Managed Futures Premier Graham (MSCG) 10-K 26 Mar 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2019	Feb. 29, 2020	Jun. 30, 2019
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Registrant Name	MANAGED FUTURES PREMIER GRAHAM L.P.
Entity Central Index Key	0001066656
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Address, State or Province	NY
Entity Voluntary Filers	No
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,685,717.774
Entity Public Float			$ 81,440,226
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0
Entity Public Float			$ 0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Equity in trading account:
Unrestricted cash (Note 2e)	$ 63,480,873	$ 68,726,517
Restricted cash (Note 2e)	23,130,597	16,164,926
Total equity in trading account	86,611,470	84,891,443
Interest receivable (Note 2h)	70,012	109,350
Total assets	86,681,482	85,000,793
Liabilities:
Net unrealized depreciation on open contracts	1,849,620	1,336,773
Accrued expenses:
Administrative and General Partner's fees (Note 2i)	148,476	148,184
Management fees (Note 3)	100,221	129,660
Redemptions payable to Limited Partners (Notes 2n and 2o)	476,333	2,106,488
Total liabilities	2,574,650	3,721,105
Partners' Capital:
Total partners' capital (net asset value)	84,106,832	81,279,688
Total liabilities and partners' capital	86,681,482	85,000,793
Class Z [Member]
Partners' Capital:
General Partner, Class Z, 101,536.878 and 138,644.001 Units outstanding at December 31, 2019 and 2018, respectively	938,707	1,044,502
Total partners' capital (net asset value)	$ 938,707	$ 1,044,502
Net asset value per Unit:
Net asset value per unit	$ 9.24	$ 7.53
Class A [Member]
Partners' Capital:
Limited Partners, Class A, 3,744,360.651 and 4,346,874.449 Units outstanding at December 31, 2019 and 2018, respectively	$ 83,168,125	$ 80,235,186
Total partners' capital (net asset value)	$ 83,168,125	$ 80,235,186
Net asset value per Unit:
Net asset value per unit	$ 22.21	$ 18.46
Forward Contracts [Member]
Liabilities:
Net unrealized depreciation on open contracts	$ 1,261,911	$ 283,816
Futures Contracts [Member]
Liabilities:
Net unrealized depreciation on open contracts	$ 587,709	$ 1,052,957

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2019	Dec. 31, 2018
Limited Partners, Units	3,744,360.651	4,346,874.449
Class Z [Member]
General Partner, Units	101,536.878	138,644.001

Condensed Schedule of Investmen

Condensed Schedule of Investments	Dec. 31, 2019USD ($)Contracts	Dec. 31, 2018USD ($)Contracts
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 766,007	$ 1,880,468
Total unrealized depreciation on open contracts	(2,027,918)	(2,164,284)
Net unrealized depreciation on open forward contracts	$ (1,261,911)	$ (283,816)
% of Partners' Capital	(1.50%)	(0.35%)
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(2.41%)	(2.66%)
Forward Contracts [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.91%	2.31%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 221,915	$ 751,884
Total unrealized depreciation on open contracts	$ (703,280)	$ (341,019)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	193	89
% of Partners' Capital	(0.84%)	(0.42%)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	181	264
% of Partners' Capital	0.26%	0.92%
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional Amount	$ 54,910,028	$ 70,440,817
Total unrealized appreciation on open contracts	544,092	1,128,584
Notional Amount	135,994,690	118,463,408
Total unrealized depreciation on open contracts	$ (1,324,638)	$ (1,823,265)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(1.57%)	(2.24%)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.65%	1.39%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 2,519,269	$ 3,370,017
Total unrealized depreciation on open contracts	(3,106,978)	(4,422,974)
Net unrealized depreciation on open forward contracts	$ (587,709)	$ (1,052,957)
% of Partners' Capital	(0.70%)	(1.30%)
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 1,269,325	$ 1,479,301
Total unrealized depreciation on open contracts	(779,067)	(1,605,268)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	546,906	603,645
Total unrealized depreciation on open contracts	(500,127)	(1,004,340)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	25,888	12,269
Total unrealized depreciation on open contracts	(30,980)	(61,986)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	677,150	1,274,802
Total unrealized depreciation on open contracts	(1,796,804)	(1,751,380)
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized depreciation on open forward contracts	$ (433,073)	$ (802,838)
% of Partners' Capital	(0.51%)	(0.99%)
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	667	127
Net unrealized depreciation on open forward contracts	$ 1,060,773	$ (1,086,825)
% of Partners' Capital	1.26%	(1.34%)
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,328	178
Net unrealized depreciation on open forward contracts	$ 228,739	$ (922,603)
% of Partners' Capital	0.27%	(1.13%)
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	4	59
Net unrealized depreciation on open forward contracts	$ 4,495	$ (54,022)
% of Partners' Capital	0.01%	(0.07%)
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,811	1,988
Net unrealized depreciation on open forward contracts	$ (1,727,080)	$ 1,260,612
% of Partners' Capital	(2.05%)	1.55%
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized depreciation on open forward contracts	$ (154,636)	$ (250,119)
% of Partners' Capital	(0.19%)	(0.31%)
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	596	713
Net unrealized depreciation on open forward contracts	$ (570,515)	$ 960,858
% of Partners' Capital	(0.68%)	1.18%
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	231	392
Net unrealized depreciation on open forward contracts	$ (181,960)	$ 521,908
% of Partners' Capital	(0.22%)	0.64%
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	56	10
Net unrealized depreciation on open forward contracts	$ (9,587)	$ 4,305
% of Partners' Capital	(0.01%)	0.01%
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	1,051	1,550
Net unrealized depreciation on open forward contracts	$ 607,426	$ (1,737,190)
% of Partners' Capital	0.72%	(2.14%)

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Investment Income:
Interest income		$ 1,243,920	$ 1,376,893	$ 767,410
Expenses:
Administrative and General Partner's fees (Note 2i)		1,680,915	2,132,770	2,326,881
Ongoing placement agent fees (Note 2j)		1,661,523	2,108,440	2,299,967
Management fees (Note 3)		1,161,716	1,866,172	2,036,022
Total expenses		4,504,154	6,107,382	6,662,870
Net investment loss		(3,260,234)	(4,730,489)	(5,895,460)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		19,166,338	(10,660,546)	7,703,605
Net change in unrealized gains (losses) on open contracts		(521,383)	(7,152,042)	2,996,032
Total trading results		18,644,955	(17,812,588)	10,699,637
Net income (loss)		15,384,721	(22,543,077)	4,804,177
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 15,170,516	$ (22,311,810)	$ 4,732,396
Net income (loss) per Unit (Note 7):
Net income (loss) per unit	[1]	$ 3.75	$ (4.68)	$ 1.08
Weighted average Units outstanding:
Weighted average units outstanding		3,997,784.932	4,886,957.150	5,362,124.118
Class Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 214,205	$ (231,267)	$ 71,781
Net income (loss) per Unit (Note 7):
Net income (loss) per unit	[1]	$ 1.71	$ (1.72)	$ 0.60
Weighted average Units outstanding:
Weighted average units outstanding		114,296.697	139,930.009	158,440.533
[1]	Represents the change in net asset value per Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	General Partner [Member]	Limited Partner [Member]	Class A [Member]	Class A [Member]Limited Partner [Member]	Class Z [Member]	Class 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)	$ (22,615,682)		$ (22,615,682)		$ (300,000)
Net income (loss)	4,804,177			4,732,396		71,781
Balance at Dec. 31, 2017	$ 112,903,801			$ 111,594,219		$ 1,309,582
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)	(1,046,173.203)		(1,046,173.203)		(36,267.329)
Balance (in units) at Dec. 31, 2017	4,964,459.780			4,822,944.482		141,515.298
Subscriptions		$ 116,187	$ 9,800,783		$ 9,800,783		$ 116,187
Redemptions		$ (150,000)	$ (18,848,006)		$ (18,848,006)		$ (150,000)
Net income (loss)	$ (22,543,077)			$ (22,311,810)		$ (231,267)
Balance at Dec. 31, 2018	$ 81,279,688			$ 80,235,186		$ 1,044,502
Subscriptions (in units)		12,560.802	425,348.852		425,348.852		12,560.802
Redemptions (in units)		(15,432.099)	(901,418.885)		(901,418.885)		(15,432.099)
Balance (in units) at Dec. 31, 2018	4,485,518.450			4,346,874.449		138,644.001
Subscriptions			$ 75,624		$ 75,624
Redemptions		$ (320,000)	$ (12,313,201)		$ (12,313,201)		$ (320,000)
Net income (loss)	$ 15,384,721			$ 15,170,516		$ 214,205
Balance at Dec. 31, 2019	$ 84,106,832			$ 83,168,125		$ 938,707
Subscriptions (in units)			3,584.803		3,584.803
Redemptions (in units)		(37,107.123)	(606,098.601)		(606,098.601)		(37,107.123)
Balance (in units) at Dec. 31, 2019	3,845,897.529			3,744,360.651		101,536.878

Organization

Organization	12 Months Ended
	Dec. 31, 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. The General Partner 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 (the “Placement Agent”) for the Partnership. Morgan Stanley Wealth Management is a principal subsidiary of MSD Holdings. During the periods covered by this report, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnership deposited a portion of its cash in a non-trading 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 sub-selling th As of December 31, 2019, Units 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 As of July 1, 2016, the General Partner of the Partnership began offering Class Z Units. All Units issued prior to June 30, 2016 were deemed Class A Units. The rights, liabilities, risks, and fees associated with investment in the Class A Units did not change. Class Z Units were first issued at $10 per Unit. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Each of Class A, D and Z Units of the Partnership have the same investment exposure and rights except for the amount of the ongoing placement agent fee charged to each Class of Units; Class Z Units are not subject to an ongoing placement agent fee. The General Partner may, at its discretion, offer additional Classes of Units as described in the private placement memorandum of the Partnership, as amended from time to time (the “Memorandum”). Ceres is required to maintain a 1% minimum interest in the equity of the Partnership and income (losses) are shared by Ceres and the limited partners based on their proportional ownership interest. The General Partner has 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	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. “Statement of Cash Flows.” d. Partnership’s Investments. first-in, first-out e. Restricted and Unrestricted Cash. f. Foreign Currency Transactions and Translation. g. Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not h. Revenue Recognition. 4-week i. Administrative and General Partner’s Fee. th j. Placement Agent Fees. Class of Units Annualized Rate (%) A 2.00% D 0.75% Z 0.00% The Placement Agent pays a portion of the ongoing placement agent fees it receives from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the relevant limited partners. Certain limited partners (other than ERISA/IRA investors) may be deemed to hold Class Z Units. Class Z Units are not subject to ongoing placement agent fees. k. Continuing Offering. No selling commissions or charges related to the initial offering of Units are paid by the limited partners or the Partnership. MS&Co. pays all such costs. l. Equity in Trading Account. The Partnership, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Partnership and are reported on a net basis in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its right to offset. m. Investment Company Status. Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements n. Redemptions. o. Exchanges. p. Distributions. pro-rata q. Dissolution of the Partnership. r. Net Income (Loss) per Unit. Net income (loss) per Unit is calculated in accordance with ASC 946, “Financial Services – Investment Companies.”

Trading Advisor

Trading Advisor	12 Months Ended
	Dec. 31, 2019
Brokers and Dealers [Abstract]
Trading Advisor	3. Trading Advisor: Ceres, on behalf of the Partnership, has retained Graham Capital Management L.P. (“Graham” or the “Trading Advisor”) to make all trading decisions for the Partnership. Compensation to the Trading Advisor by the Partnership consists of a management fee and an incentive fee as follows: Management Fee — th th Incentive Fee — Trading profits represent the amount by which profits from trading in Futures Interests exceed losses after ongoing placement agent, management and administrative and General Partner’s fees are deducted. When the Trading Advisor experiences losses with respect to net assets as of the end of such period, the Trading Advisor must recover such losses before the Trading Advisor is eligible for an incentive fee in the future. Cumulative trading losses are adjusted on a pro-rated basis for the amount of each month’s net redemptions.

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 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 68.8% 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 General Partner considers the risk of any future obligation relating to these indemnifications to be remote.

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 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 years ended December 31, 2019 and 2018 were 6,338 and 7,300, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2019 and 2018 were 650 and 826, respectively. The monthly average notional values of currency forward contracts traded during the years ended December 31, 2019 and 2018 were $380,666,033 and $415,107,828, 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 December 31, 2019 and 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 December 31, 2019 Amounts Financial Financial Financial Cash Collateral Net Amount Assets Futures $ 2,519,269 $ (2,519,269 ) $ - $ - $ - $ - Forwards 766,007 (766,007 ) - - - - Total assets $ 3,285,276 $ (3,285,276 ) $ - $ - $ - $ - Liabilities Futures $ (3,106,978 ) $ 2,519,269 $ (587,709 ) $ - $ 587,709 $ - Forwards (2,027,918 ) 766,007 (1,261,911 ) - 1,261,911 - Total liabilities $ (5,134,896 ) $ 3,285,276 $ (1,849,620 ) $ - $ 1,849,620 $ - Net fair value $ - * Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition December 31, 2018 Amounts Financial Financial Financial Cash Collateral 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 December 31, 2019 and 2018, respectively. December 31, 2019 Assets Futures Contracts Commodity $ 1,269,325 Equity 546,906 Currencies 25,888 Interest Rates 677,150 Total unrealized appreciation on open futures contracts 2,519,269 Liabilities Futures Contracts Commodity (779,067) Equity (500,127) Currencies (30,980) Interest Rates (1,796,804) Total unrealized depreciation on open futures contracts (3,106,978) Net unrealized depreciation on open futures contracts $ (587,709) * Assets Forward Contracts Commodity $ 221,915 Currencies 544,092 Total unrealized appreciation on open forward contracts 766,007 Liabilities Forward Contracts Commodity (703,280) Currencies (1,324,638) Total unrealized depreciation on open forward contracts (2,027,918) Net unrealized depreciation on open forward contracts $ (1,261,911) ** * 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. 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 years ended December 31, 2019, 2018 and 2017, respectively. Sector 2019 2018 2017 Commodity $ (9,168,467) $ (4,944,164) $ (671,410) Equity 15,551,437 (6,517,413) 27,931,380 Currencies (658,803) (4,275,072) (10,774,286) Interest Rates 12,920,788 (2,075,939) (5,786,047) Total $ 18,644,955 *** $ (17,812,588) *** $ 10,699,637 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,519,269 $ 2,519,269 $ - $ - Forwards 766,007 - 766,007 - Total assets $ 3,285,276 $ 2,519,269 $ 766,007 $ - Liabilities Futures $ 3,106,978 $ 3,106,978 $ - $ - Forwards 2,027,918 - 2,027,918 - Total liabilities $ 5,134,896 $ 3,106,978 $ 2,027,918 $ - 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 $ -

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2019
Investment Company [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 4.56 $ (3.72) $ 2.17 Net investment loss (0.81) (0.96) (1.09) Increase (decrease) for the year 3.75 (4.68) 1.08 Net asset value per Unit, beginning of year 18.46 23.14 22.06 Net asset value per Unit, end of year $ 22.21 $ 18.46 $ 23.14 2019 2018 2017 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (3.9) % (4.6) % (5.1) % Operating expenses 5.4 % 5.9 % 5.8 % Incentive fees - - - Total expenses 5.4 % 5.9 % 5.8 % Total return: Total return before incentive fees 20.3 % (20.2) % 4.9 % Incentive fees - - - Total return after incentive fees 20.3 % (20.2) % 4.9 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material.
Profit Allocation	Profit Allocation. The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any.
Statement of Cash Flows	Statement of Cash Flows. The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “Statement of Cash Flows.”
Partnership's Investments	Partnership’s Investments. All Futures Interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 6, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Net unrealized gains or losses on open contracts are included as a component of equity in trading account in the Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements of Income and Expenses. The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Statements of Income and Expenses.
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash. The cash held by the Partnership that is available for Futures Interests trading is on deposit in a commodity brokerage account with MS&Co. As reflected in the Statements of Financial Condition, the Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. All of these amounts are maintained separately. At December 31, 2019 and 2018, the amount of cash held for margin requirements was $23,130,597 and $16,164,926, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(555,456) (proceeds of $550,088) and $(361,312) (proceeds of $364,480) as of December 31, 2019 and 2018, respectively.
Foreign Currency Transactions and Translation	Foreign Currency Transactions and Translation. The Partnership’s functional currency is the U.S. dollar; however, the Partnership may transact business in currencies other than the U.S. dollar. Assets and liabilities denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect at the date of the Statements of Financial Condition. Income and expense items denominated in currencies other than the U.S. dollar are translated into U.S. dollars at the rate in effect during the period.
Income Taxes	Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “Income Taxes,”
Revenue Recognition	Revenue Recognition. For excess cash which is not invested by the General Partner in U.S. Treasury bills and/or other permitted investments, monthly, MS&Co. credits the Partnership with interest income on 100% of the average daily equity maintained in cash in the Partnership’s account during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. and Ceres retain any interest earned on such uninvested cash in excess of the interest paid to the Partnership. For purposes of these interest credits, daily funds do not include monies due to the Partnership on or with respect to futures, forward, or option contracts that have not been received.
Administrative and General Partner's Fee	Administrative and General Partner’s Fee. The Partnership pays the General Partner a monthly administrative and General Partner’s fee equal to 1/12 th of 2% (2% annual rate) of the Partnership’s net assets (plus “notional” funds, if any) as of the first day of each month, as described in the Partnership’s Memorandum. The General Partner then pays or reimburses the Partnership for all fees and costs charged or incurred by the commodity brokers for trades executed on behalf of the Partnership, and for all ordinary administrative and offering expenses. Such fees cover all brokerage fees, transaction fees and costs, and legal, accounting and auditing expenses, printing costs, filing fees, escrow fees, marketing costs, and other related fees and expenses.
Placement Agent Fees	Placement Agent Fees. The Partnership pays the Placement Agent ongoing compensation on a monthly basis equal to a percentage of the net asset value (as defined in the Memorandum) of a limited partner’s Unit as of the beginning of each month. The applicable rate payable by each limited partner is determined by the Class of Units held by such limited partner. The Partnership pays the Placement Agent the following percentage in accordance with the following schedule: Class of Units Annualized Rate (%) A 2.00% D 0.75% Z 0.00% The Placement Agent pays a portion of the ongoing placement agent fees it receives from the Partnership to the Morgan Stanley Financial Advisor or Private Wealth Advisor responsible for selling the Units to the relevant limited partners. Certain limited partners (other than ERISA/IRA investors) may be deemed to hold Class Z Units. Class Z Units are not subject to ongoing placement agent fees.
Continuing Offering	Continuing Offering. Units of the Partnership are offered at a price equal to 100% of the net asset value per Unit as of the first day of each month at the final net asset value per Unit as of the last day of the immediately preceding month. The minimum subscription amount in Class A Units in the Partnership is $25,000 ($10,000 for ERISA/IRA investors), subject to the discretion of Ceres to accept a lower amount. Certain investors are eligible to purchase Class D Units upon investing a minimum of $5,000,000 in the Partnership. The Class of Units that a limited partner receives upon a subscription will generally depend upon the aggregate amount invested in the Partnership, although the General Partner may determine to offer Class A or Class D Units to an investor in its sole discretion, regardless of investment amount. Additional subscriptions can be made in a minimum amount of $10,000, subject to the discretion of Ceres to accept a lower amount. The request for subscriptions must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded to and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month. No selling commissions or charges related to the initial offering of Units are paid by the limited partners or the Partnership. MS&Co. pays all such costs.
Equity in Trading Account	Equity in Trading Account. The Partnership’s asset “Equity in trading account” reflected in the Statements of Financial Condition consists of cash on deposit with MS&Co., a portion of which is to be used as margin for trading and net unrealized appreciation on open futures and forward contracts, which are calculated as the difference between the original contract value and fair value. The Partnership, in its normal course of business, enters into various contracts with MS&Co. acting as its commodity broker. Pursuant to the brokerage agreement with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for the Partnership and are reported on a net basis in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its right to offset.
Investment Company Status	Investment Company Status. The Partnership has adopted Accounting Standards Update 2013-08, “ Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Redemptions	Redemptions. Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit. The request for redemptions must be delivered to a limited partner’s local Morgan Stanley Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month in which the redemption is to be effective.
Exchanges	Exchanges. Limited partners may redeem some or all of their Units at 100% of the net asset value per Unit of the Partnership on the Redemption Date and use the proceeds to purchase units in any other commodity pool operated by Ceres that is open to investment. Limited partners may also redeem units in any other commodity pool operated by Ceres and use the proceeds to purchase Units in the Partnership. The request for exchanges must be delivered to a limited partner’s Morgan Stanley Wealth Management Branch Office in time for it to be forwarded and received by Ceres no later than 3:00 P.M., New York City time, on the third business day before the end of the month.
Distributions	Distributions. Distributions, other than redemptions of Units, are made on a pro-rata basis at the sole discretion of Ceres. No distributions have been made to date. Ceres does not intend to make any distributions of the Partnership’s profits.
Dissolution of the Partnership	Dissolution of the Partnership. The Partnership will terminate on December 31, 2035, or at an earlier date if certain conditions occur as defined in the Memorandum.
Net Income (Loss) per Unit	Net Income (Loss) per Unit. Net income (loss) per Unit is calculated in accordance with ASC 946, “Financial Services – Investment Companies.”

Organization (Tables)

Organization (Tables)	12 Months Ended
	Dec. 31, 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 and above Z All

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of Payment to the Placement Agent	Class of Units Annualized Rate (%) A 2.00% D 0.75% Z 0.00%

Trading Activities (Tables)

Trading Activities (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2019 and 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 December 31, 2019 Amounts Financial Financial Financial Cash Collateral Net Amount Assets Futures $ 2,519,269 $ (2,519,269 ) $ - $ - $ - $ - Forwards 766,007 (766,007 ) - - - - Total assets $ 3,285,276 $ (3,285,276 ) $ - $ - $ - $ - Liabilities Futures $ (3,106,978 ) $ 2,519,269 $ (587,709 ) $ - $ 587,709 $ - Forwards (2,027,918 ) 766,007 (1,261,911 ) - 1,261,911 - Total liabilities $ (5,134,896 ) $ 3,285,276 $ (1,849,620 ) $ - $ 1,849,620 $ - Net fair value $ - * Gross Amounts Amounts Offset in the Presented in the Gross Amounts Not Offset in the Gross Statements of Statements of Statements of Financial Condition December 31, 2018 Amounts Financial Financial Financial Cash Collateral 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 December 31, 2019 and 2018, respectively. December 31, 2019 Assets Futures Contracts Commodity $ 1,269,325 Equity 546,906 Currencies 25,888 Interest Rates 677,150 Total unrealized appreciation on open futures contracts 2,519,269 Liabilities Futures Contracts Commodity (779,067) Equity (500,127) Currencies (30,980) Interest Rates (1,796,804) Total unrealized depreciation on open futures contracts (3,106,978) Net unrealized depreciation on open futures contracts $ (587,709) * Assets Forward Contracts Commodity $ 221,915 Currencies 544,092 Total unrealized appreciation on open forward contracts 766,007 Liabilities Forward Contracts Commodity (703,280) Currencies (1,324,638) Total unrealized depreciation on open forward contracts (2,027,918) Net unrealized depreciation on open forward contracts $ (1,261,911) ** * 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. 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 years ended December 31, 2019, 2018 and 2017, respectively. Sector 2019 2018 2017 Commodity $ (9,168,467) $ (4,944,164) $ (671,410) Equity 15,551,437 (6,517,413) 27,931,380 Currencies (658,803) (4,275,072) (10,774,286) Interest Rates 12,920,788 (2,075,939) (5,786,047) Total $ 18,644,955 *** $ (17,812,588) *** $ 10,699,637 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,519,269 $ 2,519,269 $ - $ - Forwards 766,007 - 766,007 - Total assets $ 3,285,276 $ 2,519,269 $ 766,007 $ - Liabilities Futures $ 3,106,978 $ 3,106,978 $ - $ - Forwards 2,027,918 - 2,027,918 - Total liabilities $ 5,134,896 $ 3,106,978 $ 2,027,918 $ - 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 $ -

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2019
Investment Company [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the years ended December 31, 2019, 2018 and 2017 were as follows: 2019 2018 2017 Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 4.56 $ (3.72) $ 2.17 Net investment loss (0.81) (0.96) (1.09) Increase (decrease) for the year 3.75 (4.68) 1.08 Net asset value per Unit, beginning of year 18.46 23.14 22.06 Net asset value per Unit, end of year $ 22.21 $ 18.46 $ 23.14 2019 2018 2017 Class A Class A Class A Ratios to Average Limited Partners’ Capital: Net investment loss ** (3.9) % (4.6) % (5.1) % Operating expenses 5.4 % 5.9 % 5.8 % Incentive fees - - - Total expenses 5.4 % 5.9 % 5.8 % Total return: Total return before incentive fees 20.3 % (20.2) % 4.9 % Incentive fees - - - Total return after incentive fees 20.3 % (20.2) % 4.9 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Interest income less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail)	Nov. 01, 2019	Dec. 31, 2019Class$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of share classes | Class		3
Required interest in the equity of each Partnership		1.00%
Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Placement Agent Fees Payable MonthlyP ercentage	2.00%
Agent Fees Payable Annual Percentage	2.00%
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)	Dec. 31, 2019USD ($)
Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner unit class threshold subscription, maximum	$ 4,999,999
Limited partner unit class threshold subscription, minimum	25,000
Class of Units D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited partner unit class threshold subscription, minimum	$ 5,000,000

Basis of Presentation and Sum_4

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Line Items]
Cash held for margin requirements	$ 23,130,597	$ 16,164,926
Cash denominated in foreign currencies	(555,456)	(361,312)
Cash denominated in foreign currencies, proceeds	550,088	$ 364,480
Uncertain tax position	$ 0
Open tax year	2016 2017 2018 2019
Percentage basis of funds on deposit for interest income recognition	100.00%
Partnership assets percentage not deposited as margin credit for interest income	80.00%
General Partner flat rate annual brokerage fee on net assets	2.00%
Percentage basis Partnership offer price to net asset value per Unit	100.00%
Limited partners unit that can be redeemed	100.00%
Minimum [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	$ 10,000
ERISA/IRA Investors [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	10,000
Class A [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	25,000
Class of Units D [Member]
Accounting Policies [Line Items]
Minimum partnership subscription amount	$ 5,000,000

Basis of Presentation and Sum_5

Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Percentage Payment to Placement Agent (Detail)	12 Months Ended
	Dec. 31, 2019
Class A [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	2.00%
Class of Units D [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	0.75%
Class Z [Member]
Accounting Policies [Line Items]
Placement agent fees, based on net asset value	0.00%

Trading Advisor - Additional In

Trading Advisor - Additional Information (Detail)	Feb. 01, 2019	Dec. 31, 2019
Trading Advisors [Abstract]
Management fee, annual basis	1.35%	1.75%
Incentive fee, monthly trading profits basis	18.00%	20.00%

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Credit Concentration Risk [Member] - Contracts [Member] - Over the Counter [Member]	12 Months Ended
	Dec. 31, 2019
Minimum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	27.80%
Maximum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	68.80%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average number of futures contracts traded	6,338	7,300
Average number of metals forward contracts traded	650	826
Average notional value of currency forward contracts	$ 380,666,033	$ 415,107,828

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivative Instruments and Transactions Eligible for Offset Subject to Master Netting Agreements or Similar Agreements (Detail) - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts Recognized	$ 3,285,276	$ 5,250,485
Gross Amounts Offset in the Statements of Financial Condition	(3,285,276)	(5,250,485)
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	0
Gross Amounts Recognized	(5,134,896)	(6,587,258)
Gross Amounts Offset in the Statements of Financial Condition	3,285,276	5,250,485
Net Amounts Presented in the Statements of Financial Condition	(1,849,620)	(1,336,773)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	1,849,620	1,336,773
Net fair value	0
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	2,519,269	3,370,017
Gross Amounts Offset in the Statements of Financial Condition	(2,519,269)	(3,370,017)
Gross Amounts Recognized	(3,106,978)	(4,422,974)
Gross Amounts Offset in the Statements of Financial Condition	2,519,269	3,370,017
Net Amounts Presented in the Statements of Financial Condition	(587,709)	(1,052,957)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	587,709	1,052,957
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	766,007	1,880,468
Gross Amounts Offset in the Statements of Financial Condition	(766,007)	(1,880,468)
Gross Amounts Recognized	(2,027,918)	(2,164,284)
Gross Amounts Offset in the Statements of Financial Condition	766,007	1,880,468
Net Amounts Presented in the Statements of Financial Condition	(1,261,911)	(283,816)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	$ 1,261,911	$ 283,816

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 ($)	Dec. 31, 2019	Dec. 31, 2018
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 2,519,269	$ 3,370,017
Total unrealized depreciation on open contracts	(3,106,978)	(4,422,974)
Net unrealized appreciation (depreciation) on open contracts	(587,709)	(1,052,957)
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,269,325	1,479,301
Total unrealized depreciation on open contracts	(779,067)	(1,605,268)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	546,906	603,645
Total unrealized depreciation on open contracts	(500,127)	(1,004,340)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	25,888	12,269
Total unrealized depreciation on open contracts	(30,980)	(61,986)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	677,150	1,274,802
Total unrealized depreciation on open contracts	(1,796,804)	(1,751,380)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	766,007	1,880,468
Total unrealized depreciation on open contracts	(2,027,918)	(2,164,284)
Net unrealized appreciation (depreciation) on open contracts	(1,261,911)	(283,816)
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	221,915	751,884
Total unrealized depreciation on open contracts	(703,280)	(341,019)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	544,092	1,128,584
Total unrealized depreciation on open contracts	$ (1,324,638)	$ (1,823,265)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivative [Line Items]
Gain (loss) from trading	$ 18,644,955	$ (17,812,588)	$ 10,699,637
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	(9,168,467)	(4,944,164)	(671,410)
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	15,551,437	(6,517,413)	27,931,380
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	(658,803)	(4,275,072)	(10,774,286)
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ 12,920,788	$ (2,075,939)	$ (5,786,047)

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measured on a Recurring Basis [Member] - USD ($)	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 3,285,276	$ 5,250,485
Liabilities	5,134,896	6,587,258
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	766,007	1,880,468
Liabilities	2,027,918	2,164,284
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,519,269	3,370,017
Liabilities	3,106,978	4,422,974
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,519,269	3,370,017
Liabilities	3,106,978	4,422,974
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,519,269	3,370,017
Liabilities	3,106,978	4,422,974
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	766,007	1,880,468
Liabilities	2,027,918	2,164,284
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	766,007	1,880,468
Liabilities	$ 2,027,918	$ 2,164,284

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class A [Member] - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	22.21	$ 18.46
Limited Partner [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	4.56	(3.72)	$ 2.17
Net investment loss	(0.81)	(0.96)	(1.09)
Increase (decrease) for the period	3.75	(4.68)	1.08
Net asset value per Unit, beginning of period	18.46	23.14	22.06
Net asset value per Unit, end of period	$ 22.21	$ 18.46	$ 23.14
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.90%)	(4.60%)	(5.10%)
Operating expenses	5.40%	5.90%	5.80%
Total expenses	5.40%	5.90%	5.80%
Total return:
Total return before incentive fees	20.30%	(20.20%)	4.90%
Total return after incentive fees	20.30%	(20.20%)	4.90%