Global Diversified Futures Fund (GDFF) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
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 Common Stock, Shares Outstanding	'	10,027.01

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets:	'	'
Investment in Funds, at fair value	$13,665,666	$15,284,306
Cash	71,214	30,712
Total assets	13,736,880	15,315,018
Liabilities:	'	'
Ongoing selling agent fees	61,816	68,918
Management fees	13,000	14,623
Other	83,137	40,715
Redemptions payable	107,119	238,719
Total liabilities	265,072	362,975
Partners' Capital:	'	'
General Partner, 110.9234 unit equilavents outstanding at March 31, 2014 and December 31, 2013	145,715	159,355
Limited Partners, 10,144.3128 and 10,296.8418 Redeemable Units outstanding at March 31, 2014 and December 31, 2013, respectively	13,326,093	14,792,688
Total partners' capital	13,471,808	14,952,043
Total liabilities and partners' capital	$13,736,880	$15,315,018
Net asset per unit	1,313.65	1,436.62

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical)	Mar. 31, 2014	Dec. 31, 2013
General Partner, unit equivalents outstanding	110.9234	110.9234
Limited Partners, Redeemable Units outstanding	10,144.31	10,296.84

Schedule_of_Investments

Schedule of Investments (USD $)	Mar. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]	'	'
Investment in Funds	$13,665,666	$15,284,306
Investment in Funds, Partners' Capital Percentage	101.44%	102.22%
CMF Aspect Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	5,064,582	5,464,202
Investment in Funds, Partners' Capital Percentage	37.59%	36.54%
CMF Altis Partners Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	3,871,636	4,592,354
Investment in Funds, Partners' Capital Percentage	28.74%	30.71%
Blackwater Master Fund L.P. [Member]	'	'
Schedule of Investments [Line Items]	'	'
Investment in Funds	$4,729,448	$5,227,750
Investment in Funds, Partners' Capital Percentage	35.11%	34.97%

Statements_of_Income_and_Expen

Statements of Income and Expenses and Changes in Partners' Capital (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Investment income:	'		'
Interest income from investment in Funds	$874		$2,185
Expenses:	'		'
Ongoing selling agent fees	187,705		246,458
Clearing fees	10,350		14,899
Management fees	39,529		72,697
Other	46,607		29,225
Total expenses	284,191		363,279
Net investment income (loss)	-283,317		-361,094
Trading Results:	'		'
Net realized gains (losses) on investment in Funds	-562,118		560,043
Change in net unrealized gains (losses) on investments in Funds	-432,978		-103,044
Total trading results	-995,096		456,999
Net income (loss)	-1,278,413		95,905
Redemptions - Limited Partners	-201,822		-303,047
Redemptions - General Partner	'		-75,122
Net increase (decrease) in Partners' Capital	-1,480,235		-282,264
Partners' Capital, beginning of period	14,952,043		18,019,422
Partners' Capital, end of period	$13,471,808		$17,737,158
Net asset value per Unit (10,255.2362 and 11,013.8002 Units outstanding at March 31, 2014 and 2013, respectively)	1,313.65		1,610.45
Net income (loss) per unit	($122.97)	[1]	$8.27	[1]
Weighted average units outstanding	10,366.42		11,165.66
[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 (Parenthetical)	Mar. 31, 2014	Mar. 31, 2013
Partners' Capital, Units outstanding	10,255.24	11,013.80

General

General	3 Months Ended
	Mar. 31, 2014
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 March 31, 2014, all trading decisions are made for the Partnership by Aspect Capital Limited (“Aspect”), Altis Partners (Jersey) Limited (“Altis”) 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.
	During the three months ended March 31, 2014, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co”). During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.
	During the fourth quarter of 2013, Blackwater Master Fund L.P. (“Blackwater Master”) entered into a futures brokerage account agreement with MS&Co, a registered futures commission merchant. Blackwater Master commenced futures trading through accounts at MS&Co on or about October 3, 2013. During the third quarter of 2013, CMF Aspect Master Fund L.P. (“Aspect Master”) and CMF Altis Partners Master Fund L.P. (“Altis Master”) entered into a futures brokerage account agreement with MS&Co, a registered futures commission merchant. During the second quarter of 2013, Aspect Master entered into a foreign exchange brokerage account agreement with MS&Co. Aspect Master and Altis Master commenced futures trading through accounts at MS&Co on or about July 15, 2013 and July 29, 2013, respectively. Aspect 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.
	Effective October 1, 2013, the Partnership ceased paying a brokerage fee to CGM and CGM ceased acting as selling agent for the Partnership. Also effective October 1, 2013, the Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a selling agent fee equal to 5.4% per year of month-end net assets. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisers of Morgan Stanley Wealth Management who sold redeemable units in the Partnership.
	Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 5.4% to an annual rate of 2.9%.
	Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses and Changes in Partners’ Capital as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees.
	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 March 31, 2014 and December 31, 2013 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2014 and 2013. 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, 2013.
	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	3 Months Ended
	Mar. 31, 2014
Financial Highlights	'
	2. Financial Highlights:
	Changes in the net asset value per unit for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months Ended
			March 31,
			2014			2013
	Net realized and unrealized gains (losses) *		$	(114.74	)	$	17.2
	Interest income			0.08			0.19
	Expenses **			(8.31	)		(9.12	)
	Increase (decrease) for the period			(122.97	)		8.27
	Net asset value per unit, beginning of period			1,436.62			1,602.18
	Net asset value per unit, end of period		$	1,313.65		$	1,610.45
	*	Includes ongoing selling agent fees and clearing fees.
	**	Excludes ongoing selling agent fees and clearing fees.
			Three Months Ended
			March 31,
			2014			2013
	Ratios to average net assets:***
	Net investment income (loss)			(8.2	)%		(8.2	)%
	Incentive fees			—	%		—	%
	Net investment income (loss) before incentive fees****			(8.2	)		(8.2	)
	Operating expenses			8.2	%		8.2	%
	Incentive fees			—	%		—	%
	Total expenses			8.2	%		8.2	%
	Total return:
	Total return before incentive fees			(8.6	)%		0.5	%
	Incentive fees			—	%		—	%
	Total return after incentive fees			(8.6	)%		0.5	%
	***	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	3 Months Ended
	Mar. 31, 2014
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 interests. 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.
	The customer agreement among the Partnership, MS&Co and each of the Funds gives, and the customer agreements between the Partnership and CGM and each of the Funds and CGM gave, the Partnership and the Funds the legal right to net unrealized gains and losses on open futures and open forward contracts. The Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts on the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” have been met.
	All of the commodity interests owned by the Funds are held for trading purposes.
	Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisors for the Funds.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
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 as well as 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 Partnership and the Funds consider prices for exchange-traded commodity futures, forwards, swaps 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 March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and twelve months ended December 31, 2013, there were no transfers of assets and liabilities between Level 1 and Level 2.
		31-Mar-14		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	$	13,665,666	$	0	$	13,665,666	$	0
	Net fair value	$	13,665,666	$	0	$	13,665,666	$	0
		December 31, 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	$	15,284,306	$	0	$	15,284,306	$	0
	Net fair value	$	15,284,306	$	0	$	15,284,306	$	0

Investment_in_Funds

Investment in Funds	3 Months Ended
	Mar. 31, 2014
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 permits 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 permits 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 Waypoint Master Fund L.P. (“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 permitted commodity pools managed by Waypoint using its Diversified Program, a proprietary, systematic trading system, to invest together in one trading vehicle. On November 30, 2013, the Partnership fully redeemed its investment in Waypoint Master for cash equal to $3,520,485.
	On November 1, 2010, the assets allocated to Blackwater for trading were invested in 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 permits 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 March 31, 2014.
	Aspect Master’s, Altis 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 three months ended March 31, 2014, the Funds engaged in such trading through commodity brokerage accounts maintained by MS&Co. During prior periods included in this report, the Funds also engaged in such trading through commodity brokerage accounts maintained with CGM.
	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 (the “Redemption Date”) after a request for redemption has been made to the General Partner 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 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 and allocated to their limited partners including the Partnership. All other fees are charged at the Partnership level.
	At March 31, 2014, the Partnership owned approximately 6.2%, 5.1% and 8.5% of Aspect Master, Altis Master and Blackwater Master, respectively. At December 31, 2013, the Partnership owned approximately 5.3%, 5.0% and 8.2% of Aspect Master, Altis 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.
		31-Mar-14
		Total Assets			Total			Total
					Liabilities			Capital
	Aspect Master	$	82,332,268		$	56,537		$	82,275,731
	Altis Master		77,075,312			747,129			76,328,183
	Blackwater Master		55,656,259			70,547			55,585,712
		31-Dec-13
		Total Assets			Total			Total
					Liabilities			Capital
	Aspect Master	$	102,342,493		$	31,944		$	102,310,549
	Altis Master		93,798,364			1,680,201			92,118,163
	Blackwater Master		63,936,601			610,828			63,325,773
	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 March 31, 2014
		Net Investment			Total Trading			Net Income
		Income (Loss)			Results			(Loss)
	Aspect Master		(80,498	)		(4,728,957	)		(4,809,455	)
	Altis Master		(88,817	)		(7,819,046	)		(7,907,863	)
	Blackwater Master		(23,138	)		(4,034,100	)		(4,057,238	)
		For the three months ended March 31, 2013
		Net Investment			Total Trading			Net Income
		Income (Loss)			Results			(Loss)
	Aspect Master	$	(70,209	)	$	3,619,206		$	3,548,997
	Altis Master		(143,123	)		3,324,078			3,180,955
	Waypoint Master		(33,502	)		380,864			347,362
	Blackwater Master		(30,604	)		1,951,934			1,921,330
	Summarized information reflecting the Partnership’s investment in, and the operations of the Funds is shown in the following tables.
		31-Mar-14						For the three months ended March 31, 2014
		% of			Fair			Income			Expenses				Net			Investment		Redemptions
		Partnership’s			Value			(Loss)							Income			Objective		Permitted
	Funds	Net Assets									Commissions		Other		(Loss)
	Aspect Master		37.59	%		5,064,582			(268,163	)		3,452		1,547		(273,162	)		Commodity		Monthly
																			Portfolio
	Altis Master		28.74	%		3,871,636			(393,662	)		4,093		662		(398,417	)		Commodity		Monthly
																			Portfolio
	Blackwater Master		35.11	%		4,729,448			(332,397	)		2,805		1,975		(337,177	)		Commodity		Monthly
																			Portfolio
	Total				$	13,665,666		$	(994,222	)	$	10,350	$	4,184	$	(1,008,756	)
		31-Dec-13						For the three months ended March 31, 2013
		% of			Fair			Income			Expenses				Net			Investment		Redemptions
		Partnership’s			Value			(Loss)							Income			Objective		Permitted
	Funds	Net Assets									Brokerage Fees		Other		(Loss)
	Aspect Master		36.54	%	$	5,464,202		$	133,036		$	2,304	$	882	$	129,850			Commodity		Monthly
																			Portfolio
	Altis Master		30.71	%		4,592,354			109,880			4,479		842		104,559			Commodity		Monthly
																			Portfolio
	Waypoint Master		—			—			98,822			3,910		5,010		89,902			Commodity		Monthly
																			Portfolio
	Blackwater Master		34.97	%		5,227,750			117,446			4,206		1,476		111,764			Commodity		Monthly
																			Portfolio
	Total				$	15,284,306		$	459,184		$	14,899	$	8,210	$	436,075

Financial_Instrument_Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2014
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 16.1% to 21.3% 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 and in prior periods included in this report as CGM and/or MS&Co or their affiliates were the sole 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 with respect to MS&Co.
	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	3 Months Ended
	Mar. 31, 2014
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 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 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 as well as 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 March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and twelve months ended December 31, 2013, 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.
	Investment Company Status. Effective January 1, 2014, the Partnership adopted, Accounting Standards Update (“ASU 2013-08”), “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
	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 2013 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.
	Net Income (loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”
	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 there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Critical_Accounting_Policies_P

Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
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 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 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 as well as 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 March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and twelve months ended December 31, 2013, 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.
Investment Company Status	'
	Investment Company Status. Effective January 1, 2014, the Partnership adopted, Accounting Standards Update (“ASU 2013-08”), “Financial Services — Investment 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. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
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 2013 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.
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.”
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 there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Financial_Highlights_Tables

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2014
Changes in Net Asset Value	'
	Changes in the net asset value per unit for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months Ended
			March 31,
			2014			2013
	Net realized and unrealized gains (losses) *		$	(114.74	)	$	17.2
	Interest income			0.08			0.19
	Expenses **			(8.31	)		(9.12	)
	Increase (decrease) for the period			(122.97	)		8.27
	Net asset value per unit, beginning of period			1,436.62			1,602.18
	Net asset value per unit, end of period		$	1,313.65		$	1,610.45
	*	Includes ongoing selling agent fees and clearing fees.
	**	Excludes ongoing selling agent fees and clearing fees.
Ratios to Average Net Assets	'
			Three Months Ended
			March 31,
			2014			2013
	Ratios to average net assets:***
	Net investment income (loss)			(8.2	)%		(8.2	)%
	Incentive fees			—	%		—	%
	Net investment income (loss) before incentive fees****			(8.2	)		(8.2	)
	Operating expenses			8.2	%		8.2	%
	Incentive fees			—	%		—	%
	Total expenses			8.2	%		8.2	%
	Total return:
	Total return before incentive fees			(8.6	)%		0.5	%
	Incentive fees			—	%		—	%
	Total return after incentive fees			(8.6	)%		0.5	%
	***	Annualized (other than incentive fees).
	****	Interest income less total expenses.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	'
	As of and for the periods ended March 31, 2014 and December 31, 2013, 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 three months ended March 31, 2014 and twelve months ended December 31, 2013, there were no transfers of assets and liabilities between Level 1 and Level 2.
		31-Mar-14		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	$	13,665,666	$	0	$	13,665,666	$	0
	Net fair value	$	13,665,666	$	0	$	13,665,666	$	0
		December 31, 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	$	15,284,306	$	0	$	15,284,306	$	0
	Net fair value	$	15,284,306	$	0	$	15,284,306	$	0

Investment_in_Funds_Tables

Investment in Funds (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Assets, Liabilities and Capital	'
	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.
		31-Mar-14
		Total Assets			Total			Total
					Liabilities			Capital
	Aspect Master	$	82,332,268		$	56,537		$	82,275,731
	Altis Master		77,075,312			747,129			76,328,183
	Blackwater Master		55,656,259			70,547			55,585,712
		31-Dec-13
		Total Assets			Total			Total
					Liabilities			Capital
	Aspect Master	$	102,342,493		$	31,944		$	102,310,549
	Altis Master		93,798,364			1,680,201			92,118,163
	Blackwater Master		63,936,601			610,828			63,325,773
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 March 31, 2014
		Net Investment			Total Trading			Net Income
		Income (Loss)			Results			(Loss)
	Aspect Master		(80,498	)		(4,728,957	)		(4,809,455	)
	Altis Master		(88,817	)		(7,819,046	)		(7,907,863	)
	Blackwater Master		(23,138	)		(4,034,100	)		(4,057,238	)
		For the three months ended March 31, 2013
		Net Investment			Total Trading			Net Income
		Income (Loss)			Results			(Loss)
	Aspect Master	$	(70,209	)	$	3,619,206		$	3,548,997
	Altis Master		(143,123	)		3,324,078			3,180,955
	Waypoint Master		(33,502	)		380,864			347,362
	Blackwater Master		(30,604	)		1,951,934			1,921,330
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.
		31-Mar-14						For the three months ended March 31, 2014
		% of			Fair			Income			Expenses				Net			Investment		Redemptions
		Partnership’s			Value			(Loss)							Income			Objective		Permitted
	Funds	Net Assets									Commissions		Other		(Loss)
	Aspect Master		37.59	%		5,064,582			(268,163	)		3,452		1,547		(273,162	)		Commodity		Monthly
																			Portfolio
	Altis Master		28.74	%		3,871,636			(393,662	)		4,093		662		(398,417	)		Commodity		Monthly
																			Portfolio
	Blackwater Master		35.11	%		4,729,448			(332,397	)		2,805		1,975		(337,177	)		Commodity		Monthly
																			Portfolio
	Total				$	13,665,666		$	(994,222	)	$	10,350	$	4,184	$	(1,008,756	)
		31-Dec-13						For the three months ended March 31, 2013
		% of			Fair			Income			Expenses				Net			Investment		Redemptions
		Partnership’s			Value			(Loss)							Income			Objective		Permitted
	Funds	Net Assets									Brokerage Fees		Other		(Loss)
	Aspect Master		36.54	%	$	5,464,202		$	133,036		$	2,304	$	882	$	129,850			Commodity		Monthly
																			Portfolio
	Altis Master		30.71	%		4,592,354			109,880			4,479		842		104,559			Commodity		Monthly
																			Portfolio
	Waypoint Master		—			—			98,822			3,910		5,010		89,902			Commodity		Monthly
																			Portfolio
	Blackwater Master		34.97	%		5,227,750			117,446			4,206		1,476		111,764			Commodity		Monthly
																			Portfolio
	Total				$	15,284,306		$	459,184		$	14,899	$	8,210	$	436,075

General_Additional_Information

General - Additional Information (Detail)	3 Months Ended	0 Months Ended
	Mar. 31, 2014	Apr. 01, 2014
		Subsequent Event [Member]
Equity [Line Items]	'	'
Redeemable units, authorized	100,000	'
Percentage of brokerage fees paid	5.40%	2.90%

Financial_Highlights_Changes_i

Financial Highlights - Changes in Net Asset Value (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Financial Highlights [Line Items]	'	'
Net realized and unrealized gains (losses)	-114.74	17.2
Interest income	0.08	0.19
Expenses	-8.31	-9.12
Increase (decrease) for the period	-122.97	8.27
Net asset value per unit, beginning of period	1,436.62	1,602.18
Net asset value per unit, end of period	1,313.65	1,610.45

Financial_Highlights_Ratios_to

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Ratios to average net assets:	'	'
Net investment income (loss)	-8.20%	-8.20%
Incentive fees	'	'
Net investment income (loss) before incentive fees	-8.20%	-8.20%
Operating expenses	8.20%	8.20%
Incentive fees	'	'
Total expenses	8.20%	8.20%
Total return:	'	'
Total return before incentive fees	-8.60%	0.50%
Incentive fees	'	'
Total return after incentive fees	-8.60%	0.50%

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Transfers of assets and liabilities between Level 1 and Level 2	'	'

Fair_Value_Measurements_Deriva

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Investment in Funds, at fair value	$13,665,666	$15,284,306
Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	13,665,666	15,284,306
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	13,665,666	15,284,306
Significant Other Observable Inputs (Level 2) [Member] | Investment in Funds [Member]	'	'
Assets	'	'
Investment in Funds, at fair value	13,665,666	15,284,306
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 $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 01, 2005	Mar. 31, 2014	Dec. 31, 2013	Nov. 01, 2005	Mar. 31, 2014	Dec. 31, 2013	Nov. 30, 2013	Mar. 01, 2010	Nov. 01, 2010
	Aspect Master [Member]	Aspect Master [Member]	Aspect Master [Member]	Altis Master [Member]	Altis Master [Member]	Altis Master [Member]	Blackwater Master [Member]	Blackwater Master [Member]	Waypoint Master [Member]	Waypoint Master [Member]	Blackwater Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Partnership units purchased	'	'	16,015.32	'	'	13,013.63	'	'	'	49,594,220	'
Cash paid for partnership units purchased	'	'	$14,955,106	'	'	$11,227,843	'	'	'	$4,959,422	$5,000,000
Contribution of open commodity futures and forward contracts with fair value	'	'	1,060,214	'	'	1,785,785	'	'	'	'	'
Redemption of Partnership units	'	'	'	'	'	'	'	'	$3,520,485	'	'
Partnership owned	6.20%	5.30%	'	5.10%	5.00%	'	8.50%	8.20%	'	'	'

Investment_in_Funds_Summary_of

Investment in Funds - Summary of Assets, Liabilities and Capital (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Aspect Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	$82,332,268	$102,342,493
Total Liabilities	56,537	31,944
Total Capital	82,275,731	102,310,549
Altis Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	77,075,312	93,798,364
Total Liabilities	747,129	1,680,201
Total Capital	76,328,183	92,118,163
Blackwater Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Total Assets	55,656,259	63,936,601
Total Liabilities	70,547	610,828
Total Capital	$55,585,712	$63,325,773

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
	Mar. 31, 2014	Mar. 31, 2013
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	($283,317)	($361,094)
Total Trading Results	-995,096	456,999
Net Income (Loss)	-1,278,413	95,905
Investment in Funds [Member] | Aspect Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-80,498	-70,209
Total Trading Results	-4,728,957	3,619,206
Net Income (Loss)	-4,809,455	3,548,997
Investment in Funds [Member] | Altis Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-88,817	-143,123
Total Trading Results	-7,819,046	3,324,078
Net Income (Loss)	-7,907,863	3,180,955
Investment in Funds [Member] | Blackwater Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-23,138	-30,604
Total Trading Results	-4,034,100	1,951,934
Net Income (Loss)	-4,057,238	1,921,330
Investment in Funds [Member] | Waypoint Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-33,502
Total Trading Results	'	380,864
Net Income (Loss)	'	$347,362

Investment_in_Funds_Summary_of2

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

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2013

Aspect Master [Member]

Aspect Master [Member]

Altis Master [Member]

Altis 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]

Aspect Master [Member]

Aspect Master [Member]

Altis Master [Member]

Altis Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Waypoint Master [Member]

Investment In Funds Disclosure [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in Funds, Partners' Capital Percentage

'

'

37.59%

36.54%

28.74%

30.71%

35.11%

34.97%

'

'

'

'

'

'

'

'

'

Investment in Funds

$13,665,666

$15,284,306

$5,064,582

$5,464,202

$3,871,636

$4,592,354

$4,729,448

$5,227,750

'

'

'

'

'

'

'

'

'

Income (Loss)

'

'

'

'

'

'

'

'

-994,222

459,184

-268,163

133,036

-393,662

109,880

-332,397

117,446

98,822

Clearing Fees Expenses

'

'

'

'

'

'

'

'

10,350

14,899

3,452

2,304

4,093

4,479

2,805

4,206

3,910

Other Expenses

'

'

'

'

'

'

'

'

4,184

8,210

1,547

882

662

842

1,975

1,476

5,010

Net Income (Loss)

'

'

'

'

'

'

'

'

($1,008,756)

$436,075

($273,162)

$129,850

($398,417)

$104,559

($337,177)

$111,764

$89,902

Investment Objective

'

'

'

'

'

'

'

'

'

'

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

'Commodity Portfolio

Redemptions Permitted

'

'

'

'

'

'

'

'

'

'

'Monthly

'Monthly

'Monthly

'Monthly

'Monthly

'Monthly

'Monthly

Financial_Instrument_Risks_Add

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Financial Instruments [Line Items]	'
Minimum percentage of Funds' contracts traded over the counter	16.10%
Maximum percentage of Funds' contracts traded over the counter	21.30%