Global Diversified Futures Fund (GDFF) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	GDFF
Entity Registrant Name	GLOBAL DIVERSIFIED FUTURES FUND L.P.
Entity Central Index Key	1,068,237
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		8,816.5468

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Assets:
Investment in Funds, at fair value	$ 13,535,958	$ 15,044,274
Cash	109,639	51,485
Total assets	13,645,597	15,095,759
Accrued expenses:
Ongoing selling agent fees	22,743	25,160
Management fees	12,997	14,819
General Partner fees	10,124	11,242
Incentive fees		13,643
Other	123,585	81,895
Redemptions payable to Limited Partners	73,913	43,986
Total liabilities	243,362	190,745
Partners' Capital:
General Partner, 100.5634 Redeemable Units outstanding at June 30, 2015 and December 31, 2014	150,003	161,414
Limited Partners, 8,884.4468 and 9,185.4848 Redeemable Units outstanding at June 30, 2015 and December 31, 2014, respectively	13,252,232	14,743,600
Total partners' capital	13,402,235	14,905,014
Total liabilities and partners' capital	$ 13,645,597	$ 15,095,759
Net asset value per unit	$ 1,491.62	$ 1,605.10

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
General Partner capital, Redeemable units outstanding	100.5634	100.5634
Limited Partners capital, Redeemable units outstanding	8,884.4468	9,185.4848

Schedule of Investments

Schedule of Investments - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Fair Value	$ 13,535,958	$ 15,044,274
% of Partners' Capital	101.00%	100.93%
CMF Aspect Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Fair Value	$ 5,192,998	$ 6,726,238
% of Partners' Capital	38.75%	45.12%
CMF Altis Partners Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Fair Value	$ 3,855,574	$ 4,269,884
% of Partners' Capital	28.77%	28.65%
Blackwater Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Fair Value	$ 4,487,386	$ 4,048,152
% of Partners' Capital	33.48%	27.16%

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total
Trading Results:
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,436.62
Interest income allocated from Funds		$ 1,327
Ongoing selling agent fees		287,299
Expenses allocated from Funds		30,030
Management fees		78,942
Other		87,547
Total expenses		483,818
Net investment income (loss)		(482,491)
Net realized gains (losses) on investments allocated from Funds		258,504
Net change in unrealized gains (losses) on investments allocated from Funds		(408,868)
Total trading results		(150,364)
Net income (loss)		(632,855)
Redemptions - Limited Partners		(721,022)
Redemptions - General Partner		0
Net increase (decrease) in Partners' Capital		(1,353,877)
Partners' Capital, beginning of period at Dec. 31, 2013		14,952,043
Partners' Capital, end of period at Jun. 30, 2014		$ 13,598,166
Trading Results:
Net income (loss) per unit	[1]	$ (59.01)
Weighted average units outstanding		10,257.3549
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,313.65
Interest income allocated from Funds		$ 453
Ongoing selling agent fees		99,594
Expenses allocated from Funds		15,496
Management fees		39,413
Other		45,124
Total expenses		199,627
Net investment income (loss)		(199,174)
Net realized gains (losses) on investments allocated from Funds		820,622
Net change in unrealized gains (losses) on investments allocated from Funds		24,110
Total trading results		844,732
Net income (loss)		645,558
Redemptions - Limited Partners		(519,200)
Redemptions - General Partner		0
Net increase (decrease) in Partners' Capital		126,358
Partners' Capital, beginning of period at Mar. 31, 2014		13,471,808
Partners' Capital, end of period at Jun. 30, 2014		$ 13,598,166
Trading Results:
Net income (loss) per unit	[1]	$ 63.96
Weighted average units outstanding		10,148.2862
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,377.61
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,605.10
Interest income allocated from Funds		$ 490
Ongoing selling agent fees		150,668
Expenses allocated from Funds		39,926
Management fees		87,077
General Partner fees		67,115
Other		127,071
Total expenses		471,857
Net investment income (loss)		(471,367)
Net realized gains (losses) on investments allocated from Funds		885,212
Net change in unrealized gains (losses) on investments allocated from Funds		(1,427,036)
Total trading results		(541,824)
Net income (loss)		(1,013,191)
Redemptions - Limited Partners		(489,588)
Redemptions - General Partner		0
Net increase (decrease) in Partners' Capital		(1,502,779)
Partners' Capital, beginning of period at Dec. 31, 2014		14,905,014
Partners' Capital, end of period at Jun. 30, 2015		$ 13,402,235
Trading Results:
Net income (loss) per unit	[1]	$ (113.48)
Weighted average units outstanding		9,163.7127
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,690.28
Interest income allocated from Funds		$ 220
Ongoing selling agent fees		71,565
Expenses allocated from Funds		21,801
Management fees		41,089
General Partner fees		31,857
Incentive fees		(115,918)
Other		54,185
Total expenses		104,579
Net investment income (loss)		(104,359)
Net realized gains (losses) on investments allocated from Funds		(818,933)
Net change in unrealized gains (losses) on investments allocated from Funds		(879,288)
Total trading results		(1,698,221)
Net income (loss)		(1,802,580)
Redemptions - Limited Partners		(211,451)
Redemptions - General Partner		0
Net increase (decrease) in Partners' Capital		(2,014,031)
Partners' Capital, beginning of period at Mar. 31, 2015		15,416,266
Partners' Capital, end of period at Jun. 30, 2015		$ 13,402,235
Trading Results:
Net income (loss) per unit	[1]	$ (198.66)
Weighted average units outstanding		9,065.3642
Net asset value per Unit (8,985.0102 and 9,870.8492 Units outstanding at June 30, 2015, and 2014, respectively)		$ 1,491.62
[1]	Represents the change in net asset value per unit during the period.

Statements of Income and Expen6

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Net asset value, units outstanding	8,985.0102	9,870.8492

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: 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, option, swap 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. Ceres Managed Futures LLC, a Delaware limited liability company (the “General Partner”), acts as 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 a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. 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 June 30, 2015, all commodity trading decisions for the Partnership are made 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. As of June 30, 2015, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. is a wholly owned subsidiary of Morgan Stanley. Blackwater Master Fund L.P. (“Blackwater Master”), CMF Aspect Master Fund L.P. (“Aspect Master”) and CMF Altis Partners Master Fund L.P. (“Altis Master”, together with Blackwater Master and Aspect Master, the “Funds”) have entered into a futures brokerage account agreement with MS&Co. Aspect Master has also entered into a foreign exchange brokerage account agreement with MS&Co. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, through its investment in the Funds, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions. The Partnership has also 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 receives a monthly selling agent fee equal to 2.0% per year of adjusted net assets. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/exempted financial advisers of Morgan Stanley Wealth Management who sell 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%. Effective October 1, 2014, the monthly ongoing selling agent fee was further reduced from an annual rate of 2.9% to its current annual rate of 2.0%. As of the same date, the Partnership began paying a General Partner fee at an annual rate of 0.9%. The October 1, 2014 fee changes offset each other and, accordingly, there was no change to the aggregate fees incurred by the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at June 30, 2015 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2015 and 2014. These financial statements present the results of interim periods and do not include all of the disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to current period presentation. In the financial highlights, the ongoing selling agent fees and clearing fees allocated from the Funds which were previously included in the net realized and unrealized gains (losses) per unit and excluded from expenses per unit, are now excluded from the net realized gains (losses) per unit and included in expenses per unit. This information was previously included as a footnote to the financial highlights table. Additionally, the clearing fees and other expenses allocated from the Funds which were previously disclosed separately on the Statements of Income and Expenses, are now disclosed in aggregate as expenses allocated from the Funds. Amounts previously referred to as Administrative fee are now referred to as General Partner fees in these financial statements. 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 contributions and profits, if any, or net of distributions or redemptions and losses, if any. 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. Partnership’s Investment: Funds’ Investments: All commodity interests of the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value 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 net change in unrealized gains or losses from the preceding period are reported on the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital. Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes: Net Income (loss) per unit Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (187.07 ) $ 83.59 $ (62.27 ) $ (12.05 ) Net investment loss (11.59 ) (19.63 ) (51.21 ) (46.96 ) Increase (decrease) for the period (198.66 ) 63.96 (113.48 ) (59.01 ) Net asset value per unit, beginning of period 1,690.28 1,313.65 1,605.10 1,436.62 Net asset value per unit, end of period $ 1,491.62 $ 1,377.61 $ 1,491.62 $ 1,377.61 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Ratios to average net assets:*** Net investment loss**** (5.3 )% (5.9 )% (6.4 )% (7.1 )% Operating expenses 6.1 % 5.9 % 6.4 % 7.1 % Incentive fees (0.8 )% — % — % — % Total expenses 5.3 % 5.9 % 6.4 % 7.1 % Total return: Total return before incentive fees (12.5 )% 4.9 % (7.1 )% (4.1 )% Incentive fees 0.7 % — % — % — % Total return after incentive fees (11.8 )% 4.9 % (7.1 )% (4.1 )% *** Annualized (other than incentive fees). **** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Funds.

Trading Activities

Trading Activities	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Trading Activities	4. 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 invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Funds’ trading activities are shown on 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 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 Accounting Standards Codification 210-20, Balance Sheet Trading and transaction fees are based on the number of trades executed by the Advisors for the Funds. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) paid to MS&Co. are borne by the Funds and allocated to the limited partners, including the Partnership.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Funds’ Fair Value Measurements 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 U.S. Treasury bills, non-exchange-traded

Investment in Funds

Investment in Funds	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Investment in Funds	6. 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 forward 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 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 is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended June 30, 2015. The Funds’ trading of future, forward, swap and option contracts, if applicable, on commodities is done primarily on United States of America commodity exchanges and foreign commodity exchanges. The Funds engage in such trading through commodity brokerage accounts maintained by MS&Co. 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. The clearing fees are borne by the Funds and allocated to the Funds’ limited partners including the Partnership. All other fees are charged at the Partnership level. At June 30, 2015, the Partnership owned approximately 8.0%, 10.1% and 26.4% of Aspect Master, Altis Master and Blackwater Master, respectively. At December 31, 2014, the Partnership owned approximately 8.6%, 8.3% and 16.2% 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 as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables. June 30, 2015 Total Assets Total Total Partners’ Capital Aspect Master $ 65,979,127 $ 987,978 $ 64,991,149 Altis Master 41,833,784 3,731,477 38,102,307 Blackwater Master 17,180,101 185,646 16,994,455 December 31, 2014 Total Assets Total Total Partners’ Capital Aspect Master $ 78,421,434 $ 50,766 $ 78,370,668 Altis Master 51,413,912 51,279 51,362,633 Blackwater Master 24,973,305 43,208 24,930,097 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 June 30, 2015 Net Investment Total Trading Net Income Aspect Master (66,963 ) (10,562,657 ) (10,629,620 ) Altis Master (72,470 ) (7,143,941 ) (7,216,411 ) Blackwater Master (12,900 ) (455,735 ) (468,635 ) For the six months ended June 30, 2015 Net Investment Total Trading Net Income Aspect Master (126,673 ) (2,375,011 ) (2,501,684 ) Altis Master (143,062 ) (1,926,039 ) (2,069,101 ) Blackwater Master (23,133 ) (209,927 ) (233,060 ) For the three months ended June 30, 2014 Net Investment Total Trading Net Income Aspect Master (53,633 ) 4,147,774 4,094,141 Altis Master (84,661 ) 4,570,273 4,485,612 Blackwater Master (24,208 ) 2,304,526 2,280,318 For the six months ended June 30, 2014 Net Investment Total Trading Net Income Aspect Master (134,131 ) (581,183 ) (715,314 ) Altis Master (173,478 ) (3,248,773 ) (3,422,251 ) Blackwater Master (47,346 ) (1,729,574 ) (1,776,920 ) Summarized information reflecting the Partnership’s investment in, and the Partnership’s pro rata share of the results of operations of the Funds is shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 Funds % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Brokerage Fees Other Aspect Master 38.75 % $ 5,192,998 $ (862,750 ) $ 3,174 $ 2,315 $ (868,239 ) Commodity Monthly Altis Master 28.77 % 3,855,574 (724,592 ) 4,922 2,522 (732,036 ) Commodity Monthly Blackwater Master 33.48 % 4,487,386 (110,659 ) 2,391 6,477 (119,527 ) Commodity Monthly Total $ 13,535,958 $ (1,698,001 ) $ 10,487 $ 11,314 $ (1,719,802 ) June 30, 2015 For the six months ended June 30, 2015 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 38.75 % $ 5,192,998 $ (175,334 ) $ 5,940 $ 4,609 $ (185,883 ) Commodity Monthly Altis Master 28.77 % 3,855,574 (267,671 ) 8,673 5,246 (281,590 ) Commodity Monthly Blackwater Master 33.48 % 4,487,386 (98,329 ) 4,490 10,968 (113,787 ) Commodity Monthly Total $ 13,535,958 $ (541,334 ) $ 19,103 $ 20,823 $ (581,260 ) December 31, 2014 For the three months ended June 30, 2014 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 45.12 % $ 6,726,238 $ 305,372 $ 2,547 $ 1,637 $ 301,188 Commodity Monthly Altis Master 28.65 % 4,269,884 276,211 3,511 1,466 271,234 Commodity Monthly Blackwater Master 27.16 % 4,048,152 263,602 3,560 2,775 257,267 Commodity Monthly Total $ 15,044,274 $ 845,185 $ 9,618 $ 5,878 $ 829,689 December 31, 2014 For the six months ended June 30, 2014 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 45.12 % $ 6,726,238 $ 37,210 $ 5,999 $ 3,184 $ 28,027 Commodity Monthly Altis Master 28.65 % 4,269,884 (117,452 ) 7,604 2,128 (127,184 ) Commodity Monthly Blackwater Master 27.16 % 4,048,152 (68,795 ) 6,365 4,750 (79,910 ) Commodity Monthly Total $ 15,044,274 $ (149,037 ) $ 19,968 $ 10,062 $ (179,067 )

Financial Instrument Risks

Financial Instrument Risks	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership, indirectly through its investments in the Funds, is party to financial instruments with off-balance over-the-counter 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 net changes in 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 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 net changes in 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 from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital. 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 as MS&Co. or MS&Co. affiliate is the sole counterparty or broker with respect to the Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. the Funds’ counterparty is an exchange or clearing organization. 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, forward 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.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. 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 the events listed below, there were no other subsequent events requiring adjustment of, or disclosure in the financial statements. On or about July 31, 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator will furnish certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator will maintain certain books and records of the Fund. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Fund. The General Partner does not expect that such additional expense will have a material impact on the Fund’s break even point. Effective August 1, 2015, the monthly management fee paid to Altis was reduced from 1 / 12 of 1.5% (1.5% per year) to 1 / 12 of 1.25% (1.25% per year).

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Partnership's Investment	Partnership’s Investment:
Funds' Investments	Funds’ Investments: All commodity interests of the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value 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 net change in unrealized gains or losses from the preceding period are reported on the Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
Investment Company Status	Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes:
Net Income (Loss) per unit	Net Income (loss) per unit
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Summary of Financial Highlights for Limited Partner Class as Whole	Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended Six Months Ended June 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (187.07 ) $ 83.59 $ (62.27 ) $ (12.05 ) Net investment loss (11.59 ) (19.63 ) (51.21 ) (46.96 ) Increase (decrease) for the period (198.66 ) 63.96 (113.48 ) (59.01 ) Net asset value per unit, beginning of period 1,690.28 1,313.65 1,605.10 1,436.62 Net asset value per unit, end of period $ 1,491.62 $ 1,377.61 $ 1,491.62 $ 1,377.61
Ratios to Average Net Assets	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Ratios to average net assets:*** Net investment loss**** (5.3 )% (5.9 )% (6.4 )% (7.1 )% Operating expenses 6.1 % 5.9 % 6.4 % 7.1 % Incentive fees (0.8 )% — % — % — % Total expenses 5.3 % 5.9 % 6.4 % 7.1 % Total return: Total return before incentive fees (12.5 )% 4.9 % (7.1 )% (4.1 )% Incentive fees 0.7 % — % — % — % Total return after incentive fees (11.8 )% 4.9 % (7.1 )% (4.1 )% *** Annualized (other than incentive fees). **** Interest income less total expenses.

Investment in Funds (Tables)

Investment in Funds (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Summary of Total Assets, Liabilities and Partners' Capital	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables. June 30, 2015 Total Assets Total Total Partners’ Capital Aspect Master $ 65,979,127 $ 987,978 $ 64,991,149 Altis Master 41,833,784 3,731,477 38,102,307 Blackwater Master 17,180,101 185,646 16,994,455 December 31, 2014 Total Assets Total Total Partners’ Capital Aspect Master $ 78,421,434 $ 50,766 $ 78,370,668 Altis Master 51,413,912 51,279 51,362,633 Blackwater Master 24,973,305 43,208 24,930,097
Summary of Net Investment Income (Loss), Total 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 June 30, 2015 Net Investment Total Trading Net Income Aspect Master (66,963 ) (10,562,657 ) (10,629,620 ) Altis Master (72,470 ) (7,143,941 ) (7,216,411 ) Blackwater Master (12,900 ) (455,735 ) (468,635 ) For the six months ended June 30, 2015 Net Investment Total Trading Net Income Aspect Master (126,673 ) (2,375,011 ) (2,501,684 ) Altis Master (143,062 ) (1,926,039 ) (2,069,101 ) Blackwater Master (23,133 ) (209,927 ) (233,060 ) For the three months ended June 30, 2014 Net Investment Total Trading Net Income Aspect Master (53,633 ) 4,147,774 4,094,141 Altis Master (84,661 ) 4,570,273 4,485,612 Blackwater Master (24,208 ) 2,304,526 2,280,318 For the six months ended June 30, 2014 Net Investment Total Trading Net Income Aspect Master (134,131 ) (581,183 ) (715,314 ) Altis Master (173,478 ) (3,248,773 ) (3,422,251 ) Blackwater Master (47,346 ) (1,729,574 ) (1,776,920 )
Summary of Partnership's Investment in, and Partnership's Pro Rata Share of the Results of Operations of the Funds	Summarized information reflecting the Partnership’s investment in, and the Partnership’s pro rata share of the results of operations of the Funds is shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 Funds % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Brokerage Fees Other Aspect Master 38.75 % $ 5,192,998 $ (862,750 ) $ 3,174 $ 2,315 $ (868,239 ) Commodity Monthly Altis Master 28.77 % 3,855,574 (724,592 ) 4,922 2,522 (732,036 ) Commodity Monthly Blackwater Master 33.48 % 4,487,386 (110,659 ) 2,391 6,477 (119,527 ) Commodity Monthly Total $ 13,535,958 $ (1,698,001 ) $ 10,487 $ 11,314 $ (1,719,802 ) June 30, 2015 For the six months ended June 30, 2015 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 38.75 % $ 5,192,998 $ (175,334 ) $ 5,940 $ 4,609 $ (185,883 ) Commodity Monthly Altis Master 28.77 % 3,855,574 (267,671 ) 8,673 5,246 (281,590 ) Commodity Monthly Blackwater Master 33.48 % 4,487,386 (98,329 ) 4,490 10,968 (113,787 ) Commodity Monthly Total $ 13,535,958 $ (541,334 ) $ 19,103 $ 20,823 $ (581,260 ) December 31, 2014 For the three months ended June 30, 2014 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 45.12 % $ 6,726,238 $ 305,372 $ 2,547 $ 1,637 $ 301,188 Commodity Monthly Altis Master 28.65 % 4,269,884 276,211 3,511 1,466 271,234 Commodity Monthly Blackwater Master 27.16 % 4,048,152 263,602 3,560 2,775 257,267 Commodity Monthly Total $ 15,044,274 $ 845,185 $ 9,618 $ 5,878 $ 829,689 December 31, 2014 For the six months ended June 30, 2014 % of Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Funds Brokerage Fees Other Aspect Master 45.12 % $ 6,726,238 $ 37,210 $ 5,999 $ 3,184 $ 28,027 Commodity Monthly Altis Master 28.65 % 4,269,884 (117,452 ) 7,604 2,128 (127,184 ) Commodity Monthly Blackwater Master 27.16 % 4,048,152 (68,795 ) 6,365 4,750 (79,910 ) Commodity Monthly Total $ 15,044,274 $ (149,037 ) $ 19,968 $ 10,062 $ (179,067 )

Organization - Additional Infor

Organization - Additional Information (Detail) - shares	6 Months Ended			9 Months Ended
	Mar. 31, 2015	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2015
Equity [Line Items]
Number of Redeemable Units authorized to be sold during initial public offering period				100,000
Annual rate of General Partner fee				0.90%
Morgan Stanley Wealth Management [Member]
Equity [Line Items]
Brokerage fees payable	2.00%	2.90%	5.40%

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)
Regulatory Assets [Abstract]
Provision for income tax	$ 0

Financial Highlights - Summary

Financial Highlights - Summary of Financial Highlights for Limited Partner Class as Whole (Detail) - $ / shares		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Partnership Income [Abstract]
Net realized and unrealized gains (losses)		$ (187.07)	$ 83.59	$ (62.27)	$ (12.05)
Net investment loss		(11.59)	(19.63)	(51.21)	(46.96)
Increase (decrease) for the period	[1]	(198.66)	63.96	(113.48)	(59.01)
Net asset value per unit, beginning of period		1,690.28	1,313.65	1,605.10	1,436.62
Net asset value per unit, end of period		$ 1,491.62	$ 1,377.61	$ 1,491.62	$ 1,377.61
[1]	Represents the change in net asset value per unit during the period.

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Ratios to average net assets:
Net investment loss	(5.30%)	(5.90%)	(6.40%)	(7.10%)
Operating expenses	6.10%	5.90%	6.40%	7.10%
Incentive fees	(0.80%)
Total expenses	5.30%	5.90%	6.40%	7.10%
Total return:
Total return before incentive fees	(12.50%)	4.90%	(7.10%)	(4.10%)
Incentive fees	0.70%
Total return after incentive fees	(11.80%)	4.90%	(7.10%)	(4.10%)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Fair value transfers between Level 1 and Level 2 amount	$ 0	$ 0

Investment in Funds - Additiona

Investment in Funds - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015TradingVehicle	Dec. 31, 2014	Nov. 01, 2010USD ($)	Nov. 01, 2005USD ($)shares	Mar. 01, 2005USD ($)shares
Aspect Master [Member]
Schedule of Investments [Line Items]
Partnership units purchased | shares					16,015.3206
Cash paid					$ 14,955,106
Contribution of open commodity futures and forward contracts at fair value					$ 1,060,214
Number of trading vehicle | TradingVehicle	1
Partnership percentage owned in investments	8.00%	8.60%
Altis Master [Member]
Schedule of Investments [Line Items]
Partnership units purchased | shares				13,013.6283
Cash paid				$ 11,227,843
Contribution of open commodity futures and forward contracts at fair value				$ 1,785,785
Number of trading vehicle | TradingVehicle	1
Partnership percentage owned in investments	10.10%	8.30%
Blackwater Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Cash paid			$ 5,000,000
Number of trading vehicle | TradingVehicle	1
Blackwater Master [Member]
Schedule of Investments [Line Items]
Partnership percentage owned in investments	26.40%	16.20%

Investment in Funds - Summary o

Investment in Funds - Summary of Total Assets, Liabilities and Partners' Capital (Detail) - USD ($)	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013
Schedule of Investments [Line Items]
Total Assets	$ 13,645,597		$ 15,095,759
Total Liabilities	243,362		190,745
Total Capital	13,402,235	$ 15,416,266	14,905,014	$ 13,598,166	$ 13,471,808	$ 14,952,043
Aspect Master [Member]
Schedule of Investments [Line Items]
Total Assets	65,979,127		78,421,434
Total Liabilities	987,978		50,766
Total Capital	64,991,149		78,370,668
Altis Master [Member]
Schedule of Investments [Line Items]
Total Assets	41,833,784		51,413,912
Total Liabilities	3,731,477		51,279
Total Capital	38,102,307		51,362,633
Blackwater Master [Member]
Schedule of Investments [Line Items]
Total Assets	17,180,101		24,973,305
Total Liabilities	185,646		43,208
Total Capital	$ 16,994,455		$ 24,930,097

Investment in Funds - Summary25

Investment in Funds - Summary of Net Investment Income (Loss), Total Trading Results and Net Income (Loss) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Investments [Line Items]
Net Investment Income (Loss)	$ (104,359)	$ (199,174)	$ (471,367)	$ (482,491)
Total Trading Results	(1,698,221)	844,732	(541,824)	(150,364)
Net Income (Loss)	(1,802,580)	645,558	(1,013,191)	(632,855)
Investment in Funds [Member] | Aspect Master [Member]
Schedule of Investments [Line Items]
Net Investment Income (Loss)	(66,963)	(53,633)	(126,673)	(134,131)
Total Trading Results	(10,562,657)	4,147,774	(2,375,011)	(581,183)
Net Income (Loss)	(10,629,620)	4,094,141	(2,501,684)	(715,314)
Investment in Funds [Member] | Altis Master [Member]
Schedule of Investments [Line Items]
Net Investment Income (Loss)	(72,470)	(84,661)	(143,062)	(173,478)
Total Trading Results	(7,143,941)	4,570,273	(1,926,039)	(3,248,773)
Net Income (Loss)	(7,216,411)	4,485,612	(2,069,101)	(3,422,251)
Investment in Funds [Member] | Blackwater Master [Member]
Schedule of Investments [Line Items]
Net Investment Income (Loss)	(12,900)	(24,208)	(23,133)	(47,346)
Total Trading Results	(455,735)	2,304,526	(209,927)	(1,729,574)
Net Income (Loss)	$ (468,635)	$ 2,280,318	$ (233,060)	$ (1,776,920)

Investment in Funds - Summary26

Investment in Funds - Summary of Partnership's Investment in, and Partnership's Pro Rata Share of the Results of Operations of the Funds (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Schedule of Investments [Line Items]
Fair Value	$ 13,535,958		$ 13,535,958		$ 15,044,274
Income (Loss)	(1,698,001)	$ 845,185	(541,334)	$ (149,037)
Brokerage Fees	10,487	9,618	19,103	19,968
Other Expenses	11,314	5,878	20,823	10,062
Net Income (Loss)	$ (1,719,802)	829,689	$ (581,260)	(179,067)
Aspect Master [Member]
Schedule of Investments [Line Items]
% of Partnership's Net Assets	38.75%		38.75%		45.12%
Fair Value	$ 5,192,998		$ 5,192,998		$ 6,726,238
Income (Loss)	(862,750)	305,372	(175,334)	37,210
Brokerage Fees	3,174	2,547	5,940	5,999
Other Expenses	2,315	1,637	4,609	3,184
Net Income (Loss)	$ (868,239)	$ 301,188	$ (185,883)	$ 28,027
Investment Objective	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly	Monthly	Monthly
Altis Master [Member]
Schedule of Investments [Line Items]
% of Partnership's Net Assets	28.77%		28.77%		28.65%
Fair Value	$ 3,855,574		$ 3,855,574		$ 4,269,884
Income (Loss)	(724,592)	$ 276,211	(267,671)	$ (117,452)
Brokerage Fees	4,922	3,511	8,673	7,604
Other Expenses	2,522	1,466	5,246	2,128
Net Income (Loss)	$ (732,036)	$ 271,234	$ (281,590)	$ (127,184)
Investment Objective	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly	Monthly	Monthly
Blackwater Master [Member]
Schedule of Investments [Line Items]
% of Partnership's Net Assets	33.48%		33.48%		27.16%
Fair Value	$ 4,487,386		$ 4,487,386		$ 4,048,152
Income (Loss)	(110,659)	$ 263,602	(98,329)	$ (68,795)
Brokerage Fees	2,391	3,560	4,490	6,365
Other Expenses	6,477	2,775	10,968	4,750
Net Income (Loss)	$ (119,527)	$ 257,267	$ (113,787)	$ (79,910)
Investment Objective	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly	Monthly	Monthly

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail) - 6 months ended Jun. 30, 2015	Total
Investments, All Other Investments [Abstract]
Minimum percentage of Funds' contracts traded over-the-counter	13.60%
Maximum percentage of Funds' contracts traded over-the-counter	26.30%
Maturity period of financial instruments	1 year

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Altis Partners (Jersey) Limited [Member] - $ / mo	Aug. 01, 2015	Jul. 31, 2015
Subsequent Event [Line Items]
Management fees payable monthly	0.001041667	0.001250000
Management fees payable yearly	1.25%	1.50%