Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CERES CLASSIC 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 | |
Entity File Number | 000-25603 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-4018068 | |
Entity Address, Address Line One | Ceres Managed Futures LLC | |
Entity Address, Address Line Two | 522 Fifth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10036 | |
Local Phone Number | 672-4468 | |
City Area Code | 855 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,803,928.067 | |
Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,079.649 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Investment in the Trading Company(1), at fair value | $ 51,119,640 | $ 41,318,675 |
Redemptions receivable from the Trading Company | 1,425,456 | 114,506 |
Equity in trading account: | ||
Unrestricted cash | 92,194,157 | 77,949,156 |
Restricted cash | 12,644,519 | 19,943,752 |
Net unrealized appreciation on open contracts | 4,962,725 | 729,070 |
Total equity in trading account | 109,801,401 | 98,621,978 |
Interest receivable | 12,869 | 2,625 |
Total assets | 162,359,366 | 140,057,784 |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | 0 | 421,170 |
Accrued expenses: | ||
Administrative and General Partner's fees | 90,579 | 85,905 |
Management fees | 144,072 | 133,980 |
Incentive fees | 1,671,230 | 81,002 |
Professional fees | 184,711 | 139,228 |
Redemptions payable to General Partner | 200,000 | |
Redemptions payable to Limited Partners | 2,540,827 | 2,085,837 |
Total liabilities | 4,631,419 | 3,147,122 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 157,727,947 | 136,910,662 |
Total liabilities and partners' capital | 162,359,366 | 140,057,784 |
Class Z [Member] | ||
Partners' Capital: | ||
General Partner, Class Z, 163,339.585 Units outstanding at March 31, 2022 and December 31, 2021 | 1,846,348 | 1,545,437 |
Limited Partners | 125,231 | 104,821 |
Total partners' capital (net asset value) | $ 1,971,579 | $ 1,650,258 |
Net asset value per Unit: | ||
Net asset value per unit | $ 11.30 | $ 9.46 |
Class A [Member] | ||
Partners' Capital: | ||
Limited Partners | $ 155,756,368 | $ 135,260,404 |
Total partners' capital (net asset value) | $ 155,756,368 | $ 135,260,404 |
Net asset value per Unit: | ||
Net asset value per unit | $ 26.50 | $ 22.22 |
Futures Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | $ 2,790,407 | $ 729,070 |
Forward Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 2,172,318 | |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | $ 0 | $ 421,170 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Mar. 31, 2022 | Dec. 31, 2021 |
Class Z [Member] | ||
General Partner, Units | 163,339.585 | 163,339.585 |
Limited Partners, Units | 11,079.649 | 11,079.649 |
Class A [Member] | ||
Limited Partners, Units | 5,876,490.980 | 6,086,081.989 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Mar. 31, 2022USD ($)ClassContracts | Dec. 31, 2021USD ($)ContractsClass |
Schedule of Investments [Line Items] | ||
Investment in the Trading Company | $ 51,119,640 | $ 41,318,675 |
CMF Winton Master LP [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 32.41% | 30.18% |
Investment in the Trading Company | $ 51,119,640 | $ 41,318,675 |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 6,192,938 | 2,567,692 |
Total unrealized depreciation on open contracts | (4,020,620) | (2,988,862) |
Net unrealized depreciation on open forward contracts | $ 2,172,318 | $ (421,170) |
% of Partners' Capital | 1.38% | (0.31%) |
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized depreciation on open contracts | $ (4,020,620) | $ (2,988,862) |
% of Partners' Capital | (2.55%) | (2.18%) |
Forward Contracts [Member] | Total Unrealized Appreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 6,192,938 | $ 2,567,692 |
% of Partners' Capital | 3.93% | 1.87% |
Forward Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 3,938,640 | $ 1,744,966 |
Total unrealized depreciation on open contracts | (2,833,618) | (2,224,046) |
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Notional Amount | 201,399,154 | 198,478,850 |
Total unrealized depreciation on open contracts | $ (2,833,618) | $ (2,224,046) |
% of Partners' Capital | (1.80%) | (1.62%) |
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Notional Amount | $ 201,384,618 | $ 167,807,766 |
Total unrealized appreciation on open contracts | $ 3,938,640 | $ 1,744,966 |
% of Partners' Capital | 2.50% | 1.27% |
Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 2,254,298 | $ 822,726 |
Total unrealized depreciation on open contracts | $ (1,187,002) | $ (764,816) |
Forward Contracts [Member] | Metals [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 122 | 150 |
Total unrealized depreciation on open contracts | $ (1,187,002) | $ (764,816) |
% of Partners' Capital | (0.75%) | (0.56%) |
Forward Contracts [Member] | Metals [Member] | Total Unrealized Appreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 178 | 172 |
Total unrealized appreciation on open contracts | $ 2,254,298 | $ 822,726 |
% of Partners' Capital | 1.43% | 0.60% |
Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 4,469,678 | $ 2,679,698 |
Total unrealized depreciation on open contracts | (1,679,271) | (1,950,628) |
Net unrealized depreciation on open forward contracts | $ 2,790,407 | $ 729,070 |
% of Partners' Capital | 1.77% | 0.53% |
Futures Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 97,586 | $ 27,947 |
Total unrealized depreciation on open contracts | (30,060) | (193,626) |
Futures Contracts [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 395,798 | 667,615 |
Total unrealized depreciation on open contracts | (415,253) | (116,177) |
Futures Contracts [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 583,919 | 277,755 |
Total unrealized depreciation on open contracts | (307,767) | (157,556) |
Futures Contracts [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 955,410 | 654,155 |
Total unrealized depreciation on open contracts | (272,474) | (486,810) |
Futures Contracts [Member] | Interest Rate US [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 980,148 | 125,562 |
Total unrealized depreciation on open contracts | (174,656) | (109,898) |
Futures Contracts [Member] | Interest Rate Non US [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 1,053,999 | 699,662 |
Total unrealized depreciation on open contracts | (348,542) | (630,253) |
Futures Contracts [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 1,775 | 16,490 |
Total unrealized depreciation on open contracts | (16,557) | (4,910) |
Futures Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 59,783 | 58,181 |
Total unrealized depreciation on open contracts | (20,526) | (149,920) |
Futures Contracts [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 341,260 | 152,331 |
Total unrealized depreciation on open contracts | (93,436) | (101,478) |
Futures Contracts [Member] | Contracts Purchased [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized depreciation on open forward contracts | $ 1,016,016 | $ 895,498 |
% of Partners' Capital | 0.64% | 0.65% |
Futures Contracts [Member] | Contracts Purchased [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 73 | 88 |
Net unrealized depreciation on open forward contracts | $ (7,234) | $ (30,119) |
% of Partners' Capital | 0.00% | (0.02%) |
Futures Contracts [Member] | Contracts Purchased [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 98 | 243 |
Net unrealized depreciation on open forward contracts | $ (18,505) | $ 599,385 |
% of Partners' Capital | (0.01%) | 0.44% |
Futures Contracts [Member] | Contracts Purchased [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 359 | 353 |
Net unrealized depreciation on open forward contracts | $ 251,502 | $ 56,336 |
% of Partners' Capital | 0.16% | 0.04% |
Futures Contracts [Member] | Contracts Purchased [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 237 | 308 |
Net unrealized depreciation on open forward contracts | $ 848,821 | $ 601,764 |
% of Partners' Capital | 0.54% | 0.44% |
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rate US [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 98 | 354 |
Net unrealized depreciation on open forward contracts | $ (139,422) | $ 13,617 |
% of Partners' Capital | (0.09%) | 0.01% |
Futures Contracts [Member] | Contracts Purchased [Member] | Interest Rate Non US [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 155 | 777 |
Net unrealized depreciation on open forward contracts | $ (276,797) | $ (417,936) |
% of Partners' Capital | (0.18%) | (0.31%) |
Futures Contracts [Member] | Contracts Purchased [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 2 | 18 |
Net unrealized depreciation on open forward contracts | $ 240 | $ 16,250 |
% of Partners' Capital | 0.00% | 0.01% |
Futures Contracts [Member] | Contracts Purchased [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 35 | 15 |
Net unrealized depreciation on open forward contracts | $ 50,877 | $ 11,287 |
% of Partners' Capital | 0.03% | 0.01% |
Futures Contracts [Member] | Contracts Purchased [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 105 | 178 |
Net unrealized depreciation on open forward contracts | $ 306,534 | $ 44,914 |
% of Partners' Capital | 0.19% | 0.03% |
Futures Contracts [Member] | Contracts Sold [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized depreciation on open forward contracts | $ 1,774,391 | $ (166,428) |
% of Partners' Capital | 1.13% | (0.12%) |
Futures Contracts [Member] | Contracts Sold [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 38 | 166 |
Net unrealized depreciation on open forward contracts | $ 74,760 | $ (135,560) |
% of Partners' Capital | 0.05% | (0.10%) |
Futures Contracts [Member] | Contracts Sold [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 1 | 10 |
Net unrealized depreciation on open forward contracts | $ (950) | $ (47,947) |
% of Partners' Capital | 0.00% | (0.03%) |
Futures Contracts [Member] | Contracts Sold [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 8 | 37 |
Net unrealized depreciation on open forward contracts | $ 24,650 | $ 63,863 |
% of Partners' Capital | 0.02% | 0.05% |
Futures Contracts [Member] | Contracts Sold [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 140 | 226 |
Net unrealized depreciation on open forward contracts | $ (165,885) | $ (434,419) |
% of Partners' Capital | (0.10%) | (0.32%) |
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rate US [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 416 | 177 |
Net unrealized depreciation on open forward contracts | $ 944,914 | $ 2,047 |
% of Partners' Capital | 0.60% | 0.00% |
Futures Contracts [Member] | Contracts Sold [Member] | Interest Rate Non US [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 701 | 875 |
Net unrealized depreciation on open forward contracts | $ 982,254 | $ 487,345 |
% of Partners' Capital | 0.62% | 0.36% |
Futures Contracts [Member] | Contracts Sold [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 18 | 5 |
Net unrealized depreciation on open forward contracts | $ (15,022) | $ (4,670) |
% of Partners' Capital | (0.01%) | 0.00% |
Futures Contracts [Member] | Contracts Sold [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 5 | 53 |
Net unrealized depreciation on open forward contracts | $ (11,620) | $ (103,026) |
% of Partners' Capital | (0.01%) | (0.08%) |
Futures Contracts [Member] | Contracts Sold [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Class | 55 | 62 |
Net unrealized depreciation on open forward contracts | $ (58,710) | $ 5,939 |
% of Partners' Capital | (0.04%) | 0.00% |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment Income: | ||
Interest income | $ 18,884 | $ 10,302 |
Interest income allocated from the Trading Company | 6,868 | 4,086 |
Total investment income | 25,752 | 14,388 |
Expenses: | ||
Expenses allocated from the Trading Company | 62,572 | 51,207 |
Clearing fees | 55,690 | 93,617 |
Administrative and General Partner's fees | 264,533 | 278,789 |
Ongoing placement agent fees | 261,310 | 274,820 |
Management fees | 419,846 | 479,604 |
Incentive fees | 1,671,230 | 538,838 |
Professional Fees | 123,337 | 136,414 |
Total expenses | 2,858,518 | 1,853,289 |
Net investment loss | (2,832,766) | (1,838,901) |
Net gains (losses) on trading of commodity interests: | ||
Net realized gains (losses) on closed contracts | 15,179,784 | 5,418,637 |
Net realized gains (losses) on closed contracts allocated from the Trading Company | 4,745,082 | 4,807,136 |
Net change in unrealized gains (losses) on open contracts | 4,653,828 | (1,813,173) |
Net change in unrealized gains (losses) on open contracts allocated from the Trading Company | 4,286,924 | (2,083,613) |
Total trading results | 28,865,618 | 6,328,987 |
Net income (loss) | 26,032,852 | 4,490,086 |
Class A [Member] | ||
Net gains (losses) on trading of commodity interests: | ||
Net income (loss) | $ 25,711,531 | $ 4,450,819 |
Net income (loss) per Unit: | ||
Net income (loss) per unit | $ 4.28 | $ 0.66 |
Weighted average Units outstanding: | ||
Weighted average units outstanding | 6,025,850.764 | 6,970,190.296 |
Class Z [Member] | ||
Net gains (losses) on trading of commodity interests: | ||
Net income (loss) | $ 321,321 | $ 39,267 |
Net income (loss) per Unit: | ||
Net income (loss) per unit | $ 1.84 | $ 0.30 |
Weighted average Units outstanding: | ||
Weighted average units outstanding | 174,419.234 | 238,081.761 |
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, 2020 | $ 61,449,558 | $ 60,545,493 | $ 904,065 | |||||
Balance (in units) at Dec. 31, 2020 | 2,975,234.876 | 2,873,697.998 | 101,536.878 | |||||
Subscriptions | $ 1,841,454 | $ 89,840,737 | $ 89,741,721 | $ 1,841,454 | $ 99,016 | |||
Subscriptions (in units) | 206,904.961 | 4,270,297.539 | 4,259,217.890 | 206,904.961 | 11,079.649 | |||
Redemptions | $ (1,085,094) | $ (9,316,623) | $ (9,316,623) | $ (1,085,094) | ||||
Redemptions (in units) | (123,960.605) | (439,797.853) | (439,797.853) | (123,960.605) | ||||
Net income (loss) | $ 4,490,086 | $ 4,450,819 | $ 39,267 | |||||
Balance at Mar. 31, 2021 | $ 147,220,118 | $ 145,421,410 | $ 1,798,708 | |||||
Balance (in units) at Mar. 31, 2021 | 6,888,678.918 | 6,693,118.035 | 195,560.883 | |||||
Balance at Dec. 31, 2021 | $ 136,910,662 | $ 135,260,404 | $ 1,650,258 | |||||
Balance (in units) at Dec. 31, 2021 | 6,260,501.223 | 6,086,081.989 | 174,419.234 | |||||
Redemptions | $ (5,215,567) | $ (5,215,567) | ||||||
Redemptions (in units) | (209,591.009) | (209,591.009) | ||||||
Net income (loss) | $ 26,032,852 | $ 25,711,531 | $ 321,321 | |||||
Balance at Mar. 31, 2022 | $ 157,727,947 | $ 155,756,368 | $ 1,971,579 | |||||
Balance (in units) at Mar. 31, 2022 | 6,050,910.214 | 5,876,490.980 | 174,419.234 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Classic L.P. (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 Instrument Risks 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. As of March 31, 2022, all trading decisions were made for the Partnership by Graham Capital Management, L.P. (“Graham”), Winton Capital Management Limited (“WCM”), EMC Capital Advisors, LLC (“EMC”) and Campbell & Company, LP (“Campbell”), as the commodity trading advisors to the Partnership (each, a “Trading Advisor” and collectively, the “Trading Advisors”). Each Trading Advisor is allocated a portion of the Partnership’s assets to manage. Ceres is responsible for selecting additional commodity trading advisors from time to time and for replacing Trading Advisors as it deems necessary. Trading advisors can be added, removed, or replaced at any time by Ceres, or Ceres may determine to adjust the allocation of assets to each Trading Advisor, without the consent of, or advance notice to, the limited partners. As of January 1, 2021, the Partnership invested a portion of its assets in CMF Winton Master L.P., organized in New York as a limited partnership (“CMF Winton” or the “Trading Company”). The Partnership and any other feeder fund investing in the Trading Company constitute the limited partners of the Trading Company. The Trading Company is managed by Ceres Managed Futures LLC. CMF Winton has a single account with WCM. The Trading Company may and will, among other things, trade, buy, sell, spread, or otherwise acquire, hold, or dispose of Futures Interests. The General Partner is not aware of any material changes to the trading programs discussed above during the fiscal quarter ended March 31, 2022. During the reporting periods ended March 31, 2022 and 2021, 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 January 1, 2021, JPMorgan Chase Bank, N.A. (“JPM”) acts as prime broker in connection with foreign exchange forward and swap transactions for the Trading Company. As of March 31, 2022, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two share classes (each, a “Class” or collectively, the “Classes”). A Limited Partner will initially receive Class A Units in the Partnership, provided, that certain investors (other than ERISA/IRA investors) who subscribe for Units on a consulting basis, the General Partner, and certain employees of Morgan Stanley and/or its subsidiaries (and their family members) may be designated to hold Class Z Units. The Partnership previously offered Units in Class D; however, no Limited Partners hold Class D Units as of March 31, 2022, and Class D Units are no longer offered. Each of Class A 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; however, Class Z Units are not subject to an ongoing placement agent fee. The monthly management fee paid by the Partnership to Graham is equal to 1/12 th of 1.25% (1.25% annual rate) of the Partnership’s net assets allocated to Graham as of the first day of each month. The Partnership pays Graham an incentive fee of 18% of new trading profits annually. The Partnership pays WCM a flat-rate monthly fee equal to 1/12 th of 1.5% (1.5% annual rate) of the Partnership’s net assets allocated to WCM as of the beginning of the relevant month, which is equal to the prior month end net assets, net of all fees and expenses for the previous month, and decreased by any redemptions for such prior month end and increased by any subscriptions for the current month. In addition, the Partnership pays WCM a quarterly incentive fee equal to 20% of new trading profits earned by WCM in each quarterly period. Pursuant to the management agreement with WCM, no incentive fee will be paid to WCM with respect to the Partnership until it has (i) recouped a certain loss carryforward and (ii) earned new trading profits (as defined in the applicable management agreement) from and after January 1, 2021. The loss carryforward applied to the Partnership will be adjusted according to the Partnership’s assets allocated to WCM as of January 1, 2021. The Partnership pays Campbell a flat rate monthly fee equal to 1/12 th of 1.25% (1.25% annual rate) of the beginning of the month net asset value allocated to Campbell, and the Partnership pays Campbell a quarterly incentive fee equal to 20% of trading profits earned by Campbell in each quarterly period. The Partnership pays EMC a flat rate monthly fee equal to 1/12 th of 0.875% (0.875% annual rate) of the beginning of the month net asset value allocated to EMC, and the Partnership pays EMC a quarterly incentive fee equal to 20% of trading profits earned by EMC in each quarterly period. The ongoing placement agent fee paid by the Partnership to Morgan Stanley Wealth Management for Class A unit holders is equal to an annual rate of 0.75% of the adjusted net assets of Class A units (computed monthly by multiplying the adjusted net assets of the Class A units by 0.75% and dividing the result thereof by 12). The administrative and general partner fee paid by the Partnership to Ceres for all limited partners is equal to an annual rate of 0.75% of the Partnership’s net assets (as defined in the Partnership’s Limited Partnership Agreement). The Partnership directly pays the brokerage fees and other transaction-related fees and expenses, as incurred and also pays its ongoing administrative, operating, offering and organizational expenses (including, but not limited to, periodic legal, accounting, administrative, filing, reporting and data processing fees) and its pro rata share of such expenses of any trading company to which the Partnership has allocated assets. The Trading Company has entered into a foreign exchange brokerage account agreement and a futures brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. Pursuant to these agreements, the Partnership, directly or indirectly through its investment in the Trading Company, pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user, give-up, The Partnership has also entered into a selling agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management is paid a monthly ongoing selling agent fee at the rates described above. The ongoing selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted financial advisors of Morgan Stanley Wealth Management who sell Class A Units. The Trading Company entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the Trading Company and, indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPMorgan charges a fee on the aggregate foreign currency transactions entered into on behalf of the Trading Company during a month. 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2022 and 2021. 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 on Profit Allocation. ach Statement of Cash Flows. tate “Statement of Cash Flows.” Partnership’s Investment in the Trading Company. ners Partnership’s Investments. Gains first-in, first-out Partnership’s Cash is Income Taxes. “Income Taxes,” “more-likely-than-not” mor Investment Company Status. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements com 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 | 3 Months Ended |
Mar. 31, 2022 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 Class A Class Z Class A Class Z Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 4.74 $ 2.02 $ 0.92 $ 0.40 Net investment loss (0.46) (0.18) (0.26) (0.10) Increase (decrease) for the period 4.28 1.84 0.66 0.30 Net asset value per Unit, beginning of period 22.22 9.46 21.07 8.90 Net asset value per Unit, end of period $ 26.50 $ 11.30 $ 21.73 $ 9.20 Three Months Ended March 31, 2022 2021 Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.5) % (3.6) % (4.6) % (3.2) % Operating expenses 3.3 % 2.6 % 4.3 % 2.8 % Incentive fees 1.2 % 1.1 % 0.4 % 0.4 % Total expenses 4.5 % 3.7 % 4.7 % 3.2 % Total return: Total return before incentive fees 20.5 % 20.7 % 3.5 % 3.7 % Incentive fees (1.2) % (1.2) % (0.4) % (0.3) % Total return after incentive fees 19.3 % 19.5 % 3.1 % 3.4 % * 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 and include the income and expenses allocated from the Trading Company. |
Financial Instrument Risks
Financial Instrument Risks | 3 Months Ended |
Mar. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 4. Financial Instrument Risks: The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The General Partner estimates that, at any given time, approximately 29.9 37.4 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. Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as COVID-19, The COVID-19 sheltering-in-place Given the continuing development of this situation, it is not possible to accurately predict how the market disruptions caused by COVID-19 On February 22, 2022, the United States and several European nations announced sanctions against Russia in response to Russia’s mobilization of forces and threat of invasion of the Ukraine, and governments around the world imposed, and may in the future impose, additional sanctions on Russia in response to its continued escalation of this conflict. On February 24, 2022, Russian President Putin commenced a full-scale invasion of Russia’s pre-positioned |
Trading Activities
Trading Activities | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and 2021 were 3,233 and 8,003, respectively. The monthly average number of metals forward contracts traded during the three months ended March 31, 2022 and 2021 were 554 and 488, respectively. The monthly average notional values of currency forward contracts traded during the three months ended March 31, 2022 and 2021 were $663,371,265 and $589,582,105, 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 March 31, 2022 and December 31, 2021, respectively. Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount March 31, 2022 Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 4,469,678 $ (1,679,271) $ 2,790,407 $ - $ - $ 2,790,407 Forwards 6,192,938 (4,020,620) 2,172,318 - - 2,172,318 Total assets $ 10,662,616 $ (5,699,891) $ 4,962,725 $ - $ - $ 4,962,725 Liabilities Futures $ (1,679,271) $ 1,679,271 $ - $ - $ - $ - Forwards (4,020,620) 4,020,620 - - - - Total liabilities $ (5,699,891) $ 5,699,891 $ - $ - $ - $ - Net fair value $ 4,962,725 * Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount December 31, 2021 Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 2,679,698 $ (1,950,628) $ 729,070 $ - $ - $ 729,070 Forwards 2,567,692 (2,567,692) - - - - Total assets $ 5,247,390 $ (4,518,320) $ 729,070 $ - $ - $ 729,070 Liabilities Futures $ (1,950,628) $ 1,950,628 $ - $ - $ - $ - Forwards (2,988,862) 2,567,692 (421,170) - 421,170 - Total liabilities $ (4,939,490) $ 4,518,320 $ (421,170) $ - $ 421,170 $ - Net fair value $ 729,070 * * 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 March 31, 2022 and December 31, 2021, respectively. March 31, 2022 Assets Futures Contracts Currencies $ 97,586 Energy 395,798 Grains 583,919 Indices 955,410 Interest Rates U.S. 980,148 Interest Rates Non-U.S. 1,053,999 Livestock 1,775 Metals 59,783 Softs 341,260 Total unrealized appreciation on open futures contracts 4,469,678 Liabilities Futures Contracts Currencies (30,060) Energy (415,253) Grains (307,767) Indices (272,474) Interest Rates U.S. (174,656) Interest Rates Non-U.S. (348,542) Livestock (16,557) Metals (20,526) Softs (93,436) Total unrealized depreciation on open futures contracts (1,679,271) Net unrealized appreciation on open futures contracts $ 2,790,407 * Assets Forward Contracts Currencies $ 3,938,640 Metals 2,254,298 Total unrealized appreciation on open forward contracts 6,192,938 Liabilities Forward Contracts Currencies (2,833,618) Metals (1,187,002) Total unrealized depreciation on open forward contracts (4,020,620) Net unrealized appreciation on open forward contracts $ 2,172,318 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2021 Assets Futures Contracts Currencies $ 27,947 Energy 667,615 Grains 277,755 Indices 654,155 Interest Rates U.S. 125,562 Interest Rates Non-U.S. 699,662 Livestock 16,490 Metals 58,181 Softs 152,331 Total unrealized appreciation on open futures contracts 2,679,698 Liabilities Futures Contracts Currencies (193,626) Energy (116,177) Grains (157,556) Indices (486,810) Interest Rates U.S. (109,898) Interest Rates Non-U.S. (630,253) Livestock (4,910) Metals (149,920) Softs (101,478) Total unrealized depreciation on open futures contracts (1,950,628) Net unrealized appreciation on open futures contracts $ 729,070 * Assets Forward Contracts Currencies $ 1,744,966 Metals 822,726 Total unrealized appreciation on open forward contracts 2,567,692 Liabilities Forward Contracts Currencies (2,224,046) Metals (764,816) Total unrealized depreciation on open forward contracts (2,988,862) Net unrealized depreciation on open forward contracts $ (421,170) ** * 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, Sector 2022 2021 Currencies $ 2,336,209 $ 1,160,513 Energy 10,435,980 1,677,819 Grains 2,110,510 1,536,622 Indices 295,140 3,495,310 Interest Rates U.S. 1,036,274 (1,937,227) Interest Rates Non-U.S. 1,226,231 (2,541,160) Livestock (61,488) (14,325) Metals 1,908,623 93,779 Softs 546,133 134,133 Total $ 19,833,612 *** $ 3,605,464 *** *** This amount is in “Total trading results” in the Statements of Inc o |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements: Partnership’s and the Trading Company’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 and the Trading Company consider 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. Tre a non-exchange-traded March 31, 2022 Total Level 1 Level 2 Level 3 Assets Futures $ 4,469,678 $ 4,469,678 $ - $ - Forwards 6,192,938 - 6,192,938 - Total assets $ 10,662,616 $ 4,469,678 $ 6,192,938 $ - Liabilities Futures $ 1,679,271 $ 1,679,271 $ - $ - Forwards 4,020,620 - 4,020,620 - Total liabilities $ 5,699,891 $ 1,679,271 $ 4,020,620 $ - December 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 2,679,698 $ 2,679,698 $ - $ - Forwards 2,567,692 - 2,567,692 - Total assets $ 5,247,390 $ 2,679,698 $ 2,567,692 $ - Liabilities Futures $ 1,950,628 $ 1,950,628 $ - $ - Forwards 2,988,862 - 2,988,862 - Total liabilities $ 4,939,490 $ 1,950,628 $ 2,988,862 $ - The investment in the Trading Company measured using the net asset value per share practical expedient is not required to be included in the fair value hierarchy. Please refer to the Condensed Schedules of Investments as of March 31, 2022 and December 31, 2021, respectively. |
Investment In The Trading Compa
Investment In The Trading Company | 3 Months Ended |
Mar. 31, 2022 | |
Investment Company [Abstract] | |
Investment In The Trading Company | 7. Investment in the Trading Company: On January 1, 2021, the assets allocated to WCM for trading were invested in CMF Winton, a limited partnership organized under the partnership laws of the State of New York. CMF Winton permits accounts managed by WCM using the Winton Futures Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of CMF Winton. Individual and pooled accounts currently managed by WCM, including the Partnership, are permitted to be limited partners of CMF Winton. The General Partner and WCM believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and WCM have agreed that WCM will trade the Partnership’s assets allocated to WCM at a level that is up to 1.5 times the amount of assets allocated, provided that the General Partner may instruct WCM to change such level in accordance with the investment management agreement from time to time. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended March 31, 2022. The Partnership’s/Trading Company’s trading of futures, forward, swap, and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Partnership/Trading Company engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner in the Trading Company may withdraw all or part of its capital contribution and undistributed profits, if any, from the Trading Company as of the end of any month (the “Redemption Date”) after a request has been made to the Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Trading Company. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal date. Management fees, General Partner fees, ongoing selling fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Trading Company and allocated to the Trading Company’s limited partners, including the Partnership. Professional fees are borne by the Trading Company and allocated to the Partnership, and also charged directly at the Partnership level. As of March 31, 2022 and December 31, 2021, the Partnership owned 100% of CMF Winton. It is the Partnership’s intention to continue to invest in the Trading Company. The performance of the Partnership is directly affected by the performance of the Trading Company. Expenses to investors as a result of investment in the Trading Company are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’ capital of the Trading Company is shown in the following tables: March 31, 2022 Total Assets Toal Liabilities Total Capital CMF Winton $ 52,561,665 $ 1,446,947 $ 51,114,718 December 31, 2021 Total Assets Toal Liabilities Total Capital CMF Winton $ 41,512,628 $ 194,879 $ 41,317,749 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Trading Company is shown in the following tables: For the three months ended March 31, 2022 Net Investment Total Trading Net Income (Loss) CMF Winton $ (55,704) $ 9,032,006 $ 8,976,302 For the three months ended March 31, 2021 Net Investment Total Trading Net Income (Loss) CMF Winton $ (47,121) $ 2,723,523 $ 2,676,402 Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata tables: March 31, 2022 For the three months ended March 31, 2022 % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Professional CMF Winton 32.41 % $ 51,119,640 $ 9,038,874 $ 45,572 $ 17,000 $ 8,976,302 Commodity Portfolio Monthly December 31, 2021 For the three months ended March 31, 2021 % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Professional CMF Winton (a) 30.18 % $ 41,318,675 $ 2,727,609 $ 37,920 $ 13,287 $ 2,676,402 Commodity Portfolio Monthly (a) On January 1, 2021, the Partnership invested into CMF Winton. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
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) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates on |
Profit Allocation | Profit Allocation. ach |
Statement of Cash Flows | Statement of Cash Flows. tate “Statement of Cash Flows.” |
Partnership's Investment in the Trading Company | Partnership’s Investment in the Trading Company. ners |
Partnership's Investments | Partnership’s Investments. Gains first-in, first-out |
Partnership's Cash | Partnership’s Cash is |
Income Taxes | Income Taxes. “Income Taxes,” “more-likely-than-not” mor |
Investment Company Status | Investment Company Status. 2013-08, Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements com |
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 |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investment Company [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner class as a whole for the three months ended March 31, 2022 and 2021 were as follows: Three Months Ended March 31, 2022 2021 Class A Class Z Class A Class Z Per Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 4.74 $ 2.02 $ 0.92 $ 0.40 Net investment loss (0.46) (0.18) (0.26) (0.10) Increase (decrease) for the period 4.28 1.84 0.66 0.30 Net asset value per Unit, beginning of period 22.22 9.46 21.07 8.90 Net asset value per Unit, end of period $ 26.50 $ 11.30 $ 21.73 $ 9.20 Three Months Ended March 31, 2022 2021 Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.5) % (3.6) % (4.6) % (3.2) % Operating expenses 3.3 % 2.6 % 4.3 % 2.8 % Incentive fees 1.2 % 1.1 % 0.4 % 0.4 % Total expenses 4.5 % 3.7 % 4.7 % 3.2 % Total return: Total return before incentive fees 20.5 % 20.7 % 3.5 % 3.7 % Incentive fees (1.2) % (1.2) % (0.4) % (0.3) % Total return after incentive fees 19.3 % 19.5 % 3.1 % 3.4 % * 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) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and December 31, 2021, respectively. Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount March 31, 2022 Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 4,469,678 $ (1,679,271) $ 2,790,407 $ - $ - $ 2,790,407 Forwards 6,192,938 (4,020,620) 2,172,318 - - 2,172,318 Total assets $ 10,662,616 $ (5,699,891) $ 4,962,725 $ - $ - $ 4,962,725 Liabilities Futures $ (1,679,271) $ 1,679,271 $ - $ - $ - $ - Forwards (4,020,620) 4,020,620 - - - - Total liabilities $ (5,699,891) $ 5,699,891 $ - $ - $ - $ - Net fair value $ 4,962,725 * Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount December 31, 2021 Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 2,679,698 $ (1,950,628) $ 729,070 $ - $ - $ 729,070 Forwards 2,567,692 (2,567,692) - - - - Total assets $ 5,247,390 $ (4,518,320) $ 729,070 $ - $ - $ 729,070 Liabilities Futures $ (1,950,628) $ 1,950,628 $ - $ - $ - $ - Forwards (2,988,862) 2,567,692 (421,170) - 421,170 - Total liabilities $ (4,939,490) $ 4,518,320 $ (421,170) $ - $ 421,170 $ - Net fair value $ 729,070 * |
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 March 31, 2022 and December 31, 2021, respectively. March 31, 2022 Assets Futures Contracts Currencies $ 97,586 Energy 395,798 Grains 583,919 Indices 955,410 Interest Rates U.S. 980,148 Interest Rates Non-U.S. 1,053,999 Livestock 1,775 Metals 59,783 Softs 341,260 Total unrealized appreciation on open futures contracts 4,469,678 Liabilities Futures Contracts Currencies (30,060) Energy (415,253) Grains (307,767) Indices (272,474) Interest Rates U.S. (174,656) Interest Rates Non-U.S. (348,542) Livestock (16,557) Metals (20,526) Softs (93,436) Total unrealized depreciation on open futures contracts (1,679,271) Net unrealized appreciation on open futures contracts $ 2,790,407 * Assets Forward Contracts Currencies $ 3,938,640 Metals 2,254,298 Total unrealized appreciation on open forward contracts 6,192,938 Liabilities Forward Contracts Currencies (2,833,618) Metals (1,187,002) Total unrealized depreciation on open forward contracts (4,020,620) Net unrealized appreciation on open forward contracts $ 2,172,318 ** December 31, 2021 Assets Futures Contracts Currencies $ 27,947 Energy 667,615 Grains 277,755 Indices 654,155 Interest Rates U.S. 125,562 Interest Rates Non-U.S. 699,662 Livestock 16,490 Metals 58,181 Softs 152,331 Total unrealized appreciation on open futures contracts 2,679,698 Liabilities Futures Contracts Currencies (193,626) Energy (116,177) Grains (157,556) Indices (486,810) Interest Rates U.S. (109,898) Interest Rates Non-U.S. (630,253) Livestock (4,910) Metals (149,920) Softs (101,478) Total unrealized depreciation on open futures contracts (1,950,628) Net unrealized appreciation on open futures contracts $ 729,070 * Assets Forward Contracts Currencies $ 1,744,966 Metals 822,726 Total unrealized appreciation on open forward contracts 2,567,692 Liabilities Forward Contracts Currencies (2,224,046) Metals (764,816) Total unrealized depreciation on open forward contracts (2,988,862) Net unrealized depreciation on open forward contracts $ (421,170) ** |
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 months ended March 31, 2022 and 2021, respectively. Three Months Ended March 31, Sector 2022 2021 Currencies $ 2,336,209 $ 1,160,513 Energy 10,435,980 1,677,819 Grains 2,110,510 1,536,622 Indices 295,140 3,495,310 Interest Rates U.S. 1,036,274 (1,937,227) Interest Rates Non-U.S. 1,226,231 (2,541,160) Livestock (61,488) (14,325) Metals 1,908,623 93,779 Softs 546,133 134,133 Total $ 19,833,612 *** $ 3,605,464 *** *** This amount is in “Total trading results” in the Statements of Inc o |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | As of March 31, 2022 and December 31, 2021 and for the periods ended March 31, 2022 and 2021, the Partnership and the Trading Company did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). March 31, 2022 Total Level 1 Level 2 Level 3 Assets Futures $ 4,469,678 $ 4,469,678 $ - $ - Forwards 6,192,938 - 6,192,938 - Total assets $ 10,662,616 $ 4,469,678 $ 6,192,938 $ - Liabilities Futures $ 1,679,271 $ 1,679,271 $ - $ - Forwards 4,020,620 - 4,020,620 - Total liabilities $ 5,699,891 $ 1,679,271 $ 4,020,620 $ - December 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 2,679,698 $ 2,679,698 $ - $ - Forwards 2,567,692 - 2,567,692 - Total assets $ 5,247,390 $ 2,679,698 $ 2,567,692 $ - Liabilities Futures $ 1,950,628 $ 1,950,628 $ - $ - Forwards 2,988,862 - 2,988,862 - Total liabilities $ 4,939,490 $ 1,950,628 $ 2,988,862 $ - |
Investment In The Trading Com_2
Investment In The Trading Company (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Investment Company [Abstract] | |
Summary of Total assets, liabilities and partners' capital of the Trading Company | Summarized information reflecting the total assets, liabilities and partners’ capital of the Trading Company is shown in the following tables: March 31, 2022 Total Assets Toal Liabilities Total Capital CMF Winton $ 52,561,665 $ 1,446,947 $ 51,114,718 December 31, 2021 Total Assets Toal Liabilities Total Capital CMF Winton $ 41,512,628 $ 194,879 $ 41,317,749 |
Summary of Net investment income (loss), total trading results and net income (loss) of the Trading Company | Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Trading Company is shown in the following tables: For the three months ended March 31, 2022 Net Investment Total Trading Net Income (Loss) CMF Winton $ (55,704) $ 9,032,006 $ 8,976,302 For the three months ended March 31, 2021 Net Investment Total Trading Net Income (Loss) CMF Winton $ (47,121) $ 2,723,523 $ 2,676,402 |
Summary of Partnership's investment in and the Partnership's pro-rata share of the results of operations of the Trading Company | Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata tables: March 31, 2022 For the three months ended March 31, 2022 % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Professional CMF Winton 32.41 % $ 51,119,640 $ 9,038,874 $ 45,572 $ 17,000 $ 8,976,302 Commodity Portfolio Monthly December 31, 2021 For the three months ended March 31, 2021 % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Professional CMF Winton (a) 30.18 % $ 41,318,675 $ 2,727,609 $ 37,920 $ 13,287 $ 2,676,402 Commodity Portfolio Monthly |
Organization - Additional Infor
Organization - Additional Information (Detail) - Class | Jan. 01, 2021 | Feb. 01, 2019 | Mar. 31, 2022 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Number of share classes | 2 | ||
Percentage of General Partner fee | 0.75% | ||
Wealth Capital Management LP [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Incentive fee, monthly trading profits basis | 20.00% | ||
Management fee, annual basis | 1.50% | ||
Management fee, monthly basis | 1.50% | ||
Morgan Stanley Wealth Management [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Annual placement agent fees | 0.75% | ||
Monthly Placement Agent Fees | 0.75% | ||
EMC Capital Advisors LLC [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Incentive fee, monthly trading profits basis | 20.00% | ||
Management fee, annual basis | 0.875% | ||
Management fee, monthly basis | 0.875% | ||
Graham LP [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Incentive fee, monthly trading profits basis | 18.00% | ||
Management fee, annual basis | 1.25% | ||
Management fee, monthly basis | 1.25% | ||
Campbell And Company LP [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Incentive fee, monthly trading profits basis | 20.00% | ||
Management fee, annual basis | 1.25% | ||
Management fee, monthly basis | 1.25% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Line Items] | ||
Cash held for margin requirements | $ 12,644,519 | $ 19,943,752 |
Cash denominated in foreign currencies | (311,204) | 410,895 |
Cash denominated in foreign currencies, proceeds | 310,402 | $ 410,700 |
Uncertain tax position | $ 0 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class A [Member] | ||
Per Unit Performance (for a unit outstanding throughout the period): | ||
Net asset value per Unit, beginning of period | $ 22.22 | |
Net asset value per Unit, end of period | 26.50 | |
Class Z [Member] | ||
Per Unit Performance (for a unit outstanding throughout the period): | ||
Net asset value per Unit, beginning of period | 9.46 | |
Net asset value per Unit, end of period | 11.30 | |
Limited Partner [Member] | Class A [Member] | ||
Per Unit Performance (for a unit outstanding throughout the period): | ||
Net realized and unrealized gains (losses) | 4.74 | $ 0.92 |
Net investment loss | (0.46) | (0.26) |
Increase (decrease) for the period | 4.28 | 0.66 |
Net asset value per Unit, beginning of period | 22.22 | 21.07 |
Net asset value per Unit, end of period | $ 26.50 | $ 21.73 |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (4.50%) | (4.60%) |
Operating expenses | 3.30% | 4.30% |
Incentive fees | 1.20% | 0.40% |
Total expenses | 4.50% | 4.70% |
Total return: | ||
Total return before incentive fees | 20.50% | 3.50% |
Incentive fees | (1.20%) | (0.40%) |
Total return after incentive fees | 19.30% | 3.10% |
Limited Partner [Member] | Class Z [Member] | ||
Per Unit Performance (for a unit outstanding throughout the period): | ||
Net realized and unrealized gains (losses) | $ 2.02 | $ 0.40 |
Net investment loss | (0.18) | (0.10) |
Increase (decrease) for the period | 1.84 | 0.30 |
Net asset value per Unit, beginning of period | 9.46 | 8.90 |
Net asset value per Unit, end of period | $ 11.30 | $ 9.20 |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (3.60%) | (3.20%) |
Operating expenses | 2.60% | 2.80% |
Incentive fees | 1.10% | 0.40% |
Total expenses | 3.70% | 3.20% |
Total return: | ||
Total return before incentive fees | 20.70% | 3.70% |
Incentive fees | (1.20%) | (0.30%) |
Total return after incentive fees | 19.50% | 3.40% |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) - Credit Concentration Risk [Member] - Contracts [Member] - Over the Counter [Member] | 3 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Concentration Risk [Line Items] | |
Percentage of investment contracts | 29.90% |
Maximum [Member] | |
Concentration Risk [Line Items] | |
Percentage of investment contracts | 37.40% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Average number of futures contracts traded | 3,233 | 8,003 |
Average number of metals forward contracts traded | 554 | 488 |
Average notional value of currency forward contracts | $ 663,371,265 | $ 589,582,105 |
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 ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Gross Amounts Recognized | $ 10,662,616 | $ 5,247,390 |
Gross Amounts Offset in the Statements of Financial Condition | (5,699,891) | (4,518,320) |
Net Amounts Presented in the Statements of Financial Condition | 4,962,725 | 729,070 |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged | 0 | |
Net Amount, Assets | 4,962,725 | 729,070 |
Gross Amounts Recognized | (5,699,891) | (4,939,490) |
Gross Amounts Offset in the Statements of Financial Condition | 5,699,891 | 4,518,320 |
Net Amounts Presented in the Statements of Financial Condition | 0 | (421,170) |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged | 0 | 421,170 |
Net Amount, Liabilities | 0 | |
Net fair value | 4,962,725 | 729,070 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 4,469,678 | 2,679,698 |
Gross Amounts Offset in the Statements of Financial Condition | (1,679,271) | (1,950,628) |
Net Amounts Presented in the Statements of Financial Condition | 2,790,407 | 729,070 |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged | 0 | |
Net Amount, Assets | 2,790,407 | 729,070 |
Gross Amounts Recognized | (1,679,271) | (1,950,628) |
Gross Amounts Offset in the Statements of Financial Condition | 1,679,271 | 1,950,628 |
Net Amounts Presented in the Statements of Financial Condition | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged | 0 | |
Net Amount, Liabilities | 0 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized | 6,192,938 | 2,567,692 |
Gross Amounts Offset in the Statements of Financial Condition | (4,020,620) | (2,567,692) |
Net Amounts Presented in the Statements of Financial Condition | 2,172,318 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Assets, Cash Collateral (Received)/Pledged | 0 | |
Net Amount, Assets | 2,172,318 | |
Gross Amounts Recognized | (4,020,620) | (2,988,862) |
Gross Amounts Offset in the Statements of Financial Condition | 4,020,620 | 2,567,692 |
Net Amounts Presented in the Statements of Financial Condition | 0 | (421,170) |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Financial Instruments | 0 | |
Gross Amounts Not Offset in the Statements of Financial Condition, Liabilities, Cash Collateral (Received)/Pledged | 0 | $ 421,170 |
Net Amount, Liabilities | $ 0 |
Trading Activities - Summary _2
Trading Activities - Summary of Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 4,469,678 | $ 2,679,698 |
Total unrealized depreciation on open contracts | (1,679,271) | (1,950,628) |
Net unrealized appreciation (depreciation) on open contracts | 2,790,407 | 729,070 |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 97,586 | 27,947 |
Total unrealized depreciation on open contracts | (30,060) | (193,626) |
Futures Contracts [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 395,798 | 667,615 |
Total unrealized depreciation on open contracts | (415,253) | (116,177) |
Futures Contracts [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 583,919 | 277,755 |
Total unrealized depreciation on open contracts | (307,767) | (157,556) |
Futures Contracts [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 955,410 | 654,155 |
Total unrealized depreciation on open contracts | (272,474) | (486,810) |
Futures Contracts [Member] | Interest Rate US [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 980,148 | 125,562 |
Total unrealized depreciation on open contracts | (174,656) | (109,898) |
Futures Contracts [Member] | Interest Rate Non US [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,053,999 | 699,662 |
Total unrealized depreciation on open contracts | (348,542) | (630,253) |
Futures Contracts [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,775 | 16,490 |
Total unrealized depreciation on open contracts | (16,557) | (4,910) |
Futures Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 59,783 | 58,181 |
Total unrealized depreciation on open contracts | (20,526) | (149,920) |
Futures Contracts [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 341,260 | 152,331 |
Total unrealized depreciation on open contracts | (93,436) | (101,478) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 6,192,938 | 2,567,692 |
Total unrealized depreciation on open contracts | (4,020,620) | (2,988,862) |
Net unrealized appreciation (depreciation) on open contracts | 2,172,318 | (421,170) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 3,938,640 | 1,744,966 |
Total unrealized depreciation on open contracts | (2,833,618) | (2,224,046) |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,254,298 | 822,726 |
Total unrealized depreciation on open contracts | $ (1,187,002) | $ (764,816) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Gain (loss) from trading | $ 19,833,612 | $ 3,605,464 |
Currencies [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 2,336,209 | 1,160,513 |
Energy [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 10,435,980 | 1,677,819 |
Grains [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 2,110,510 | 1,536,622 |
Indices [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 295,140 | 3,495,310 |
Interest Rate US [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 1,036,274 | (1,937,227) |
Interest Rate Non US [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 1,226,231 | (2,541,160) |
Livestock [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | (61,488) | (14,325) |
Metals [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | 1,908,623 | 93,779 |
Softs [Member] | ||
Derivative [Line Items] | ||
Gain (loss) from trading | $ 546,133 | $ 134,133 |
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 ($) | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 10,662,616 | $ 5,247,390 | |
Liabilities | 5,699,891 | $ 4,939,490 | |
Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 6,192,938 | 2,567,692 | |
Liabilities | 4,020,620 | 2,988,862 | |
Futures Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,469,678 | 2,679,698 | |
Liabilities | 1,679,271 | 1,950,628 | |
Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,469,678 | 2,679,698 | |
Liabilities | 1,679,271 | 1,950,628 | |
Level 1 [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
Level 1 [Member] | Futures Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4,469,678 | 2,679,698 | |
Liabilities | 1,679,271 | 1,950,628 | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 6,192,938 | 2,567,692 | |
Liabilities | 4,020,620 | 2,988,862 | |
Level 2 [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 6,192,938 | 2,567,692 | |
Liabilities | 4,020,620 | $ 2,988,862 | |
Level 2 [Member] | Futures Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
Level 3 [Member] | Forward Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | 0 | 0 | |
Level 3 [Member] | Futures Contracts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | 0 | |
Liabilities | $ 0 | $ 0 |
Investment in the Trading Com_3
Investment in the Trading Company - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2022 | |
Limited Partner [Member] | |
Investment In The Trading Company | |
Notice period for withdrawal of capital contribution | 3 days |
CMF Winton Master LP [Member] | |
Investment In The Trading Company | |
Partnership assets trading multiple | 1.5 |
Investment In The Trading Com_4
Investment In The Trading Company - Summary of Total Assets, Liabilities And Partners' Capital Of The Trading Company (Detail) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Investment In The Trading Company [Line Items] | ||||
Total Assets | $ 162,359,366 | $ 140,057,784 | ||
Total Liabilities | 4,631,419 | 3,147,122 | ||
Total Capital | 157,727,947 | 136,910,662 | $ 147,220,118 | $ 61,449,558 |
CMF Winton Master LP [Member] | ||||
Investment In The Trading Company [Line Items] | ||||
Total Assets | 52,561,665 | 41,512,628 | ||
Total Liabilities | 1,446,947 | 194,879 | ||
Total Capital | $ 51,114,718 | $ 41,317,749 |
Investment In The Trading Com_5
Investment In The Trading Company - Summary of Net Investment Income (Loss), Total Trading Results And Net Income (Loss) Of The Trading Company (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Investment In The Trading Company [Line Items] | ||
Trading Gain (Loss) | $ 4,745,082 | $ 4,807,136 |
Net income (loss) | 26,032,852 | 4,490,086 |
CMF Winton Master LP [Member] | ||
Investment In The Trading Company [Line Items] | ||
Net Investment Income (Loss) | (55,704) | (47,121) |
Trading Gain (Loss) | 9,032,006 | 2,723,523 |
Net income (loss) | $ 8,976,302 | $ 2,676,402 |
Investment In The Trading Com_6
Investment In The Trading Company - Partnership's Investment In And The Partnership's Pro-Rata Share Of The Results Of Operations Of The Trading Company (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Investment In The Trading Company [Line Items] | |||
Alternative Investment | $ 51,119,640 | $ 41,318,675 | |
Professional Fees | 123,337 | $ 136,414 | |
Net income (loss) | 26,032,852 | 4,490,086 | |
CMF Winton Master LP [Member] | |||
Investment In The Trading Company [Line Items] | |||
Alternative Investment | 51,119,640 | $ 41,318,675 | |
Operating Income (Loss) | 9,038,874 | 2,727,609 | |
Clearing Fees | 45,572 | 37,920 | |
Professional Fees | 17,000 | 13,287 | |
Net income (loss) | $ 8,976,302 | $ 2,676,402 | |
CMF Winton Master LP [Member] | Investment In The Trading Company [Member] | |||
Investment In The Trading Company [Line Items] | |||
% of Partners' Capital | 32.41% | 30.18% |