Ceres Orion (OFFLP) 10-Q 12 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	CERES ORION L.P.
Entity Central Index Key	0001227265
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, State or Province	NY
Class A Redeemable Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		115,095.8978
Class Z Redeemable Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		3,510.3432

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets:
Investment in the Funds, at fair value	$ 127,390,127	$ 136,268,790
Redemptions receivable from the Funds	3,400,881	2,439,045
Equity in trading account:
Unrestricted cash	189,301,254	206,600,821
Restricted cash	27,164,011	23,403,438
Net unrealized appreciation on open futures contracts	11,838,616	6,233,600
Options purchased, at fair value (premiums paid $2,547,120 and $2,680,600 at March 31, 2021 and December 31, 2020, respectively)	2,176,789	2,470,392
Total equity in trading account	230,480,670	238,708,251
Interest receivable	3,194	13,252
Total assets	361,274,872	377,429,338
Liabilities:
Options written, at fair value (premiums received $2,328,170 and $3,631,000 at March 31, 2021 and December 31, 2020, respectively)	1,970,422	2,311,171
Accrued expenses:
Ongoing selling agent fees	219,292	304,105
Management fees	251,102	268,910
General Partner fees	224,254	234,070
Incentive fees	2,568,766	1,837,005
Professional fees	279,016	302,374
Redemptions Payable to General Partner		1,400,000
Redemptions payable to Limited Partners	6,303,366	11,516,958
Total liabilities	11,816,218	18,174,593
Partners' Capital:
Total partners' capital (net asset value)	349,458,654	359,254,745
Total liabilities and partners' capital	361,274,872	377,429,338
Class Z Redeemable Units [Member]
Partners' Capital:
General Partner, Class Z, 3,334.2623 and 3,824.2873 Redeemable Units outstanding at March 31, 2021 and December 31, 2020, respectively	3,987,549	4,337,368
Limited Partners	4,261,283	4,283,794
Total partners' capital (net asset value)	$ 8,248,832	$ 8,621,162
Net asset value per Redeemable Unit:
Net asset value per Redeemable Unit	$ 1,195.93	$ 1,134.16
Class A Redeemable Units [Member]
Partners' Capital:
Limited Partners	$ 341,209,822	$ 350,633,583
Total partners' capital (net asset value)	$ 341,209,822	$ 350,633,583
Net asset value per Redeemable Unit:
Net asset value per Redeemable Unit	$ 2,915.03	$ 2,769.71
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation on open futures contracts	$ 11,838,616	$ 6,233,600

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Options purchased, premiums paid	$ 2,547,120	$ 2,680,600
Options written, premiums received	$ 2,328,170	$ 3,631,000
Class Z Redeemable Units [Member]
General Partner Capital, Redeemable units outstanding	3,334.2623	3,824.2873
Limited Partners Capital, Redeemable units outstanding	3,563.1492	3,777.0492
Class A Redeemable Units [Member]
Limited Partners Capital, Redeemable units outstanding	117,051.7878	126,595.8958

Condensed Schedule of Investmen

Condensed Schedule of Investments	Mar. 31, 2021USD ($)Contract	Dec. 31, 2020USD ($)Contract
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ 127,390,127	$ 136,268,790
% of Partners' Capital	36.45%	37.93%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts	$ 11,838,616	$ 6,233,600
% of Partners' Capital	3.39%	1.74%
CMF TT II, LLC [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ 67,066,960	$ 66,632,519
% of Partners' Capital	19.19%	18.55%
CMF FORT Contrarian Master Fund LLC [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ 46,549,268	$ 57,968,789
% of Partners' Capital	13.32%	16.14%
CMF NL Master Fund LLC [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ 13,773,899	$ 11,667,482
% of Partners' Capital	3.94%	3.24%
Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts	$ 6,247,141	$ 16,740,204
% of Partners' Capital	1.79%	4.66%
Long [Member] | Options [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ 2,176,789	$ 2,470,392
% of Partners' Capital	0.63%	0.69%
Long [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,681	1,645
Net unrealized appreciation on open futures contracts	$ (481,534)	$ 947,605
% of Partners' Capital	(0.14%)	0.26%
Long [Member] | Energy [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	13,826	14,777
Net unrealized appreciation on open futures contracts	$ 2,484,695	$ 3,242,381
% of Partners' Capital	0.71%	0.90%
Long [Member] | Energy [Member] | Options [Member] | Call Option [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,176	1,358
Total investment in the Funds, Fair Value	$ 1,976,674	$ 2,221,530
% of Partners' Capital	0.57%	0.62%
Long [Member] | Energy [Member] | Options [Member] | Put Option [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,199	1,214
Total investment in the Funds, Fair Value	$ 200,115	$ 248,862
% of Partners' Capital	0.06%	0.07%
Long [Member] | Grains [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	3,130	2,971
Net unrealized appreciation on open futures contracts	$ 2,213,302	$ 6,008,789
% of Partners' Capital	0.63%	1.67%
Long [Member] | Indices [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	813	1,030
Net unrealized appreciation on open futures contracts	$ 2,506,651	$ 1,256,496
% of Partners' Capital	0.72%	0.35%
Long [Member] | Interest Rates U.S. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	739	733
Net unrealized appreciation on open futures contracts	$ (62,172)	$ 29,578
% of Partners' Capital	(0.02%)	0.01%
Long [Member] | Interest Rates Non-U.S. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	4,439	5,422
Net unrealized appreciation on open futures contracts	$ (463,024)	$ 487,480
% of Partners' Capital	(0.13%)	0.14%
Long [Member] | Livestock [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	353	208
Net unrealized appreciation on open futures contracts	$ 439,500	$ 123,572
% of Partners' Capital	0.13%	0.03%
Long [Member] | Metals [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	861	585
Net unrealized appreciation on open futures contracts	$ 1,522,956	$ 2,898,137
% of Partners' Capital	0.44%	0.81%
Long [Member] | Softs [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,950	1,881
Net unrealized appreciation on open futures contracts	$ (1,913,233)	$ 1,746,166
% of Partners' Capital	(0.55%)	0.49%
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts	$ 5,591,475	$ (10,506,604)
% of Partners' Capital	1.60%	(2.92%)
Short [Member] | Options [Member]
Schedule of Investments [Line Items]
Total investment in the Funds, Fair Value	$ (1,970,422)	$ (2,311,171)
% of Partners' Capital	(0.56%)	(0.64%)
Short [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	800	8
Net unrealized appreciation on open futures contracts	$ 731,056	$ (3,856)
% of Partners' Capital	0.22%	0.00%	[1]
Short [Member] | Energy [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	11,050	8,877
Net unrealized appreciation on open futures contracts	$ 846,415	$ 324,465
% of Partners' Capital	0.24%	0.09%
Short [Member] | Energy [Member] | Options [Member] | Call Option [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,176	1,878
Total investment in the Funds, Fair Value	$ (707,876)	$ (873,797)
% of Partners' Capital	(0.20%)	(0.24%)
Short [Member] | Energy [Member] | Options [Member] | Put Option [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,437	1,347
Total investment in the Funds, Fair Value	$ (1,262,546)	$ (1,437,374)
% of Partners' Capital	(0.36%)	(0.40%)
Short [Member] | Grains [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	2,192	2,462
Net unrealized appreciation on open futures contracts	$ (1,878,062)	$ (6,855,706)
% of Partners' Capital	(0.54%)	(1.91%)
Short [Member] | Indices [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	518	354
Net unrealized appreciation on open futures contracts	$ (795,654)	$ 50,799
% of Partners' Capital	(0.23%)	0.01%
Short [Member] | Interest Rates U.S. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,109	501
Net unrealized appreciation on open futures contracts	$ 2,327,932	$ (70,696)
% of Partners' Capital	0.67%	(0.02%)
Short [Member] | Interest Rates Non-U.S. [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,502	760
Net unrealized appreciation on open futures contracts	$ 830,023	$ (101,298)
% of Partners' Capital	0.24%	(0.03%)
Short [Member] | Livestock [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	180	191
Net unrealized appreciation on open futures contracts	$ (122,790)	$ (225,435)
% of Partners' Capital	(0.04%)	(0.06%)
Short [Member] | Metals [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	680	324
Net unrealized appreciation on open futures contracts	$ 2,043,875	$ (1,636,565)
% of Partners' Capital	0.58%	(0.46%)
Short [Member] | Softs [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,745	1,747
Net unrealized appreciation on open futures contracts	$ 1,608,680	$ (1,988,312)
% of Partners' Capital	0.46%	(0.54%)
[1]	Due to rounding.

Condensed Schedule of Investm_2

Condensed Schedule of Investments (Parenthetical) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Schedule of Investments [Line Items]
Options purchased, premiums paid	$ 2,547,120	$ 2,680,600
Options written, premiums received	$ 2,328,170	$ 3,631,000

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Investment Income:
Interest income		$ 21,675	$ 392,973
Interest income allocated from the Funds		7,105	797,467
Total investment income		28,780	1,190,440
Expenses:
Expenses allocated from the Funds		1,733,093	747,109
Clearing fees related to direct investments		586,686	1,630,457
Ongoing selling agent fees		658,207	1,209,972
Management fees		756,934	1,240,559
General Partner fees		673,537	901,242
Incentive fees		2,568,765	3,310,643
Professional fees		238,437	262,730
Total expenses		7,215,659	9,302,712
Net investment loss		(7,186,879)	(8,112,272)
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net realized gains (losses) on closed contracts		10,432,023	17,484,357
Net realized gains (losses) on closed contracts allocated from the Funds		14,835,965	(26,990,408)
Net change in unrealized gains (losses) on open contracts		4,571,635	309,911
Net change in unrealized gains (losses) on open contracts allocated from the Funds		(4,727,995)	10,447,865
Total trading results		25,111,628	1,251,725
Net income (loss)		17,924,749	(6,860,547)
Class A Redeemable Units [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss)		$ 17,468,319	$ (6,725,820)
Net income (loss) per Redeemable Unit	[1]	$ 145.32	$ (40.76)
Weighted average Redeemable Units outstanding		122,441.2871	170,668.7368
Class Z Redeemable Units [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss)		$ 456,430	$ (134,727)
Net income (loss) per Redeemable Unit	[1]	$ 61.77	$ (13.80)
Weighted average Redeemable Units outstanding		7,409.1508	9,765.2385
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	Class A Redeemable Units [Member]	Class A Redeemable Units [Member]Limited Partners [Member]	Class Z Redeemable Units [Member]	Class Z Redeemable Units [Member]Limited Partners [Member]	Class Z Redeemable Units [Member]General Partner [Member]
Partners' Capital, beginning of period at Dec. 31, 2019	$ 483,271,251		$ 472,470,787		$ 10,800,464
Subscriptions		$ 1,164,297		$ 1,164,297
Redemptions		$ (31,280,644)		$ (31,128,679)		$ (151,965)
Net income (loss)	(6,860,547)		(6,725,820)		(134,727)
Partners' Capital, end of period at Mar. 31, 2020	$ 446,294,357		$ 435,780,585		$ 10,513,772
Partners' Capital, beginning of period at Dec. 31, 2019	182,900.3713		173,135.1328		9,765.2385
Subscriptions - Redemptions Units		425.2450		425.2450
Redemptions - Redeemable Units		(11,587.5330)		(11,448.3980)		(139.1350)
Partners' Capital, end of period at Mar. 31, 2020	171,738.0833		162,111.9798		9,626.1035
Partners' Capital, beginning of period at Dec. 31, 2020	$ 359,254,745		$ 350,633,583		$ 8,621,162
Subscriptions		$ 2,539,628		$ 2,519,943		$ 19,685
Redemptions	(575,000)	$ (29,685,468)		$ (29,412,023)		$ (273,445)	$ (575,000)
Net income (loss)	17,924,749		17,468,319		456,430
Partners' Capital, end of period at Mar. 31, 2021	$ 349,458,654		$ 341,209,822		$ 8,248,832
Partners' Capital, beginning of period at Dec. 31, 2020	134,197.2323		126,595.8958		7,601.3365
Subscriptions - Redemptions Units		908.3460		890.9890		17.3570
Redemptions - Redeemable Units	(490.0250)	(10,666.3540)		(10,435.0970)		(231.2570)	(490.0250)
Partners' Capital, end of period at Mar. 31, 2021	123,949.1993		117,051.7878		6,897.4115

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Ceres Orion 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, United States (“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 and is the trading manager (the “Trading Manager”) of Transtrend Master (as defined below), FORT Contrarian Master (as defined below) and NL Master (as defined below). The General Partner is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. As of March 31, 2021, all trading decisions were made for the Partnership by Transtrend B.V. (“Transtrend”), FORT L.P. (“FORT”), John Street Capital Limited (“JSCL”), Northlander Commodity Advisors LLP (“Northlander”), Pan Capital Management L.P. (“Pan”), Greenwave Capital Management LLC (“Greenwave”) and Quantica Capital AG (“Quantica”) (each an “Advisor” and, collectively, the “Advisors”), each of which is a registered commodity trading advisor. On September 30, 2020, the Partnership fully redeemed its investment in CMF Winton Master L.P. (“Winton Master”). Also effective September 30, 2020, Winton Capital Management Limited (“Winton”) ceased to act as a commodity trading advisor to the Partnership. References herein to the “Advisors” may include, as relevant, Winton. 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 either directly, through a managed account in the Partnership’s name, or indirectly, through its investment in the Funds. In addition, the General Partner may allocate the Partnership’s assets to additional non-major Effective October 1, 2020, Greenwave directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to an enhanced version of Greenwave’s Flagship Plus 2X Program. The General Partner and Greenwave have agreed that Greenwave will trade the Partnership’s assets allocated to Greenwave at a level that is up to 2 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future. Effective October 1, 2020, Quantica directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to the Quantica Managed Futures Program. The General Partner and Quantica have agreed that Quantica will trade the Partnership’s assets allocated to Quantica at a level that is up to 1.75 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future. Effective February 1, 2020, Pan directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to Pan’s Energy Trading Program. JSCL directly trades the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to the Systematic Strategy Program. The General Partner and JSCL have agreed that JSCL will trade the Partnership’s assets allocated to it at a level that is up to 2 times the amount of assets allocated to it; provided that if the assets allocated to JSCL are $80 million or less, JSCL will trade the Partnership’s assets allocated to it at the level that is up to 1.5 times the amount of assets allocated to it. The amount of leverage may be increased or decreased in the future. 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 A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. During the reporting periods ended March 31, 2021 and 2020, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) was also a foreign exchange forward contract counterparty for certain Funds. The Partnership and CMF TT II, LLC (“Transtrend Master”) have, and prior to the Partnership’s full redemption, Winton Master had, entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. CMF FORT Contrarian Master Fund LLC (“FORT Contrarian Master”) and CMF NL Master Fund LLC (“NL Master”) have entered into futures brokerage account agreements with MS&Co. Transtrend Master, FORT Contrarian Master and NL Master are collectively referred to as the “Funds.” References herein to “Funds” may also include, as relevant, Winton Master. Transtrend Master, and prior to the Partnership’s full redemption, Winton Master, each entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the referenced Funds and indirectly, the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. Under each FX Agreement, JPMorgan charges or charged a fee on the aggregate foreign currency transactions entered into on behalf of the respective Fund during a month. The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee at a flat annual rate equal to 0.75% per year of the adjusted net assets of Class A Redeemable Units (computed monthly by multiplying the adjusted net assets of the Class A Redeemable Units by 0.75% and dividing the result thereof by 12). For the period from July 1, 2020 to December 31, 2020, the ongoing selling agent fee for Class A Redeemable Unit holders was paid at a flat annual rate of 1.00% of the adjusted net assets of Class A Redeemable Units. Prior to July 1, 2020, the ongoing selling agent fee was $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. The ongoing selling agent fee for Class A Redeemable Unit holders prior to July 1, 2020 was reduced by applicable floor brokerage fees and did not exceed 2.00% of adjusted month-end The Partnership has entered into an alternative investment placement agent agreement (the “Harbor Selling Agreement”), by and among the Partnership, the General Partner, Morgan Stanley Distribution Inc. (“MSDI”), and Harbor Investment Advisory, LLC, a Maryland limited liability company (“Harbor”), which supersedes and replaces the alternative investment selling agent agreement, dated January 19, 2018, between the Partnership, the General Partner and Harbor. Pursuant to the Harbor Selling Agreement, MSDI and Harbor have been appointed as a non-exclusive sub-selling one-year month-end The General Partner fee, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of the Class. Effective January 1, 2021, the incentive fee payable to Transtrend by Transtrend Master was reduced to 16% of New Trading Profits, accrued monthly, but payable semi-annually. The General Partner has delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2021 and the results of its operations and changes in partners’ capital for the three months ended March 31, 2021 and 2020. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investment in the Funds Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses. Partnership’s Cash. Income Taxes Income Taxes “more-likely-than-not” more-likely-than-not Investment Company Status. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Net Income (Loss) Per Redeemable Unit. “Financial Services - Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2021
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended Three Months Ended Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 202.71 $ 83.41 $ 5.85 $ 2.19 Net investment loss (57.39 ) (21.64 ) (46.61 ) (15.99 ) Increase (decrease) for the period 145.32 61.77 (40.76 ) (13.80 ) Net asset value per Redeemable Unit, beginning of period 2,769.71 1,134.16 2,728.91 1,106.01 Net asset value per Redeemable Unit, end of period $ 2,915.03 $ 1,195.93 $ 2,688.15 $ 1,092.21 Three Months Ended Three Months Ended Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.9 )% (4.1 )% (4.8 )% (3.8 )% Operating expenses 3.8 % 3.0 % 5.1 % 4.1 % Incentive fees 1.1 % 1.1 % 0.7 % 0.7 % Total expenses 4.9 % 4.1 % 5.8 % 4.8 % Total return: Total return before incentive fees 6.4 % 6.6 % (0.8 )% (0.6 )% Incentive fees (1.2 )% (1.2 )% (0.7 )% (0.6 )% Total return after incentive fees 5.2 % 5.4 % (1.5 )% (1.2 )% * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner Classes using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Funds.

Trading Activities

Trading Activities	3 Months Ended
	Mar. 31, 2021
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Partnership’s Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s pro-rata The foreign exchange brokerage account agreements and/or futures brokerage account agreements with MS&Co. or JPMorgan, as applicable, give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition, as the criteria under ASC 210-20, Balance Sheet All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2021 and 2020 was 47,907 and 81,120, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended March 31, 2021 and during the period February 1, 2020 through March 31, 2020 was 5,277 and 381, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s percentage ownership of each respective Fund. All clearing fees paid to MS&Co. for direct trading are borne by the Partnership. In addition, clearing fees are borne by the Funds and are allocated to the Funds’ limited partners/members, including the Partnership. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 30,925,488 $ (19,086,872 ) $ 11,838,616 $ - $ - $ 11,838,616 Total assets $ 30,925,488 $ (19,086,872 ) $ 11,838,616 $ - $ - $ 11,838,616 Liabilities Futures $ (19,086,872 ) $ 19,086,872 $ - $ - $ - $ - Total liabilities $ (19,086,872 ) $ 19,086,872 $ - $ - $ - $ - Net fair value $ 11,838,616 * December 31, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 28,495,595 $ (22,261,995 ) $ 6,233,600 $ - $ - $ 6,233,600 Total assets $ 28,495,595 $ (22,261,995 ) $ 6,233,600 $ - $ - $ 6,233,600 Liabilities Futures $ (22,261,995 ) $ 22,261,995 $ - $ - $ - $ - Total liabilities $ (22,261,995 ) $ 22,261,995 $ - $ - $ - $ - Net fair value $ 6,233,600 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures and option contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Assets Futures Contracts Currencies $ 1,172,342 Energy 12,565,367 Grains 3,659,845 Indices 3,024,194 Interest Rates U.S. 2,364,901 Interest Rates Non-U.S. 1,026,419 Livestock 445,505 Metals 4,898,006 Softs 1,768,909 Total unrealized appreciation on open futures contracts 30,925,488 Liabilities Futures Contracts Currencies (922,820 ) Energy (9,234,257 ) Grains (3,324,605 ) Indices (1,313,197 ) Interest Rates U.S. (99,141 ) Interest Rates Non-U.S. (659,420 ) Livestock (128,795 ) Metals (1,331,175 ) Softs (2,073,462 ) Total unrealized depreciation on open futures contracts (19,086,872 ) Net unrealized appreciation on open futures contracts $ 11,838,616 * Assets Options Purchased Energy $ 2,176,789 Total options purchased $ 2,176,789 ** Liabilities Options Written Energy $ (1,970,422 ) Total options written $ (1,970,422 )*** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2020 Assets Futures Contracts Currencies $ 1,044,103 Energy 13,319,139 Grains 6,011,789 Indices 1,759,777 Interest Rates U.S. 103,022 Interest Rates Non-U.S. 583,702 Livestock 129,327 Metals 2,995,699 Softs 2,549,037 Total unrealized appreciation on open futures contracts 28,495,595 Liabilities Futures Contracts Currencies (100,354 ) Energy (9,752,293 ) Grains (6,858,706 ) Indices (452,482 ) Interest Rates U.S. (144,140 ) Interest Rates Non-U.S. (197,520 ) Livestock (231,190 ) Metals (1,734,127 ) Softs (2,791,183 ) Total unrealized depreciation on open futures contracts (22,261,995 ) Net unrealized appreciation on open futures contracts $ 6,233,600 * Assets Options Purchased Energy $ 2,470,392 Total options purchased $ 2,470,392 ** Liabilities Options Written Energy $ (2,311,171 ) Total options written $ (2,311,171 )*** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2021 and 2020, respectively. Three Months Ended March 31, Sector 2021 2020 Currencies $ (1,665,750 ) $ (2,485,209 ) Energy 5,254,973 14,418,791 Grains 2,394,344 180,970 Indices 3,311,199 (3,970,177 ) Interest Rates U.S. 4,725,960 (1,382,899 ) Interest Rates Non-U.S. (1,444,502 ) 10,532,332 Livestock 583,542 (4,877,916 ) Metals 1,553,760 6,440,818 Softs 290,132 (1,062,442 ) Total $ 15,003,658 **** $ 17,794,268 **** **** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s and the Funds’ Fair Value Measurements The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded The Partnership and the Funds consider prices for commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded no March 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 30,925,488 $ 30,925,488 $ - $ - Options purchased 2,176,789 2,176,789 - - Total assets $ 33,102,277 $ 33,102,277 $ - $ - Liabilities Futures $ 19,086,872 $ 19,086,872 $ - $ - Options written 1,970,422 1,970,422 - - Total liabilities $ 21,057,294 $ 21,057,294 $ - $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 28,495,595 $ 28,495,595 $ - $ - Options purchased 2,470,392 2,470,392 - - Total assets $ 30,965,987 $ 30,965,987 $ - $ - Liabilities Futures $ 22,261,995 $ 22,261,995 $ - $ - Options written 2,311,171 2,311,171 - - Total liabilities $ 24,573,166 $ 24,573,166 $ - $ -

Investment in the Funds

Investment in the Funds	3 Months Ended
	Mar. 31, 2021
Schedule of Investments [Abstract]
Investment in the Funds	6. Investment in the Funds: On June 1, 2011, the Partnership allocated a portion of its assets 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. Transtrend generally trades its Enhanced Risk Profile (US Dollar) using 1.5 times the leverage employed by the Standard Risk Profile. 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 members of Transtrend Master. The Trading Manager and Transtrend believe that trading through this structure promotes efficiency and economy in the trading process. On February 1, 2018, the assets allocated to FORT for trading were invested in FORT Contrarian Master, a limited liability company organized under the limited liability company laws of the State of Delaware. FORT Contrarian Master permits accounts managed by FORT using its Global Contrarian Trading Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the Trading Manager of FORT Contrarian Master. Individual and pooled accounts currently managed by FORT, including the Partnership, are permitted to be members of FORT Contrarian Master. The Trading Manager and FORT believe that trading through this structure promotes efficiency and economy in the trading process. The Trading Manager and FORT have agreed that FORT will trade the Partnership’s assets allocated to FORT at a level that is up to 1.25 times the amount of the assets allocated. The amount of leverage may be increased or decreased in the future. On April 1, 2019, the assets allocated to Northlander for trading were invested in NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permits accounts managed by Northlander using the Northlander Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the Trading Manager of NL Master. Individual and pooled accounts currently managed by Northlander, including the Partnership, are permitted to be members of NL Master. The Trading Manager and Northlander believe that trading through this structure promotes efficiency and economy in the trading process. 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 fully redeemed its investment in Winton Master on September 30, 2020. The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2021. The Funds’ and the Partnership’s trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds and the Partnership engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Funds. However, a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, ongoing selling agent fees, the General Partner fee and incentive fees are charged at the Partnership level, except for management and incentive fees payable to Transtrend, which are charged at the Transtrend Master level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership and are also charged directly at the Partnership level. As of March 31, 2021, the Partnership owned 100.0% of Transtrend Master, 100.0% of FORT Contrarian Master and approximately 76.4% of NL Master. At December 31, 2020, the Partnership owned 100.0% of Transtrend Master, 100.0% of FORT Contrarian Master and approximately 81.4% of NL 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 limited partners 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 members’ capital of the Funds is shown in the following tables: March 31, 2021 Total Assets Total Liabilities Total Capital Transtrend Master $ 71,786,969 $ 4,720,009 $ 67,066,960 FORT Contrarian Master 47,130,750 582,148 46,548,602 NL Master 18,096,845 73,161 18,023,684 December 31, 2020 Total Assets Total Liabilities Total Capital Transtrend Master $ 69,303,466 $ 2,670,947 $ 66,632,519 FORT Contrarian Master 59,456,843 1,491,365 57,965,478 NL Master 14,423,589 85,616 14,337,973 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2021 Net Investment Total Trading Net Income Transtrend Master $ (1,657,051 ) $ 8,955,958 $ 7,298,907 FORT Contrarian Master (39,067 ) (1,078,566 ) (1,117,633 ) NL Master (37,646 ) 2,842,858 2,805,212 For the three months ended March 31, 2020 Net Investment Total Trading Net Income Winton Master $ 387,606 $ (23,953,788 ) $ (23,566,182 ) Transtrend Master (261,094 ) (3,266,814 ) (3,527,908 ) FORT Contrarian Master 168,677 (5,653,909 ) (5,485,232 ) NL Master 12,428 752,782 765,210 Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata March 31, 2021 For the three months ended March 31, 2021 Funds % of Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Management Incentive Transtrend Master 19.19 % $ 67,066,960 $ 8,956,732 $ 108,810 $ 16,584 $ 142,311 $ 1,390,121 $ 7,298,906 Commodity Portfolio Monthly FORT Contrarian Master 13.32 % 46,549,268 (1,073,372 ) 29,018 15,242 - - (1,117,632 ) Commodity Portfolio Monthly NL Master 3.94 % 13,773,899 2,231,715 19,168 11,839 - - 2,200,708 Commodity Portfolio Monthly Total $ 127,390,127 $ 10,115,075 $ 156,996 $ 43,665 $ 142,311 $ 1,390,121 $ 8,381,982 December 31, 2020 For the three months ended March 31, 2020 Funds % of Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Management Incentive Winton Master - % $ - $ (8,370,730 ) $ 42,551 $ 7,687 $ - $ - $ (8,420,968 ) Commodity Portfolio Monthly Transtrend Master 18.55 % 66,632,519 (3,033,914 ) 259,821 17,000 217,175 - (3,527,910 ) Commodity Portfolio Monthly FORT Contrarian Master 16.14 % 57,968,789 (5,002,992 ) 152,428 16,040 - - (5,171,460 ) Commodity Portfolio Monthly NL Master 3.24 % 11,667,482 662,560 21,564 12,843 - - 628,153 Commodity Portfolio Monthly Total $ 136,268,790 $ (15,745,076 ) $ 476,364 $ 53,570 $ 217,175 $ - $ (16,492,185 )

Financial Instrument Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2021
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance-sheet over-the-counter Futures Contracts Forward Foreign Currency Contracts. London Metal Exchange Forward Contracts. Options marked-to-market marked-to-market As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/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 Partnership/Funds do not consider these contracts to be guarantees. Futures-Style Options. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Funds are exposed to market risk equal to the value of the futures and forward contracts held and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s/Funds’ risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Partnership’s/Funds’ 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 are counterparties or brokers with respect to the Partnership’s and the Funds’ assets. For certain OTC contracts traded by certain Funds, JPMorgan is the counterparty with respect to those 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. The General Partner/Trading Manager monitors and attempts to mitigate the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership/Funds may be subject. These monitoring systems generally allow the General Partner/Trading Manager to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, exchange-cleared swaps, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. In the ordinary course of business, the Partnership/Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s/Funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership/Funds. The General Partner/Trading Manager considers the risk of any future obligation relating to these indemnifications to be remote. Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as COVID-19, The outbreak of the novel coronavirus in many countries is having and will likely continue to have an adverse impact on global commercial activity, which has contributed to significant volatility in financial markets. The global impact of the outbreak has been rapidly evolving, and as cases of the virus have been identified in additional countries, many countries have reacted by instituting quarantines and restrictions on travel. These actions are creating disruption in supply chains, and adversely impacting a number of industries, including but not limited to transportation, hospitality, and entertainment. The impact of COVID-19 The rapid development of this situation precludes any prediction as to the ultimate adverse impact of the novel coronavirus. Nevertheless, the novel coronavirus presents material uncertainty and risk with respect to the Partnership’s/Funds’ investments and operations.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows. “Statement of Cash Flows.”
Partnership's Investment in the Funds	Partnership’s Investment in the Funds
Partnership's/Funds' Derivative Investments	Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses.​​​​​​​
Partnership's Cash	Partnership’s Cash.
Income Taxes	Income Taxes Income Taxes “more-likely-than-not” more-likely-than-not
Investment Company Status	Investment Company Status. 2013-08 Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Net Income (Loss) Per Redeemable Unit	Net Income (Loss) Per Redeemable Unit. “Financial Services - Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2021
Investment Company [Abstract]
Financial Highlights	Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2021 and 2020 were as follows: Three Months Ended Three Months Ended Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 202.71 $ 83.41 $ 5.85 $ 2.19 Net investment loss (57.39 ) (21.64 ) (46.61 ) (15.99 ) Increase (decrease) for the period 145.32 61.77 (40.76 ) (13.80 ) Net asset value per Redeemable Unit, beginning of period 2,769.71 1,134.16 2,728.91 1,106.01 Net asset value per Redeemable Unit, end of period $ 2,915.03 $ 1,195.93 $ 2,688.15 $ 1,092.21 Three Months Ended Three Months Ended Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.9 )% (4.1 )% (4.8 )% (3.8 )% Operating expenses 3.8 % 3.0 % 5.1 % 4.1 % Incentive fees 1.1 % 1.1 % 0.7 % 0.7 % Total expenses 4.9 % 4.1 % 5.8 % 4.8 % Total return: Total return before incentive fees 6.4 % 6.6 % (0.8 )% (0.6 )% Incentive fees (1.2 )% (1.2 )% (0.7 )% (0.6 )% Total return after incentive fees 5.2 % 5.4 % (1.5 )% (1.2 )% * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2021
Brokers and Dealers [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives	The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 30,925,488 $ (19,086,872 ) $ 11,838,616 $ - $ - $ 11,838,616 Total assets $ 30,925,488 $ (19,086,872 ) $ 11,838,616 $ - $ - $ 11,838,616 Liabilities Futures $ (19,086,872 ) $ 19,086,872 $ - $ - $ - $ - Total liabilities $ (19,086,872 ) $ 19,086,872 $ - $ - $ - $ - Net fair value $ 11,838,616 * December 31, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 28,495,595 $ (22,261,995 ) $ 6,233,600 $ - $ - $ 6,233,600 Total assets $ 28,495,595 $ (22,261,995 ) $ 6,233,600 $ - $ - $ 6,233,600 Liabilities Futures $ (22,261,995 ) $ 22,261,995 $ - $ - $ - $ - Total liabilities $ (22,261,995 ) $ 22,261,995 $ - $ - $ - $ - Net fair value $ 6,233,600 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded	The following tables indicate the gross fair values of derivative instruments of futures and option contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2021 and December 31, 2020, respectively. March 31, 2021 Assets Futures Contracts Currencies $ 1,172,342 Energy 12,565,367 Grains 3,659,845 Indices 3,024,194 Interest Rates U.S. 2,364,901 Interest Rates Non-U.S. 1,026,419 Livestock 445,505 Metals 4,898,006 Softs 1,768,909 Total unrealized appreciation on open futures contracts 30,925,488 Liabilities Futures Contracts Currencies (922,820 ) Energy (9,234,257 ) Grains (3,324,605 ) Indices (1,313,197 ) Interest Rates U.S. (99,141 ) Interest Rates Non-U.S. (659,420 ) Livestock (128,795 ) Metals (1,331,175 ) Softs (2,073,462 ) Total unrealized depreciation on open futures contracts (19,086,872 ) Net unrealized appreciation on open futures contracts $ 11,838,616 * Assets Options Purchased Energy $ 2,176,789 Total options purchased $ 2,176,789 ** Liabilities Options Written Energy $ (1,970,422 ) Total options written $ (1,970,422 )*** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2020 Assets Futures Contracts Currencies $ 1,044,103 Energy 13,319,139 Grains 6,011,789 Indices 1,759,777 Interest Rates U.S. 103,022 Interest Rates Non-U.S. 583,702 Livestock 129,327 Metals 2,995,699 Softs 2,549,037 Total unrealized appreciation on open futures contracts 28,495,595 Liabilities Futures Contracts Currencies (100,354 ) Energy (9,752,293 ) Grains (6,858,706 ) Indices (452,482 ) Interest Rates U.S. (144,140 ) Interest Rates Non-U.S. (197,520 ) Livestock (231,190 ) Metals (1,734,127 ) Softs (2,791,183 ) Total unrealized depreciation on open futures contracts (22,261,995 ) Net unrealized appreciation on open futures contracts $ 6,233,600 * Assets Options Purchased Energy $ 2,470,392 Total options purchased $ 2,470,392 ** Liabilities Options Written Energy $ (2,311,171 ) Total options written $ (2,311,171 )*** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. *** This amount is in “Options written, at fair value” in the Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded	The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2021 and 2020, respectively. Three Months Ended March 31, Sector 2021 2020 Currencies $ (1,665,750 ) $ (2,485,209 ) Energy 5,254,973 14,418,791 Grains 2,394,344 180,970 Indices 3,311,199 (3,970,177 ) Interest Rates U.S. 4,725,960 (1,382,899 ) Interest Rates Non-U.S. (1,444,502 ) 10,532,332 Livestock 583,542 (4,877,916 ) Metals 1,553,760 6,440,818 Softs 290,132 (1,062,442 ) Total $ 15,003,658 **** $ 17,794,268 **** **** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	March 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 30,925,488 $ 30,925,488 $ - $ - Options purchased 2,176,789 2,176,789 - - Total assets $ 33,102,277 $ 33,102,277 $ - $ - Liabilities Futures $ 19,086,872 $ 19,086,872 $ - $ - Options written 1,970,422 1,970,422 - - Total liabilities $ 21,057,294 $ 21,057,294 $ - $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 28,495,595 $ 28,495,595 $ - $ - Options purchased 2,470,392 2,470,392 - - Total assets $ 30,965,987 $ 30,965,987 $ - $ - Liabilities Futures $ 22,261,995 $ 22,261,995 $ - $ - Options written 2,311,171 2,311,171 - - Total liabilities $ 24,573,166 $ 24,573,166 $ - $ -

Investment in the Funds (Tables

Investment in the Funds (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Investments [Abstract]
Assets, Liabilities and Partners' Members' Capital of Funds	Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables: March 31, 2021 Total Assets Total Liabilities Total Capital Transtrend Master $ 71,786,969 $ 4,720,009 $ 67,066,960 FORT Contrarian Master 47,130,750 582,148 46,548,602 NL Master 18,096,845 73,161 18,023,684 December 31, 2020 Total Assets Total Liabilities Total Capital Transtrend Master $ 69,303,466 $ 2,670,947 $ 66,632,519 FORT Contrarian Master 59,456,843 1,491,365 57,965,478 NL Master 14,423,589 85,616 14,337,973
Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2021 Net Investment Total Trading Net Income Transtrend Master $ (1,657,051 ) $ 8,955,958 $ 7,298,907 FORT Contrarian Master (39,067 ) (1,078,566 ) (1,117,633 ) NL Master (37,646 ) 2,842,858 2,805,212 For the three months ended March 31, 2020 Net Investment Total Trading Net Income Winton Master $ 387,606 $ (23,953,788 ) $ (23,566,182 ) Transtrend Master (261,094 ) (3,266,814 ) (3,527,908 ) FORT Contrarian Master 168,677 (5,653,909 ) (5,485,232 ) NL Master 12,428 752,782 765,210
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds	Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata March 31, 2021 For the three months ended March 31, 2021 Funds % of Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Management Incentive Transtrend Master 19.19 % $ 67,066,960 $ 8,956,732 $ 108,810 $ 16,584 $ 142,311 $ 1,390,121 $ 7,298,906 Commodity Portfolio Monthly FORT Contrarian Master 13.32 % 46,549,268 (1,073,372 ) 29,018 15,242 - - (1,117,632 ) Commodity Portfolio Monthly NL Master 3.94 % 13,773,899 2,231,715 19,168 11,839 - - 2,200,708 Commodity Portfolio Monthly Total $ 127,390,127 $ 10,115,075 $ 156,996 $ 43,665 $ 142,311 $ 1,390,121 $ 8,381,982 December 31, 2020 For the three months ended March 31, 2020 Funds % of Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Management Incentive Winton Master - % $ - $ (8,370,730 ) $ 42,551 $ 7,687 $ - $ - $ (8,420,968 ) Commodity Portfolio Monthly Transtrend Master 18.55 % 66,632,519 (3,033,914 ) 259,821 17,000 217,175 - (3,527,910 ) Commodity Portfolio Monthly FORT Contrarian Master 16.14 % 57,968,789 (5,002,992 ) 152,428 16,040 - - (5,171,460 ) Commodity Portfolio Monthly NL Master 3.24 % 11,667,482 662,560 21,564 12,843 - - 628,153 Commodity Portfolio Monthly Total $ 136,268,790 $ (15,745,076 ) $ 476,364 $ 53,570 $ 217,175 $ - $ (16,492,185 )

Organization - Additional Infor

Organization - Additional Information (Detail) $ in Millions	Mar. 31, 2021USD ($)shares	Jan. 01, 2021	Oct. 01, 2020	Jul. 01, 2020	Nov. 01, 2018	Mar. 31, 2021USD ($)$ / Round_Turn_Trade$ / Half_Turn_Tradeshares	Dec. 31, 2020
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum number of Redeemable Units sold by the Partnership | shares	0					0
Percentage of incentive fee payable		16.00%
Green wave Capital Management Lic [member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor			1.75
John Street Capital Lip [member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Amount of partnership assets allocated to trading advisor | $	$ 80					$ 80
Maximum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of partnership assets allocated						10.00%
Maximum [Member] | Green wave Capital Management Lic [member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor			2
Maximum [Member] | John Street Capital Lip [member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor						2
Minimum [Member] | John Street Capital Lip [member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor						1.5
Class A Redeemable Units [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of partnership assets allocated					2.00%
Ongoing selling agent fee	0.75%			15.00%			1.00%
Monthly ongoing selling agent fee				7.50%
Harbor Selling Agreement [Member] | Class A Redeemable Units [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee							1.00%
Monthly ongoing selling agent fee		0.75%
Morgan Stanley Distribution Inc [Member] | Harbor Selling Agreement [Member] | Class A Redeemable Units [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Brokerage commission payable per round-turn | $ / Round_Turn_Trade						15
Brokerage commission payable per half turn | $ / Half_Turn_Trade						7.50

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ (3,754,715)	$ (3,186,405)
Cash denominated in foreign currencies, cost	3,821,053	3,163,920
Restricted cash	27,164,011	$ 23,403,438
Uncertain tax position	$ 0
Open tax year	2017 2018 2019 2020

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Redeemable Units [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 202.71	$ 5.85
Net investment loss	(57.39)	(46.61)
Increase (decrease) for the period	145.32	(40.76)
Net asset value per Redeemable Unit, beginning of period	2,769.71	2,728.91
Net asset value per Redeemable Unit, end of period	2,915.03	2,688.15
Class Z Redeemable Units [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	83.41	2.19
Net investment loss	(21.64)	(15.99)
Increase (decrease) for the period	61.77	(13.80)
Net asset value per Redeemable Unit, beginning of period	1,134.16	1,106.01
Net asset value per Redeemable Unit, end of period	$ 1,195.93	$ 1,092.21

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Limited Partners' Capital (Detail)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Redeemable Units [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.90%)	(4.80%)
Operating expenses	3.80%	5.10%
Incentive fees	1.20%	0.70%
Total expenses	4.90%	5.80%
Total return:
Total return before incentive fees	6.40%	(0.80%)
Incentive fees	(1.20%)	(0.70%)
Total return after incentive fees	5.20%	(1.50%)
Class Z Redeemable Units [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.10%)	(3.80%)
Operating expenses	3.00%	4.10%
Incentive fees	1.20%	0.60%
Total expenses	4.10%	4.80%
Total return:
Total return before incentive fees	6.60%	(0.60%)
Incentive fees	(1.20%)	(0.60%)
Total return after incentive fees	5.40%	(1.20%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contracts	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	47,907	81,120
Forward Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	5,277	381

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 30,925,488	$ 28,495,595
Gross Amounts Offset in the Statements of Financial Condition, Assets	(19,086,872)	(22,261,995)
Amounts Presented in the Statements of Financial Condition, Assets	11,838,616	6,233,600
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	11,838,616
Gross Amounts Recognized, Liabilities	(19,086,872)	(22,261,995)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	19,086,872	22,261,995
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities		0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities		0
Net fair value	11,838,616	6,233,600
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	30,925,488	28,495,595
Gross Amounts Offset in the Statements of Financial Condition, Assets	(19,086,872)	(22,261,995)
Amounts Presented in the Statements of Financial Condition, Assets	11,838,616	6,233,600
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	11,838,616	6,233,600
Gross Amounts Recognized, Liabilities	(19,086,872)	(22,261,995)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	19,086,872	22,261,995
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Total options purchased	$ 2,176,789	$ 2,470,392
Total options written	(1,970,422)	(2,311,171)
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	30,925,488	28,495,595
Total unrealized depreciation on open contracts	(19,086,872)	(22,261,995)
Net unrealized appreciation on open futures contracts	11,838,616	6,233,600
Currencies [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,172,342	1,044,103
Total unrealized depreciation on open contracts	(922,820)	(100,354)
Energy [Member]
Derivative [Line Items]
Total options purchased	2,176,789	2,470,392
Total options written	(1,970,422)	(2,311,171)
Energy [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	12,565,367	13,319,139
Total unrealized depreciation on open contracts	(9,234,257)	(9,752,293)
Grains [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,659,845	6,011,789
Total unrealized depreciation on open contracts	(3,324,605)	(6,858,706)
Indices [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	3,024,194	1,759,777
Total unrealized depreciation on open contracts	(1,313,197)	(452,482)
Interest Rates U.S. [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	2,364,901	103,022
Total unrealized depreciation on open contracts	(99,141)	(144,140)
Interest Rates Non-U.S. [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,026,419	583,702
Total unrealized depreciation on open contracts	(659,420)	(197,520)
Livestock [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	445,505	129,327
Total unrealized depreciation on open contracts	(128,795)	(231,190)
Metals [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	4,898,006	2,995,699
Total unrealized depreciation on open contracts	(1,331,175)	(1,734,127)
Softs [Member] | Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,768,909	2,549,037
Total unrealized depreciation on open contracts	$ (2,073,462)	$ (2,791,183)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative [Line Items]
Total trading results	$ 15,003,658	$ 17,794,268
Currencies [Member]
Derivative [Line Items]
Total trading results	(1,665,750)	(2,485,209)
Energy [Member]
Derivative [Line Items]
Total trading results	5,254,973	14,418,791
Grains [Member]
Derivative [Line Items]
Total trading results	2,394,344	180,970
Indices [Member]
Derivative [Line Items]
Total trading results	3,311,199	(3,970,177)
Interest Rates U.S. [Member]
Derivative [Line Items]
Total trading results	4,725,960	(1,382,899)
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total trading results	(1,444,502)	10,532,332
Livestock [Member]
Derivative [Line Items]
Total trading results	583,542	(4,877,916)
Metals [Member]
Derivative [Line Items]
Total trading results	1,553,760	6,440,818
Softs [Member]
Derivative [Line Items]
Total trading results	$ 290,132	$ (1,062,442)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument	Mar. 31, 2021	Dec. 31, 2020
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments held	0	0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Assets
Total assets	$ 33,102,277	$ 30,965,987
Liabilities
Total liabilities	21,057,294	24,573,166
Futures Contracts [Member]
Assets
Total assets	30,925,488	28,495,595
Liabilities
Total liabilities	19,086,872	22,261,995
Options [Member] | Long [Member]
Assets
Total assets	2,176,789	2,470,392
Options [Member] | Short [Member]
Liabilities
Total liabilities	1,970,422	2,311,171
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets	33,102,277	30,965,987
Liabilities
Total liabilities	21,057,294	24,573,166
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	30,925,488	28,495,595
Liabilities
Total liabilities	19,086,872	22,261,995
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options [Member] | Long [Member]
Assets
Total assets	2,176,789	2,470,392
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options [Member] | Short [Member]
Liabilities
Total liabilities	$ 1,970,422	$ 2,311,171

Investment in the Funds - Addit

Investment in the Funds - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Investment [Line Items]
Leverage Factor	1.5
CMF TT II, LLC [Member]
Investment [Line Items]
Percentage owned by partnership	100.00%	100.00%
CMF FORT Contrarian Master Fund LLC [Member]
Investment [Line Items]
Percentage owned by partnership	100.00%	100.00%
CMF FORT Contrarian Master Fund LLC [Member] | Maximum [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor	1.25
CMF NL Master Fund LLC [Member]
Investment [Line Items]
Percentage owned by partnership	76.40%	81.40%

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Partners' Members' Capital of Funds (Detail) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Investment Holdings [Line Items]
Total Assets	$ 361,274,872	$ 377,429,338
Total Liabilities	11,816,218	18,174,593
Total Capital	349,458,654	359,254,745	$ 446,294,357	$ 483,271,251
CMF TT II, LLC [Member]
Investment Holdings [Line Items]
Total Assets	71,786,969	69,303,466
Total Liabilities	4,720,009	2,670,947
Total Capital	67,066,960	66,632,519
CMF FORT Contrarian Master Fund LLC [Member]
Investment Holdings [Line Items]
Total Assets	47,130,750	59,456,843
Total Liabilities	582,148	1,491,365
Total Capital	46,548,602	57,965,478
CMF NL Master Fund LLC [Member]
Investment Holdings [Line Items]
Total Assets	18,096,845	14,423,589
Total Liabilities	73,161	85,616
Total Capital	$ 18,023,684	$ 14,337,973

Investment in the Funds - Net I

Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investment Holdings [Line Items]
Net Investment Income (Loss)	$ (7,186,879)	$ (8,112,272)
Total trading results	25,111,628	1,251,725
Net income (loss)	17,924,749	(6,860,547)
CMF Winton Master L.P. [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)		387,606
Total trading results		(23,953,788)
Net income (loss)		(23,566,182)
CMF TT II, LLC [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)	(1,657,051)	(261,094)
Total trading results	8,955,958	(3,266,814)
Net income (loss)	7,298,907	(3,527,908)
CMF FORT Contrarian Master Fund LLC [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)	(39,067)	168,677
Total trading results	(1,078,566)	(5,653,909)
Net income (loss)	(1,117,633)	(5,485,232)
CMF NL Master Fund LLC [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)	(37,646)	12,428
Total trading results	2,842,858	752,782
Net income (loss)	$ 2,805,212	$ 765,210

Investment in the Funds - Partn

Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Investment Holdings [Line Items]
% of Partners' Capital	36.45%		37.93%
Fair Value	$ 127,390,127		$ 136,268,790
Income (Loss)	25,111,628	$ 1,251,725
Expenses, Clearing Fees	586,686	1,630,457
Expenses, Professional Fees	238,437	262,730
Management fees	756,934	1,240,559
Net income (loss)	$ 17,924,749	(6,860,547)
CMF Winton Master L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)		(23,953,788)
Net income (loss)		(23,566,182)
CMF TT II, LLC [Member]
Investment Holdings [Line Items]
% of Partners' Capital	19.19%		18.55%
Fair Value	$ 67,066,960		$ 66,632,519
Income (Loss)	8,955,958	(3,266,814)
Net income (loss)	$ 7,298,907	(3,527,908)
CMF FORT Contrarian Master Fund LLC [Member]
Investment Holdings [Line Items]
% of Partners' Capital	13.32%		16.14%
Fair Value	$ 46,549,268		$ 57,968,789
Income (Loss)	(1,078,566)	(5,653,909)
Net income (loss)	$ (1,117,633)	(5,485,232)
CMF NL Master Fund LLC [Member]
Investment Holdings [Line Items]
% of Partners' Capital	3.94%		3.24%
Fair Value	$ 13,773,899		$ 11,667,482
Income (Loss)	2,842,858	752,782
Net income (loss)	2,805,212	765,210
Investment In Funds [Member]
Investment Holdings [Line Items]
Income (Loss)	10,115,075	(15,745,076)
Investment In Funds [Member] | Commodity [Member]
Investment Holdings [Line Items]
Expenses, Clearing Fees	156,996	476,364
Expenses, Professional Fees	43,665	53,570
Management fees	142,311	217,175
Incentive Fee	1,390,121
Net income (loss)	8,381,982	(16,492,185)
Investment In Funds [Member] | Commodity [Member] | CMF Winton Master L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)		(8,370,730)
Expenses, Clearing Fees		42,551
Expenses, Professional Fees		7,687
Net income (loss)		$ (8,420,968)
Investment Objective		Commodity Portfolio
Redemptions Permitted		Monthly
Investment In Funds [Member] | Commodity [Member] | CMF TT II, LLC [Member]
Investment Holdings [Line Items]
Income (Loss)	8,956,732	$ (3,033,914)
Expenses, Clearing Fees	108,810	259,821
Expenses, Professional Fees	16,584	17,000
Management fees	142,311	217,175
Incentive Fee	1,390,121
Net income (loss)	$ 7,298,906	$ (3,527,910)
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Investment In Funds [Member] | Commodity [Member] | CMF FORT Contrarian Master Fund LLC [Member]
Investment Holdings [Line Items]
Income (Loss)	$ (1,073,372)	$ (5,002,992)
Expenses, Clearing Fees	29,018	152,428
Expenses, Professional Fees	15,242	16,040
Net income (loss)	$ (1,117,632)	$ (5,171,460)
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly
Investment In Funds [Member] | Commodity [Member] | CMF NL Master Fund LLC [Member]
Investment Holdings [Line Items]
Income (Loss)	$ 2,231,715	$ 662,560
Expenses, Clearing Fees	19,168	21,564
Expenses, Professional Fees	11,839	12,843
Net income (loss)	$ 2,200,708	$ 628,153
Investment Objective	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted	Monthly	Monthly

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2021
Concentration Risk [Line Items]
Financial instruments maturity period	1 year
Minimum [Member] | Credit Concentration Risk [Member] | Partnership's/Funds' Contracts [Member] | Over the Counter [Member]
Concentration Risk [Line Items]
Concentration risk percentage	1.10%
Maximum [Member] | Credit Concentration Risk [Member] | Partnership's/Funds' Contracts [Member] | Over the Counter [Member]
Concentration Risk [Line Items]
Concentration risk percentage	5.60%