Global Diversified Futures Fund (GDFF) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		6,442.5138
Entity Public Float			$ 11,178,987

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in the Funds, at fair value (Note 6)	$ 9,378,857	$ 13,824,770
Cash at MS&Co. (Note 3c)	124,558	142,121
Cash at bank (Note 1)	217
Total assets	9,503,632	13,966,891
Accrued expenses:
Ongoing selling agent fees (Note 3d)	15,839	23,278
Management fees (Note 3b)	9,047	14,380
General Partner fees (Note 3a)	7,020	10,353
Incentive fees (Note 3b)		78,282
Professional fees	127,806	139,028
Redemptions payable to General Partner (Note 7)	10,010
Redemptions payable to Limited Partners (Note 7)	322,222	189,610
Total liabilities	491,944	454,931
Partners' Capital (Notes 1 and 7):
General Partner, 75.3044 and 100.5634 Redeemable Units outstanding at December 31, 2016 and 2015, respectively	98,858	159,954
Limited Partners, 6,789.2948 and 8,394.4128 Redeemable Units outstanding at December 31, 2016 and 2015, respectively	8,912,830	13,352,006
Total partners' capital (net asset value)	9,011,688	13,511,960
Total liabilities and partners' capital	$ 9,503,632	$ 13,966,891
Net asset value per Redeemable unit	$ 1,312.78	$ 1,590.58

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
General Partner capital, Redeemable units outstanding	75.3044	100.5634
Limited Partners capital, Redeemable units outstanding	6,789.2948	8,394.4128

Schedule of Investments

Schedule of Investments - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Nov. 01, 2005	Mar. 01, 2005
Investment in the Funds
Total investment in the Funds	$ 9,378,857	$ 13,824,770
Percentage of Partner's Capital	104.07%	102.32%
CMF Aspect Master Fund L.P. [Member]
Investment in the Funds
Total investment in the Funds	$ 5,994,782	$ 7,181,181		$ 1,060,214
Percentage of Partner's Capital	66.52%	53.15%
PGR Master Fund L.P. [Member]
Investment in the Funds
Total investment in the Funds	$ 3,384,075
Percentage of Partner's Capital	37.55%
CMF Altis Partners Master Fund L.P. [Member]
Investment in the Funds
Total investment in the Funds		$ 6,643,589	$ 1,785,785
Percentage of Partner's Capital		49.17%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income allocated from the Funds (Note 3c)		$ 21,984	$ 894	$ 2,062
Expenses:
Expenses allocated from the Funds		65,510	79,005	69,560
Ongoing selling agent fees (Note 3d)		230,291	292,507	460,685
Management fees (Note 3b)		139,012	169,983	161,466
General Partner fees (Note 3a)		102,296	130,200	32,443
Incentive fees (Note 3b)			78,282	13,643
Professional fees		137,802	218,073	253,511
Total expenses		674,911	968,050	991,308
Net investment loss		(652,927)	(967,156)	(989,246)
Net gains (losses) on investment in the Funds:
Net realized gains (losses) on closed contracts allocated from the Funds		(1,234,360)	1,999,148	2,486,888
Net change in unrealized gains (losses) on open contracts allocated from the Funds		(280,263)	(1,157,242)	26,549
Total trading results		(1,514,623)	841,906	2,513,437
Net income (loss)		$ (2,167,550)	$ (125,250)	$ 1,524,191
Net income (loss) per Redeemable Unit (Note 8)	[1]	$ (277.80)	$ (14.52)	$ 168.48
Weighted average Redeemable Units outstanding		7,832.9849	8,984.4678	9,919.8681
[1]	Represents the change in net asset value per Redeemable Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]
Net asset value per Reedemable Unit:
Net asset value per Redeemable unit	$ 1,436.62
Partners' Capital beginning at Dec. 31, 2013	$ 14,952,043	$ 14,792,688	$ 159,355
Net income (loss)	1,524,191	1,506,948	17,243
Redemptions of General Partner Redeemable Units	(15,184)		(15,184)
Redemptions of Redeemable Units and Limited Partner Unit Equivalents	(1,556,036)	(1,556,036)
Partners' Capital ending at Dec. 31, 2014	$ 14,905,014	14,743,600	161,414
Net asset value per Reedemable Unit:
Net asset value per Redeemable unit	$ 1,605.10
Net income (loss)	$ (125,250)	(123,790)	(1,460)
Redemptions of Redeemable Units and Limited Partner Unit Equivalents	(1,267,804)	(1,267,804)
Partners' Capital ending at Dec. 31, 2015	$ 13,511,960	13,352,006	159,954
Net asset value per Reedemable Unit:
Net asset value per Redeemable unit	$ 1,590.58
Net income (loss)	$ (2,167,550)	(2,141,465)	(26,085)
Redemptions of General Partner Redeemable Units	(35,011)		(35,011)
Redemptions of Redeemable Units and Limited Partner Unit Equivalents	(2,297,711)	(2,297,711)
Partners' Capital ending at Dec. 31, 2016	$ 9,011,688	$ 8,912,830	$ 98,858
Net asset value per Reedemable Unit:
Net asset value per Redeemable unit	$ 1,312.78

Statements of Changes in Partn7

Statements of Changes in Partners' Capital (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Limited Partners [Member]
Redemptions of redeemable units	1,605.1180	791.0720	1,111.3570
General Partner [Member]
Redemptions of redeemable units	25.2590		10.3600

Organization

Organization	12 Months Ended
	Dec. 31, 2016
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. The sectors traded include currencies, energy, grains, indices, metals, softs, livestock, U.S. and non-U.S. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was 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. During the periods covered by this report, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership/Funds also deposit a portion of their cash in a non-trading The Partnership will be liquidated upon the first to occur of the following: December 31, 2018; the net asset value per Redeemable Unit decreases to less than $400 per Redeemable Unit as of the close of any business day; or under certain other circumstances as defined in the Limited Partnership Agreement of the Partnership (the “Limited Partnership Agreement”). In July 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 furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. d. Partnership’s Investment. Fund’s Investments. first-in, first-out e. Fair Value of Financial Instruments. “Financial Instruments”, f. Income Taxes. g. Investment Company Status. 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements h. Net Income (Loss) per Redeemable Unit. “Financial Services-Investment Companies.” i. Recent Accounting Pronouncement. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-01’s

Agreements

Agreements	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Agreements	3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The General Partner has agreed to make capital contributions, if necessary, so that its general partnership interest will be equal to the greater of (i) 1% of the partners’ contributions to the Partnership or (ii) $25,000. Effective October 1, 2014, the Partnership began paying the General Partner a monthly fee in return for its services to the Partnership equal to 1/12 of 0.9% (0.9% per year) of month-end Month-end b. Management Agreements: The General Partner, on behalf of the Partnership, entered into management agreements (each, a “Management Agreement”) with Aspect Capital Limited (“Aspect”) and PGR Capital LLP (“PGR”) (each an “Advisor” and collectively, the “Advisors”), each of which is a registered commodity trading advisor. The General Partner, on behalf of the Partnership, had also entered into management agreements with Altis Partners (Jersey) Limited (“Altis”) and Blackwater Capital Management LLC (“Blackwater”). Blackwater was terminated as an Advisor to the Partnership effective September 30, 2015. Altis was terminated as an Advisor to the Partnership effective June 30, 2016. The Advisors are not affiliated with one another, are not affiliated with the General Partner or MS&Co. and are not responsible for the organization or operation of the Partnership. The Partnership pays Aspect and PGR, and had paid Altis and Blackwater, a monthly management fee equal to 1/12 of 1.25% (1.25% per year), 1/12 of 1% (1% per year), 1/12 of 1.25% (1.25% per year) and 1/12 of 0.75% (0.75% per year), respectively, of month-end Month-end In addition, the Partnership is obligated to pay each Advisor an incentive fee, payable annually, equal to 20% of the New Trading Profits, as defined in each Management Agreement, earned by each Advisor for the Partnership. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership. In allocating the assets of the Partnership among the Advisors, the General Partner considers, among other factors, each Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets among the Advisors and may allocate assets to additional advisors at any time. c. Customer Agreement: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership, through its investment in the Funds, pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, 4-week d. Selling Agent Agreement: The Partnership entered into a selling agent agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014, the ongoing selling agent fee was paid at a rate equal to 5.4% per year of month-end

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 2016
Brokers and Dealers [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 CMF Aspect Master Fund L.P. (“Aspect Master”) and PGR Master Fund L.P. (“PGR Master”) and the Partnership have entered into futures brokerage account agreements (each, a “Fund Customer Agreement” and, together with the Partnership Customer Agreement, the “Customer Agreements”). Aspect Master entered into a foreign exchange brokerage account agreement with MS&Co. Prior to their liquidations, CMF Altis Partners Master Fund L.P. (“Altis Master”) and Blackwater Master Fund L.P. (“Blackwater Master”), entered into futures brokerage account agreements with MS&Co. The Customer Agreements give the Partnership and the Funds the legal right to net unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition. The Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, Balance Sheet Trading and transaction fees are based on the number of trades executed by the Advisors for the Funds and the Partnership’s ownership of the Funds.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Fund’s Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded The 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 the Funds

Investment in the Funds	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Investment in the Funds	6. Investment in the 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 commodity pools 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. Effective the close of business on June 30, 2016, the Partnership fully redeemed its investment in Altis Master for cash equal to $5,465,473. 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. Effective the close of business on September 30, 2015, the Partnership fully redeemed its investment in Blackwater Master for cash equal to $4,444,524. On September 1, 2016, the assets allocated to PGR for trading were invested in PGR Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in PGR Master with cash equal to $4,265,000. PGR Master permits accounts managed by PGR using its Mayfair Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of PGR Master. Individual and pooled accounts currently managed by PGR, including the Partnership, are permitted to be limited partners of PGR Master. The General Partner and PGR 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 year ended December 31, 2016. Aspect Master’s and PGR Master’s (collectively, the “Funds”) trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. During the periods covered by this report, the Funds engaged in such trading through commodity brokerage accounts maintained with MS&Co. References herein to “Funds” may also include, as relevant, reference to Altis Master and Blackwater Master. Generally, a limited partner in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request 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. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees are borne by the Funds and allocated to the Funds’ limited partners including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. At December 31, 2016, the Partnership owned approximately 11.2% and 19.2% of Aspect Master and PGR Master, respectively. At December 31, 2015, the Partnership owned approximately 10.5% and 15.0% of Aspect Master and Altis 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. December 31, 2016 Total Assets Total Liabilities Total Partners’ Aspect Master $ 53,867,283 $ 237,915 $ 53,629,368 PGR Master 17,707,393 50,073 17,657,320 December 31, 2015 Total Assets Total Liabilities Total Partners’ Aspect Master $ 68,986,804 $ 521,227 $ 68,465,577 Altis Master 44,778,165 463,886 44,314,279 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 Year Ended December 31, 2016 Net Investment Total Trading Net Income Aspect Master $ (74,707) $ (3,094,670) $ (3,169,377) Altis Master (b) (150,778) (5,588,130) (5,738,908) PGR Master (36,071) (1,707,510) (1,743,581) For the Year Ended December 31, 2015 Net Investment Total Trading Net Income (Loss) Aspect Master $ (225,822) $ 8,457,822 $ 8,232,000 Altis Master (290,420) 1,080,015 789,595 Blackwater Master (a) (39,750) 87,198 47,448 (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master. Summarized information reflecting the Partnership’s investment in, and the Partnership’s pro-rata December 31, 2016 For the year ended December 31, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Fees Income Investment Redemptions Aspect Master 66.52% $ 5,994,782 $ (419,463) $ 14,018 $ 9,000 $ (442,481) Commodity Portfolio Monthly Altis Master (b) - - (819,453) 21,096 8,368 (848,917) Commodity Portfolio Monthly PGR Master 37.55% 3,384,075 (253,723) 9,414 3,614 (266,751) Commodity Portfolio Monthly Total $ 9,378,857 $ (1,492,639) $ 44,528 $ 20,982 $ (1,558,149) December 31, 2015 For the year ended December 31, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income (Loss) Investment Redemptions Aspect Master 53.15% $ 7,181,181 $ 752,386 $ 11,660 $ 8,173 $ 732,553 Commodity Portfolio Monthly Altis Master 49.17% 6,643,589 49,645 23,497 8,843 17,305 Commodity Portfolio Monthly Blackwater Master (a) - - 40,769 7,131 19,701 13,937 Commodity Portfolio Monthly Total $ 13,824,770 $ 842,800 $ 42,288 $ 36,717 $ 763,795 (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master.

Distributions and Redemptions

Distributions and Redemptions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Distributions and Redemptions	7. Distributions and Redemptions: Distributions are made on a pro-rata

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights	8. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ (194.44) $ 92.89 $ 268.56 Net investment loss (83.36) (107.41) (100.08) Increase (decrease) for the year (277.80) (14.52) 168.48 Net asset value per Redeemable Unit, beginning of year 1,590.58 1,605.10 1,436.62 Net asset value per Redeemable Unit, end of year $ 1,312.78 $ 1,590.58 $ 1,605.10 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss** (5.8) % (6.7) % (7.2) % Operating expense 6.0 % 6.2 % 7.1 % Incentive fees - % 0.5 % 0.1 % Total expenses 6.0 % 6.7 % 7.2 % Total return: Total return before incentive fees (17.5) % (0.4) % 11.8 % Incentive fees - % (0.5) % (0.1) % Total return after incentive fees (17.5) % (0.9) % 11.7 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** 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 year. Additionally, these ratios are calculated for the limited partners class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and includes the income and expenses allocated from the Funds.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	9. Financial Instrument Risks: In the normal course of business, the Partnership, indirectly through its investment in the Funds, is party to financial instruments with off-balance over-the-counter Futures Contracts. Forward Foreign Currency Contracts. 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 from changes in market prices of investments held. Such fluctuations are included in total trading results in the Funds’ Statements of Income and Expenses. London Metals Exchange Forward Contracts. 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 Partnership/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 Partnership’s/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 Partnership’s/Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as MS&Co. or an MS&Co. affiliate, is the sole counterparty or broker with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate the Partnership’s/Funds’ counterparty is an exchange or clearing organization. The General Partner monitors and attempts to control the Partnership’s/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 Partnership/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 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	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events: As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley. The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	a. Use of Estimates.
Profit Allocation	b. Profit Allocation.
Statement of Cash Flows	c. Statement of Cash Flows.
Partnership's Investment	d. Partnership’s Investment.
Fund's Investments	Fund’s Investments. first-in, first-out
Fair Value of Financial Instruments	e. Fair Value of Financial Instruments. “Financial Instruments”,
Income Taxes	f. Income Taxes.
Investment Company Status	g. Investment Company Status. 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Net Income (Loss) per Redeemable Unit	h. Net Income (Loss) per Redeemable Unit. “Financial Services-Investment Companies.”
Recent Accounting Pronouncement	i. Recent Accounting Pronouncement. 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” 2016-01’s
Fund's Fair Value Measurements	Fund’s Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded The 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 the Funds (Tables

Investment in the Funds (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Assets, Liabilities and Partners' Capital of Funds	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables. December 31, 2016 Total Assets Total Liabilities Total Partners’ Aspect Master $ 53,867,283 $ 237,915 $ 53,629,368 PGR Master 17,707,393 50,073 17,657,320 December 31, 2015 Total Assets Total Liabilities Total Partners’ Aspect Master $ 68,986,804 $ 521,227 $ 68,465,577 Altis Master 44,778,165 463,886 44,314,279
Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds	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 Year Ended December 31, 2016 Net Investment Total Trading Net Income Aspect Master $ (74,707) $ (3,094,670) $ (3,169,377) Altis Master (b) (150,778) (5,588,130) (5,738,908) PGR Master (36,071) (1,707,510) (1,743,581) For the Year Ended December 31, 2015 Net Investment Total Trading Net Income (Loss) Aspect Master $ (225,822) $ 8,457,822 $ 8,232,000 Altis Master (290,420) 1,080,015 789,595 Blackwater Master (a) (39,750) 87,198 47,448 (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master.
Partnership's Investments in, and Partnership' Pro Rata Share of Results of Operations of, the Funds	Summarized information reflecting the Partnership’s investment in, and the Partnership’s pro-rata December 31, 2016 For the year ended December 31, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Fees Income Investment Redemptions Aspect Master 66.52% $ 5,994,782 $ (419,463) $ 14,018 $ 9,000 $ (442,481) Commodity Portfolio Monthly Altis Master (b) - - (819,453) 21,096 8,368 (848,917) Commodity Portfolio Monthly PGR Master 37.55% 3,384,075 (253,723) 9,414 3,614 (266,751) Commodity Portfolio Monthly Total $ 9,378,857 $ (1,492,639) $ 44,528 $ 20,982 $ (1,558,149) December 31, 2015 For the year ended December 31, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income (Loss) Investment Redemptions Aspect Master 53.15% $ 7,181,181 $ 752,386 $ 11,660 $ 8,173 $ 732,553 Commodity Portfolio Monthly Altis Master 49.17% 6,643,589 49,645 23,497 8,843 17,305 Commodity Portfolio Monthly Blackwater Master (a) - - 40,769 7,131 19,701 13,937 Commodity Portfolio Monthly Total $ 13,824,770 $ 842,800 $ 42,288 $ 36,717 $ 763,795 (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master.

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ (194.44) $ 92.89 $ 268.56 Net investment loss (83.36) (107.41) (100.08) Increase (decrease) for the year (277.80) (14.52) 168.48 Net asset value per Redeemable Unit, beginning of year 1,590.58 1,605.10 1,436.62 Net asset value per Redeemable Unit, end of year $ 1,312.78 $ 1,590.58 $ 1,605.10 2016 2015 2014 Ratios to Average Limited Partners’ Capital: Net investment loss** (5.8) % (6.7) % (7.2) % Operating expense 6.0 % 6.2 % 7.1 % Incentive fees - % 0.5 % 0.1 % Total expenses 6.0 % 6.7 % 7.2 % Total return: Total return before incentive fees (17.5) % (0.4) % 11.8 % Incentive fees - % (0.5) % (0.1) % Total return after incentive fees (17.5) % (0.9) % 11.7 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Equity [Line Items]
Partnership liquidation date circumstance	Dec. 31, 2018
Maximum [Member]
Equity [Line Items]
Number of Redeemable Units authorized to be sold during initial public offering period | shares	100,000
Decreases in net asset value per Redeemable Unit | $ / shares	$ 400

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Accounting Policies [Abstract]
Provision for income tax	$ 0

Agreements - Additional Informa

Agreements - Additional Information (Detail) - USD ($)	Jul. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Percentage of general partnership interest					1.00%
General partner contribution in capital					$ 25,000
Percentage of monthly administrative fee		0.00075%
Percentage of administrative fee		0.90%
Management Agreement [Member]
Related Party Transaction [Line Items]
Incentive fee payable					20.00%
Morgan Stanley Wealth Management [Member]
Related Party Transaction [Line Items]
Brokerage fees payable		2.00%	2.90%	5.40%
Aspect Capital Limited [Member]
Related Party Transaction [Line Items]
Management fees payable monthly					0.10417%
Management fees payable yearly					1.25%
PGR Capital LLP [Member]
Related Party Transaction [Line Items]
Management fees payable monthly					0.08333%
Management fees payable yearly					1.00%
Altis Partners (Jersey) Limited [Member]
Related Party Transaction [Line Items]
Management fees payable monthly	0.125%				0.10417%
Management fees payable yearly	1.50%				1.25%
Blackwater Capital Management LLC [Member]
Related Party Transaction [Line Items]
Management fees payable monthly					0.0625%
Management fees payable yearly					0.75%
MS&Co [Member]
Related Party Transaction [Line Items]
Percentage of average daily equity maintained in cash						80.00%
Treasury bill maturity period						28 days

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	$ 0	$ 0

Investment in the Funds - Addit

Investment in the Funds - Additional Information (Detail) - USD ($)	Jun. 30, 2016	Sep. 30, 2015	Dec. 31, 2016	Sep. 01, 2016	Dec. 31, 2015	Nov. 01, 2010	Nov. 01, 2005	Mar. 01, 2005
Investment [Line Items]
Investment in Funds, at fair value			$ 9,378,857		$ 13,824,770
CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
Number of units purchased by partnership								16,015.3206
Cash paid for units purchased by partnership								$ 14,955,106
Investment in Funds, at fair value			$ 5,994,782		$ 7,181,181			$ 1,060,214
Percentage owned by partnership			11.20%		10.50%
CMF Altis Partners Master Fund L.P. [Member]
Investment [Line Items]
Number of units purchased by partnership							13,013.6283
Cash paid for units purchased by partnership							$ 11,227,843
Investment in Funds, at fair value					$ 6,643,589		$ 1,785,785
Cash redemption on investment	$ 5,465,473
Percentage owned by partnership					15.00%
Blackwater Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership						$ 5,000,000
Cash redemption on investment		$ 4,444,524
PGR Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership				$ 4,265,000
Investment in Funds, at fair value			$ 3,384,075
Percentage owned by partnership			19.20%

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
Total Assets	$ 53,867,283	$ 68,986,804
Total Liabilities	237,915	521,227
Total Partners' Capital	53,629,368	68,465,577
CMF Altis Partners Master Fund L.P. [Member]
Investment [Line Items]
Total Assets		44,778,165
Total Liabilities		463,886
Total Partners' Capital		$ 44,314,279
PGR Master Fund L.P. [Member]
Investment [Line Items]
Total Assets	17,707,393
Total Liabilities	50,073
Total Partners' Capital	$ 17,657,320

Investment in the Funds - Net I

Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Net Investment Income (Loss)	$ (652,927)	$ (967,156)	$ (989,246)
Total Trading Results	(1,514,623)	841,906	2,513,437
Net income (loss)	(2,167,550)	(125,250)	$ 1,524,191
CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(74,707)	(225,822)
Total Trading Results	(3,094,670)	8,457,822
Net income (loss)	(3,169,377)	8,232,000
CMF Altis Partners Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(150,778)	(290,420)
Total Trading Results	(5,588,130)	1,080,015
Net income (loss)	(5,738,908)	789,595
Blackwater Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)		(39,750)
Total Trading Results		87,198
Net income (loss)		$ 47,448
PGR Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(36,071)
Total Trading Results	(1,707,510)
Net income (loss)	$ (1,743,581)

Investment in the Funds - Partn

Investment in the Funds - Partnership's Investments in, and Partnership' Pro Rata Share of Results of Operations of, the Funds (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Nov. 01, 2005	Mar. 01, 2005
Investment [Line Items]
% of Partnership's Net Assets	104.07%	102.32%
Fair Value	$ 9,378,857	$ 13,824,770
Income (Loss)	(1,514,623)	841,906	$ 2,513,437
Net income (loss)	$ (2,167,550)	$ (125,250)	$ 1,524,191
CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets	66.52%	53.15%
Fair Value	$ 5,994,782	$ 7,181,181			$ 1,060,214
Income (Loss)	(3,094,670)	8,457,822
Net income (loss)	(3,169,377)	$ 8,232,000
CMF Altis Partners Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets		49.17%
Fair Value		$ 6,643,589		$ 1,785,785
Income (Loss)	(5,588,130)	1,080,015
Net income (loss)	$ (5,738,908)	789,595
Blackwater Master Fund L.P. [Member]
Investment [Line Items]
Income (Loss)		87,198
Net income (loss)		47,448
PGR Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets	37.55%
Fair Value	$ 3,384,075
Income (Loss)	(1,707,510)
Net income (loss)	(1,743,581)
Investment in Funds [Member]
Investment [Line Items]
Fair Value	9,378,857	13,824,770
Income (Loss)	(1,492,639)	842,800
Expenses, Clearing fees	44,528	42,288
Expenses, Other	20,982	36,717
Net income (loss)	$ (1,558,149)	$ 763,795
Investment in Funds [Member] | Commodity Portfolio [Member] | CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets	66.52%	53.15%
Fair Value	$ 5,994,782	$ 7,181,181
Income (Loss)	(419,463)	752,386
Expenses, Clearing fees	14,018	11,660
Expenses, Other	9,000	8,173
Net income (loss)	(442,481)	$ 732,553
Investment in Funds [Member] | Commodity Portfolio [Member] | CMF Altis Partners Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets		49.17%
Fair Value		$ 6,643,589
Income (Loss)	(819,453)	49,645
Expenses, Clearing fees	21,096	23,497
Expenses, Other	8,368	8,843
Net income (loss)	$ (848,917)	17,305
Investment in Funds [Member] | Commodity Portfolio [Member] | Blackwater Master Fund L.P. [Member]
Investment [Line Items]
Income (Loss)		40,769
Expenses, Clearing fees		7,131
Expenses, Other		19,701
Net income (loss)		$ 13,937
Investment in Funds [Member] | Commodity Portfolio [Member] | PGR Master Fund L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets	37.55%
Fair Value	$ 3,384,075
Income (Loss)	(253,723)
Expenses, Clearing fees	9,414
Expenses, Other	3,614
Net income (loss)	$ (266,751)

Distributions and Redemptions -

Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Partners' Capital [Abstract]
Fee charged to Limited Partners	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	$ (194.44)	$ 92.89	$ 268.56
Net investment loss	(83.36)	(107.41)	(100.08)
Increase (decrease) for the year	(277.80)	(14.52)	168.48
Net asset value per Redeemable Unit, beginning of year	1,590.58	1,605.10	1,436.62
Net asset value per Redeemable Unit, end of year	$ 1,312.78	$ 1,590.58	$ 1,605.10
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.80%)	(6.70%)	(7.20%)
Operating expense	6.00%	6.20%	7.10%
Incentive fees		0.50%	0.10%
Total expenses	6.00%	6.70%	7.20%
Total return:
Total return before incentive fees	(17.50%)	(0.40%)	11.80%
Incentive fees		(0.50%)	(0.10%)
Total return after incentive fees	(17.50%)	(0.90%)	11.70%

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements Disclosure [Line Items]
Maturity period of instruments	1 year
Minimum [Member]
Fair Value Measurements Disclosure [Line Items]
Percentage of contracts traded over the counter	8.90%
Maximum [Member]
Fair Value Measurements Disclosure [Line Items]
Percentage of contracts traded over the counter	47.40%