Ceres Tactical Global 10-Q 13 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001097396
Entity Registrant Name	CERES TACTICAL CURRENCY 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		823,974.111

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2017	Dec. 31, 2016
Assets:
Investment in the Master Fund, at fair value	[1]	$ 7,938,349	$ 9,322,120
Cash at bank		1,000	1,000
Interest receivable		2,775	489
Total assets		7,942,124	9,323,609
Accrued expenses:
Ongoing placement agent fees		13,405	16,322
General Partner fees		10,724	13,058
Management fees		10,054	12,242
Redemptions payable to Limited Partners		121,562	186,992
Total liabilities		155,745	228,614
Partners' Capital:
General Partner		101,337	112,063
Limited Partners		7,685,042	8,982,932
Total partners' capital (net asset value)		7,786,379	9,094,995
Total liabilities and partners' capital		$ 7,942,124	$ 9,323,609
Net asset value per Unit		$ 9.11	$ 8.84
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
General Partner, Units outstanding	11,123.904	12,676.699
Limited Partners, Units outstanding	843,544.586	1,016,152.188

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment Income:
Interest income allocated from the Master Fund		$ 14,389	$ 5,799	$ 35,829	$ 17,594
Expenses:
Ongoing placement agent fees		41,663	56,257	131,668	185,954
General Partner fees		33,331	45,004	105,334	148,762
Management fees		31,247	42,190	98,750	139,462
Incentive fees					94,111
Total expenses		106,241	143,451	335,752	568,289
Net investment income (loss)		(91,852)	(137,652)	(299,923)	(550,695)
Net gains (losses) on investment in the Master Fund:
Net realized gains (losses) on closed contracts allocated from the Master Fund		(231,894)	(283,273)	473,133	(316,114)
Net change in unrealized gains (losses) on open contracts allocated from the Master Fund		(162,827)	(508,067)	155,263	16,819
Total trading results		(394,721)	(791,340)	628,396	(299,295)
Net income (loss)		$ (486,573)	$ (928,992)	$ 328,473	$ (849,990)
Net income (loss) per Unit	[1]	$ (0.55)	$ (0.79)	$ 0.27	$ (0.76)
Weighted average number of Units outstanding		878,755.022	1,169,783.752	937,461.930	1,243,993.288
[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]
Units of Partnership Interest, balance at Dec. 31, 2015	1,337,914.406
Redemptions		(210,365.624)	(3,033.367)
Units of Partnership Interest, balance at Sep. 30, 2016	1,124,515.415
Partners' Capital, balance at Dec. 31, 2015	$ 13,267,660	$ 13,111,856	$ 155,804
Redemptions - General Partner	(30,182)		(30,182)
Redemptions - Limited Partners	(2,083,341)	(2,083,341)
Net income (loss)	(849,990)	(840,527)	(9,463)
Partners' Capital, balance at Sep. 30, 2016	$ 10,304,147	$ 10,187,988	$ 116,159
Units of Partnership Interest, balance at Dec. 31, 2016	1,028,828.887
Redemptions		(172,607.602)	(1,552.795)
Units of Partnership Interest, balance at Sep. 30, 2017	854,668.490
Partners' Capital, balance at Dec. 31, 2016	$ 9,094,995	$ 8,982,932	$ 112,063
Redemptions - General Partner	(15,000)		(15,000)
Redemptions - Limited Partners	(1,622,089)	(1,622,089)
Net income (loss)	328,473	324,199	4,274
Partners' Capital, balance at Sep. 30, 2017	$ 7,786,379	$ 7,685,042	$ 101,337

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Ceres Tactical Currency 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 the 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 (as 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 of the Partnership. As of January 1, 2017, Ceres became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by The Cambridge Strategy (Asset Management) Limited (“Cambridge” or “Trading Advisor”). During the reporting periods ended September 30, 2017 and 2016, the Partnership’s and the Master Fund’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) may also act as a foreign exchange forward or swap counterparty for the Master Fund. The Partnership/Master Fund also deposit a portion of their cash in a non-trading 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 “master/feeder” structure should provide 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. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2017. As of September 30, 2017 and December 31, 2016, the Partnership owned approximately 21.1% and 16.3% 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 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	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2017, the results of its operations for the three and nine months ended September 30, 2017 and 2016 and the changes in partners’ capital for the nine months ended September 30, 2017 and 2016. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K “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 Profit Allocation Statement of Cash Flows Statement of Cash Flows. Partnership’s Investment Master Fund’s Investments 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 Partnership’s Statements of Income and Expenses. Master Fund’s Cash Income Taxes. Income Taxes, “more-likely-than-not” more-likely-than-not Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Net Income (Loss) per Unit Financial Services — Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K The Master Fund’s Statements of Financial Condition and Condensed Schedules of Investments as of September 30, 2017 and December 31, 2016, Statements of Income and Expenses for the three and nine months ended September 30, 2017 and 2016 and Changes in Partners’ Capital for the nine months ended September 30, 2017 and 2016 are presented below: Cambridge Master Fund L.P. Statements of Financial Condition September 30, 2017 December 31, Assets: Equity in trading accounts: Unrestricted cash $ 22,706,016 $ 38,139,290 Restricted cash 14,818,884 20,142,391 Net unrealized appreciation on open forward contracts 61,672 - Total equity in trading accounts 37,586,572 58,281,681 Cash at bank 528 217 Expense reimbursements 1,053 568 Total assets $ 37,588,153 $ 58,282,466 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 1,094,500 Accrued expenses: Professional fees 37,728 31,100 Total liabilities 37,728 1,125,600 Partners’ Capital: General Partner - - Limited Partners 37,550,425 57,156,866 Total partners’ capital (net asset value) 37,550,425 57,156,866 Total liabilities and partners’ capital $ 37,588,153 $ 58,282,466 Cambridge Master Fund L.P. Condensed Schedules of Investments September 30, 2017 (Unaudited) Notional ($) Fair Value % of Partners’ Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 771,147,960 $ 7,816,787 20.81 % Total unrealized appreciation on open forward contracts 7,816,787 20.81 Unrealized Depreciation on Open Forward Contracts Currencies $ 652,184,029 (7,755,115 ) (20.65) Total unrealized depreciation on open forward contracts (7,755,115 ) (20.65) Net unrealized appreciation on open forward contracts $ 61,672 0.16 % December 31, 2016 Notional ($) Fair Value % of Partners’ Unrealized Appreciation on Open Forward Contracts Currencies $ 574,487,744 $ 10,266,204 17.96 % Total unrealized appreciation on open forward contracts 10,266,204 17.96 Unrealized Depreciation on Open Forward Contracts Currencies $ 606,733,180 (11,360,704 ) (19.88) Total unrealized depreciation on open forward contracts (11,360,704 ) (19.88) Net unrealized depreciation on open forward contracts $ (1,094,500 ) (1.92) % Cambridge Master Fund L.P. Statements of Income and Expenses (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Investment Income: Interest income $ 74,300 $ 41,057 $ 200,296 $ 113,589 Expenses: Clearing fees 25,271 32,309 71,649 69,850 Professional fees 14,947 20,103 44,839 61,146 Total expenses 40,218 52,412 116,488 130,996 Expense reimbursements (8,124 ) (7,528 ) (21,916 ) (21,153 ) Net expenses 32,094 44,884 94,572 109,843 Net investment income (loss) 42,206 (3,827 ) 105,724 3,746 Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (1,096,651 ) (1,935,196 ) 2,556,171 (2,239,417 ) Net change in unrealized gains (losses) on open contracts (850,420 ) (3,556,803 ) 1,156,174 (673,999 ) Total trading results (1,947,071 ) (5,491,999 ) 3,712,345 (2,913,416 ) Net income (loss) $ (1,904,865 ) $ (5,495,826 ) $ 3,818,069 $ (2,909,670 ) Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital For the Nine Months Ended September 30, 2017 and 2016 (Unaudited) Partners’ Partners’ Capital, December 31, 2016 $ 57,156,866 Redemptions - Limited Partners (23,241,306 ) Net income (loss) 3,818,069 Distribution of interest income to feeder funds (183,204 ) Partners’ Capital, September 30, 2017 $ 37,550,425 Partners’ Capital, December 31, 2015 $ 59,709,922 Subscriptions - Limited Partners 32,274,427 Redemptions - Limited Partners (16,699,923 ) Net income (loss) (2,909,670 ) Distribution of interest income to feeder funds (29,917 ) Partners’ Capital, September 30, 2016 $ 72,344,839

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Financial Highlights of the Partnership: For the Three Months Ended For the Nine Months Ended September 30, 2017 2016 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.45) $ (0.67) $ 0.59 $ (0.32) Net investment loss (0.10) (0.12) (0.32) (0.44) Net increase (decrease) for the period (0.55) (0.79) 0.27 (0.76) Net asset value per Unit, beginning of period 9.66 9.95 8.84 9.92 Net asset value per Unit, end of period $ 9.11 $ 9.16 $ 9.11 $ 9.16 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.4) % (5.0) % (4.6) % (5.8) % Operating expenses before incentive fees 5.1 % 5.2 % 5.2 % 5.2 % Incentive fees - % - % - % 0.8 % Operating expenses after incentive fees 5.1 % 5.2 % 5.2 % 6.0 % Total return: Total return before incentive fees (5.7) % (7.9) % 3.1 % (6.9) % Incentive fees - % - % - % (0.8) % Total return after incentive fees (5.7) % (7.9) % 3.1 % (7.7) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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 limited partners’ capital, and include the income and expenses allocated from the Master Fund. Financial Highlights of the Master Fund: Ratios to average net assets for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended September 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital:* Net investment income (loss)** 0.4 % (0.0 ) % *** 0.3 % 0.0 % *** Operating expenses before expense reimbursements 0.4 % 0.3 % 0.3 % 0.2 % Expense reimbursements (0.1 ) (0.1 ) (0.1) (0.0) *** Operating expenses after expense reimbursements 0.3 % 0.2 % 0.2 % 0.2 % Total return (4.6) % (6.8) % 6.9 % (3.4) % * Annualized. ** Interest income less total expenses. *** Due to rounding. The above ratios and total return may vary for individual investors in the Master Fund based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class of the Master Fund using the limited partners’ share of income, expenses and average partners’ capital.

Financial Instruments through t

Financial Instruments through the Partnership's Investment in the Master Fund	9 Months Ended
	Sep. 30, 2017
Investments, All Other Investments [Abstract]
Financial Instruments through the Partnership's Investment in the Master Fund	4. Financial Instruments through the Partnership’s Investment in the 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 the 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 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 and Futures Interests 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 non-exchange non-exchange In the ordinary course of business, the Partnership, indirectly through its investment in the Master Fund, enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s and Master Fund’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership and the Master Fund. The Partnership and Master Fund consider the risk of any future obligation relating to these indemnifications to be remote.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2017
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. All of the Futures Interests owned by the Master Fund are held for trading purposes. The monthly average notional values of currency forward contracts traded by the Master Fund during the three months ended September 30, 2017 and 2016 were $3,561,017,859 and $4,117,410,931, respectively. The monthly average notional values of currency forward contracts traded by the Master Fund during the nine months ended September 30, 2017 and 2016 were $3,266,444,753 and $3,748,053,926, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Master Fund’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of September 30, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Financial Net Amounts Financial Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Cash Collateral Received/ Assets MS&Co. Forwards $ 255,632 $ (254,729 ) $ 903 $ - $ - $ 903 JPMorgan Forwards 7,561,155 (7,500,386 ) 60,769 - - 60,769 Total assets $ 7,816,787 $ (7,755,115 ) $ 61,672 $ - $ - $ 61,672 Liabilities MS&Co. Forwards $ (254,729 ) $ 254,729 $ - $ - $ - $ - JPMorgan Forwards (7,500,386 ) 7,500,386 - - - - Total liabilities $ (7,755,115 ) $ 7,755,115 $ - $ - $ - $ - Net fair value $ 61,672 * Gross Amounts Gross Amounts Statements of Net Amounts Statements of Gross Amounts Not Offset in the Net December 31, 2016 Financial Cash Collateral Assets MS&Co. Forwards $ 10,266,204 $ (10,266,204 ) $ - $ - $ - $ - Total assets $ 10,266,204 $ (10,266,204 ) $ - $ - $ - $ - Liabilities MS&Co. Forwards $ (11,360,704 ) $ 10,266,204 $ (1,094,500 ) $ - $ - $ (1,094,500) Total liabilities $ (11,360,704 ) $ 10,266,204 $ (1,094,500 ) $ - $ - $ (1,094,500) Net fair value $ (1,094,500) * * In the event of default by the Master Fund, MS&Co., the Master Fund’s commodity futures brokers and a counterparty to certain of the Master Fund’s non-exchange-traded non-exchange-traded The following tables indicate the gross fair values of derivative instruments of forward contracts of the Master Fund as separate assets and liabilities as of September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Assets Forward Contracts Currencies $ 7,816,787 Total unrealized appreciation on open forward contracts 7,816,787 Liabilities Forward Contracts Currencies (7,755,115 ) Total unrealized depreciation on open forward contracts (7,755,115 ) Net unrealized appreciation on open forward contracts $ 61,672 * * This amount is in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, 2016 Assets Forward Contracts Currencies $ 10,266,204 Total unrealized appreciation on open forward contracts 10,266,204 Liabilities Forward Contracts Currencies (11,360,704 ) Total unrealized depreciation on open forward contracts (11,360,704 ) Net unrealized depreciation on open forward contracts $ (1,094,500 ) * * 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 Master Fund’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2017 2016 2017 2016 Currencies $ (1,947,071) $ (5,491,999) $ 3,712,345 $ (2,913,416) Total $ (1,947,071) * $ (5,491,999) * $ 3,712,345 * $ (2,913,416) * * This amount is in “Total trading results” in the Master Fund’s Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: The Master Fund’s 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 The Master Fund considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded September 30, 2017 Total Level 1 Level 2 Level 3 Assets Forwards $ 7,816,787 $ - $ 7,816,787 $ - Total assets $ 7,816,787 $ - $ 7,816,787 $ - Liabilities Forwards $ 7,755,115 $ - $ 7,755,115 $ - Total liabilities $ 7,755,115 $ - $ 7,755,115 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 10,266,204 $ - $ 10,266,204 $ - Total assets $ 10,266,204 $ - $ 10,266,204 $ - Liabilities Forwards $ 11,360,704 $ - $ 11,360,704 $ - Total liabilities $ 11,360,704 $ - $ 11,360,704 $ -

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum13

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation
Statement of Cash Flows	Statement of Cash Flows Statement of Cash Flows.
Partnership's Investment	Partnership’s Investment
Master Fund's Investments	Master Fund’s Investments 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 Partnership’s Statements of Income and Expenses.
Master Fund's Cash	Master Fund’s Cash
Income Taxes	Income Taxes. Income Taxes, “more-likely-than-not” more-likely-than-not
Investment Company Status	Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Net Income (Loss) per Unit	Net Income (Loss) per Unit Financial Services — Investment Companies.”

Basis of Presentation and Sum14

Basis of Presentation and Summary of Significant Accounting Policies (Tables) - Cambridge Master Fund LP [Member]	9 Months Ended
	Sep. 30, 2017
Statements of Financial Condition	Cambridge Master Fund L.P. Statements of Financial Condition September 30, 2017 December 31, Assets: Equity in trading accounts: Unrestricted cash $ 22,706,016 $ 38,139,290 Restricted cash 14,818,884 20,142,391 Net unrealized appreciation on open forward contracts 61,672 - Total equity in trading accounts 37,586,572 58,281,681 Cash at bank 528 217 Expense reimbursements 1,053 568 Total assets $ 37,588,153 $ 58,282,466 Liabilities and Partners’ Capital: Liabilities: Net unrealized depreciation on open forward contracts $ - $ 1,094,500 Accrued expenses: Professional fees 37,728 31,100 Total liabilities 37,728 1,125,600 Partners’ Capital: General Partner - - Limited Partners 37,550,425 57,156,866 Total partners’ capital (net asset value) 37,550,425 57,156,866 Total liabilities and partners’ capital $ 37,588,153 $ 58,282,466
Condensed Schedules of Investments	Cambridge Master Fund L.P. Condensed Schedules of Investments September 30, 2017 (Unaudited) Notional ($) Fair Value % of Partners’ Capital Unrealized Appreciation on Open Forward Contracts Currencies $ 771,147,960 $ 7,816,787 20.81 % Total unrealized appreciation on open forward contracts 7,816,787 20.81 Unrealized Depreciation on Open Forward Contracts Currencies $ 652,184,029 (7,755,115 ) (20.65) Total unrealized depreciation on open forward contracts (7,755,115 ) (20.65) Net unrealized appreciation on open forward contracts $ 61,672 0.16 % December 31, 2016 Notional ($) Fair Value % of Partners’ Unrealized Appreciation on Open Forward Contracts Currencies $ 574,487,744 $ 10,266,204 17.96 % Total unrealized appreciation on open forward contracts 10,266,204 17.96 Unrealized Depreciation on Open Forward Contracts Currencies $ 606,733,180 (11,360,704 ) (19.88) Total unrealized depreciation on open forward contracts (11,360,704 ) (19.88) Net unrealized depreciation on open forward contracts $ (1,094,500 ) (1.92) %
Statements of Income and Expenses	Cambridge Master Fund L.P. Statements of Income and Expenses (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Investment Income: Interest income $ 74,300 $ 41,057 $ 200,296 $ 113,589 Expenses: Clearing fees 25,271 32,309 71,649 69,850 Professional fees 14,947 20,103 44,839 61,146 Total expenses 40,218 52,412 116,488 130,996 Expense reimbursements (8,124 ) (7,528 ) (21,916 ) (21,153 ) Net expenses 32,094 44,884 94,572 109,843 Net investment income (loss) 42,206 (3,827 ) 105,724 3,746 Trading Results: Net gains (losses) on trading of commodity interests: Net realized gains (losses) on closed contracts (1,096,651 ) (1,935,196 ) 2,556,171 (2,239,417 ) Net change in unrealized gains (losses) on open contracts (850,420 ) (3,556,803 ) 1,156,174 (673,999 ) Total trading results (1,947,071 ) (5,491,999 ) 3,712,345 (2,913,416 ) Net income (loss) $ (1,904,865 ) $ (5,495,826 ) $ 3,818,069 $ (2,909,670 )
Statements of Changes in Partners' Capital	Cambridge Master Fund L.P. Statements of Changes in Partners’ Capital For the Nine Months Ended September 30, 2017 and 2016 (Unaudited) Partners’ Partners’ Capital, December 31, 2016 $ 57,156,866 Redemptions - Limited Partners (23,241,306 ) Net income (loss) 3,818,069 Distribution of interest income to feeder funds (183,204 ) Partners’ Capital, September 30, 2017 $ 37,550,425 Partners’ Capital, December 31, 2015 $ 59,709,922 Subscriptions - Limited Partners 32,274,427 Redemptions - Limited Partners (16,699,923 ) Net income (loss) (2,909,670 ) Distribution of interest income to feeder funds (29,917 ) Partners’ Capital, September 30, 2016 $ 72,344,839

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2017
Financial Highlights	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2017 and 2016 were as follows: Financial Highlights of the Partnership: For the Three Months Ended For the Nine Months Ended September 30, 2017 2016 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.45) $ (0.67) $ 0.59 $ (0.32) Net investment loss (0.10) (0.12) (0.32) (0.44) Net increase (decrease) for the period (0.55) (0.79) 0.27 (0.76) Net asset value per Unit, beginning of period 9.66 9.95 8.84 9.92 Net asset value per Unit, end of period $ 9.11 $ 9.16 $ 9.11 $ 9.16 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (4.4) % (5.0) % (4.6) % (5.8) % Operating expenses before incentive fees 5.1 % 5.2 % 5.2 % 5.2 % Incentive fees - % - % - % 0.8 % Operating expenses after incentive fees 5.1 % 5.2 % 5.2 % 6.0 % Total return: Total return before incentive fees (5.7) % (7.9) % 3.1 % (6.9) % Incentive fees - % - % - % (0.8) % Total return after incentive fees (5.7) % (7.9) % 3.1 % (7.7) % * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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.
Cambridge Master Fund LP [Member]
Financial Highlights	Financial Highlights of the Master Fund: Ratios to average net assets for the three and nine months ended September 30, 2017 and 2016 were as follows: Three Months Ended Nine Months Ended September 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital:* Net investment income (loss)** 0.4 % (0.0 ) % *** 0.3 % 0.0 % *** Operating expenses before expense reimbursements 0.4 % 0.3 % 0.3 % 0.2 % Expense reimbursements (0.1 ) (0.1 ) (0.1) (0.0) *** Operating expenses after expense reimbursements 0.3 % 0.2 % 0.2 % 0.2 % Total return (4.6) % (6.8) % 6.9 % (3.4) % * Annualized. ** Interest income less total expenses. *** Due to rounding.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2017
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following tables indicate the Master Fund’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2017 and 2016, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2017 2016 2017 2016 Currencies $ (1,947,071) $ (5,491,999) $ 3,712,345 $ (2,913,416) Total $ (1,947,071) * $ (5,491,999) * $ 3,712,345 * $ (2,913,416) * * This amount is in “Total trading results” in the Master Fund’s Statements of Income and Expenses.
Cambridge Master Fund LP [Member]
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 September 30, 2017 and December 31, 2016, respectively. Gross Amounts Gross Amounts Financial Net Amounts Financial Gross Amounts Not Offset in the Net Amount September 30, 2017 Financial Cash Collateral Received/ Assets MS&Co. Forwards $ 255,632 $ (254,729 ) $ 903 $ - $ - $ 903 JPMorgan Forwards 7,561,155 (7,500,386 ) 60,769 - - 60,769 Total assets $ 7,816,787 $ (7,755,115 ) $ 61,672 $ - $ - $ 61,672 Liabilities MS&Co. Forwards $ (254,729 ) $ 254,729 $ - $ - $ - $ - JPMorgan Forwards (7,500,386 ) 7,500,386 - - - - Total liabilities $ (7,755,115 ) $ 7,755,115 $ - $ - $ - $ - Net fair value $ 61,672 * Gross Amounts Gross Amounts Statements of Net Amounts Statements of Gross Amounts Not Offset in the Net December 31, 2016 Financial Cash Collateral Assets MS&Co. Forwards $ 10,266,204 $ (10,266,204 ) $ - $ - $ - $ - Total assets $ 10,266,204 $ (10,266,204 ) $ - $ - $ - $ - Liabilities MS&Co. Forwards $ (11,360,704 ) $ 10,266,204 $ (1,094,500 ) $ - $ - $ (1,094,500) Total liabilities $ (11,360,704 ) $ 10,266,204 $ (1,094,500 ) $ - $ - $ (1,094,500) Net fair value $ (1,094,500) * * In the event of default by the Master Fund, MS&Co., the Master Fund’s commodity futures brokers and a counterparty to certain of the Master Fund’s non-exchange-traded non-exchange-traded
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 of the Master Fund as separate assets and liabilities as of September 30, 2017 and December 31, 2016, respectively. September 30, 2017 Assets Forward Contracts Currencies $ 7,816,787 Total unrealized appreciation on open forward contracts 7,816,787 Liabilities Forward Contracts Currencies (7,755,115 ) Total unrealized depreciation on open forward contracts (7,755,115 ) Net unrealized appreciation on open forward contracts $ 61,672 * * This amount is in “Net unrealized appreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition. December 31, 2016 Assets Forward Contracts Currencies $ 10,266,204 Total unrealized appreciation on open forward contracts 10,266,204 Liabilities Forward Contracts Currencies (11,360,704 ) Total unrealized depreciation on open forward contracts (11,360,704 ) Net unrealized depreciation on open forward contracts $ (1,094,500 ) * * This amount is in “Net unrealized depreciation on open forward contracts” in the Master Fund’s Statements of Financial Condition.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Cambridge Master Fund LP [Member]
Derivative Instrument Fair Value Based on Hierarchy	September 30, 2017 Total Level 1 Level 2 Level 3 Assets Forwards $ 7,816,787 $ - $ 7,816,787 $ - Total assets $ 7,816,787 $ - $ 7,816,787 $ - Liabilities Forwards $ 7,755,115 $ - $ 7,755,115 $ - Total liabilities $ 7,755,115 $ - $ 7,755,115 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Forwards $ 10,266,204 $ - $ 10,266,204 $ - Total assets $ 10,266,204 $ - $ 10,266,204 $ - Liabilities Forwards $ 11,360,704 $ - $ 11,360,704 $ - Total liabilities $ 11,360,704 $ - $ 11,360,704 $ -

Organization - Additional Infor

Organization - Additional Information (Detail)	Sep. 30, 2017	Dec. 31, 2016
Cambridge Master Fund LP [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of Partnership owned	21.10%	16.30%

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Cash denominated in foreign currencies	$ 87	$ 7
Cost of foreign currencies		$ 36
Cash denominated in foreign currencies, proceeds	46
Uncertain tax position	$ 0
Earliest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2,013
Latest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2,016

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Financial Condition (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015
Equity in trading accounts:
Cash at bank	$ 1,000	$ 1,000
Total assets	7,942,124	9,323,609
Accrued expenses:
Total liabilities	155,745	228,614
Partners' Capital:
General Partner	101,337	112,063
Limited Partners	7,685,042	8,982,932
Total partners' capital (net asset value)	7,786,379	9,094,995	$ 10,304,147	$ 13,267,660
Total liabilities and partners' capital	7,942,124	9,323,609
Cambridge Master Fund LP [Member]
Equity in trading accounts:
Unrestricted cash	22,706,016	38,139,290
Restricted cash	14,818,884	20,142,391
Net unrealized appreciation on open contracts	61,672
Total equity in trading accounts	37,586,572	58,281,681
Cash at bank	528	217
Expense reimbursements	1,053	568
Total assets	37,588,153	58,282,466
Liabilities:
Net unrealized depreciation on open contracts		1,094,500
Accrued expenses:
Professional fees	37,728	31,100
Total liabilities	37,728	1,125,600
Partners' Capital:
General Partner	0	0
Limited Partners	37,550,425	57,156,866
Total partners' capital (net asset value)	37,550,425	57,156,866	$ 72,344,839	$ 59,709,922
Total liabilities and partners' capital	37,588,153	58,282,466
Cambridge Master Fund LP [Member] | Forward Contracts [Member]
Equity in trading accounts:
Net unrealized appreciation on open contracts	$ 61,672
Liabilities:
Net unrealized depreciation on open contracts		$ 1,094,500

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Condensed Schedules of Investments (Detail) - Cambridge Master Fund LP [Member] - Forward Contracts [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 61,672	$ (1,094,500)
Percentage of Partners' Capital	0.16%	(1.92%)
Total unrealized appreciation on open contracts	$ 7,816,787	$ 10,266,204
Total unrealized depreciation on contracts	(7,755,115)	(11,360,704)
Currencies [Member]
Schedule of Investments [Line Items]
Notional	771,147,960	574,487,744
Total unrealized appreciation on open contracts	7,816,787	10,266,204
Notional	652,184,029	606,733,180
Total unrealized depreciation on contracts	$ (7,755,115)	$ (11,360,704)
Net Total Unrealized Appreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	20.81%	17.96%
Net Total Unrealized Appreciation on Open Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	20.81%	17.96%
Net Total Unrealized Depreciation on Open Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(20.65%)	(19.88%)
Net Total Unrealized Depreciation on Open Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	(20.65%)	(19.88%)

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Income and Expenses (Detail) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Investment Income:
Interest income	$ 14,389	$ 5,799	$ 35,829	$ 17,594
Expenses:
Total expenses	106,241	143,451	335,752	568,289
Net investment income (loss)	(91,852)	(137,652)	(299,923)	(550,695)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(231,894)	(283,273)	473,133	(316,114)
Net change in unrealized gains (losses) on open contracts	(162,827)	(508,067)	155,263	16,819
Total trading results	(394,721)	(791,340)	628,396	(299,295)
Net income (loss)	(486,573)	(928,992)	328,473	(849,990)	$ 328,473	$ (849,990)
Cambridge Master Fund LP [Member]
Investment Income:
Interest income	74,300	41,057	200,296	113,589
Expenses:
Clearing fees	25,271	32,309	71,649	69,850
Professional fees	14,947	20,103	44,839	61,146
Total expenses	40,218	52,412	116,488	130,996
Expense reimbursements	(8,124)	(7,528)	(21,916)	(21,153)
Net expenses	32,094	44,884	94,572	109,843
Net investment income (loss)	42,206	(3,827)	105,724	3,746
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts	(1,096,651)	(1,935,196)	2,556,171	(2,239,417)
Net change in unrealized gains (losses) on open contracts	(850,420)	(3,556,803)	1,156,174	(673,999)
Total trading results	(1,947,071)	(5,491,999)	3,712,345	(2,913,416)
Net income (loss)	$ (1,904,865)	$ (5,495,826)	$ 3,818,069	$ (2,909,670)	$ 3,818,069	$ (2,909,670)

Basis of Presentation and Sum23

Basis of Presentation and Summary of Significant Accounting Policies - Statements of Changes in Partners' Capital (Detail) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance			$ 9,094,995	$ 13,267,660	$ 9,094,995	$ 13,267,660
Net income (loss)	$ (486,573)	$ (928,992)	328,473	(849,990)	328,473	(849,990)
Partners' Capital, balance					7,786,379	10,304,147
Limited Partners [Member]
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance			8,982,932	13,111,856	8,982,932	13,111,856
Net income (loss)					324,199	(840,527)
Partners' Capital, balance					7,685,042	10,187,988
Cambridge Master Fund LP [Member]
Limited Partners' Capital Account [Line Items]
Partners' Capital, balance			57,156,866	59,709,922	57,156,866	59,709,922
Net income (loss)	$ (1,904,865)	$ (5,495,826)	$ 3,818,069	$ (2,909,670)	3,818,069	(2,909,670)
Distribution of interest income to feeder funds					(183,204)	(29,917)
Partners' Capital, balance					37,550,425	72,344,839
Cambridge Master Fund LP [Member] | Limited Partners [Member]
Limited Partners' Capital Account [Line Items]
Subscriptions - Limited Partners						32,274,427
Redemptions - Limited Partners					$ (23,241,306)	$ (16,699,923)

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period			$ 8.84
Net asset value per Unit, end of period	$ 9.11		$ 9.11
Cambridge Master Fund LP [Member]
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	0.40%	0.00%	0.30%	0.00%
Operating expenses before expense reimbursements	0.40%	0.30%	0.30%	0.20%
Expense reimbursements	(0.10%)	(0.10%)	(0.10%)	0.00%
Operating expenses after expense reimbursements	0.30%	0.20%	0.20%	0.20%
Total return	(4.60%)	(6.80%)	6.90%	(3.40%)
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (0.45)	$ (0.67)	$ 0.59	$ (0.32)
Net investment loss	(0.10)	(0.12)	(0.32)	(0.44)
Net increase (decrease) for the period	(0.55)	(0.79)	0.27	(0.76)
Net asset value per Unit, beginning of period	9.66	9.95	8.84	9.92
Net asset value per Unit, end of period	$ 9.11	$ 9.16	$ 9.11	$ 9.16
Ratios to Average Limited Partners' Capital:
Net investment income (loss)	(4.40%)	(5.00%)	(4.60%)	(5.80%)
Operating expenses before incentive fees	5.10%	5.20%	5.20%	5.20%
Incentive fees				0.80%
Operating expenses after incentive fees	5.10%	5.20%	5.20%	6.00%
Total return:
Total return before incentive fees	(5.70%)	(7.90%)	3.10%	(6.90%)
Incentive fees				(0.80%)
Total return after incentive fees	(5.70%)	(7.90%)	3.10%	(7.70%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Cambridge Master Fund LP [Member] | Forward Contracts [Member] | Currencies [Member] | Weighted Average [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional values of currency forward contracts	$ 3,561,017,859	$ 4,117,410,931	$ 3,266,444,753	$ 3,748,053,926

Trading Activities - Offsetting

Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - Cambridge Master Fund LP [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 7,816,787	$ 10,266,204
Gross Amounts Offset in the Statements of Financial Condition, Assets	(7,755,115)	(10,266,204)
Amounts Presented in the Statements of Financial Condition, Assets	61,672
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	61,672
Gross Amounts Recognized, Liabilities	(7,755,115)	(11,360,704)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	7,755,115	10,266,204
Net Amounts Presented in the Statements of Financial Condition, Liabilities		(1,094,500)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities		(1,094,500)
Net fair value	61,672	(1,094,500)
Forward Contracts [Member]
Derivative [Line Items]
Amounts Presented in the Statements of Financial Condition, Assets	61,672
Net Amounts Presented in the Statements of Financial Condition, Liabilities		(1,094,500)
Forward Contracts [Member] | MS&Co. [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	255,632	10,266,204
Gross Amounts Offset in the Statements of Financial Condition, Assets	(254,729)	(10,266,204)
Amounts Presented in the Statements of Financial Condition, Assets	903
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	903
Gross Amounts Recognized, Liabilities	(254,729)	(11,360,704)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	254,729	10,266,204
Net Amounts Presented in the Statements of Financial Condition, Liabilities		(1,094,500)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities		$ (1,094,500)
Forward Contracts [Member] | JPMorgan [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	7,561,155
Gross Amounts Offset in the Statements of Financial Condition, Assets	(7,500,386)
Amounts Presented in the Statements of Financial Condition, Assets	60,769
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0
Net Amount, Assets	60,769
Gross Amounts Recognized, Liabilities	(7,500,386)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	7,500,386
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - Cambridge Master Fund LP [Member] - Forward Contracts [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 7,816,787	$ 10,266,204
Total unrealized depreciation on open contracts	(7,755,115)	(11,360,704)
Net unrealized appreciation on open contracts	61,672	(1,094,500)
Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	7,816,787	10,266,204
Total unrealized depreciation on open contracts	$ (7,755,115)	$ (11,360,704)

Trading Activities - Schedule o

Trading Activities - Schedule of Trading Gains and Losses by Market Sector, on Derivative Instruments (Detail) - Cambridge Master Fund LP [Member] - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Derivative [Line Items]
Trading Results	$ (1,947,071)	$ (5,491,999)	$ 3,712,345	$ (2,913,416)
Currencies [Member]
Derivative [Line Items]
Trading Results	$ (1,947,071)	$ (5,491,999)	$ 3,712,345	$ (2,913,416)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - Cambridge Master Fund LP [Member] - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	$ 7,816,787	$ 10,266,204
Derivative liabilities	7,755,115	11,360,704
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	7,816,787	10,266,204
Derivative liabilities	7,755,115	11,360,704
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	7,816,787	10,266,204
Derivative liabilities	7,755,115	11,360,704
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative assets	7,816,787	10,266,204
Derivative liabilities	$ 7,755,115	$ 11,360,704