Ceres Orion (OFFLP) 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	OFFLP
Entity Registrant Name	ORION FUTURES FUND LP
Entity Central Index Key	1,227,265
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Common Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		364,333.8198
Common Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,513.2352

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Assets:
Investment in Funds(1), at fair value	[1]	$ 1,071,754,582	$ 1,153,708,886
Cash		233,313	346,282
Total assets		1,071,987,895	1,154,055,168
Accrued expenses:
Ongoing selling agent fees		2,447,911	2,577,191
Management fees		888,444	886,677
General Partner fees		668,426	719,578
Incentive fees			19,251,105
Other		58,206	153,198
Redemptions payable to Limited Partners		9,553,994	19,027,229
Total liabilities		13,616,981	42,614,978
Partners' Capital:
Total partners' capital		1,058,370,914	1,111,440,190
Total liabilities and partners' capital		1,071,987,895	1,154,055,168
Class A [Member]
Partners' Capital:
Limited Partners		1,044,248,081	1,096,725,351
Total partners' capital		$ 1,044,248,081	$ 1,096,725,351
Net asset value per unit		$ 2,880.27	$ 3,076.78
Class Z [Member]
Partners' Capital:
General Partner		$ 11,457,079	$ 12,174,299
Limited Partners		2,665,754	2,540,540
Total partners' capital		$ 14,122,833	$ 14,714,839
Net asset value per unit		$ 1,080.58	$ 1,148.23
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2015	Dec. 31, 2014
Class A [Member]
Limited Partners Redeemable Units outstanding	362,551.8998	356,452.4588
Class Z [Member]
General Partner Redeemable Units outstanding	10,602.7003	10,602.7003
Limited Partners Redeemable Units outstanding	2,466.9642	2,212.5782

Schedule of Investments

Schedule of Investments - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Schedule of Investments [Line Items]
Total investment in Funds, at fair value	[1]	$ 1,071,754,582	$ 1,153,708,886
Investment in Funds
Investment in funds as options purchased as percentage of Partner's Capital		101.26%	103.80%
CMF Winton Master L.P. [Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		$ 392,441,867	$ 469,326,073
Morgan Stanley Smith Barney TT II, LLC [Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		360,140,513	443,311,916
CMF Willowbridge Master Fund L.P.[Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		$ 319,172,202	$ 241,070,897
CMF Winton Master L.P. [Member]
Investment in Funds
Investment in funds as options purchased as percentage of Partner's Capital		37.08%	42.23%
Morgan Stanley Smith Barney TT II, LLC [Member]
Investment in Funds
Investment in funds as options purchased as percentage of Partner's Capital		34.03%	39.88%
CMF Willowbridge Master Fund L.P.[Member]
Investment in Funds
Investment in funds as options purchased as percentage of Partner's Capital		30.15%	21.69%
[1]	Defined in Note 1.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment Income:
Interest income allocated from Funds		$ 13,584	$ 25,462	$ 29,919	$ 75,486
Expenses:
Ongoing selling agent fees		2,943,430	3,652,569	5,916,243	6,889,540
Expenses allocated from Funds		1,993,407	2,144,741	10,697,724	4,295,150
Management fees		2,699,158	2,377,236	5,492,685	4,787,624
General Partner fees		2,071,308	1,339,144	4,287,664	2,700,415
Incentive fees			5,057,883	8,799,365	5,057,883
Other		147,228	78,730	269,844	266,434
Total expenses		9,854,531	14,650,303	35,463,525	23,997,046
Net investment income (loss)		(9,840,947)	(14,624,841)	(35,433,606)	(23,921,560)
Trading Results:
Net realized gains (losses) allocated from Funds		(85,482,969)	64,955,509	16,188,855	90,157,435
Net change in unrealized gains (losses) allocated from Funds		(36,259,499)	(4,458,299)	(53,471,389)	(35,106,708)
Total trading results		(121,742,468)	60,497,210	(37,282,534)	55,050,727
Net income (loss)		(131,583,415)	45,872,369	(72,716,140)	31,129,167
Class A [Member]
Trading Results:
Net income (loss)		$ (129,867,925)	$ 45,124,677	$ (71,812,582)	$ 30,546,359
Net asset value per Redeemable Unit		$ 2,880.27	$ 2,733.32	$ 2,880.27	$ 2,733.32
Net income (loss) per Redeemable Unit	[1]	$ (357.57)	$ 115.53	$ (196.51)	$ 81.09
Weighted average Redeemable Units outstanding:
Weighted average Redeemable Units outstanding		363,298.9891	387,201.3001	362,463.1355	399,550.4283
Class Z [Member]
Trading Results:
Net income (loss)		$ (1,715,490)	$ 747,692	$ (903,558)	$ 582,808
Net asset value per Redeemable Unit		$ 1,080.58	$ 1,012.86	$ 1,080.58	$ 1,012.86
Net income (loss) per Redeemable Unit	[1]	$ (130.85)	$ 45.71	$ (67.65)	$ 35.51
Weighted average Redeemable Units outstanding:
Weighted average Redeemable Units outstanding		13,106.9195	16,346.0908	13,017.0667	16,376.2092
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Income and Expen6

Statements of Income and Expenses (Parenthetical) - shares	Jun. 30, 2015	Jun. 30, 2014
Class A [Member]
Redeemable Units outstanding	362,551.8998	373,059.8748
Class Z [Member]
Redeemable Units outstanding	13,069.6645	16,313.0415

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class Z [Member]	Class Z [Member]Limited Partners [Member]
Partners' Capital, beginning of period at Dec. 31, 2013	$ 1,116,054,454		$ 1,100,058,092		$ 15,996,362
Net income (loss)	31,129,167		30,546,359		582,808
Subscriptions - Limited Partners		$ 36,771,248		$ 36,650,048		$ 121,200
Redemptions - Limited Partners		$ (147,739,920)		$ (147,562,329)		$ (177,591)
Partners' Capital, end of period at Jun. 30, 2014	$ 1,036,214,949		$ 1,019,692,170		$ 16,522,779
Partners' Capital Accounts, Redeemable Units, Beginning Balance at Dec. 31, 2013	431,134.4953		414,767.3528		16,367.1425
Subscriptions - Limited Partners		14,007.8730		13,880.8910		126.9820
Redemptions - Limited Partners		(55,769.4520)		(55,588.3690)		(181.0830)
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2014	389,372.9163		373,059.8748		16,313.0415
Partners' Capital, beginning of period at Dec. 31, 2014	$ 1,111,440,190		$ 1,096,725,351		$ 14,714,839
Net income (loss)	(72,716,140)		(71,812,582)		(903,558)
Subscriptions - Limited Partners		$ 85,402,907		$ 84,887,102		$ 515,805
Redemptions - Limited Partners		$ (65,756,043)		$ (65,551,790)		$ (204,253)
Partners' Capital, end of period at Jun. 30, 2015	$ 1,058,370,914		$ 1,044,248,081		$ 14,122,833
Partners' Capital Accounts, Redeemable Units, Beginning Balance at Dec. 31, 2014	369,267.7373		356,452.4588		12,815.2785
Subscriptions - Limited Partners		27,515.8100		27,083.0020		432.8080
Redemptions - Limited Partners		(21,161.9830)		(20,983.5610)		(178.4220)
Partners' Capital, Redeemable Units, end of period at Jun. 30, 2015	375,621.5643		362,551.8998		13,069.6645

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Organization	1. Organization: Orion Futures Fund L.P. (the “Partnership”), is a limited partnership organized on March 22, 1999, under the partnership laws of the State of New York 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, livestock, indices, U.S. and non-U.S. 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 wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings, and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. As of June 30, 2015, all trading decisions are made for the Partnership by Winton Capital Management Limited (“Winton”), Transtrend B.V. (“Transtrend”) and Willowbridge Associates Inc. (“Willowbridge”) (each an “Advisor” and, collectively, the “Advisors”), each of which is a registered commodity trading advisor. Effective November 30, 2014, AAA Capital Management Advisors, Ltd. (“AAA”) ceased to act as a commodity trading advisor for the Partnership. The portion of the Partnership’s assets that were allocated to AAA were reallocated among the other Advisors. References herein to an “Advisor” or the “Advisors” may also include, as relevant, AAA. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors indirectly through investments in master funds. In addition, the General Partner may allocate the Partnership’s assets to additional non-major trading advisors (i.e., commodity trading advisors intended to be allocated less than 10% of the Partnership’s assets). Information about advisors allocated less than 10% of the Partnership’s assets may not be disclosed. On June 1, 2011, the Partnership began offering “Class A” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to June 1, 2011, were deemed Class A Redeemable Units. The rights, powers, duties and obligations associated with investment in Class A Redeemable Units were not changed. Class Z Redeemable Units were first issued on August 1, 2011. Class Z Redeemable Units are offered to certain employees of Morgan Stanley and its subsidiaries (and their family members). Class A Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a limited partner receives upon a subscription will generally depend upon the status of the limited partner, although the General Partner may determine to offer a particular Class of Redeemable Units to investors at its discretion. As of June 30, 2015, the Partnership’s/Funds’ (defined below) commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. CMF Winton Master L.P. (“Winton Master”), Morgan Stanley Smith Barney TT II, LLC (“Transtrend Master”) and CMF Willowbridge Master Fund L.P. (“Willowbridge Master”) entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. Prior to its liquidation, AAA Master LLC (“AAA Master”) entered into a futures brokerage agreement with MS&Co. Winton Master, Transtrend Master, Willowbridge Master and AAA Master are collectively referred to as the “Funds.” The Partnership, through its investment in the Funds, will pay MS&Co. trading fees for clearing, and where applicable, execution of transactions. Effective March 1, 2014, the Partnership entered into a new futures brokerage account agreement with MS&Co. (the “Customer Agreement”) and ceased paying brokerage commissions to MS&Co. Under the Customer Agreement, the Partnership pays MS&Co. trading fees for the clearing and, where applicable, the execution of transactions, as well as exchange, clearing, user, give-up and National Futures Association (“NFA”) fees (the “clearing fees”) through its investment in the Funds. MS&Co. clearing fees are allocated to the Partnership based on its proportionate share of the Funds. All of the Partnership’s assets not held in the Funds’ brokerage accounts at MS&Co. are deposited in the Partnership’s brokerage account at MS&Co. The Partnership’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission (“CFTC”) regulations. MS&Co. has agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Fund’s, except for Transtrend Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. has agreed to pay Transtrend Master interest on 100% of the average daily equity maintained in cash in Transtrend Master’s brokerage account at the rate equal to the monthly average of the 4-Week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. When the effective rate is less than zero, no interest is earned. All interest earned on U.S. Treasury bills purchased will be retained by the Partnership and the Funds. For purposes of these interest credits, daily funds do not include monies due to Transtrend Master on or with respect to futures, forwards, or options contracts that have not been received. The Customer Agreement may generally be terminated upon notice by either party. Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. Effective that same date, the Partnership entered into a new selling agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee. Prior to October 1, 2014, the amount of the ongoing selling agent fee was calculated by multiplying the Partnership’s (i) round-turn futures transactions by $18.00 each, swaps by up to an equivalent amount and options transactions by $9.00 each per side, with respect to Class A Redeemable Units and (ii) round-turn futures transactions by $3.00 each, swaps by up to an equivalent amount and options transactions by $1.50 each per side, with respect to Class Z Redeemable Units. Effective October 1, 2014, the ongoing selling agent fee was (i) reduced to $15.00 each for futures transactions and up to an equivalent amount for swaps and $7.50 each per side for options transactions, with respect to Class A Redeemable Units and (ii) eliminated with respect to Class Z Redeemable Units. The ongoing selling agent fee amount is reduced by applicable floor brokerage. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to other properly licensed and/or registered selling agents, and such additional selling agents may share all or a substantial portion of such fees with their properly registered or exempted financial advisers who have sold Redeemable Units in the Partnership. Under the prior futures brokerage account agreement (the “Prior Customer Agreement”), the Partnership paid MS&Co. a monthly brokerage commission equal to (i) $18.00 per round-turn on futures transactions, up to an equivalent amount for swaps and $9.00 per side on options transactions, with respect to Class A Redeemable Units and (ii) $3.00 per round-turn on futures transactions, up to an equivalent amount for swaps and $1.50 per side on options transactions, with respect to Class Z Redeemable Units. The brokerage commissions were inclusive of applicable floor brokerage fees. The Partnership also paid MS&Co. clearing fees through its investment in the Funds. MS&Co. clearing fees were also allocated to the Partnership based on its proportionate share of the Funds. During the term of the Prior Customer Agreement, all of the Partnership’s assets not held in the Funds’ brokerage accounts at MS&Co. were deposited in the Partnership’s brokerage account at MS&Co. The Partnership’s cash was also deposited by MS&Co. in segregated bank accounts to the extent required by CFTC regulations. MS&Co. also agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Fund’s, except for Transtrend Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. MS&Co. also agreed to pay Transtrend Master interest on 100% of the average daily equity maintained in cash in Transtrend Master’s brokerage account at the rate equal to the monthly average of the 4-Week U.S. Treasury bill discount rate less 0.15% during such month but in no event less than zero. For purposes of these interest credits, daily funds also did not include monies due to Transtrend Master on or with respect to futures, forwards, or options contracts that have not been received. The Partnership has terminated the Prior Customer Agreement. The General Partner fees, management fees, incentive fees and all other expenses of the Partnership are allocated proportionally to each Class based on the net asset value of the Class.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
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 statement of the Partnership’s financial condition at June 30, 2015, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2015 and 2014. 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 filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses as expenses allocated from Funds were previously reported separately as clearing fees allocated from Funds and as part of other expenses. In addition, management fees and incentive fees allocated from Transtrend Master are combined with expenses allocated from Funds which were previously combined with management fees and incentive fees on the Statements of Income and Expenses. Amounts previously referred to as Administrative fees are now referred to as General Partner fees in these financial statements. In the financial highlights, the ongoing selling agent fees and clearing fees allocated from the Funds which were previously included in net realized and unrealized gains (losses) per unit and excluded from expenses per unit are now excluded from net realized and unrealized gains (losses) per unit and included in expenses per unit. This information was previously included as a footnote to the financial highlights table. The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any. 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. Partnership’s Investments: Funds’ Investments: All commodity interests of the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in the trading account on the Funds’ Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported on the Funds’ Statements of Income and Expenses. Investment Company Status: Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes: Net Income (loss) per unit: Financial Highlights. Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 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, 2014.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for each limited partner Class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended June 30, 2015 Three Months Ended Six Months Ended Six Months Ended Class A Class Z Class A Class Z Class A Class Z Class A Class Z Net realized and unrealized gains (losses) $ (330.73 ) $ (123.83 ) $ 152.83 $ 56.50 $ (99.59 ) $ (37.53 ) $ 140.74 $ 52.07 Net investment loss 2 (26.84 ) (7.02 ) (37.30 ) (10.79 ) (96.92 ) (30.12 ) (59.65 ) (16.56 ) Increase (decrease) for the period (357.57 ) (130.85 ) 115.53 45.71 (196.51 ) (67.65 ) 81.09 35.51 Net asset value per unit, beginning of period 3,237.84 1,211.43 2,617.79 967.15 3,076.78 1,148.23 2,652.23 977.35 Net asset value per unit, end of period $ 2,880.27 $ 1,080.58 $ 2,733.32 $ 1,012.86 $ 2,880.27 $ 1,080.58 $ 2,733.32 $ 1,012.86 Three Months Ended Three Months Ended Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Net Assets: 1 Net investment loss 2 (3.6 )% (2.5 )% (4.2 )% (2.9 )% (5.0 )% (4.0 )% (4.1 )% (2.9 )% Operating expense 3.6 % 2.5 % 3.7 % 2.4 % 3.6 % 2.6 % 3.6 % 2.4 % Incentive fees — % — % 0.5 % 0.5 % 1.4 % 1.4 % 0.5 % 0.5 % Total expenses 3.6 % 2.5 % 4.2 % 2.9 % 5.0 % 4.0 % 4.1 % 2.9 % Total return: Total return before incentive fees (11.0 )% (10.8 )% 4.9 % 5.2 % (5.0 )% (4.5 )% 3.6 % 4.1 % Incentive fees — % — % (0.5 )% (0.5 )% (1.4 )% (1.4 )% (0.5 )% (0.5 )% Total return after incentive fees (11.0 )% (10.8 )% 4.4 % 4.7 % (6.4 )% (5.9 )% 3.1 % 3.6 % 1 Annualized (except for incentive fees). 2 Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner Classes using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Funds.

Trading Activities

Trading Activities	6 Months Ended
	Jun. 30, 2015
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 Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Funds’ trading activities are shown on the Statements of Income and Expenses. The customer agreement among the Partnership, the Funds and MS&Co. gives the Partnership and the Funds the legal right to net unrealized gains and losses on open futures, exchange-cleared swaps and open forward contracts. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures, exchange-cleared swaps and open forward contracts on the Statements of Financial Condition as the criteria under ASC 210 - 20, “Balance Sheet,” All commodity interests owned by the Funds are held for trading purposes. Ongoing selling agent fees and trading and transaction fees are, and brokerage commissions were, based on the number of trades executed by the Advisors for the Funds and the Partnership’s percentage ownership of the Funds. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s percentage ownership of the Funds.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Funds’ Fair Value Measurements. The Funds consider prices for exchange-traded commodity futures, forward, swaps and options 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

Investment in Funds

Investment in Funds	6 Months Ended
	Jun. 30, 2015
Schedule of Investments [Abstract]
Investment in Funds	6. Investment in Funds: On September 1, 2001, the assets allocated to AAA for trading were invested in AAA Master, a limited liability company formed under the New York Limited Liability Company Law. The Partnership purchased 5,173.4381 units of AAA Master with cash equal to $5,173,438. AAA Master permitted accounts managed by AAA using the Energy Program-Futures and Swaps, a proprietary, discretionary trading system, to invest together in one trading vehicle. The Partnership fully redeemed its investment in AAA Master on November 30, 2014 for cash equal to $105,808,956. The General Partner was also the managing member of AAA Master. On November 1, 2004, the assets allocated to Winton for trading were invested in Winton Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 35,389.8399 units of Winton Master with cash equal to $33,594,083 and a contribution of open commodity futures and forwards contracts with a fair value of $1,795,757. Winton Master permits accounts managed by Winton using the Winton Futures Program (formerly, the Winton Diversified Program as applied without equities), a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the general partner of Winton Master. Individual and pooled accounts currently managed by Winton, including the Partnership, are permitted to be limited partners of Winton Master. The General Partner and Winton believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and Winton have agreed that Winton will trade the Partnership’s assets allocated to Winton at a level that is up to 1.5 times the amount of assets allocated. On June 1, 2011, the Partnership allocated a portion of its assets with cash equal to $384,370,435 to Transtrend Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Transtrend Master permits accounts managed by Transtrend using the Diversified Trend Program-Enhanced Risk Profile (US Dollar), a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of Transtrend Master. Individual and pooled accounts managed by Transtrend, including the Partnership, are permitted to be non-managing members of Transtrend Master. The General Partner and Transtrend believe that trading through this structure promotes efficiency and economy in the trading process. On August 1, 2014, the assets allocated to Willowbridge for trading were invested in Willowbridge Master, a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 9,633.9313 units of Willowbridge Master with cash equal to $21,000,000. Willowbridge Master permits accounts managed by Willowbridge using its wPraxis Futures Trading Approach, a proprietary, discretionary trading system, to invest together using one trading vehicle. The General Partner is also the general partner of Willowbridge Master. Individual and pooled accounts currently managed by Willowbridge, including the Partnership, are permitted to be limited partners of Willowbridge Master. The General Partner and Willowbridge believe that trading through this structure promotes efficiency and economy in the trading process. The General Partner and Willowbridge have agreed that Willowbridge will trade the Partnership’s assets at a level that is up to three times the amount of the assets allocated. The General Partner is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended June 30, 2015. The Funds’ trading of U.S. Treasury bills, futures, forward, swap, and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Funds engage in such trading through commodity brokerage accounts maintained with MS&Co. A limited partner/non-managing member of the Funds may withdraw all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month after a request for redemption has been made to the General Partner/managing member at least three days in advance of that date. Such withdrawals are classified as a liability when the limited partner/non-managing member elects to redeem and informs the Funds. Management fees, the General Partner fees and incentive fees are charged at the Partnership level, except for fees payable to Transtrend which are charged at the Transtrend Master level. The clearing fees are borne by the Funds and allocated to the Funds’ limited partners, including the Partnership. All other fees are charged at the Partnership level. At June 30, 2015, the Partnership owned approximately 62.6% of Winton Master, 97.4% of Transtrend Master, and 82.9% of Willowbridge Master. At December 31, 2014, the Partnership owned approximately 67.3% of Winton Master, 96.5% of Transtrend Master and 76.4% of Willowbridge Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds are shown in the following tables. June 30, 2015 Total Assets Total Liabilities Total Partners’ Winton Master $ 628,952,587 $ 2,137,695 $ 626,814,892 Transtrend Master 370,084,182 417,712 369,666,470 Willowbridge Master 388,787,448 3,898,584 384,888,864 December 31, 2014 Total Assets Total Liabilities Total Partners’ Winton Master $ 703,147,623 $ 5,345,811 $ 697,801,812 Transtrend Master 466,880,771 7,664,876 459,215,895 Willowbridge Master 332,179,217 16,638,854 315,540,363 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds are shown in the following tables. For the three months ended June 30, 2015 Net Investment Total Trading Net income Winton Master $ (234,782 ) $ (63,902,539 ) $ (64,137,321 ) Transtrend Master (1,710,837 ) (63,033,724 ) (64,744,561 ) Willowbridge Master (213,266 ) (24,855,443 ) (25,068,709 ) For the six months ended June 30, 2015 Net Investment Total Trading Net income Winton Master $ (451,479 ) $ (658,745 ) $ (1,110,224 ) Transtrend Master (10,293,850 ) (27,413,537 ) (37,707,387 ) Willowbridge Master (490,804 ) (13,622,175 ) (14,112,979 ) For the three months ended June 30, 2014 Net Investment Total Trading Net income AAA Master $ (242,208 ) $ (4,155,963 ) $ (4,398,171 ) Winton Master (202,990 ) 47,088,566 46,885,576 Transtrend Master (1,975,544 ) 31,366,269 29,390,725 For the six months ended June 30, 2014 Net Investment Total Trading Net income AAA Master $ (450,340 ) $ (5,256,312 ) $ (5,706,652 ) Winton Master (403,378 ) 45,683,069 45,279,691 Transtrend Master (3,949,405 ) 27,119,914 23,170,509 Summarized information reflecting the Partnership’s investments in, and the Partnership’s pro rata share of the results of operations of, the Funds are as shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other Winton Master 37.08 % $ 392,441,867 $ (40,127,273 ) $ 137,830 $ 16,996 $ — $ (40,282,099 ) Commodity Portfolio Monthly Transtrend Master 34.03 % 360,140,513 (61,438,364 ) 386,039 — 1,272,576 (63,096,979 ) Commodity Portfolio Monthly Willowbridge Master 30.15 % 319,172,202 (20,163,247 ) 161,249 18,717 — (20,343,213 ) Commodity Portfolio Monthly Total $ 1,071,754,582 $ (121,728,884 ) $ 685,118 $ 35,713 $ 1,272,576 $ (123,722,291 ) June 30, 2015 For the six months ended June 30, 2015 Incentive Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other Winton Master 37.08 % $ 392,441,867 $ 1,008,087 $ 262,945 $ 41,816 $ — $ — $ 703,326 Commodity Portfolio Monthly Transtrend Master 34.03 % 360,140,513 (26,827,035 ) 805,566 — 2,614,762 6,569,923 (36,817,286 ) Commodity Portfolio Monthly Willowbridge Master 30.15 % 319,172,202 (11,433,667 ) 358,353 44,359 — — (11,836,379 ) Commodity Portfolio Monthly Total $ 1,071,754,582 $ (37,252,615 ) $ 1,426,864 $ 86,175 $ 2,614,762 $ 6,569,923 $ (47,950,339 ) December 31, 2014 For the three months ended June 30, 2014 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other AAA Master 0.00 % $ — $ (2,176,562 ) $ 66,843 $ 58,325 $ — $ (2,301,730 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 32,422,465 137,384 19,133 — 32,265,948 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 30,276,769 520,866 — 1,342,190 28,413,713 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 — — — — — Commodity Portfolio Monthly Total $ 1,153,708,886 $ 60,522,672 $ 725,093 $ 77,458 $ 1,342,190 $ 58,377,931 December 31, 2014 For the six months ended June 30, 2014 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other AAA Master 0.00 % $ — $ (2,715,084 ) $ 126,017 $ 110,798 $ — $ (2,951,899 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 31,569,972 290,839 34,893 — 31,244,240 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 26,271,325 984,997 — 2,747,606 22,538,722 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 — — — — — Commodity Portfolio Monthly Total $ 1,153,708,886 $ 55,126,213 $ 1,401,853 $ 145,691 $ 2,747,606 $ 50,831,063

Financial Instrument Risks

Financial Instrument Risks	6 Months Ended
	Jun. 30, 2015
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership, indirectly through its investments in the Funds, is party to financial instruments with off-balance over-the-counter The Funds trade futures contracts and exchange-cleared swaps. Exchange-cleared swaps are swaps that are traded as futures. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date, or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses. Forward foreign currency contracts are those contracts where the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts are valued daily, and the Funds’ net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on foreign currency contracts are recognized in the period in which the contract is closed or the changes occur, respectively, and are included in the Statements of Income and Expenses. The Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Statements of Income and Expenses. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Funds are cash settled based on prompt dates published by the LME. Variation margin may be made or received by the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Funds. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses. The Funds may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Funds write an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Funds purchase an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and net change in unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses. 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. Market risk is the potential for changes in the value of the financial instruments traded by the 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 Funds are exposed to a market risk equal to the value of futures and forward contracts purchased 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 a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk as MS&Co. or its affiliate was the sole counterparty or broker with respect to the Partnership’s and the Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co., the Partnership’s/Funds’ counterparty is an exchange or clearing organization. As both a buyer and seller of options, the Funds pay or receive a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Funds do not consider these contracts to be guarantees. The General Partner monitors and attempts to control the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forwards and options 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 Funds’ businesses, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined, other than the event listed below, that there were no subsequent events requiring adjustment of or disclosure in the financial statements. On or about July 31, 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator will furnish certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator will maintain certain books and records of the Partnership. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Partnership. The General Partner does not expect that such additional expense will have a material impact on the Partnership’s break even point.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Partnership's Investments	Partnership’s Investments:
Funds' Investments	Funds’ Investments: All commodity interests of the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in the trading account on the Funds’ Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported on the Funds’ Statements of Income and Expenses.
Investment Company Status	Investment Company Status: Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes:
Net Income (loss) per unit	Net Income (loss) per unit: Financial Highlights.
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent)

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Financial Highlights for Each Limited Partner Class	Financial highlights for each limited partner Class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended June 30, 2015 Three Months Ended Six Months Ended Six Months Ended Class A Class Z Class A Class Z Class A Class Z Class A Class Z Net realized and unrealized gains (losses) $ (330.73 ) $ (123.83 ) $ 152.83 $ 56.50 $ (99.59 ) $ (37.53 ) $ 140.74 $ 52.07 Net investment loss 2 (26.84 ) (7.02 ) (37.30 ) (10.79 ) (96.92 ) (30.12 ) (59.65 ) (16.56 ) Increase (decrease) for the period (357.57 ) (130.85 ) 115.53 45.71 (196.51 ) (67.65 ) 81.09 35.51 Net asset value per unit, beginning of period 3,237.84 1,211.43 2,617.79 967.15 3,076.78 1,148.23 2,652.23 977.35 Net asset value per unit, end of period $ 2,880.27 $ 1,080.58 $ 2,733.32 $ 1,012.86 $ 2,880.27 $ 1,080.58 $ 2,733.32 $ 1,012.86 Three Months Ended Three Months Ended Six Months Ended June 30, 2015 Six Months Ended June 30, 2014 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Net Assets: 1 Net investment loss 2 (3.6 )% (2.5 )% (4.2 )% (2.9 )% (5.0 )% (4.0 )% (4.1 )% (2.9 )% Operating expense 3.6 % 2.5 % 3.7 % 2.4 % 3.6 % 2.6 % 3.6 % 2.4 % Incentive fees — % — % 0.5 % 0.5 % 1.4 % 1.4 % 0.5 % 0.5 % Total expenses 3.6 % 2.5 % 4.2 % 2.9 % 5.0 % 4.0 % 4.1 % 2.9 % Total return: Total return before incentive fees (11.0 )% (10.8 )% 4.9 % 5.2 % (5.0 )% (4.5 )% 3.6 % 4.1 % Incentive fees — % — % (0.5 )% (0.5 )% (1.4 )% (1.4 )% (0.5 )% (0.5 )% Total return after incentive fees (11.0 )% (10.8 )% 4.4 % 4.7 % (6.4 )% (5.9 )% 3.1 % 3.6 % 1 Annualized (except for incentive fees). 2 Interest income less total expenses.

Investment in Funds (Tables)

Investment in Funds (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Investments [Abstract]
Assets, Liabilities and Partners' Capital of Funds	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds are shown in the following tables. June 30, 2015 Total Assets Total Liabilities Total Partners’ Winton Master $ 628,952,587 $ 2,137,695 $ 626,814,892 Transtrend Master 370,084,182 417,712 369,666,470 Willowbridge Master 388,787,448 3,898,584 384,888,864 December 31, 2014 Total Assets Total Liabilities Total Partners’ Winton Master $ 703,147,623 $ 5,345,811 $ 697,801,812 Transtrend Master 466,880,771 7,664,876 459,215,895 Willowbridge Master 332,179,217 16,638,854 315,540,363
Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds are shown in the following tables. For the three months ended June 30, 2015 Net Investment Total Trading Net income Winton Master $ (234,782 ) $ (63,902,539 ) $ (64,137,321 ) Transtrend Master (1,710,837 ) (63,033,724 ) (64,744,561 ) Willowbridge Master (213,266 ) (24,855,443 ) (25,068,709 ) For the six months ended June 30, 2015 Net Investment Total Trading Net income Winton Master $ (451,479 ) $ (658,745 ) $ (1,110,224 ) Transtrend Master (10,293,850 ) (27,413,537 ) (37,707,387 ) Willowbridge Master (490,804 ) (13,622,175 ) (14,112,979 ) For the three months ended June 30, 2014 Net Investment Total Trading Net income AAA Master $ (242,208 ) $ (4,155,963 ) $ (4,398,171 ) Winton Master (202,990 ) 47,088,566 46,885,576 Transtrend Master (1,975,544 ) 31,366,269 29,390,725 For the six months ended June 30, 2014 Net Investment Total Trading Net income AAA Master $ (450,340 ) $ (5,256,312 ) $ (5,706,652 ) Winton Master (403,378 ) 45,683,069 45,279,691 Transtrend Master (3,949,405 ) 27,119,914 23,170,509
Partnership's Investments in, and Partners' Pro Rata Share of Results of Operations of, the Funds	Summarized information reflecting the Partnership’s investments in, and the Partnership’s pro rata share of the results of operations of, the Funds are as shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other Winton Master 37.08 % $ 392,441,867 $ (40,127,273 ) $ 137,830 $ 16,996 $ — $ (40,282,099 ) Commodity Portfolio Monthly Transtrend Master 34.03 % 360,140,513 (61,438,364 ) 386,039 — 1,272,576 (63,096,979 ) Commodity Portfolio Monthly Willowbridge Master 30.15 % 319,172,202 (20,163,247 ) 161,249 18,717 — (20,343,213 ) Commodity Portfolio Monthly Total $ 1,071,754,582 $ (121,728,884 ) $ 685,118 $ 35,713 $ 1,272,576 $ (123,722,291 ) June 30, 2015 For the six months ended June 30, 2015 Incentive Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other Winton Master 37.08 % $ 392,441,867 $ 1,008,087 $ 262,945 $ 41,816 $ — $ — $ 703,326 Commodity Portfolio Monthly Transtrend Master 34.03 % 360,140,513 (26,827,035 ) 805,566 — 2,614,762 6,569,923 (36,817,286 ) Commodity Portfolio Monthly Willowbridge Master 30.15 % 319,172,202 (11,433,667 ) 358,353 44,359 — — (11,836,379 ) Commodity Portfolio Monthly Total $ 1,071,754,582 $ (37,252,615 ) $ 1,426,864 $ 86,175 $ 2,614,762 $ 6,569,923 $ (47,950,339 ) December 31, 2014 For the three months ended June 30, 2014 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other AAA Master 0.00 % $ — $ (2,176,562 ) $ 66,843 $ 58,325 $ — $ (2,301,730 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 32,422,465 137,384 19,133 — 32,265,948 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 30,276,769 520,866 — 1,342,190 28,413,713 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 — — — — — Commodity Portfolio Monthly Total $ 1,153,708,886 $ 60,522,672 $ 725,093 $ 77,458 $ 1,342,190 $ 58,377,931 December 31, 2014 For the six months ended June 30, 2014 Net Income Investment Objective Redemptions Permitted % of Partnership’s Net Assets Fair Value Income Expenses Management Funds Clearing Other AAA Master 0.00 % $ — $ (2,715,084 ) $ 126,017 $ 110,798 $ — $ (2,951,899 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 31,569,972 290,839 34,893 — 31,244,240 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 26,271,325 984,997 — 2,747,606 22,538,722 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 — — — — — Commodity Portfolio Monthly Total $ 1,153,708,886 $ 55,126,213 $ 1,401,853 $ 145,691 $ 2,747,606 $ 50,831,063

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Oct. 01, 2014	Sep. 30, 2014	Mar. 01, 2014	Jun. 30, 2015
Significant Accounting Policies [Line Items]
Maximum number of Redeemable Units sold by the Partnership				0
Commodity trading advisors allocation on partnership assets percentage				10.00%
MS & Co [Member]
Significant Accounting Policies [Line Items]
Percentage of average daily equity maintained in cash			100.00%	100.00%
MS & Co [Member] | Class A [Member]
Significant Accounting Policies [Line Items]
Brokerage commission payable per round-turn				$ 18
Brokerage commission payable per half turn				9
MS & Co [Member] | Class Z [Member]
Significant Accounting Policies [Line Items]
Brokerage commission payable per round-turn				3
Brokerage commission payable per half turn				$ 1.50
Morgan Stanley Wealth Management [Member] | Class A [Member]
Significant Accounting Policies [Line Items]
Brokerage commission payable per round-turn	$ 15	$ 18
Brokerage commission payable per half turn		9
Morgan Stanley Wealth Management [Member] | Class Z [Member]
Significant Accounting Policies [Line Items]
Brokerage commission payable per round-turn		3
Brokerage commission payable per half turn	$ 7.50	$ 1.50
Transtrend Master [Member] | MS & Co [Member]
Significant Accounting Policies [Line Items]
Percentage of average daily equity maintained in cash			100.00%	100.00%
U.S. Treasury bill discount rate			0.15%	0.15%

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Class A [Member]
Equity [Line Items]
Net realized and unrealized gains (losses)	$ (330.73)	$ 152.83	$ (99.59)	$ 140.74
Net investment loss	(26.84)	(37.30)	(96.92)	(59.65)
Increase (decrease) for the period	(357.57)	115.53	(196.51)	81.09
Net asset value per unit, beginning of period	3,237.84	2,617.79	3,076.78	2,652.23
Net asset value per unit, end of period	$ 2,880.27	$ 2,733.32	$ 2,880.27	$ 2,733.32
Ratios to Average Net Assets:
Net investment loss	(3.60%)	(4.20%)	(5.00%)	(4.10%)
Operating expense	3.60%	3.70%	3.60%	3.60%
Incentive fees		0.50%	1.40%	0.50%
Total expenses	3.60%	4.20%	5.00%	4.10%
Total return:
Total return before incentive fees	(11.00%)	4.90%	(5.00%)	3.60%
Incentive fees		(0.50%)	(1.40%)	(0.50%)
Total return after incentive fees	(11.00%)	4.40%	(6.40%)	3.10%
Class Z [Member]
Equity [Line Items]
Net realized and unrealized gains (losses)	$ (123.83)	$ 56.50	$ (37.53)	$ 52.07
Net investment loss	(7.02)	(10.79)	(30.12)	(16.56)
Increase (decrease) for the period	(130.85)	45.71	(67.65)	35.51
Net asset value per unit, beginning of period	1,211.43	967.15	1,148.23	977.35
Net asset value per unit, end of period	$ 1,080.58	$ 1,012.86	$ 1,080.58	$ 1,012.86
Ratios to Average Net Assets:
Net investment loss	(2.50%)	(2.90%)	(4.00%)	(2.90%)
Operating expense	2.50%	2.40%	2.60%	2.40%
Incentive fees		0.50%	1.40%	0.50%
Total expenses	2.50%	2.90%	4.00%	2.90%
Total return:
Total return before incentive fees	(10.80%)	5.20%	(4.50%)	4.10%
Incentive fees		(0.50%)	(1.40%)	(0.50%)
Total return after incentive fees	(10.80%)	4.70%	(5.90%)	3.60%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Transfers Between Level 1 and Level 2, Description and Policy [Abstract]
Transfers of assets or liabilities between Level 1 and Level 2	$ 0	$ 0

Investment in Funds - Additiona

Investment in Funds - Additional Information (Detail) - USD ($)		Nov. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Aug. 01, 2014	Jun. 01, 2011	Nov. 01, 2004	Sep. 01, 2001
Investment [Line Items]
Investment in Funds, at fair value	[1]		$ 1,071,754,582	$ 1,153,708,886
Percentage owned by partnership			101.26%	103.80%
AAA Master [Member]
Investment [Line Items]
Number of units purchased by partnership								5,173.4381
Cash paid for units purchased by partnership								$ 5,173,438
Cash redemption on investment		$ 105,808,956
Winton Master [Member]
Investment [Line Items]
Number of units purchased by partnership							35,389.8399
Cash paid for units purchased by partnership							$ 33,594,083
Investment in Funds, at fair value							$ 1,795,757
Maximum amount of partnership assets allocated to trading advisor			1.5 times
Percentage owned by partnership			62.60%	67.30%
Willowbridge Master [Member]
Investment [Line Items]
Number of units purchased by partnership					9,633.9313
Cash paid for units purchased by partnership					$ 21,000,000
Of the assets allocated to the Fund, the maximum amount that can be traded			3 times
Percentage owned by partnership			82.90%	76.40%
Transtrend Master [Member]
Investment [Line Items]
Allocation of portion of assets by partnership						$ 384,370,435
Percentage owned by partnership			97.40%	96.50%
[1]	Defined in Note 1.

Investment in Funds - Assets, L

Investment in Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Winton Master [Member]
Investment [Line Items]
Total Assets	$ 628,952,587	$ 703,147,623
Total Liabilities	2,137,695	5,345,811
Total Capital	626,814,892	697,801,812
Transtrend Master [Member]
Investment [Line Items]
Total Assets	370,084,182	466,880,771
Total Liabilities	417,712	7,664,876
Total Capital	369,666,470	459,215,895
Willowbridge Master [Member]
Investment [Line Items]
Total Assets	388,787,448	332,179,217
Total Liabilities	3,898,584	16,638,854
Total Capital	$ 384,888,864	$ 315,540,363

Investment in Funds - Net Inves

Investment in Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment [Line Items]
Net Investment Income (Loss)	$ (9,840,947)	$ (14,624,841)	$ (35,433,606)	$ (23,921,560)
Total Trading Results	(121,742,468)	60,497,210	(37,282,534)	55,050,727
Net income (loss)	(131,583,415)	45,872,369	(72,716,140)	31,129,167
Winton Master [Member] | Investment in Funds [Member]
Investment [Line Items]
Net Investment Income (Loss)	(234,782)	(202,990)	(451,479)	(403,378)
Total Trading Results	(63,902,539)	47,088,566	(658,745)	45,683,069
Net income (loss)	(64,137,321)	46,885,576	(1,110,224)	45,279,691
Transtrend Master [Member] | Investment in Funds [Member]
Investment [Line Items]
Net Investment Income (Loss)	(1,710,837)	(1,975,544)	(10,293,850)	(3,949,405)
Total Trading Results	(63,033,724)	31,366,269	(27,413,537)	27,119,914
Net income (loss)	(64,744,561)	29,390,725	(37,707,387)	23,170,509
Willowbridge Master [Member] | Investment in Funds [Member]
Investment [Line Items]
Net Investment Income (Loss)	(213,266)		(490,804)
Total Trading Results	(24,855,443)		(13,622,175)
Net income (loss)	$ (25,068,709)		$ (14,112,979)
AAA Master [Member] | Investment in Funds [Member]
Investment [Line Items]
Net Investment Income (Loss)		(242,208)		(450,340)
Total Trading Results		(4,155,963)		(5,256,312)
Net income (loss)		$ (4,398,171)		$ (5,706,652)

Investment in Funds - Partnersh

Investment in Funds - Partnership's Investments in, and Partners' Pro Rata Share of Results of Operations of, the Funds (Detail) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	Nov. 01, 2004
Investment [Line Items]
% of Partnership's Net Assets		101.26%		101.26%		103.80%
Fair Value	[1]	$ 1,071,754,582		$ 1,071,754,582		$ 1,153,708,886
Income (Loss)		(121,742,468)	$ 60,497,210	(37,282,534)	$ 55,050,727
Expenses, Other		147,228	78,730	269,844	266,434
Management fees		2,699,158	2,377,236	5,492,685	4,787,624
Incentive Fee			5,057,883	8,799,365	5,057,883
Net income (loss)		$ (131,583,415)	45,872,369	$ (72,716,140)	31,129,167
Winton Master [Member]
Investment [Line Items]
% of Partnership's Net Assets		62.60%		62.60%		67.30%
Fair Value							$ 1,795,757
Transtrend Master [Member]
Investment [Line Items]
% of Partnership's Net Assets		97.40%		97.40%		96.50%
Willowbridge Master [Member]
Investment [Line Items]
% of Partnership's Net Assets		82.90%		82.90%		76.40%
Investment in Funds [Member] | Investments in Partnership [Member]
Investment [Line Items]
Fair Value		$ 1,071,754,582	1,153,708,886	$ 1,071,754,582	1,153,708,886
Income (Loss)		(121,728,884)	60,522,672	(37,252,615)	55,126,213
Expenses, Clearing Fees		685,118	725,093	1,426,864	1,401,853
Expenses, Other		35,713	77,458	86,175	145,691
Management fees		1,272,576	1,342,190	2,614,762	2,747,606
Incentive Fee				6,569,923
Net income (loss)		(123,722,291)	58,377,931	(47,950,339)	50,831,063
Investment in Funds [Member] | Winton Master [Member]
Investment [Line Items]
Income (Loss)		(63,902,539)	47,088,566	(658,745)	45,683,069
Net income (loss)		$ (64,137,321)	$ 46,885,576	$ (1,110,224)	$ 45,279,691
Investment in Funds [Member] | Winton Master [Member] | Investments in Partnership [Member] | Commodity Portfolio [Member]
Investment [Line Items]
% of Partnership's Net Assets		37.08%	42.23%	37.08%	42.23%
Fair Value		$ 392,441,867	$ 469,326,073	$ 392,441,867	$ 469,326,073
Income (Loss)		(40,127,273)	32,422,465	1,008,087	31,569,972
Expenses, Clearing Fees		137,830	137,384	262,945	290,839
Expenses, Other		16,996	19,133	41,816	34,893
Net income (loss)		$ (40,282,099)	$ 32,265,948	$ 703,326	$ 31,244,240
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | Transtrend Master [Member]
Investment [Line Items]
Income (Loss)		$ (63,033,724)	$ 31,366,269	$ (27,413,537)	$ 27,119,914
Net income (loss)		$ (64,744,561)	$ 29,390,725	$ (37,707,387)	$ 23,170,509
Investment in Funds [Member] | Transtrend Master [Member] | Investments in Partnership [Member] | Commodity Portfolio [Member]
Investment [Line Items]
% of Partnership's Net Assets		34.03%	39.88%	34.03%	39.88%
Fair Value		$ 360,140,513	$ 443,311,916	$ 360,140,513	$ 443,311,916
Income (Loss)		(61,438,364)	30,276,769	(26,827,035)	26,271,325
Expenses, Clearing Fees		386,039	520,866	805,566	984,997
Management fees		1,272,576	1,342,190	2,614,762	2,747,606
Incentive Fee				6,569,923
Net income (loss)		$ (63,096,979)	$ 28,413,713	$ (36,817,286)	$ 22,538,722
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | Willowbridge Master [Member]
Investment [Line Items]
Income (Loss)		$ (24,855,443)		$ (13,622,175)
Net income (loss)		$ (25,068,709)		$ (14,112,979)
Investment in Funds [Member] | Willowbridge Master [Member] | Investments in Partnership [Member] | Commodity Portfolio [Member]
Investment [Line Items]
% of Partnership's Net Assets		30.15%	21.69%	30.15%	21.69%
Fair Value		$ 319,172,202	$ 241,070,897	$ 319,172,202	$ 241,070,897
Income (Loss)		(20,163,247)		(11,433,667)
Expenses, Clearing Fees		161,249		358,353
Expenses, Other		18,717		44,359
Net income (loss)		$ (20,343,213)		$ (11,836,379)
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | AAA Master [Member]
Investment [Line Items]
Income (Loss)			$ (4,155,963)		$ (5,256,312)
Net income (loss)			$ (4,398,171)		$ (5,706,652)
Investment in Funds [Member] | AAA Master [Member] | Investments in Partnership [Member] | Energy Portfolio [Member]
Investment [Line Items]
% of Partnership's Net Assets			0.00%		0.00%
Income (Loss)			$ (2,176,562)		$ (2,715,084)
Expenses, Clearing Fees			66,843		126,017
Expenses, Other			58,325		110,798
Net income (loss)			$ (2,301,730)		$ (2,951,899)
Investment Objective			Energy Markets		Energy Markets
Redemptions Permitted			Monthly		Monthly
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail) - 6 months ended Jun. 30, 2015	Total
Fair Value Measurements Disclosure [Line Items]
Financial instruments mature	1 year
Minimum [Member]
Fair Value Measurements Disclosure [Line Items]
Percentage of contracts traded over the counter	13.00%
Maximum [Member]
Fair Value Measurements Disclosure [Line Items]
Percentage of contracts traded over the counter	30.80%