Ceres Tactical Global 10-Q 11 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		1,157,624.618

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Jun. 30, 2016	Dec. 31, 2015
Assets:
Investment in the Master Fund, at fair value	[1]	$ 12,092,431	$ 13,537,489
Cash at bank		1,000
Interest receivable		403	598
Total assets		12,093,834	13,538,087
Liabilities:
Redemptions payable to Limited Partners		170,163	212,677
Redemptions payable to General Partner		30,182
Accrued expenses:
Ongoing placement agent fees		20,135	22,647
General Partner fees		16,108	18,118
Management fees		15,101	16,985
Total liabilities		251,689	270,427
Partners' Capital:
Limited Partners (1,177,085.995 and 1,322,204.340 Units outstanding at June 30, 2016 and December 31, 2015, respectively)		11,715,969	13,111,856
General Partner (12,676.699 and 15,710.066 Units outstanding at June 30, 2016 and December 31, 2015, respectively)		126,176	155,804
Total partners' capital (net asset value)		11,842,145	13,267,660
Total liabilities and partners' capital		$ 12,093,834	$ 13,538,087
Net asset value per Unit		$ 9.95	$ 9.92
[1]	Defined in Note 1

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Limited Partners, Units outstanding	1,177,085.995	1,322,204.340
General Partner, Units outstanding	12,676.699	15,710.066

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investment Income:
Interest income allocated from the Master Fund		$ 4,738	$ 198	$ 11,795	$ 419
Expenses:
Ongoing placement agent fees		63,161	68,491	129,697	137,158
General Partner fees		50,529	54,793	103,758	109,726
Management fees		47,370	51,368	97,272	102,868
Incentive fees			9,020	94,111	115,506
Total expenses		161,060	183,672	424,838	465,258
Net investment income (loss)		(156,322)	(183,474)	(413,043)	(464,839)
Net gains (losses) on investment in the Master Fund:
Net realized gains (losses) on closed contracts allocated from the Master Fund		(398,383)	413,585	(32,841)	2,203,442
Net change in unrealized gains (losses) on open contracts allocated from the Master Fund		56,678	(178,801)	524,886	(1,083,649)
Total trading results		(341,705)	234,784	492,045	1,119,793
Net income (loss)		(498,027)	51,310	79,002	654,954
Net income (loss) allocation:
Limited Partners		(491,726)	50,828	78,448	647,942
General Partner		$ (6,301)	$ 482	$ 554	$ 7,012
Net income (loss) per Unit
Limited Partners	[1]	$ (0.40)	$ 0.03	$ 0.03	$ 0.41
General Partner	[1]	$ (0.40)	$ 0.03	$ 0.03	$ 0.41
Weighted average number of Units outstanding		1,239,391.051	1,519,090.813	1,281,098.056	1,556,988.891
[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)	$ 654,954	647,942	7,012
Redemptions	$ (1,271,834)	(1,271,834)
Redemptions (in units)	(143,484.401)
Partners' Capital, balance at Jun. 30, 2015	$ 13,152,451	12,999,195	153,256
Units of Partnership Interest, balance at Jun. 30, 2015	1,477,744.566
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)	$ 79,002	78,448	554
Redemptions	$ (1,504,517)	(1,474,335)	(30,182)
Redemptions (in units)	(148,151.712)
Partners' Capital, balance at Jun. 30, 2016	$ 11,842,145	$ 11,715,969	$ 126,176
Units of Partnership Interest, balance at Jun. 30, 2016	1,189,762.694

Organization

Organization	6 Months Ended
	Jun. 30, 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 4, “Financial Instruments through the Partnership’s Investment in Affiliated Master Fund”). The Futures Interests that are indirectly traded by the Partnership through its investment in Cambridge Master Fund L.P. (the “Master Fund”) are volatile and involve a high degree of market risk. The General Partner (defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership is one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Technical L.P., Morgan Stanley Smith Barney Spectrum Select L.P. and Morgan Stanley Smith Barney Spectrum Strategic L.P. 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”). 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. During the reporting periods ended June 30, 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. As of June 30, 2016 and December 31, 2015, the Partnership owned approximately 15.67% 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 the Master Fund. 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 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	6 Months Ended
	Jun. 30, 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 June 30, 2016, the results of its operations for the three and six months ended June 30, 2016 and 2015, and changes in partners’ capital for the six months ended June 30, 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 “Form 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Statement of Cash Flows: Partnership’s Investment Master Fund’s Investments Master Fund’s Cash Financial Instruments Financial Instruments Investment Company Status: 2013-08, 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.” Recent Accounting Pronouncement: Recognition and Measurement of Financial Assets and Financial Liabilities 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 The Master Fund’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2016 and December 31, 2015 and Statements of Income and Expenses for the three and six months ended June 30, 2016 and 2015 and Changes in Partners’ Capital for the six months ended June 30, 2016 and 2015 are presented below: Cambridge Master Fund L.P. Statements of Financial Condition (Unaudited) June 30, 2016 December 31, 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $58,965,838 and $49,492,685 at June 30, 2016 and December 31, 2015, respectively) $ 58,964,549 $ 49,496,752 Cash margin 36,013,969 23,516,491 Net unrealized appreciation on open forward contracts 2,624,781 - Total equity in trading account 97,603,299 73,013,243 Cash at bank 607 - Subscription receivable 145,237 - Expense reimbursements 1,071 190 Total assets $ 97,750,214 $ 73,013,433 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 258,025 Cash overdraft 20,526,807 13,021,029 Accrued expenses: Professional fees 33,266 24,457 Total liabilities 20,560,073 13,303,511 Partners’ Capital: General Partner - - Limited Partners 77,190,141 59,709,922 Total partners’ capital (net asset value) 77,190,141 59,709,922 Total liabilities and partners’ capital $ 97,750,214 $ 73,013,433 Cambridge Master Fund L.P. Condensed Schedules of Investments June 30, 2016 (Unaudited) Notional ($) Fair Value % of Partners’ Unrealized Appreciation on Open Forward Contracts Currencies $ 1,156,940,608 $ 16,982,022 22.00 % Total unrealized appreciation on open forward contracts 16,982,022 22.00 Unrealized Depreciation on Open Forward Contracts Currencies $ 1,059,878,239 (14,357,241) (18.60) Total unrealized depreciation on open forward contracts (14,357,241) (18.60) Net unrealized appreciation on open forward contracts $ 2,624,781 3.40 % U.S. Government Securities Face Amount Maturity date Description Fair Value % of Partners’ Capital $ 55,000,000 9/29/2016 U.S. Treasury bills, 0.24% (Amortized cost of $54,967,000) $ 54,964,594 71.21 % $ 4,000,000 7/7/2016 U.S. Treasury bills, 0.205% (Amortized cost of $3,998,838) 3,999,955 5.18 Total U.S. Government Securities $ 58,964,549 76.39 % December 31, 2015 Notional ($) Fair Value % of Partners’ 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 Face Amount Maturity date Description Fair Value % of Partners’ $ 49,500,000 1/21/2016 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 (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Investment Income: Interest income $ 30,354 $ 672 $ 72,532 $ 1,433 Expenses: Clearing fees 18,563 31,202 37,541 34,525 Professional fees 20,520 26,179 41,043 51,208 Total expenses 39,083 57,381 78,584 85,733 Expense reimbursements (6,392) (19,940) (13,625) (29,925) Net expenses 32,691 37,441 64,959 55,808 Net investment income (loss) (2,337) (36,769) 7,573 (54,375) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (2,516,027) 1,172,092 (304,221) 6,275,389 Net change in unrealized gains (losses) on open contracts 414,956 (484,030) 2,882,804 (3,075,184) Total trading results (2,101,071) 688,062 2,578,583 3,200,205 Net income (loss) $ (2,103,408) $ 651,293 $ 2,586,156 $ 3,145,830 Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Six Months Ended June 30, 2016 and 2015 (Unaudited) Partners’ Capital Partners’ Capital, December 31, 2015 $ 59,709,922 Net Income (Loss) 2,586,156 Subscriptions 24,424,427 Redemptions (9,508,697) Distribution of interest income to feeder funds (21,667) Partners’ Capital, June 30, 2016 $ 77,190,141 Partners’ Capital, December 31, 2014 $ 38,998,185 Net Income (Loss) 3,145,830 Subscriptions 1,636,080 Redemptions (5,671,671) Distribution of interest income to feeder funds (1,433) Partners’ Capital, June 30, 2015 $ 38,106,991

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2016
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class for the Partnership and the Master Fund for the three and six months ended June 30, 2016 and 2015 were as follows: Financial Highlights of the Partnership: For the Three Months Ended For the Six Months Ended 2016 2015 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.27) $ 0.15 $ 0.35 $ 0.71 Net investment loss (0.13) (0.12) (0.32) (0.30) Net increase (decrease) for the period (0.40) 0.03 0.03 0.41 Net asset value per Unit, beginning of period 10.35 8.87 9.92 8.49 Net asset value per Unit, end of period $ 9.95 $ 8.90 $ 9.95 $ 8.90 For the Three Months Ended For the Six Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.1)% (5.2)% (5.7)% (6.0)% Operating expenses before incentive fees 5.2 % 5.2 % 5.2 % 5.2 % Incentive fees 0.0 % 0.1 % 0.7 % 0.9 % Operating expenses after incentive fees 5.2 % 5.3 % 5.9 % 6.1 % Total return: Total return before incentive fees (3.9)% 0.4 % 1.0 % 5.7 % Incentive fees 0.0 % (0.1)% (0.7)% (0.9)% Total return after incentive fees (3.9)% 0.3 % 0.3 % 4.8 % * 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. ** Annualized (except for incentive fees if applicable). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital, 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 six months ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Ratios to average net assets:* Net investment income (loss)** (0.0) % *** (0.4) % 0.0 % *** (0.3) % Operating expenses before expense reimbursements 0.2 % 0.6 % 0.2 % 0.4 % Expense reimbursements (0.0) *** (0.2) (0.0) *** (0.1) Operating expenses after expense reimbursements 0.2 % 0.4 % 0.2 % 0.3 % Total return (2.7) % 1.6 % 3.6 % 8.1 % * Annualized. ** Interest income less total expenses. *** 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 partners’ capital.

Financial Instruments through t

Financial Instruments through the Partnership's Investment in Affiliated Master Fund	6 Months Ended
	Jun. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instruments through the Partnership's Investment in Affiliated Master Fund	4. 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 “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 Master Fund does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Master Fund’s Statements of Income and Expenses. 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 option 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 option contracts are settled on an agreed-upon settlement date.

Trading Activities

Trading Activities	6 Months Ended
	Jun. 30, 2016
Brokers and Dealers [Abstract]
Trading Activities	5. 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 Master Fund 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 six months ended June 30, 2016 and 2015 were $3,679,293,148 and $3,563,375,423, and $3,633,929,625 and $2,571,910,590, 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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Assets Forwards $ 16,982,022 $ (14,357,241) $ 2,624,781 $ - $ - $ 2,624,781 Total assets $ 16,982,022 $ (14,357,241) $ 2,624,781 $ - $ - $ 2,624,781 Liabilities Forwards $ (14,357,241) $ 14,357,241 $ - $ - $ - $ - Total liabilities $ (14,357,241) $ 14,357,241 $ - $ - $ - $ - Net fair value $ 2,624,781 * December 31, 2015 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition 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 in the Master Fund’s 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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 Assets Forward Contracts Currencies $ 16,982,022 Total unrealized appreciation on open forward contracts 16,982,022 Liabilities Forward Contracts Currencies (14,357,241) Total unrealized depreciation on open forward contracts (14,357,241) Net unrealized appreciation on open forward contracts $ 2,624,781 * * This amount is in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, 2015 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 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 and six months ended June 30, 2016 and 2015. Three Months Ended June 30, Six Months Ended June 30, Sector 2016 2015 2016 2015 Currencies $ (2,101,071) $ 688,062 $ 2,578,583 $ 3,200,205 Total $ (2,101,071) ** $ 688,062 ** $ 2,578,583 ** $ 3,200,205 ** ** This amount is in “Total trading results” in the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: 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 option 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 June 30, 2016 and December 31, 2015 and for the periods ended June 30, 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. June 30, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 16,982,022 $ 16,982,022 $ - U.S. Treasury bills 58,964,549 58,964,549 - Total Assets $ 75,946,571 $ - $ 75,946,571 $ - Liabilities Forwards $ 14,357,241 $ 14,357,241 $ - Total Liabilities $ 14,357,241 $ - $ 14,357,241 $ - 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	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	7. 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 Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Statement of Cash Flows	Statement of Cash Flows:
Partnership's Investment	Partnership’s Investment
Master Fund's Investments	Master Fund’s Investments
Master Fund's Cash	Master Fund’s Cash
Financial Instruments	Financial Instruments Financial Instruments
Investment Company Status	Investment Company Status: 2013-08, 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.”
Recent Accounting Pronouncements	Recent Accounting Pronouncement: Recognition and Measurement of Financial Assets and Financial Liabilities

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Tables) - Cambridge Master Fund LP [Member]	6 Months Ended
	Jun. 30, 2016
Statements of Financial Condition	The Master Fund’s Statements of Financial Condition and Condensed Schedules of Investments as of June 30, 2016 and December 31, 2015 and Statements of Income and Expenses for the three and six months ended June 30, 2016 and 2015 and Changes in Partners’ Capital for the six months ended June 30, 2016 and 2015 are presented below: Cambridge Master Fund L.P. Statements of Financial Condition (Unaudited) June 30, 2016 December 31, 2015 Assets: Equity in trading account: Investment in U.S. Treasury bills, at fair value (amortized cost $58,965,838 and $49,492,685 at June 30, 2016 and December 31, 2015, respectively) $ 58,964,549 $ 49,496,752 Cash margin 36,013,969 23,516,491 Net unrealized appreciation on open forward contracts 2,624,781 - Total equity in trading account 97,603,299 73,013,243 Cash at bank 607 - Subscription receivable 145,237 - Expense reimbursements 1,071 190 Total assets $ 97,750,214 $ 73,013,433 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 258,025 Cash overdraft 20,526,807 13,021,029 Accrued expenses: Professional fees 33,266 24,457 Total liabilities 20,560,073 13,303,511 Partners’ Capital: General Partner - - Limited Partners 77,190,141 59,709,922 Total partners’ capital (net asset value) 77,190,141 59,709,922 Total liabilities and partners’ capital $ 97,750,214 $ 73,013,433
Condensed Schedules of Investments	Cambridge Master Fund L.P. Condensed Schedules of Investments June 30, 2016 (Unaudited) Notional ($) Fair Value % of Partners’ Unrealized Appreciation on Open Forward Contracts Currencies $ 1,156,940,608 $ 16,982,022 22.00 % Total unrealized appreciation on open forward contracts 16,982,022 22.00 Unrealized Depreciation on Open Forward Contracts Currencies $ 1,059,878,239 (14,357,241) (18.60) Total unrealized depreciation on open forward contracts (14,357,241) (18.60) Net unrealized appreciation on open forward contracts $ 2,624,781 3.40 % U.S. Government Securities Face Amount Maturity date Description Fair Value % of Partners’ Capital $ 55,000,000 9/29/2016 U.S. Treasury bills, 0.24% (Amortized cost of $54,967,000) $ 54,964,594 71.21 % $ 4,000,000 7/7/2016 U.S. Treasury bills, 0.205% (Amortized cost of $3,998,838) 3,999,955 5.18 Total U.S. Government Securities $ 58,964,549 76.39 % December 31, 2015 Notional ($) Fair Value % of Partners’ 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 Face Amount Maturity date Description Fair Value % of Partners’ $ 49,500,000 1/21/2016 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 (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Investment Income: Interest income $ 30,354 $ 672 $ 72,532 $ 1,433 Expenses: Clearing fees 18,563 31,202 37,541 34,525 Professional fees 20,520 26,179 41,043 51,208 Total expenses 39,083 57,381 78,584 85,733 Expense reimbursements (6,392) (19,940) (13,625) (29,925) Net expenses 32,691 37,441 64,959 55,808 Net investment income (loss) (2,337) (36,769) 7,573 (54,375) Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (2,516,027) 1,172,092 (304,221) 6,275,389 Net change in unrealized gains (losses) on open contracts 414,956 (484,030) 2,882,804 (3,075,184) Total trading results (2,101,071) 688,062 2,578,583 3,200,205 Net income (loss) $ (2,103,408) $ 651,293 $ 2,586,156 $ 3,145,830
Statements of Changes in Partners' Capital	Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital for the Six Months Ended June 30, 2016 and 2015 (Unaudited) Partners’ Capital Partners’ Capital, December 31, 2015 $ 59,709,922 Net Income (Loss) 2,586,156 Subscriptions 24,424,427 Redemptions (9,508,697) Distribution of interest income to feeder funds (21,667) Partners’ Capital, June 30, 2016 $ 77,190,141 Partners’ Capital, December 31, 2014 $ 38,998,185 Net Income (Loss) 3,145,830 Subscriptions 1,636,080 Redemptions (5,671,671) Distribution of interest income to feeder funds (1,433) Partners’ Capital, June 30, 2015 $ 38,106,991

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2016 and 2015 were as follows: Financial Highlights of the Partnership: For the Three Months Ended For the Six Months Ended 2016 2015 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.27) $ 0.15 $ 0.35 $ 0.71 Net investment loss (0.13) (0.12) (0.32) (0.30) Net increase (decrease) for the period (0.40) 0.03 0.03 0.41 Net asset value per Unit, beginning of period 10.35 8.87 9.92 8.49 Net asset value per Unit, end of period $ 9.95 $ 8.90 $ 9.95 $ 8.90 For the Three Months Ended For the Six Months Ended 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.1)% (5.2)% (5.7)% (6.0)% Operating expenses before incentive fees 5.2 % 5.2 % 5.2 % 5.2 % Incentive fees 0.0 % 0.1 % 0.7 % 0.9 % Operating expenses after incentive fees 5.2 % 5.3 % 5.9 % 6.1 % Total return: Total return before incentive fees (3.9)% 0.4 % 1.0 % 5.7 % Incentive fees 0.0 % (0.1)% (0.7)% (0.9)% Total return after incentive fees (3.9)% 0.3 % 0.3 % 4.8 % * 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. ** Annualized (except for incentive fees if applicable). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital, 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 six months ended June 30, 2016 and 2015 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Ratios to average net assets:* Net investment income (loss)** (0.0) % *** (0.4) % 0.0 % *** (0.3) % Operating expenses before expense reimbursements 0.2 % 0.6 % 0.2 % 0.4 % Expense reimbursements (0.0) *** (0.2) (0.0) *** (0.1) Operating expenses after expense reimbursements 0.2 % 0.4 % 0.2 % 0.3 % Total return (2.7) % 1.6 % 3.6 % 8.1 % * Annualized. ** Interest income less total expenses. *** Due to rounding.

Trading Activities (Tables)

Trading Activities (Tables)	6 Months Ended
	Jun. 30, 2016
Brokers and Dealers [Abstract]
Offsetting of Derivative Assets and Liabilities	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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Assets Forwards $ 16,982,022 $ (14,357,241) $ 2,624,781 $ - $ - $ 2,624,781 Total assets $ 16,982,022 $ (14,357,241) $ 2,624,781 $ - $ - $ 2,624,781 Liabilities Forwards $ (14,357,241) $ 14,357,241 $ - $ - $ - $ - Total liabilities $ (14,357,241) $ 14,357,241 $ - $ - $ - $ - Net fair value $ 2,624,781 * December 31, 2015 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition 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 in the Master Fund’s 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 June 30, 2016 and December 31, 2015, respectively. June 30, 2016 Assets Forward Contracts Currencies $ 16,982,022 Total unrealized appreciation on open forward contracts 16,982,022 Liabilities Forward Contracts Currencies (14,357,241) Total unrealized depreciation on open forward contracts (14,357,241) Net unrealized appreciation on open forward contracts $ 2,624,781 * * This amount is in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, 2015 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 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 and six months ended June 30, 2016 and 2015. Three Months Ended June 30, Six Months Ended June 30, Sector 2016 2015 2016 2015 Currencies $ (2,101,071) $ 688,062 $ 2,578,583 $ 3,200,205 Total $ (2,101,071) ** $ 688,062 ** $ 2,578,583 ** $ 3,200,205 ** ** 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)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Derivative Instrument Fair Value Based on Hierarchy	June 30, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 16,982,022 $ 16,982,022 $ - U.S. Treasury bills 58,964,549 58,964,549 - Total Assets $ 75,946,571 $ - $ 75,946,571 $ - Liabilities Forwards $ 14,357,241 $ 14,357,241 $ - Total Liabilities $ 14,357,241 $ - $ 14,357,241 $ - 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 $ -

Organization - Additional Infor

Organization - Additional Information (Detail) - Vehicle	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2016
Cambridge Master Fund [Member]
Schedule Of Trading Advisors [Line Items]
Number of trading vehicle			1
Cambridge Master Fund LP [Member]
Schedule Of Trading Advisors [Line Items]
Percentage of Partnership owned	15.67%	22.67%

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash denominated in foreign currencies	$ 816	$ 817
Cost of foreign currencies	864	$ 863
Provision for income tax	$ 0

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)		Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $58,965,838 and $49,492,685 at June 30, 2016 and December 31, 2015, respectively)	[1]	$ 12,092,431	$ 13,537,489
Cash at bank		1,000
Total assets		12,093,834	13,538,087
Accrued expenses:
Total liabilities		251,689	270,427
Partners' Capital:
General Partner		126,176	155,804
Limited Partners		11,715,969	13,111,856
Total partners' capital (net asset value)		11,842,145	13,267,660	$ 13,152,451	$ 13,769,331
Total liabilities and partners' capital		12,093,834	13,538,087
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open forward contracts		2,624,781	(258,025)
Cambridge Master Fund LP [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $58,965,838 and $49,492,685 at June 30, 2016 and December 31, 2015, respectively)		58,964,549	49,496,752
Cash margin		36,013,969	23,516,491
Total equity in trading account		97,603,299	73,013,243
Cash at bank		607
Subscription receivable		145,237
Expense reimbursements		1,071	190
Total assets		97,750,214	73,013,433
Liabilities:
Cash overdraft		20,526,807	13,021,029
Accrued expenses:
Professional fees		33,266	24,457
Total liabilities		20,560,073	13,303,511
Partners' Capital:
General Partner		0	0
Limited Partners		77,190,141	59,709,922
Total partners' capital (net asset value)		77,190,141	59,709,922	$ 38,106,991	$ 38,998,185
Total liabilities and partners' capital		97,750,214	73,013,433
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open forward contracts		$ 2,624,781	$ (258,025)
[1]	Defined in Note 1

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Parenthetical) (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Cambridge Master Fund LP [Member]
Condensed Financial Statements, Captions [Line Items]
Investment in U.S. Treasury bills, cost	$ 58,965,838	$ 49,492,685

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedules of Investments (Detail) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investment, Fair Value	[1]	$ 12,092,431	$ 13,537,489
Forward Contracts [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		2,624,781	(258,025)
Cambridge Master Fund LP [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		58,964,549	49,496,752
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Investment in Master, at fair value		$ 2,624,781	$ (258,025)
Percentage of Partners' Capital		3.40%	(0.43%)
Cambridge Master Fund LP [Member] | U.S. Treasury Bills, 0.24% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount		$ 55,000,000
Investment, Maturity Date		Sep. 29, 2016
Investment, Fair Value		$ 54,964,594
Percentage of Partners' Capital		71.21%
Cambridge Master Fund LP [Member] | U.S. Treasury Bills, 0.205% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount		$ 4,000,000
Investment, Maturity Date		Jul. 7, 2016
Investment, Fair Value		$ 3,999,955
Percentage of Partners' Capital		5.18%
Cambridge Master Fund LP [Member] | U.S. Treasury and Government [Member]
Schedule of Investments [Line Items]
Investment, Fair Value		$ 58,964,549
Percentage of Partners' Capital		76.39%
Cambridge Master Fund LP [Member] | U.S. Treasury Bills, 0.019% [Member]
Schedule of Investments [Line Items]
Investment, Face Amount			$ 49,500,000
Investment, Maturity Date			Jan. 21, 2016
Investment, Fair Value			$ 49,496,752
Percentage of Partners' Capital			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		$ (14,357,241)	$ (10,860,112)
Percentage of Partners' Capital		(18.60%)	(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		$ 1,059,878,239	$ 840,603,701
Total unrealized depreciation on forward contracts		$ (14,357,241)	$ (10,860,112)
Percentage of Partners' Capital		(18.60%)	(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		$ 16,982,022	$ 10,602,087
Percentage of Partners' Capital		22.00%	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		$ 1,156,940,608	$ 862,295,211
Total unrealized appreciation on open forward contracts		$ 16,982,022	$ 10,602,087
Percentage of Partners' Capital		22.00%	17.76%
[1]	Defined in Note 1

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedules of Investments (Parenthetical) (Detail) - Cambridge Master Fund LP [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 58,965,838	$ 49,492,685
U.S. Treasury Bills, 0.24% [Member]
Schedule of Investments [Line Items]
Investment, interest rate	0.24%
Investment in U.S. Treasury bills, Amortized cost	$ 54,967,000
U.S. Treasury Bills, 0.205% [Member]
Schedule of Investments [Line Items]
Investment, interest rate	0.205%
Investment in U.S. Treasury bills, Amortized cost	$ 3,998,838
U.S. Treasury Bills [Member]
Schedule of Investments [Line Items]
Investment, interest rate		0.019%
Investment in U.S. Treasury bills, Amortized cost		$ 49,492,685

Basis of Presentation and Sum24

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Investment Income:
Interest income	$ 4,738	$ 198	$ 11,795	$ 419
Expenses:
Total expenses	161,060	183,672	424,838	465,258
Net investment income (loss)	(156,322)	(183,474)	(413,043)	(464,839)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(398,383)	413,585	(32,841)	2,203,442
Net change in unrealized gains (losses) on open contracts	56,678	(178,801)	524,886	(1,083,649)
Total trading results	(341,705)	234,784	492,045	1,119,793
Net Income (Loss)	(498,027)	51,310	79,002	654,954
Cambridge Master Fund LP [Member]
Investment Income:
Interest income	30,354	672	72,532	1,433
Expenses:
Clearing fees	18,563	31,202	37,541	34,525
Professional fees	20,520	26,179	41,043	51,208
Total expenses	39,083	57,381	78,584	85,733
Expense reimbursements	(6,392)	(19,940)	(13,625)	(29,925)
Net expenses	32,691	37,441	64,959	55,808
Net investment income (loss)	(2,337)	(36,769)	7,573	(54,375)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(2,516,027)	1,172,092	(304,221)	6,275,389
Net change in unrealized gains (losses) on open contracts	414,956	(484,030)	2,882,804	(3,075,184)
Total trading results	(2,101,071)	688,062	2,578,583	3,200,205
Net Income (Loss)	$ (2,103,408)	$ 651,293	$ 2,586,156	$ 3,145,830

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance			$ 13,267,660	$ 13,769,331
Net Income (Loss)	$ (498,027)	$ 51,310	79,002	654,954
Redemptions			(1,504,517)	(1,271,834)
Partners' Capital, balance	11,842,145	13,152,451	11,842,145	13,152,451
Cambridge Master Fund LP [Member]
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance			59,709,922	38,998,185
Net Income (Loss)	(2,103,408)	651,293	2,586,156	3,145,830
Subscriptions			24,424,427	1,636,080
Redemptions			(9,508,697)	(5,671,671)
Distribution of interest income to feeder funds			(21,667)	(1,433)
Partners' Capital, balance	$ 77,190,141	$ 38,106,991	$ 77,190,141	$ 38,106,991

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 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	$ 9.95		$ 9.95
Cambridge Master Fund LP [Member]
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	0.00%	(0.40%)	0.00%	(0.30%)
Operating expenses before expense reimbursements	0.20%	0.60%	0.20%	0.40%
Expense reimbursements	0.00%	(0.20%)	0.00%	(0.10%)
Operating expenses after expense reimbursements	0.20%	0.40%	0.20%	0.30%
Total return	(2.70%)	1.60%	3.60%	8.10%
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (0.27)	$ 0.15	$ 0.35	$ 0.71
Net investment loss	(0.13)	(0.12)	(0.32)	(0.30)
Net increase (decrease) for the period	(0.40)	0.03	0.03	0.41
Net asset value per Unit, beginning of period	10.35	8.87	9.92	8.49
Net asset value per Unit, end of period	$ 9.95	$ 8.90	$ 9.95	$ 8.90
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(5.10%)	(5.20%)	(5.70%)	(6.00%)
Operating expenses before incentive fees	5.20%	5.20%	5.20%	5.20%
Incentive fees	0.00%	0.10%	0.70%	0.90%
Operating expenses after incentive fees	5.20%	5.30%	5.90%	6.10%
Total return:
Total return before incentive fees	(3.90%)	0.40%	1.00%	5.70%
Incentive fees	(0.00%)	(0.10%)	(0.70%)	(0.90%)
Total return after incentive fees	(3.90%)	0.30%	0.30%	4.80%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member]
Derivative [Line Items]
Average notional values of currency forward contracts	$ 3,679,293,148	$ 3,633,929,625	$ 3,563,375,423	$ 2,571,910,590

Trading Activities - Offsetting

Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 16,982,022	$ 10,602,087
Gross Amounts Offset in the Statements of Financial Condition, Assets	(14,357,241)	(10,602,087)
Amounts Presented in the Statements of Financial Condition, Assets	2,624,781
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	2,624,781
Gross Amounts Recognized, Liabilities	(14,357,241)	(10,860,112)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	14,357,241	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	2,624,781	(258,025)
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	16,982,022	10,602,087
Gross Amounts Offset in the Statements of Financial Condition, Assets	(14,357,241)	(10,602,087)
Amounts Presented in the Statements of Financial Condition, Assets	2,624,781
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	2,624,781
Gross Amounts Recognized, Liabilities	(14,357,241)	(10,860,112)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	14,357,241	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 ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Net unrealized appreciation (depreciation) on open forward contracts	$ 2,624,781	$ (258,025)
Liabilities [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	(14,357,241)	(10,860,112)
Liabilities [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized depreciation on open forward contracts	(14,357,241)	(10,860,112)
Assets [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	16,982,022	10,602,087
Assets [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open forward contracts	$ 16,982,022	$ 10,602,087

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Derivative [Line Items]
Trading gains and losses	$ (2,101,071)	$ 688,062	$ 2,578,583	$ 3,200,205
Currencies [Member]
Derivative [Line Items]
Trading gains and losses	$ (2,101,071)	$ 688,062	$ 2,578,583	$ 3,200,205

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Cambridge Master Fund LP [Member] - USD ($)	Jun. 30, 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 ($)	Jun. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Derivative assets	$ 75,946,571	$ 60,098,839
Derivative liabilities	14,357,241	10,860,112
Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	16,982,022	10,602,087
Derivative liabilities	14,357,241	10,860,112
U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	58,964,549	49,496,752
Level 2 [Member]
Derivative [Line Items]
Derivative assets	75,946,571	60,098,839
Derivative liabilities	14,357,241	10,860,112
Level 2 [Member] | Forward Contracts [Member]
Derivative [Line Items]
Derivative assets	16,982,022	10,602,087
Derivative liabilities	14,357,241	10,860,112
Level 2 [Member] | U.S. Treasury Bills [Member]
Derivative [Line Items]
Derivative assets	$ 58,964,549	$ 49,496,752