Managed Futures Premier Graham (MSCG) 10-Q 7 Nov 19 2019 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2019	Oct. 31, 2019
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	MANAGED FUTURES PREMIER GRAHAM L.P.
Entity Central Index Key	0001066656
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	NY
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,826,161.163
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Equity in trading account:
Unrestricted cash	$ 67,374,224	$ 68,726,517
Restricted cash	23,599,022	16,164,926
Net unrealized appreciation on open forward contracts	828,989	0
Total equity in trading account	91,802,235	84,891,443
Interest receivable	89,645	109,350
Total assets	91,891,880	85,000,793
Liabilities:
Net unrealized depreciation on open contracts	1,504,841	1,336,773
Accrued expenses:
Administrative and General Partner's fees	156,394	148,184
Management fees	105,566	129,660
Redemptions payable to Limited Partners	344,002	2,106,488
Total liabilities	2,110,803	3,721,105
Partners' Capital:
Total partners' capital (net asset value)	89,781,077	81,279,688
Total liabilities and partners' capital	91,891,880	85,000,793
Class Z [Member]
Partners' Capital:
General Partner, Class Z, 101,536.878 and 138,644.001 Units outstanding at September 30, 2019 and December 31, 2018, respectively	968,772	1,044,502
Total partners' capital (net asset value)	$ 968,772	$ 1,044,502
Net asset value per Unit:
Net asset value per unit	$ 9.54	$ 7.53
Class A [Member]
Partners' Capital:
Limited Partners, Class A, 3,854,835.870 and 4,346,874.449 Units outstanding at September 30, 2019 and December 31, 2018, respectively	$ 88,812,305	$ 80,235,186
Total partners' capital (net asset value)	$ 88,812,305	$ 80,235,186
Net asset value per Unit:
Net asset value per unit	$ 23.04	$ 18.46
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open forward contracts	$ 828,989	$ 0
Liabilities:
Net unrealized depreciation on open contracts	0	283,816
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open forward contracts	0	0
Liabilities:
Net unrealized depreciation on open contracts	$ 1,504,841	$ 1,052,957

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2019	Dec. 31, 2018
Limited Partners, Units	3,854,835.870	4,346,874.449
Class Z [Member]
General Partner, Units	101,536.878	138,644.001

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2019USD ($)Contracts		Dec. 31, 2018USD ($)Contracts
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 1,952,337		$ 1,880,468
Total unrealized depreciation on open contracts	(1,123,348)		(2,164,284)
Net unrealized appreciation (depreciation) on open contracts	$ 828,989		$ (283,816)
% of Partners' Capital	0.92%		(0.35%)
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(1.25%)		(2.66%)
Forward Contracts [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	2.17%		2.31%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 364,511		$ 751,884
Total unrealized depreciation on open contracts	$ (442,929)		$ (341,019)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	171		89
% of Partners' Capital	(0.49%)		(0.42%)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	227		264
% of Partners' Capital	0.40%		0.92%
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional Amount	$ 223,648,425		$ 70,440,817
Total unrealized appreciation on open contracts	1,587,826		1,128,584
Notional Amount	103,605,140		118,463,408
Total unrealized depreciation on open contracts	$ (680,419)		$ (1,823,265)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(0.76%)		(2.24%)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	1.77%		1.39%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 2,859,091		$ 3,370,017
Total unrealized depreciation on open contracts	(4,363,932)		(4,422,974)
Net unrealized appreciation (depreciation) on open contracts	$ (1,504,841)		$ (1,052,957)
% of Partners' Capital	(1.68%)		(1.30%)
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 1,184,307		$ 1,479,301
Total unrealized depreciation on open contracts	(1,487,044)		(1,605,268)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	1,015,124		603,645
Total unrealized depreciation on open contracts	(1,068,191)		(1,004,340)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	100,667		12,269
Total unrealized depreciation on open contracts	(2,934)		(61,986)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	558,993		1,274,802
Total unrealized depreciation on open contracts	(1,805,763)		(1,751,380)
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (1,915,410)		$ (802,838)
% of Partners' Capital	(2.13%)		(0.99%)
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	339		127
Net unrealized appreciation (depreciation) on open contracts	$ (699,025)		$ (1,086,825)
% of Partners' Capital	(0.78%)		(1.34%)
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,677		178
Net unrealized appreciation (depreciation) on open contracts	$ (50,782)		$ (922,603)
% of Partners' Capital	(0.05%)		(1.13%)
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	78		59
Net unrealized appreciation (depreciation) on open contracts	$ 70,768		$ (54,022)
% of Partners' Capital	0.08%	[1]	(0.07%)
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	2,825		1,988
Net unrealized appreciation (depreciation) on open contracts	$ (1,236,371)		$ 1,260,612
% of Partners' Capital	(1.38%)		1.55%
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 410,569		$ (250,119)
% of Partners' Capital	0.45%		(0.31%)
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	852		713
Net unrealized appreciation (depreciation) on open contracts	$ 396,288		$ 960,858
% of Partners' Capital	0.43%		1.18%
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	7		392
Net unrealized appreciation (depreciation) on open contracts	$ (2,285)		$ 521,908
% of Partners' Capital	0.00%	[1]	0.64%
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	42		10
Net unrealized appreciation (depreciation) on open contracts	$ 26,965		$ 4,305
% of Partners' Capital	0.03%		0.01%
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	567		1,550
Net unrealized appreciation (depreciation) on open contracts	$ (10,399)		$ (1,737,190)
% of Partners' Capital	(0.01%)		(2.14%)
[1]	Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Investment Income:
Interest income		$ 317,882	$ 346,287	$ 994,180	$ 1,017,004
Expenses:
Administrative and General Partner's fees		437,357	510,128	1,237,294	1,656,090
Ongoing placement agent fees		432,700	504,237	1,222,746	1,637,604
Management fees		295,216	446,361	862,273	1,449,076
Total expenses		1,165,273	1,460,726	3,322,313	4,742,770
Net investment loss		(847,391)	(1,114,439)	(2,328,133)	(3,725,766)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		14,392,615	555,034	20,194,019	(3,289,606)
Net change in unrealized gains (losses) on open contracts		(4,236,061)	6,263,824	657,885	1,124,946
Total trading results		10,156,554	6,818,858	20,851,904	(2,164,660)
Net income (loss)		9,309,163	5,704,419	18,523,771	(5,890,426)
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 9,206,128	$ 5,631,852	$ 18,279,501	$ (5,857,423)
Net income (loss) per Unit:
Net income (loss) per unit	[1]	$ 2.35	$ 1.19	$ 4.58	$ (1.06)
Weighted average Units outstanding:
Weighted average units outstanding		3,895,741.096	4,802,766.582	4,058,512.746	5,002,663.768
Class Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 103,035	$ 72,567	$ 244,270	$ (33,003)
Net income (loss) per Unit:
Net income (loss) per unit	[1]	$ 1.01	$ 0.52	$ 2.01	$ (0.29)
Weighted average Units outstanding:
Weighted average units outstanding		101,536.878	138,644.001	118,549.970	140,358.679
[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 A [Member]	Class A [Member]Limited Partner [Member]	Class Z [Member]	Class Z [Member]General Partner [Member]
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
Balance at Jun. 30, 2018	$ 103,158,949			$ 101,988,750		$ 1,170,199
Subscriptions			$ 50,000		$ 50,000
Redemptions			$ (6,072,134)		$ (6,072,134)
Net income (loss)	5,704,419			5,631,852		72,567
Balance at Sep. 30, 2018	$ 102,841,234			$ 101,598,468		$ 1,242,766
Balance (in units) at Jun. 30, 2018	5,020,433.978			4,881,789.977		138,644.001
Subscriptions (in units)			2,418.965		2,418.965
Redemptions (in units)			(282,533.107)		(282,533.107)
Balance (in units) at Sep. 30, 2018	4,740,319.836			4,601,675.835		138,644.001
Balance at Dec. 31, 2018	$ 81,279,688			$ 80,235,186		$ 1,044,502
Subscriptions			$ 75,624		$ 75,624
Redemptions		$ (320,000)	$ (9,778,006)		$ (9,778,006)		$ (320,000)
Net income (loss)	18,523,771			18,279,501		244,270
Balance at Sep. 30, 2019	$ 89,781,077			$ 88,812,305		$ 968,772
Balance (in units) at Dec. 31, 2018	4,485,518.450			4,346,874.449		138,644.001
Subscriptions (in units)			3,584.803		3,584.803
Redemptions (in units)		(37,107.123)	(495,623.382)		(495,623.382)		(37,107.123)
Balance (in units) at Sep. 30, 2019	3,956,372.748			3,854,835.870		101,536.878
Balance at Jun. 30, 2019	$ 82,305,963			$ 81,440,226		$ 865,737
Subscriptions			$ 20,000		$ 20,000
Redemptions			$ (1,854,049)		$ (1,854,049)
Net income (loss)	9,309,163			9,206,128		103,035
Balance at Sep. 30, 2019	$ 89,781,077			$ 88,812,305		$ 968,772
Balance (in units) at Jun. 30, 2019	4,038,046.760			3,936,509.882		101,536.878
Subscriptions (in units)			833.681		833.681
Redemptions (in units)			(82,507.693)		(82,507.693)
Balance (in units) at Sep. 30, 2019	3,956,372.748			3,854,835.870		101,536.878

Organization

Organization	9 Months Ended
	Sep. 30, 2019
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, 2019. During the reporting periods ended September 30, 2019 and 2018, 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 deposited a portion of its cash in a non-trading As of September 30, 2019, 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 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. Effective February 1, 2019, (i) the monthly management fee paid by the Partnership to the Trading Advisor was reduced to 1/12 th 1.35 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, including 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, 2019
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, 2019 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2019 and 2018. 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, 2019
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, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 2.57 $ 1.42 $ 5.15 $ (0.32) Net investment loss (0.22) (0.23) (0.57) (0.74) Increase (decrease) for the period 2.35 1.19 4.58 (1.06) Net asset value per Unit, beginning of period 20.69 20.89 18.46 23.14 Net asset value per Unit, end of period $ 23.04 $ 22.08 $ 23.04 $ 22.08 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.8) % (4.3) % (3.8) % (4.5) % Operating expenses 5.3 % 5.7 % 5.4 % 5.9 % Incentive fees - - - - Total expenses 5.3 % 5.7 % 5.4 % 5.9 % Total return: Total return before incentive fees 11.4 % 5.7 % 24.8 % (4.6) % Incentive fees - - - - Total return after incentive fees 11.4 % 5.7 % 24.8 % (4.6) % * 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, 2019
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 27.8% to 40.3% 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, 2019
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, 2019 and 2018 were 6,614 and 7,890, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2019 and 2018 were 6,309 and 7,745, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2019 and 2018 were 610 and 795, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2019 and 2018 were 648 and 889, respectively. The monthly average notional values of currency forward contracts traded during the three months ended September 30, 2019 and 2018 were $382,155,182 and $345,939,162, respectively. The monthly average notional values of currency forward contracts traded during the nine months ended September 30, 2019 and 2018 were $375,616,493 and $427,279,697, 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 arrangements as of September 30, 2019 and December 31, 2018, 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, 2019 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 2,859,091 $ (2,859,091 ) $ - $ - $ - $ - Forwards 1,952,337 (1,123,348 ) 828,989 - - 828,989 Total assets $ 4,811,428 $ (3,982,439 ) $ 828,989 $ - $ - $ 828,989 Liabilities Futures $ (4,363,932 ) $ 2,859,091 $ (1,504,841 ) $ - $ 1,504,841 $ - Forwards (1,123,348 ) 1,123,348 - - - - Total liabilities $ (5,487,280 ) $ 3,982,439 $ (1,504,841 ) $ - $ 1,504,841 $ - Net fair value $ 828,989 * 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, 2018 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 3,370,017 $ (3,370,017 ) $ - $ - $ - $ - Forwards 1,880,468 (1,880,468 ) - - - - Total assets $ 5,250,485 $ (5,250,485 ) $ - $ - $ - $ - Liabilities Futures $ (4,422,974 ) $ 3,370,017 $ (1,052,957 ) $ - $ 1,052,957 $ - Forwards (2,164,284 ) 1,880,468 (283,816 ) - 283,816 - Total liabilities $ (6,587,258 ) $ 5,250,485 $ (1,336,773 ) $ - $ 1,336,773 $ - Net fair value $ - * * 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, 2019 and December 31, 2018, respectively. September 30, 2019 Assets Futures Contracts Commodity $ 1,184,307 Equity 1,015,124 Currencies 100,667 Interest Rates 558,993 Total unrealized appreciation on open futures contracts 2,859,091 Liabilities Futures Contracts Commodity (1,487,044) Equity (1,068,191) Currencies (2,934) Interest Rates (1,805,763) Total unrealized depreciation on open futures contracts (4,363,932) Net unrealized depreciation on open futures contracts $ (1,504,841) * Assets Forward Contracts Commodity $ 364,511 Currencies 1,587,826 Total unrealized appreciation on open forward contracts 1,952,337 Liabilities Forward Contracts Commodity (442,929) Currencies (680,419) Total unrealized depreciation on open forward contracts (1,123,348) Net unrealized appreciation on open forward contracts $ 828,989 ** * This amount is in “Net unrealized depreciation 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, 2018 Assets Futures Contracts Commodity $ 1,479,301 Equity 603,645 Currencies 12,269 Interest Rates 1,274,802 Total unrealized appreciation on open futures contracts 3,370,017 Liabilities Futures Contracts Commodity (1,605,268) Equity (1,004,340) Currencies (61,986) Interest Rates (1,751,380) Total unrealized depreciation on open futures contracts (4,422,974) Net unrealized depreciation on open futures contracts $ (1,052,957) * Assets Forward Contracts Commodity $ 751,884 Currencies 1,128,584 Total unrealized appreciation on open forward contracts 1,880,468 Liabilities Forward Contracts Commodity (341,019) Currencies (1,823,265) Total unrealized depreciation on open forward contracts (2,164,284) Net unrealized depreciation on open forward contracts $ (283,816) ** * This amount is in “Net unrealized depreciation 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended September 30, September 30, Sector 2019 2018 2019 2018 Commodity $ (1,404,000) $ 2,373,965 $ (8,220,621) $ (460,958) Equity 3,264,907 4,620,180 9,079,949 2,621,174 Currencies 4,237,371 310,834 3,058,550 (4,771,619) Interest Rates 4,058,276 (486,121) 16,934,026 446,743 Total $ 10,156,554 *** $ 6,818,858 *** $ 20,851,904 *** $ (2,164,660) *** *** 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, 2019
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, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,859,091 $ 2,859,091 $ - $ - Forwards 1,952,337 - 1,952,337 - Total assets $ 4,811,428 $ 2,859,091 $ 1,952,337 $ - Liabilities Futures $ 4,363,932 $ 4,363,932 $ - $ - Forwards 1,123,348 - 1,123,348 - Total liabilities $ 5,487,280 $ 4,363,932 $ 1,123,348 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 3,370,017 $ 3,370,017 $ - $ - Forwards 1,880,468 - 1,880,468 - Total assets $ 5,250,485 $ 3,370,017 $ 1,880,468 $ - Liabilities Futures $ 4,422,974 $ 4,422,974 $ - $ - Forwards 2,164,284 - 2,164,284 - Total liabilities $ 6,587,258 $ 4,422,974 $ 2,164,284 $ -

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
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.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2019
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.” 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

Organization (Tables)

Organization (Tables)	9 Months Ended
	Sep. 30, 2019
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 Z All

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 2.57 $ 1.42 $ 5.15 $ (0.32) Net investment loss (0.22) (0.23) (0.57) (0.74) Increase (decrease) for the period 2.35 1.19 4.58 (1.06) Net asset value per Unit, beginning of period 20.69 20.89 18.46 23.14 Net asset value per Unit, end of period $ 23.04 $ 22.08 $ 23.04 $ 22.08 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.8) % (4.3) % (3.8) % (4.5) % Operating expenses 5.3 % 5.7 % 5.4 % 5.9 % Incentive fees - - - - Total expenses 5.3 % 5.7 % 5.4 % 5.9 % Total return: Total return before incentive fees 11.4 % 5.7 % 24.8 % (4.6) % Incentive fees - - - - Total return after incentive fees 11.4 % 5.7 % 24.8 % (4.6) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2019
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 arrangements as of September 30, 2019 and December 31, 2018, 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, 2019 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 2,859,091 $ (2,859,091 ) $ - $ - $ - $ - Forwards 1,952,337 (1,123,348 ) 828,989 - - 828,989 Total assets $ 4,811,428 $ (3,982,439 ) $ 828,989 $ - $ - $ 828,989 Liabilities Futures $ (4,363,932 ) $ 2,859,091 $ (1,504,841 ) $ - $ 1,504,841 $ - Forwards (1,123,348 ) 1,123,348 - - - - Total liabilities $ (5,487,280 ) $ 3,982,439 $ (1,504,841 ) $ - $ 1,504,841 $ - Net fair value $ 828,989 * 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, 2018 Recognized Condition Condition Instruments Received/Pledged* Net Amount Assets Futures $ 3,370,017 $ (3,370,017 ) $ - $ - $ - $ - Forwards 1,880,468 (1,880,468 ) - - - - Total assets $ 5,250,485 $ (5,250,485 ) $ - $ - $ - $ - Liabilities Futures $ (4,422,974 ) $ 3,370,017 $ (1,052,957 ) $ - $ 1,052,957 $ - Forwards (2,164,284 ) 1,880,468 (283,816 ) - 283,816 - Total liabilities $ (6,587,258 ) $ 5,250,485 $ (1,336,773 ) $ - $ 1,336,773 $ - Net fair value $ - * * 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, 2019 and December 31, 2018, respectively. September 30, 2019 Assets Futures Contracts Commodity $ 1,184,307 Equity 1,015,124 Currencies 100,667 Interest Rates 558,993 Total unrealized appreciation on open futures contracts 2,859,091 Liabilities Futures Contracts Commodity (1,487,044) Equity (1,068,191) Currencies (2,934) Interest Rates (1,805,763) Total unrealized depreciation on open futures contracts (4,363,932) Net unrealized depreciation on open futures contracts $ (1,504,841) * Assets Forward Contracts Commodity $ 364,511 Currencies 1,587,826 Total unrealized appreciation on open forward contracts 1,952,337 Liabilities Forward Contracts Commodity (442,929) Currencies (680,419) Total unrealized depreciation on open forward contracts (1,123,348) Net unrealized appreciation on open forward contracts $ 828,989 ** * This amount is in “Net unrealized depreciation 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, 2018 Assets Futures Contracts Commodity $ 1,479,301 Equity 603,645 Currencies 12,269 Interest Rates 1,274,802 Total unrealized appreciation on open futures contracts 3,370,017 Liabilities Futures Contracts Commodity (1,605,268) Equity (1,004,340) Currencies (61,986) Interest Rates (1,751,380) Total unrealized depreciation on open futures contracts (4,422,974) Net unrealized depreciation on open futures contracts $ (1,052,957) * Assets Forward Contracts Commodity $ 751,884 Currencies 1,128,584 Total unrealized appreciation on open forward contracts 1,880,468 Liabilities Forward Contracts Commodity (341,019) Currencies (1,823,265) Total unrealized depreciation on open forward contracts (2,164,284) Net unrealized depreciation on open forward contracts $ (283,816) ** * This amount is in “Net unrealized depreciation 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.
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, 2019 and 2018, respectively. Three Months Ended Nine Months Ended September 30, September 30, Sector 2019 2018 2019 2018 Commodity $ (1,404,000) $ 2,373,965 $ (8,220,621) $ (460,958) Equity 3,264,907 4,620,180 9,079,949 2,621,174 Currencies 4,237,371 310,834 3,058,550 (4,771,619) Interest Rates 4,058,276 (486,121) 16,934,026 446,743 Total $ 10,156,554 *** $ 6,818,858 *** $ 20,851,904 *** $ (2,164,660) *** *** 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, 2019
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	September 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,859,091 $ 2,859,091 $ - $ - Forwards 1,952,337 - 1,952,337 - Total assets $ 4,811,428 $ 2,859,091 $ 1,952,337 $ - Liabilities Futures $ 4,363,932 $ 4,363,932 $ - $ - Forwards 1,123,348 - 1,123,348 - Total liabilities $ 5,487,280 $ 4,363,932 $ 1,123,348 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 3,370,017 $ 3,370,017 $ - $ - Forwards 1,880,468 - 1,880,468 - Total assets $ 5,250,485 $ 3,370,017 $ 1,880,468 $ - Liabilities Futures $ 4,422,974 $ 4,422,974 $ - $ - Forwards 2,164,284 - 2,164,284 - Total liabilities $ 6,587,258 $ 4,422,974 $ 2,164,284 $ -

Organization - Additional Infor

Organization - Additional Information (Detail)	Feb. 01, 2019	Sep. 30, 2019Class	Jul. 01, 2016$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of share classes | Class		3
Management Fees Payable Monthly Percentage		0.1458%
Annualized ongoing placement agent fee	1.35%
Incentive Fee Rate Trading Advisor		18.00%
Class 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, 2019USD ($)
Class 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Cash held for margin requirements	$ 23,599,022	$ 16,164,926
Cash denominated in foreign currencies	1,501	(361,312)
Cash denominated in foreign currencies, proceeds	1,369	$ 364,480
Uncertain tax position	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Class A [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period			$ 18.46
Net asset value per Unit, end of period	$ 23.04		$ 23.04
Limited Partner [Member]
Ratios to Average Limited Partners' Capital:
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return:
Incentive fees	0.00%	0.00%	0.00%	0.00%
Limited Partner [Member] | Class A [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 2.57	$ 1.42	$ 5.15	$ (0.32)
Net investment loss	(0.22)	(0.23)	(0.57)	(0.74)
Increase (decrease) for the period	2.35	1.19	4.58	(1.06)
Net asset value per Unit, beginning of period	20.69	20.89	18.46	23.14
Net asset value per Unit, end of period	$ 23.04	$ 22.08	$ 23.04	$ 22.08
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.80%)	(4.30%)	(3.80%)	(4.50%)
Operating expenses	5.30%	5.70%	5.40%	5.90%
Total expenses	5.30%	5.70%	5.40%	5.90%
Total return:
Total return before incentive fees	11.40%	5.70%	24.80%	(4.60%)
Total return after incentive fees	11.40%	5.70%	24.80%	(4.60%)

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Credit Concentration Risk [Member] - Contracts [Member] - Over the Counter [Member]	9 Months Ended
	Sep. 30, 2019
Minimum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	27.80%
Maximum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	40.30%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average number of futures contracts traded	6,614	7,890	6,309	7,745
Average number of metals forward contracts traded	610	795	648	889
Average notional value of currency forward contracts	$ 382,155,182	$ 345,939,162	$ 375,616,493	$ 427,279,697

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, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts Recognized	$ 4,811,428	$ 5,250,485
Gross Amounts Offset in the Statements of Financial Condition	(3,982,439)	(5,250,485)
Net Amounts Presented in the Statements of Financial Condition	828,989	0
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	828,989	0
Gross Amounts Recognized	(5,487,280)	(6,587,258)
Gross Amounts Offset in the Statements of Financial Condition	3,982,439	5,250,485
Net Amounts Presented in the Statements of Financial Condition	(1,504,841)	(1,336,773)
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	1,504,841	1,336,773
Net Amount, Liabilities	0	0
Net fair value	828,989	0
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	2,859,091	3,370,017
Gross Amounts Offset in the Statements of Financial Condition	(2,859,091)	(3,370,017)
Net Amounts Presented in the Statements of Financial Condition	0	0
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	0	0
Gross Amounts Recognized	(4,363,932)	(4,422,974)
Gross Amounts Offset in the Statements of Financial Condition	2,859,091	3,370,017
Net Amounts Presented in the Statements of Financial Condition	(1,504,841)	(1,052,957)
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	1,504,841	1,052,957
Net Amount, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	1,952,337	1,880,468
Gross Amounts Offset in the Statements of Financial Condition	(1,123,348)	(1,880,468)
Net Amounts Presented in the Statements of Financial Condition	828,989	0
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	828,989	0
Gross Amounts Recognized	(1,123,348)	(2,164,284)
Gross Amounts Offset in the Statements of Financial Condition	1,123,348	1,880,468
Net Amounts Presented in the Statements of Financial Condition	0	(283,816)
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	283,816
Net Amount, Liabilities	$ 0	$ 0

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, 2019	Dec. 31, 2018
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 2,859,091	$ 3,370,017
Total unrealized depreciation on open contracts	(4,363,932)	(4,422,974)
Net unrealized appreciation (depreciation) on open contracts	(1,504,841)	(1,052,957)
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,184,307	1,479,301
Total unrealized depreciation on open contracts	(1,487,044)	(1,605,268)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,015,124	603,645
Total unrealized depreciation on open contracts	(1,068,191)	(1,004,340)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	100,667	12,269
Total unrealized depreciation on open contracts	(2,934)	(61,986)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	558,993	1,274,802
Total unrealized depreciation on open contracts	(1,805,763)	(1,751,380)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,952,337	1,880,468
Total unrealized depreciation on open contracts	(1,123,348)	(2,164,284)
Net unrealized appreciation (depreciation) on open contracts	828,989	(283,816)
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	364,511	751,884
Total unrealized depreciation on open contracts	(442,929)	(341,019)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,587,826	1,128,584
Total unrealized depreciation on open contracts	$ (680,419)	$ (1,823,265)

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Derivative [Line Items]
Gain (loss) from trading	$ 10,156,554	$ 6,818,858	$ 20,851,904	$ (2,164,660)
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	(1,404,000)	2,373,965	(8,220,621)	(460,958)
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	3,264,907	4,620,180	9,079,949	2,621,174
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	4,237,371	310,834	3,058,550	(4,771,619)
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ 4,058,276	$ (486,121)	$ 16,934,026	$ 446,743

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, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 4,811,428	$ 5,250,485
Liabilities	5,487,280	6,587,258
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,952,337	1,880,468
Liabilities	1,123,348	2,164,284
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,859,091	3,370,017
Liabilities	4,363,932	4,422,974
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,859,091	3,370,017
Liabilities	4,363,932	4,422,974
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,859,091	3,370,017
Liabilities	4,363,932	4,422,974
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,952,337	1,880,468
Liabilities	1,123,348	2,164,284
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1,952,337	1,880,468
Liabilities	$ 1,123,348	$ 2,164,284