Ceres Tactical Global 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Entity Registrant Name	MORGAN STANLEY SMITH BARNEY SPECTRUM CURRENCY & COMMODITY L.P.
Entity Central Index Key	1,097,396
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		1,375,222.073

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2015	Dec. 31, 2014
ASSETS
Interest receivable	$ 5	$ 61
Total Assets	14,588,601	14,172,143
Liabilities:
Redemptions payable	161,045	238,966
Accrued ongoing placement agent fees	23,788	22,139
Accrued General Partner fees	19,030	17,712
Accrued management fees	17,841	15,812
Accrued incentive fees	270,499	108,183
Total Liabilities	492,203	402,812
Partners' Capital:
Limited Partners	13,940,167	13,623,087
General Partner	156,231	146,244
Total Partners' Capital	14,096,398	13,769,331
Total Liabilities and Partners' Capital	$ 14,588,601	$ 14,172,143
NET ASSET VALUE PER UNIT	$ 9.94	$ 8.49
Cambridge Master Fund LP [Member]
ASSETS
Investments	$ 14,588,596	$ 12,289,754
Total Assets	40,367,675	39,046,641
Liabilities:
Total Liabilities	36,610	48,456
Partners' Capital:
Limited Partners	40,331,065	38,998,185
General Partner	0	0
Total Partners' Capital	40,331,065	38,998,185
Total Liabilities and Partners' Capital	$ 40,367,675	39,046,641
KR Master Fund LP [Member]
ASSETS
Investments		$ 1,882,328

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Limited Partners, Units	1,401,776.914	1,604,009.847
General Partner, Units	15,710.066	17,219.120

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INVESTMENT INCOME
Interest income		$ 1,907	$ 359	$ 2,326	$ 1,968
EXPENSES
Ongoing placement agent fees		68,521		205,679
General Partner fees		54,817		164,543
Management fees		51,391	48,031	154,259	157,285
Incentive fees		270,499	132,795	386,005	132,795
Brokerage fees			123,663		459,790
Total Expenses		445,228	304,489	910,486	749,870
NET INVESTMENT LOSS		(443,321)	(304,130)	(908,160)	(747,902)
Trading profit (loss):
Total Trading Results		1,978,058	1,925,502	3,097,851	2,153,262
NET INCOME		1,534,737	1,621,372	2,189,691	1,405,360
NET INCOME ALLOCATION
Limited Partners		1,516,762	1,601,495	2,164,704	1,389,201
General Partner		$ 17,975	$ 19,877	$ 24,987	$ 16,159
NET INCOME PER UNIT
Limited Partners	[1]	$ 1.04	$ 0.89	$ 1.45	$ 0.79
General Partner	[1]	$ 1.04	$ 0.89	$ 1.45	$ 0.79
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING		1,458,295.164	1,863,297.243	1,523,729.466	2,092,810.542
Cambridge Master Fund LP [Member]
INVESTMENT INCOME
Interest income		$ 5,255	$ 1,114	$ 6,688	$ 5,541
EXPENSES
Total Expenses		42,307	79,551	128,040	178,915
NET INVESTMENT LOSS		(22,085)	(54,962)	(76,460)	(121,681)
Trading profit (loss):
Net realized gain (loss) allocated		1,552,445	276,459	3,755,887	674,474
Net change in unrealized appreciation (depreciation) allocated from Master		425,613	1,600,567	(658,036)	1,237,081
Total Trading Results		5,593,830	6,532,519	8,794,035	6,865,193
NET INCOME		$ 5,571,745	6,477,557	$ 8,717,575	6,743,512
KR Master Fund [Member]
Trading profit (loss):
Net realized gain (loss) allocated			123,320		(294,101)
Net change in unrealized appreciation (depreciation) allocated from Master			$ (74,844)		$ 535,808
[1]	Represents the change in net asset value per Unit during the period.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]
Balance at Dec. 31, 2013	$ 17,969,072	$ 17,703,845	$ 265,227
Balance (in units) at Dec. 31, 2013	2,430,680.684
NET INCOME	$ 1,405,360	1,389,201	16,159
Redemptions	$ (5,169,690)	(5,029,146)	(140,544)
Redemptions (in units)	(694,034.300)
Balance at Sep. 30, 2014	$ 14,204,742	14,063,900	140,842
Balance (in units) at Sep. 30, 2014	1,736,646.384
Balance at Dec. 31, 2014	$ 13,769,331	13,623,087	146,244
Balance (in units) at Dec. 31, 2014	1,621,228.967
NET INCOME	$ 2,189,691	2,164,704	24,987
Redemptions	$ (1,862,624)	(1,847,624)	(15,000)
Redemptions (in units)	(203,741.987)
Balance at Sep. 30, 2015	$ 14,096,398	$ 13,940,167	$ 156,231
Balance (in units) at Sep. 30, 2015	1,417,486.980

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P. (the “Partnership”) is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 6. Financial Instruments through the Partnership’s Investment in Affiliated Master Funds Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is wholly-owned indirectly by Morgan Stanley. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). Morgan Stanley Wealth Management is a principal subsidiary of MSSBH. During June 2015, the General Partner determined to invest a portion of the Partnership’s and Master Fund’s (defined below) excess cash (the Partnership’s and Master Fund’s assets not used for futures interest trading or required margin for such trading) in United States (“U.S.”) Treasury bills and/or other permitted investments. The Partnership will receive interest on U.S. Treasury bills at the relevant coupon rate. There will be no change to the treatment of the excess cash not invested in U.S. Treasury bills or other permitted investments. The General Partner intends to hold the U.S. Treasury bills until maturity, but in the event that the General Partner is required to liquidate U.S. Treasury bills before they mature, to meet redemption requests or otherwise, the Partnership and Master Fund may incur a loss on such U.S. Treasury bills and/or may be subject to additional fees or other costs. The General Partner will endeavor to maintain sufficient cash in the Partnership’s and Master Fund’s accounts in order to avoid early liquidation of U.S. Treasury bills. 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 services in connection with the operation of the Partnership, including the preparation of required books and records and reports to limited partners, government agencies and regulators; computation of net asset value; assistance in connection with certain limited partner communications; calculation and accrual of income, expenses, gains and losses; preparation of financial, performance and other reporting; coordination of the annual audit with the Partnership’s auditor; preparation of the Partnership’s draft annual financial statements and accompanying materials; assistance with updating periodic regulatory filings; provision of tax services as agreed with the General Partner; assistance in opening and operating the Partnership’s bank accounts; provision of daily profit and loss, estimated net asset value and position and reconciliation reports; and reconciliation of daily transactions, positions and cash balances to the Partnership’s brokerage and bank accounts. In addition, the Administrator will maintain certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the General Partner fee (formerly, administrative fee) it receives, the ordinary administrative expenses of the Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator will not impact the Partnership’s break-even point.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 September 30, 2015, the results of its operations for the three and nine months ended September 30, 2015 and 2014, and changes in partners’ capital for the nine months ended September 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 December 31, 2014 Annual Report on Form 10-K (the “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. Use of Estimates Partnership’s Investment Master Fund’s Investments Master Fund’s Cash Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes Net Income (Loss) per Unit Financial Highlights 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.

Investments in Affiliated Maste

Investments in Affiliated Master Fund	9 Months Ended
	Sep. 30, 2015
Schedule of Investments [Abstract]
Investments in Affiliated Master Fund	3. Investments in Affiliated Master Fund The clearing commodity broker for the Master Fund, and indirectly the Partnership, is Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The trading advisor to the Partnership is The Cambridge Strategy (Assets Management) Limited (“Cambridge” or the “Trading Advisor”). On November 1, 2012, the Partnership allocated a portion of its assets to Cambridge for trading through investment in the Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. The Master Fund was formed to permit accounts managed now and in the future by Cambridge using Cambridge Asian Markets Alpha Programme and, from October 1, 2013, Cambridge Emerging Markets Alpha Programme, to invest together in one trading vehicle. The General Partner is also the general partner of the Master Fund. Individual and pooled accounts currently managed by Cambridge, including the Partnership, are permitted to be limited partners of the Master Fund. The General Partner and Cambridge believe that trading through this structure should provide efficiency and economy in the trading process. As of September 30, 2015 and December 31, 2014, the Partnership owned approximately 36.17% and 31.51% of the Master Fund, respectively. It is the Partnership’s intention to continue to invest in the Master Fund. The performance of the Partnership is directly affected by the performance of the Master Fund, and prior to termination on December 31, 2014, KR Master Fund L.P. (“KR Master Fund”). Effective December 31, 2014, the Partnership fully redeemed its investment from KR Master Fund. In addition, Krom River Investment Management (Cayman) Limited and Krom River Trading AG (together, and each separately, “Krom River”) no longer acts as commodity trading advisor to the Partnership. Effective on or about January 1, 2015, the Partnership reallocated the assets allocated to Krom River to the existing commodity trading advisor of the Partnership. The Master Fund’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2015 and December 31, 2014, and Statements of Income and Expenses for the three and nine months ended September 30, 2015 and 2014 and Changes in Partners’ Capital for the nine months ended September 30, 2015 and 2014 are presented below: Cambridge Master Fund L.P. Statements of Financial Condition September 30, 2015 (Unaudited) December 31, $ $ Assets: Equity in trading account: U.S. Treasury bills, at fair value (amortized cost $28,496,398 and $0, respectively) 28,501,354 - Cash 2,046,503 26,503,935 Cash margin 8,850,622 9,794,931 Net unrealized appreciation on open forward contracts 965,160 2,739,853 Total Trading Equity 40,363,639 39,038,719 Expense Reimbursement 4,036 7,922 Total Assets 40,367,675 39,046,641 Liabilities and Partners’ Capital: Liabilities: Accrued expenses: Professional fees 36,610 48,456 Total Liabilities 36,610 48,456 Partners’ Capital: General Partner - - Limited Partners 40,331,065 38,998,185 Total Partners’ Capital 40,331,065 38,998,185 Total Liabilities and Partners’ Capital 40,367,675 39,046,641 Cambridge Master Fund L.P. Condensed Schedules of Investments September 30, 2015 (Unaudited) Notional Fair Value % of $ $ % Unrealized Appreciation on Open Forward Contracts Currencies 384,404,633 4,926,384 12.21 Total unrealized appreciation on open forward contracts 4,926,384 12.21 Unrealized Depreciation on Open Forward Contracts Currencies 452,960,769 (3,961,224) (9.82) Total unrealized depreciation on open forward contracts (3,961,224) (9.82) Net unrealized appreciation on open forward contracts 965,160 2.39 Investment in U.S. Treasury bills Fair Value % of Face Amount Maturity Date Description $28,500,000 12/17/2015 U.S. Treasury bills, 0.0025% (amortized cost of $28,496,398) 28,501,354 70.67 Net Fair Value 29,466,514 73.06 December 31, 2014 Notional Fair Value % of $ $ % Unrealized Appreciation on Open Forward Contracts Currencies 391,686,862 5,969,177 15.31 Total unrealized appreciation on open forward contracts 5,969,177 15.31 Unrealized Depreciation on Open Forward Contracts Currencies 284,639,685 (3,229,324) (8.28) Total unrealized depreciation on open forward contracts (3,229,324) (8.28) Net Fair Value 2,739,853 7.03 Cambridge Master Fund L.P. Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2015 and 2014 (Unaudited) Three Months Ended Nine Months Ended 2015 2014 2015 2014 $ $ $ $ INVESTMENT INCOME Interest income 5,255 1,114 6,688 5,541 EXPENSES Clearing fees 18,868 38,920 53,393 81,711 Professional fees 23,439 40,631 74,647 97,204 Total Expenses 42,307 79,551 128,040 178,915 Expense reimbursements (14,967) (23,475) (44,892) (51,693) Net expenses 27,340 56,076 83,148 127,222 Net investment income (loss) (22,085) (54,962) (76,460) (121,681) TRADING RESULTS: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts 4,293,339 935,379 10,568,728 2,135,279 Net change in unrealized gains (losses) on open contracts 1,300,491 5,597,140 (1,774,693) 4,729,914 Total trading results 5,593,830 6,532,519 8,794,035 6,865,193 NET INCOME 5,571,745 6,477,557 8,717,575 6,743,512 Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2015 and 2014 (Unaudited) Partners’ $ Partners’ Capital, at December 31, 2014 38,998,185 Net income (loss) 8,717,575 Subscriptions 2,019,247 Redemptions (9,402,419) Distribution of interest income to feeder funds (1,523) Partners’ Capital, at September 30, 2015 40,331,065 Partners’ Capital, at December 31, 2013 37,521,384 Net income (loss) 6,743,512 Subscriptions 6,500,000 Redemptions (7,480,141) Distribution of interest income to feeder funds (5,541) Partners’ Capital, at September 30, 2014 43,279,214

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Financial Highlights	4. Financial Highlights Financial highlights for the limited partner class for the Partnership and the Master Fund for the three and nine months ended September 30, 2015 and 2014 were as follows: Financial Highlights of the Partnership For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Per Unit operating performance: Net asset value per Unit, beginning of period $ 8.90 $ 7.29 $ 8.49 $ 7.39 Net Investment Loss (2) (0.31) (0.17) (0.60) (0.37) Net Realized and Unrealized Gains 1.35 1.06 2.05 1.16 Increase for the period 1.04 0.89 1.45 0.79 Net asset value per Unit, end of period $ 9.94 $ 8.18 $ 9.94 $ 8.18 Ratios to average net assets: (1) Net Investment Loss (2) (7.0)% (5.9)% (7.9)% (6.4)% Expenses before Incentive Fees 5.0 % 4.9 % 5.1 % 5.5 % Incentive Fees 2.0 % 1.0 % 2.8 % 0.9 % Expenses after Incentive Fees 7.0 % 5.9 % 7.9 % 6.4 % Total return before Incentive Fees 13.7 % 13.2 % 19.8 % 11.6 % Incentive Fees (2.0)% (1.0)% (2.8)% (0.9)% Total return after Incentive Fees 11.7 % 12.2 % 17.1 % 10.7 % (1) Annualized (except for incentive fees if applicable). (2) 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, and includes the income and expenses allocated from the Master Fund. Financial Highlights of the Master Fund Ratios to average net assets for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Ratios to average net assets: (1) Net investment loss (2) (0.3)% (0.6)% (0.3)% (0.4)% Operating expenses (3) 0.3 % 0.6 % 0.3 % 0.4 % Total return 14.7 % 17.6 % 24.0 % 18.5 % (1) Annualized. (2) Interest income less total expenses. (3) Percentages are after expense reimbursements (equal to 0.1%, 0.2%, 0.1% and 0.2% for the three months ended September 30, 2015 and 2014 and for the nine months ended September 30, 2015 and 2014, respectively). The above ratios and the 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	5. Related Party Transactions The Master Fund’s cash is on deposit in commodity brokerage accounts with MS&Co. and will be maintained in cash, U.S. Treasury bills and/or other permitted investments and segregated as customer funds, to the extent required by Commodity Futures Trading Commission (“CFTC”) regulations. From time to time, a portion of the Master Fund’s excess cash (the Master Fund’s assets not used for futures interest trading or required margin for such trading) may be invested by MS&Co. in permitted investments chosen by the General Partner from time to time. The Master Fund will receive 100% of the interest income earned on any excess cash invested in permitted investments. For excess cash which is not invested, MS&Co. pays the Master Fund interest income on 100% of the average daily equity maintained in cash in the Master Fund’s account during each month at a rate equal to 80% of the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. retains any interest earned in excess of the interest paid by MS&Co. to the Master Fund. For purposes of such interest payments, net assets do not include monies due to the Master Fund on Futures Interests that have not been received. The Partnership pays a General Partner fee to the General Partner and an ongoing placement agent fee to Morgan Stanley Wealth Management. Prior to October 2014, a flat rate brokerage fee was paid to MS&Co. The General Partner pays or reimburses the Partnership for all brokerage fees and costs charged or incurred by MS&Co., the General Partner and/or its affiliates or any other entity acting as a commodity broker for the Partnership.

Financial Instruments through t

Financial Instruments through the Partnership's Investment in Affiliated Master Funds	9 Months Ended
	Sep. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instruments through the Partnership's Investment in Affiliated Master Funds	6. Financial Instruments through the Partnership’s Investment in Affiliated Master Funds The Master Fund, and indirectly the Partnership, trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as net unrealized gain or loss on open contracts. The resulting net change in unrealized gains and losses are reflected on the Partnership’s and the Master Fund’s Statements of Income and Expenses as “Net change in unrealized appreciation (depreciation) allocated from Cambridge Master Fund” and “Net change in unrealized gains (losses) on open contracts”, respectively. The Master Fund’s contracts are accounted for on a trade-date basis. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The U.S. Treasury bills, futures, forwards and options traded by the Partnership, indirectly through its investment in the Master Fund, involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled options contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract. Gains and losses on off-exchange-traded forward currency options contracts are settled on an agreed-upon settlement date.

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	7. Derivatives and Hedging The Partnership’s objective, through its investment in the Master Fund, is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. The monthly average notional values of currency forward contracts traded during the three and nine months ended September 30, 2015 and 2014 were $2,260,334,402, $2,468,051,861, $2,790,377,541 and $2,081,462,735, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master Fund’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of September 30, 2015 and December 31, 2014, respectively. Offsetting of Derivative Assets and Liabilities as of September 30, 2015: Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Forwards $ 4,926,384 $ (3,961,224) $ 965,160 $ - $ - $ 965,160 Total Assets 4,926,384 (3,961,224) 965,160 - - 965,160 Liabilities Forwards (3,961,224) 3,961,224 - - - - Total Liabilities (3,961,224) 3,961,224 - - - - Net fair value $ 965,160 * Offsetting of Derivative Assets and Liabilities as of December 31, 2014: Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Forwards $ 5,969,177 $ (3,229,324) $ 2,739,853 $ - $ - $ 2,739,853 Total Assets 5,969,177 (3,229,324) 2,739,853 - - 2,739,853 Liabilities Forwards (3,229,324) 3,229,324 - - - - Total Liabilities (3,229,324) 3,229,324 - - - - Net fair value $ 2,739,853 * * In the event of default by the Master Fund, MS&Co., the Master Fund’s commodity futures broker and the sole counterparty to the Master Fund’s off exchange-traded contracts, as applicable, has the right to offset the Master Fund’s obligation with the Master Fund’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master Fund is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master Fund’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. The following tables indicate the gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of September 30, 2015 and December 31, 2014. September 30, Assets Forward Contracts Currencies $ 4,926,384 Total unrealized appreciation on open forward contracts 4,926,384 Liabilities Forward Contracts Currencies (3,961,224) Total unrealized depreciation on open forward contracts (3,961,224) Net unrealized appreciation on open forward contracts $ 965,160 * December 31, Assets Forward Contracts Currencies $ 5,969,177 Total unrealized appreciation on open forward contracts 5,969,177 Liabilities Forward Contracts Currencies (3,229,324) Total unrealized depreciation on open forward contracts (3,229,324) Net unrealized appreciation on open forward contracts $ 2,739,853 * * This amount is included in “Net unrealized appreciation on open forward contracts” on the Master Fund’s Statements of Financial Condition. The following tables indicate the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended Sector September 30, September 30, September 30, September 30, $ $ $ $ Currencies 5,593,830 6,532,519 8,794,035 6,865,193 Total 5,593,830 ** 6,532,519 ** 8,794,035 ** 6,865,193 ** ** This amount is included in “Total trading results” on the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	8. Fair Value Measurements The Master Fund’s Investments: All commodity interests of the Master Fund, 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 (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Statements of Income and Expenses. The Master Fund’s Fair Value Measurements: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Master Fund considers prices for exchange-traded commodity futures, forward, swap and option 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 forwards, swaps and certain options contracts for which market quotations are not readily available are priced by broker-dealers or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). During the three and nine months ended September 30, 2015 and 2014, the Master Fund did not hold any derivative instruments that were based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the three and nine months ended September 30, 2015 and 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2015 Level 1 Level 2 Level 3 Total Assets Investment in U.S. Treasury bills $ - $ 28,501,354 $ - $ 28,501,354 Forwards - 4,926,384 - 4,926,384 Total Assets - 33,427,738 - 33,427,738 Liabilities Forwards - (3,961,224) - (3,961,224) Total Liabilities - (3,961,224) - (3,961,224) Net fair value $ - $ 29,466,514 $ - $ 29,466,514 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Forwards $ - $ 5,969,177 $ - $ 5,969,177 Total Assets - 5,969,177 - 5,969,177 Liabilities Forwards - (3,229,324) - (3,229,324) Total Liabilities - (3,229,324) - (3,229,324) Net fair value $ - $ 2,739,853 $ - $ 2,739,853

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment of, or disclosure in, the financial statements.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Partnership's Investment	Partnership’s Investment
Master Fund's Investments	Master Fund’s Investments
Master Fund's Cash	Master Fund’s Cash
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 Financial Highlights
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.

Investments in Affiliated Mas16

Investments in Affiliated Master Fund (Tables) - Cambridge Master Fund LP [Member]	9 Months Ended
	Sep. 30, 2015
Statements of Financial Condition	Cambridge Master Fund L.P. Statements of Financial Condition September 30, 2015 (Unaudited) December 31, $ $ Assets: Equity in trading account: U.S. Treasury bills, at fair value (amortized cost $28,496,398 and $0, respectively) 28,501,354 - Cash 2,046,503 26,503,935 Cash margin 8,850,622 9,794,931 Net unrealized appreciation on open forward contracts 965,160 2,739,853 Total Trading Equity 40,363,639 39,038,719 Expense Reimbursement 4,036 7,922 Total Assets 40,367,675 39,046,641 Liabilities and Partners’ Capital: Liabilities: Accrued expenses: Professional fees 36,610 48,456 Total Liabilities 36,610 48,456 Partners’ Capital: General Partner - - Limited Partners 40,331,065 38,998,185 Total Partners’ Capital 40,331,065 38,998,185 Total Liabilities and Partners’ Capital 40,367,675 39,046,641
Condensed Schedules of Investments	Cambridge Master Fund L.P. Condensed Schedules of Investments September 30, 2015 (Unaudited) Notional Fair Value % of $ $ % Unrealized Appreciation on Open Forward Contracts Currencies 384,404,633 4,926,384 12.21 Total unrealized appreciation on open forward contracts 4,926,384 12.21 Unrealized Depreciation on Open Forward Contracts Currencies 452,960,769 (3,961,224) (9.82) Total unrealized depreciation on open forward contracts (3,961,224) (9.82) Net unrealized appreciation on open forward contracts 965,160 2.39 Investment in U.S. Treasury bills Fair Value % of Face Amount Maturity Date Description $28,500,000 12/17/2015 U.S. Treasury bills, 0.0025% (amortized cost of $28,496,398) 28,501,354 70.67 Net Fair Value 29,466,514 73.06 December 31, 2014 Notional Fair Value % of $ $ % Unrealized Appreciation on Open Forward Contracts Currencies 391,686,862 5,969,177 15.31 Total unrealized appreciation on open forward contracts 5,969,177 15.31 Unrealized Depreciation on Open Forward Contracts Currencies 284,639,685 (3,229,324) (8.28) Total unrealized depreciation on open forward contracts (3,229,324) (8.28) Net Fair Value 2,739,853 7.03
Statements of Income and Expenses	Cambridge Master Fund L.P. Statements of Income and Expenses for the Three and Nine Months Ended September 30, 2015 and 2014 (Unaudited) Three Months Ended Nine Months Ended 2015 2014 2015 2014 $ $ $ $ INVESTMENT INCOME Interest income 5,255 1,114 6,688 5,541 EXPENSES Clearing fees 18,868 38,920 53,393 81,711 Professional fees 23,439 40,631 74,647 97,204 Total Expenses 42,307 79,551 128,040 178,915 Expense reimbursements (14,967) (23,475) (44,892) (51,693) Net expenses 27,340 56,076 83,148 127,222 Net investment income (loss) (22,085) (54,962) (76,460) (121,681) TRADING RESULTS: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts 4,293,339 935,379 10,568,728 2,135,279 Net change in unrealized gains (losses) on open contracts 1,300,491 5,597,140 (1,774,693) 4,729,914 Total trading results 5,593,830 6,532,519 8,794,035 6,865,193 NET INCOME 5,571,745 6,477,557 8,717,575 6,743,512
Statements of Changes in Partners' Capital	Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Nine Months Ended September 30, 2015 and 2014 (Unaudited) Partners’ $ Partners’ Capital, at December 31, 2014 38,998,185 Net income (loss) 8,717,575 Subscriptions 2,019,247 Redemptions (9,402,419) Distribution of interest income to feeder funds (1,523) Partners’ Capital, at September 30, 2015 40,331,065 Partners’ Capital, at December 31, 2013 37,521,384 Net income (loss) 6,743,512 Subscriptions 6,500,000 Redemptions (7,480,141) Distribution of interest income to feeder funds (5,541) Partners’ Capital, at September 30, 2014 43,279,214

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Financial Highlights for Limited Partner Class	Financial highlights for the limited partner class for the Partnership and the Master Fund for the three and nine months ended September 30, 2015 and 2014 were as follows: Financial Highlights of the Partnership For the Three Months Ended For the Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Per Unit operating performance: Net asset value per Unit, beginning of period $ 8.90 $ 7.29 $ 8.49 $ 7.39 Net Investment Loss (2) (0.31) (0.17) (0.60) (0.37) Net Realized and Unrealized Gains 1.35 1.06 2.05 1.16 Increase for the period 1.04 0.89 1.45 0.79 Net asset value per Unit, end of period $ 9.94 $ 8.18 $ 9.94 $ 8.18 Ratios to average net assets: (1) Net Investment Loss (2) (7.0)% (5.9)% (7.9)% (6.4)% Expenses before Incentive Fees 5.0 % 4.9 % 5.1 % 5.5 % Incentive Fees 2.0 % 1.0 % 2.8 % 0.9 % Expenses after Incentive Fees 7.0 % 5.9 % 7.9 % 6.4 % Total return before Incentive Fees 13.7 % 13.2 % 19.8 % 11.6 % Incentive Fees (2.0)% (1.0)% (2.8)% (0.9)% Total return after Incentive Fees 11.7 % 12.2 % 17.1 % 10.7 % (1) Annualized (except for incentive fees if applicable). (2) 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, and includes the income and expenses allocated from the Master Fund. Financial Highlights of the Master Fund Ratios to average net assets for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Ratios to average net assets: (1) Net investment loss (2) (0.3)% (0.6)% (0.3)% (0.4)% Operating expenses (3) 0.3 % 0.6 % 0.3 % 0.4 % Total return 14.7 % 17.6 % 24.0 % 18.5 % (1) Annualized. (2) Interest income less total expenses. (3) Percentages are after expense reimbursements (equal to 0.1%, 0.2%, 0.1% and 0.2% for the three months ended September 30, 2015 and 2014 and for the nine months ended September 30, 2015 and 2014, respectively).

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Offsetting of Derivative Assets and Liabilities	Offsetting of Derivative Assets and Liabilities as of September 30, 2015: Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Forwards $ 4,926,384 $ (3,961,224) $ 965,160 $ - $ - $ 965,160 Total Assets 4,926,384 (3,961,224) 965,160 - - 965,160 Liabilities Forwards (3,961,224) 3,961,224 - - - - Total Liabilities (3,961,224) 3,961,224 - - - - Net fair value $ 965,160 * Offsetting of Derivative Assets and Liabilities as of December 31, 2014: Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Forwards $ 5,969,177 $ (3,229,324) $ 2,739,853 $ - $ - $ 2,739,853 Total Assets 5,969,177 (3,229,324) 2,739,853 - - 2,739,853 Liabilities Forwards (3,229,324) 3,229,324 - - - - Total Liabilities (3,229,324) 3,229,324 - - - - Net fair value $ 2,739,853 * * In the event of default by the Master Fund, MS&Co., the Master Fund’s commodity futures broker and the sole counterparty to the Master Fund’s off exchange-traded contracts, as applicable, has the right to offset the Master Fund’s obligation with the Master Fund’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Master Fund is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Master Fund’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities	The following tables indicate the gross fair values of derivative instruments of forward contracts as separate assets and liabilities as of September 30, 2015 and December 31, 2014. September 30, Assets Forward Contracts Currencies $ 4,926,384 Total unrealized appreciation on open forward contracts 4,926,384 Liabilities Forward Contracts Currencies (3,961,224) Total unrealized depreciation on open forward contracts (3,961,224) Net unrealized appreciation on open forward contracts $ 965,160 * December 31, Assets Forward Contracts Currencies $ 5,969,177 Total unrealized appreciation on open forward contracts 5,969,177 Liabilities Forward Contracts Currencies (3,229,324) Total unrealized depreciation on open forward contracts (3,229,324) Net unrealized appreciation on open forward contracts $ 2,739,853 * * This amount is included in “Net unrealized appreciation on open forward contracts” on the Master Fund’s Statements of Financial Condition.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following tables indicate the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended Sector September 30, September 30, September 30, September 30, $ $ $ $ Currencies 5,593,830 6,532,519 8,794,035 6,865,193 Total 5,593,830 ** 6,532,519 ** 8,794,035 ** 6,865,193 ** ** This amount is included in “Total trading results” on the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Assets and Liabilities Measured at Fair Value on a Recurring Basis	September 30, 2015 Level 1 Level 2 Level 3 Total Assets Investment in U.S. Treasury bills $ - $ 28,501,354 $ - $ 28,501,354 Forwards - 4,926,384 - 4,926,384 Total Assets - 33,427,738 - 33,427,738 Liabilities Forwards - (3,961,224) - (3,961,224) Total Liabilities - (3,961,224) - (3,961,224) Net fair value $ - $ 29,466,514 $ - $ 29,466,514 December 31, 2014 Level 1 Level 2 Level 3 Total Assets Forwards $ - $ 5,969,177 $ - $ 5,969,177 Total Assets - 5,969,177 - 5,969,177 Liabilities Forwards - (3,229,324) - (3,229,324) Total Liabilities - (3,229,324) - (3,229,324) Net fair value $ - $ 2,739,853 $ - $ 2,739,853

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 847	$ 906
Cost of foreign currencies	864
Provision for income tax	$ 0

Investments in Affiliated Mas21

Investments in Affiliated Master Fund - Additional information (Detail)	Sep. 30, 2015	Dec. 31, 2014
Cambridge Master Fund LP [Member]
Schedule of Equity Method Investments [Line Items]
Percentage of Partnership owned	36.17%	31.51%

Investments in Affiliated Mas22

Investments in Affiliated Master Fund - Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Dec. 31, 2013
Equity in trading account:
Total Assets	$ 14,588,601	$ 14,172,143
Accrued expenses:
Total Liabilities	492,203	402,812
Partners' Capital:
General Partner	156,231	146,244
Limited Partners	13,940,167	13,623,087
Total Partners' Capital	14,096,398	13,769,331	$ 14,204,742	$ 17,969,072
Total Liabilities and Partners' Capital	14,588,601	14,172,143
Cambridge Master Fund LP [Member]
Equity in trading account:
U.S. Treasury bills, at fair value (amortized cost $28,496,398 and $0, respectively)	14,588,596	12,289,754
Cash	2,046,503	26,503,935
Cash margin	8,850,622	9,794,931
Total Trading Equity	40,363,639	39,038,719
Expense Reimbursement	4,036	7,922
Total Assets	40,367,675	39,046,641
Accrued expenses:
Professional fees	36,610	48,456
Total Liabilities	36,610	48,456
Partners' Capital:
General Partner	0	0
Limited Partners	40,331,065	38,998,185
Total Partners' Capital	40,331,065	38,998,185	$ 43,279,214	$ 37,521,384
Total Liabilities and Partners' Capital	40,367,675	39,046,641
Cambridge Master Fund LP [Member] | U.S. Treasury Bills [Member]
Equity in trading account:
U.S. Treasury bills, at fair value (amortized cost $28,496,398 and $0, respectively)	28,501,354
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation on investments	$ 965,160	$ 2,739,853

Investments in Affiliated Mas23

Investments in Affiliated Master Fund - Statements of Financial Condition (Parenthetical) (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Cambridge Master Fund LP [Member] | U.S. Treasury Bills [Member]
Condensed Balance Sheet Statements, Captions [Line Items]
U.S. Treasury bills, amortized cost	$ 28,496,398	$ 0

Investments in Affiliated Mas24

Investments in Affiliated Master Fund - Condensed Schedules of Investments (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open forward contracts, Fair Value	$ 965,160	$ 2,739,853
Cambridge Master Fund LP [Member]
Schedule of Investments [Line Items]
Net Fair Value	29,466,514	2,739,853
Investment, Fair Value	$ 14,588,596	$ 12,289,754
Percentage of Partners' Capital	73.06%	7.03%
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open forward contracts, Fair Value	$ 965,160
Total unrealized appreciation on open forward contracts, Fair Value	$ 965,160	$ 2,739,853
Percentage of Partners' Capital	2.39%
Cambridge Master Fund LP [Member] | U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Face Amount	$ 28,500,000
Investment, Maturity Date	Dec. 17, 2015
Investment, Fair Value	$ 28,501,354
Percentage of Partners' Capital	70.67%
U.S. Treasury bills, amortized cost	$ 28,496,398	0
Cambridge Master Fund LP [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized depreciation on open forward contracts, Fair Value	$ (3,961,224)	$ (3,229,324)
Percentage of Partners' Capital	(9.82%)	(8.28%)
Cambridge Master Fund LP [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional	$ 452,960,769	$ 284,639,685
Total unrealized depreciation on open forward contracts, Fair Value	$ (3,961,224)	$ (3,229,324)
Percentage of Partners' Capital	(9.82%)	(8.28%)
Cambridge Master Fund LP [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts, Fair Value	$ 4,926,384	$ 5,969,177
Percentage of Partners' Capital	12.21%	15.31%
Cambridge Master Fund LP [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional	$ 384,404,633	$ 391,686,862
Total unrealized appreciation on open forward contracts, Fair Value	$ 4,926,384	$ 5,969,177
Percentage of Partners' Capital	12.21%	15.31%

Investments in Affiliated Mas25

Investments in Affiliated Master Fund - Condensed Schedules of Investments (Parenthetical) (Detail)	9 Months Ended
	Sep. 30, 2015
Cambridge Master Fund LP [Member] | U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Interest rate	0.0025%

Investments in Affiliated Mas26

Investments in Affiliated Master Fund - Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
INVESTMENT INCOME
Interest income	$ 1,907	$ 359	$ 2,326	$ 1,968
EXPENSES
Total Expenses	445,228	304,489	910,486	749,870
NET INVESTMENT LOSS	(443,321)	(304,130)	(908,160)	(747,902)
Net gains (losses) on trading of commodity interests:
Total Trading Results	1,978,058	1,925,502	3,097,851	2,153,262
NET INCOME	1,534,737	1,621,372	2,189,691	1,405,360
Cambridge Master Fund LP [Member]
INVESTMENT INCOME
Interest income	5,255	1,114	6,688	5,541
EXPENSES
Clearing fees	18,868	38,920	53,393	81,711
Professional fees	23,439	40,631	74,647	97,204
Total Expenses	42,307	79,551	128,040	178,915
Expense reimbursements	(14,967)	(23,475)	(44,892)	(51,693)
Net expenses	27,340	56,076	83,148	127,222
NET INVESTMENT LOSS	(22,085)	(54,962)	(76,460)	(121,681)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	4,293,339	935,379	10,568,728	2,135,279
Net change in unrealized gains (losses) on open contracts	1,300,491	5,597,140	(1,774,693)	4,729,914
Total Trading Results	5,593,830	6,532,519	8,794,035	6,865,193
NET INCOME	$ 5,571,745	$ 6,477,557	$ 8,717,575	$ 6,743,512

Investments in Affiliated Mas27

Investments in Affiliated Master Fund - Statements of Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Limited Partners' Capital Account [Line Items]
Balance			$ 13,769,331	$ 17,969,072
Net income (loss)	$ 1,534,737	$ 1,621,372	2,189,691	1,405,360
Redemptions			(1,862,624)	(5,169,690)
Balance	14,096,398	14,204,742	14,096,398	14,204,742
Cambridge Master Fund LP [Member]
Limited Partners' Capital Account [Line Items]
Balance			38,998,185	37,521,384
Net income (loss)	5,571,745	6,477,557	8,717,575	6,743,512
Subscriptions			2,019,247	6,500,000
Redemptions			(9,402,419)	(7,480,141)
Distribution of interest income to feeder funds			(1,523)	(5,541)
Balance	$ 40,331,065	$ 43,279,214	$ 40,331,065	$ 43,279,214

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Per Unit operating performance:
Net asset value per Unit, the beginning of period			$ 8.49
Net asset value per Unit, end of the period	$ 9.94		$ 9.94
Cambridge Master Fund LP [Member]
Ratios to average net assets:
Net Investment Loss	(0.30%)	(0.60%)	(0.30%)	(0.40%)
Operating expenses	0.30%	0.60%	0.30%	0.40%
Total return	14.70%	17.60%	24.00%	18.50%
Limited Partners [Member]
Per Unit operating performance:
Net asset value per Unit, the beginning of period	$ 8.90	$ 7.29	$ 8.49	$ 7.39
Net Investment Loss	(0.31)	(0.17)	(0.60)	(0.37)
Net Realized and Unrealized Gain	1.35	1.06	2.05	1.16
Increase for the period	1.04	0.89	1.45	0.79
Net asset value per Unit, end of the period	$ 9.94	$ 8.18	$ 9.94	$ 8.18
Ratios to average net assets:
Net Investment Loss	(7.00%)	(5.90%)	(7.90%)	(6.40%)
Expenses before Incentive Fees	5.00%	4.90%	5.10%	5.50%
Incentive Fees	2.00%	1.00%	2.80%	0.90%
Expenses after Incentive Fees	7.00%	5.90%	7.90%	6.40%
Total return before Incentive Fees	13.70%	13.20%	19.80%	11.60%
Incentive Fees	(2.00%)	(1.00%)	(2.80%)	(0.90%)
Total return after Incentive Fees	11.70%	12.20%	17.10%	10.70%

Financial Highlights - Financ29

Financial Highlights - Financial Highlights for Limited Partner Class (Parenthetical) (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Cambridge Master Fund LP [Member]
Schedule Of Financial Highlights [Line Items]
Expense reimbursements	0.10%	0.20%	0.10%	0.20%

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - Morgan Stanley [Member]	9 Months Ended
	Sep. 30, 2015
Related Party Transaction [Line Items]
Percentage of interest income earned on any excess cash invested in permitted investments for partnership	100.00%
Cash holdings percentage for margin requirements used in interest income calculation (in hundredths)	100.00%
Percentage of monthly average of 4-week U.S. treasury bill discount rate as rate from partnership interest income (in hundredths)	80.00%

Derivatives and Hedging - Addit

Derivatives and Hedging - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Average notional values of currency forward contracts	$ 2,260,334,402	$ 2,790,377,541	$ 2,468,051,861	$ 2,081,462,735

Derivatives and Hedging - Summa

Derivatives and Hedging - Summary of Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 4,926,384	$ 5,969,177
Gross Amounts Offset in the Statements of Financial Condition, Assets	(3,961,224)	(3,229,324)
Net Amounts Presented in the Statements of Financial Condition, Assets	965,160	2,739,853
Financial Instruments, Assets	0	0
Collateral (Received)/Pledged, Assets	0	0
Net Amount, Assets	965,160	2,739,853
Gross Amounts Recognized, Liabilities	(3,961,224)	(3,229,324)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	3,961,224	3,229,324
Net Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Collateral (Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	965,160
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	4,926,384	5,969,177
Gross Amounts Offset in the Statements of Financial Condition, Assets	(3,961,224)	(3,229,324)
Net Amounts Presented in the Statements of Financial Condition, Assets	965,160	2,739,853
Financial Instruments, Assets	0	0
Collateral (Received)/Pledged, Assets	0	0
Net Amount, Assets	965,160	2,739,853
Gross Amounts Recognized, Liabilities	(3,961,224)	(3,229,324)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	3,961,224	3,229,324
Net Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Collateral (Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 0

Derivatives and Hedging - Gross

Derivatives and Hedging - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - Forward Contracts [Member] - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Net unrealized appreciation on open forward contracts	$ 965,160	$ 2,739,853
Derivative Assets [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	4,926,384	5,969,177
Derivative Assets [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	4,926,384	5,969,177
Derivative Liabilities [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	(3,961,224)	(3,229,324)
Derivative Liabilities [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	$ (3,961,224)	$ (3,229,324)

Derivatives and Hedging - Tradi

Derivatives and Hedging - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	$ 5,593,830	$ 6,532,519	$ 8,794,035	$ 6,865,193
Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Trading gains and losses	$ 5,593,830	$ 6,532,519	$ 8,794,035	$ 6,865,193

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Sep. 30, 2014
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

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Derivative assets	$ 965,160	$ 2,739,853
Derivative liabilities	(3,961,224)	(3,229,324)
Net fair value	965,160
Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	965,160	2,739,853
Derivative liabilities	(3,961,224)	(3,229,324)
Fair Value, Measurements, Recurring [Member]
Derivative [Line Items]
Derivative assets	33,427,738	5,969,177
Derivative liabilities	(3,961,224)	(3,229,324)
Net fair value	29,466,514	2,739,853
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	28,501,354
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	4,926,384	5,969,177
Derivative liabilities	(3,961,224)	(3,229,324)
Fair Value, Measurements, Recurring [Member] | Level 2 [Member]
Derivative [Line Items]
Derivative assets	33,427,738	5,969,177
Derivative liabilities	(3,961,224)	(3,229,324)
Net fair value	29,466,514	2,739,853
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	28,501,354
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	4,926,384	5,969,177
Derivative liabilities	$ (3,961,224)	$ (3,229,324)