Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
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 | |
Entity Address, Address Line One | Ceres Managed Futures LLC | |
Entity Address, Address Line Two | 522 Fifth Avenue | |
Entity Address, City or Town | New York | |
Entity Address, Postal Zip Code | 10036 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
City Area Code | 855 | |
Local Phone Number | 672-4468 | |
Entity Incorporation, State or Country Code | NY | |
Entity File Number | 000-50718 | |
Entity Tax Identification Number | 13-4224248 | |
Class A Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 63,831.7478 | |
Class D Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,190.231 | |
Class Z Redeemable Units [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 95.387 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Equity in trading account: | ||
Unrestricted cash | $ 45,747,419 | $ 50,058,379 |
Restricted cash | 14,273,015 | 12,210,997 |
Foreign cash (cost $0 and $1,917,654 at June 30, 2023 and December 31, 2022, respectively) | 0 | 1,924,402 |
Net unrealized appreciation on open futures/forward contracts | 1,679,072 | 2,445,391 |
Total equity in trading account | 61,699,506 | 66,639,169 |
Interest receivable | 203,047 | 174,983 |
Total assets | 61,902,553 | 66,814,152 |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | 0 | 39,323 |
Foreign cash overdraft (proceeds $630,887 and $0 at June 30, 2023 and December 31, 2022, respectively) | 629,551 | 0 |
Accrued expenses: | ||
Ongoing selling agent fees | 37,793 | 41,122 |
Management fees | 32,484 | 43,440 |
Incentive Fees | 68,347 | 714,301 |
General Partner fees | 44,533 | 48,582 |
Professional fees | 160,957 | 107,005 |
Redemptions payable to General Partner | 0 | 125,000 |
Redemptions payable to Limited Partners | 925,037 | 307,681 |
Total liabilities | 1,898,702 | 1,426,454 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 60,003,851 | 65,387,698 |
Total liabilities and partners' capital | 61,902,553 | 66,814,152 |
Class Z Redeemable Units [Member] | ||
Partners' Capital: | ||
General Partner | 678,209 | 700,959 |
Limited Partners | 108,194 | 111,823 |
Total partners' capital (net asset value) | $ 786,403 | $ 812,782 |
Net asset value per Redeemable Unit: | ||
Net asset value per Redeemable Unit | $ 1,134.26 | $ 1,172.31 |
Class A Redeemable Units [Member] | ||
Partners' Capital: | ||
Limited Partners | $ 55,746,303 | $ 60,636,182 |
Total partners' capital (net asset value) | $ 55,746,303 | $ 60,636,182 |
Net asset value per Redeemable Unit: | ||
Net asset value per Redeemable Unit | $ 869.4 | $ 901.95 |
Class D Redeemable Units [Member] | ||
Partners' Capital: | ||
Limited Partners | $ 3,471,145 | $ 3,938,734 |
Total partners' capital (net asset value) | $ 3,471,145 | $ 3,938,734 |
Net asset value per Redeemable Unit: | ||
Net asset value per Redeemable Unit | $ 1,088.05 | $ 1,128.79 |
Futures Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open futures/forward contracts | $ 1,659,642 | $ 2,445,391 |
Forward Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open futures/forward contracts | 19,430 | 0 |
Liabilities: | ||
Net unrealized depreciation on open forward contracts | $ 0 | $ 39,323 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Cash denominated in foreign currencies, proceeds | $ 0 | $ 1,917,654 |
Cash Overdrafts Denominated In Foreign Currency Proceeds | $ 630,887 | $ 0 |
Class A Redeemable Units [Member] | ||
Limited Partners Capital, Redeemable units outstanding | 64,120.4118 | 67,227.6148 |
Class D Redeemable Units [Member] | ||
Limited Partners Capital, Redeemable units outstanding | 3,190.231 | 3,489.328 |
Class Z Redeemable Units [Member] | ||
General Partner Capital, Redeemable units outstanding | 597.929 | 597.929 |
Limited Partners Capital, Redeemable units outstanding | 95.387 | 95.387 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Jun. 30, 2023 USD ($) Contract Contracts | Dec. 31, 2022 USD ($) Contract |
Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 3,940,654 | $ 4,783,634 |
Total unrealized depreciation on open contracts | (2,281,012) | (2,338,243) |
Net unrealized appreciation (depreciation) on open contracts | $ 1,659,642 | $ 2,445,391 |
% of Partners' Capital | 2.77% | 3.74% |
Futures Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 540,374 | $ 335,390 |
Total unrealized depreciation on open contracts | (103,849) | (128,154) |
Futures Contracts [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 390,145 | 1,086,847 |
Total unrealized depreciation on open contracts | (488,714) | (801,290) |
Futures Contracts [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 185,612 | 454,808 |
Total unrealized depreciation on open contracts | (267,682) | (169,873) |
Futures Contracts [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 1,073,680 | 347,516 |
Total unrealized depreciation on open contracts | (811,569) | (514,146) |
Futures Contracts [Member] | Interest Rates U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 273,666 | 98,297 |
Total unrealized depreciation on open contracts | (126,101) | (151,219) |
Futures Contracts [Member] | Interest Rates Non-U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 962,105 | 2,262,386 |
Total unrealized depreciation on open contracts | (201,485) | (411,124) |
Futures Contracts [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 5,500 | 310 |
Total unrealized depreciation on open contracts | (1,200) | |
Futures Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 262,877 | 131,732 |
Total unrealized depreciation on open contracts | (149,045) | (112,209) |
Futures Contracts [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | 246,695 | 66,348 |
Total unrealized depreciation on open contracts | (132,567) | (49,028) |
Futures Contracts [Member] | Long [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | $ 294,037 | $ 397,532 |
% of Partners' Capital | 0.49% | 0.61% |
Futures Contracts [Member] | Long [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 162 | 205 |
Net unrealized appreciation (depreciation) on open contracts | $ 28,356 | $ 224,798 |
% of Partners' Capital | 0.05% | 0.34% |
Futures Contracts [Member] | Long [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 304 | 239 |
Net unrealized appreciation (depreciation) on open contracts | $ 358,668 | $ 539,597 |
% of Partners' Capital | 0.60% | 0.83% |
Futures Contracts [Member] | Long [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 74 | 237 |
Net unrealized appreciation (depreciation) on open contracts | $ 20,975 | $ 429,927 |
% of Partners' Capital | 0.03% | 0.66% |
Futures Contracts [Member] | Long [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 639 | 293 |
Net unrealized appreciation (depreciation) on open contracts | $ (167,131) | $ (428,762) |
% of Partners' Capital | (0.28%) | (0.66%) |
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 54 | 85 |
Net unrealized appreciation (depreciation) on open contracts | $ (98,360) | $ (135,594) |
% of Partners' Capital | (0.16%) | (0.21%) |
Futures Contracts [Member] | Long [Member] | Interest Rates Non-U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 230 | 174 |
Net unrealized appreciation (depreciation) on open contracts | $ 20,102 | $ (401,257) |
% of Partners' Capital | 0.03% | (0.61%) |
Futures Contracts [Member] | Long [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 2 | 2 |
Net unrealized appreciation (depreciation) on open contracts | $ 5,290 | $ (890) |
% of Partners' Capital | 0.01% | 0% |
Futures Contracts [Member] | Long [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 94 | 68 |
Net unrealized appreciation (depreciation) on open contracts | $ 52,300 | $ 116,110 |
% of Partners' Capital | 0.09% | 0.18% |
Futures Contracts [Member] | Long [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 101 | 60 |
Net unrealized appreciation (depreciation) on open contracts | $ 73,837 | $ 53,603 |
% of Partners' Capital | 0.12% | 0.08% |
Futures Contracts [Member] | Short [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | $ 1,365,605 | $ 2,047,859 |
% of Partners' Capital | 2.28% | 3.13% |
Futures Contracts [Member] | Short [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 408 | 129 |
Net unrealized appreciation (depreciation) on open contracts | $ 408,169 | $ (17,562) |
% of Partners' Capital | 0.68% | (0.03%) |
Futures Contracts [Member] | Short [Member] | Energy [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 270 | 225 |
Net unrealized appreciation (depreciation) on open contracts | $ (457,237) | $ (254,040) |
% of Partners' Capital | (0.76%) | (0.39%) |
Futures Contracts [Member] | Short [Member] | Grains [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 166 | 90 |
Net unrealized appreciation (depreciation) on open contracts | $ (103,045) | $ (144,992) |
% of Partners' Capital | (0.17%) | (0.22%) |
Futures Contracts [Member] | Short [Member] | Indices [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 453 | 357 |
Net unrealized appreciation (depreciation) on open contracts | $ 429,242 | $ 262,132 |
% of Partners' Capital | 0.72% | 0.40% |
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 437 | 207 |
Net unrealized appreciation (depreciation) on open contracts | $ 245,925 | $ 82,672 |
% of Partners' Capital | 0.41% | 0.13% |
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 1,031 | 922 |
Net unrealized appreciation (depreciation) on open contracts | $ 740,518 | $ 2,252,519 |
% of Partners' Capital | 1.23% | 3.45% |
Futures Contracts [Member] | Short [Member] | Livestock [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contracts | 1 | |
Net unrealized appreciation (depreciation) on open contracts | $ 210 | |
% of Partners' Capital | 0% | |
Futures Contracts [Member] | Short [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 122 | 33 |
Net unrealized appreciation (depreciation) on open contracts | $ 61,532 | $ (96,587) |
% of Partners' Capital | 0.10% | (0.15%) |
Futures Contracts [Member] | Short [Member] | Softs [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 167 | 65 |
Net unrealized appreciation (depreciation) on open contracts | $ 40,291 | $ (36,283) |
% of Partners' Capital | 0.07% | (0.06%) |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 744,489 | $ 767,869 |
Total unrealized depreciation on open contracts | (725,059) | (807,192) |
Net unrealized appreciation (depreciation) on open contracts | $ 19,430 | $ (39,323) |
% of Partners' Capital | 0.03% | (0.06%) |
Forward Contracts [Member] | Unrealized Appreciation [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 1.24% | 1.17% |
Forward Contracts [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | (1.21%) | (1.23%) |
Forward Contracts [Member] | Currencies [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 540,287 | $ 713,033 |
Unrealized Appreciation on Open Forward Contracts, Notional Amount | 46,419,932 | 56,648,446 |
Total unrealized depreciation on open contracts | (516,954) | (729,014) |
Unrealized Depreciation on Open Forward Contracts, Notional Amount | $ 73,895,293 | $ 58,456,926 |
Forward Contracts [Member] | Currencies [Member] | Unrealized Appreciation [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 0.90% | 1.09% |
Forward Contracts [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | (0.86%) | (1.11%) |
Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Total unrealized appreciation on open contracts | $ 204,202 | $ 54,836 |
Total unrealized depreciation on open contracts | $ (208,105) | $ (78,178) |
Forward Contracts [Member] | Metals [Member] | Unrealized Appreciation [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 0.34% | 0.08% |
Forward Contracts [Member] | Metals [Member] | Total Unrealized Depreciation on Open Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | (0.35%) | (0.12%) |
Forward Contracts [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 58 | 22 |
Forward Contracts [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member] | Metals [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 90 | 35 |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | ||
Investment Income: | |||||
Interest income | $ 588,873 | $ 87,657 | $ 1,122,973 | $ 99,615 | |
Expenses: | |||||
Clearing fees related to direct investments | 63,754 | 74,221 | 134,636 | 144,548 | |
Ongoing selling agent fees | 113,906 | 135,657 | 230,712 | 261,681 | |
General Partner fees | 134,167 | 160,027 | 271,789 | 308,600 | |
Management fees | 99,325 | 143,029 | 205,368 | 270,326 | |
Incentive fees | 68,347 | 974,502 | 68,347 | 2,268,221 | |
Professional fees | 73,621 | 60,740 | 168,766 | 134,720 | |
Total expenses | 553,120 | 1,548,176 | 1,079,618 | 3,388,096 | |
Net investment loss | 35,753 | (1,460,519) | 43,355 | (3,288,481) | |
Net gains (losses) on trading of commodity interests: | |||||
Net realized gains (losses) on closed contracts | (167,433) | 5,900,959 | (1,673,562) | 12,893,061 | |
Net change in unrealized gains (losses) on open contracts | 2,179,917 | (1,390,690) | (732,408) | 684,102 | |
Total trading results | 2,012,484 | 4,510,269 | (2,405,970) | 13,577,163 | |
Net income (loss) | 2,048,237 | 3,049,750 | (2,362,615) | 10,288,682 | |
Class A Redeemable Units [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ 1,895,108 | $ 2,835,785 | $ (2,194,080) | $ 9,573,840 | |
Net income (loss) per Redeemable Unit | [1] | $ 28.78 | $ 38.86 | $ (32.55) | $ 129.93 |
Weighted average Redeemable Units outstanding | [1] | 65,497.6305 | 71,963.4235 | 66,184.2786 | 73,153.8605 |
Class D Redeemable Units [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ 125,668 | $ 169,697 | $ (142,156) | $ 569,692 | |
Net income (loss) per Redeemable Unit | [1] | $ 36.01 | $ 48.63 | $ (40.74) | $ 162.61 |
Weighted average Redeemable Units outstanding | [1] | 3,489.328 | 3,489.328 | 3,489.328 | 3,515.277 |
Class Z Redeemable Units [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ 27,461 | $ 44,268 | $ (26,379) | $ 145,150 | |
Net income (loss) per Redeemable Unit | [1] | $ 39.6 | $ 52.5 | $ (38.05) | $ 172.14 |
Weighted average Redeemable Units outstanding | [1] | 693.316 | 843.192 | 693.316 | 843.192 |
[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 | 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] Limited Partners [Member] |
Partners' Capital, Balance at Dec. 31, 2021 | $ 64,243,621 | $ 59,765,213 | $ 3,616,215 | $ 862,193 | ||||
Redemptions | $ (3,850,530) | $ (3,693,782) | $ (156,748) | $ 0 | ||||
Redemptions - Redeemable Units | (4,399.836) | (4,244.142) | (155.694) | 0 | ||||
Net income (loss) | 10,288,682 | 9,573,840 | 569,692 | 145,150 | ||||
Partners' Capital, Balance at Jun. 30, 2022 | $ 70,681,773 | $ 65,645,271 | $ 4,029,159 | $ 1,007,343 | ||||
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2021 | 79,880.1628 | 75,391.9488 | 3,645.022 | 843.192 | ||||
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2022 | 75,480.3268 | 71,147.8068 | 3,489.328 | 843.192 | ||||
Partners' Capital, Balance at Mar. 31, 2022 | $ 69,016,514 | $ 64,193,977 | $ 3,859,462 | $ 963,075 | ||||
Redemptions | $ (1,384,491) | $ (1,384,491) | $ 0 | $ 0 | ||||
Redemptions - Redeemable Units | (1,486.19) | (1,486.19) | 0 | 0 | ||||
Net income (loss) | 3,049,750 | 2,835,785 | 169,697 | 44,268 | ||||
Partners' Capital, Balance at Jun. 30, 2022 | $ 70,681,773 | $ 65,645,271 | $ 4,029,159 | $ 1,007,343 | ||||
Partners' Capital, Balance - Redeemable Units at Mar. 31, 2022 | 76,966.5168 | 72,633.9968 | 3,489.328 | 843.192 | ||||
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2022 | 75,480.3268 | 71,147.8068 | 3,489.328 | 843.192 | ||||
Partners' Capital, Balance at Dec. 31, 2022 | $ 65,387,698 | $ 60,636,182 | $ 3,938,734 | $ 812,782 | ||||
Redemptions | $ (3,021,232) | $ (2,695,799) | $ (325,433) | $ 0 | ||||
Redemptions - Redeemable Units | (3,406.3) | (3,107.203) | (299.097) | 0 | ||||
Net income (loss) | (2,362,615) | (2,194,080) | (142,156) | (26,379) | ||||
Partners' Capital, Balance at Jun. 30, 2023 | $ 60,003,851 | $ 55,746,303 | $ 3,471,145 | $ 786,403 | ||||
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2022 | 71,410.2588 | 67,227.6148 | 3,489.328 | 693.316 | ||||
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2023 | 68,003.9588 | 64,120.4118 | 3,190.231 | 693.316 | ||||
Partners' Capital, Balance at Mar. 31, 2023 | $ 60,020,067 | $ 55,590,215 | $ 3,670,910 | $ 758,942 | ||||
Redemptions | $ (2,064,453) | $ (1,739,020) | $ (325,433) | $ 0 | ||||
Redemptions - Redeemable Units | (2,308.469) | (2,009.372) | (299.097) | 0 | ||||
Net income (loss) | 2,048,237 | 1,895,108 | 125,668 | 27,461 | ||||
Partners' Capital, Balance at Jun. 30, 2023 | $ 60,003,851 | $ 55,746,303 | $ 3,471,145 | $ 786,403 | ||||
Partners' Capital, Balance - Redeemable Units at Mar. 31, 2023 | 70,312.4278 | 66,129.7838 | 3,489.328 | 693.316 | ||||
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2023 | 68,003.9588 | 64,120.4118 | 3,190.231 | 693.316 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2023 | |
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. 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 June 30, 2023 and 2022, the Partnership’s 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 June 30, 2023, all trading decisions were made for the Partnership by DCM Systematic Advisors SA (“DCM”), Drury Capital, Inc. (“Drury”), Episteme Capital Partners (UK) LLP, Episteme Capital Partners (US) LLC and Episteme Capital Partners (Cayman) LTD (collectively, “Episteme”), and Millburn Ridgefield Corporation (“Millburn”) (each an “Advisor” and, collectively, the “Advisors”), each of which is a registered commodity trading advisor. Effective December 31, 2022, the General Partner terminated ISAM Systematic Management (“ISAM SM”) as an Advisor to the Partnership. Reference herein to “Advisors” may include, as relevant, ISAM SM. 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. Effective January 1, 2020, Millburn 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 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 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 1.75 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future but may not exceed 2 times the amount of assets allocated. Effective February 1, 2023, Drury trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to Drury Diversified Trend-Following Program. Prior to its termination effective December 31, 2022, ISAM SM directly traded 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. The Partnership entered into futures brokerage account agreements and foreign exchange prime brokerage account agreements with MS&Co. The Partnership 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, user, give-up, The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 0.75% per year of adjusted 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 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 | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at June 30, 2023 and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2023 and 2022. 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 o rial. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Derivative Investments. first-in, first-out The Partnership does 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 included in total trading results in the Partnership’s Statements of Income and Expenses. Partnership’s Cash. ely. Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not 2019 through 2022 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 th e Partnership |
Financial Highlights
Financial Highlights | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Class A Class D Class Z Class A Class D Class Z 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) $ 28.30 $ 35.40 $ 36.84 $ 57.76 $ 72.13 $ 74.47 $ (33.11) $ (41.46) $ (43.06) $ 171.81 $ 214.74 $ 221.82 Net investment income (loss) 0.48 0.61 2.76 (18.90) (23.50) (21.97) 0.56 0.72 5.01 (41.88) (52.13) (49.68) Increase (decrease) for the period 28.78 36.01 39.60 38.86 48.63 52.50 (32.55) (40.74) (38.05) 129.93 162.61 172.14 Net asset value per Redeemable Unit, beginning of period 840.62 1,052.04 1,094.66 883.80 1,106.08 1,142.18 901.95 1,128.79 1,172.31 792.73 992.10 1,022.54 Net asset value per Redeemable Unit, end of period $ 869.40 $ 1,088.05 $ 1,134.26 $ 922.66 $ 1,154.71 $ 1,194.68 $ 869.40 $ 1,088.05 $ 1,134.26 $ 922.66 $ 1,154.71 $ 1,194.68 Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital:** Net investment income (loss)*** 0.6 % 0.6 % 1.3 % (4.2) % (4.2) % (3.4) % 0.3 % 0.3 % 1.0 % (6.3) % (6.3) % (5.5) % Operating expenses 3.2 % 3.3 % 2.5 % 3.3 % 3.2 % 2.5 % 3.3 % 3.3 % 2.5 % 3.3 % 3.3 % 2.5 % Incentive fees 0.1 % 0.1 % 0.1 % 1.4 % 1.4 % 1.4 % 0.1 % 0.1 % 0.1 % 3.3 % 3.3 % 3.3 % Total expenses 3.3 % 3.4 % 2.6 % 4.7 % 4.6 % 3.9 % 3.4 % 3.4 % 2.6 % 6.6 % 6.6 % 5.8 % Total return: Total return before incentive fees 3.5 % 3.5 % 3.7 % 5.8 % 5.8 % 6.0 % (3.5) % (3.5) % (3.1) % 20.0 % 20.0 % 20.5 % Incentive fees (0.1) % (0.1) % (0.1) % (1.4) % (1.4) % (1.4) % (0.1) % (0.1) % (0.1) % (3.6) % (3.6) % (3.7) % Total return after incentive fees 3.4 % 3.4 % 3.6 % 4.4 % 4.4 % 4.6 % (3.6) % (3.6) % (3.2) % 16.4 % 16.4 % 16.8 % * 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. |
Trading Activities
Trading Activities | 6 Months Ended |
Jun. 30, 2023 | |
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’s customer agreement with MS&Co. and foreign exchange brokerage account agreements give the Partnership the legal right to net unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, Balance Sheet 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 Partnership engages in such trading through commodity brokerage accounts maintained with MS&Co. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2023 and 2022 were 4,243 and 3,861, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2023 and 2022 were 3,907 and 3,994, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2023 and 2022 were 145 and 152, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2023 and 2022 were 143 and 152, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended June 30, 2023 and 2022 were $106,276,273 and $232,792,066, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the six months ended June 30, 2023 and 2022 were $127,602,205 and $241,114,613, 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 June 30, 2023 and December 31, 2022, respectively. June 30, 2023 Gross Amounts Recognized Gross Amounts Statements of Financial Condition Net Amounts Statements of Financial Condition Gross Amounts Not Offset in the Net Financial Cash Collateral Pledged* Assets Futures $ 3,940,654 $ (2,281,012) $ 1,659,642 $ - $ - $ 1,659,642 Forwards 744,489 (725,059) 19,430 - - 19,430 Total assets $ 4,685,143 $ (3,006,071) $ 1,679,072 $ - $ - $ 1,679,072 Liabilities Futures $ (2,281,012) $ 2,281,012 $ - $ - $ - $ - Forwards (725,059) 725,059 - - - - Total liabilities $ (3,006,071) $ 3,006,071 $ - $ - $ - $ - Net fair value $ 1,679,072 * December 31, 2022 Gross Amounts Gross Amounts Statements of Net Amounts Statements of Gross Amounts Not Offset in the Net Financial Cash Collateral Pledged* Assets Futures $ 4,783,634 $ (2,338,243) $ 2,445,391 $ - $ - $ 2,445,391 Forwards 767,869 (767,869) - - - - Total assets $ 5,551,503 $ (3,106,112) $ 2,445,391 $ - $ - $ 2,445,391 Liabilities Futures $ (2,338,243) $ 2,338,243 $ - $ - $ - $ - Forwards (807,192) 767,869 (39,323) - 39,323 - Total liabilities $ (3,145,435) $ 3,106,112 $ (39,323) $ - $ 39,323 $ - Net fair value $ 2,445,391 * * 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 by the Partnership as separate assets and liabilities as of June 30, 2023 and December 31, 2022, respectively. June 30, Assets Futures Contracts Currencies $ 540,374 Energy 390,145 Grains 185,612 Indices 1,073,680 Interest Rates U.S. 273,666 Interest Rates Non-U.S. 962,105 Livestock 5,500 Metals 262,877 Softs 246,695 Total unrealized appreciation on open futures contracts 3,940,654 Liabilities Futures Contracts Currencies (103,849) Energy (488,714) Grains (267,682) Indices (811,569) Interest Rates U.S. (126,101) Interest Rates Non-U.S. (201,485) Metals (149,045) Softs (132,567) Total unrealized depreciation on open futures contracts (2,281,012) Net unrealized appreciation on open futures contracts $ 1,659,642 * Assets Forward Contracts Currencies $ 540,287 Metals 204,202 Total unrealized appreciation on open forward contracts 744,489 Liabilities Forward Contracts Currencies (516,954) Metals (208,105) Total unrealized depreciation on open forward contracts (725,059) Net unrealized appreciation on open forward contracts $ 19,430 ** * 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, 2022 Assets Futures Contracts Currencies $ 335,390 Energy 1,086,847 Grains 454,808 Indices 347,516 Interest Rates U.S. 98,297 Interest Rates Non-U.S. 2,262,386 Livestock 310 Metals 131,732 Softs 66,348 Total unrealized appreciation on open futures contracts 4,783,634 Liabilities Futures Contracts Currencies (128,154) Energy (801,290) Grains (169,873) Indices (514,146) Interest Rates U.S. (151,219) Interest Rates Non-U.S. (411,124) Livestock (1,200) Metals (112,209) Softs (49,028) Total unrealized depreciation on open futures contracts (2,338,243) Net unrealized appreciation on open futures contracts $ 2,445,391 * Assets Forward Contracts Currencies $ 713,033 Metals 54,836 Total unrealized appreciation on open forward contracts 767,869 Liabilities Forward Contracts Currencies (729,014) Metals (78,178) Total unrealized depreciation on open forward contracts (807,192) Net unrealized depreciation on open forward contracts $ (39,323) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation 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 by the Partnership for the three and six months ended June 30, 2023 and 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, Sector 2023 2022 2023 2022 Currencies $ 835,032 $ 1,070,963 $ 603,806 $ 1,301,355 Energy (1,332,011) 2,286,155 (3,266,536) 6,368,357 Grains (468,230) (645,158) (234,666) 1,059,783 Indices 986,751 (14,556) 1,345,411 460,981 Interest Rates U.S. 365,476 (899,499) (950,999) (780,491) Interest Rates Non-U.S. 1,049,164 2,812,047 (821,483) 4,924,953 Livestock 5,610 (187,870) 7,360 (224,995) Metals (228,236) 643,757 1,713 1,176,381 Softs 798,928 (555,570) 909,424 (709,161) Total $ 2,012,484 *** $ 4,510,269 *** $ (2,405,970) *** $ 13,577,163 *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Partnership’s 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 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 June 30, 2023 Total Level 1 Level 2 Level 3 Assets Futures $ 3,940,654 $ 3,940,654 $ - $ - Forwards 744,489 - 744,489 - Total Assets $ 4,685,143 $ 3,940,654 $ 744,489 $ - Liabilities Futures $ 2,281,012 $ 2,281,012 $ - $ - Forwards 725,059 - 725,059 - Total Liabilities $ 3,006,071 $ 2,281,012 $ 725,059 $ - December 31, 2022 Total Level 1 Level 2 Level 3 Assets Futures $ 4,783,634 $ 4,783,634 $ - $ - Forwards 767,869 - 767,869 - Total Assets $ 5,551,503 $ 4,783,634 $ 767,869 $ - Liabilities Futures $ 2,338,243 $ 2,338,243 $ - $ - Forwards 807,192 - 807,192 - Total Liabilities $ 3,145,435 $ 2,338,243 $ 807,192 $ - |
Financial Instrument Risks
Financial Instrument Risks | 6 Months Ended |
Jun. 30, 2023 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 6. Financial Instrument Risks: In the normal course of business, the Partnership is party 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 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 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 risk of loss in the event of counterparty default is 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 risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s counterparty is or was an exchange or clearing organization. The General Partner monitors and attempts to mitigate the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has or had effective procedures for evaluating and limiting the credit and market risks to which the Partnership may or may have been 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, 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 business, these instruments may not be or have not 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 enters into contracts and agreements that contain various representations and warranties and which provide or provided general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The General Partner consider the risk of any future obligation relating to these indemnifications to be remote. Beginning in February 2022, the United States, the United Kingdom, the European Union, and a number of other nations imposed sanctions against Russia in response to Russia’s invasion of Ukraine, and these and other governments around the world may impose additional sanctions in the future as the conflict develops. The conflict and subsequent sanctions have created volatility in the price of various commodities and may have a negative impact on business activity globally, and therefore could affect the performance of the Partnership’s investments. Furthermore, uncertainties regarding the conflict between the two nations and the varying involvement of the United States and other NATO countries preclude prediction as to the ultimate impact on global economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Partnership and the performance of its investments or operations, and the ability of the Partnership to achieve its investment objectives. Additionally, to the extent that investors, service providers and/or other third parties have material operations or assets in Russia, Belarus, or Ukraine, they may have their operations disrupted and/or suffer adverse consequences related to the ongoing conflict. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are 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) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use o rial. |
Profit Allocation | Profit Allocation. |
Statement of Cash Flows | Statement of Cash Flows. “Statement of Cash Flows.” |
Partnership's Derivative Investments | Partnership’s Derivative Investments. first-in, first-out The Partnership does 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 included in total trading results in the Partnership’s Statements of Income and Expenses. |
Partnership's Cash | Partnership’s Cash. ely. |
Income Taxes | Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not 2019 through 2022 |
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 There have been no material changes with respect to th e Partnership |
Financial Highlights (Tables)
Financial Highlights (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investment Company [Abstract] | |
Financial Highlights | Financial highlights for the limited partner Classes as a whole for the three and six months ended June 30, 2023 and 2022 were as follows: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Class A Class D Class Z Class A Class D Class Z 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) $ 28.30 $ 35.40 $ 36.84 $ 57.76 $ 72.13 $ 74.47 $ (33.11) $ (41.46) $ (43.06) $ 171.81 $ 214.74 $ 221.82 Net investment income (loss) 0.48 0.61 2.76 (18.90) (23.50) (21.97) 0.56 0.72 5.01 (41.88) (52.13) (49.68) Increase (decrease) for the period 28.78 36.01 39.60 38.86 48.63 52.50 (32.55) (40.74) (38.05) 129.93 162.61 172.14 Net asset value per Redeemable Unit, beginning of period 840.62 1,052.04 1,094.66 883.80 1,106.08 1,142.18 901.95 1,128.79 1,172.31 792.73 992.10 1,022.54 Net asset value per Redeemable Unit, end of period $ 869.40 $ 1,088.05 $ 1,134.26 $ 922.66 $ 1,154.71 $ 1,194.68 $ 869.40 $ 1,088.05 $ 1,134.26 $ 922.66 $ 1,154.71 $ 1,194.68 Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Six Months Ended June 30, 2023 Six Months Ended June 30, 2022 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital:** Net investment income (loss)*** 0.6 % 0.6 % 1.3 % (4.2) % (4.2) % (3.4) % 0.3 % 0.3 % 1.0 % (6.3) % (6.3) % (5.5) % Operating expenses 3.2 % 3.3 % 2.5 % 3.3 % 3.2 % 2.5 % 3.3 % 3.3 % 2.5 % 3.3 % 3.3 % 2.5 % Incentive fees 0.1 % 0.1 % 0.1 % 1.4 % 1.4 % 1.4 % 0.1 % 0.1 % 0.1 % 3.3 % 3.3 % 3.3 % Total expenses 3.3 % 3.4 % 2.6 % 4.7 % 4.6 % 3.9 % 3.4 % 3.4 % 2.6 % 6.6 % 6.6 % 5.8 % Total return: Total return before incentive fees 3.5 % 3.5 % 3.7 % 5.8 % 5.8 % 6.0 % (3.5) % (3.5) % (3.1) % 20.0 % 20.0 % 20.5 % Incentive fees (0.1) % (0.1) % (0.1) % (1.4) % (1.4) % (1.4) % (0.1) % (0.1) % (0.1) % (3.6) % (3.6) % (3.7) % Total return after incentive fees 3.4 % 3.4 % 3.6 % 4.4 % 4.4 % 4.6 % (3.6) % (3.6) % (3.2) % 16.4 % 16.4 % 16.8 % * 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) | 6 Months Ended |
Jun. 30, 2023 | |
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 June 30, 2023 and December 31, 2022, respectively. June 30, 2023 Gross Amounts Recognized Gross Amounts Statements of Financial Condition Net Amounts Statements of Financial Condition Gross Amounts Not Offset in the Net Financial Cash Collateral Pledged* Assets Futures $ 3,940,654 $ (2,281,012) $ 1,659,642 $ - $ - $ 1,659,642 Forwards 744,489 (725,059) 19,430 - - 19,430 Total assets $ 4,685,143 $ (3,006,071) $ 1,679,072 $ - $ - $ 1,679,072 Liabilities Futures $ (2,281,012) $ 2,281,012 $ - $ - $ - $ - Forwards (725,059) 725,059 - - - - Total liabilities $ (3,006,071) $ 3,006,071 $ - $ - $ - $ - Net fair value $ 1,679,072 * December 31, 2022 Gross Amounts Gross Amounts Statements of Net Amounts Statements of Gross Amounts Not Offset in the Net Financial Cash Collateral Pledged* Assets Futures $ 4,783,634 $ (2,338,243) $ 2,445,391 $ - $ - $ 2,445,391 Forwards 767,869 (767,869) - - - - Total assets $ 5,551,503 $ (3,106,112) $ 2,445,391 $ - $ - $ 2,445,391 Liabilities Futures $ (2,338,243) $ 2,338,243 $ - $ - $ - $ - Forwards (807,192) 767,869 (39,323) - 39,323 - Total liabilities $ (3,145,435) $ 3,106,112 $ (39,323) $ - $ 39,323 $ - Net fair value $ 2,445,391 * * 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 by the Partnership as separate assets and liabilities as of June 30, 2023 and December 31, 2022, respectively. June 30, Assets Futures Contracts Currencies $ 540,374 Energy 390,145 Grains 185,612 Indices 1,073,680 Interest Rates U.S. 273,666 Interest Rates Non-U.S. 962,105 Livestock 5,500 Metals 262,877 Softs 246,695 Total unrealized appreciation on open futures contracts 3,940,654 Liabilities Futures Contracts Currencies (103,849) Energy (488,714) Grains (267,682) Indices (811,569) Interest Rates U.S. (126,101) Interest Rates Non-U.S. (201,485) Metals (149,045) Softs (132,567) Total unrealized depreciation on open futures contracts (2,281,012) Net unrealized appreciation on open futures contracts $ 1,659,642 * Assets Forward Contracts Currencies $ 540,287 Metals 204,202 Total unrealized appreciation on open forward contracts 744,489 Liabilities Forward Contracts Currencies (516,954) Metals (208,105) Total unrealized depreciation on open forward contracts (725,059) Net unrealized appreciation on open forward contracts $ 19,430 ** * 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, 2022 Assets Futures Contracts Currencies $ 335,390 Energy 1,086,847 Grains 454,808 Indices 347,516 Interest Rates U.S. 98,297 Interest Rates Non-U.S. 2,262,386 Livestock 310 Metals 131,732 Softs 66,348 Total unrealized appreciation on open futures contracts 4,783,634 Liabilities Futures Contracts Currencies (128,154) Energy (801,290) Grains (169,873) Indices (514,146) Interest Rates U.S. (151,219) Interest Rates Non-U.S. (411,124) Livestock (1,200) Metals (112,209) Softs (49,028) Total unrealized depreciation on open futures contracts (2,338,243) Net unrealized appreciation on open futures contracts $ 2,445,391 * Assets Forward Contracts Currencies $ 713,033 Metals 54,836 Total unrealized appreciation on open forward contracts 767,869 Liabilities Forward Contracts Currencies (729,014) Metals (78,178) Total unrealized depreciation on open forward contracts (807,192) Net unrealized depreciation on open forward contracts $ (39,323) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation 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 by the Partnership for the three and six months ended June 30, 2023 and 2022, respectively. Three Months Ended June 30, Six Months Ended June 30, Sector 2023 2022 2023 2022 Currencies $ 835,032 $ 1,070,963 $ 603,806 $ 1,301,355 Energy (1,332,011) 2,286,155 (3,266,536) 6,368,357 Grains (468,230) (645,158) (234,666) 1,059,783 Indices 986,751 (14,556) 1,345,411 460,981 Interest Rates U.S. 365,476 (899,499) (950,999) (780,491) Interest Rates Non-U.S. 1,049,164 2,812,047 (821,483) 4,924,953 Livestock 5,610 (187,870) 7,360 (224,995) Metals (228,236) 643,757 1,713 1,176,381 Softs 798,928 (555,570) 909,424 (709,161) Total $ 2,012,484 *** $ 4,510,269 *** $ (2,405,970) *** $ 13,577,163 *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | As of June 30, 2023 and December 31, 2022 and for the periods ended June 30, 2023 and 2022, the Partnership 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). June 30, 2023 Total Level 1 Level 2 Level 3 Assets Futures $ 3,940,654 $ 3,940,654 $ - $ - Forwards 744,489 - 744,489 - Total Assets $ 4,685,143 $ 3,940,654 $ 744,489 $ - Liabilities Futures $ 2,281,012 $ 2,281,012 $ - $ - Forwards 725,059 - 725,059 - Total Liabilities $ 3,006,071 $ 2,281,012 $ 725,059 $ - December 31, 2022 Total Level 1 Level 2 Level 3 Assets Futures $ 4,783,634 $ 4,783,634 $ - $ - Forwards 767,869 - 767,869 - Total Assets $ 5,551,503 $ 4,783,634 $ 767,869 $ - Liabilities Futures $ 2,338,243 $ 2,338,243 $ - $ - Forwards 807,192 - 807,192 - Total Liabilities $ 3,145,435 $ 2,338,243 $ 807,192 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) - $ / shares | 6 Months Ended | ||||||
Jan. 01, 2021 | Nov. 01, 2020 | Jan. 01, 2018 | Jun. 30, 2023 | 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 | ||||||
Monthly ongoing selling agent fee | 0.75% | ||||||
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 | 1.75 | ||||||
Class D Redeemable Units [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||
Ongoing selling agent fee | 0.75% | ||||||
Ongoing Placement Agent Fees Payable Annual Percentage | 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 Annual Percentage | 0.75% | ||||||
Class A Redeemable Units [Member] | |||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||
Ongoing selling agent fee | 0.75% | ||||||
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 | ||||||
Minimum [Member] | Episteme Capital Partners [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 | ||||||
Maximum [Member] | Episteme Capital Partners [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 ($) | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ 0 | $ 1,924,402 |
Cash denominated in foreign currencies, proceeds | 0 | 1,917,654 |
Restricted cash held for margin | 14,273,015 | 12,210,997 |
Uncertain tax position | $ 0 | |
Open tax year | 2019 2020 2021 2022 | |
Cash overdrafts denominated in foreign currency | $ 629,551 | 0 |
Cash Overdrafts Denominated In Foreign Currency Proceeds | $ 630,887 | $ 0 |
Financial Highlights - Schedule
Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class A Redeemable Units [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | $ 28.3 | $ 57.76 | $ (33.11) | $ 171.81 |
Net investment income (loss) | 0.48 | (18.9) | 0.56 | (41.88) |
Increase (decrease) for the period | 28.78 | 38.86 | (32.55) | 129.93 |
Net asset value per Redeemable Unit, beginning of period | 840.62 | 883.8 | 901.95 | 792.73 |
Net asset value per Redeemable Unit, end of period | 869.4 | 922.66 | 869.4 | 922.66 |
Class D Redeemable Units [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | 35.4 | 72.13 | (41.46) | 214.74 |
Net investment income (loss) | 0.61 | (23.5) | 0.72 | (52.13) |
Increase (decrease) for the period | 36.01 | 48.63 | (40.74) | 162.61 |
Net asset value per Redeemable Unit, beginning of period | 1,052.04 | 1,106.08 | 1,128.79 | 992.1 |
Net asset value per Redeemable Unit, end of period | 1,088.05 | 1,154.71 | 1,088.05 | 1,154.71 |
Class Z Redeemable Units [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | 36.84 | 74.47 | (43.06) | 221.82 |
Net investment income (loss) | 2.76 | (21.97) | 5.01 | (49.68) |
Increase (decrease) for the period | 39.6 | 52.5 | (38.05) | 172.14 |
Net asset value per Redeemable Unit, beginning of period | 1,094.66 | 1,142.18 | 1,172.31 | 1,022.54 |
Net asset value per Redeemable Unit, end of period | $ 1,134.26 | $ 1,194.68 | $ 1,134.26 | $ 1,194.68 |
Financial Highlights - Ratios t
Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Class A Redeemable Units [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Net investment income (loss) | 0.60% | (4.20%) | 0.30% | (6.30%) |
Operating expenses | 3.20% | 3.30% | 3.30% | 3.30% |
Incentive fees | 0.10% | 1.40% | 0.10% | 3.30% |
Total expenses | 3.30% | 4.70% | 3.40% | 6.60% |
Total return: | ||||
Total return before incentive fees | 3.50% | 5.80% | (3.50%) | 20% |
Incentive fees | (0.10%) | (1.40%) | (0.10%) | (3.60%) |
Total return after incentive fees | 3.40% | 4.40% | (3.60%) | 16.40% |
Class D Redeemable Units [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Net investment income (loss) | 0.60% | (4.20%) | 0.30% | (6.30%) |
Operating expenses | 3.30% | 3.20% | 3.30% | 3.30% |
Incentive fees | 0.10% | 1.40% | 0.10% | 3.30% |
Total expenses | 3.40% | 4.60% | 3.40% | 6.60% |
Total return: | ||||
Total return before incentive fees | 3.50% | 5.80% | (3.50%) | 20% |
Incentive fees | (0.10%) | (1.40%) | (0.10%) | (3.60%) |
Total return after incentive fees | 3.40% | 4.40% | (3.60%) | 16.40% |
Class Z Redeemable Units [Member] | ||||
Ratios to Average Limited Partners' Capital: | ||||
Net investment income (loss) | 1.30% | (3.40%) | 1% | (5.50%) |
Operating expenses | 2.50% | 2.50% | 2.50% | 2.50% |
Incentive fees | 0.10% | 1.40% | 0.10% | 3.30% |
Total expenses | 2.60% | 3.90% | 2.60% | 5.80% |
Total return: | ||||
Total return before incentive fees | 3.70% | 6% | (3.10%) | 20.50% |
Incentive fees | (0.10%) | (1.40%) | (0.10%) | (3.70%) |
Total return after incentive fees | 3.60% | 4.60% | (3.20%) | 16.80% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) Contract | Jun. 30, 2022 USD ($) Contract | Jun. 30, 2023 USD ($) Contract | Jun. 30, 2022 USD ($) Contract | |
Futures Contracts [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average number of derivative contracts held | 4,243 | 3,861 | 3,907 | 3,994 |
Forward Contracts [Member] | Metals [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average number of derivative contracts held | 145 | 152 | 143 | 152 |
Forward Contracts [Member] | Currencies [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average notional value of derivative | $ | $ | $ 106,276,273 | $ 232,792,066 | $ 127,602,205 | $ 241,114,613 |
Trading Activities - Summary of
Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 4,685,143 | $ 5,551,503 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (3,006,071) | (3,106,112) |
Amounts Presented in the Statements of Financial Condition, Assets | 1,679,072 | 2,445,391 |
Financial Instruments, Assets | 0 | |
Cash Collateral Received/Pledged, Assets | 0 | |
Net Amount, Assets | 1,679,072 | 2,445,391 |
Gross Amounts Recognized, Liabilities | (3,006,071) | (3,145,435) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 3,006,071 | 3,106,112 |
Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | (39,323) |
Financial Instruments, Liabilities | 0 | |
Cash Collateral Received/Pledged, Liabilities | 0 | 39,323 |
Net Amount, Liabilities | 0 | |
Net fair value | 1,679,072 | 2,445,391 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 3,940,654 | 4,783,634 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (2,281,012) | (2,338,243) |
Amounts Presented in the Statements of Financial Condition, Assets | 1,659,642 | 2,445,391 |
Financial Instruments, Assets | 0 | |
Cash Collateral Received/Pledged, Assets | 0 | |
Net Amount, Assets | 1,659,642 | 2,445,391 |
Gross Amounts Recognized, Liabilities | (2,281,012) | (2,338,243) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 2,281,012 | 2,338,243 |
Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | |
Financial Instruments, Liabilities | 0 | |
Cash Collateral Received/Pledged, Liabilities | 0 | |
Net Amount, Liabilities | 0 | |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 744,489 | 767,869 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (725,059) | (767,869) |
Amounts Presented in the Statements of Financial Condition, Assets | 19,430 | 0 |
Financial Instruments, Assets | 0 | |
Cash Collateral Received/Pledged, Assets | 0 | |
Net Amount, Assets | 19,430 | 0 |
Gross Amounts Recognized, Liabilities | (725,059) | (807,192) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 725,059 | 767,869 |
Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | (39,323) |
Financial Instruments, Liabilities | 0 | |
Cash Collateral Received/Pledged, Liabilities | 0 | $ 39,323 |
Net Amount, Liabilities | $ 0 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 3,940,654 | $ 4,783,634 |
Total unrealized depreciation on open contracts | (2,281,012) | (2,338,243) |
Net unrealized appreciation (depreciation) on open contracts | 1,659,642 | 2,445,391 |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 540,374 | 335,390 |
Total unrealized depreciation on open contracts | (103,849) | (128,154) |
Futures Contracts [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 390,145 | 1,086,847 |
Total unrealized depreciation on open contracts | (488,714) | (801,290) |
Futures Contracts [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 185,612 | 454,808 |
Total unrealized depreciation on open contracts | (267,682) | (169,873) |
Futures Contracts [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,073,680 | 347,516 |
Total unrealized depreciation on open contracts | (811,569) | (514,146) |
Futures Contracts [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 273,666 | 98,297 |
Total unrealized depreciation on open contracts | (126,101) | (151,219) |
Futures Contracts [Member] | Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 962,105 | 2,262,386 |
Total unrealized depreciation on open contracts | (201,485) | (411,124) |
Futures Contracts [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 5,500 | 310 |
Total unrealized depreciation on open contracts | (1,200) | |
Futures Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 262,877 | 131,732 |
Total unrealized depreciation on open contracts | (149,045) | (112,209) |
Futures Contracts [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 246,695 | 66,348 |
Total unrealized depreciation on open contracts | (132,567) | (49,028) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 744,489 | 767,869 |
Total unrealized depreciation on open contracts | (725,059) | (807,192) |
Net unrealized appreciation (depreciation) on open contracts | 19,430 | (39,323) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 540,287 | 713,033 |
Total unrealized depreciation on open contracts | (516,954) | (729,014) |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 204,202 | 54,836 |
Total unrealized depreciation on open contracts | $ (208,105) | $ (78,178) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Derivative [Line Items] | ||||
Total trading results | $ 2,012,484 | $ 4,510,269 | $ (2,405,970) | $ 13,577,163 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 835,032 | 1,070,963 | 603,806 | 1,301,355 |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (1,332,011) | 2,286,155 | (3,266,536) | 6,368,357 |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (468,230) | (645,158) | (234,666) | 1,059,783 |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 986,751 | (14,556) | 1,345,411 | 460,981 |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 365,476 | (899,499) | (950,999) | (780,491) |
Interest Rates Non-U.S. [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 1,049,164 | 2,812,047 | (821,483) | 4,924,953 |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | 5,610 | (187,870) | 7,360 | (224,995) |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | (228,236) | 643,757 | 1,713 | 1,176,381 |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Total trading results | $ 798,928 | $ (555,570) | $ 909,424 | $ (709,161) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument | Jun. 30, 2023 | Dec. 31, 2022 |
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 ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Total assets | $ 4,685,143 | $ 5,551,503 |
Liabilities | ||
Total liabilities | 3,006,071 | 3,145,435 |
Futures Contracts [Member] | ||
Assets | ||
Total assets | 3,940,654 | 4,783,634 |
Liabilities | ||
Total liabilities | 2,281,012 | 2,338,243 |
Forward Contracts [Member] | ||
Assets | ||
Total assets | 744,489 | 767,869 |
Liabilities | ||
Total liabilities | 725,059 | 807,192 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | ||
Assets | ||
Total assets | 3,940,654 | 4,783,634 |
Liabilities | ||
Total liabilities | 2,281,012 | 2,338,243 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member] | ||
Assets | ||
Total assets | 3,940,654 | 4,783,634 |
Liabilities | ||
Total liabilities | 2,281,012 | 2,338,243 |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member] | ||
Assets | ||
Total assets | 0 | |
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Total assets | 744,489 | 767,869 |
Liabilities | ||
Total liabilities | 725,059 | 807,192 |
Significant Other Observable Inputs (Level 2) [Member] | Futures Contracts [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member] | ||
Assets | ||
Total assets | 744,489 | 767,869 |
Liabilities | ||
Total liabilities | 725,059 | 807,192 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Total assets | 0 | 0 |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Futures Contracts [Member] | ||
Assets | ||
Total assets | 0 | |
Liabilities | ||
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Assets | ||
Total assets | 0 | |
Liabilities | ||
Total liabilities | $ 0 | $ 0 |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2023 | |
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 | 0% |
Maximum [Member] | Credit Concentration Risk [Member] | Partnership's/Fund's Contracts [Member] | Over the Counter [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 2.50% |