Ceres Orion (OFFLP) 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		362,529.8938
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		2,563.1592

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Assets:
Investment in Funds, at fair value	[1]	$ 1,140,598,815	$ 1,153,708,886
Cash		261,113	346,282
Total assets		1,140,859,928	1,154,055,168
Accrued expenses:
Ongoing selling agent fees		2,162,627	2,577,191
Management fees		938,219	886,677
General Partner fees		711,535	719,578
Incentive fees			19,251,105
Other		240,865	153,198
Redemptions payable to Limited Partners		8,174,136	19,027,229
Total liabilities		12,227,382	42,614,978
Partners' Capital:
Total partners' capital		1,128,632,546	1,111,440,190
Total liabilities and partners' capital		1,140,859,928	1,154,055,168
Class A [Member]
Partners' Capital:
Limited Partners		1,113,612,909	1,096,725,351
Total partners' capital		$ 1,113,612,909	$ 1,096,725,351
Net asset value per unit		$ 3,047.45	$ 3,076.78
Class Z [Member]
Partners' Capital:
General Partner		$ 12,151,978	$ 12,174,299
Limited Partners		2,867,659	2,540,540
Total partners' capital		$ 15,019,637	$ 14,714,839
Net asset value per unit		$ 1,146.12	$ 1,148.23
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2015	Dec. 31, 2014
Class A [Member]
Limited Partners Redeemable Units outstanding	365,424.2098	356,452.4588
Class Z [Member]
General Partner Redeemable Units outstanding	10,602.7003	10,602.7003
Limited Partners Redeemable Units outstanding	2,502.0552	2,212.5782

Schedule of Investments

Schedule of Investments - USD ($)		Sep. 30, 2015	Dec. 31, 2014	Nov. 01, 2004
Schedule of Investments [Line Items]
Total investment in Funds, at fair value	[1]	$ 1,140,598,815	$ 1,153,708,886
Investment in Funds
Percentage of Partner's Capital		101.06%	103.80%
CMF Winton Master L.P. [Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		$ 407,554,026	$ 469,326,073	$ 1,795,757
Investment in Funds
Percentage of Partner's Capital		36.11%	42.23%
Morgan Stanley Smith Barney TT II, LLC [Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		$ 389,007,359	$ 443,311,916
Investment in Funds
Percentage of Partner's Capital		34.47%	39.88%
CMF Willowbridge Master Fund L.P.[Member]
Schedule of Investments [Line Items]
Total investment in Funds, at fair value		$ 344,037,430	$ 241,070,897
Investment in Funds
Percentage of Partner's Capital		30.48%	21.69%
[1]	Defined in Note 1.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment Income:
Interest income allocated from Funds		$ 45,234	$ 19,518	$ 75,153	$ 95,004
Expenses:
Ongoing selling agent fees		2,732,888	4,326,719	8,649,131	11,216,259
Expenses allocated from Funds		1,895,832	8,175,836	12,593,556	12,470,986
Management fees		2,783,750	2,302,791	8,276,435	7,090,415
General Partner fees		2,109,462	1,295,047	6,397,126	3,995,462
Incentive fees			1,221,827	8,799,365	6,279,710
Other		742,483	124,216	1,012,327	390,650
Total expenses		10,264,415	17,446,436	45,727,940	41,443,482
Net investment income (loss)		(10,219,181)	(17,426,918)	(45,652,787)	(41,348,478)
Trading Results:
Net realized gains (losses) on investments allocated from Funds		34,170,041	33,562,348	50,358,896	123,719,783
Net change in unrealized gains (losses) on investments allocated from Funds		38,483,685	9,288,621	(14,987,704)	(25,818,087)
Total trading results		72,653,726	42,850,969	35,371,192	97,901,696
Net income (loss)		62,434,545	25,424,051	(10,281,595)	56,553,218
Class A [Member]
Trading Results:
Net income (loss)		$ 61,575,433	$ 24,967,776	$ (10,237,149)	$ 55,514,135
Weighted average Redeemable Units outstanding:
Weighted average Redeemable Units outstanding		367,696.5031	370,534.0905	364,207.5914	389,878.3157
Net asset value per Redeemable Unit		$ 3,047.45	$ 2,801.90	$ 3,047.45	$ 2,801.90
Net income (loss) per Redeemable Unit	[1]	$ 167.18	$ 68.58	$ (29.33)	$ 149.67
Class Z [Member]
Trading Results:
Net income (loss)		$ 859,112	$ 456,275	$ (44,446)	$ 1,039,083
Weighted average Redeemable Units outstanding:
Weighted average Redeemable Units outstanding		13,112.2088	15,826.1865	13,048.7807	16,192.8683
Net asset value per Redeemable Unit		$ 1,146.12	$ 1,042.19	$ 1,146.12	$ 1,042.19
Net income (loss) per Redeemable Unit	[1]	$ 65.54	$ 29.33	$ (2.11)	$ 64.84
[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	Sep. 30, 2015	Sep. 30, 2014
Class A [Member]
Redeemable units outstanding	365,424.2098	361,615.0888
Class Z [Member]
Redeemable units outstanding	13,104.7555	12,815.2785

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class Z [Member]	Class Z [Member]Limited Partners [Member]	Class Z [Member]General Partner [Member]
Partners' Capital, beginning of period at Dec. 31, 2013	$ 1,116,054,454			$ 1,100,058,092		$ 15,996,362
Net income (loss)	56,553,218			55,514,135		1,039,083
Subscriptions - Limited Partners		$ 52,628,315			$ 52,507,115		$ 121,200
Redemptions - General Partner		$ (195,157,398)	$ (3,514,911)		$ (194,871,585)		$ (285,813)	$ (3,514,911)
Partners' Capital, end of period at Sep. 30, 2014	$ 1,026,563,678			$ 1,013,207,757		$ 13,355,921
Partners' Capital Accounts, Units, Beginning Balance at Dec. 31, 2013	431,134.4953			414,767.3528		16,367.1425
Subscriptions - Limited Partners		19,819.4060			19,692.4240		126.9820
Redemptions - General Partner		(73,129.6120)	(3,393.9220)		(72,844.6880)		(284.9240)	(3,393.9220)
Partners' Capital, Units, end of period at Sep. 30, 2014	374,430.3673			361,615.0888		12,815.2785
Partners' Capital, beginning of period at Dec. 31, 2014	$ 1,111,440,190			$ 1,096,725,351		$ 14,714,839
Net income (loss)	(10,281,595)			(10,237,149)		(44,446)
Subscriptions - Limited Partners		$ 117,379,642			$ 116,798,837		$ 580,805
Redemptions - General Partner		$ (89,905,691)			$ (89,674,130)		$ (231,561)
Partners' Capital, end of period at Sep. 30, 2015	$ 1,128,632,546			$ 1,113,612,909		$ 15,019,637
Partners' Capital Accounts, Units, Beginning Balance at Dec. 31, 2014	369,267.7373			356,452.4588		12,815.2785
Subscriptions - Limited Partners		38,416.0940			37,923.3910		492.7030
Redemptions - General Partner		(29,154.8660)			(28,951.6400)		(203.2260)
Partners' Capital, Units, end of period at Sep. 30, 2015	378,528.9653			365,424.2098		13,104.7555

Organization

Organization	9 Months Ended
	Sep. 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. interest rates, softs and metals. The commodity interests that are traded by the Partnership, through its investments in the Funds (as defined below), are volatile and involve a high degree of market risk. The Partnership commenced trading on June 10, 1999. The Partnership privately and continuously offers redeemable units (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. The General Partner may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills. 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 September 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 September 30, 2015, the Partnership’s/Funds’ (defined below) commodity broker was Morgan Stanley & Co. LLC (“MS&Co.” or the “Company”), 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 investments in the Funds, pays 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 ownership interest 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/or the Funds, as applicable. 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 Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“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 fees. 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 advisors 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 (formerly, the administrative 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. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator 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.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 presentation of the Partnership’s financial condition at September 30, 2015, the results of its operations for the three and nine months ended September 30, 2015 and 2014, and the changes in partners’ capital for the nine months ended September 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. 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 net investment loss 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	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for each limited partner Class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Class A Class Z Class A Class Z Class A Class Z Class A Class Z Net realized and unrealized gains (losses) $ 194.71 $ 73.09 $ 115.17 $ 42.77 $ 95.12 $ 35.56 $ 255.91 $ 94.84 Net investment loss 2 (27.53 ) (7.55 ) (46.59 ) (13.44 ) (124.45 ) (37.67 ) (106.24 ) (30.00 ) Increase (decrease) for the period 167.18 65.54 68.58 29.33 (29.33 ) (2.11 ) 149.67 64.84 Net asset value per unit, beginning of period 2,880.27 1,080.58 2,733.32 1,012.86 3,076.78 1,148.23 2,652.23 977.35 Net asset value per unit, end of period $ 3,047.45 $ 1,146.12 $ 2,801.90 $ 1,042.19 $ 3,047.45 $ 1,146.12 $ 2,801.90 $ 1,042.19 Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 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 (3.7 )% (2.7 )% (4.7 )% (3.7 )% (5.0 )% (4.0 )% (4.9 )% (4.3 )% Operating expense 3.7 % 2.7 % 4.0 % 2.9 % 3.6 % 2.7 % 3.7 % 2.9 % Incentive fees — % — % 0.7 % 0.8 % 1.4 % 1.4 % 1.2 % 1.4 % Total expenses 3.7 % 2.7 % 4.7 % 3.7 % 5.0 % 4.1 % 4.9 % 4.3 % Total return: Total return before incentive fees 5.8 % 6.1 % 3.2 % 3.7 % 0.4 % 1.2 % 6.8 % 8.0 % Incentive fees — % — % (0.7 )% (0.8 )% (1.4 )% (1.4 )% (1.2 )% (1.4 )% Total return after incentive fees 5.8 % 6.1 % 2.5 % 2.9 % (1.0 )% (0.2 )% 5.6 % 6.6 % 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	9 Months Ended
	Sep. 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 and open forward contracts. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures 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. All trading, exchange, clearing, give-up from brokerage and National Futures Association fees (collectively, the “clearing fees”) paid to MS&Co. are borne by the Funds and allocated to the limited partners, including the Partnership.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 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 forward, swaps and certain options contracts, for which market quotations are not readily available, are priced by broker-dealers or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended September 30, 2015 and December 31, 2014, the Funds’ investments were classified as either Level 1 or Level 2 and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting periods. During the nine months ended September 30, 2015 and the year ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2.

Investment in Funds

Investment in Funds	9 Months Ended
	Sep. 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 September 30, 2015. The Funds’ trading of 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/non-managing members, including the Partnership. All other fees are charged at the Partnership level. At September 30, 2015, the Partnership owned approximately 62.9% of Winton Master, 96.3% of Transtrend Master, and 81.8% 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. September 30, 2015 Total Assets Total Liabilities Total Capital Winton Master $ 654,579,557 $ 6,297,631 $ 648,281,926 Transtrend Master 404,291,006 399,961 403,891,045 Willowbridge Master 425,873,553 5,034,529 420,839,024 December 31, 2014 Total Assets Total Liabilities Total Capital 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 September 30, 2015 Net Investment Total Trading Net Income Winton Master $ (211,840 ) $ 24,499,530 $ 24,287,690 Transtrend Master (1,655,018 ) 34,483,182 32,828,164 Willowbridge Master (145,834 ) 28,756,543 28,610,709 For the nine months ended September 30, 2015 Net Investment Total Trading Net Income Winton Master $ (663,319 ) $ 23,840,785 $ 23,177,466 Transtrend Master (11,948,868 ) 7,069,645 (4,879,223 ) Willowbridge Master (636,638 ) 15,134,368 14,497,730 For the three months ended September 30, 2014 Net Investment Total Trading Net Income AAA Master $ (487,960 ) $ (7,372,341 ) $ (7,860,301 ) Winton Master (219,958 ) 11,255,160 11,035,202 Transtrend Master (7,955,935 ) 38,585,921 30,629,986 Willowbridge Master (166,398 ) 3,692,929 3,526,531 For the nine months ended September 30, 2014 Net Investment Total Trading Net Income AAA Master $ (938,300 ) $ (12,628,653 ) $ (13,566,953 ) Winton Master (623,336 ) 56,938,229 56,314,893 Transtrend Master (11,905,340 ) 65,705,835 53,800,495 Willowbridge Master (379,676 ) 2,654,368 2,274,692 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. September 30, 2015 For the three months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income (Loss) Investment Redemptions Clearing Other Winton Master 36.11 % $ 407,554,026 $ 15,670,438 $ 132,803 $ 14,997 $ — $ — $ 15,522,638 Commodity Portfolio Monthly Transtrend Master 34.47 % 389,007,359 33,340,926 438,871 — 1,166,738 — 31,735,317 Commodity Portfolio Monthly Willowbridge Master 30.48 % 344,037,430 23,687,596 123,683 18,740 — — 23,545,173 Commodity Portfolio Monthly Total $ 1,140,598,815 $ 72,698,960 $ 695,357 $ 33,737 $ 1,166,738 $ — $ 70,803,128 September 30, 2015 For the nine months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other Winton Master 36.11 % $ 407,554,026 $ 16,678,525 $ 395,748 $ 56,813 $ — $ — $ 16,225,964 Commodity Portfolio Monthly Transtrend Master 34.47 % 389,007,359 6,513,891 1,244,437 — 3,781,500 6,569,923 (5,081,969 ) Commodity Portfolio Monthly Willowbridge Master 30.48 % 344,037,430 12,253,929 482,036 63,099 — — 11,708,794 Commodity Portfolio Monthly Total $ 1,140,598,815 $ 35,446,345 $ 2,122,221 $ 119,912 $ 3,781,500 $ 6,569,923 $ 22,852,789 December 31, 2014 For the three months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other AAA Master 0.00 % $ — $ (3,618,897 ) $ 222,965 $ 23,037 $ — $ — $ (3,864,899 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 7,651,557 143,434 19,176 — — 7,488,947 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 37,280,850 521,365 — 1,292,989 5,924,083 29,542,413 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 1,556,977 23,890 4,897 — — 1,528,190 Commodity Portfolio Monthly Total $ 1,153,708,886 $ 42,870,487 $ 911,654 $ 47,110 $ 1,292,989 $ 5,924,083 $ 34,694,651 December 31, 2014 For the nine months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other AAA Master 0.00 % $ — $ (6,333,981 ) $ 348,982 $ 133,835 $ — $ — $ (6,816,798 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 39,221,529 434,273 54,069 — — 38,733,187 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 63,552,175 1,506,362 — 4,040,595 5,924,083 52,081,135 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 1,556,977 23,890 4,897 — — 1,528,190 Commodity Portfolio Monthly Total $ 1,153,708,886 $ 97,996,700 $ 2,313,507 $ 192,801 $ 4,040,595 $ 5,924,083 $ 85,525,714

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 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 sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options, U.S. Treasury bills and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying on option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 24.5% to 41.8% of the Fund’s contracts are traded OTC. 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 Funds’ 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 Funds’ 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 Funds’ 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 total trading results in the Funds’ 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 Funds’ 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 Funds’ 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 Funds’ 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 Funds’ 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 an MS&Co. affiliate is 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. or an MS&Co. affiliate, 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	9 Months Ended
	Sep. 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 events listed below, that there were no subsequent events requiring adjustment of or disclosure in the financial statements. Effective October 1, 2015, a portion of the Partnership’s assets were allocated to Systematic Investments Limited and traded pursuant to the BlueTrend Program beginning on October 14, 2015. Effective November 1, 2015, the monthly management fee paid to Transtrend was reduced to 1 / 12 of 1.00% (1.00 per year).

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Class A Class Z Class A Class Z Class A Class Z Class A Class Z Net realized and unrealized gains (losses) $ 194.71 $ 73.09 $ 115.17 $ 42.77 $ 95.12 $ 35.56 $ 255.91 $ 94.84 Net investment loss 2 (27.53 ) (7.55 ) (46.59 ) (13.44 ) (124.45 ) (37.67 ) (106.24 ) (30.00 ) Increase (decrease) for the period 167.18 65.54 68.58 29.33 (29.33 ) (2.11 ) 149.67 64.84 Net asset value per unit, beginning of period 2,880.27 1,080.58 2,733.32 1,012.86 3,076.78 1,148.23 2,652.23 977.35 Net asset value per unit, end of period $ 3,047.45 $ 1,146.12 $ 2,801.90 $ 1,042.19 $ 3,047.45 $ 1,146.12 $ 2,801.90 $ 1,042.19 Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended 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 (3.7 )% (2.7 )% (4.7 )% (3.7 )% (5.0 )% (4.0 )% (4.9 )% (4.3 )% Operating expense 3.7 % 2.7 % 4.0 % 2.9 % 3.6 % 2.7 % 3.7 % 2.9 % Incentive fees — % — % 0.7 % 0.8 % 1.4 % 1.4 % 1.2 % 1.4 % Total expenses 3.7 % 2.7 % 4.7 % 3.7 % 5.0 % 4.1 % 4.9 % 4.3 % Total return: Total return before incentive fees 5.8 % 6.1 % 3.2 % 3.7 % 0.4 % 1.2 % 6.8 % 8.0 % Incentive fees — % — % (0.7 )% (0.8 )% (1.4 )% (1.4 )% (1.2 )% (1.4 )% Total return after incentive fees 5.8 % 6.1 % 2.5 % 2.9 % (1.0 )% (0.2 )% 5.6 % 6.6 % 1 Annualized (except for incentive fees). 2 Interest income less total expenses.

Investment in Funds (Tables)

Investment in Funds (Tables)	9 Months Ended
	Sep. 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. September 30, 2015 Total Assets Total Liabilities Total Capital Winton Master $ 654,579,557 $ 6,297,631 $ 648,281,926 Transtrend Master 404,291,006 399,961 403,891,045 Willowbridge Master 425,873,553 5,034,529 420,839,024 December 31, 2014 Total Assets Total Liabilities Total Capital 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 September 30, 2015 Net Investment Total Trading Net Income Winton Master $ (211,840 ) $ 24,499,530 $ 24,287,690 Transtrend Master (1,655,018 ) 34,483,182 32,828,164 Willowbridge Master (145,834 ) 28,756,543 28,610,709 For the nine months ended September 30, 2015 Net Investment Total Trading Net Income Winton Master $ (663,319 ) $ 23,840,785 $ 23,177,466 Transtrend Master (11,948,868 ) 7,069,645 (4,879,223 ) Willowbridge Master (636,638 ) 15,134,368 14,497,730 For the three months ended September 30, 2014 Net Investment Total Trading Net Income AAA Master $ (487,960 ) $ (7,372,341 ) $ (7,860,301 ) Winton Master (219,958 ) 11,255,160 11,035,202 Transtrend Master (7,955,935 ) 38,585,921 30,629,986 Willowbridge Master (166,398 ) 3,692,929 3,526,531 For the nine months ended September 30, 2014 Net Investment Total Trading Net Income AAA Master $ (938,300 ) $ (12,628,653 ) $ (13,566,953 ) Winton Master (623,336 ) 56,938,229 56,314,893 Transtrend Master (11,905,340 ) 65,705,835 53,800,495 Willowbridge Master (379,676 ) 2,654,368 2,274,692
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. September 30, 2015 For the three months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income (Loss) Investment Redemptions Clearing Other Winton Master 36.11 % $ 407,554,026 $ 15,670,438 $ 132,803 $ 14,997 $ — $ — $ 15,522,638 Commodity Portfolio Monthly Transtrend Master 34.47 % 389,007,359 33,340,926 438,871 — 1,166,738 — 31,735,317 Commodity Portfolio Monthly Willowbridge Master 30.48 % 344,037,430 23,687,596 123,683 18,740 — — 23,545,173 Commodity Portfolio Monthly Total $ 1,140,598,815 $ 72,698,960 $ 695,357 $ 33,737 $ 1,166,738 $ — $ 70,803,128 September 30, 2015 For the nine months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other Winton Master 36.11 % $ 407,554,026 $ 16,678,525 $ 395,748 $ 56,813 $ — $ — $ 16,225,964 Commodity Portfolio Monthly Transtrend Master 34.47 % 389,007,359 6,513,891 1,244,437 — 3,781,500 6,569,923 (5,081,969 ) Commodity Portfolio Monthly Willowbridge Master 30.48 % 344,037,430 12,253,929 482,036 63,099 — — 11,708,794 Commodity Portfolio Monthly Total $ 1,140,598,815 $ 35,446,345 $ 2,122,221 $ 119,912 $ 3,781,500 $ 6,569,923 $ 22,852,789 December 31, 2014 For the three months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other AAA Master 0.00 % $ — $ (3,618,897 ) $ 222,965 $ 23,037 $ — $ — $ (3,864,899 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 7,651,557 143,434 19,176 — — 7,488,947 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 37,280,850 521,365 — 1,292,989 5,924,083 29,542,413 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 1,556,977 23,890 4,897 — — 1,528,190 Commodity Portfolio Monthly Total $ 1,153,708,886 $ 42,870,487 $ 911,654 $ 47,110 $ 1,292,989 $ 5,924,083 $ 34,694,651 December 31, 2014 For the nine months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Management Incentive Net Income Investment Redemptions Clearing Other AAA Master 0.00 % $ — $ (6,333,981 ) $ 348,982 $ 133,835 $ — $ — $ (6,816,798 ) Energy Markets Monthly Winton Master 42.23 % 469,326,073 39,221,529 434,273 54,069 — — 38,733,187 Commodity Portfolio Monthly Transtrend Master 39.88 % 443,311,916 63,552,175 1,506,362 — 4,040,595 5,924,083 52,081,135 Commodity Portfolio Monthly Willowbridge Master 21.69 % 241,070,897 1,556,977 23,890 4,897 — — 1,528,190 Commodity Portfolio Monthly Total $ 1,153,708,886 $ 97,996,700 $ 2,313,507 $ 192,801 $ 4,040,595 $ 5,924,083 $ 85,525,714

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Oct. 01, 2014	Sep. 30, 2014	Mar. 01, 2014	Sep. 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] | Morgan Stanley Smith Barney TT II, LLC [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%
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

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A [Member]
Equity [Line Items]
Net realized and unrealized gains (losses)	$ 194.71	$ 115.17	$ 95.12	$ 255.91
Net investment loss	(27.53)	(46.59)	(124.45)	(106.24)
Increase (decrease) for the period	167.18	68.58	(29.33)	149.67
Net asset value per unit, beginning of period	2,880.27	2,733.32	3,076.78	2,652.23
Net asset value per unit, end of period	$ 3,047.45	$ 2,801.90	$ 3,047.45	$ 2,801.90
Ratios to Average Net Assets:
Net investment loss	(3.70%)	(4.70%)	(5.00%)	(4.90%)
Operating expense	3.70%	4.00%	3.60%	3.70%
Incentive fees		0.70%	1.40%	1.20%
Total expenses	3.70%	4.70%	5.00%	4.90%
Total return:
Total return before incentive fees	5.80%	3.20%	0.40%	6.80%
Incentive fees		(0.70%)	(1.40%)	(1.20%)
Total return after incentive fees	5.80%	2.50%	(1.00%)	5.60%
Class Z [Member]
Equity [Line Items]
Net realized and unrealized gains (losses)	$ 73.09	$ 42.77	$ 35.56	$ 94.84
Net investment loss	(7.55)	(13.44)	(37.67)	(30)
Increase (decrease) for the period	65.54	29.33	(2.11)	64.84
Net asset value per unit, beginning of period	1,080.58	1,012.86	1,148.23	977.35
Net asset value per unit, end of period	$ 1,146.12	$ 1,042.19	$ 1,146.12	$ 1,042.19
Ratios to Average Net Assets:
Net investment loss	(2.70%)	(3.70%)	(4.00%)	(4.30%)
Operating expense	2.70%	2.90%	2.70%	2.90%
Incentive fees		0.80%	1.40%	1.40%
Total expenses	2.70%	3.70%	4.10%	4.30%
Total return:
Total return before incentive fees	6.10%	3.70%	1.20%	8.00%
Incentive fees		(0.80%)	(1.40%)	(1.40%)
Total return after incentive fees	6.10%	2.90%	(0.20%)	6.60%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 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	Sep. 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]		$ 1,140,598,815	$ 1,153,708,886
Winton Capital Management Limited [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor			1.5 times
Willowbridge Associates Inc [Member]
Investment [Line Items]
Of the assets allocated to the Fund, the maximum amount that can be traded			3 times
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
CMF Winton Master L.P. [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			$ 407,554,026	$ 469,326,073			$ 1,795,757
Percentage owned by partnership			62.90%	67.30%
Morgan Stanley Smith Barney TT II, LLC [Member]
Investment [Line Items]
Investment in Funds, at fair value			$ 389,007,359	$ 443,311,916
Allocation of portion of assets by partnership						$ 384,370,435
Percentage owned by partnership			96.30%	96.50%
CMF Willowbridge Master Fund L.P.[Member]
Investment [Line Items]
Number of units purchased by partnership					9,633.9313
Cash paid for units purchased by partnership					$ 21,000,000
Investment in Funds, at fair value			$ 344,037,430	$ 241,070,897
Percentage owned by partnership			81.80%	76.40%
[1]	Defined in Note 1.

Investment in Funds - Assets, L

Investment in Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
CMF Winton Master L.P. [Member]
Investment [Line Items]
Total Assets	$ 654,579,557	$ 703,147,623
Total Liabilities	6,297,631	5,345,811
Total Capital	648,281,926	697,801,812
Morgan Stanley Smith Barney TT II, LLC [Member]
Investment [Line Items]
Total Assets	404,291,006	466,880,771
Total Liabilities	399,961	7,664,876
Total Capital	403,891,045	459,215,895
CMF Willowbridge Master Fund L.P.[Member]
Investment [Line Items]
Total Assets	425,873,553	332,179,217
Total Liabilities	5,034,529	16,638,854
Total Capital	$ 420,839,024	$ 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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment [Line Items]
Net Investment Income (Loss)	$ (10,219,181)	$ (17,426,918)	$ (45,652,787)	$ (41,348,478)
Total Trading Results	72,653,726	42,850,969	35,371,192	97,901,696
Net income (loss)	62,434,545	25,424,051	(10,281,595)	56,553,218
CMF Winton Master L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(211,840)	(219,958)	(663,319)	(623,336)
Total Trading Results	24,499,530	11,255,160	23,840,785	56,938,229
Net income (loss)	24,287,690	11,035,202	23,177,466	56,314,893
Morgan Stanley Smith Barney TT II, LLC [Member]
Investment [Line Items]
Net Investment Income (Loss)	(1,655,018)	(7,955,935)	(11,948,868)	(11,905,340)
Total Trading Results	34,483,182	38,585,921	7,069,645	65,705,835
Net income (loss)	32,828,164	30,629,986	(4,879,223)	53,800,495
CMF Willowbridge Master Fund L.P.[Member]
Investment [Line Items]
Net Investment Income (Loss)	(145,834)	(166,398)	(636,638)	(379,676)
Total Trading Results	28,756,543	3,692,929	15,134,368	2,654,368
Net income (loss)	$ 28,610,709	3,526,531	$ 14,497,730	2,274,692
AAA Master [Member]
Investment [Line Items]
Net Investment Income (Loss)		(487,960)		(938,300)
Total Trading Results		(7,372,341)		(12,628,653)
Net income (loss)		$ (7,860,301)		$ (13,566,953)

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		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Nov. 01, 2004
Investment [Line Items]
% of Partnership's Net Assets		101.06%		101.06%		103.80%
Fair Value	[1]	$ 1,140,598,815		$ 1,140,598,815		$ 1,153,708,886
Income (Loss)		72,653,726	$ 42,850,969	35,371,192	$ 97,901,696
Expenses, Other		742,483	124,216	1,012,327	390,650
Management fees		2,783,750	2,302,791	8,276,435	7,090,415
Incentive Fee			1,221,827	8,799,365	6,279,710
Net income (loss)		$ 62,434,545	25,424,051	$ (10,281,595)	56,553,218
CMF Winton Master L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets		36.11%		36.11%		42.23%
Fair Value		$ 407,554,026		$ 407,554,026		$ 469,326,073	$ 1,795,757
Morgan Stanley Smith Barney TT II, LLC [Member]
Investment [Line Items]
% of Partnership's Net Assets		34.47%		34.47%		39.88%
Fair Value		$ 389,007,359		$ 389,007,359		$ 443,311,916
CMF Willowbridge Master Fund L.P.[Member]
Investment [Line Items]
% of Partnership's Net Assets		30.48%		30.48%		21.69%
Fair Value		$ 344,037,430		$ 344,037,430		$ 241,070,897
Investment in Funds [Member]
Investment [Line Items]
Fair Value		1,140,598,815		1,140,598,815		$ 1,153,708,886
Income (Loss)		72,698,960	42,870,487	35,446,345	97,996,700
Expenses, Clearing Fees		695,357	911,654	2,122,221	2,313,507
Expenses, Other		33,737	47,110	119,912	192,801
Management fees		1,166,738	1,292,989	3,781,500	4,040,595
Incentive Fee			5,924,083	6,569,923	5,924,083
Net income (loss)		$ 70,803,128	34,694,651	$ 22,852,789	85,525,714
Investment in Funds [Member] | Commodity Portfolio [Member] | CMF Winton Master L.P. [Member]
Investment [Line Items]
% of Partnership's Net Assets		36.11%		36.11%		42.23%
Fair Value		$ 407,554,026		$ 407,554,026		$ 469,326,073
Income (Loss)		15,670,438	7,651,557	16,678,525	39,221,529
Expenses, Clearing Fees		132,803	143,434	395,748	434,273
Expenses, Other		14,997	19,176	56,813	54,069
Net income (loss)		$ 15,522,638	$ 7,488,947	$ 16,225,964	$ 38,733,187
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | Morgan Stanley Smith Barney TT II, LLC [Member]
Investment [Line Items]
% of Partnership's Net Assets		34.47%		34.47%		39.88%
Fair Value		$ 389,007,359		$ 389,007,359		$ 443,311,916
Income (Loss)		33,340,926	$ 37,280,850	6,513,891	$ 63,552,175
Expenses, Clearing Fees		438,871	521,365	1,244,437	1,506,362
Management fees		1,166,738	1,292,989	3,781,500	4,040,595
Incentive Fee			5,924,083	6,569,923	5,924,083
Net income (loss)		$ 31,735,317	$ 29,542,413	$ (5,081,969)	$ 52,081,135
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | CMF Willowbridge Master Fund L.P.[Member]
Investment [Line Items]
% of Partnership's Net Assets		30.48%		30.48%		21.69%
Fair Value		$ 344,037,430		$ 344,037,430		$ 241,070,897
Income (Loss)		23,687,596	$ 1,556,977	12,253,929	$ 1,556,977
Expenses, Clearing Fees		123,683	23,890	482,036	23,890
Expenses, Other		18,740	4,897	63,099	4,897
Net income (loss)		$ 23,545,173	$ 1,528,190	$ 11,708,794	$ 1,528,190
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment in Funds [Member] | Energy Portfolio [Member] | AAA Master [Member]
Investment [Line Items]
% of Partnership's Net Assets						0.00%
Income (Loss)			$ (3,618,897)		$ (6,333,981)
Expenses, Clearing Fees			222,965		348,982
Expenses, Other			23,037		133,835
Net income (loss)			$ (3,864,899)		$ (6,816,798)
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)	9 Months Ended
	Sep. 30, 2015
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	24.50%
Maximum [Member]
Fair Value Measurements Disclosure [Line Items]
Percentage of contracts traded over the counter	41.80%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - Transtrend BV [Member]	Nov. 01, 2015
Subsequent Event [Line Items]
Management fee equal to month-end assets allocated per month	0.00083%
Management fee equal to month-end assets allocated per year	1.00%