Capital | 1.82% | 0.73% |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
Investment Income: | |||||
Interest income | $ 346,287 | $ 202,898 | $ 1,017,004 | $ 523,705 | |
Expenses: | |||||
Administrative and General Partner's fees | 510,128 | 544,069 | 1,656,090 | 1,786,753 | |
Ongoing placement agent fees | 504,237 | 538,280 | 1,637,604 | 1,765,849 | |
Management fees | 446,361 | 476,061 | 1,449,076 | 1,563,410 | |
Total expenses | 1,460,726 | 1,558,410 | 4,742,770 | 5,116,012 | |
Net investment loss | (1,114,439) | (1,355,512) | (3,725,766) | (4,592,307) | |
Net gains (losses) on trading of commodity interests: | |||||
Net realized gains (losses) on closed contracts | 555,034 | (3,028,509) | (3,289,606) | 146,022 | |
Net change in unrealized gains (losses) on open contracts | 6,263,824 | 3,954,627 | 1,124,946 | (5,604,178) | |
Total trading results | 6,818,858 | 926,118 | (2,164,660) | (5,458,156) | |
Net income (loss) | $ 5,704,419 | $ (429,394) | (5,890,426) | (10,050,463) | |
Class of Units A [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ (5,857,423) | $ (9,951,418) | |||
Net income (loss) per Unit*: | |||||
Net income (loss) per unit | [1] | $ 1.19 | $ (0.09) | $ (1.06) | $ (1.84) |
Weighted average Units outstanding: | |||||
Weighted average units outstanding | 4,802,766.582 | 5,220,218.402 | 5,002,663.768 | 5,477,311.207 | |
Class of Units Z [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ (33,003) | $ (99,045) | |||
Net income (loss) per Unit*: | |||||
Net income (loss) per unit | [1] | $ 0.52 | $ 0.01 | $ (0.29) | $ (0.60) |
Weighted average Units outstanding: | |||||
Weighted average units outstanding | 138,644.001 | 141,515.298 | 140,358.679 | 164,082.277 | |
[1] | Represents the change in net asset value per Unit during the period. |
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]Limited Partner [Member] | Class of Units Z [Member] | Class of Units Z [Member]General Partner [Member] |
Balance at Dec. 31, 2016 | $ 130,096,770 | $ 128,558,969 | $ 1,537,801 | ||||
Subscriptions | $ 918,536 | $ 918,536 | |||||
Redemptions | $ (300,000) | $ (16,575,112) | $ (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) | (36,267.329) | (776,656.455) | (776,656.455) | (36,267.329) | |||
Balance (in units) at Sep. 30, 2017 | 5,233,976.528 | 5,092,461.230 | 141,515.298 | ||||
Balance at Dec. 31, 2017 | $ 112,903,801 | $ 111,594,219 | $ 1,309,582 | ||||
Subscriptions | $ 116,187 | $ 9,530,783 | $ 9,530,783 | $ 116,187 | |||
Redemptions | $ (150,000) | $ (13,669,111) | $ (13,669,111) | $ (150,000) | |||
Net income (loss) | (5,890,426) | (5,857,423) | (33,003) | ||||
Balance at Sep. 30, 2018 | $ 102,841,234 | $ 101,598,468 | $ 1,242,766 | ||||
Balance (in units) at Dec. 31, 2017 | 4,964,459.780 | 4,822,944.482 | 141,515.298 | ||||
Subscriptions (in units) | 12,560.802 | 412,132.993 | 412,132.993 | 12,560.802 | |||
Redemptions (in units) | (15,432.099) | (633,401.640) | (633,401.640) | (15,432.099) | |||
Balance (in units) at Sep. 30, 2018 | 4,740,319.836 | 4,601,675.835 | 138,644.001 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
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. Ceres is 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. 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 The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2018. During the reporting periods ended September 30, 2018 and 2017, 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. During prior periods included in this report, the Partnership also deposited a portion of its cash in a non-trading As of September 30, 2018, 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 Investment A Up to $4,999,999 D $5,000,000 and above Z All 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. As of November 1, 2018, the Partnership entered into an alternative investment placement agent agreement (the “Harbor Selling Agreement”), by and among the Partnership, the General Partner, Morgan Stanley Distribution Inc. (“MSDI”), and Harbor Investment Advisory, LLC, a Maryland limited liability company (“Harbor”) , which supersedes and replaces the alternative investment selling agent agreement, dated January 19, 2018, between the Partnership, the General Partner and Harbor. Pursuant to the Harbor Selling Agreement, MSDI and Harbor have been appointed as a non-exclusive selling agent and sub-selling agent, respectively, of the Partnership for the purpose of finding eligible investors for Units through offerings that are exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Rule 506 of Regulation D promulgated thereunder and for Harbor to serve as an investment advisor to its customers investing in one or more of the partnerships party to the Harbor Selling Agreement; provided, that, included within such appointment, Harbor will provide certain services to certain holders of Units of the Partnership, who had acquired such Units prior to such holders becoming clients of Harbor. The Harbor Selling Agreement continues in effect until September 30, 2019 unless terminated in certain circumstances as set forth in the Harbor Selling Agreement, including by any party on thirty days’ prior written notice, after which the General Partner or the Partnership may, in its sole discretion, renew the Harbor Selling Agreement for additional one year periods. Pursuant to the Harbor Selling Agreement, the Partnership will pay Harbor an ongoing placement agent fee equal to 1/12th of 2.0% (a 2.0% annual rate) of the net asset value per Unit for certain holders of Class A Units in the Partnership, as set forth in the Harbor Selling Agreement. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the administrative and General Partner’s fee it receives, the ordinary administrative expenses of the Partnership which includes the expenses related to the engagement of the Administrator. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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, 2018, the results of its operations for the three and nine months ended September 30, 2018 and 2017, and changes in partners’ capital for the nine months ended September 30, 2018 and 2017. 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 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investments first-in, first-out Restricted and Unrestricted Cash Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not 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 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2018 | |
Investment Company [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, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 1.42 $ 0.17 $ (0.32) $ (1.01) Net investment loss (0.23) (0.26) (0.74) (0.83) Increase (decrease) for the period 1.19 (0.09) (1.06) (1.84) Net asset value per Unit, beginning of period 20.89 20.31 23.14 22.06 Net asset value per Unit, end of period $ 22.08 $ 20.22 $ 22.08 $ 20.22 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.3) % (5.0) % (4.5) % (5.2) % Operating expenses 5.7 % 5.8 % 5.9 % 5.8 % Incentive fees - - - - Total expenses 5.7 % 5.8 % 5.9 % 5.8 % Total return: Total return before incentive fees 5.7 % (0.4) % (4.6) % (8.3) % Incentive fees - - - - Total return after incentive fees 5.7 % (0.4) % (4.6) % (8.3) % * 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, 2018 | |
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 29.4% to 43.2% 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 | 9 Months Ended |
Sep. 30, 2018 | |
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 three months ended September 30, 2018 and 2017 were 7,890 and 7,174, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2018 and 2017 were 7,745 and 8,472, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2018 and 2017 were 795 and 945, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2018 and 2017 were 889 and 890, respectively. The monthly average notional values of currency forward contracts traded during the three months ended September 30, 2018 and 2017 were $345,939,162 and $555,840,665, respectively. The monthly average notional values of currency forward contracts traded during the nine months ended September 30, 2018 and 2017 were $427,279,697 and $558,587,008, 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, 2018 and December 31, 2017, 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 September 30, 2018 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 8,921,607 $ (1,601,539 ) $ 7,320,068 $ - $ - $ 7,320,068 Forwards 1,556,214 (1,556,214 ) - - - - Total assets $ 10,477,821 $ (3,157,753 ) $ 7,320,068 $ - $ - $ 7,320,068 Liabilities Futures $ (1,601,539 ) $ 1,601,539 $ - $ - $ - $ - Forwards (1,930,649 ) 1,556,214 (374,435 ) - - (374,435) Total liabilities $ (3,532,188 ) $ 3,157,753 $ (374,435 ) $ - $ - $ (374,435) Net fair value $ 6,945,633 * 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 * * 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 September 30, 2018 and December 31, 2017, respectively. September 30, 2018 Assets Futures Contracts Commodity $ 4,197,454 Equity 2,733,648 Currencies 25,640 Interest Rates 1,964,865 Total unrealized appreciation on open futures contracts 8,921,607 Liabilities Futures Contracts Commodity (83,942) Equity (362,343) Currencies (1,299) Interest Rates (1,153,955) Total unrealized depreciation on open futures contracts (1,601,539) Net unrealized appreciation on open futures contracts $ 7,320,068 * Assets Forward Contracts Commodity $ 231,674 Currencies 1,324,540 Total unrealized appreciation on open forward contracts 1,556,214 Liabilities Forward Contracts Commodity (429,765) Currencies (1,500,884) Total unrealized depreciation on open forward contracts (1,930,649) Net unrealized depreciation on open forward contracts $ (374,435) ** * 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, 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2018 and 2017, respectively. Three Months Ended Nine Months Ended September 30, September 30, Sector 2018 2017 2018 2017 Commodity $ 2,373,965 $ (541,942 ) $ (460,958 ) $ (8,308,865 ) Equity 4,620,180 4,492,042 2,621,174 18,595,714 Currencies 310,834 535,734 (4,771,619 ) (7,970,592 ) Interest Rates (486,121 ) (3,559,716 ) 446,743 (7,774,413 ) Total $ 6,818,858 *** $ 926,118 *** $ (2,164,660 ) *** $ (5,458,156 ) *** *** 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, 2018 | |
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 September 30, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 8,921,607 $ 8,921,607 $ - $ - Forwards 1,556,214 - 1,556,214 - Total assets $ 10,477,821 $ 8,921,607 $ 1,556,214 $ - Liabilities Futures $ 1,601,539 $ 1,601,539 $ - $ - Forwards 1,930,649 - 1,930,649 - Total liabilities $ 3,532,188 $ 1,601,539 $ 1,930,649 $ - 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 $ - |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements, except as described in Note 1, “Organization” above. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
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 |
Income Taxes | Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not |
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.” |
Organization (Tables)
Organization (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 Investment A Up to $4,999,999 D $5,000,000 and above Z All |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investment Company [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, 2018 and 2017 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 1.42 $ 0.17 $ (0.32) $ (1.01) Net investment loss (0.23) (0.26) (0.74) (0.83) Increase (decrease) for the period 1.19 (0.09) (1.06) (1.84) Net asset value per Unit, beginning of period 20.89 20.31 23.14 22.06 Net asset value per Unit, end of period $ 22.08 $ 20.22 $ 22.08 $ 20.22 Three Months Ended Nine Months Ended September 30, September 30, 2018 2017 2018 2017 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.3) % (5.0) % (4.5) % (5.2) % Operating expenses 5.7 % 5.8 % 5.9 % 5.8 % Incentive fees - - - - Total expenses 5.7 % 5.8 % 5.9 % 5.8 % Total return: Total return before incentive fees 5.7 % (0.4) % (4.6) % (8.3) % Incentive fees - - - - Total return after incentive fees 5.7 % (0.4) % (4.6) % (8.3) % * 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. |
Trading Activities (Tables)
Trading Activities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017, 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 September 30, 2018 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 8,921,607 $ (1,601,539 ) $ 7,320,068 $ - $ - $ 7,320,068 Forwards 1,556,214 (1,556,214 ) - - - - Total assets $ 10,477,821 $ (3,157,753 ) $ 7,320,068 $ - $ - $ 7,320,068 Liabilities Futures $ (1,601,539 ) $ 1,601,539 $ - $ - $ - $ - Forwards (1,930,649 ) 1,556,214 (374,435 ) - - (374,435) Total liabilities $ (3,532,188 ) $ 3,157,753 $ (374,435 ) $ - $ - $ (374,435) Net fair value $ 6,945,633 * 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 * * 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 September 30, 2018 and December 31, 2017, respectively. September 30, 2018 Assets Futures Contracts Commodity $ 4,197,454 Equity 2,733,648 Currencies 25,640 Interest Rates 1,964,865 Total unrealized appreciation on open futures contracts 8,921,607 Liabilities Futures Contracts Commodity (83,942) Equity (362,343) Currencies (1,299) Interest Rates (1,153,955) Total unrealized depreciation on open futures contracts (1,601,539) Net unrealized appreciation on open futures contracts $ 7,320,068 * Assets Forward Contracts Commodity $ 231,674 Currencies 1,324,540 Total unrealized appreciation on open forward contracts 1,556,214 Liabilities Forward Contracts Commodity (429,765) Currencies (1,500,884) Total unrealized depreciation on open forward contracts (1,930,649) Net unrealized depreciation on open forward contracts $ (374,435) ** * 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, 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. |
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, 2018 and 2017, respectively. Three Months Ended Nine Months Ended September 30, September 30, Sector 2018 2017 2018 2017 Commodity $ 2,373,965 $ (541,942 ) $ (460,958 ) $ (8,308,865 ) Equity 4,620,180 4,492,042 2,621,174 18,595,714 Currencies 310,834 535,734 (4,771,619 ) (7,970,592 ) Interest Rates (486,121 ) (3,559,716 ) 446,743 (7,774,413 ) Total $ 6,818,858 *** $ 926,118 *** $ (2,164,660 ) *** $ (5,458,156 ) *** *** 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, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | September 30, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 8,921,607 $ 8,921,607 $ - $ - Forwards 1,556,214 - 1,556,214 - Total assets $ 10,477,821 $ 8,921,607 $ 1,556,214 $ - Liabilities Futures $ 1,601,539 $ 1,601,539 $ - $ - Forwards 1,930,649 - 1,930,649 - Total liabilities $ 3,532,188 $ 1,601,539 $ 1,930,649 $ - 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 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) | Nov. 01, 2018 | Sep. 30, 2018Class | Jul. 01, 2016$ / shares |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Number of share classes | Class | 3 | ||
Subsequent Event [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Monthly ongoing placement agent fee | 0.1667% | ||
Annualized ongoing placement agent fee | 2.00% | ||
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) | Sep. 30, 2018USD ($) |
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 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ (598,168) | $ 43,923 |
Cash denominated in foreign currencies, proceeds | 595,918 | |
Cash denominated in foreign currencies, cost | 42,164 | |
Cash held for margin requirements | 26,269,672 | $ 27,194,974 |
Uncertain tax position | $ 0 | |
Open tax year | 2014 2015 2016 2017 |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Per Unit Performance (for a unit outstanding throughout the period): | ||||
Net asset value per Unit, beginning of period | $ 23.14 | |||
Net asset value per Unit, end of period | $ 22.08 | 22.08 | ||
Limited Partner [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | 1.42 | $ 0.17 | (0.32) | $ (1.01) |
Net investment loss | (0.23) | (0.26) | (0.74) | (0.83) |
Increase (decrease) for the period | 1.19 | (0.09) | (1.06) | (1.84) |
Net asset value per Unit, beginning of period | 20.89 | 20.31 | 23.14 | 22.06 |
Net asset value per Unit, end of period | $ 22.08 | $ 20.22 | $ 22.08 | $ 20.22 |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (4.30%) | (5.00%) | (4.50%) | (5.20%) |
Operating expenses | 5.70% | 5.80% | 5.90% | 5.80% |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total expenses | 5.70% | 5.80% | 5.90% | 5.80% |
Total return: | ||||
Total return before incentive fees | 5.70% | (0.40%) | (4.60%) | (8.30%) |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total return after incentive fees | 5.70% | (0.40%) | (4.60%) | (8.30%) |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - Over the Counter [Member] | Sep. 30, 2018 |
Minimum [Member] | |
Concentration Risk [Line Items] | |
Percentage of investment contracts | 29.40% |
Maximum [Member] | |
Concentration Risk [Line Items] | |
Percentage of investment contracts | 43.20% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||
Average number of futures contracts traded | 7,890 | 7,174 | 7,745 | 8,472 |
Average number of metals forward contracts traded | 795 | 945 | 889 | 890 |
Average notional value of currency forward contracts | $ 345,939,162 | $ 555,840,665 | $ 427,279,697 | $ 558,587,008 |
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, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross Amounts Recognized | $ 10,477,821 | $ 9,747,286 |
Gross Amounts Offset in the Statements of Financial Condition | (3,157,753) | (3,930,608) |
Net Amounts Presented in the Statements of Financial Condition | 7,320,068 | 5,816,678 |
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 | 7,320,068 | 5,816,678 |
Gross Amounts Recognized | (3,532,188) | (3,930,608) |
Gross Amounts Offset in the Statements of Financial Condition | 3,157,753 | 3,930,608 |
Net Amounts Presented in the Statements of Financial Condition | (374,435) | |
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 | (374,435) | |
Net fair value | 6,945,633 | 5,816,678 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 8,921,607 | 6,470,501 |
Gross Amounts Offset in the Statements of Financial Condition | (1,601,539) | (1,945,563) |
Net Amounts Presented in the Statements of Financial Condition | 7,320,068 | 4,524,938 |
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 | 7,320,068 | 4,524,938 |
Gross Amounts Recognized | (1,601,539) | (1,945,563) |
Gross Amounts Offset in the Statements of Financial Condition | 1,601,539 | 1,945,563 |
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 | 1,556,214 | 3,276,785 |
Gross Amounts Offset in the Statements of Financial Condition | (1,556,214) | (1,985,045) |
Net Amounts Presented in the Statements of Financial Condition | 1,291,740 | |
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 | |
Gross Amounts Recognized | (1,930,649) | (1,985,045) |
Gross Amounts Offset in the Statements of Financial Condition | 1,556,214 | 1,985,045 |
Net Amounts Presented in the Statements of Financial Condition | (374,435) | |
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 | $ (374,435) |
Trading Activities - Summary _2
Trading Activities - Summary of Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 8,921,607 | $ 6,470,501 |
Total unrealized depreciation on open contracts | (1,601,539) | (1,945,563) |
Net unrealized appreciation (depreciation) on open contracts | 7,320,068 | 4,524,938 |
Futures Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 4,197,454 | 3,582,239 |
Total unrealized depreciation on open contracts | (83,942) | (538,303) |
Futures Contracts [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,733,648 | 1,462,121 |
Total unrealized depreciation on open contracts | (362,343) | (436,625) |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 25,640 | 76,914 |
Total unrealized depreciation on open contracts | (1,299) | (11,984) |
Futures Contracts [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,964,865 | 1,349,227 |
Total unrealized depreciation on open contracts | (1,153,955) | (958,651) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,556,214 | 3,276,785 |
Total unrealized depreciation on open contracts | (1,930,649) | (1,985,045) |
Net unrealized appreciation (depreciation) on open contracts | (374,435) | 1,291,740 |
Forward Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 231,674 | 1,760,347 |
Total unrealized depreciation on open contracts | (429,765) | (303,656) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,324,540 | 1,516,438 |
Total unrealized depreciation on open contracts | $ (1,500,884) | $ (1,681,389) |
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, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative [Line Items] | ||||
Gain (loss) from trading | $ 6,818,858 | $ 926,118 | $ (2,164,660) | $ (5,458,156) |
Commodity [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) from trading | 2,373,965 | (541,942) | (460,958) | (8,308,865) |
Equity [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) from trading | 4,620,180 | 4,492,042 | 2,621,174 | 18,595,714 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) from trading | 310,834 | 535,734 | (4,771,619) | (7,970,592) |
Interest Rates [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) from trading | $ (486,121) | $ (3,559,716) | $ 446,743 | $ (7,774,413) |
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, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 10,477,821 | $ 9,747,286 |
Liabilities | 3,532,188 | 3,930,608 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,556,214 | 3,276,785 |
Liabilities | 1,930,649 | 1,985,045 |
Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,921,607 | 6,470,501 |
Liabilities | 1,601,539 | 1,945,563 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,921,607 | 6,470,501 |
Liabilities | 1,601,539 | 1,945,563 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 8,921,607 | 6,470,501 |
Liabilities | 1,601,539 | 1,945,563 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,556,214 | 3,276,785 |
Liabilities | 1,930,649 | 1,985,045 |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 1,556,214 | 3,276,785 |
Liabilities | $ 1,930,649 | $ 1,985,045 |