Global Diversified Futures Fund (GDFF) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Oct. 31, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Entity Registrant Name	'GLOBAL DIVERSIFIED FUTURES FUND L.P.	'
Entity Central Index Key	'0001068237	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Limited Partnership Redeemable Units Outstanding	'	10,484.74

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets:	'	'
Investment in Funds, at fair value	$15,358,670	$18,321,947
Cash	77,874	60,923
Total assets	15,436,544	18,382,870
Liabilities:	'	'
Brokerage fees	69,465	82,723
Management fees	18,902	24,472
Other	90,615	63,947
Redemptions payable	139,062	192,306
Total liabilities	318,044	363,448
Partners' Capital:	'	'
General Partner, 110.9234 and 157.9234 unit equivalents outstanding at September 30, 2013 and December 31, 2012, respectively	157,970	253,022
Limited Partners, 10,504.9368 and 11,088.9038 Redeemable Units outstanding at September 30, 2013 and December 31, 2012, respectively	14,960,530	17,766,400
Total partners' capital	15,118,500	18,019,422
Total liabilities and partners' capital	$15,436,544	$18,382,870
Net asset value per unit	1,424.14	1,602.18

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical)	Sep. 30, 2013	Dec. 31, 2012
General partner unit equivalents outstanding	110.9234	157.9234
Limited partner unit equivalents outstanding	10,504.94	11,088.90

Schedule_of_Investments

Schedule of Investments (USD $)	Sep. 30, 2013	Dec. 31, 2012
Schedule of Investments [Line Items]	'	'
Investment in Funds	$15,358,670	$18,321,947
Investment in Funds, Partners' Capital Percentage	101.59%	101.68%
CMF Aspect Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	4,336,453	4,929,627
Investment in Funds, Partners' Capital Percentage	28.68%	27.36%
CMF Altis Partners Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	3,384,472	3,977,782
Investment in Funds, Partners' Capital Percentage	22.39%	22.07%
Waypoint Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	3,682,097	4,830,703
Investment in Funds, Partners' Capital Percentage	24.36%	26.81%
Blackwater Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	$3,955,648	$4,583,835
Investment in Funds, Partners' Capital Percentage	26.16%	25.44%

Statements_of_Income_and_Expen

Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (USD $)	3 Months Ended				9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012		Sep. 30, 2013		Sep. 30, 2012
Investment income:	'		'		'		'
Interest income from investment in Funds	$604		$2,473		$3,612		$6,579
Expenses:	'		'		'		'
Brokerage fees including clearing fees	227,166		282,020		737,984		896,042
Management fees	58,852		80,504		199,431		254,915
Other	60,269		29,574		140,291		120,100
Total expenses	346,287		392,098		1,077,706		1,271,057
Net investment income (loss)	-345,683		-389,625		-1,074,094		-1,264,478
Trading Results:	'		'		'		'
Net realized gains (losses) on investment in Funds	-179,544		-613,727		-139,363		-95,257
Change in net unrealized gains (losses) on investments in Funds	-928,794		467,690		-705,622		-529,003
Total trading results	-1,108,338		-146,037		-844,985		-624,260
Net income (loss)	-1,454,021		-535,662		-1,919,079		-1,888,738
Redemptions - Limited Partners	-302,313		-978,076		-906,721		-1,747,759
Redemptions - General Partner	0		0		-75,122		0
Net increase (decrease) in Partners' Capital	-1,756,334		-1,513,738		-2,900,922		-3,636,497
Partners' Capital, beginning of period	16,874,834		20,298,728		18,019,422		22,421,487
Partners' Capital, end of period	$15,118,500		$18,784,990		$15,118,500		$18,784,990
Net asset value per unit (10,615.8602 and 11,428.7052 units outstanding at September 30, 2013 and 2012, respectively)	1,424.14		1,643.67		1,424.14		1,643.67
Net income (loss) per unit	($135.02)	[1]	($48.35)	[1]	($178.04)	[1]	($160.15)	[1]
Weighted average units outstanding	10,771.03		11,695.08		10,962.46		12,045.31
[1]	Based on change in net asset value per unit.

Statements_of_Income_and_Expen1

Statements of Income and Expenses and Changes in Partners' Capital (Unaudited) (Parenthetical)	Sep. 30, 2013	Sep. 30, 2012
Partner's capital, units outstanding	10,615.86	11,428.71

General

General	9 Months Ended
	Sep. 30, 2013
General	'
	1. General:
	Global Diversified Futures Fund L.P. (the “Partnership”) is a limited partnership organized under the partnership laws of the State of New York on June 15, 1998, to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests, including futures contracts, options, swaps and forward contracts on United States exchanges and certain foreign exchanges. The sectors traded include currencies, energy, grains, indices, metals, softs, livestock, lumber and U.S. and non-U.S. interest rates. The commodity interests that are traded by the Funds (as defined in note 5, “Investment in Funds”) are volatile and involve a high degree of market risk. The Partnership commenced trading on February 2, 1999. The Partnership was authorized to sell up to 100,000 redeemable units of limited partnership interest (“Redeemable Units”) during its initial offering period. The Partnership no longer offers Redeemable Units for sale.
	Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings, and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc.
	As of September 30, 2013, all trading decisions are made for the Partnership by Aspect Capital Limited (“Aspect”), Altis Partners (Jersey) Limited (“Altis”), Waypoint Capital Management LLC (“Waypoint”) and Blackwater Capital Management LLC (“Blackwater”) (each an Advisor and collectively, the “Advisors”), each of which is a registered commodity trading advisor. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each Advisor indirectly through investments in the Funds.
	The General Partner and each limited partner of the Partnership (each, a Limited Partner) share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no Limited Partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, or net of distributions and losses, if any.
	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 statement of the Partnership’s financial condition at September 30, 2013 and December 31, 2012 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2013 and 2012. These financial statements present the results of interim periods and do not include all of the disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2012.
	The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosure of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
	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.

Financial_Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2013
Financial Highlights	'
	2. Financial Highlights:
	Changes in the net asset value per unit for the three and nine months ended September 30, 2013 and 2012 were as follows:
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
	Net realized and unrealized gains (losses) *		$	(124.01	)	$	(39.15	)	$	(147.34	)	$	(129.60	)
	Interest income			0.05			0.22			0.32			0.55
	Expenses **			(11.06	)		(9.42	)		(31.02	)		(31.10	)
	Increase (decrease) for the period			(135.02	)		(48.35	)		(178.04	)		(160.15	)
	Net asset value per unit, beginning of period			1,559.16			1,692.02			1,602.18			1,803.82
	Net asset value per unit, end of period		$	1,424.14		$	1,643.67		$	1,424.14		$	1,643.67
	*	Includes brokerage fees and clearing fees.
	**	Excludes brokerage fees and clearing fees.
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
	Ratios to average net assets:***
	Net investment income (loss)			(8.6	)%		(7.9	)%		(8.4	)%		(8.1	)%
	Incentive fees			—	%		—	%		—	%		—	%
	Net investment income (loss) before incentive fees****			(8.6	)		(7.9	)		(8.4	)		(8.1	)
	Operating expenses			8.6	%		7.9	%		8.4	%		8.1	%
	Incentive fees			—	%		—	%		—	%		—	%
	Total expenses			8.6	%		7.9	%		8.4	%		8.1	%
	Total return:
	Total return before incentive fees			(8.7	)%		(2.9	)%		(11.1	)%		(8.9	)%
	Incentive fees			—	%		—	%		—	%		—	%
	Total return after incentive fees			(8.7	)%		(2.9	)%		(11.1	)%		(8.9	)%
	***	Annualized (other than incentive fees).
	****	Interest income less total expenses.
	The above ratios 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 net assets.

Trading_Activities

Trading Activities	9 Months Ended
	Sep. 30, 2013
Trading Activities	'
	3. Trading Activities:
	The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The Partnership’s investments are in other funds which trade these instruments. The results of the Partnership’s trading activities from its investment in the Funds are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.
	During the third quarter of 2013, CMF Aspect Master Fund L.P. (“Aspect Master”), CMF Altis Partners Master Fund L.P. (“Altis Master”) and Waypoint Master Fund L.P. (“Waypoint Master”) entered into a futures brokerage account agreement with Morgan Stanley & Co. LLC (“MS&Co”), a registered futures commission merchant. During the second quarter of 2013, Aspect Master and Waypoint Master entered into a foreign exchange brokerage account agreement with MS&Co. Aspect Master, Altis Master and Waypoint Master commenced futures trading through accounts at MS&Co on or about July 15, 2013, July 29, 2013 and September 26, 2013, respectively. Aspect Master and Waypoint Master commenced foreign exchange trading through an account at MS&Co on or about May 1, 2013. The Partnership, through its investment in the Funds, will pay MS&Co trading fees for the clearing and, where applicable, execution of transactions. See Part II, Item 5 for additional information.
	Each customer agreement between the Partnership and Citigroup Global Markets, Inc. (“CGM”)/MS&Co., and the funds and CGM/MS&Co., as applicable, give the Partnership and the Funds the legal right to net unrealized gains and losses on open futures and forward contracts. The Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts on the Fund’s Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20, “Balance Sheet,” have been met.
	All of the commodity interests owned by the Funds are held for trading purposes.
	Brokerage fees are calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and are affected by trading performance and redemptions.
	On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnership’s financial statements.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2013
Fair Value Measurements	'
	4. Fair Value Measurements:
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, through the Partnership’s investments in the Funds, are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in the trading account on the Funds’ Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances, and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	On October 1, 2012, the Financial Accounting Standards Board (the “FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820. The amendments are effective for fiscal periods beginning after December 15, 2012. The adoption of this ASU did not have a material impact on the Partnership’s financial statements.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended September 30, 2013 and December 31, 2012, the Partnership and the Funds 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). During the nine months ended September 30, 2013 and twelve months ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2.
		September 30, 2013		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable Inputs		Unobservable
				for Identical		(Level 2)		Inputs (Level 3)
				Assets (Level 1)
	Assets
	Investment in Funds	$	15,358,670	$	0	$	15,358,670	$	0
	Net fair value	$	15,358,670	$	0	$	15,358,670	$	0
		December 31, 2012		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable Inputs		Unobservable
				for Identical		(Level 2)		Inputs (Level 3)
				Assets (Level 1)
	Assets
	Investment in Funds	$	18,321,947	$	0	$	18,321,947	$	0
	Net fair value	$	18,321,947	$	0	$	18,321,947	$	0

Investment_in_Funds

Investment in Funds	9 Months Ended
	Sep. 30, 2013
Investment in Funds	'
	5. Investment in Funds:
	On March 1, 2005, the assets allocated to Aspect for trading were invested in Aspect Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 16,015.3206 units of Aspect Master with cash equal to $14,955,106 and a contribution of open commodity futures and forward contracts with a fair value of $1,060,214. Aspect Master was formed in order to permit accounts managed by Aspect using Aspect’s Diversified Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Aspect Master. Individual and pooled accounts currently managed by Aspect, including the Partnership, are permitted to be limited partners of Aspect Master. The General Partner and Aspect believe that trading through this structure should promote efficiency and economy in the trading process.
	On November 1, 2005, the assets allocated to Altis for trading were invested in Altis Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 13,013.6283 units of Altis Master with cash equal to $11,227,843 and a contribution of open commodity futures and forwards contracts with a fair value of $1,785,785. Altis Master was formed to permit accounts managed by Altis using the Global Futures Portfolio Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Altis Master. Individual and pooled accounts currently managed by Altis, including the Partnership, are permitted to be limited partners of Altis Master. The General Partner and Altis believe that trading through this structure should promote efficiency and economy in the trading process.
	On March 1, 2010, the assets allocated to Waypoint for trading were invested in Waypoint Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 4,959.4220 units of Waypoint Master with cash equal to $4,959,422. Waypoint Master was formed in order to permit accounts managed by Waypoint using its Diversified Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Waypoint Master. Individual and pooled accounts currently managed by Waypoint, including the Partnership, are permitted to be limited partners of Waypoint Master. The General Partner and Waypoint believe that trading through this structure should promote efficiency and economy in the trading process.
	On November 1, 2010, the assets allocated to Blackwater for trading were invested in Blackwater Master Fund L.P. (“Blackwater Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in Blackwater Master with cash equal to $5,000,000. Blackwater Master was formed in order to permit accounts managed by Blackwater using its Global Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Blackwater Master. Individual and pooled accounts currently managed by Blackwater, including the Partnership, are permitted to be limited partners of Blackwater Master. The General Partner and Blackwater believe that trading through this structure should promote efficiency and economy in the trading process.
	The General Partner of the Funds is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended September 30, 2013.
	Aspect Master’s, Altis Master’s, Waypoint Master’s and Blackwater Master’s (collectively, the “Funds”), trading of futures, forwards, swaps and options contracts, if applicable, on commodities is done primarily on United States of America commodity exchanges and foreign commodity exchanges. During the reporting period, the Funds engaged in such trading through commodity brokerage accounts maintained by CGM and/or MS & Co, as applicable.
	A limited partner of the Funds may withdraw all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any day. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Funds.
	Management and incentive fees are charged at the Partnership level. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively the “clearing fees”) are borne by the Partnership through its investment in the Funds. All other fees are charged at the Partnership level.
	At September 30, 2013, the Partnership owned approximately 4.1%, 3.5%, 30.8%, and 6.0% of Aspect Master, Altis Master, Waypoint Master and Blackwater Master, respectively. At December 31, 2012, the Partnership owned approximately 3.6%, 3.3%, 21.4% and 5.6% of Aspect Master, Altis Master, Waypoint Master and Blackwater Master, respectively. It is the intention of the Partnership to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to the investors as a result of the investment in the Funds are approximately the same and redemption rights are not affected.
	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.
		30-Sep-13
		Total Assets				Total				Total
						Liabilities				Capital
	Aspect Master	$	109,047,946			$	2,021,750			$	107,026,196
	Altis Master		99,671,960				2,899,256				96,772,704
	Waypoint Master		12,142,415				175,967				11,966,448
	Blackwater Master		67,685,982				1,652,272				66,033,710
	Total	$	288,548,303			$	6,749,245			$	281,799,058
		31-Dec-12
		Total Assets				Total				Total
						Liabilities				Capital
	Aspect Master	$	136,219,745			$	591,506			$	135,628,239
	Altis Master		120,633,506				1,220,905				119,412,601
	Waypoint Master		22,633,645				70,047				22,563,598
	Blackwater Master		82,996,036				1,069,352				81,926,684
	Total	$	362,482,932			$	2,951,810			$	359,531,122
	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables.
		For the three months ended September 30, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Aspect Master	$	(66,230	)		$	(7,692,184	)		$	(7,758,414	)
	Altis Master		(131,613	)			(11,456,410	)			(11,588,023	)
	Waypoint Master		(28,980	)			(764,582	)			(793,562	)
	Blackwater Master		(20,014	)			(2,708,600	)			(2,728,614	)
	Total	$	(246,837	)		$	(22,621,776	)		$	(22,868,613	)
		For the nine months ended September 30, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Aspect Master	$	(226,589	)		$	(6,483,182	)		$	(6,709,771	)
	Altis Master		(431,383	)			(3,562,943	)			(3,994,326	)
	Waypoint Master		(94,780	)			(917,399	)			(1,012,179	)
	Blackwater Master		(79,090	)			(2,792,564	)			(2,871,654	)
	Total	$	(831,842	)		$	(13,756,088	)		$	(14,587,930	)
		For the three months ended September 30, 2012
		Net Investment				Total Income				Net Income
		Income (Loss)				(Loss)				(Loss)
	Aspect Master	$	(56,443	)		$	(3,873,903	)		$	(3,930,346	)
	Altis Master		(126,559	)			(1,512,299	)			(1,638,858	)
	Waypoint Master		(33,044	)			(451,172	)			(484,216	)
	Blackwater Master		(21,038	)			1,160,184				1,139,146
	Total	$	(237,084	)		$	(4,677,190	)		$	(4,914,274	)
		For the nine months ended September 30, 2012
		Net Investment				Total Income				Net Income
		Income (Loss)				(Loss)				(Loss)
	Aspect Master	$	(178,209	)		$	(5,359,870	)		$	(5,538,079	)
	Altis Master		(290,400	)			(2,667,631	)			(2,958,031	)
	Waypoint Master		(120,412	)			2,339,558				2,219,146
	Blackwater Master		(91,781	)			(10,499,005	)			(10,590,786	)
	Total	$	(680,802	)		$	(16,186,948	)		$	(16,867,750	)
	Summarized information reflecting the Partnership’s investment in, and the operations of the Funds is shown in the following tables.
		30-Sep-13								For the three months ended September 30, 2013
		% of				Fair				Income				Expenses								Net				Investment				Redemptions
Partnership’s		Value				(Loss)				Income												Objective				Permitted
Funds	Net Assets												Brokerage Fees				Other				(Loss)
Aspect Master		28.68	%		$	4,336,453			$	(304,500	)		$	2,260			$	538			$	(307,298	)			Commodity				Monthly
																										Portfolio
Altis Master		22.39	%			3,384,472				(400,918	)			4,287				464				(405,669	)			Commodity				Monthly
																										Portfolio
Waypoint Master		24.36	%			3,682,097				(239,731	)			2,747				6,439				(248,917	)			Commodity				Monthly
																										Portfolio
Blackwater Master		26.16	%			3,955,648				(162,585	)			1,778				1,330				(165,693	)			Commodity				Monthly
																										Portfolio
Total					$	15,358,670			$	(1,107,734	)		$	11,072			$	8,771			$	(1,127,577	)
	30-Sep-13								For the nine months ended September 30, 2013
	% of				Fair				Income				Expenses								Net				Investment				Redemptions
	Partnership’s				Value				(Loss)												Income				Objective				Permitted
Funds	Net Assets												Brokerage Fees				Other				(Loss)
Aspect Master		28.68	%		$	4,336,453			$	(263,746	)		$	7,422			$	2,192			$	(273,360	)			Commodity				Monthly
																										Portfolio
Altis Master		22.39	%			3,384,472				(135,717	)			13,531				2,079				(151,327	)			Commodity				Monthly
																										Portfolio
Waypoint Master		24.36	%			3,682,097				(277,293	)			9,906				16,674				(303,873	)			Commodity				Monthly
																										Portfolio
Blackwater Master		26.16	%			3,955,648				(164,617	)			8,043				5,225				(177,885	)			Commodity				Monthly
																										Portfolio
Total					$	15,358,670			$	(841,373	)		$	38,902			$	26,170			$	(906,445	)
	31-Dec-12						For the three months ended September 30, 2012
	% of		Fair				Income				Expenses								Net				Investment				Redemptions
	Partnership’s		Value				(Loss)												Income				Objective				Permitted
Funds	Net Assets										Brokerage Fees				Other				(Loss)
Aspect Master	27.36%		$	4,929,627			$	(134,528	)		$	1,721			$	961			$	(137,210	)			Commodity				Monthly
																								Portfolio
Altis Master	22.07%			3,977,782				(39,752	)			3,948				665				(44,365	)			Commodity				Monthly
																								Portfolio
Waypoint Master	26.81%			4,830,703				(75,165	)			3,907				2,626				(81,698	)			Commodity				Monthly
																								Portfolio
Blackwater Master	25.44%			4,583,835				105,881				2,635				1,419				101,827				Commodity				Monthly
																								Portfolio
Total			$	18,321,947			$	(143,564	)		$	12,211			$	5,671			$	(161,446	)
	31-Dec-12								For the nine months ended September 30, 2012
	% of				Fair				Income				Expenses								Net				Investment				Redemptions
	Partnership’s				Value				(Loss)												Income				Objective				Permitted
Funds	Net Assets												Brokerage Fees				Other				(Loss)
Aspect Master		27.36	%		$	4,929,627			$	(195,448	)		$	4,839			$	3,246			$	(203,533	)			Commodity				Monthly
																										Portfolio
Altis Master		22.07	%			3,977,782				(76,174	)			8,676				2,126				(86,976	)			Commodity				Monthly
																										Portfolio
Waypoint Master		26.81	%			4,830,703				349,970				13,689				8,061				328,220				Commodity				Monthly
																										Portfolio
Blackwater Master		25.44	%			4,583,835				(696,029	)			10,282				5,565				(711,876	)			Commodity				Monthly
																										Portfolio
Total					$	18,321,947			$	(617,681	)		$	37,486			$	18,998			$	(674,165	)

Financial_Instrument_Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2013
Financial Instrument Risks	'
	6. Financial Instrument Risks:
	In the normal course of business, the Partnership, through its investments in the Funds, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options, and swaps whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain forward and option contracts. Certain swap contracts may also be trading on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain standardized forward, swap and option contracts. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 11.7% to 49.0% of the Funds’ contracts are traded OTC.
	The risk to the Limited Partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.
	Market risk is the potential for changes in the value of the financial instruments traded by the Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Funds are exposed to a market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short.
	Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Funds’ risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Funds had credit risk and concentration risk during the reporting period, as CGM and/or MS&Co or their affiliates were the counterparties or brokers with respect to the Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM/MS&Co., the Funds’ counterparty is an exchange or clearing organization. The Funds continue to be subject to such risks.
	The General Partner monitors and attempts to control the Funds’ 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 Funds 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 futures, forwards and option contracts by sector, margin requirements, gain and loss transactions and collateral positions.
	The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Funds’ business, these instruments may not be held to maturity.

Critical_Accounting_Policies

Critical Accounting Policies	9 Months Ended
	Sep. 30, 2013
Critical Accounting Policies	'
	7. Critical Accounting Policies:
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, through its investments in the Funds, are held for trading purposes. The commodity interests are recorded on trade the date and open contracts are recorded at fair value (as described below) at the measurement the date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Funds’ Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Fund’s Statements of Income and Expenses and Changes in Partners’ Capital.
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available, are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended September 30, 2013 and December 31, 2012, the Partnership and the Funds 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). During the nine months ended September 30, 2013 and twelve months ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2.
	Futures Contracts. The Funds trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Funds’ net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Funds’ Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	The Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments Funds’ from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Funds are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
	Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that, other than that referenced in Note 3 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements.
	Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.
	Net Income (loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

Critical_Accounting_Policies_P

Critical Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2013
Use of Estimates	'
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
Partnership's and the Funds' Investments	'
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership, including derivative financial instruments and derivative commodity instruments, through its investments in the Funds, are held for trading purposes. The commodity interests are recorded on trade the date and open contracts are recorded at fair value (as described below) at the measurement the date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Funds’ Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Fund’s Statements of Income and Expenses and Changes in Partners’ Capital.
Partnership's and the Funds' Fair Value Measurements	'
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain options contracts for which market quotations are not readily available, are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended September 30, 2013 and December 31, 2012, the Partnership and the Funds 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). During the nine months ended September 30, 2013 and twelve months ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2.
Futures Contracts	'
	Futures Contracts. The Funds trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
Forward Foreign Currency Contracts	'
	Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. Forward foreign currency contracts are valued daily, and the Funds’ net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Funds’ Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
	The Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments Funds’ from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
London Metals Exchange Forward Contracts	'
	London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Funds are cash settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and changes in net unrealized gains (losses) on metal contracts are included in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
Income Taxes	'
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2012 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Subsequent Events	'
	Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that, other than that referenced in Note 3 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements. In June 2013, the FASB issued ASU 2013-08, “Financial Services — Investments Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”. ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. The amendments are effective for interim and annual reporting periods beginning after December 15, 2013. The Partnership is currently evaluating the impact this pronouncement would have on the financial statements.
Net Income (loss) per unit	'
	Net Income (loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”

Financial_Highlights_Tables

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2013
Changes in Net Asset Value	'
	Changes in the net asset value per unit for the three and nine months ended September 30, 2013 and 2012 were as follows:
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
	Net realized and unrealized gains (losses) *		$	(124.01	)	$	(39.15	)	$	(147.34	)	$	(129.60	)
	Interest income			0.05			0.22			0.32			0.55
	Expenses **			(11.06	)		(9.42	)		(31.02	)		(31.10	)
	Increase (decrease) for the period			(135.02	)		(48.35	)		(178.04	)		(160.15	)
	Net asset value per unit, beginning of period			1,559.16			1,692.02			1,602.18			1,803.82
	Net asset value per unit, end of period		$	1,424.14		$	1,643.67		$	1,424.14		$	1,643.67
	*	Includes brokerage fees and clearing fees.
	**	Excludes brokerage fees and clearing fees.
Ratios to Average Net Assets	'
			Three Months Ended						Nine Months Ended
			September 30,						September 30,
			2013			2012			2013			2012
	Ratios to average net assets:***
	Net investment income (loss)			(8.6	)%		(7.9	)%		(8.4	)%		(8.1	)%
	Incentive fees			—	%		—	%		—	%		—	%
	Net investment income (loss) before incentive fees****			(8.6	)		(7.9	)		(8.4	)		(8.1	)
	Operating expenses			8.6	%		7.9	%		8.4	%		8.1	%
	Incentive fees			—	%		—	%		—	%		—	%
	Total expenses			8.6	%		7.9	%		8.4	%		8.1	%
	Total return:
	Total return before incentive fees			(8.7	)%		(2.9	)%		(11.1	)%		(8.9	)%
	Incentive fees			—	%		—	%		—	%		—	%
	Total return after incentive fees			(8.7	)%		(2.9	)%		(11.1	)%		(8.9	)%
	***	Annualized (other than incentive fees).
	****	Interest income less total expenses.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2013
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	'
	As of and for the periods ended September 30, 2013 and December 31, 2012, the Partnership and the Funds 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). During the nine months ended September 30, 2013 and twelve months ended December 31, 2012, there were no transfers of assets and liabilities between Level 1 and Level 2.
		September 30, 2013		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable Inputs		Unobservable
				for Identical		(Level 2)		Inputs (Level 3)
				Assets (Level 1)
	Assets
	Investment in Funds	$	15,358,670	$	0	$	15,358,670	$	0
	Net fair value	$	15,358,670	$	0	$	15,358,670	$	0
		December 31, 2012		Quoted Prices in		Significant Other		Significant
				Active Markets		Observable Inputs		Unobservable
				for Identical		(Level 2)		Inputs (Level 3)
				Assets (Level 1)
	Assets
	Investment in Funds	$	18,321,947	$	0	$	18,321,947	$	0
	Net fair value	$	18,321,947	$	0	$	18,321,947	$	0

Investment_in_Funds_Tables

Investment in Funds (Tables)	9 Months Ended
	Sep. 30, 2013
Summary of Assets, Liabilities and Capital	'
	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.
		30-Sep-13
		Total Assets				Total				Total
						Liabilities				Capital
	Aspect Master	$	109,047,946			$	2,021,750			$	107,026,196
	Altis Master		99,671,960				2,899,256				96,772,704
	Waypoint Master		12,142,415				175,967				11,966,448
	Blackwater Master		67,685,982				1,652,272				66,033,710
	Total	$	288,548,303			$	6,749,245			$	281,799,058
		31-Dec-12
		Total Assets				Total				Total
						Liabilities				Capital
	Aspect Master	$	136,219,745			$	591,506			$	135,628,239
	Altis Master		120,633,506				1,220,905				119,412,601
	Waypoint Master		22,633,645				70,047				22,563,598
	Blackwater Master		82,996,036				1,069,352				81,926,684
	Total	$	362,482,932			$	2,951,810			$	359,531,122
Summary of Net Investment Income (Loss), Trading Results and Net Income (Loss)	'
	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables.
		For the three months ended September 30, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Aspect Master	$	(66,230	)		$	(7,692,184	)		$	(7,758,414	)
	Altis Master		(131,613	)			(11,456,410	)			(11,588,023	)
	Waypoint Master		(28,980	)			(764,582	)			(793,562	)
	Blackwater Master		(20,014	)			(2,708,600	)			(2,728,614	)
	Total	$	(246,837	)		$	(22,621,776	)		$	(22,868,613	)
		For the nine months ended September 30, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Aspect Master	$	(226,589	)		$	(6,483,182	)		$	(6,709,771	)
	Altis Master		(431,383	)			(3,562,943	)			(3,994,326	)
	Waypoint Master		(94,780	)			(917,399	)			(1,012,179	)
	Blackwater Master		(79,090	)			(2,792,564	)			(2,871,654	)
	Total	$	(831,842	)		$	(13,756,088	)		$	(14,587,930	)
		For the three months ended September 30, 2012
		Net Investment				Total Income				Net Income
		Income (Loss)				(Loss)				(Loss)
	Aspect Master	$	(56,443	)		$	(3,873,903	)		$	(3,930,346	)
	Altis Master		(126,559	)			(1,512,299	)			(1,638,858	)
	Waypoint Master		(33,044	)			(451,172	)			(484,216	)
	Blackwater Master		(21,038	)			1,160,184				1,139,146
	Total	$	(237,084	)		$	(4,677,190	)		$	(4,914,274	)
		For the nine months ended September 30, 2012
		Net Investment				Total Income				Net Income
		Income (Loss)				(Loss)				(Loss)
	Aspect Master	$	(178,209	)		$	(5,359,870	)		$	(5,538,079	)
	Altis Master		(290,400	)			(2,667,631	)			(2,958,031	)
	Waypoint Master		(120,412	)			2,339,558				2,219,146
	Blackwater Master		(91,781	)			(10,499,005	)			(10,590,786	)
	Total	$	(680,802	)		$	(16,186,948	)		$	(16,867,750	)
Summary of Partnership's Investment in Operations of Funds	'
	Summarized information reflecting the Partnership’s investment in, and the operations of the Funds is shown in the following tables.
		30-Sep-13								For the three months ended September 30, 2013
		% of				Fair				Income				Expenses								Net				Investment				Redemptions
		Partnership’s				Value				(Loss)												Income				Objective				Permitted
	Funds	Net Assets												Brokerage Fees				Other				(Loss)
	Aspect Master		28.68	%		$	4,336,453			$	(304,500	)		$	2,260			$	538			$	(307,298	)			Commodity				Monthly
																											Portfolio
	Altis Master		22.39	%			3,384,472				(400,918	)			4,287				464				(405,669	)			Commodity				Monthly
																											Portfolio
	Waypoint Master		24.36	%			3,682,097				(239,731	)			2,747				6,439				(248,917	)			Commodity				Monthly
																											Portfolio
	Blackwater Master		26.16	%			3,955,648				(162,585	)			1,778				1,330				(165,693	)			Commodity				Monthly
																											Portfolio
	Total					$	15,358,670			$	(1,107,734	)		$	11,072			$	8,771			$	(1,127,577	)
		30-Sep-13								For the nine months ended September 30, 2013
		% of				Fair				Income				Expenses								Net				Investment				Redemptions
		Partnership’s				Value				(Loss)												Income				Objective				Permitted
	Funds	Net Assets												Brokerage Fees				Other				(Loss)
	Aspect Master		28.68	%		$	4,336,453			$	(263,746	)		$	7,422			$	2,192			$	(273,360	)			Commodity				Monthly
																											Portfolio
	Altis Master		22.39	%			3,384,472				(135,717	)			13,531				2,079				(151,327	)			Commodity				Monthly
																											Portfolio
	Waypoint Master		24.36	%			3,682,097				(277,293	)			9,906				16,674				(303,873	)			Commodity				Monthly
																											Portfolio
	Blackwater Master		26.16	%			3,955,648				(164,617	)			8,043				5,225				(177,885	)			Commodity				Monthly
																											Portfolio
	Total					$	15,358,670			$	(841,373	)		$	38,902			$	26,170			$	(906,445	)
		31-Dec-12						For the three months ended September 30, 2012
		% of		Fair				Income				Expenses								Net				Investment				Redemptions
		Partnership’s		Value				(Loss)												Income				Objective				Permitted
	Funds	Net Assets										Brokerage Fees				Other				(Loss)
	Aspect Master	27.36%		$	4,929,627			$	(134,528	)		$	1,721			$	961			$	(137,210	)			Commodity				Monthly
																									Portfolio
	Altis Master	22.07%			3,977,782				(39,752	)			3,948				665				(44,365	)			Commodity				Monthly
																									Portfolio
	Waypoint Master	26.81%			4,830,703				(75,165	)			3,907				2,626				(81,698	)			Commodity				Monthly
																									Portfolio
	Blackwater Master	25.44%			4,583,835				105,881				2,635				1,419				101,827				Commodity				Monthly
																									Portfolio
	Total			$	18,321,947			$	(143,564	)		$	12,211			$	5,671			$	(161,446	)
		31-Dec-12								For the nine months ended September 30, 2012
		% of				Fair				Income				Expenses								Net				Investment				Redemptions
		Partnership’s				Value				(Loss)												Income				Objective				Permitted
	Funds	Net Assets												Brokerage Fees				Other				(Loss)
	Aspect Master		27.36	%		$	4,929,627			$	(195,448	)		$	4,839			$	3,246			$	(203,533	)			Commodity				Monthly
																											Portfolio
	Altis Master		22.07	%			3,977,782				(76,174	)			8,676				2,126				(86,976	)			Commodity				Monthly
																											Portfolio
	Waypoint Master		26.81	%			4,830,703				349,970				13,689				8,061				328,220				Commodity				Monthly
																											Portfolio
	Blackwater Master		25.44	%			4,583,835				(696,029	)			10,282				5,565				(711,876	)			Commodity				Monthly
																											Portfolio
	Total					$	18,321,947			$	(617,681	)		$	37,486			$	18,998			$	(674,165	)

General_Additional_Information

General - Additional Information (Detail)	Sep. 30, 2013
Equity [Line Items]	'
Redeemable units, authorized	100,000

Financial_Highlights_Changes_i

Financial Highlights - Changes in Net Asset Value (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Financial Highlights [Line Items]	'	'	'	'
Net realized and unrealized gains (losses)	-124.01	-39.15	-147.34	-129.6
Interest income	0.05	0.22	0.32	0.55
Expenses	-11.06	-9.42	-31.02	-31.1
Increase (decrease) for the period	-135.02	-48.35	-178.04	-160.15
Net asset value per unit, beginning of period	1,559.16	1,692.02	1,602.18	1,803.82
Net asset value per unit, end of period	1,424.14	1,643.67	1,424.14	1,643.67

Financial_Highlights_Ratios_to

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Ratios to average net assets:	'	'	'	'
Net investment income (loss)	-8.60%	-7.90%	-8.40%	-8.10%
Incentive fees	'	'	'	'
Net investment income (loss) before incentive fees	-8.60%	-7.90%	-8.40%	-8.10%
Operating expenses	8.60%	7.90%	8.40%	8.10%
Incentive fees	'	'	'	'
Total expenses	8.60%	7.90%	8.40%	8.10%
Total return:	'	'	'	'
Total return before incentive fees	-8.70%	-2.90%	-11.10%	-8.90%
Incentive fees	'	'	'	'
Total return after incentive fees	-8.70%	-2.90%	-11.10%	-8.90%

Fair_Value_Measurements_Deriva

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Assets	'	'
Investment in Funds, at fair value	$15,358,670	$18,321,947
Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	15,358,670	18,321,947
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	0	0
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	0	0
Significant Other Observable Inputs (Level 2) [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	15,358,670	18,321,947
Significant Other Observable Inputs (Level 2) [Member] | Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	15,358,670	18,321,947
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	0	0
Significant Unobservable Inputs (Level 3) [Member] | Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	$0	$0

Investment_in_Funds_Additional

Investment in Funds - Additional Information (Detail) (USD $)

Nov. 01, 2010

Sep. 30, 2013

Dec. 31, 2012

Mar. 01, 2005

Sep. 30, 2013

Dec. 31, 2012

Nov. 01, 2005

Sep. 30, 2013

Dec. 31, 2012

Mar. 01, 2010

Sep. 30, 2013

Dec. 31, 2012

Blackwater Master Fund L.P. [Member]

Aspect Master [Member]

Aspect Master [Member]

Aspect Master [Member]

Altis Master [Member]

Altis Master [Member]

Altis Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Investment In Funds Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Partnership units purchased

'

'

'

16,015.32

'

'

13,013.63

'

'

4,959.42

'

'

Cash paid for partnership units purchased

$5,000,000

'

'

$14,955,106

'

'

$11,227,843

'

'

$4,959,422

'

'

Contribution of open commodity futures and forward contracts with fair value

'

'

'

$1,060,214

'

'

$1,785,785

'

'

'

'

'

Partnership owned

'

4.10%

3.60%

'

3.50%

3.30%

'

30.80%

21.40%

'

6.00%

5.60%

Investment_in_Funds_Summary_of

Investment in Funds - Summary of Assets, Liabilities and Capital (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	$288,548,303	$362,482,932
Total Liabilities	6,749,245	2,951,810
Total Capital	281,799,058	359,531,122
Aspect Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	109,047,946	136,219,745
Total Liabilities	2,021,750	591,506
Total Capital	107,026,196	135,628,239
Altis Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	99,671,960	120,633,506
Total Liabilities	2,899,256	1,220,905
Total Capital	96,772,704	119,412,601
Waypoint Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	12,142,415	22,633,645
Total Liabilities	175,967	70,047
Total Capital	11,966,448	22,563,598
Blackwater Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	67,685,982	82,996,036
Total Liabilities	1,652,272	1,069,352
Total Capital	$66,033,710	$81,926,684

Investment_in_Funds_Summary_of1

Investment in Funds - Summary of Net Investment Income (Loss), Trading Results and Net Income (Loss) (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	($345,683)	($389,625)	($1,074,094)	($1,264,478)
Total Trading Results	-1,108,338	-146,037	-844,985	-624,260
Net Income (Loss)	-1,454,021	-535,662	-1,919,079	-1,888,738
Investment in Fund [Member]	'	'	'	'
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	-246,837	-237,084	-831,842	-680,802
Total Trading Results	-22,621,776	-4,677,190	-13,756,088	-16,186,948
Net Income (Loss)	-22,868,613	-4,914,274	-14,587,930	-16,867,750
Investment in Fund [Member] | Aspect Master [Member]	'	'	'	'
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	-66,230	-56,443	-226,589	-178,209
Total Trading Results	-7,692,184	-3,873,903	-6,483,182	-5,359,870
Net Income (Loss)	-7,758,414	-3,930,346	-6,709,771	-5,538,079
Investment in Fund [Member] | Altis Master [Member]	'	'	'	'
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	-131,613	-126,559	-431,383	-290,400
Total Trading Results	-11,456,410	-1,512,299	-3,562,943	-2,667,631
Net Income (Loss)	-11,588,023	-1,638,858	-3,994,326	-2,958,031
Investment in Fund [Member] | Waypoint Master [Member]	'	'	'	'
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	-28,980	-33,044	-94,780	-120,412
Total Trading Results	-764,582	-451,172	-917,399	2,339,558
Net Income (Loss)	-793,562	-484,216	-1,012,179	2,219,146
Investment in Fund [Member] | Blackwater Master [Member]	'	'	'	'
Investment In Funds Disclosure [Line Items]	'	'	'	'
Net Investment Income (Loss)	-20,014	-21,038	-79,090	-91,781
Total Trading Results	-2,708,600	1,160,184	-2,792,564	-10,499,005
Net Income (Loss)	($2,728,614)	$1,139,146	($2,871,654)	($10,590,786)

Investment_in_Funds_Summary_of2

Investment in Funds - Summary of Partnership's Investment in Operations of Funds (Detail) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Sep. 30, 2012

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Aspect Master [Member]

Aspect Master [Member]

Aspect Master [Member]

Aspect Master [Member]

Aspect Master [Member]

Aspect Master [Member]

Altis Master [Member]

Altis Master [Member]

Altis Master [Member]

Altis Master [Member]

Altis Master [Member]

Altis Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investments In Partnership [Member]

Investment In Funds Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in Funds, Partners' Capital Percentage

'

'

'

'

'

'

28.68%

27.36%

'

'

'

'

22.39%

22.07%

'

'

'

'

24.36%

26.81%

'

'

'

'

26.16%

25.44%

'

'

'

'

Investment in Funds

$15,358,670

$18,321,947

'

'

'

'

$4,336,453

$4,929,627

'

'

'

'

$3,384,472

$3,977,782

'

'

'

'

$3,682,097

$4,830,703

'

'

'

'

$3,955,648

$4,583,835

'

'

'

'

Income (Loss)

'

'

-1,107,734

-143,564

-841,373

-617,681

'

'

-304,500

-134,528

-263,746

-195,448

'

'

-400,918

-39,752

-135,717

-76,174

'

'

-239,731

-75,165

-277,293

349,970

'

'

-162,585

105,881

-164,617

-696,029

Brokerage Fees Expenses

'

'

11,072

12,211

38,902

37,486

'

'

2,260

1,721

7,422

4,839

'

'

4,287

3,948

13,531

8,676

'

'

2,747

3,907

9,906

13,689

'

'

1,778

2,635

8,043

10,282

Other Expenses

'

'

8,771

5,671

26,170

18,998

'

'

538

961

2,192

3,246

'

'

464

665

2,079

2,126

'

'

6,439

2,626

16,674

8,061

'

'

1,330

1,419

5,225

5,565

Net Income (Loss)

'

'

($1,127,577)

($161,446)

($906,445)

($674,165)

'

'

($307,298)

($137,210)

($273,360)

($203,533)

'

'

($405,669)

($44,365)

($151,327)

($86,976)

'

'

($248,917)

($81,698)

($303,873)

$328,220

'

'

($165,693)

$101,827

($177,885)

($711,876)

Investment Objective

'

'

'

'

'

'

'

'

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'

'

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'

'

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'

'

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

Redemptions Permitted

'

'

'

'

'

'

'

'

'Monthly

'Monthly

'Monthly

'Monthly

'

'

'Monthly

'Monthly

'Monthly

'Monthly

'

'

'Monthly

'Monthly

'Monthly

'Monthly

'

'

'Monthly

'Monthly

'Monthly

'Monthly

Financial_Instrument_Risks_Add

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Sep. 30, 2013
Financial Instruments [Line Items]	'
Minimum percentage of Funds' contracts traded over the counter	11.70%
Maximum percentage of Funds' contracts traded over the counter	49.00%