Ceres Tactical Global 10-Q 12 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ck0001097396
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		1,224,292.706

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets:
Cash at bank	$ 1,000
Interest receivable	466	$ 598
Total assets	13,651,773	13,538,087
Liabilities:
Redemptions payable to Limited Partners	370,674	212,677
Accrued expenses:
Ongoing placement agent fees	22,166	22,647
General Partner fees	17,733	18,118
Management fees	16,625	16,985
Incentive fees	94,111
Total liabilities	521,309	270,427
Partners' Capital:
Limited Partners (1,252,562.398 and 1,322,204.340 Units at March 31, 2016 and December 31, 2015, respectively)	12,967,805	13,111,856
General Partner (15,710.066 Units at March 31, 2016 and December 31, 2015, respectively)	162,659	155,804
Total partners' capital (net asset value)	13,130,464	13,267,660
Total liabilities and partners' capital	$ 13,651,773	$ 13,538,087
Net asset value per Unit	$ 10.35	$ 9.92
Cambridge Master Fund [Member]
Assets:
Investment	$ 13,650,307	$ 13,537,489

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Limited Partners, Units	1,252,562.398	1,322,204.340
General Partner, Units	15,710.066	15,710.066

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Investment income:
Interest income		$ 7,057	$ 221
Expenses:
Ongoing placement agent fees		66,536	68,667
General Partner fees		53,229	54,933
Management fees		49,902	51,500
Incentive fees		94,111	106,486
Total expenses		263,778	281,586
Net investment income (loss)		(256,721)	(281,365)
Net gains (losses) on investments in Cambridge Master Fund:
Total trading results		833,750	885,009
Net income (loss)		577,029	603,644
Net income (loss) allocation:
Limited Partners		570,174	597,114
General Partner		$ 6,855	$ 6,530
Net income (loss) per Unit
Limited Partners	[1]	$ 0.43	$ 0.38
General Partner	[1]	$ 0.43	$ 0.38
Weighted average number of Units outstanding		1,322,725.735	1,595,308.059
Cambridge Master Fund LP [Member]
Investment income:
Interest income		$ 42,178	$ 761
Expenses:
Total expenses		39,501	28,352
Net investment income (loss)		9,910	(17,606)
Net gains (losses) on investments in Cambridge Master Fund:
Net realized gains (losses) on closed contracts allocated from Cambridge Master Fund		365,542	1,789,857
Net change in unrealized gains (losses) on open contracts allocated from Cambridge Master Fund		468,208	(904,848)
Total trading results		4,679,654	2,512,143
Net income (loss)		$ 4,689,564	$ 2,494,537
[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]
Partners' Capital, balance at Dec. 31, 2014	$ 13,769,331	$ 13,623,087	$ 146,244
Units of Partnership Interest, balance at Dec. 31, 2014	1,621,228.967
Net income (loss)	$ 603,644	597,114	6,530
Redemptions	$ (705,983)	(705,983)
Redemptions (in units)	(80,827.662)
Partners' Capital, balance at Mar. 31, 2015	$ 13,666,992	13,514,218	152,774
Units of Partnership Interest, balance at Mar. 31, 2015	1,540,401.305
Partners' Capital, balance at Dec. 31, 2015	$ 13,267,660	13,111,856	155,804
Units of Partnership Interest, balance at Dec. 31, 2015	1,337,914.406
Net income (loss)	$ 577,029	570,174	6,855
Redemptions	$ (714,225)	(714,225)
Redemptions (in units)	(69,641.942)
Partners' Capital, balance at Mar. 31, 2016	$ 13,130,464	$ 12,967,805	$ 162,659
Units of Partnership Interest, balance at Mar. 31, 2016	1,268,272.464

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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 5. Financial Instruments through the Partnership’s Investment in Affiliated Master Fund 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. All trading decisions for the Partnership are made by The Cambridge Strategy (Asset Management) Limited (“Cambridge” or “Trading Advisor”). During the reporting periods ended March 31, 2016 and 2015, the Master Fund’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership/Master Fund also deposits a portion of their cash in a non-trading account at JPMorgan Chase Bank, N.A. Individual and pooled accounts currently managed by the Trading Advisor, including the Partnership, are permitted to be limited partners of the Master Fund. The General Partner and the Trading Advisor believe that trading though this “master/feeder” structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master Fund are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. 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 General Partner pays or reimburses the Partnership, from the General Partner fee (formerly, the administrative fee) it receives from the Partnership, the ordinary administrative expenses of the respective Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnership’s break-even point.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016, the results of its operations for the three months ended March 31, 2016 and 2015, and changes in partners’ capital for the three months ended March 31, 2016 and 2015. 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, 2015 Annual Report on Form 10-K (the “Form10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. Due to the nature of commodity trading, the results of operation for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Partnership’s Investment Master Fund’s Investments Fair Value Measurement 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 Services — Investment Companies.” Financial Highlights Master Fund ’s Fair Value of Financial Instruments Financial Instruments Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities Reclassification: 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, 2015.

Investment in Affiliated Master

Investment in Affiliated Master Fund	3 Months Ended
	Mar. 31, 2016
Schedule of Investments [Abstract]
Investment in Affiliated Master Fund	3. Investment in Affiliated Master Fund 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 March 31, 2016 and December 31, 2015, the Partnership owned approximately 16.05% and 22.67% 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 Cambridge Master Fund. The Master Fund’s Statements of Financial Condition and Condensed Schedules of Investments as of March 31, 2016 and December 31, 2015, and Statements of Income and Expenses for the three months ended March 31, 2016 and 2015 and Changes in Partners’ Capital for the three months ended March 31, 2016 and 2015 are presented below: Cambridge Master Fund L.P. Statements of Financial Condition (Unaudited) March 31, December 31, 2016 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (Amortized cost $66,979,453 and $49,492,685 at March 31, 2016 and December 31, 2015, respectively) $ 66,992,518 $ 49,496,752 Cash margin 24,504,489 23,516,491 Net unrealized appreciation on open forward contracts 2,209,809 - Total equity in trading account 93,706,816 73,013,243 Cash at bank 802 - Subscription receivable 114,142 - Expense reimbursements 1,098 190 Total assets $ 93,822,858 $ 73,013,433 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 258,025 Cash overdraft 8,735,199 13,021,029 Accrued expenses: Professional fees 40,581 24,457 Total liabilities 8,775,780 13,303,511 Partners’ Capital: General Partner - - Limited Partners 85,047,078 59,709,922 Total partners’ capital (net asset value) 85,047,078 59,709,922 Total liabilities and partners’ capital $ 93,822,858 $ 73,013,433 Cambridge Master Fund L.P. Condensed Schedules of Investments March 31, 2016 (Unaudited) % of Partners’ Notional Fair Value Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 1,254,950,433 $ 35,686,267 41.96 % Total unrealized appreciation on open forward contracts 35,686,267 41.96 Unrealized Depreciation on Open Forward Contracts Currencies $ 1,173,064,698 (33,476,458) (39.36) Total unrealized depreciation on open forward contracts (33,476,458) (39.36) Net unrealized appreciation on open forward contracts $ 2,209,809 2.60 % U.S. Government Securities % of Partners’ Face Amount Maturity date Description Fair Value Capital $ 67,000,000 4/28/2016 U.S. Treasury bills, 0.23% (Amortized cost of $66,979,453) $ 66,992,518 78.77 % December 31, 2015 % of Partners’ Notional Fair Value Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 862,295,211 $ 10,602,087 17.76 % Total unrealized appreciation on open forward contracts 10,602,087 17.76 Unrealized Depreciation on Open Forward Contracts Currencies $ 840,603,701 (10,860,112) (18.19) Total unrealized depreciation on open forward contracts (10,860,112) (18.19) Net unrealized depreciation on open forward contracts $ (258,025) (0.43) % U.S. Government Securities % of Partners’ Face Amount Maturity Date Description Fair Value Capital $49,500,000 01/21/2016 U.S. Treasury bills, 0.019% (Amortized cost of $49,492,685) $ 49,496,752 82.90 % Cambridge Master Fund L.P. Statements of Income and Expenses for the Three Months Ended March 31, 2016 and 2015 (Unaudited) Three Months Ended March 31, 2016 2015 Investment Income: Interest income $ 42,178 $ 761 Expenses: Clearing fees 18,978 3,323 Professional fees 20,523 25,029 Total expenses 39,501 28,352 Expense reimbursements (7,233) (9,985) Net expenses 32,268 18,367 Net investment income (loss) 9,910 (17,606) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts 2,211,806 5,103,297 Net change in unrealized gains (losses) on open contracts 2,467,848 (2,591,154) Total trading results 4,679,654 2,512,143 Net income (loss) $ 4,689,564 $ 2,494,537 Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Three Months Ended March 31, 2016 and 2015 (Unaudited) Partners’ Partners’ Capital at December 31, 2014 $ 38,998,185 Net income (loss) 2,494,537 Subscriptions 1,636,080 Redemptions (2,768,415) Distribution of interest income to feeder funds (761) Partners’ Capital at March 31, 2015 $ 40,359,626 Partners’ Capital at December 31, 2015 $ 59,709,922 Net income (loss) 4,689,564 Subscriptions 22,974,427 Redemptions (2,313,559) Distribution of interest income to feeder funds (13,276) Partners’ Capital at March 31, 2016 $ 85,047,078

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 were as follows: Financial Highlights of the Partnership: For the Three Months Ended 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): (3) Net investment loss $ (0.20) $ (0.18) Net realized and unrealized gains (losses) 0.63 0.56 Net increase (decrease) for the period 0.43 0.38 Net asset value per Unit, beginning of period 9.92 8.49 Net asset value per Unit, end of period $ 10.35 $ 8.87 For the Three Months Ended 2016 2015 Ratios to Average Limited Partners’ Capital: (1) Net investment loss (2) (5.6)% (6.0) % Operating expenses before incentive fees 5.1 % 5.2 % Incentive fees 0.8 % 0.8 % Operating expenses after incentive fees 5.9 % 6.0 % Total return: Total return before incentive fees 5.1 % 5.3 % Incentive fees (0.8)% (0.8)% Total return after incentive fees 4.3 % 4.5 % (1) Annualized (except for incentive fees if applicable). (2) Interest income less total expenses. (3) Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. 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 limited partners’ capital, 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 months ended March 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 Ratios to Average Limited Partners’ Capital (1) Net investment income (loss) (2) 0.1 % (0.2) % Operating expenses before expense reimbursements 0.2 % 0.3 % Expense reimbursements (0.0) (3) (0.1) Operating expenses after expense reimbursements 0.2 % 0.2 % Total return 7.0 % 6.5 % (1) Annualized. (2) Interest income less total expenses. (3) Due to rounding. 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 limited partners’ capital.

Financial Instruments through t

Financial Instruments through the Partnership's Investment in Affiliated Master Fund	3 Months Ended
	Mar. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instruments through the Partnership's Investment in Affiliated Master Fund	5. Financial Instruments through the Partnership’s Investment in Affiliated Master Fund 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 is reflected in the “Net change in unrealized gains (losses) on open contracts allocated from Cambridge Master Fund” from one period to the next in the Statements of Income and Expenses. The Master Fund’s contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. 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.

Trading Activities

Trading Activities	3 Months Ended
	Mar. 31, 2016
Brokers and Dealers [Abstract]
Trading Activities	6. Trading Activities 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 months ended March 31, 2016 and 2015 were $3,447,457,698 and $1,509,891,555, 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 March 31, 2016 and December 31, 2015, respectively. Offsetting of Derivative Assets and Liabilities as of March 31, 2016: March 31, 2016 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Forwards $ 35,686,267 $ (33,476,458 ) $ 2,209,809 $ - $ - $ 2,209,809 Total Assets $ 35,686,267 $ (33,476,458 ) $ 2,209,809 $ - $ - $ 2,209,809 Liabilities Forwards $ (33,476,458 ) $ 33,476,458 $ - $ - $ - $ - Total Liabilities $ (33,476,458 ) $ 33,476,458 $ - $ - $ - $ - Net fair value $ 2,209,809 * Offsetting of Derivative Assets and Liabilities as of December 31, 2015: December 31, 2015 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Forwards $ 10,602,087 $ (10,602,087 ) $ - $ - $ - $ - Total Assets $ 10,602,087 $ (10,602,087 ) $ - $ - $ - $ - Liabilities Forwards $ (10,860,112 ) $ 10,602,087 $ (258,025 ) $ - $ - $ (258,025) Total Liabilities $ (10,860,112 ) $ 10,602,087 $ (258,025 ) $ - $ - $ (258,025) Net fair value $ (258,025) * * 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 and/or U.S. Treasury bills 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 March 31, 2016 and December 31, 2015. March 31, 2016 Assets Forward Contracts Currencies $ 35,686,267 Total unrealized appreciation on open forward contracts 35,686,267 Liabilities Forward Contracts Currencies (33,476,458) Total unrealized depreciation on open forward contracts (33,476,458) Net unrealized appreciation on open forward contracts $ 2,209,809 * * This amount is included in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, Assets Forward Contracts Currencies $ 10,602,087 Total unrealized appreciation on open forward contracts 10,602,087 Liabilities Forward Contracts Currencies (10,860,112) Total unrealized depreciation on open forward contracts (10,860,112) Net unrealized depreciation on open forward contracts $ (258,025) * * This amount is included in “Net unrealized depreciation on open forward contracts” in 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 months ended March 31, 2016 and 2015. Three Months Ended Sector March 31, March 31, $ $ Currencies 4,679,654 2,512,143 Total 4,679,654 ** 2,512,143 ** ** This amount is in “Total trading results” in the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	7. Fair Value Measurements The fair value of exchange-traded futures, options and forward contracts is determined by the various futures 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 foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. 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, forwards, swaps 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). As of March 31, 2016 and December 31, 2015 and for the periods ended March 31, 2016 and 2015, the Master Fund did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. March 31, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 35,686,267 $ - $ 35,686,267 $ - U.S. Treasury bills 66,992,518 - 66,992,518 - Total assets $ 102,678,785 $ - $ 102,678,785 $ - Liabilities Forwards $ 33,476,458 $ - $ 33,476,458 $ - Total liabilities $ 33,476,458 $ - $ 33,476,458 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets Forwards $ 10,602,087 $ - $ 10,602,087 $ - U.S. Treasury bills 49,496,752 - 49,496,752 - Total assets $ 60,098,839 $ - $ 60,098,839 $ - Liabilities Forwards $ 10,860,112 $ - $ 10,860,112 $ - Total liabilities $ 10,860,112 $ - $ 10,860,112 $ -

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment to, or disclosure in, the financial statements.

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Partnership's Investment	Partnership’s Investment
Master Fund's Investments	Master Fund’s Investments Fair Value Measurement
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 Services — Investment Companies.” Financial Highlights
Master Fund's Fair Value of Financial Instruments	Master Fund’s Fair Value of Financial Instruments Financial Instruments
Recent Accounting Pronouncements	Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities
Reclassification	Reclassification:

Investment in Affiliated Mast15

Investment in Affiliated Master Fund (Tables) - Cambridge Master Fund LP [Member]	3 Months Ended
	Mar. 31, 2016
Statements of Financial Condition	Cambridge Master Fund L.P. Statements of Financial Condition (Unaudited) March 31, December 31, 2016 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (Amortized cost $66,979,453 and $49,492,685 at March 31, 2016 and December 31, 2015, respectively) $ 66,992,518 $ 49,496,752 Cash margin 24,504,489 23,516,491 Net unrealized appreciation on open forward contracts 2,209,809 - Total equity in trading account 93,706,816 73,013,243 Cash at bank 802 - Subscription receivable 114,142 - Expense reimbursements 1,098 190 Total assets $ 93,822,858 $ 73,013,433 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 258,025 Cash overdraft 8,735,199 13,021,029 Accrued expenses: Professional fees 40,581 24,457 Total liabilities 8,775,780 13,303,511 Partners’ Capital: General Partner - - Limited Partners 85,047,078 59,709,922 Total partners’ capital (net asset value) 85,047,078 59,709,922 Total liabilities and partners’ capital $ 93,822,858 $ 73,013,433
Condensed Schedules of Investments	Cambridge Master Fund L.P. Condensed Schedules of Investments March 31, 2016 (Unaudited) % of Partners’ Notional Fair Value Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 1,254,950,433 $ 35,686,267 41.96 % Total unrealized appreciation on open forward contracts 35,686,267 41.96 Unrealized Depreciation on Open Forward Contracts Currencies $ 1,173,064,698 (33,476,458) (39.36) Total unrealized depreciation on open forward contracts (33,476,458) (39.36) Net unrealized appreciation on open forward contracts $ 2,209,809 2.60 % U.S. Government Securities % of Partners’ Face Amount Maturity date Description Fair Value Capital $ 67,000,000 4/28/2016 U.S. Treasury bills, 0.23% (Amortized cost of $66,979,453) $ 66,992,518 78.77 % December 31, 2015 % of Partners’ Notional Fair Value Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 862,295,211 $ 10,602,087 17.76 % Total unrealized appreciation on open forward contracts 10,602,087 17.76 Unrealized Depreciation on Open Forward Contracts Currencies $ 840,603,701 (10,860,112) (18.19) Total unrealized depreciation on open forward contracts (10,860,112) (18.19) Net unrealized depreciation on open forward contracts $ (258,025) (0.43) % U.S. Government Securities % of Partners’ Face Amount Maturity Date Description Fair Value Capital $49,500,000 01/21/2016 U.S. Treasury bills, 0.019% (Amortized cost of $49,492,685) $ 49,496,752 82.90 %
Statements of Income and Expenses	Cambridge Master Fund L.P. Statements of Income and Expenses for the Three Months Ended March 31, 2016 and 2015 (Unaudited) Three Months Ended March 31, 2016 2015 Investment Income: Interest income $ 42,178 $ 761 Expenses: Clearing fees 18,978 3,323 Professional fees 20,523 25,029 Total expenses 39,501 28,352 Expense reimbursements (7,233) (9,985) Net expenses 32,268 18,367 Net investment income (loss) 9,910 (17,606) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts 2,211,806 5,103,297 Net change in unrealized gains (losses) on open contracts 2,467,848 (2,591,154) Total trading results 4,679,654 2,512,143 Net income (loss) $ 4,689,564 $ 2,494,537
Statements of Changes in Partners' Capital	Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Three Months Ended March 31, 2016 and 2015 (Unaudited) Partners’ Partners’ Capital at December 31, 2014 $ 38,998,185 Net income (loss) 2,494,537 Subscriptions 1,636,080 Redemptions (2,768,415) Distribution of interest income to feeder funds (761) Partners’ Capital at March 31, 2015 $ 40,359,626 Partners’ Capital at December 31, 2015 $ 59,709,922 Net income (loss) 4,689,564 Subscriptions 22,974,427 Redemptions (2,313,559) Distribution of interest income to feeder funds (13,276) Partners’ Capital at March 31, 2016 $ 85,047,078

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 were as follows: Financial Highlights of the Partnership: For the Three Months Ended 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): (3) Net investment loss $ (0.20) $ (0.18) Net realized and unrealized gains (losses) 0.63 0.56 Net increase (decrease) for the period 0.43 0.38 Net asset value per Unit, beginning of period 9.92 8.49 Net asset value per Unit, end of period $ 10.35 $ 8.87 For the Three Months Ended 2016 2015 Ratios to Average Limited Partners’ Capital: (1) Net investment loss (2) (5.6)% (6.0) % Operating expenses before incentive fees 5.1 % 5.2 % Incentive fees 0.8 % 0.8 % Operating expenses after incentive fees 5.9 % 6.0 % Total return: Total return before incentive fees 5.1 % 5.3 % Incentive fees (0.8)% (0.8)% Total return after incentive fees 4.3 % 4.5 % (1) Annualized (except for incentive fees if applicable). (2) Interest income less total expenses. (3) Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. 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 limited partners’ capital, 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 months ended March 31, 2016 and 2015 were as follows: Three Months Ended 2016 2015 Ratios to Average Limited Partners’ Capital (1) Net investment income (loss) (2) 0.1 % (0.2) % Operating expenses before expense reimbursements 0.2 % 0.3 % Expense reimbursements (0.0) (3) (0.1) Operating expenses after expense reimbursements 0.2 % 0.2 % Total return 7.0 % 6.5 % (1) Annualized. (2) Interest income less total expenses. (3) Due to rounding.

Trading Activities (Tables)

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Brokers and Dealers [Abstract]
Offsetting of Derivative Assets and Liabilities	Offsetting of Derivative Assets and Liabilities as of March 31, 2016: March 31, 2016 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Forwards $ 35,686,267 $ (33,476,458 ) $ 2,209,809 $ - $ - $ 2,209,809 Total Assets $ 35,686,267 $ (33,476,458 ) $ 2,209,809 $ - $ - $ 2,209,809 Liabilities Forwards $ (33,476,458 ) $ 33,476,458 $ - $ - $ - $ - Total Liabilities $ (33,476,458 ) $ 33,476,458 $ - $ - $ - $ - Net fair value $ 2,209,809 * Offsetting of Derivative Assets and Liabilities as of December 31, 2015: December 31, 2015 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Forwards $ 10,602,087 $ (10,602,087 ) $ - $ - $ - $ - Total Assets $ 10,602,087 $ (10,602,087 ) $ - $ - $ - $ - Liabilities Forwards $ (10,860,112 ) $ 10,602,087 $ (258,025 ) $ - $ - $ (258,025) Total Liabilities $ (10,860,112 ) $ 10,602,087 $ (258,025 ) $ - $ - $ (258,025) Net fair value $ (258,025) * * 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 and/or U.S. Treasury bills 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 March 31, 2016 and December 31, 2015. March 31, 2016 Assets Forward Contracts Currencies $ 35,686,267 Total unrealized appreciation on open forward contracts 35,686,267 Liabilities Forward Contracts Currencies (33,476,458) Total unrealized depreciation on open forward contracts (33,476,458) Net unrealized appreciation on open forward contracts $ 2,209,809 * * This amount is included in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, Assets Forward Contracts Currencies $ 10,602,087 Total unrealized appreciation on open forward contracts 10,602,087 Liabilities Forward Contracts Currencies (10,860,112) Total unrealized depreciation on open forward contracts (10,860,112) Net unrealized depreciation on open forward contracts $ (258,025) * * This amount is included in “Net unrealized depreciation on open forward contracts” in 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 months ended March 31, 2016 and 2015. Three Months Ended Sector March 31, March 31, $ $ Currencies 4,679,654 2,512,143 Total 4,679,654 ** 2,512,143 ** ** This amount is in “Total trading results” in the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	March 31, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 35,686,267 $ - $ 35,686,267 $ - U.S. Treasury bills 66,992,518 - 66,992,518 - Total assets $ 102,678,785 $ - $ 102,678,785 $ - Liabilities Forwards $ 33,476,458 $ - $ 33,476,458 $ - Total liabilities $ 33,476,458 $ - $ 33,476,458 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets Forwards $ 10,602,087 $ - $ 10,602,087 $ - U.S. Treasury bills 49,496,752 - 49,496,752 - Total assets $ 60,098,839 $ - $ 60,098,839 $ - Liabilities Forwards $ 10,860,112 $ - $ 10,860,112 $ - Total liabilities $ 10,860,112 $ - $ 10,860,112 $ -

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash denominated in foreign currencies	$ 861	$ 817
Cost of foreign currencies	893	$ 863
Provision for income tax	$ 0

Investment in Affiliated Mast20

Investment in Affiliated Master Fund - Additional Information (Detail) - Vehicle	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2016
Cambridge Master Fund [Member]
Schedule of Investments [Line Items]
Number of trading vehicle			1
Cambridge Master Fund LP [Member]
Schedule of Investments [Line Items]
Percentage of Partnership owned	16.05%	22.67%

Investment in Affiliated Mast21

Investment in Affiliated Master Fund - Statements of Financial Condition (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Equity in trading account:
Cash at bank	$ 1,000
Total assets	13,651,773	$ 13,538,087
Accrued expenses:
Total liabilities	521,309	270,427
Partners' Capital:
General Partner	162,659	155,804
Limited Partners	12,967,805	13,111,856
Total partners' capital (net asset value)	13,130,464	13,267,660	$ 13,666,992	$ 13,769,331
Total liabilities and partners' capital	13,651,773	13,538,087
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open forward contracts	2,209,809	(258,025)
Cambridge Master Fund LP [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (Amortized cost $66,979,453 and $49,492,685 at March 31, 2016 and December 31, 2015, respectively)	66,992,518	49,496,752
Cash margin	24,504,489	23,516,491
Total equity in trading account	93,706,816	73,013,243
Cash at bank	802
Subscription receivable	114,142
Expense reimbursements	1,098	190
Total assets	93,822,858	73,013,433
Liabilities:
Cash overdraft	8,735,199	13,021,029
Accrued expenses:
Professional fees	40,581	24,457
Total liabilities	8,775,780	13,303,511
Partners' Capital:
General Partner	0	0
Limited Partners	85,047,078	59,709,922
Total partners' capital (net asset value)	85,047,078	59,709,922	$ 40,359,626	$ 38,998,185
Total liabilities and partners' capital	93,822,858	73,013,433
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open forward contracts	$ 2,209,809	$ (258,025)

Investment in Affiliated Mast22

Investment in Affiliated Master Fund - Statements of Financial Condition (Parenthetical) (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Cambridge Master Fund LP [Member]
Condensed Financial Statements, Captions [Line Items]
Investment in U.S. Treasury bills, cost	$ 66,979,453	$ 49,492,685

Investment in Affiliated Mast23

Investment in Affiliated Master Fund - Condensed Schedules of Investments (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Forward Contracts [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ 2,209,809	$ (258,025)
Cambridge Master Fund LP [Member]
Schedule of Investments [Line Items]
Investment, Fair Value	66,992,518	49,496,752
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value	$ 2,209,809	$ (258,025)
Percentage of Partners' Capital	2.60%	(0.43%)
Cambridge Master Fund LP [Member] | U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, Face Amount	$ 67,000,000	$ 49,500,000
Investment, Maturity Date	Apr. 28, 2016	Jan. 21, 2016
Investment, Fair Value	$ 66,992,518	$ 49,496,752
Percentage of Partners' Capital	78.77%	82.90%
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 forward contracts	$ (33,476,458)	$ (10,860,112)
Percentage of Partners' Capital	(39.36%)	(18.19%)
Cambridge Master Fund LP [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional	$ 1,173,064,698	$ 840,603,701
Total unrealized depreciation on forward contracts	$ (33,476,458)	$ (10,860,112)
Percentage of Partners' Capital	(39.36%)	(18.19%)
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	$ 35,686,267	$ 10,602,087
Percentage of Partners' Capital	41.96%	17.76%
Cambridge Master Fund LP [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Notional	$ 1,254,950,433	$ 862,295,211
Total unrealized appreciation on open forward contracts	$ 35,686,267	$ 10,602,087
Percentage of Partners' Capital	41.96%	17.76%

Investment in Affiliated Mast24

Investment in Affiliated Master Fund - Condensed Schedules of Investments (Parenthetical) (Detail) - Cambridge Master Fund LP [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 66,979,453	$ 49,492,685
U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, interest rate	0.23%	0.019%
Investment in U.S. Treasury bills, Amortized cost	$ 66,979,453	$ 49,492,685

Investment in Affiliated Mast25

Investment in Affiliated Master Fund - Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Investment income:
Interest income	$ 7,057	$ 221
Expenses:
Total expenses	263,778	281,586
Net investment income (loss)	(256,721)	(281,365)
Net gains (losses) on trading of commodity interests:
Total trading results	833,750	885,009
Net income (loss)	577,029	603,644
Cambridge Master Fund LP [Member]
Investment income:
Interest income	42,178	761
Expenses:
Clearing fees	18,978	3,323
Professional fees	20,523	25,029
Total expenses	39,501	28,352
Expense reimbursements	(7,233)	(9,985)
Net expenses	32,268	18,367
Net investment income (loss)	9,910	(17,606)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	2,211,806	5,103,297
Net change in unrealized gains (losses) on open contracts	2,467,848	(2,591,154)
Total trading results	4,679,654	2,512,143
Net income (loss)	$ 4,689,564	$ 2,494,537

Investment in Affiliated Mast26

Investment in Affiliated Master Fund - Statements of Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance	$ 13,267,660	$ 13,769,331
Net income (loss)	577,029	603,644
Redemptions	(714,225)	(705,983)
Partners' Capital, balance	13,130,464	13,666,992
Cambridge Master Fund LP [Member]
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance	59,709,922	38,998,185
Net income (loss)	4,689,564	2,494,537
Subscriptions	22,974,427	1,636,080
Redemptions	(2,313,559)	(2,768,415)
Distribution of interest income to feeder funds	(13,276)	(761)
Partners' Capital, balance	$ 85,047,078	$ 40,359,626

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period	$ 9.92
Net asset value per Unit, end of period	$ 10.35
Cambridge Master Fund LP [Member]
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	0.10%	(0.20%)
Operating expenses before expense reimbursements	0.20%	0.30%
Expense reimbursements	0.00%	(0.10%)
Operating expenses after expense reimbursements	0.20%	0.20%
Total return	7.00%	6.50%
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net investment loss	$ (0.20)	$ (0.18)
Net realized and unrealized gains (losses)	0.63	0.56
Net increase (decrease) for the period	0.43	0.38
Net asset value per Unit, beginning of period	9.92	8.49
Net asset value per Unit, end of period	$ 10.35	$ 8.87
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(5.60%)	(6.00%)
Operating expenses before incentive fees	5.10%	5.20%
Incentive fees	0.80%	0.80%
Operating expenses after incentive fees	5.90%	6.00%
Total return:
Total return before incentive fees	5.10%	5.30%
Incentive fees	(0.80%)	(0.80%)
Total return after incentive fees	4.30%	4.50%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member]
Derivative [Line Items]
Average notional values of currency forward contracts	$ 3,447,457,698	$ 1,509,891,555

Trading Activities - Offsetting

Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 35,686,267	$ 10,602,087
Gross Amounts Offset in the Statements of Financial Condition, Assets	(33,476,458)	(10,602,087)
Amounts Presented in the Statements of Financial Condition, Assets	2,209,809
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	2,209,809
Gross Amounts Recognized, Liabilities	(33,476,458)	(10,860,112)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	33,476,458	10,602,087
Amounts Presented in the Statements of Financial Condition, Liabilities		(258,025)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities		(258,025)
Net fair value	2,209,809	(258,025)
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	35,686,267	10,602,087
Gross Amounts Offset in the Statements of Financial Condition, Assets	(33,476,458)	(10,602,087)
Amounts Presented in the Statements of Financial Condition, Assets	2,209,809
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	2,209,809
Gross Amounts Recognized, Liabilities	(33,476,458)	(10,860,112)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	33,476,458	10,602,087
Amounts Presented in the Statements of Financial Condition, Liabilities		(258,025)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	$ 0	0
Net Amount, Liabilities		$ (258,025)

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - Forward Contracts [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open forward contracts	$ 2,209,809	$ (258,025)
Assets [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	35,686,267	10,602,087
Assets [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	35,686,267	10,602,087
Liabilities [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	(33,476,458)	(10,860,112)
Liabilities [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	$ (33,476,458)	$ (10,860,112)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Derivative [Line Items]
Trading gains and losses	$ 4,679,654	$ 2,512,143
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	$ 4,679,654	$ 2,512,143

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Cambridge Master Fund LP [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
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 - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - Cambridge Master Fund LP [Member] - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 102,678,785	$ 60,098,839
Derivative liabilities	33,476,458	10,860,112
Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	35,686,267	10,602,087
Derivative liabilities	33,476,458	10,860,112
U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	66,992,518	49,496,752
Level 2 [Member]
Derivative [Line Items]
Derivative assets	102,678,785	60,098,839
Derivative liabilities	33,476,458	10,860,112
Level 2 [Member] | Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	35,686,267	10,602,087
Derivative liabilities	33,476,458	10,860,112
Level 2 [Member] | U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	$ 66,992,518	$ 49,496,752