Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CERES TACTICAL SYSTEMATIC L.P. | |
Entity Central Index Key | 0001209709 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Interactive Data Current | Yes | |
Entity Address, State or Province | NY | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Class A Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 84,536.1718 | |
Class D Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 5,764.8820 | |
Class Z Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 138.6360 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 | |
Assets: | |||
Redemptions receivable from the Funds | [1] | $ 0 | $ 16,694,562 |
Equity in trading account: | |||
Unrestricted cash | 54,896,844 | 44,736,879 | |
Restricted cash | 16,710,416 | 13,791,629 | |
Net unrealized appreciation on open futures contracts | 2,352,496 | 2,627,529 | |
Total equity in trading account | 73,959,756 | 61,156,037 | |
Interest receivable | 975 | 3,963 | |
Total assets | 73,960,731 | 77,854,562 | |
Accrued expenses: | |||
Ongoing selling agent fees | 45,540 | 62,628 | |
Management fees | 49,839 | 58,925 | |
Incentive fees | 570,288 | 99,425 | |
General Partner fees | 53,749 | 56,549 | |
Professional fees | 202,212 | 238,652 | |
Redemptions Payable To General Partner | 175,000 | 300,000 | |
Redemptions payable to Limited Partners | 2,038,440 | 3,353,249 | |
Total liabilities | 3,135,068 | 4,169,428 | |
Partners' Capital: | |||
Total partners' capital (net asset value) | 70,825,663 | 73,685,134 | |
Total liabilities and partners' capital | 73,960,731 | 77,854,562 | |
Class Z Redeemable Units [Member] | |||
Partners' Capital: | |||
General Partner | 775,165 | 906,740 | |
Limited Partners | 133,938 | 127,817 | |
Total partners' capital (net asset value) | $ 909,103 | $ 1,034,557 | |
Net asset value per Redeemable Unit: | |||
Net asset value per Redeemable Unit | $ 966.11 | $ 921.96 | |
Class A Redeemable Units [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 64,482,005 | $ 67,400,489 | |
Total partners' capital (net asset value) | $ 64,482,005 | $ 67,400,489 | |
Net asset value per Redeemable Unit: | |||
Net asset value per Redeemable Unit | $ 753.26 | $ 720.19 | |
Class D Redeemable Units [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 5,434,555 | $ 5,250,088 | |
Total partners' capital (net asset value) | $ 5,434,555 | $ 5,250,088 | |
Net asset value per Redeemable Unit: | |||
Net asset value per Redeemable Unit | $ 942.70 | $ 901.32 | |
Futures Contracts [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open futures contracts | $ 1,897,488 | $ 2,318,834 | |
Forward Contracts [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open futures contracts | $ 455,008 | $ 308,695 | |
[1] | Defined in Note 1. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Mar. 31, 2021 | Dec. 31, 2020 |
Class A Redeemable Units [Member] | ||
Limited Partners Capital, Redeemable units outstanding | 85,604.4518 | 93,586.8678 |
Class D Redeemable Units [Member] | ||
Limited Partners Capital, Redeemable units outstanding | 5,764.8820 | 5,824.8820 |
Class Z Redeemable Units [Member] | ||
General Partner Capital, Redeemable units outstanding | 802.3520 | 983.4910 |
Limited Partners Capital, Redeemable units outstanding | 138.6360 | 138.6360 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Mar. 31, 2021USD ($)Contract | Dec. 31, 2020USD ($)Contract | |||
Futures Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 4,662,116 | $ 3,551,366 | |||
Total unrealized depreciation on open contracts | (2,764,628) | (1,232,532) | |||
Net unrealized depreciation on open forward contracts | $ 1,897,488 | $ 2,318,834 | |||
% of Partners' Capital | 2.68% | 3.15% | |||
Futures Contracts [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 104,374 | $ 41,593 | |||
Total unrealized depreciation on open contracts | (60,713) | (205,285) | |||
Futures Contracts [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 2,175,090 | 1,055,787 | |||
Total unrealized depreciation on open contracts | (345,080) | (335,738) | |||
Futures Contracts [Member] | Grains [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 439,827 | 967,653 | |||
Total unrealized depreciation on open contracts | (256,207) | (20,107) | |||
Futures Contracts [Member] | Indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 1,358,206 | 371,999 | |||
Total unrealized depreciation on open contracts | (799,264) | (143,214) | |||
Futures Contracts [Member] | Interest Rates U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 2,945 | 59,289 | |||
Total unrealized depreciation on open contracts | (438,161) | (6,297) | |||
Futures Contracts [Member] | Interest Rates Non-U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 224,567 | 234,407 | |||
Total unrealized depreciation on open contracts | (345,446) | (378,176) | |||
Futures Contracts [Member] | Livestock [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 62,783 | (4,960) | |||
Total unrealized depreciation on open contracts | (2,325) | ||||
Futures Contracts [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 257,992 | 446,812 | |||
Total unrealized depreciation on open contracts | (203,527) | (107,736) | |||
Futures Contracts [Member] | Softs [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 36,332 | 373,826 | |||
Total unrealized depreciation on open contracts | (313,905) | (31,019) | |||
Futures Contracts [Member] | Long [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized depreciation on open forward contracts | $ (592,272) | $ 3,186,757 | |||
% of Partners' Capital | (0.84%) | 4.32% | |||
Futures Contracts [Member] | Long [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 59 | 123 | |||
Net unrealized depreciation on open forward contracts | $ (38,046) | $ 31,953 | |||
% of Partners' Capital | (0.05%) | 0.04% | |||
Futures Contracts [Member] | Long [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 439 | 298 | |||
Net unrealized depreciation on open forward contracts | $ 741,483 | $ 942,748 | |||
% of Partners' Capital | 1.05% | 1.28% | |||
Futures Contracts [Member] | Long [Member] | Grains [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 407 | 357 | |||
Net unrealized depreciation on open forward contracts | $ 229,913 | $ 963,921 | |||
% of Partners' Capital | 0.32% | 1.31% | |||
Futures Contracts [Member] | Long [Member] | Indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 379 | 665 | |||
Net unrealized depreciation on open forward contracts | $ (614,483) | $ 285,626 | |||
% of Partners' Capital | (0.87%) | 0.39% | |||
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 548 | 374 | |||
Net unrealized depreciation on open forward contracts | $ (438,161) | $ 52,992 | |||
% of Partners' Capital | (0.62%) | 0.07% | |||
Futures Contracts [Member] | Long [Member] | Interest Rates Non-U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 1,895 | 2,462 | |||
Net unrealized depreciation on open forward contracts | $ (79,703) | $ 132,274 | |||
% of Partners' Capital | (0.11%) | 0.18% | |||
Futures Contracts [Member] | Long [Member] | Livestock [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 38 | 1 | |||
Net unrealized depreciation on open forward contracts | $ 61,998 | $ (100) | |||
% of Partners' Capital | 0.09% | 0.00% | [1] | ||
Futures Contracts [Member] | Long [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 133 | 170 | |||
Net unrealized depreciation on open forward contracts | $ (143,990) | $ 427,621 | |||
% of Partners' Capital | (0.21%) | 0.58% | |||
Futures Contracts [Member] | Long [Member] | Softs [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 158 | 244 | |||
Net unrealized depreciation on open forward contracts | $ (311,283) | $ 349,722 | |||
% of Partners' Capital | (0.44%) | 0.47% | |||
Futures Contracts [Member] | Short [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized depreciation on open forward contracts | $ 2,489,760 | $ (867,923) | |||
% of Partners' Capital | 3.52% | (1.17%) | |||
Futures Contracts [Member] | Short [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 183 | 179 | |||
Net unrealized depreciation on open forward contracts | $ 81,707 | $ (195,645) | |||
% of Partners' Capital | 0.12% | (0.27%) | |||
Futures Contracts [Member] | Short [Member] | Energy [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 439 | 225 | |||
Net unrealized depreciation on open forward contracts | $ 1,088,527 | $ (222,699) | |||
% of Partners' Capital | 1.54% | (0.30%) | |||
Futures Contracts [Member] | Short [Member] | Grains [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 80 | 45 | |||
Net unrealized depreciation on open forward contracts | $ (46,293) | $ (16,375) | |||
% of Partners' Capital | (0.07%) | (0.02%) | |||
Futures Contracts [Member] | Short [Member] | Indices [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 297 | 86 | |||
Net unrealized depreciation on open forward contracts | $ 1,173,425 | $ (56,841) | |||
% of Partners' Capital | 1.66% | (0.08%) | |||
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 3 | ||||
Net unrealized depreciation on open forward contracts | $ 2,945 | ||||
% of Partners' Capital | [1] | 0.00% | |||
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 1,064 | 333 | |||
Net unrealized depreciation on open forward contracts | $ (41,176) | $ (276,043) | |||
% of Partners' Capital | (0.06%) | (0.36%) | |||
Futures Contracts [Member] | Short [Member] | Livestock [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 3 | 4 | |||
Net unrealized depreciation on open forward contracts | $ (1,540) | $ (4,860) | |||
% of Partners' Capital | 0.00% | [1] | (0.01%) | ||
Futures Contracts [Member] | Short [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 55 | 13 | |||
Net unrealized depreciation on open forward contracts | $ 198,455 | $ (88,545) | |||
% of Partners' Capital | 0.28% | (0.12%) | |||
Futures Contracts [Member] | Short [Member] | Softs [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 36 | 7 | |||
Net unrealized depreciation on open forward contracts | $ 33,710 | $ (6,915) | |||
% of Partners' Capital | 0.05% | (0.01%) | |||
Forward Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 2,776,506 | $ 1,174,624 | |||
Total unrealized depreciation on open contracts | (2,321,498) | (865,929) | |||
Net unrealized depreciation on open forward contracts | $ 455,008 | 308,695 | |||
% of Partners' Capital | 0.64% | ||||
Forward Contracts [Member] | Unrealized Appreciation [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | 3.92% | ||||
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | (3.28%) | ||||
Forward Contracts [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 2,403,633 | 774,221 | |||
Unrealized Appreciation on Open Forward Contracts, Notional Amount | 136,794,088 | ||||
Total unrealized depreciation on open contracts | (2,005,565) | (727,131) | |||
Unrealized Depreciation on Open Forward Contracts, Notional Amount | $ 126,472,262 | ||||
Forward Contracts [Member] | Currencies [Member] | Unrealized Appreciation [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | 3.39% | ||||
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | (2.83%) | ||||
Forward Contracts [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 372,873 | 400,403 | |||
Number of Contracts | Contract | 120 | ||||
Total unrealized depreciation on open contracts | $ (315,933) | (138,798) | |||
% of Partners' Capital | (0.45%) | ||||
Forward Contracts [Member] | Metals [Member] | Unrealized Appreciation [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | 0.53% | ||||
Forward Contracts [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 1,174,624 | ||||
% of Partners' Capital | 1.59% | ||||
Forward Contracts [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 774,221 | ||||
Unrealized Appreciation on Open Forward Contracts, Notional Amount | $ 71,155,471 | ||||
Forward Contracts [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | 1.05% | ||||
Forward Contracts [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 400,403 | ||||
Number of Contracts | Contract | 135 | 122 | |||
% of Partners' Capital | 0.54% | ||||
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized depreciation on open forward contracts | $ 308,695 | ||||
% of Partners' Capital | 0.42% | ||||
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized depreciation on open contracts | $ (865,929) | ||||
% of Partners' Capital | (1.17%) | ||||
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | Currencies [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized depreciation on open contracts | $ (727,131) | ||||
Unrealized Depreciation on Open Forward Contracts, Notional Amount | $ 61,053,423 | ||||
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | Currencies [Member] | Unrealized Appreciation [Member] | |||||
Schedule of Investments [Line Items] | |||||
% of Partners' Capital | (0.98%) | ||||
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Contract | 56 | ||||
Total unrealized depreciation on open contracts | $ (138,798) | ||||
% of Partners' Capital | (0.19%) | ||||
[1] | Defined in Note 1. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Investment Income: | |||
Interest income | $ 6,329 | $ 156,318 | |
Interest income allocated from the Funds | 0 | 115,972 | |
Total investment income | 6,329 | 272,290 | |
Expenses: | |||
Expenses allocated from the Funds | 0 | 149,546 | |
Clearing fees related to direct investments | 105,319 | 89,561 | |
Ongoing selling agent fees | 136,031 | 490,744 | |
General Partner fees | 160,462 | 257,613 | |
Management fees | 150,308 | 231,151 | |
Incentive fees | 570,288 | ||
Professional fees | 98,047 | 100,454 | |
Total expenses | 1,220,455 | 1,319,069 | |
Net investment loss | (1,214,126) | (1,046,779) | |
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net realized gains (losses) on closed contracts | 4,726,641 | (4,775,870) | |
Net realized gains (losses) on closed contracts allocated from the Funds | 0 | (2,757,403) | |
Net change in unrealized gains (losses) on open contracts | (293,698) | 2,054,596 | |
Net change in unrealized gains (losses) on open contracts allocated from the Funds | 0 | 2,570,716 | |
Total trading results | 4,432,943 | (2,907,961) | |
Net income (loss) | 3,218,817 | (3,954,740) | |
Class A Redeemable Units [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net income (loss) | $ 2,928,242 | $ (3,687,191) | |
Net income (loss) per Redeemable Unit | [1] | $ 33.07 | $ (28.85) |
Weighted average Redeemable Units outstanding | 91,004.7778 | 129,065.9315 | |
Class D Redeemable Units [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net income (loss) | $ 241,029 | $ (218,877) | |
Net income (loss) per Redeemable Unit | [1] | $ 41.38 | $ (33.02) |
Weighted average Redeemable Units outstanding | 5,824.8820 | 6,637.5080 | |
Class Z Redeemable Units [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net income (loss) | $ 49,546 | $ (48,672) | |
Net income (loss) per Redeemable Unit | [1] | $ 44.15 | $ (31.79) |
Weighted average Redeemable Units outstanding | 1,122.1270 | 1,530.8980 | |
[1] | Represents the change in net asset value per Redeemable 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 Redeemable Units [Member] | Class A Redeemable Units [Member]Limited Partners [Member] | Class D Redeemable Units [Member] | Class D Redeemable Units [Member]Limited Partners [Member] | Class Z Redeemable Units [Member] | Class Z Redeemable Units [Member]General Partner [Member] |
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2018 | 131,060.4968 | ||||||||
Partners' Capital, Balance - Redeemable Units at Sep. 30, 2019 | 125,382.6068 | ||||||||
Redemptions - Redeemable Units | (5,677.8900) | ||||||||
Partners' Capital, Balance at Dec. 31, 2019 | $ 106,208,599 | $ 98,542,340 | $ 6,214,764 | $ 1,451,495 | |||||
Redemptions | $ (4,629,312) | $ (4,199,600) | $ (429,712) | ||||||
Net income (loss) | (3,954,740) | (3,687,191) | (218,877) | (48,672) | |||||
Partners' Capital, Balance at Mar. 31, 2020 | $ 97,624,547 | 90,655,549 | $ 5,566,175 | $ 1,402,823 | |||||
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2019 | 139,245.9028 | 6,654.5080 | 1,530.8980 | ||||||
Partners' Capital, Balance - Redeemable Units at Mar. 31, 2020 | 133,091.9348 | 6,178.4300 | 1,530.8980 | ||||||
Redemptions - Redeemable Units | (6,153.9680) | (476.0780) | |||||||
Partners' Capital, Balance at Dec. 31, 2020 | $ 73,685,134 | 67,400,489 | $ 5,250,088 | $ 1,034,557 | |||||
Redemptions | $ (175,000) | $ (5,903,288) | $ (5,846,726) | $ (56,562) | $ (175,000) | ||||
Net income (loss) | 3,218,817 | 2,928,242 | 241,029 | 49,546 | |||||
Partners' Capital, Balance at Mar. 31, 2021 | $ 70,825,663 | $ 64,482,005 | $ 5,434,555 | $ 909,103 | |||||
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2020 | 100,533.8768 | 93,586.8678 | 5,824.8820 | 1,122.1270 | |||||
Partners' Capital, Balance - Redeemable Units at Mar. 31, 2021 | 92,310.3218 | 85,604.4518 | 5,764.8820 | 940.9880 | |||||
Redemptions - Redeemable Units | (181.1390) | (8,042.4160) | (7,982.4160) | (60) | (181.1390) |
Organization
Organization | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Systematic L.P. (the “Partnership”) is a limited partnership organized under the partnership laws of the State of New York on December 3, 2002 to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. Between March 27, 2003 (commencement of the public offering period) and April 30, 2003, 36,616 redeemable units of limited partnership interest in the Partnership (“Redeemable Units”) were sold at $1,000 per Redeemable Unit. The proceeds of the initial public offering were held in an escrow account until April 30, 2003, at which time they were turned over to the Partnership for trading. The Partnership was authorized to publicly offer 300,000 Redeemable Units during the initial public offering period. As of December 4, 2003, the Partnership was authorized to publicly offer an additional 700,000 Redeemable Units. As of October 7, 2004, the Partnership was authorized to publicly offer an additional 1,000,000 Redeemable Units. As of June 30, 2005, the Partnership was authorized to publicly offer Redeemable Units previously registered. The public offering of Redeemable Units terminated on November 30, 2008. The Partnership currently privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. During the periods covered by this report and prior to the Partnership’s redemption from the Funds (as defined below), the General Partner also acted as the trading manager (the “Trading Manager”) of ADG Master (as defined below), Aquantum Master (as defined below) and FORT Contrarian Master (as defined below). The General Partner 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 March 31, 2021 and 2020, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. As of January 1, 2018, the Partnership began offering three classes of limited partnership interests, Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to January 1, 2018 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in Class A Redeemable Units were not changed. Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. non-U.S. As of March 31, 2021, all trading decisions are made for the Partnership by DCM Systematic Advisors SA (“DCM”), Episteme Capital Partners (UK) LLP, Episteme Capital Partners (US) LLC and Episteme Capital Partners (Cayman) LTD (collectively, “Episteme”), FORT, L.P. (“FORT”), ISAM Systematic Management (“ISAM SM”) and Millburn Ridgefield Corporation (“Millburn”) (each an “Advisor” and, collectively, the “Advisors”), each of which is a registered commodity trading advisor. Effective December 31, 2020, the General Partner terminated ADG Capital Management LLP (“ADG”) and Aquantum GmbH (“Aquantum”) as Advisors to the Partnership. Reference herein to “Advisors” may include, as relevant, ADG and Aquantum. The Advisors are not affiliated with one another, are not affiliated with the General Partner or MS&Co., and are not responsible for the operation of the Partnership. ISAM SM directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to ISAM SM’s Systematic Trend Programme. FORT directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to FORT’s Global Trend Trading Program. The General Partner and FORT have agreed that FORT will trade the Partnership’s assets allocated to FORT at a level that is 1.25 times the amount of assets allocated. Effective January 1, 2020, Millburn directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to Millburn’s Multi-Markets Program. The General Partner and Millburn have agreed that Millburn will trade the Partnership’s assets allocated to Millburn at a level that is up to 1.5 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future, but it may not exceed 2 times the amount of assets allocated. Effective November 1, 2020, Episteme directly trades the Partnership’s assets allocated to them through a managed account in the name of the Partnership pursuant to Episteme’s Systematic Quest Program. The General Partner and Episteme have agreed that Episteme will trade the Partnership’s assets allocated to Episteme at a level that is up to 2 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future, but it may not exceed 2 times the amount of assets allocated. Effective January 1, 2021, DCM directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to DCM’s Diversified Alpha Program. The General Partner and DCM have agreed that DCM will trade the Partnership’s assets allocated to DCM at a level that is 1.5 times the amount of assets allocated. The Partnership entered into futures brokerage account agreements and foreign exchange prime brokerage account agreements with MS&Co. Prior to the Partnership’s respective full redemptions effective December 31, 2020, CMF ADG Master Fund LLC (“ADG Master”), CMF Aquantum Master Fund LLC (“Aquantum Master”) and CMF FORT Contrarian Master Fund LLC (“FORT Contrarian Master”) had each entered into futures brokerage account agreements with MS&Co. Reference herein to the “Funds” may include, as relevant, ADG Master, Aquantum Master and FORT Contrarian Master. The Partnership pays (or paid with respect to the Funds) 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, user, give-up, The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement and effective January 1, 2021, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 0.75% per year of adjusted month-end month-end month-end month-end The Partnership has entered into an alternative investment placement agent agreement (the “Harbor Selling Agreement”), by and among the Partnership, the General Partner, Morgan Stanley Distribution Inc. (“MSDI”) and Harbor Investment Advisory, LLC, a Maryland limited liability company (“Harbor”), which supersedes and replaces the alternative investment selling agent agreement, dated January 19, 2018, between the Partnership, the General Partner and Harbor. Pursuant to the Harbor Selling Agreement, MSDI and Harbor have been appointed as a non-exclusive sub-selling one-year month-end month-end month-end month-end Effective July 1, 2020, the General Partner fees paid by the Partnership to the General Partner was reduced for all limited partners from a monthly rate of 1/12 of 1.00% of the adjusted month-end month-end 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. The General Partner has 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 cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2021 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2021 and 2020. These financial statements present the results for 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. first-in, first-out The Partnership does not, and the Funds did not, isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are (or in the case of the Funds, were) 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 Redeemable 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 for the year ended December 31, 2020. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2021 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Class A Class D Class Z Class A Class D Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 45.26 $ 56.65 $ 58.01 $ (21.14) $ (26.32) $ (26.74) Net investment loss (12.19) (15.27) (13.86) (7.71) (6.70) (5.05) Increase (decrease) for the period 33.07 41.38 44.15 (28.85) (33.02) (31.79) Net asset value per Redeemable Unit, beginning of period 720.19 901.32 921.96 751.88 933.92 948.13 Net asset value per Redeemable Unit, end of period $ 753.26 $ 942.70 $ 966.11 $ 723.03 $ 900.90 $ 916.34 Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.5) % (4.4) % (3.6) % (4.2) % (3.0) % (2.2) % Operating expenses 3.7 % 3.7 % 2.9 % 5.3 % 4.0 % 3.2 % Incentive fees 0.8 % 0.8 % 0.8 % - % - % - % Total expenses 4.5 % 4.5 % 3.7 % 5.3 % 4.0 % 3.2 % Total return: Total return before incentive fees 5.4 % 5.4 % 5.6 % (3.8) % (3.5) % (3.4) % Incentive fees (0.8) % (0.8) % (0.8) % - % - % - % Total return after incentive fees 4.6 % 4.6 % 4.8 % (3.8) % (3.5) % (3.4) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Funds. |
Trading Activities
Trading Activities | 3 Months Ended |
Mar. 31, 2021 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Partnership had also invested certain of its assets through a “master/feeder” structure. The Partnership’s pro-rata The Partnership’s customer agreement with MS&Co. and the Funds’ futures brokerage account agreements with MS&Co. and foreign exchange brokerage account agreements give the Partnership, and gave the Funds, respectively, the legal right to net unrealized gains and losses on open futures contracts and open forward contracts in their respective Statements of Financial Condition. The Partnership nets, and the Funds netted, for financial reporting purposes, the unrealized gains and losses on open futures contracts and open forward contracts in their respective Statements of Financial Condition as the criteria under ASC 210-20, Balance Sheet All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds were held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2021 and 2020 were 6,864 and 4,452, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended March 31, 2021 and 2020 were 323 and 345, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended March 31, 2021 and 2020 were $268,357,647 and $278,309,472, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and were also based on the Partnership’s respective percentage ownership of each Fund. All clearing fees paid to MS&Co. for the Partnership’s direct trading are borne directly by the Partnership. In addition, clearing fees were borne by the Funds and allocated to the Funds’ limited partners/non-managing 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 March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Net Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 4,662,116 $ (2,764,628) $ 1,897,488 $ - $ - $ 1,897,488 Forwards 2,776,506 (2,321,498) 455,008 - - 455,008 Total assets $ 7,438,622 $ (5,086,126) $ 2,352,496 $ - $ - $ 2,352,496 Liabilities Futures $ (2,764,628) $ 2,764,628 $ - $ - $ - $ - Forwards (2,321,498) 2,321,498 - - - - Total liabilities $ (5,086,126) $ 5,086,126 $ - $ - $ - $ - Net fair value $ 2,352,496 * December 31, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Net Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Pledged* Assets Futures $ 3,551,366 $ (1,232,532) $ 2,318,834 $ - $ - $ 2,318,834 Forwards 1,174,624 (865,929) 308,695 - - 308,695 Total assets $ 4,725,990 $ (2,098,461) $ 2,627,529 $ - $ - $ 2,627,529 Liabilities Futures $ (1,232,532) $ 1,232,532 $ - $ - $ - $ - Forwards (865,929) 865,929 - - - - Total liabilities $ (2,098,461) $ 2,098,461 $ - $ - $ - $ - Net fair value $ 2,627,529 * * 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 and forward contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2021 and December 31, 2020, respectively. March 31, Assets Futures Contracts Currencies $ 104,374 Energy 2,175,090 Grains 439,827 Indices 1,358,206 Interest Rates U.S. 2,945 Interest Rates Non-U.S. 224,567 Livestock 62,783 Metals 257,992 Softs 36,332 Total unrealized appreciation on open futures contracts 4,662,116 Liabilities Futures Contracts Currencies (60,713) Energy (345,080) Grains (256,207) Indices (799,264) Interest Rates U.S. (438,161) Interest Rates Non-U.S. (345,446) Livestock (2,325) Metals (203,527) Softs (313,905) Total unrealized depreciation on open futures contracts (2,764,628) Net unrealized appreciation on open futures contracts $ 1,897,488 * Assets Forward Contracts Currencies $ 2,403,633 Metals 372,873 Total unrealized depreciation on open futures contracts 2,776,506 Liabilities Forward Contracts Currencies (2,005,565) Metals (315,933) Total unrealized depreciation on open forward contracts (2,321,498) Net unrealized appreciation on open forward contracts $ 455,008 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, Assets Futures Contracts Currencies $ 41,593 Energy 1,055,787 Grains 967,653 Indices 371,999 Interest Rates U.S. 59,289 Interest Rates Non-U.S. 234,407 Metals 446,812 Softs 373,826 Total unrealized appreciation on open futures contracts 3,551,366 Liabilities Futures Contracts Currencies (205,285) Energy (335,738) Grains (20,107) Indices (143,214) Interest Rates U.S. (6,297) Interest Rates Non-U.S. (378,176) Livestock (4,960) Metals (107,736) Softs (31,019) Total unrealized depreciation on open futures contracts (1,232,532) Net unrealized appreciation on open futures contracts $ 2,318,834 * Assets Forward Contracts Currencies $ 774,221 Metals 400,403 Total unrealized appreciation on open forward contracts 1,174,624 Liabilities Forward Contracts Currencies (727,131) Metals (138,798) Total unrealized depreciation on open forward contracts (865,929) Net unrealized appreciation on open forward contracts $ 308,695 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward 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 months ended March 31, 2021 and 2020, respectively. Three Months Ended Sector 2021 2020 Currencies $ 237,955 $ 271,559 Energy 4,805,562 3,636,426 Grains 885,086 253,231 Indices 3,253,130 (9,740,740) Interest Rates U.S. (2,958,126) 1,021,695 Interest Rates Non-U.S. (1,558,125) 1,179,286 Livestock 105,430 460,513 Metals (311,410) 757,761 Softs (26,559) (561,005) Total $ 4,432,943 *** $ (2,721,274) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
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, option and forward contracts is determined by the various 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 considers, and the Funds considered, 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 March 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 4,662,116 $ 4,662,116 $ - $ - Forwards 2,776,506 - 2,776,506 - Total Assets $ 7,438,622 $ 4,662,116 $ 2,776,506 $ - Liabilities Futures $ 2,764,628 $ 2,764,628 $ - $ - Forwards 2,321,498 - 2,321,498 - Total Liabilities $ 5,086,126 $ 2,764,628 $ 2,321,498 $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 3,551,366 $ 3,551,366 $ - $ - Forwards 1,174,624 - 1,174,624 - Total Assets $ 4,725,990 $ 3,551,366 $ 1,174,624 $ - Liabilities Futures $ 1,232,532 $ 1,232,532 $ - $ - Forwards 865,929 - 865,929 - Total Liabilities $ 2,098,461 $ 1,232,532 $ 865,929 $ - |
Investment in the Funds
Investment in the Funds | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investment in the Funds | 6. Investment in the Funds: On January 12, 2018, a portion of the assets allocated to FORT for trading were invested in FORT Contrarian Master, a limited liability company organized under the limited liability company laws of the State of Delaware. FORT Contrarian Master permitted accounts managed by FORT using its Global Contrarian Trading Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in FORT Contrarian Master on December 31, 2020. On February 1, 2019, the assets allocated to ADG for trading were invested in ADG Master, a limited liability company organized under the limited liability company laws of the State of Delaware. ADG Master permitted accounts managed by ADG using its Systematic Macro Strategy, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in ADG Master on December 31, 2020. On June 1, 2019, the assets allocated to Aquantum for trading were invested in Aquantum Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Aquantum Master permitted accounts managed by Aquantum using its Aquantum Commodity Spread (ACS) Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in Aquantum Master on December 31, 2020. The General Partner is not aware of any material changes to the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2021. The Partnership’s trading of futures, forward and option contracts, as applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds’ trading of futures, forward and option contracts, as applicable, on commodities was also done primarily on U.S. and foreign commodity exchanges. The Partnership engages, and the Funds engaged, in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in the Funds withdrew all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request had been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner/member elected to redeem and informed the Funds. However, a limited partner/member had the right to request a withdrawal as of the end of any day if such request was received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. Clearing fees were borne by the Funds and allocated to the Funds’ limited partners/non-managing There were no investments in the Funds as of the close of business on December 31, 2020. Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following table: For the three months ended March 31, 2020 Net Investment Total Trading Net Income (Loss) ADG Master $ 43,488 $ (2,207,105) $ (2,163,617) Aquantum Master (136,229) 2,944,697 2,808,468 FORT Contrarian Master 168,677 (5,653,909) (5,485,232) Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata December 31, 2020 For the three months ended March 31, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted ADG Master 0.00% $ - $ (1,337,317) $ 13,667 $ 10,358 $ (1,361,342) Commodity Portfolio Monthly Aquantum Master 0.00% - 1,570,524 106,884 8,788 1,454,852 Commodity Portfolio Monthly FORT Contrarian Master 0.00% - (303,922) 8,888 961 (313,771) Commodity Portfolio Monthly Total $ - $ (70,715) $ 129,439 $ 20,107 $ (220,261) |
Financial Instrument Risks
Financial Instrument Risks | 3 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 7. Financial Instrument Risks: In the normal course of business, the Partnership is, and the Funds were, parties to financial instruments with off-balance-sheet over-the-counter Futures Contracts. Forward Foreign Currency Contracts. London Metal Exchange Forward Contracts. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is, and the Funds were, exposed to market risk equal to the value of the futures and forward contracts held and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Funds’ risk of loss in the event of counterparty default is (or was with respect to the Funds) typically limited to the amounts recognized in the Statements of Financial Condition and is (was) not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is (or was with respect to the Funds) reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership, and permitted the Funds, to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has, and the Funds had, credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are (or were with respect to the Funds) counterparties or brokers with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is (or was with respect to the Funds) reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Funds’ counterparty is or was an exchange or clearing organization. The General Partner/Trading Manager monitors and attempts (or with respect to the Funds, monitored and attempted) to mitigate the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes (or with respect to the Funds, believed) that it has or had effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may or may have been subject. These monitoring systems generally allow the General Partner/Trading Manager to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be or have been held to maturity. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. In the ordinary course of business, the Partnership/Funds enter (or with respect to the Funds, entered) into contracts and agreements that contain various representations and warranties and which provide or provided 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 General Partner/Trading Manager consider the risk of any future obligation relating to these indemnifications to be remote. Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as COVID-19, The outbreak of the novel coronavirus in many countries is having and will likely continue to have an adverse impact on global commercial activity, which has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have been identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel. These actions are creating disruption in supply chains, and adversely impacting a number of industries, including but not limited to transportation, hospitality, and entertainment. The impact of COVID-19 The rapid development of this situation precludes any prediction as to the ultimate adverse impact of the novel coronavirus. Nevertheless, the novel coronavirus presents (or presented with respect to the Funds) material uncertainty and risk with respect to the Partnership’s/Funds’ investments and operations. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
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) | 3 Months Ended |
Mar. 31, 2021 | |
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. first-in, first-out The Partnership does not, and the Funds did not, isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are (or in the case of the Funds, were) 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 Redeemable Unit | Net Income (Loss) per Redeemable Unit. Financial Services-Investment Companies |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investment Company [Abstract] | |
Financial Highlights | Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Class A Class D Class Z Class A Class D Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 45.26 $ 56.65 $ 58.01 $ (21.14) $ (26.32) $ (26.74) Net investment loss (12.19) (15.27) (13.86) (7.71) (6.70) (5.05) Increase (decrease) for the period 33.07 41.38 44.15 (28.85) (33.02) (31.79) Net asset value per Redeemable Unit, beginning of period 720.19 901.32 921.96 751.88 933.92 948.13 Net asset value per Redeemable Unit, end of period $ 753.26 $ 942.70 $ 966.11 $ 723.03 $ 900.90 $ 916.34 Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.5) % (4.4) % (3.6) % (4.2) % (3.0) % (2.2) % Operating expenses 3.7 % 3.7 % 2.9 % 5.3 % 4.0 % 3.2 % Incentive fees 0.8 % 0.8 % 0.8 % - % - % - % Total expenses 4.5 % 4.5 % 3.7 % 5.3 % 4.0 % 3.2 % Total return: Total return before incentive fees 5.4 % 5.4 % 5.6 % (3.8) % (3.5) % (3.4) % Incentive fees (0.8) % (0.8) % (0.8) % - % - % - % Total return after incentive fees 4.6 % 4.6 % 4.8 % (3.8) % (3.5) % (3.4) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Brokers and Dealers [Abstract] | |
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives | 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 March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Net Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 4,662,116 $ (2,764,628) $ 1,897,488 $ - $ - $ 1,897,488 Forwards 2,776,506 (2,321,498) 455,008 - - 455,008 Total assets $ 7,438,622 $ (5,086,126) $ 2,352,496 $ - $ - $ 2,352,496 Liabilities Futures $ (2,764,628) $ 2,764,628 $ - $ - $ - $ - Forwards (2,321,498) 2,321,498 - - - - Total liabilities $ (5,086,126) $ 5,086,126 $ - $ - $ - $ - Net fair value $ 2,352,496 * December 31, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Net Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Pledged* Assets Futures $ 3,551,366 $ (1,232,532) $ 2,318,834 $ - $ - $ 2,318,834 Forwards 1,174,624 (865,929) 308,695 - - 308,695 Total assets $ 4,725,990 $ (2,098,461) $ 2,627,529 $ - $ - $ 2,627,529 Liabilities Futures $ (1,232,532) $ 1,232,532 $ - $ - $ - $ - Forwards (865,929) 865,929 - - - - Total liabilities $ (2,098,461) $ 2,098,461 $ - $ - $ - $ - Net fair value $ 2,627,529 * * 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 Traded | The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2021 and December 31, 2020, respectively. March 31, Assets Futures Contracts Currencies $ 104,374 Energy 2,175,090 Grains 439,827 Indices 1,358,206 Interest Rates U.S. 2,945 Interest Rates Non-U.S. 224,567 Livestock 62,783 Metals 257,992 Softs 36,332 Total unrealized appreciation on open futures contracts 4,662,116 Liabilities Futures Contracts Currencies (60,713) Energy (345,080) Grains (256,207) Indices (799,264) Interest Rates U.S. (438,161) Interest Rates Non-U.S. (345,446) Livestock (2,325) Metals (203,527) Softs (313,905) Total unrealized depreciation on open futures contracts (2,764,628) Net unrealized appreciation on open futures contracts $ 1,897,488 * Assets Forward Contracts Currencies $ 2,403,633 Metals 372,873 Total unrealized depreciation on open futures contracts 2,776,506 Liabilities Forward Contracts Currencies (2,005,565) Metals (315,933) Total unrealized depreciation on open forward contracts (2,321,498) Net unrealized appreciation on open forward contracts $ 455,008 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, Assets Futures Contracts Currencies $ 41,593 Energy 1,055,787 Grains 967,653 Indices 371,999 Interest Rates U.S. 59,289 Interest Rates Non-U.S. 234,407 Metals 446,812 Softs 373,826 Total unrealized appreciation on open futures contracts 3,551,366 Liabilities Futures Contracts Currencies (205,285) Energy (335,738) Grains (20,107) Indices (143,214) Interest Rates U.S. (6,297) Interest Rates Non-U.S. (378,176) Livestock (4,960) Metals (107,736) Softs (31,019) Total unrealized depreciation on open futures contracts (1,232,532) Net unrealized appreciation on open futures contracts $ 2,318,834 * Assets Forward Contracts Currencies $ 774,221 Metals 400,403 Total unrealized appreciation on open forward contracts 1,174,624 Liabilities Forward Contracts Currencies (727,131) Metals (138,798) Total unrealized depreciation on open forward contracts (865,929) Net unrealized appreciation on open forward contracts $ 308,695 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. |
Trading Gains and Losses by Market Sector on Derivative Instruments Traded | The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2021 and 2020, respectively. Three Months Ended Sector 2021 2020 Currencies $ 237,955 $ 271,559 Energy 4,805,562 3,636,426 Grains 885,086 253,231 Indices 3,253,130 (9,740,740) Interest Rates U.S. (2,958,126) 1,021,695 Interest Rates Non-U.S. (1,558,125) 1,179,286 Livestock 105,430 460,513 Metals (311,410) 757,761 Softs (26,559) (561,005) Total $ 4,432,943 *** $ (2,721,274) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | As of March 31, 2021 and December 31, 2020 and for the periods ended March 31, 2021 and 2020, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). March 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 4,662,116 $ 4,662,116 $ - $ - Forwards 2,776,506 - 2,776,506 - Total Assets $ 7,438,622 $ 4,662,116 $ 2,776,506 $ - Liabilities Futures $ 2,764,628 $ 2,764,628 $ - $ - Forwards 2,321,498 - 2,321,498 - Total Liabilities $ 5,086,126 $ 2,764,628 $ 2,321,498 $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 3,551,366 $ 3,551,366 $ - $ - Forwards 1,174,624 - 1,174,624 - Total Assets $ 4,725,990 $ 3,551,366 $ 1,174,624 $ - Liabilities Futures $ 1,232,532 $ 1,232,532 $ - $ - Forwards 865,929 - 865,929 - Total Liabilities $ 2,098,461 $ 1,232,532 $ 865,929 $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Investments [Abstract] | |
Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds | Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following table: For the three months ended March 31, 2020 Net Investment Total Trading Net Income (Loss) ADG Master $ 43,488 $ (2,207,105) $ (2,163,617) Aquantum Master (136,229) 2,944,697 2,808,468 FORT Contrarian Master 168,677 (5,653,909) (5,485,232) |
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds | Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata December 31, 2020 For the three months ended March 31, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted ADG Master 0.00% $ - $ (1,337,317) $ 13,667 $ 10,358 $ (1,361,342) Commodity Portfolio Monthly Aquantum Master 0.00% - 1,570,524 106,884 8,788 1,454,852 Commodity Portfolio Monthly FORT Contrarian Master 0.00% - (303,922) 8,888 961 (313,771) Commodity Portfolio Monthly Total $ - $ (70,715) $ 129,439 $ 20,107 $ (220,261) |
Organization - Additional Infor
Organization - Additional Information (Detail) - $ / shares | Jan. 01, 2021 | Nov. 01, 2020 | Jul. 01, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Oct. 07, 2004 | Dec. 04, 2003 | Apr. 30, 2003 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Number of redeemable units of limited partnership interest issued and sold during initial public offering | 36,616 | |||||||||
Redeemable Units per share | $ 1,000 | |||||||||
Number of Redeemable Units authorized to be sold during initial public offering period | 1,000,000 | 700,000 | 300,000 | |||||||
Maximum number of Redeemable Units sold by the Partnership | 0 | |||||||||
Percentage of general partner fee | 0.875% | 1.00% | ||||||||
DCM Systematic Advisors S A [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 1.5 | |||||||||
FORT LP [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 1.25 | |||||||||
Class D Redeemable Units [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Monthly ongoing selling agent fee | 0.0625% | |||||||||
Ongoing selling agent fee | 0.75% | |||||||||
Class D Redeemable Units [Member] | Morgan Stanley Wealth Management [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Ongoing selling agent fee | 0.75% | |||||||||
Class D Redeemable Units [Member] | Harbor Investment Advisory, LLC [Member] | Harbor Selling Agreement [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Ongoing placement agent fees payable annually | 0.75% | |||||||||
Class A Redeemable Units [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Monthly ongoing selling agent fee | 0.0625% | 0.1666% | 0.0833% | |||||||
Ongoing selling agent fee | 0.75% | 2.00% | 1.00% | |||||||
Class A Redeemable Units [Member] | Morgan Stanley Wealth Management [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Ongoing selling agent fee | 0.75% | 2.00% | 1.00% | |||||||
Class A Redeemable Units [Member] | Harbor Investment Advisory, LLC [Member] | Harbor Selling Agreement [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Ongoing placement agent fees payable annually | 0.75% | 2.00% | 1.00% | |||||||
Minimum [Member] | Episteme Capital Partners LLC [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 2 | |||||||||
Minimum [Member] | Millburn Ridgefield Corporation [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 1.5 | |||||||||
Maximum [Member] | Episteme Capital Partners LLC [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 2 | |||||||||
Maximum [Member] | Millburn Ridgefield Corporation [Member] | ||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||||||||
Maximum amount of partnership assets allocated to trading advisor | 2 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ 724,192 | $ 975,389 |
Cash denominated in foreign currencies, proceeds | 740,057 | 972,589 |
Restricted cash held for margin | 16,710,416 | $ 13,791,629 |
Uncertain tax position | $ 0 | |
Open tax year | 2017 2018 2019 2020 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class A Redeemable Units [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the period) | ||
Net realized and unrealized gains (losses) | $ 45.26 | $ (21.14) |
Net investment loss | (12.19) | (7.71) |
Increase (decrease) for the period | 33.07 | (28.85) |
Net asset value per Redeemable Unit, beginning of period | 720.19 | 751.88 |
Net asset value per Redeemable Unit, end of period | 753.26 | 723.03 |
Class D Redeemable Units [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the period) | ||
Net realized and unrealized gains (losses) | 56.65 | (26.32) |
Net investment loss | (15.27) | (6.70) |
Increase (decrease) for the period | 41.38 | (33.02) |
Net asset value per Redeemable Unit, beginning of period | 901.32 | 933.92 |
Net asset value per Redeemable Unit, end of period | 942.70 | 900.90 |
Class Z Redeemable Units [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the period) | ||
Net realized and unrealized gains (losses) | 58.01 | (26.74) |
Net investment loss | (13.86) | (5.05) |
Increase (decrease) for the period | 44.15 | (31.79) |
Net asset value per Redeemable Unit, beginning of period | 921.96 | 948.13 |
Net asset value per Redeemable Unit, end of period | $ 966.11 | $ 916.34 |
Financial Highlights - Ratios t
Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class A Redeemable Units [Member] | ||
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (4.50%) | (4.20%) |
Operating expenses | 3.70% | 5.30% |
Incentive fees | 0.80% | |
Total expenses | 4.50% | 5.30% |
Total return: | ||
Total return before incentive fees | 5.40% | (3.80%) |
Incentive fees | (0.80%) | |
Total return after incentive fees | 4.60% | (3.80%) |
Class D Redeemable Units [Member] | ||
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (4.40%) | (3.00%) |
Operating expenses | 3.70% | 4.00% |
Incentive fees | 0.80% | |
Total expenses | 4.50% | 4.00% |
Total return: | ||
Total return before incentive fees | 5.40% | (3.50%) |
Incentive fees | (0.80%) | |
Total return after incentive fees | 4.60% | (3.50%) |
Class Z Redeemable Units [Member] | ||
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (3.60%) | (2.20%) |
Operating expenses | 2.90% | 3.20% |
Incentive fees | 0.80% | |
Total expenses | 3.70% | 3.20% |
Total return: | ||
Total return before incentive fees | 5.60% | (3.40%) |
Incentive fees | (0.80%) | |
Total return after incentive fees | 4.80% | (3.40%) |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2021USD ($)Contract | Mar. 31, 2020USD ($)Contract | |
Futures Contracts [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Average number of derivative contracts held | 6,864 | 4,452 |
Forward Contracts [Member] | Metals [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Average number of derivative contracts held | 323 | 345 |
Forward Contracts [Member] | Currencies [Member] | ||
Trading Activity, Gains and Losses, Net [Line Items] | ||
Average notional value of derivative | $ | $ | $ 268,357,647 | $ 278,309,472 |
Trading Activities - Summary of
Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 7,438,622 | $ 4,725,990 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (5,086,126) | (2,098,461) |
Amounts Presented in the Statements of Financial Condition, Assets | 2,352,496 | 2,627,529 |
Net Amount, Assets | 2,352,496 | 2,627,529 |
Gross Amounts Recognized, Liabilities | (5,086,126) | (2,098,461) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 5,086,126 | 2,098,461 |
Net fair value | 2,352,496 | 2,627,529 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 4,662,116 | 3,551,366 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (2,764,628) | (1,232,532) |
Amounts Presented in the Statements of Financial Condition, Assets | 1,897,488 | 2,318,834 |
Net Amount, Assets | 1,897,488 | 2,318,834 |
Gross Amounts Recognized, Liabilities | (2,764,628) | (1,232,532) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 2,764,628 | 1,232,532 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 2,776,506 | 1,174,624 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (2,321,498) | (865,929) |
Amounts Presented in the Statements of Financial Condition, Assets | 455,008 | 308,695 |
Net Amount, Assets | 455,008 | 308,695 |
Gross Amounts Recognized, Liabilities | (2,321,498) | (865,929) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | $ 2,321,498 | $ 865,929 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 4,662,116 | $ 3,551,366 |
Total unrealized depreciation on open contracts | (2,764,628) | (1,232,532) |
Net unrealized appreciation on open forward contracts | 1,897,488 | 2,318,834 |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 104,374 | 41,593 |
Total unrealized depreciation on open contracts | (60,713) | (205,285) |
Futures Contracts [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,175,090 | 1,055,787 |
Total unrealized depreciation on open contracts | (345,080) | (335,738) |
Futures Contracts [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 439,827 | 967,653 |
Total unrealized depreciation on open contracts | (256,207) | (20,107) |
Futures Contracts [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,358,206 | 371,999 |
Total unrealized depreciation on open contracts | (799,264) | (143,214) |
Futures Contracts [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,945 | 59,289 |
Total unrealized depreciation on open contracts | (438,161) | (6,297) |
Futures Contracts [Member] | Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 224,567 | 234,407 |
Total unrealized depreciation on open contracts | (345,446) | (378,176) |
Futures Contracts [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 62,783 | (4,960) |
Total unrealized depreciation on open contracts | (2,325) | |
Futures Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 257,992 | 446,812 |
Total unrealized depreciation on open contracts | (203,527) | (107,736) |
Futures Contracts [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 36,332 | 373,826 |
Total unrealized depreciation on open contracts | (313,905) | (31,019) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,776,506 | 1,174,624 |
Total unrealized depreciation on open contracts | (2,321,498) | (865,929) |
Net unrealized appreciation on open forward contracts | 455,008 | 308,695 |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,403,633 | 774,221 |
Total unrealized depreciation on open contracts | (2,005,565) | (727,131) |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 372,873 | 400,403 |
Total unrealized depreciation on open contracts | $ (315,933) | $ (138,798) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Total trading results | $ 4,432,943 | $ (2,721,274) |
Currencies [Member] | ||
Derivative [Line Items] | ||
Total trading results | 237,955 | 271,559 |
Energy [Member] | ||
Derivative [Line Items] | ||
Total trading results | 4,805,562 | 3,636,426 |
Grains [Member] | ||
Derivative [Line Items] | ||
Total trading results | 885,086 | 253,231 |
Indices [Member] | ||
Derivative [Line Items] | ||
Total trading results | 3,253,130 | (9,740,740) |
Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total trading results | (2,958,126) | 1,021,695 |
Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total trading results | (1,558,125) | 1,179,286 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Total trading results | 105,430 | 460,513 |
Metals [Member] | ||
Derivative [Line Items] | ||
Total trading results | (311,410) | 757,761 |
Softs [Member] | ||
Derivative [Line Items] | ||
Total trading results | $ (26,559) | $ (561,005) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument | Mar. 31, 2021 | Dec. 31, 2020 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total assets | $ 7,438,622 | $ 4,725,990 |
Liabilities | ||
Total liabilities | 5,086,126 | 2,098,461 |
Futures Contracts [Member] | ||
Assets | ||
Total assets | 4,662,116 | 3,551,366 |
Liabilities | ||
Total liabilities | 2,764,628 | 1,232,532 |
Forward Contracts [Member] | ||
Assets | ||
Total assets | 2,776,506 | 1,174,624 |
Liabilities | ||
Total liabilities | 2,321,498 | 865,929 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Assets | ||
Total assets | 4,662,116 | 3,551,366 |
Liabilities | ||
Total liabilities | 2,764,628 | 1,232,532 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member] | ||
Assets | ||
Total assets | 4,662,116 | 3,551,366 |
Liabilities | ||
Total liabilities | 2,764,628 | 1,232,532 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Total assets | 2,776,506 | 1,174,624 |
Liabilities | ||
Total liabilities | 2,321,498 | 865,929 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ||
Assets | ||
Total assets | 2,776,506 | 1,174,624 |
Liabilities | ||
Total liabilities | $ 2,321,498 | $ 865,929 |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | $ (1,214,126) | $ (1,046,779) |
Total Trading Results | 4,432,943 | (2,907,961) |
Net income (loss) | $ 3,218,817 | (3,954,740) |
CMF FORT Contrarian Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 168,677 | |
Total Trading Results | (5,653,909) | |
Net income (loss) | (5,485,232) | |
CMF ADG Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 43,488 | |
Total Trading Results | (2,207,105) | |
Net income (loss) | (2,163,617) | |
CMF Aquantam Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | (136,229) | |
Total Trading Results | 2,944,697 | |
Net income (loss) | $ 2,808,468 |
Investment in the Funds - Partn
Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | |||
Fair Value | $ 0 | ||
Income (Loss) | $ 4,432,943 | $ (2,907,961) | |
Net income (loss) | $ 3,218,817 | (3,954,740) | |
CMF FORT Contrarian Master Fund LLC [Member] | |||
Investment Holdings [Line Items] | |||
% of Partner's Capital | 0.00% | ||
Fair Value | $ 0 | ||
CMF ADG Master Fund LLC [Member] | |||
Investment Holdings [Line Items] | |||
% of Partner's Capital | 0.00% | ||
Fair Value | $ 0 | ||
CMF Aquantam Master Fund LLC [Member] | |||
Investment Holdings [Line Items] | |||
% of Partner's Capital | 0.00% | ||
Fair Value | $ 0 | ||
Investment In Funds [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Income (Loss) | (70,715) | ||
Expenses, Clearing Fees | 129,439 | ||
Expenses, Professional Fees | 20,107 | ||
Net income (loss) | (220,261) | ||
Investment In Funds [Member] | CMF FORT Contrarian Master Fund LLC [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Income (Loss) | (303,922) | ||
Expenses, Clearing Fees | 8,888 | ||
Expenses, Professional Fees | 961 | ||
Net income (loss) | $ (313,771) | ||
Investment Objective | Commodity Portfolio | ||
Redemptions Permitted | Monthly | ||
Investment In Funds [Member] | CMF ADG Master Fund LLC [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Income (Loss) | $ (1,337,317) | ||
Expenses, Clearing Fees | 13,667 | ||
Expenses, Professional Fees | 10,358 | ||
Net income (loss) | $ (1,361,342) | ||
Investment Objective | Commodity Portfolio | ||
Redemptions Permitted | Monthly | ||
Investment In Funds [Member] | CMF Aquantam Master Fund LLC [Member] | Commodity [Member] | |||
Investment Holdings [Line Items] | |||
Income (Loss) | $ 1,570,524 | ||
Expenses, Clearing Fees | 106,884 | ||
Expenses, Professional Fees | 8,788 | ||
Net income (loss) | $ 1,454,852 | ||
Investment Objective | Commodity Portfolio | ||
Redemptions Permitted | Monthly |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Concentration Risk [Line Items] | |
Financial instruments maturity period | 1 year |
Minimum [Member] | Credit Concentration Risk [Member] | Partnership's/Fund's Contracts [Member] | Over the Counter [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 10.00% |
Maximum [Member] | Credit Concentration Risk [Member] | Partnership's/Fund's Contracts [Member] | Over the Counter [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 28.70% |