Managed Futures Premier Graham (MSCG) 10-Q 11 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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 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
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,283,989.163
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		0

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Equity in trading account:
Unrestricted cash	$ 52,076,964	$ 63,462,648
Restricted cash	13,423,361	23,130,597
Net unrealized appreciation on open contracts	1,314,143
Total equity in trading account	66,814,468	86,593,245
Expense reimbursement	14,735	18,225
Interest receivable	4,347	70,012
Total assets	66,833,550	86,681,482
Liabilities:
Net unrealized depreciation on open contracts	515,916	1,849,620
Accrued expenses:
Administrative and General Partner's fees	112,221	148,476
Management fees	75,749	100,221
Redemptions payable to Limited Partners	1,675,522	476,333
Total liabilities	2,379,408	2,574,650
Partners' Capital:
Total partners' capital (net asset value)	64,454,142	84,106,832
Total liabilities and partners' capital	66,833,550	86,681,482
Class Z [Member]
Partners' Capital:
General Partner, Class Z, 101,536.878 Units outstanding at June 30, 2020 and December 31, 2019	804,726	938,707
Total partners' capital (net asset value)	$ 804,726	$ 938,707
Net asset value per Unit:
Net asset value per unit	$ 7.93	$ 9.24
Class A [Member]
Partners' Capital:
Limited Partners, Class A, 3,377,269.777 and 3,744,360.651 Units outstanding at June 30, 2020 and December 31, 2019, respectively	$ 63,649,416	$ 83,168,125
Total partners' capital (net asset value)	$ 63,649,416	$ 83,168,125
Net asset value per Unit:
Net asset value per unit	$ 18.85	$ 22.21
Forward Contracts [Member]
Liabilities:
Net unrealized depreciation on open contracts	$ 515,916	$ 1,261,911
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open contracts	$ 1,314,143
Liabilities:
Net unrealized depreciation on open contracts		$ 587,709

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Limited Partners, Units	3,377,269.777	3,744,360.651
Class Z [Member]
General Partner, Units	101,536.878	101,536.878

Condensed Schedule of Investmen

Condensed Schedule of Investments	Jun. 30, 2020USD ($)Contracts	Dec. 31, 2019USD ($)Contracts
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 897,898	$ 766,007
Total unrealized depreciation on open contracts	(1,413,814)	(2,027,918)
Net unrealized depreciation on open forward contracts	$ (515,916)	$ (1,261,911)
% of Partners' Capital	(0.80%)	(1.50%)
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(2.19%)	(2.41%)
Forward Contracts [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	1.39%	0.91%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 339,531	$ 221,915
Total unrealized depreciation on open contracts	$ (732,625)	$ (703,280)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	102	193
% of Partners' Capital	(1.14%)	(0.84%)
Forward Contracts [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	68	181
% of Partners' Capital	0.53%	0.26%
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional Amount	$ 79,020,936	$ 54,910,028
Total unrealized appreciation on open contracts	558,367	544,092
Notional Amount	89,047,685	135,994,690
Total unrealized depreciation on open contracts	$ (681,189)	$ (1,324,638)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(1.05%)	(1.57%)
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.86%	0.65%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 2,154,924	$ 2,519,269
Total unrealized depreciation on open contracts	(840,781)	(3,106,978)
Net unrealized depreciation on open forward contracts	$ 1,314,143	$ (587,709)
% of Partners' Capital	2.04%	(0.70%)
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	$ 567,837	$ 1,269,325
Total unrealized depreciation on open contracts	(240,271)	(779,067)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	763,616	546,906
Total unrealized depreciation on open contracts	(475,752)	(500,127)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	2,134	25,888
Total unrealized depreciation on open contracts	(20,914)	(30,980)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open contracts	821,337	677,150
Total unrealized depreciation on open contracts	(103,844)	(1,796,804)
Futures Contracts [Member] | Contracts Purchased [Member]
Schedule of Investments [Line Items]
Net unrealized depreciation on open forward contracts	$ 1,365,781	$ (433,073)
% of Partners' Capital	2.12%	(0.51%)
Futures Contracts [Member] | Contracts Purchased [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	157	667
Net unrealized depreciation on open forward contracts	$ 370,289	$ 1,060,773
% of Partners' Capital	0.58%	1.26%
Futures Contracts [Member] | Contracts Purchased [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	399	1,328
Net unrealized depreciation on open forward contracts	$ 267,013	$ 228,739
% of Partners' Capital	0.41%	0.27%
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts		4
Net unrealized depreciation on open forward contracts		$ 4,495
% of Partners' Capital		0.01%
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	2,832	1,811
Net unrealized depreciation on open forward contracts	$ 728,479	$ (1,727,080)
% of Partners' Capital	1.13%	(2.05%)
Futures Contracts [Member] | Contracts Sold [Member]
Schedule of Investments [Line Items]
Net unrealized depreciation on open forward contracts	$ (51,638)	$ (154,636)
% of Partners' Capital	(0.08%)	(0.19%)
Futures Contracts [Member] | Contracts Sold [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	605	596
Net unrealized depreciation on open forward contracts	$ (42,723)	$ (570,515)
% of Partners' Capital	(0.06%)	(0.68%)
Futures Contracts [Member] | Contracts Sold [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	29	231
Net unrealized depreciation on open forward contracts	$ 20,851	$ (181,960)
% of Partners' Capital	0.03%	(0.22%)
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contracts	25	56
Net unrealized depreciation on open forward contracts	$ (18,780)	$ (9,587)
% 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	352	1,051
Net unrealized depreciation on open forward contracts	$ (10,986)	$ 607,426
% of Partners' Capital	(0.02%)	0.72%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investment Income:
Interest income		$ 14,705	$ 332,267	$ 185,506	$ 676,298
Expenses:
Clearing fees		36,516	53,574	80,931	97,994
Administrative and General Partner's fees		335,324	409,126	729,605	799,937
Ongoing placement agent fees		331,330	404,377	721,169	790,046
Management fees		226,344	276,160	492,485	567,057
Professional Fees			17,500		17,500
Total expenses		929,514	1,160,737	2,024,190	2,272,534
Expenses reimbursed by the General Partner		(36,516)	(71,074)	(80,931)	(115,494)
Net expenses		892,998	1,089,663	1,943,259	2,157,040
Net investment loss		(878,293)	(757,396)	(1,757,753)	(1,480,742)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		6,152,526	7,179,373	(13,554,679)	5,801,404
Net change in unrealized gains (losses) on open contracts		(2,955,215)	(1,891,678)	2,652,788	4,893,946
Total trading results		3,197,311	5,287,695	(10,901,891)	10,695,350
Net income (loss)		2,319,018	4,530,299	(12,659,644)	9,214,608
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 2,288,402	$ 4,458,517	$ (12,525,663)	$ 9,073,373
Net income (loss) per Unit
Net income (loss) per unit	[1]	$ 0.63	$ 1.10	$ (3.36)	$ 2.23
Weighted average Units outstanding:
Weighted average units outstanding		3,531,946.254	4,029,281.089	3,622,954.515	4,139,898.572
Class Z [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 30,616	$ 71,782	$ (133,981)	$ 141,235
Net income (loss) per Unit
Net income (loss) per unit	[1]	$ 0.31	$ 0.50	$ (1.31)	$ 1
Weighted average Units outstanding:
Weighted average units outstanding		101,536.878	115,469.030	101,536.878	127,056.515
[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]	Class Z [Member]Limited Partner [Member]
Balance at Dec. 31, 2018	$ 81,279,688			$ 80,235,186		$ 1,044,502
Subscriptions			$ 55,624		$ 55,624
Redemptions		$ (320,000)	$ (7,923,957)		$ (7,923,957)		$ (320,000)
Net income (loss)	9,214,608			9,073,373		141,235
Balance at Jun. 30, 2019	$ 82,305,963			$ 81,440,226		$ 865,737
Balance (in units) at Dec. 31, 2018	4,485,518.450			4,346,874.449		138,644.001
Subscriptions (in units)			2,751.122		2,751.122
Redemptions (in units)		(37,107.123)	(413,115.689)		(413,115.689)		(37,107.123)
Balance (in units) at Jun. 30, 2019	4,038,046.760			3,936,509.882		101,536.878
Balance at Mar. 31, 2019	$ 80,995,502			$ 79,881,547		$ 1,113,955
Subscriptions			$ 40,000		$ 40,000
Redemptions		$ (320,000)	$ (2,939,838)		$ (2,939,838)		$ (320,000)
Net income (loss)	4,530,299			4,458,517		71,782
Balance at Jun. 30, 2019	$ 82,305,963			$ 81,440,226		$ 865,737
Balance (in units) at Mar. 31, 2019	4,216,507.319			4,077,863.318		138,644.001
Subscriptions (in units)			1,904.762		1,904.762
Redemptions (in units)		(37,107.123)	(143,258.198)		(143,258.198)		(37,107.123)
Balance (in units) at Jun. 30, 2019	4,038,046.760			3,936,509.882		101,536.878
Balance at Dec. 31, 2019	$ 84,106,832			$ 83,168,125		$ 938,707
Subscriptions			$ 25,000		$ 25,000
Redemptions			$ (7,018,046)		$ (7,018,046)
Net income (loss)	(12,659,644)			(12,525,663)		(133,981)
Balance at Jun. 30, 2020	$ 64,454,142			$ 63,649,416		$ 804,726
Balance (in units) at Dec. 31, 2019	3,845,897.529			3,744,360.651		101,536.878
Subscriptions (in units)			1,155.802		1,155.802
Redemptions (in units)			(368,246.676)		(368,246.676)
Balance (in units) at Jun. 30, 2020	3,478,806.655			3,377,269.777		101,536.878
Balance at Mar. 31, 2020	$ 66,597,079			$ 65,822,969		$ 774,110
Redemptions			$ (4,461,955)		$ (4,461,955)			$ 0
Net income (loss)	2,319,018			2,288,402		30,616
Balance at Jun. 30, 2020	$ 64,454,142			$ 63,649,416		$ 804,726
Balance (in units) at Mar. 31, 2020	3,714,345.860			3,612,808.982		101,536.878
Redemptions (in units)			(235,539.205)		(235,539.205)			0
Balance (in units) at Jun. 30, 2020	3,478,806.655			3,377,269.777		101,536.878

Organization

Organization	6 Months Ended
	Jun. 30, 2020
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 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 June 30, 2020. During the reporting periods ended June 30, 2020 and 2019, 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. As of June 30, 2020, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in three share classes (each, a “Class” or collectively, the “Classes”). The Class of Units that a limited partner receives generally depends on the aggregate subscription amount made by such limited partner in the Partnership, although the General Partner may determine to offer Units to investors at its discretion. Class of Units Aggregate Investment A Up to $4,999,999 D $5,000,000 and above Z All All Units issued prior to June 30, 2016 were deemed Class A Units. The rights, liabilities, risks, and fees associated with investment in the Class A Units did not change. Class Z Units were first issued on July 1, 2016 at $10 per Unit. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Each of Class A, D and Z Units of the Partnership have the same investment exposure and rights except for the amount of the ongoing placement agent fee charged to each Class of Units; Class Z Units are not subject to an ongoing placement agent fee. Effective February 1, 2019, (i) the monthly management fee paid by the Partnership to the Trading Advisor was reduced to 1/12 th The General Partner 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. 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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2020 and 2019. 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	6 Months Ended
	Jun. 30, 2020
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 0.88 $ 1.29 $ (2.88) $ 2.59 Net investment loss (0.25) (0.19) (0.48) (0.36) Increase (decrease) for the period 0.63 1.10 (3.36) 2.23 Net asset value per Unit, beginning of period 18.22 19.59 22.21 18.46 Net asset value per Unit, end of period $ 18.85 $ 20.69 $ 18.85 $ 20.69 Three Months Ended Six Months Ended 2020 2019 2020 2019 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.4) % (3.7) % (5.0) % (3.7) % Operating expenses 5.7 % 5.7 % 5.7 % 5.7 % Expenses reimbursed by the General Partner (0.2) % (0.3) % (0.2) % (0.3) % Incentive fees - % - % - % - % Total expenses 5.5 % 5.4 % 5.5 % 5.4 % Total return: Total return before incentive fees 3.5 % 5.6 % (15.1) % 12.1 % Incentive fees - % - % - % - % Total return after incentive fees 3.5 % 5.6 % (15.1) % 12.1 % * 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	6 Months Ended
	Jun. 30, 2020
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 24.0% to 44.1% 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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and 2019 were 4,390 and 6,889, respectively. The monthly average number of futures contracts traded during the six months ended June 30, 2020 and 2019 were 4,294 and 6,157, respectively. The monthly average number of metals forward contracts traded during the three months ended June 30, 2020 and 2019 were 454 and 676, respectively. The monthly average number of metals forward contracts traded during the six months ended June 30, 2020 and 2019 were 540 and 667, respectively. The monthly average notional values of currency forward contracts traded during the three months ended June 30, 2020 and 2019 were $299,367,908 and $406,607,975, respectively. The monthly average notional values of currency forward contracts traded during the six months ended June 30, 2020 and 2019 were $309,443,448 and $372,347,148, 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 Recognized Condition Condition Instruments Received/ Net Amount Assets Futures $ 2,154,924 $ (840,781) $ 1,314,143 $ - $ - $ 1,314,143 Forwards 897,898 (897,898) - - - - Total assets $ 3,052,822 $ (1,738,679) $ 1,314,143 $ - $ - $ 1,314,143 Liabilities Futures $ (840,781) $ 840,781 $ - $ - $ - $ - Forwards (1,413,814) 897,898 (515,916) - 515,916 - Total liabilities $ (2,254,595) $ 1,738,679 $ (515,916) $ - $ 515,916 $ - Net fair value $ 1,314,143* 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 June 30, 2020 Recognized Condition Condition Instruments Received/ 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 $ - * * 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 June 30, 2020 and December 31, 2019, respectively. June 30, 2020 Assets Futures Contracts Commodity $ 567,837 Equity 763,616 Currencies 2,134 Interest Rates 821,337 Total unrealized appreciation on open futures contracts 2,154,924 Liabilities Futures Contracts Commodity (240,271) Equity (475,752) Currencies (20,914) Interest Rates (103,844) Total unrealized depreciation on open futures contracts (840,781) Net unrealized appreciation on open futures contracts $ 1,314,143 * Assets Forward Contracts Commodity $ 339,531 Currencies 558,367 Total unrealized appreciation on open forward contracts 897,898 Liabilities Forward Contracts Commodity (732,625) Currencies (681,189) Total unrealized depreciation on open forward contracts (1,413,814) Net unrealized depreciation on open forward contracts $ (515,916) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2020 and 2019, respectively. Three Months Ended Six Months Ended June 30, June 30, Sector 2020 2019 2020 2019 Commodity $ 45,188 $ (4,029,165) $ 3,193,930 $ (6,816,621) Equity 5,163,066 2,195,232 (23,793,019) 5,815,042 Currencies (2,798,247) (1,620,770) (4,258,050) (1,178,821) Interest Rates 787,304 8,742,398 13,955,248 12,875,750 Total $ 3,197,311 *** $ 5,287,695 *** $ (10,901,891) *** $ 10,695,350 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 2,154,924 $ 2,154,924 $ - $ - Forwards 897,898 - 897,898 - Total assets $ 3,052,822 $ 2,154,924 $ 897,898 $ - Liabilities Futures $ 840,781 $ 840,781 $ - $ - Forwards 1,413,814 - 1,413,814 - Total liabilities $ 2,254,595 $ 840,781 $ 1,413,814 $ - 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 $ -

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
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, other than disclosed below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. Effective July 1, 2020, the ongoing placement agent fee paid by the Partnership to Morgan Stanley Wealth Management was reduced for Class A unit holders from an annual rate of 2.00% to an annual rate of 1.00% of the adjusted net assets of Class A units (computed monthly by multiplying the adjusted net assets of the Class A units by 1.00% and dividing the result thereof by 12). Additionally, the administrative and general partner fee paid by the Partnership to Ceres was reduced for all limited partners from an annual rate of 2.00% to an annual rate of 1.75% of the Partnership’s adjusted net assets (as defined in the Partnership’s Limited Partnership Agreement).

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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)	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Limited Partner Capital Account by Class	The Class of Units that a limited partner receives generally depends on the aggregate subscription amount made by such limited partner in the Partnership, although the General Partner may determine to offer Units to investors at its discretion. Class of Units Aggregate Investment A Up to $4,999,999 D $5,000,000 and above Z All

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2020
Investment Company [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2020 and 2019 were as follows: Three Months Ended Six Months Ended 2020 2019 2020 2019 Class A Class A Class A Class A Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 0.88 $ 1.29 $ (2.88) $ 2.59 Net investment loss (0.25) (0.19) (0.48) (0.36) Increase (decrease) for the period 0.63 1.10 (3.36) 2.23 Net asset value per Unit, beginning of period 18.22 19.59 22.21 18.46 Net asset value per Unit, end of period $ 18.85 $ 20.69 $ 18.85 $ 20.69 Three Months Ended Six Months Ended 2020 2019 2020 2019 Class A Class A Class A Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.4) % (3.7) % (5.0) % (3.7) % Operating expenses 5.7 % 5.7 % 5.7 % 5.7 % Expenses reimbursed by the General Partner (0.2) % (0.3) % (0.2) % (0.3) % Incentive fees - % - % - % - % Total expenses 5.5 % 5.4 % 5.5 % 5.4 % Total return: Total return before incentive fees 3.5 % 5.6 % (15.1) % 12.1 % Incentive fees - % - % - % - % Total return after incentive fees 3.5 % 5.6 % (15.1) % 12.1 % * 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)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 Recognized Condition Condition Instruments Received/ Net Amount Assets Futures $ 2,154,924 $ (840,781) $ 1,314,143 $ - $ - $ 1,314,143 Forwards 897,898 (897,898) - - - - Total assets $ 3,052,822 $ (1,738,679) $ 1,314,143 $ - $ - $ 1,314,143 Liabilities Futures $ (840,781) $ 840,781 $ - $ - $ - $ - Forwards (1,413,814) 897,898 (515,916) - 515,916 - Total liabilities $ (2,254,595) $ 1,738,679 $ (515,916) $ - $ 515,916 $ - Net fair value $ 1,314,143* 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 June 30, 2020 Recognized Condition Condition Instruments Received/ 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 $ - * * 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 June 30, 2020 and December 31, 2019, respectively. June 30, 2020 Assets Futures Contracts Commodity $ 567,837 Equity 763,616 Currencies 2,134 Interest Rates 821,337 Total unrealized appreciation on open futures contracts 2,154,924 Liabilities Futures Contracts Commodity (240,271) Equity (475,752) Currencies (20,914) Interest Rates (103,844) Total unrealized depreciation on open futures contracts (840,781) Net unrealized appreciation on open futures contracts $ 1,314,143 * Assets Forward Contracts Commodity $ 339,531 Currencies 558,367 Total unrealized appreciation on open forward contracts 897,898 Liabilities Forward Contracts Commodity (732,625) Currencies (681,189) Total unrealized depreciation on open forward contracts (1,413,814) Net unrealized depreciation on open forward contracts $ (515,916) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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.
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 six months ended June 30, 2020 and 2019, respectively. Three Months Ended Six Months Ended June 30, June 30, Sector 2020 2019 2020 2019 Commodity $ 45,188 $ (4,029,165) $ 3,193,930 $ (6,816,621) Equity 5,163,066 2,195,232 (23,793,019) 5,815,042 Currencies (2,798,247) (1,620,770) (4,258,050) (1,178,821) Interest Rates 787,304 8,742,398 13,955,248 12,875,750 Total $ 3,197,311 *** $ 5,287,695 *** $ (10,901,891) *** $ 10,695,350 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	June 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 2,154,924 $ 2,154,924 $ - $ - Forwards 897,898 - 897,898 - Total assets $ 3,052,822 $ 2,154,924 $ 897,898 $ - Liabilities Futures $ 840,781 $ 840,781 $ - $ - Forwards 1,413,814 - 1,413,814 - Total liabilities $ 2,254,595 $ 840,781 $ 1,413,814 $ - 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 $ -

Organization - Additional Infor

Organization - Additional Information (Detail)	Feb. 01, 2019	Jun. 30, 2020Class$ / shares
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of share classes | Class		3
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)	Jun. 30, 2020USD ($)
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	$ 500,000

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Accounting Policies [Line Items]
Cash held for margin requirements	$ 13,423,361	$ 23,130,597
Cash denominated in foreign currencies	180,336	(555,456)
Cash denominated in foreign currencies, proceeds	180,763	$ 550,088
Uncertain tax position	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - Class A [Member] - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period			$ 22.21
Net asset value per Unit, end of period	$ 18.85		18.85
Limited Partner [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	0.88	$ 1.29	(2.88)	$ 2.59
Net investment loss	(0.25)	(0.19)	(0.48)	(0.36)
Increase (decrease) for the period	0.63	1.10	(3.36)	2.23
Net asset value per Unit, beginning of period	18.22	19.59	22.21	18.46
Net asset value per Unit, end of period	$ 18.85	$ 20.69	$ 18.85	$ 20.69
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.40%)	(3.70%)	(5.00%)	(3.70%)
Operating expenses	5.70%	5.70%	5.70%	5.70%
Total expenses	5.50%	5.40%	5.50%	5.40%
Expenses reimbursed by the General Partner	(0.20%)	(0.30%)	(0.20%)	(0.30%)
Total return:
Total return before incentive fees	3.50%	5.60%	(15.10%)	12.10%
Total return after incentive fees	3.50%	5.60%	(15.10%)	12.10%

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - Credit Concentration Risk [Member] - Contracts [Member] - Over the Counter [Member]	6 Months Ended
	Jun. 30, 2020
Minimum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	24.00%
Maximum [Member]
Concentration Risk [Line Items]
Percentage of investment contracts	44.10%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average number of futures contracts traded	4,390	6,889	4,294	6,157
Average number of metals forward contracts traded	454	676	540	667
Average notional value of currency forward contracts	$ 299,367,908	$ 406,607,975	$ 309,443,448	$ 372,347,148

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Amounts Recognized	$ 3,052,822	$ 3,285,276
Gross Amounts Offset in the Statements of Financial Condition	(1,738,679)	(3,285,276)
Net Amounts Presented in the Statements of Financial Condition	1,314,143
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments	0
Net Amount, Assets	1,314,143
Gross Amounts Recognized	(2,254,595)	(5,134,896)
Gross Amounts Offset in the Statements of Financial Condition	1,738,679	3,285,276
Net Amounts Presented in the Statements of Financial Condition	(515,916)	(1,849,620)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	515,916	1,849,620
Net fair value	1,314,143
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	2,154,924	2,519,269
Gross Amounts Offset in the Statements of Financial Condition	(840,781)	(2,519,269)
Net Amounts Presented in the Statements of Financial Condition	1,314,143
Net Amount, Assets	1,314,143
Gross Amounts Recognized	(840,781)	(3,106,978)
Gross Amounts Offset in the Statements of Financial Condition	840,781	2,519,269
Net Amounts Presented in the Statements of Financial Condition		(587,709)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged		587,709
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized	897,898	766,007
Gross Amounts Offset in the Statements of Financial Condition	(897,898)	(766,007)
Gross Amounts Recognized	(1,413,814)	(2,027,918)
Gross Amounts Offset in the Statements of Financial Condition	897,898	766,007
Net Amounts Presented in the Statements of Financial Condition	(515,916)	(1,261,911)
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged	$ 515,916	$ 1,261,911

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 2,154,924	$ 2,519,269
Total unrealized depreciation on open contracts	(840,781)	(3,106,978)
Net unrealized appreciation (depreciation) on open contracts	1,314,143	(587,709)
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	567,837	1,269,325
Total unrealized depreciation on open contracts	(240,271)	(779,067)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	763,616	546,906
Total unrealized depreciation on open contracts	(475,752)	(500,127)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	2,134	25,888
Total unrealized depreciation on open contracts	(20,914)	(30,980)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	821,337	677,150
Total unrealized depreciation on open contracts	(103,844)	(1,796,804)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	897,898	766,007
Total unrealized depreciation on open contracts	(1,413,814)	(2,027,918)
Net unrealized appreciation (depreciation) on open contracts	(515,916)	(1,261,911)
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	339,531	221,915
Total unrealized depreciation on open contracts	(732,625)	(703,280)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	558,367	544,092
Total unrealized depreciation on open contracts	$ (681,189)	$ (1,324,638)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative [Line Items]
Gain (loss) from trading	$ 3,197,311	$ 5,287,695	$ (10,901,891)	$ 10,695,350
Commodity [Member]
Derivative [Line Items]
Gain (loss) from trading	45,188	(4,029,165)	3,193,930	(6,816,621)
Equity [Member]
Derivative [Line Items]
Gain (loss) from trading	5,163,066	2,195,232	(23,793,019)	5,815,042
Currencies [Member]
Derivative [Line Items]
Gain (loss) from trading	(2,798,247)	(1,620,770)	(4,258,050)	(1,178,821)
Interest Rates [Member]
Derivative [Line Items]
Gain (loss) from trading	$ 787,304	$ 8,742,398	$ 13,955,248	$ 12,875,750

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 3,052,822	$ 3,285,276
Liabilities	2,254,595	5,134,896
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	897,898	766,007
Liabilities	1,413,814	2,027,918
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,154,924	2,519,269
Liabilities	840,781	3,106,978
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,154,924	2,519,269
Liabilities	840,781	3,106,978
Level 1 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Liabilities	0
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	2,154,924	2,519,269
Liabilities	840,781	3,106,978
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	897,898	766,007
Liabilities	1,413,814	2,027,918
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	897,898	766,007
Liabilities	1,413,814	$ 2,027,918
Level 2 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Liabilities	0
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Liabilities	0
Level 3 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Liabilities	0
Level 3 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	0
Liabilities	$ 0

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail)	Jul. 01, 2020	Jun. 30, 2020
Subsequent Event [Line Items]
Percentage of General Partner fee		2.00%
Capital Unit, Class A [Member]
Subsequent Event [Line Items]
Agent fees payable annual percentage		2.00%
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of General Partner fee	1.75%
Subsequent Event [Member] | Capital Unit, Class A [Member]
Subsequent Event [Line Items]
Agent fees payable annual percentage	1.00%