Global Diversified Futures Fund (GDFF) 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
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		5,388.0788

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2017	Dec. 31, 2016
Assets:
Investment in the Funds (1) , at fair value	[1]	$ 6,402,122	$ 9,378,857
Cash at MS&Co.		108,581	124,558
Cash at bank		631	217
Total assets		6,511,334	9,503,632
Accrued expenses:
Ongoing selling agent fees		10,852	15,839
Management fees		6,260	9,047
General Partner fees		4,791	7,020
Professional fees		112,459	127,806
Redemptions payable to General Partner			10,010
Redemptions payable to Limited Partners		103,139	322,222
Total liabilities		237,501	491,944
Partners' Capital:
General Partner, 66.6154 and 75.3044 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		74,954	98,858
Limited Partners, 5,509.2728 and 6,789.2948 Redeemable Units outstanding at September 30, 2017 and December 31, 2016, respectively		6,198,879	8,912,830
Total partners' capital (net asset value)		6,273,833	9,011,688
Total liabilities and partners' capital		$ 6,511,334	$ 9,503,632
Net asset value per Redeemable Unit (in dollars per unit)		$ 1,125.17	$ 1,312.78
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
General Partner capital, Redeemable units outstanding	66.6154	75.3044
Limited Partners capital, Redeemable units outstanding	5,509.2728	6,789.2948

Schedule of Investments

Schedule of Investments - USD ($)		Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	[1]	$ 6,402,122	$ 9,378,857
Percentage of Partner's Capital		102.04%	104.07%
CMF Aspect Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value		$ 4,502,997	$ 5,994,782
Percentage of Partner's Capital		71.77%	66.52%
PGR Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value		$ 1,899,125	$ 3,384,075
Percentage of Partner's Capital		30.27%	37.55%
[1]	Defined in Note 1.

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital	USD ($)$ / sharesshares
Investment Income:
Interest income allocated from the Funds	$ 16,328
Expenses:
Expenses allocated from the Funds	51,771
Ongoing selling agent fees	182,025
Management fees	111,475
General Partner fees	80,909
Incentive fees	7,674
Professional Fees	107,346
Total expenses	541,200
Net investment loss	(524,872)
Net gains (losses) on investment in the Funds:
Net realized gains (losses) on closed contracts allocated from the Funds	(770,501)
Net change in net unrealized gains (losses) on open contracts allocated from the Funds	(105,610)
Total trading results	(876,111)
Net income (loss)	(1,400,983)
Redemptions - General Partner	(25,001)
Redemptions - Limited Partners	(1,708,869)
Net increase (decrease) in Partners' Capital	(3,134,853)
Partners' Capital, beginning of period at Dec. 31, 2015	13,511,960
Partners' Capital, end of period at Sep. 30, 2016	$ 10,377,107
Net asset value per Redeemable Unit (5,575.8882 and 7,319.4012 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) at Sep. 30, 2016 | $ / shares	$ 1,417.75
Net gains (losses) on investment in the Funds:
Net income (loss) per Redeemable Unit (in dollars per unit) | $ / shares	$ (172.83)	[1]
Weighted average Redeemable Units outstanding (in units) | shares	8,040.1711
Interest income allocated from the Funds	$ 5,517
Expenses allocated from the Funds	11,122
Ongoing selling agent fees	55,353
Management fees	33,320
General Partner fees	24,637
Incentive fees	7,674
Professional Fees	35,400
Total expenses	167,506
Net investment loss	(161,989)
Net realized gains (losses) on closed contracts allocated from the Funds	109,274
Net change in net unrealized gains (losses) on open contracts allocated from the Funds	(206,694)
Total trading results	(97,420)
Net income (loss)	(259,409)
Redemptions - General Partner	(25,001)
Redemptions - Limited Partners	(663,489)
Net increase (decrease) in Partners' Capital	(947,899)
Partners' Capital, beginning of period at Jun. 30, 2016	11,325,006
Partners' Capital, end of period at Sep. 30, 2016	$ 10,377,107
Net asset value per Redeemable Unit (5,575.8882 and 7,319.4012 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) at Sep. 30, 2016 | $ / shares	$ 1,417.75
Net gains (losses) on investment in the Funds:
Net income (loss) per Redeemable Unit (in dollars per unit) | $ / shares	$ (34.26)	[1]
Weighted average Redeemable Units outstanding (in units) | shares	7,642.4249
Interest income allocated from the Funds	$ 32,734
Expenses allocated from the Funds	44,633
Ongoing selling agent fees	116,667
Management fees	66,837
General Partner fees	51,477
Professional Fees	95,683
Total expenses	375,297
Net investment loss	(342,563)
Net realized gains (losses) on closed contracts allocated from the Funds	(697,731)
Net change in net unrealized gains (losses) on open contracts allocated from the Funds	(141,288)
Total trading results	(839,019)
Net income (loss)	(1,181,582)
Redemptions - General Partner	(10,001)
Redemptions - Limited Partners	(1,546,272)
Net increase (decrease) in Partners' Capital	(2,737,855)
Partners' Capital, beginning of period at Dec. 31, 2016	9,011,688
Partners' Capital, end of period at Sep. 30, 2017	$ 6,273,833
Net asset value per Redeemable Unit (5,575.8882 and 7,319.4012 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) at Sep. 30, 2017 | $ / shares	$ 1,125.17
Net gains (losses) on investment in the Funds:
Net income (loss) per Redeemable Unit (in dollars per unit) | $ / shares	$ (187.61)	[1]
Weighted average Redeemable Units outstanding (in units) | shares	6,312.2244
Interest income allocated from the Funds	$ 12,782
Expenses allocated from the Funds	15,572
Ongoing selling agent fees	34,772
Management fees	19,986
General Partner fees	15,327
Professional Fees	31,579
Total expenses	117,236
Net investment loss	(104,454)
Net realized gains (losses) on closed contracts allocated from the Funds	(230,334)
Net change in net unrealized gains (losses) on open contracts allocated from the Funds	196,106
Total trading results	(34,228)
Net income (loss)	(138,682)
Redemptions - Limited Partners	(615,363)
Net increase (decrease) in Partners' Capital	(754,045)
Partners' Capital, beginning of period at Jun. 30, 2017	7,027,878
Partners' Capital, end of period at Sep. 30, 2017	$ 6,273,833
Net asset value per Redeemable Unit (5,575.8882 and 7,319.4012 Redeemable Units outstanding at September 30, 2017 and 2016, respectively) at Sep. 30, 2017 | $ / shares	$ 1,125.17
Net gains (losses) on investment in the Funds:
Net income (loss) per Redeemable Unit (in dollars per unit) | $ / shares	$ (25.77)	[1]
Weighted average Redeemable Units outstanding (in units) | shares	5,918.1669
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Income and Expen6

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Net asset value, Redeemable Units outstanding	5,575.8882	7,319.4012

Organization

Organization	9 Months Ended
	Sep. 30, 2017
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. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by 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. 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 its investment in the Funds. Effective June 30, 2016, Altis Partners (Jersey) Limited (“Altis”) ceased to act as a commodity trading advisor to the Partnership. References herein to Advisor shall also include Altis, as appropriate. During the reporting periods ended September 30, 2017 and 2016, 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 non-trading CMF Aspect Master Fund L.P. (“Aspect Master”) and PGR Master Fund L.P. (“PGR Master”, together with Aspect Master, the “Funds”) have entered into futures brokerage account agreements with MS&Co. Aspect Master had also entered into a foreign exchange brokerage account agreement with MS&Co. CMF Altis Partners Master Fund L.P. (“Altis Master”) (prior to its liquidation as of the close of business on June 30, 2016) also entered into a futures brokerage agreement with MS&Co. References herein to the “Funds” shall include Altis Master, as appropriate. 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. (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, The Partnership has also entered into a selling agreement with Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of adjusted month-end Effective July 12, 2017, Aspect Master and JPMorgan entered into certain agreements in connection with Aspect’s trading in forward foreign currency contracts on behalf of Aspect Master and, indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under the FX Agreement, JPMorgan will charge a fee on the aggregate foreign currency transactions entered into on behalf of Aspect Master during a month. 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	9 Months Ended
	Sep. 30, 2017
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 September 30, 2017, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2017 and 2016. These financial statements present the results for interim periods and do not include all of the disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investment. Fund’s Investments. first-in, first-out Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not 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 “Financial Services-Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ (8.12 ) $ (13.06 ) $ (133.34 ) $ (107.55 ) Net investment loss (17.65 ) (21.20 ) (54.27 ) (65.28 ) Increase (decrease) for the period (25.77 ) (34.26 ) (187.61 ) (172.83 ) Net asset value per Redeemable Unit, beginning of period 1,150.94 1,452.01 1,312.78 1,590.58 Net asset value per Redeemable Unit, end of period $ 1,125.17 $ 1,417.75 $ 1,125.17 $ 1,417.75 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital:** Net investment loss*** (6.2 ) % (5.8 ) % (6.0 ) % (5.9 ) % Operating expenses 6.9 % 5.9 % 6.6 % 6.0 % Incentive fees - % 0.1 % - % 0.1 % Total expenses 6.9 % 6.0 % 6.6 % 6.1 % Total return: Total return before incentive fees (2.2 ) % (2.3 ) % (14.3 ) % (10.8 ) % Incentive fees - % (0.1 ) % - % (0.1 ) % Total return after incentive fees (2.2 ) % (2.4 ) % (14.3 ) % (10.9 ) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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. ** 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 partners’ capital of the Partnership and include the income and expenses allocated from the Funds.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2017
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 The futures brokerage account agreements with MS&Co. 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 - Balance Sheet All of the commodity interests owned by the Funds are held for trading purposes. Trading and transaction fees are based on the number of trades executed by the Advisors for the Funds and the Partnership’s percentage ownership of the Funds. All 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	9 Months Ended
	Sep. 30, 2017
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	9 Months Ended
	Sep. 30, 2017
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. 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. Effective the close of business on June 30, 2016, the Partnership fully redeemed its investment in Altis Master. 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. 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 fiscal quarter ended September 30, 2017. The Funds’ trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds engaged in such trading through commodity brokerage accounts maintained with MS&Co. 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 September 30, 2017, the Partnership owned approximately 13.3% of Aspect Master and 21.8% of PGR Master. At December 31, 2016, the Partnership owned approximately 11.2% and 19.2% of Aspect Master and PGR Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to 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: September 30, 2017 Total Assets Total Liabilities Total Partners’ Aspect Master $ 34,682,697 $ 894,615 $ 33,788,082 PGR Master 8,962,781 263,856 8,698,925 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 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended September 30, 2017 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ 25,218 $ (277,930 ) $ (252,712 ) PGR Master (8,227 ) 4,784 (3,443 ) For the nine months ended September 30, 2017 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ 57,875 $ (2,930,464 ) $ (2,872,589 ) PGR Master (28,440 ) (2,410,387 ) (2,438,827 ) For the three months ended September 30, 2016 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ (17,102 ) $ (780,337 ) $ (797,439 ) PGR Master (12,346 ) (332,967 ) (345,313 ) For the nine months ended September 30, 2016 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ (71,218 ) $ (252,863 ) $ (324,081 ) Altis Master * (150,778 ) (5,588,130 ) (5,738,908 ) PGR Master (19,216 ) (11,598 ) (30,814 ) * 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 September 30, 2017 For the three months ended September 30, 2017 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 71.77 % $ 4,502,997 $ (28,270 ) $ 3,812 $ 2,088 $ (34,170 ) Commodity Portfolio Monthly PGR Master 30.27 % 1,899,125 6,824 6,340 3,332 (2,848 ) Commodity Portfolio Monthly Total $ 6,402,122 $ (21,446 ) $ 10,152 $ 5,420 $ (37,018 ) September 30, 2017 For the nine months ended September 30, 2017 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 71.77 % $ 4,502,997 $ (327,803 ) $ 10,239 $ 5,896 $ (343,938 ) Commodity Portfolio Monthly PGR Master 30.27 % 1,899,125 (478,482 ) 19,090 9,408 (506,980 ) Commodity Portfolio Monthly Total $ 6,402,122 $ (806,285 ) $ 29,329 $ 15,304 $ (850,918 ) December 31, 2016 For the three months ended September 30, 2016 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 66.52 % $ 5,994,782 $ (153,104 ) $ 4,475 $ 3,043 $ (160,622 ) Commodity Portfolio Monthly PGR Master 37.55 % 3,384,075 61,201 2,371 1,233 57,597 Commodity Portfolio Monthly Total $ 9,378,857 $ (91,903 ) $ 6,846 $ 4,276 $ (103,025 ) December 31, 2016 For the nine months ended September 30, 2016 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 66.52 % $ 5,994,782 $ (101,531 ) $ 11,123 $ 7,580 $ (120,234 ) Commodity Portfolio Monthly Altis Master * - - (819,453 ) 21,096 8,368 (848,917 ) Commodity Portfolio Monthly PGR Master 37.55 % 3,384,075 61,201 2,371 1,233 57,597 Commodity Portfolio Monthly Total $ 9,378,857 $ (859,783) $ 34,590 $ 17,181 $ (911,554) * From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master.

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. 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 Contract London Metals Exchange Forward Contracts. 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 held 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., an MS&Co. affiliate or JPMorgan are counterparties or brokers with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded The General Partner monitors and attempts to mitigate 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 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. 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. In the ordinary course of business, the Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Funds. The Funds consider the risk of any future obligation relating to these indemnifications to be remote.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows. “Statement of Cash Flows.”
Partnership's Investment	Partnership’s Investment.
Fund's Investments	Fund’s Investments. first-in, first-out
Income Taxes	Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not
Investment Company Status	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	Net Income (Loss) per Redeemable Unit “Financial Services-Investment Companies.”
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

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Financial Highlights for the Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended 2017 2016 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ (8.12 ) $ (13.06 ) $ (133.34 ) $ (107.55 ) Net investment loss (17.65 ) (21.20 ) (54.27 ) (65.28 ) Increase (decrease) for the period (25.77 ) (34.26 ) (187.61 ) (172.83 ) Net asset value per Redeemable Unit, beginning of period 1,150.94 1,452.01 1,312.78 1,590.58 Net asset value per Redeemable Unit, end of period $ 1,125.17 $ 1,417.75 $ 1,125.17 $ 1,417.75 Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital:** Net investment loss*** (6.2 ) % (5.8 ) % (6.0 ) % (5.9 ) % Operating expenses 6.9 % 5.9 % 6.6 % 6.0 % Incentive fees - % 0.1 % - % 0.1 % Total expenses 6.9 % 6.0 % 6.6 % 6.1 % Total return: Total return before incentive fees (2.2 ) % (2.3 ) % (14.3 ) % (10.8 ) % Incentive fees - % (0.1 ) % - % (0.1 ) % Total return after incentive fees (2.2 ) % (2.4 ) % (14.3 ) % (10.9 ) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. 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. ** Annualized (other than incentive fees). *** Interest income less total expenses.

Investment in the Funds (Tables

Investment in the Funds (Tables)	9 Months Ended
	Sep. 30, 2017
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: September 30, 2017 Total Assets Total Liabilities Total Partners’ Aspect Master $ 34,682,697 $ 894,615 $ 33,788,082 PGR Master 8,962,781 263,856 8,698,925 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
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 three months ended September 30, 2017 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ 25,218 $ (277,930 ) $ (252,712 ) PGR Master (8,227 ) 4,784 (3,443 ) For the nine months ended September 30, 2017 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ 57,875 $ (2,930,464 ) $ (2,872,589 ) PGR Master (28,440 ) (2,410,387 ) (2,438,827 ) For the three months ended September 30, 2016 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ (17,102 ) $ (780,337 ) $ (797,439 ) PGR Master (12,346 ) (332,967 ) (345,313 ) For the nine months ended September 30, 2016 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Aspect Master $ (71,218 ) $ (252,863 ) $ (324,081 ) Altis Master * (150,778 ) (5,588,130 ) (5,738,908 ) PGR Master (19,216 ) (11,598 ) (30,814 ) * 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's Pro Rata Share of Results of Operations of Funds	Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata September 30, 2017 For the three months ended September 30, 2017 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 71.77 % $ 4,502,997 $ (28,270 ) $ 3,812 $ 2,088 $ (34,170 ) Commodity Portfolio Monthly PGR Master 30.27 % 1,899,125 6,824 6,340 3,332 (2,848 ) Commodity Portfolio Monthly Total $ 6,402,122 $ (21,446 ) $ 10,152 $ 5,420 $ (37,018 ) September 30, 2017 For the nine months ended September 30, 2017 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 71.77 % $ 4,502,997 $ (327,803 ) $ 10,239 $ 5,896 $ (343,938 ) Commodity Portfolio Monthly PGR Master 30.27 % 1,899,125 (478,482 ) 19,090 9,408 (506,980 ) Commodity Portfolio Monthly Total $ 6,402,122 $ (806,285 ) $ 29,329 $ 15,304 $ (850,918 ) December 31, 2016 For the three months ended September 30, 2016 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 66.52 % $ 5,994,782 $ (153,104 ) $ 4,475 $ 3,043 $ (160,622 ) Commodity Portfolio Monthly PGR Master 37.55 % 3,384,075 61,201 2,371 1,233 57,597 Commodity Portfolio Monthly Total $ 9,378,857 $ (91,903 ) $ 6,846 $ 4,276 $ (103,025 ) December 31, 2016 For the nine months ended September 30, 2016 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Aspect Master 66.52 % $ 5,994,782 $ (101,531 ) $ 11,123 $ 7,580 $ (120,234 ) Commodity Portfolio Monthly Altis Master * - - (819,453 ) 21,096 8,368 (848,917 ) Commodity Portfolio Monthly PGR Master 37.55 % 3,384,075 61,201 2,371 1,233 57,597 Commodity Portfolio Monthly Total $ 9,378,857 $ (859,783) $ 34,590 $ 17,181 $ (911,554) * From January 1, 2016 through June 30, 2016, the date the Partnership fully redeemed its interest in Altis Master.

Organization - Additional Infor

Organization - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017shares
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Brokerage fees payable	2.00%
Maximum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of Redeemable Units authorized to be sold during initial public offering period	100,000

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)
Income Tax Contingency [Line Items]
Uncertain tax position	$ 0
Earliest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,013
Latest Tax Year [Member]
Income Tax Contingency [Line Items]
Open tax year	2,016

Financial Highlights - Financia

Financial Highlights - Financial Highlights for the Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (8.12)	$ (13.06)	$ (133.34)	$ (107.55)
Net investment loss	(17.65)	(21.20)	(54.27)	(65.28)
Increase (decrease) for the period	(25.77)	(34.26)	(187.61)	(172.83)
Net asset value per Redeemable Unit, beginning of period	1,150.94	1,452.01	1,312.78	1,590.58
Net asset value per Redeemable Unit (5,575.8882 and 7,319.4012 Redeemable Units outstanding at September 30, 2017 and 2016, respectively)	$ 1,125.17	$ 1,417.75	$ 1,125.17	$ 1,417.75
Ratios to Average Limited Partners' Capital:
Net investment loss	(6.20%)	(5.80%)	(6.00%)	(5.90%)
Operating expenses	6.90%	5.90%	6.60%	6.00%
Incentive fees		0.10%		0.10%
Total expenses	6.90%	6.00%	6.60%	6.10%
Total return:
Total return before incentive fees	(2.20%)	(2.30%)	(14.30%)	(10.80%)
Incentive fees		(0.10%)		(0.10%)
Total return after incentive fees	(2.20%)	(2.40%)	(14.30%)	(10.90%)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Investment in the Funds - Addit

Investment in the Funds - Additional Information (Detail)	Sep. 30, 2017	Dec. 31, 2016
CMF Aspect Master Fund L.P. [Member]
Investment [Line Items]
Percentage owned by partnership	13.30%	11.20%
PGR Master Fund L.P. [Member]
Investment [Line Items]
Percentage owned by partnership	21.80%	19.20%

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($)	Sep. 30, 2017	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Total Assets	$ 6,511,334		$ 9,503,632
Total Liabilities	237,501		491,944
Total Partners' Capital	6,273,833	$ 7,027,878	9,011,688	$ 10,377,107	$ 11,325,006	$ 13,511,960
CMF Aspect Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	34,682,697		53,867,283
Total Liabilities	894,615		237,915
Total Partners' Capital	33,788,082		53,629,368
PGR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	8,962,781		17,707,393
Total Liabilities	263,856		50,073
Total Partners' Capital	$ 8,698,925		$ 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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment Holdings [Line Items]
Net Investment Income (Loss)	$ (104,454)	$ (161,989)	$ (342,563)	$ (524,872)
Total Trading Results	(34,228)	(97,420)	(839,019)	(876,111)
Net Income (Loss)	(138,682)	(259,409)	(1,181,582)	(1,400,983)
CMF Aspect Master Fund L.P. [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)	25,218	(17,102)	57,875	(71,218)
Total Trading Results	(277,930)	(780,337)	(2,930,464)	(252,863)
Net Income (Loss)	(252,712)	(797,439)	(2,872,589)	(324,081)
PGR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)	(8,227)	(12,346)	(28,440)	(19,216)
Total Trading Results	4,784	(332,967)	(2,410,387)	(11,598)
Net Income (Loss)	$ (3,443)	$ (345,313)	$ (2,438,827)	(30,814)
CMF Altis Partners Master Fund L.P. [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)				(150,778)
Total Trading Results				(5,588,130)
Net Income (Loss)				$ (5,738,908)

Investment in the Funds - Partn

Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Investment Holdings [Line Items]
% of Partners' Capital		102.04%		102.04%		104.07%
Fair Value	[1]	$ 6,402,122		$ 6,402,122		$ 9,378,857
Income (Loss)		(34,228)	$ (97,420)	(839,019)	$ (876,111)
Clearing Fees		34,772	55,353	116,667	182,025
Professional Fees		31,579	35,400	95,683	107,346
Net income (loss)		$ (138,682)	(259,409)	$ (1,181,582)	(1,400,983)
CMF Aspect Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital		71.77%		71.77%		66.52%
Fair Value		$ 4,502,997		$ 4,502,997		$ 5,994,782
PGR Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital		30.27%		30.27%		37.55%
Fair Value		$ 1,899,125		$ 1,899,125		$ 3,384,075
Investment in Funds [Member]
Investment Holdings [Line Items]
Income (Loss)		(21,446)	(91,903)	(806,285)	(859,783)
Clearing Fees		10,152	6,846	29,329	34,590
Professional Fees		5,420	4,276	15,304	17,181
Net income (loss)		(37,018)	(103,025)	(850,918)	(911,554)
Investment in Funds [Member] | CMF Aspect Master Fund L.P. [Member] | Commodity [Member]
Investment Holdings [Line Items]
Income (Loss)		(28,270)	(153,104)	(327,803)	(101,531)
Clearing Fees		3,812	4,475	10,239	11,123
Professional Fees		2,088	3,043	5,896	7,580
Net income (loss)		$ (34,170)	(160,622)	$ (343,938)	(120,234)
Investment Objective		Commodity Portfolio		Commodity Portfolio
Redemptions Permitted		Monthly		Monthly
Investment in Funds [Member] | CMF Altis Partners Master Fund L.P. [Member] | Commodity [Member]
Investment Holdings [Line Items]
Income (Loss)					(819,453)
Clearing Fees					21,096
Professional Fees					8,368
Net income (loss)					(848,917)
Investment in Funds [Member] | PGR Master Fund L.P. [Member] | Commodity [Member]
Investment Holdings [Line Items]
Income (Loss)		$ 6,824	61,201	$ (478,482)	61,201
Clearing Fees		6,340	2,371	19,090	2,371
Professional Fees		3,332	1,233	9,408	1,233
Net income (loss)		$ (2,848)	$ 57,597	$ (506,980)	$ 57,597
Investment Objective		Commodity Portfolio		Commodity Portfolio
Redemptions Permitted		Monthly		Monthly
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2017
Concentration Risk [Line Items]
Maturity period of instruments	1 year
Minimum [Member]
Concentration Risk [Line Items]
Percentage of contracts traded over the counter	2.20%
Maximum [Member]
Concentration Risk [Line Items]
Percentage of contracts traded over the counter	44.40%