Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CERES TACTICAL GLOBAL L.P. | |
Entity Central Index Key | 0001097396 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | false | |
Entity Address, State or Province | NY | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,847,761.089 | |
Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 8,620.412 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |
Assets: | |||
Investment in the Fund(s)(1), at fair value | [1] | $ 14,686,475 | $ 1,492,447 |
Redemptions receivable from the Fund(s) | 229,535 | 276,352 | |
Equity in trading accounts: | |||
Unrestricted cash | 18,729,316 | 3,462,890 | |
Restricted cash | 427,779 | 118,195 | |
Net unrealized appreciation on open futures contracts | 186,120 | ||
Total equity in trading accounts | 19,343,215 | 3,581,085 | |
Expense reimbursement | 13,595 | 15,047 | |
Interest receivable | 30,648 | 7,851 | |
Total assets | 34,303,468 | 5,372,782 | |
Liabilities: | |||
Net unrealized depreciation on open futures contracts | 10,645 | ||
Accrued expenses: | |||
Ongoing placement agent fees | 8,623 | ||
General Partner fees | 21,209 | 3,279 | |
Management fees | 23,175 | 3,999 | |
Incentive fees | 86,335 | 18,653 | |
Professional fees | 71,145 | 85,695 | |
Redemptions payable to Limited Partners | 185,259 | 84,066 | |
Total liabilities | 387,123 | 214,960 | |
Partners' Capital: | |||
Total partners' capital (net asset value) | 33,916,345 | 5,157,822 | |
Total liabilities and partners' capital | 34,303,468 | 5,372,782 | |
Class A [Member] | |||
Partners' Capital: | |||
Limited Partners | 33,429,083 | 5,085,280 | |
Total partners' capital (net asset value) | $ 33,429,083 | $ 5,085,280 | |
Net asset value per Unit: | $ 8.60 | $ 8.71 | |
Class Z [Member] | |||
Partners' Capital: | |||
General Partner, Class Z, 37,254.248 and 7,027.337 Units outstanding at September 30, 2019 and December 31, 2018, respectively | $ 385,319 | $ 72,542 | |
Limited Partners | 101,943 | ||
Total partners' capital (net asset value) | $ 487,262 | $ 72,542 | |
Net asset value per Unit: | $ 10.34 | $ 10.32 | |
[1] | Defined in Note 1. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Class A [Member] | ||
Limited Partners, Units outstanding | 3,887,217.100 | 583,751.985 |
Class Z [Member] | ||
General Partner, Units outstanding | 37,254.248 | 7,027.337 |
Limited Partners, Units outstanding | 9,856.785 | 0 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Sep. 30, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | ||
Schedule of Investments [Line Items] | ||||
Fair Value | [1] | $ 14,686,475 | $ 1,492,447 | |
% of Partners' Capital | 43.30% | 28.94% | ||
CMF AE Capital Master Fund LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | $ 1,492,447 | |||
% of Partners' Capital | 28.94% | |||
CMF ADG Master Fund LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Fair Value | $ 14,686,475 | |||
% of Partners' Capital | 43.30% | |||
Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation (depreciation) on open contracts | $ 186,120 | $ (10,645) | ||
% of Partners' Capital | 0.55% | (0.21%) | ||
Contracts Purchased [Member] | Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation (depreciation) on open contracts | $ (262) | $ 2,400 | ||
% of Partners' Capital | 0.00% | [2] | 0.05% | |
Contracts Purchased [Member] | Currencies [Member] | Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Contract | 56 | 2 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (262) | $ 2,400 | ||
% of Partners' Capital | 0.00% | [2] | 0.05% | |
Contracts Sold [Member] | Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation (depreciation) on open contracts | $ 186,382 | $ (13,045) | ||
% of Partners' Capital | 0.55% | (0.26%) | ||
Contracts Sold [Member] | Currencies [Member] | Futures Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Contract | 141 | 57 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 186,382 | $ (13,045) | ||
% of Partners' Capital | 0.55% | (0.26%) | ||
[1] | Defined in Note 1. | |||
[2] | Due to rounding. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Investment Income: | |||||
Interest income | $ 97,024 | $ 12,503 | $ 236,777 | $ 32,849 | |
Interest income allocated from the Funds | 66,581 | 8,992 | 307,914 | 25,759 | |
Total investment income | 163,605 | 21,495 | 544,691 | 58,608 | |
Expenses: | |||||
Expenses allocated from the Funds | 13,436 | 4,275 | 165,362 | 11,594 | |
Clearing fees related to direct investments | 34,660 | 6,167 | 77,002 | 18,747 | |
Ongoing placement agent fees | 169,642 | 28,103 | 539,263 | 89,555 | |
General Partner fees | 64,525 | 10,673 | 205,362 | 33,850 | |
Management fees | 71,068 | 13,903 | 252,590 | 43,685 | |
Incentive fees | 86,335 | 3,338 | 203,155 | 33,708 | |
Professional fees | 78,955 | 43,742 | 231,844 | 134,164 | |
Total expenses | 518,621 | 110,201 | 1,674,578 | 365,303 | |
Expenses borne by the General Partner | (53,924) | (42,087) | (241,990) | (126,142) | |
Net expenses | 464,697 | 68,114 | 1,432,588 | 239,161 | |
Net investment loss | (301,092) | (46,619) | (887,897) | (180,553) | |
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||||
Net realized gains (losses) on closed contracts | 25,281 | 91,865 | (26,434) | 280,132 | |
Net realized gains (losses) on closed contracts allocated from the Funds | (210,191) | (66,289) | (778,358) | (137,223) | |
Net change in unrealized gains (losses) on open contracts | 234,291 | (40,003) | 198,897 | (10,064) | |
Net change in unrealized gains (losses) on open contracts allocated from the Funds | 398,288 | (19,098) | 1,031,211 | 79,728 | |
Total trading results | 447,669 | (33,525) | 425,316 | 212,573 | |
Net income (loss) | 146,577 | (80,144) | (462,581) | 32,020 | |
Class A [Member] | |||||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||||
Net income (loss) | $ 142,138 | $ (79,467) | $ (464,510) | $ 31,185 | |
Net income (loss) per Unit: | [1] | $ 0.04 | $ (0.13) | $ (0.11) | $ 0.03 |
Weighted average number of Units outstanding: | 3,952,643.816 | 646,418.248 | 4,154,317.654 | 691,688.364 | |
Class Z [Member] | |||||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||||
Net income (loss) | $ 4,439 | $ (677) | $ 1,929 | $ 835 | |
Net income (loss) per Unit: | [1] | $ 0.09 | $ (0.10) | $ 0.02 | $ 0.12 |
Weighted average number of Units outstanding: | 47,111.033 | 7,027.337 | 54,038.457 | 7,027.337 | |
[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 | General Partner [Member] | Limited Partners [Member] | Class A [Member] | Class A [Member]General Partner [Member] | Class A [Member]Limited Partners [Member] | Class Z [Member] | Class Z [Member]General Partner [Member] | Class Z [Member]Limited Partners [Member] |
Partners' Capital, beginning of period at Dec. 31, 2017 | $ 6,433,098 | $ 6,433,098 | |||||||
Subscriptions | $ 70,274 | $ 70,274 | |||||||
Redemptions | $ (70,239) | $ (1,110,474) | $ (70,239) | $ (1,110,474) | |||||
Net income (loss) | 32,020 | 31,185 | $ 835 | ||||||
Partners' Capital, end of period at Sep. 30, 2018 | $ 5,354,679 | $ 5,283,570 | $ 71,109 | ||||||
Partners' Capital, Units, beginning of period at Dec. 31, 2017 | 752,427.863 | 752,427.863 | |||||||
Subscriptions (in units) | 7,027.337 | 7,027.337 | |||||||
Redemptions (in units) | (8,199.927) | (128,554.059) | (8,199.927) | (128,554.059) | |||||
Partners' Capital, Units, end of period at Sep. 30, 2018 | 622,701.214 | 615,673.877 | 7,027.337 | ||||||
Partners' Capital, beginning of period at Jun. 30, 2018 | $ 5,802,325 | $ 5,730,539 | $ 71,786 | ||||||
Redemptions | $ (367,502) | $ (367,502) | |||||||
Net income (loss) | (80,144) | (79,467) | (677) | ||||||
Partners' Capital, end of period at Sep. 30, 2018 | $ 5,354,679 | $ 5,283,570 | $ 71,109 | ||||||
Partners' Capital, Units, beginning of period at Jun. 30, 2018 | 665,176.095 | 658,148.758 | 7,027.337 | ||||||
Redemptions (in units) | (42,474.881) | (42,474.881) | |||||||
Partners' Capital, Units, end of period at Sep. 30, 2018 | 622,701.214 | 615,673.877 | 7,027.337 | ||||||
Partners' Capital, beginning of period at Dec. 31, 2018 | $ 5,157,822 | $ 5,085,280 | $ 72,542 | ||||||
Subscriptions | $ 411,459 | $ 33,930,319 | $ 33,753,729 | $ 411,459 | $ 176,590 | ||||
Redemptions | $ (100,000) | $ (5,020,674) | $ (4,945,416) | $ (100,000) | $ (75,258) | ||||
Net income (loss) | (462,581) | (464,510) | 1,929 | ||||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 33,916,345 | $ 33,429,083 | $ 487,262 | ||||||
Partners' Capital, Units, beginning of period at Dec. 31, 2018 | 590,779.322 | 583,751.985 | 7,027.337 | ||||||
Subscriptions (in units) | 39,870.113 | 3,892,396.052 | 3,875,284.653 | 39,870.113 | 17,111.399 | ||||
Redemptions (in units) | (9,643.202) | (579,074.152) | (571,819.538) | (9,643.202) | (7,254.614) | ||||
Partners' Capital, Units, end of period at Sep. 30, 2019 | 3,934,328.133 | 3,887,217.100 | 47,111.033 | ||||||
Partners' Capital, beginning of period at Jun. 30, 2019 | $ 34,702,097 | $ 34,219,274 | $ 482,823 | ||||||
Redemptions | $ (932,329) | $ (932,329) | |||||||
Net income (loss) | 146,577 | 142,138 | 4,439 | ||||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 33,916,345 | $ 33,429,083 | $ 487,262 | ||||||
Partners' Capital, Units, beginning of period at Jun. 30, 2019 | 4,042,799.304 | 3,995,688.271 | 47,111.033 | ||||||
Redemptions (in units) | (108,471.171) | (108,471.171) | |||||||
Partners' Capital, Units, end of period at Sep. 30, 2019 | 3,934,328.133 | 3,887,217.100 | 47,111.033 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Global 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”). The Futures Interests that are traded by the Partnership, either directly, through individually managed accounts, or indirectly, through its investment in the Funds (as defined below), 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. 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, and as the commodity pool operator and general partner or trading manager (in such capacity, the “Trading Manager”) of each Fund (as defined below). Ceres is 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. During the reporting periods ended September 30, 2019 and 2018, the Partnership’s and the Funds’ 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 contract counterparty for the Partnership/Funds. During prior periods included in this report, the Partnership/Funds deposited a portion of their cash in non-trading As of January 1, 2018, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two classes (each, a “Class” or collectively, the “Classes”): Class A Units and Class Z Units. Class A Units and Class Z Units are identical, except that Class Z Units are not subject to the monthly ongoing placement agent fee. Class A Units are subject to a monthly ongoing placement agent fee equal to 1/12 of 2.0% (a 2.0% annual rate) of adjusted beginning net assets of Class A. All Units issued prior to January 1, 2018 were deemed “Class A Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class Z Units were first issued on April 1, 2018. As of September 30, 2019, all trading decisions were made for the Partnership by P/E Global LLC (“P/E Global”), Greenwave Capital Management LLC (“Greenwave”) and ADG Capital Management LLP (“ADG”) (each, a “Trading Advisor” and collectively, the “Trading Advisors”), each of which is a registered commodity trading advisor. Effective June 30, 2019, SECOR Capital Advisors, LP (“SECOR”) ceased to act as a commodity trading advisor to the Partnership. On June 30, 2019, the Partnership fully redeemed its investment in SECOR Master Fund L.P. (“SECOR Master”). Effective April 3, 2019, the General Partner terminated AE Capital PTY Limited (“AE Capital”) as a commodity trading advisor to the Partnership. For the interim period from April 4, 2019 through April 30, 2019, the Partnership’s assets previously allocated to AE Capital were not charged a management fee and was credited with interest income at a rate equal to the monthly average of the 4-Week P/E Global directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to P/E Global’s FX Strategy Standard – MS Program. Greenwave directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to Greenwave’s Flagship Plus Program. Effective October 10, 2018, the Partnership changed its name from Ceres Tactical Currency L.P. to Ceres Tactical Global L.P. CMF ADG Master Fund LLC (“ADG Master”) has, and each of SECOR Master, AE Capital Master, Willowbridge Master and Cambridge Master Fund L.P. (“Cambridge Master”) (prior to their respective terminations) had, entered into a futures brokerage account agreement and a foreign exchange prime brokerage agreement with MS&Co. ADG Master will be referred to as the “Fund”. References herein to Funds may also include, as relevant, SECOR Master, AE Capital Master, Willowbridge Master and Cambridge Master. The Partnership has also entered into a futures brokerage account agreement and a foreign exchange prime brokerage agreement with MS&Co. Pursuant to these agreements, the Partnership, directly or through its investment in the Funds, pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, Effective July 12, 2017 and prior to their respective terminations, Cambridge Master and SECOR Master each entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. In addition to Cambridge Master and SECOR Master, Cambridge (and, subsequently, Mesirow, pursuant to the novation, assignment and assumption agreement) and SECOR were parties to the FX Agreements for the Funds to which each acted as commodity trading advisor. Under each FX Agreement, JPMorgan charged a fee on the aggregate foreign currency transactions entered into on behalf of the respective Fund during a month. On October 10, 2018, Cambridge, Mesirow, Cambridge Master and JPMorgan entered into an amendment and assignment agreement, dated October 10, 2018 (the “Assignment Agreement”), effective as of October 1, 2018, to the FX Agreement, pursuant to which Cambridge assigned to Mesirow all of its rights, liabilities, duties and obligations under and in respect of the FX Agreement, Mesirow accepted such assignment and assumed all rights, liabilities, duties and obligations under and in respect of the FX Agreement, and JPMorgan consented to such assignment and assumption. Pursuant to the Assignment Agreement, all references to Cambridge were replaced by references to Mesirow, and all references to “Investment Manager” are deemed to refer to Mesirow. On October 10, 2018, Cambridge Master and JPMorgan entered into an amendment, dated as of October 10, 2018 (the “ISDA Amendment”), effective as of October 1, 2018, to the schedule to the Master Agreement, dated as of July 12, 2017, between Cambridge Master and JPMorgan. Pursuant to the ISDA Amendment, all references to Cambridge were replaced by references to Mesirow. The General Partner fees, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of the Class. 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, to the extent these expenses exceed 0.85% annually of the net assets of the Partnership , includ ing |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
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, 2019, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2019 and 2018. 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 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 in the Funds. Partnership’s/Funds’ Derivative Investments The Partnership and the Funds do 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/Funds’ Statements of Income and Expenses. Partnership’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 |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2019 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.12 $ 0.13 $ (0.06) $ 0.10 $ 0.13 $ 0.29 Net investment loss (0.08) (0.04) (0.07) (0.21) (0.11) (0.26) Net increase (decrease) for the period 0.04 0.09 (0.13) (0.11) 0.02 0.03 Net asset value per Unit, beginning of period 8.56 10.25 8.71 8.71 10.32 8.55 Net asset value per Unit, end of period $ 8.60 $ 10.34 $ 8.58 $ 8.60 $ 10.34 $ 8.58 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (2.8) % (0.7) % (3.1) % (3.1) % (1.3) % (3.9) % Operating expenses 5.0 % 3.0 % 7.6 % 5.5 % 3.5 % 7.5 % Expenses borne by the General Partner (0.6) % (0.6) % (3.0) % (0.9) % (0.9) % (2.8) % Incentive fees 0.3 % 0.2 % 0.1 % 0.6 % 0.7 % 0.6 % Total expenses 4.7 % 2.6 % 4.7 % 5.2 % 3.3 % 5.3 % Total return: Total return before incentive fees 0.7 % 1.2 % (1.4) % (0.7) % 1.0 % 1.0 % Incentive fees (0.2) % (0.3) % (0.1) % (0.6) % (0.8) % (0.6) % Total return after incentive fees 0.5 % 0.9 % (1.5) % (1.3) % 0.2 % 0.4 % * 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 Classes using the limited partners’ share of income, expenses and average limited partners’ capital of the Partnership, and include the income and expenses allocated from the Funds. |
Trading Activities
Trading Activities | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 4. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, each Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. All of the Futures Interests owned directly by the Partnership are held for trading purposes. All of the Futures Interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended September 30, 2019 and 2018 was 227 and 36, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2019 and 2018 was 178 and 45, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended September 30, 2019 and 2018 was 54 and 0, respectively. The monthly average number of option contracts traded directly by the Partnership during the nine months ended September 30, 2019 and 2018 was 22 and 0, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Gross Amounts Recognized Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Financial Cash Collateral Net Amount Assets Futures $ 200,704 $ (14,584) $ 186,120 $ - $ - $ 186,120 Total assets $ 200,704 $ (14,584) $ 186,120 $ - $ - $ 186,120 Liabilities Futures $ (14,584) $ 14,584 $ - $ - $ - $ - Total liabilities $ (14,584) $ 14,584 $ - $ - $ - $ - Net fair value $ 186,120 * December 31, 2018 Gross Amounts Recognized Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Financial Cash Collateral Net Amount Assets Futures $ 15,181 $ (15,181) $ - $ - $ - $ - Total assets $ 15,181 $ (15,181) $ - $ - $ - $ - Liabilities Futures $ (25,826) $ 15,181 $ (10,645) $ - $ 10,645 $ - Total liabilities $ (25,826) $ 15,181 $ (10,645) $ - $ 10,645 $ - Net fair value $ - * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Assets Futures Contracts Currencies $ 200,704 Total unrealized appreciation on open futures contracts 200,704 Liabilities Futures Contracts Currencies (14,584) Total unrealized depreciation on open futures contracts (14,584) Net unrealized appreciation on open futures contracts $ 186,120 * * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 15,181 Total unrealized appreciation on open futures contracts 15,181 Liabilities Futures Contracts Currencies (25,826) Total unrealized depreciation on open futures contracts (25,826) Net unrealized depreciation on open futures contracts $ (10,645) * * This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended Sector 2019 2018 2019 2018 Currencies $ 433,271 $ 53,946 $ 444,671 $ 278,708 Energy (1,937) 1,556 12,368 3,551 Indices (157,858) 4,951 (217,002) 1,233 Interest Rates U.S. (27,480) (2,918) (78,540) 8,093 Interest Rates Non-U.S. 30,755 (5,255) 28,947 (13,516) Metals (17,179) (418) (17,981) (8,001) Total $ 259,572 ** $ 51,862 ** $ 172,463 ** $ 270,068 ** ** This amount is in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Partnership’s and the Funds’ 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 Partnership and the Funds consider prices for commodity futures, 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, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 200,704 $ 200,704 $ - $ - Total assets $ 200,704 $ 200,704 $ - $ - Liabilities Futures $ 14,584 $ 14,584 $ - $ - Total liabilities $ 14,584 $ 14,584 $ - $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 15,181 $ 15,181 $ - $ - Total assets $ 15,181 $ 15,181 $ - $ - Liabilities Futures $ 25,826 $ 25,826 $ - $ - Total liabilities $ 25,826 $ 25,826 $ - $ - |
Investment in the Funds
Investment in the Funds | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Investments [Abstract] | |
Investment in the Funds | 6. Investment in the Funds: On or about February 1, 2019, the Partnership allocated a portion of its assets to ADG for trading through investment in ADG Master, a Delaware limited liability company. ADG Master permits accounts managed by ADG using ADG Systematic Macro Fund’s strategy, a proprietary, discretionary trading program, to invest together in one trading vehicle. The General Partner is also the trading manager of ADG Master. Individual and pooled accounts currently managed by ADG, including the Partnership, are permitted to be members of ADG Master. The Trading Manager and ADG believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. On or about January 1, 2019, the Partnership allocated a portion of its assets to SECOR for trading through investment in SECOR Master, a Delaware limited partnership. On June 30, 2019, the Partnership fully redeemed its investment in SECOR Master. On or about February 1, 2018, the Partnership allocated a portion of its assets to AE Capital for trading through investment in AE Capital Master, a Delaware limited liability company. On April 30, 2019, the Partnership fully redeemed its investment in AE Capital Master. On or about January 1, 2019, the Partnership allocated a portion of its assets to Willowbridge for trading through investment in Willowbridge Master, a New York limited partnership. Effective the close of business on January 31, 2019, the Partnership fully redeemed its investment in Willowbridge Master. On November 1, 2012, the Partnership allocated a portion of its assets to Cambridge for trading through investment in Cambridge Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership fully redeemed its investment in Cambridge Master on December 31, 2018. The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended September 30, 2019. The Funds’ and the Partnership’s trading of Futures Interests is done primarily on U.S. and foreign commodity exchanges. The Funds and the Partnership engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in a Fund withdraws all or part of its capital contribution and undistributed profits, if any, from the Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Fund. However, for each Fund a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, ongoing placement agent fees, General Partner fees and incentive fees are charged at the Partnership level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership and also charged directly at the Partnership level. The General Partner reimburses the Partnership for clearing fees and professional fees to the extent that these fees exceed 0.85% annually of the net assets of the Partnership. At September 30, 2019, the Partnership owned approximately 37.1% of ADG Master. At December 31, 2018, the Partnership owned approximately 7.6% of AE Capital Master. It is the Partnership’s intention to continue to invest in ADG Master. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’/members’ capital of the Funds is shown in the following tables: September 30, 2019 Total Assets Total Liabilities Total Capital ADG Master $ 39,885,188 $ 339,282 $ 39,545,906 December 31, 2018 Total Assets Total Liabilities Total Capital Cambridge Master $ 21,433,817 $ 4,151,814 $ 17,282,003 AE Capital Master 19,758,302 99,954 19,658,348 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended September 30, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) ADG Master $ 139,759 $ 526,901 $ 666,660 For the nine months ended September 30, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) AE Capital Master (a) $ 71,739 $ (890,810 ) $ (819,071 ) SECOR Master (b) (84,266 ) 2,719,987 2,635,721 Willowbridge Master (c) 220,431 (759,939 ) (539,508 ) ADG Master (d) 351,634 (251,192 ) 100,442 For the three months ended September 30, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 102,313 $ (3,445,315 ) $ (3,343,002 ) AE Capital Master 67,934 (657,511 ) (589,577 ) For the nine months ended September 30, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 286,968 $ (1,952,669 ) $ (1,665,701 ) AE Capital Master (e) 157,473 (1,471,268 ) (1,313,795 ) (a) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master. (b) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (c) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (d) From February 1, 2019, commencement of operations for ADG Master, through September 30, 2019. (e) From February 1, 2018, commencement of operations for AE Capital Master, through September 30, 2018. Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata September 30, 2019 For the three months ended September 30, 2019 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Fund Clearing Fees Professional Fees Investment Objective Redemptions Permitted ADG Master 43.30 % $ 14,686,475 $ 254,678 $ 6,397 $ 7,039 $ 241,242 Commodity Monthly Total $ 14,686,475 $ 254,678 $ 6,397 $ 7,039 $ 241,242 September 30, 2019 For the nine months ended September 30, 2019 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted AE Capital Master (a) - % $ - $ (146,512 ) $ 9,592 $ 8,603 $ (164,707 ) Commodity Monthly SECOR Master (b) - % - 665,225 96,606 7,205 561,414 Commodity Monthly Willowbridge Master (c) - % - (45,751 ) 9,757 589 (56,097 ) Commodity Monthly ADG Master (d) 43.30 % 14,686,475 87,805 15,367 17,643 54,795 Commodity Monthly Total $ 14,686,475 $ 560,767 $ 131,322 $ 34,040 $ 395,405 December 31, 2018 For the three months ended September 30, 2018 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted Cambridge Master - % $ - $ (33,790) $ 219 $ 164 $ (34,173) Commodity Monthly AE Capital Master 28.94 % 1,492,447 (42,605) 2,462 1,430 (46,497) Commodity Monthly Total $ 1,492,447 $ (76,395) $ 2,681 $ 1,594 $ (80,670) December 31, 2018 For the nine months ended September 30, 2018 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted Cambridge Master - % $ - $ 73,877 $ 778 $ 826 $ 72,273 Commodity Monthly AE Capital Master (e) 28.94 % 1,492,447 (105,613 ) 5,805 4,185 (115,603 ) Commodity Monthly Total $ 1,492,447 $ (31,736 ) $ 6,583 $ 5,011 $ (43,330 ) (a) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master. (b) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (c) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (d) From February 1, 2019, commencement of operations for ADG Master, through September 30, 2019. (e) From February 1, 2018, commencement of operations for AE Capital Master, through September 30, 2018. |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 7. Financial Instruments: The Partnership and the Funds trade 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 a net unrealized appreciation or depreciation on open futures contracts or net unrealized appreciation or depreciation on open forward contracts. The resulting net change in unrealized gains and losses is reflected in “Net change in unrealized gains (losses) on open contracts” and “Net change in unrealized gains (losses) on open contracts allocated from the Funds” from one period to the next in the Statements of Income and Expenses. The Partnership’s/Funds’ 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. In general, the risks associated with non-exchange non-exchange The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s non-exchange non-exchange non-exchange The General Partner monitors and attempts to mitigate the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and, accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions. The U.S. Treasury bills and Futures Interests traded by the Partnership and the Funds 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 and the Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s/Funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership/Funds. The Partnership and the Funds consider the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be 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 Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
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 in the Funds | Partnership’s Investment in the Funds. |
Partnership's/Funds' Derivative Investments | Partnership’s/Funds’ Derivative Investments The Partnership and the Funds do 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/Funds’ Statements of Income and Expenses. |
Partnership's Cash | Partnership’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.” |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investment Company [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.12 $ 0.13 $ (0.06) $ 0.10 $ 0.13 $ 0.29 Net investment loss (0.08) (0.04) (0.07) (0.21) (0.11) (0.26) Net increase (decrease) for the period 0.04 0.09 (0.13) (0.11) 0.02 0.03 Net asset value per Unit, beginning of period 8.56 10.25 8.71 8.71 10.32 8.55 Net asset value per Unit, end of period $ 8.60 $ 10.34 $ 8.58 $ 8.60 $ 10.34 $ 8.58 Three Months Ended Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (2.8) % (0.7) % (3.1) % (3.1) % (1.3) % (3.9) % Operating expenses 5.0 % 3.0 % 7.6 % 5.5 % 3.5 % 7.5 % Expenses borne by the General Partner (0.6) % (0.6) % (3.0) % (0.9) % (0.9) % (2.8) % Incentive fees 0.3 % 0.2 % 0.1 % 0.6 % 0.7 % 0.6 % Total expenses 4.7 % 2.6 % 4.7 % 5.2 % 3.3 % 5.3 % Total return: Total return before incentive fees 0.7 % 1.2 % (1.4) % (0.7) % 1.0 % 1.0 % Incentive fees (0.2) % (0.3) % (0.1) % (0.6) % (0.8) % (0.6) % Total return after incentive fees 0.5 % 0.9 % (1.5) % (1.3) % 0.2 % 0.4 % * 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. |
Trading Activities (Tables)
Trading Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Gross Amounts Recognized Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Financial Cash Collateral Net Amount Assets Futures $ 200,704 $ (14,584) $ 186,120 $ - $ - $ 186,120 Total assets $ 200,704 $ (14,584) $ 186,120 $ - $ - $ 186,120 Liabilities Futures $ (14,584) $ 14,584 $ - $ - $ - $ - Total liabilities $ (14,584) $ 14,584 $ - $ - $ - $ - Net fair value $ 186,120 * December 31, 2018 Gross Amounts Recognized Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Statements of Financial Condition Financial Cash Collateral Net Amount Assets Futures $ 15,181 $ (15,181) $ - $ - $ - $ - Total assets $ 15,181 $ (15,181) $ - $ - $ - $ - Liabilities Futures $ (25,826) $ 15,181 $ (10,645) $ - $ 10,645 $ - Total liabilities $ (25,826) $ 15,181 $ (10,645) $ - $ 10,645 $ - Net fair value $ - * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s 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 futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Assets Futures Contracts Currencies $ 200,704 Total unrealized appreciation on open futures contracts 200,704 Liabilities Futures Contracts Currencies (14,584) Total unrealized depreciation on open futures contracts (14,584) Net unrealized appreciation on open futures contracts $ 186,120 * * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 15,181 Total unrealized appreciation on open futures contracts 15,181 Liabilities Futures Contracts Currencies (25,826) Total unrealized depreciation on open futures contracts (25,826) Net unrealized depreciation on open futures contracts $ (10,645) * * This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2019 and 2018, respectively. Three Months Ended Nine Months Ended Sector 2019 2018 2019 2018 Currencies $ 433,271 $ 53,946 $ 444,671 $ 278,708 Energy (1,937) 1,556 12,368 3,551 Indices (157,858) 4,951 (217,002) 1,233 Interest Rates U.S. (27,480) (2,918) (78,540) 8,093 Interest Rates Non-U.S. 30,755 (5,255) 28,947 (13,516) Metals (17,179) (418) (17,981) (8,001) Total $ 259,572 ** $ 51,862 ** $ 172,463 ** $ 270,068 ** ** This amount is in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | September 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 200,704 $ 200,704 $ - $ - Total assets $ 200,704 $ 200,704 $ - $ - Liabilities Futures $ 14,584 $ 14,584 $ - $ - Total liabilities $ 14,584 $ 14,584 $ - $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 15,181 $ 15,181 $ - $ - Total assets $ 15,181 $ 15,181 $ - $ - Liabilities Futures $ 25,826 $ 25,826 $ - $ - Total liabilities $ 25,826 $ 25,826 $ - $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Investments [Abstract] | |
Assets, Liabilities and Partners'/ Members' Capital of the Funds | Summarized information reflecting the total assets, liabilities and partners’/members’ capital of the Funds is shown in the following tables: September 30, 2019 Total Assets Total Liabilities Total Capital ADG Master $ 39,885,188 $ 339,282 $ 39,545,906 December 31, 2018 Total Assets Total Liabilities Total Capital Cambridge Master $ 21,433,817 $ 4,151,814 $ 17,282,003 AE Capital Master 19,758,302 99,954 19,658,348 |
Net Investment Income (Loss), Trading Results and Net Income (Loss) for th Funds | Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended September 30, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) ADG Master $ 139,759 $ 526,901 $ 666,660 For the nine months ended September 30, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) AE Capital Master (a) $ 71,739 $ (890,810 ) $ (819,071 ) SECOR Master (b) (84,266 ) 2,719,987 2,635,721 Willowbridge Master (c) 220,431 (759,939 ) (539,508 ) ADG Master (d) 351,634 (251,192 ) 100,442 For the three months ended September 30, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 102,313 $ (3,445,315 ) $ (3,343,002 ) AE Capital Master 67,934 (657,511 ) (589,577 ) For the nine months ended September 30, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 286,968 $ (1,952,669 ) $ (1,665,701 ) AE Capital Master (e) 157,473 (1,471,268 ) (1,313,795 ) (a) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master. (b) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (c) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (d) From February 1, 2019, commencement of operations for ADG Master, through September 30, 2019. (e) From February 1, 2018, commencement of operations for AE Capital Master, through September 30, 2018. |
Partnership's Investments in and Partnership's Pro-rata Share of Results of Operations of the Funds | Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata September 30, 2019 For the three months ended September 30, 2019 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Fund Clearing Fees Professional Fees Investment Objective Redemptions Permitted ADG Master 43.30 % $ 14,686,475 $ 254,678 $ 6,397 $ 7,039 $ 241,242 Commodity Monthly Total $ 14,686,475 $ 254,678 $ 6,397 $ 7,039 $ 241,242 September 30, 2019 For the nine months ended September 30, 2019 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted AE Capital Master (a) - % $ - $ (146,512 ) $ 9,592 $ 8,603 $ (164,707 ) Commodity Monthly SECOR Master (b) - % - 665,225 96,606 7,205 561,414 Commodity Monthly Willowbridge Master (c) - % - (45,751 ) 9,757 589 (56,097 ) Commodity Monthly ADG Master (d) 43.30 % 14,686,475 87,805 15,367 17,643 54,795 Commodity Monthly Total $ 14,686,475 $ 560,767 $ 131,322 $ 34,040 $ 395,405 December 31, 2018 For the three months ended September 30, 2018 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted Cambridge Master - % $ - $ (33,790) $ 219 $ 164 $ (34,173) Commodity Monthly AE Capital Master 28.94 % 1,492,447 (42,605) 2,462 1,430 (46,497) Commodity Monthly Total $ 1,492,447 $ (76,395) $ 2,681 $ 1,594 $ (80,670) December 31, 2018 For the nine months ended September 30, 2018 % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Funds Clearing Fees Professional Fees Investment Objective Redemptions Permitted Cambridge Master - % $ - $ 73,877 $ 778 $ 826 $ 72,273 Commodity Monthly AE Capital Master (e) 28.94 % 1,492,447 (105,613 ) 5,805 4,185 (115,603 ) Commodity Monthly Total $ 1,492,447 $ (31,736 ) $ 6,583 $ 5,011 $ (43,330 ) (a) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master. (b) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (c) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (d) From February 1, 2019, commencement of operations for ADG Master, through September 30, 2019. (e) From February 1, 2018, commencement of operations for AE Capital Master, through September 30, 2018. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ongoing selling agent fee, monthly percentage | 0.1667% |
Morgan Stanley Wealth Management [Member] | Capital Unit, Class A [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ongoing selling agent fee | 2.00% |
General Partner [Member] | Minimum [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage of expenses to net assets to be covered by General Partner | 0.85% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Restricted cash | $ 427,779 | $ 118,195 |
Cash denominated in foreign currencies | 86,086 | (13,519) |
Cash denominated in foreign currencies, proceeds | $ 13,573 | |
Cash denominated in foreign currencies, cost | 83,900 | |
Uncertain tax position | $ 0 | |
Open tax year | 2015 2016 2017 2018 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class A [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of period | $ 8.71 | |||
Net asset value per Unit, end of period | $ 8.60 | 8.60 | ||
Class A [Member] | Limited Partners [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | 0.12 | $ (0.06) | 0.10 | $ 0.29 |
Net investment loss | (0.08) | (0.07) | (0.21) | (0.26) |
Net increase (decrease) for the period | 0.04 | (0.13) | (0.11) | 0.03 |
Net asset value per Unit, beginning of period | 8.56 | 8.71 | 8.71 | 8.55 |
Net asset value per Unit, end of period | $ 8.60 | $ 8.58 | $ 8.60 | $ 8.58 |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (2.80%) | (3.10%) | (3.10%) | (3.90%) |
Operating expenses | 5.00% | 7.60% | 5.50% | 7.50% |
Expenses borne by the General Partner | (0.60%) | (3.00%) | (0.90%) | (2.80%) |
Incentive fees | 0.30% | 0.10% | 0.60% | 0.60% |
Total expenses | 4.70% | 4.70% | 5.20% | 5.30% |
Total return: | ||||
Incentive fees | (0.30%) | (0.10%) | (0.60%) | (0.60%) |
Class A [Member] | Total Return [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Incentive fees | 0.20% | 0.10% | 0.60% | 0.60% |
Total return: | ||||
Total return before incentive fees | 0.70% | (1.40%) | (0.70%) | 1.00% |
Incentive fees | (0.20%) | (0.10%) | (0.60%) | (0.60%) |
Total return after incentive fees | 0.50% | (1.50%) | (1.30%) | 0.40% |
Class Z [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of period | $ 10.32 | |||
Net asset value per Unit, end of period | $ 10.34 | 10.34 | ||
Class Z [Member] | Limited Partners [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | 0.13 | 0.13 | ||
Net investment loss | (0.04) | (0.11) | ||
Net increase (decrease) for the period | 0.09 | 0.02 | ||
Net asset value per Unit, beginning of period | 10.25 | 10.32 | ||
Net asset value per Unit, end of period | $ 10.34 | $ 10.34 | ||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (0.70%) | (1.30%) | ||
Operating expenses | 3.00% | 3.50% | ||
Expenses borne by the General Partner | (0.60%) | (0.90%) | ||
Incentive fees | 0.20% | 0.70% | ||
Total expenses | 2.60% | 3.30% | ||
Total return: | ||||
Incentive fees | (0.20%) | (0.70%) | ||
Class Z [Member] | Total Return [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Incentive fees | 0.30% | 0.80% | ||
Total return: | ||||
Total return before incentive fees | 1.20% | 1.00% | ||
Incentive fees | (0.30%) | (0.80%) | ||
Total return after incentive fees | 0.90% | 0.20% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - Contract | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Futures Contracts [Member] | ||||
Derivative [Line Items] | ||||
Average number of derivative contracts traded | 227 | 36 | 178 | 45 |
Option Contracts [Member] | ||||
Derivative [Line Items] | ||||
Average number of derivative contracts traded | 54 | 0 | 22 | 0 |
Trading Activities - Offsetting
Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 200,704 | $ 15,181 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (14,584) | (15,181) |
Amounts Presented in the Statements of Financial Condition, Assets | 186,120 | |
Net Amount, Assets | 186,120 | |
Gross Amounts Recognized, Liabilities | (14,584) | (25,826) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 14,584 | 15,181 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (10,645) | |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 10,645 | |
Net fair value | 186,120 | |
Futures Contracts [Member] | MS&Co. [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 200,704 | 15,181 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (14,584) | (15,181) |
Amounts Presented in the Statements of Financial Condition, Assets | 186,120 | |
Net Amount, Assets | 186,120 | |
Gross Amounts Recognized, Liabilities | (14,584) | (25,826) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | $ 14,584 | 15,181 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (10,645) | |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | $ 10,645 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - Futures Contracts [Member] - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total unrealized appreciation on open futures contracts | $ 200,704 | $ 15,181 |
Total unrealized depreciation on open futures contracts | (14,584) | (25,826) |
Net unrealized depreciation on open futures contracts | 186,120 | (10,645) |
Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures contracts | 200,704 | 15,181 |
Total unrealized depreciation on open futures contracts | $ (14,584) | $ (25,826) |
Trading Activities - Schedule o
Trading Activities - Schedule of Trading Gains and Losses by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Total trading results | $ 259,572 | $ 51,862 | $ 172,463 | $ 270,068 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 433,271 | 53,946 | 444,671 | 278,708 |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (1,937) | 1,556 | 12,368 | 3,551 |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (157,858) | 4,951 | (217,002) | 1,233 |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (27,480) | (2,918) | (78,540) | 8,093 |
Interest Rates Non-U.S. [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 30,755 | (5,255) | 28,947 | (13,516) |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | $ (17,179) | $ (418) | $ (17,981) | $ (8,001) |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 200,704 | $ 15,181 |
Total liabilities | 14,584 | 25,826 |
Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 200,704 | 15,181 |
Total liabilities | 14,584 | 25,826 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 200,704 | 15,181 |
Total liabilities | 14,584 | 25,826 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 200,704 | 15,181 |
Total liabilities | $ 14,584 | $ 25,826 |
Investment in the Funds - Addit
Investment in the Funds - Additional Information (Detail) - TradingVehicle | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Minimum [Member] | General Partner [Member] | ||
Investment [Line Items] | ||
Percentage of expenses to net assets to be covered by General Partner | 0.85% | |
CMF AE Capital Master Fund LLC [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 7.60% | |
SECOR Master Fund LP [Member] | ||
Investment [Line Items] | ||
Number of trading vehicles | 1 | |
CMF ADG Master Fund LLC [Member] | ||
Investment [Line Items] | ||
Number of trading vehicles | 1 | |
Percentage owned by partnership | 37.10% |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners'/ Members' Capital of the Funds (Detail) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||||||
Total Assets | $ 34,303,468 | $ 5,372,782 | ||||
Total Liabilities | 387,123 | 214,960 | ||||
Total Capital | 33,916,345 | $ 34,702,097 | 5,157,822 | $ 5,354,679 | $ 5,802,325 | $ 6,433,098 |
Cambridge Master Fund L.P. [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Total Assets | 21,433,817 | |||||
Total Liabilities | 4,151,814 | |||||
Total Capital | 17,282,003 | |||||
CMF AE Capital Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Total Assets | 19,758,302 | |||||
Total Liabilities | 99,954 | |||||
Total Capital | $ 19,658,348 | |||||
CMF ADG Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Total Assets | 39,885,188 | |||||
Total Liabilities | 339,282 | |||||
Total Capital | $ 39,545,906 |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for the Funds (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | $ (301,092) | $ (46,619) | $ (887,897) | $ (180,553) |
Total Trading Results | 447,669 | (33,525) | 425,316 | 212,573 |
Net income (loss) | 146,577 | (80,144) | (462,581) | 32,020 |
Cambridge Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | 102,313 | 286,968 | ||
Total Trading Results | (3,445,315) | (1,952,669) | ||
Net income (loss) | (3,343,002) | (1,665,701) | ||
CMF AE Capital Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | 67,934 | 71,739 | 157,473 | |
Total Trading Results | (657,511) | (890,810) | (1,471,268) | |
Net income (loss) | $ (589,577) | (819,071) | $ (1,313,795) | |
SECOR Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | (84,266) | |||
Total Trading Results | 2,719,987 | |||
Net income (loss) | 2,635,721 | |||
Willowbridge Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | 220,431 | |||
Total Trading Results | (759,939) | |||
Net income (loss) | (539,508) | |||
CMF ADG Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | 139,759 | 351,634 | ||
Total Trading Results | 526,901 | (251,192) | ||
Net income (loss) | $ 666,660 | $ 100,442 |
Investment in the Funds - Partn
Investment in the Funds - Partnership's Investments in and Partnership's Pro-rata Share of Results of Operations of the Funds (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 43.30% | 43.30% | 28.94% | |||
Fair Value | [1] | $ 14,686,475 | $ 14,686,475 | $ 1,492,447 | ||
Expenses, Clearing Fees | 34,660 | $ 6,167 | 77,002 | $ 18,747 | ||
Expenses, Professional fees | 78,955 | 43,742 | 231,844 | 134,164 | ||
Net income (loss) | $ 146,577 | (80,144) | (462,581) | 32,020 | ||
Cambridge Master Fund L.P. [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Net income (loss) | (3,343,002) | (1,665,701) | ||||
CMF AE Capital Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 28.94% | |||||
Fair Value | $ 1,492,447 | |||||
Net income (loss) | (589,577) | (819,071) | (1,313,795) | |||
SECOR Master Fund LP [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Net income (loss) | 2,635,721 | |||||
Willowbridge Master Fund LP [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Net income (loss) | $ (539,508) | |||||
CMF ADG Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 43.30% | 43.30% | ||||
Fair Value | $ 14,686,475 | $ 14,686,475 | ||||
Net income (loss) | 666,660 | 100,442 | ||||
Investment in Funds [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Fair Value | 14,686,475 | 14,686,475 | $ 1,492,447 | |||
Income (Loss) | 254,678 | (76,395) | 560,767 | (31,736) | ||
Expenses, Clearing Fees | 6,397 | 2,681 | 131,322 | 6,583 | ||
Expenses, Professional fees | 7,039 | 1,594 | 34,040 | 5,011 | ||
Net income (loss) | $ 241,242 | (80,670) | $ 395,405 | (43,330) | ||
Investment in Funds [Member] | Commodity [Member] | Cambridge Master Fund L.P. [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 0.00% | |||||
Fair Value | $ 0 | |||||
Income (Loss) | (33,790) | 73,877 | ||||
Expenses, Clearing Fees | 219 | 778 | ||||
Expenses, Professional fees | 164 | 826 | ||||
Net income (loss) | $ (34,173) | $ 72,273 | ||||
Investment Objective | Commodity Portfolio | Commodity Portfolio | ||||
Redemptions Permitted | Monthly | Monthly | ||||
Investment in Funds [Member] | Commodity [Member] | CMF AE Capital Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 0.00% | 0.00% | 28.94% | |||
Fair Value | $ 0 | $ 0 | $ 1,492,447 | |||
Income (Loss) | $ (42,605) | (146,512) | $ (105,613) | |||
Expenses, Clearing Fees | 2,462 | 9,592 | 5,805 | |||
Expenses, Professional fees | 1,430 | 8,603 | 4,185 | |||
Net income (loss) | $ (46,497) | $ (164,707) | $ (115,603) | |||
Investment Objective | Commodity Portfolio | Commodity Portfolio | Commodity Portfolio | |||
Redemptions Permitted | Monthly | Monthly | Monthly | |||
Investment in Funds [Member] | Commodity [Member] | SECOR Master Fund LP [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 0.00% | 0.00% | ||||
Fair Value | $ 0 | $ 0 | ||||
Income (Loss) | 665,225 | |||||
Expenses, Clearing Fees | 96,606 | |||||
Expenses, Professional fees | 7,205 | |||||
Net income (loss) | $ 561,414 | |||||
Investment Objective | Commodity Portfolio | |||||
Redemptions Permitted | Monthly | |||||
Investment in Funds [Member] | Commodity [Member] | Willowbridge Master Fund LP [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 0.00% | 0.00% | ||||
Fair Value | $ 0 | $ 0 | ||||
Income (Loss) | (45,751) | |||||
Expenses, Clearing Fees | 9,757 | |||||
Expenses, Professional fees | 589 | |||||
Net income (loss) | $ (56,097) | |||||
Investment Objective | Commodity Portfolio | |||||
Redemptions Permitted | Monthly | |||||
Investment in Funds [Member] | Commodity [Member] | CMF ADG Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 43.30% | 43.30% | ||||
Fair Value | $ 14,686,475 | $ 14,686,475 | ||||
Income (Loss) | 254,678 | 87,805 | ||||
Expenses, Clearing Fees | 6,397 | 15,367 | ||||
Expenses, Professional fees | 7,039 | 17,643 | ||||
Net income (loss) | $ 241,242 | $ 54,795 | ||||
Investment Objective | Commodity Portfolio | Commodity Portfolio | ||||
Redemptions Permitted | Monthly | Monthly | ||||
[1] | Defined in Note 1. |