Emerging Cta Portfolio 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'CTA	'
Entity Registrant Name	'EMERGING CTA PORTFOLIO LP	'
Entity Central Index Key	'0001269190	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Limited Partnership Redeemable Units Outstanding	'	105,605.82

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets:	'	'
Investment in Funds, at fair value	$122,911,240	$123,486,175
Redemptions receivable from Funds	'	14,986,312
Equity in trading account:	'	'
Cash	19,081,956	24,966,156
Cash margin	5,643,727	4,901,267
Net unrealized appreciation on open futures contracts	307,971	634,229
Net unrealized appreciation on open forward contracts	350,818	'
Options purchased, at fair value (cost $588,403 and $1,372,875 at March 31, 2014 and December 31, 2013, respectively)	631,865	1,278,375
Total trading equity	148,927,577	170,252,514
Interest receivable	713	333
Total assets	148,928,290	170,252,847
Liabilities:	'	'
Options premium received, at fair value (premium $1,259,429 and $517,125 at March 31, 2014 and December 31, 2013, respectively)	858,774	322,350
Accrued expenses:	'	'
Ongoing selling agent fees	431,817	495,616
Management fees	168,305	179,798
Administrative fees	61,639	70,741
Incentive fees	'	12,209
Clearing fees due to MS&Co	1,455	5,003
Payable due to Funds	344	'
Other	133,198	147,797
Redemptions payable	9,974,876	6,897,645
Total liabilities	11,630,408	8,131,159
Partners' Capital:	'	'
General Partner, 1,512.9756 Class A Unit equivalents outstanding at March 31, 2014 and December 31, 2013	1,860,836	2,043,122
Limited Partners, 110,118.7752 and 118,541.4712 Class A Redeemable Units outstanding at March 31, 2014 and December 31, 2013, respectively	135,437,046	160,078,566
Total partners' capital	137,297,882	162,121,688
Total liabilities and partners' capital	$148,928,290	$170,252,847
Net asset value per unit, Class A	1,229.92	1,350.40

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Options purchased, at fair value, cost	$588,403	$1,372,875
Options premium received, at fair value	$1,259,429	$517,125
General Partner Class A Capital, Units outstanding	1,512.98	1,512.98
Limited Partner Capital Account Redeemable Unit outstanding	110,118.78	118,541.47

Condensed_Schedule_of_Investme

Condensed Schedule of Investments (USD $)	Mar. 31, 2014		Dec. 31, 2013
Total futures contracts purchased	$291,339		$302,913
Total futures contracts sold	16,632		331,316
Total unrealized appreciation on forward contracts	656,084		'
Total unrealized depreciation on open forward contracts	-305,266		'
Total options purchased	631,865		1,278,375
Total options premium received	-858,774		-322,350
Total investment in Funds	122,911,240		123,486,175
Net fair value	123,343,120		125,076,429
Futures contracts purchased	0.21%		0.19%
Futures contracts sold	0.01%		0.20%
Unrealized appreciation on forward contracts	0.48%		'
Unrealized depreciation on forward contracts	-0.22%		'
Options Purchased	0.46%		0.79%
Options premium received	-0.62%		-0.20%
Investment in Funds	89.52%		76.17%
Net fair value	89.84%		77.15%
Energy [Member]	'		'
Number of future contracts purchased	8		57
Number futures contracts sold	19		'
Total futures contracts purchased	3,380		23,033
Total futures contracts sold	-17,239		'
Futures contracts purchased	0.00%	[1]	0.01%
Futures contracts sold	-0.01%		'
Energy [Member] | Call [Member]	'		'
Number of options purchased	199		500
Number of options premium received	778		500
Total options purchased	631,865		1,278,375
Total options premium received	-430,647		-322,350
Options Purchased	0.46%		0.79%
Options premium received	-0.31%		-0.20%
Energy [Member] | Puts [Member]	'		'
Number of options premium received	585		'
Total options premium received	-428,127		'
Options premium received	-0.31%		'
Grains [Member]	'		'
Number of future contracts purchased	68		68
Number futures contracts sold	30		281
Total futures contracts purchased	86,275		-62,003
Total futures contracts sold	4,144		329,286
Futures contracts purchased	0.06%		-0.04%
Futures contracts sold	0.00%	[1]	0.20%
Indices [Member]	'		'
Number of future contracts purchased	59		232
Number futures contracts sold	92		603
Total futures contracts purchased	232,657		539,634
Total futures contracts sold	-60,596		-344,629
Futures contracts purchased	0.17%		0.33%
Futures contracts sold	-0.04%		-0.21%
Interest Rates Non-U.S. [Member]	'		'
Number of future contracts purchased	65		170
Number futures contracts sold	193		243
Total futures contracts purchased	22,940		-68,531
Total futures contracts sold	29,757		245,199
Futures contracts purchased	0.02%		-0.04%
Futures contracts sold	0.02%		0.15%
Interest Rates U.S. [Member]	'		'
Number of future contracts purchased	129		298
Number futures contracts sold	'		17
Total futures contracts purchased	-59,438		-201,662
Total futures contracts sold	'		6,242
Futures contracts purchased	-0.04%		-0.12%
Futures contracts sold	'		0.00%	[1]
Livestock [Member]	'		'
Number of future contracts purchased	34		15
Number futures contracts sold	'		9
Total futures contracts purchased	4,860		-3,570
Total futures contracts sold	'		-100
Futures contracts purchased	0.00%	[1]	0.00%	[1]
Futures contracts sold	'		0.00%	[1]
Metals [Member]	'		'
Number of future contracts purchased	4		10
Number futures contracts sold	31		17
Total futures contracts purchased	-7,280		21,662
Total futures contracts sold	76,198		30,720
Futures contracts purchased	-0.01%		0.01%
Futures contracts sold	0.05%		0.02%
Softs [Member]	'		'
Number of future contracts purchased	32		46
Number futures contracts sold	69		163
Total futures contracts purchased	7,945		54,350
Total futures contracts sold	-15,632		64,598
Futures contracts purchased	0.01%		0.04%
Futures contracts sold	-0.01%		0.04%
Futures Contracts [Member]	'		'
Net unrealized appreciation on open futures/forward contracts	307,971		634,229
Net unrealized appreciation on open futures contracts	0.22%		0.39%
Currencies [Member]	'		'
Total unrealized appreciation on forward contracts	656,084		'
Total unrealized depreciation on open forward contracts	-305,266		'
Unrealized appreciation on forward contracts	0.48%		'
Unrealized depreciation on forward contracts	-0.22%		'
Forward Contracts [Member]	'		'
Net unrealized appreciation on open futures/forward contracts	350,818		'
Net unrealized appreciation on open forward contracts	0.26%		'
Blackwater Master Fund L.P. [Member]	'		'
Total investment in Funds	21,378,302		24,550,063
Investment in Funds	15.57%		15.14%
Secor Master Fund L.P.[Member]	'		'
Total investment in Funds	17,251,457		15,383,266
Investment in Funds	12.56%		9.49%
Cambridge Master Fund L.P. [Member]	'		'
Total investment in Funds	28,900,278		26,222,525
Investment in Funds	21.05%		16.17%
CMF Willowbridge Master Fund L.P. [Member]	'		'
Total investment in Funds	14,814,650		14,357,559
Investment in Funds	10.79%		8.86%
300 North Capital Master Fund L.P. [Member]	'		'
Total investment in Funds	21,345,654		24,373,736
Investment in Funds	15.55%		15.04%
Principle Master Fund L.P. [Member]	'		'
Total investment in Funds	19,220,899		18,599,026
Investment in Funds	14.00%		11.47%
Unrealized Appreciation On Open Forward Contracts [Member] | Currencies [Member]	'		'
Notional	46,460,793		'
Unrealized Depreciation On Open Forward Contracts [Member] | Currencies [Member]	'		'
Notional	$32,011,900		'
[1]	Due to rounding.

Statements_of_Income_and_Expen

Statements of Income and Expenses and Changes in Partners' Capital (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Investment Income:	'		'
Interest income	$2,017		$4,056
Interest income from investment in Funds	10,017		24,264
Total investment income	12,034		28,320
Expenses:	'		'
Clearing fees	272,691		431,598
Ongoing selling agent fees	1,330,076		1,654,244
Management fees	509,775		675,488
Administrative fees	189,866		235,455
Incentive fees	-12,209		372,419
Other	170,826		176,326
Total expenses	2,461,025		3,545,530
Net investment income (loss)	-2,448,991		-3,517,210
Net gains (losses) on trading of commodity interests and investment in Funds:	'		'
Net realized gains (losses) on closed contracts	-2,524,070		-1,080,948
Net realized gains (losses) on investment in Funds	-4,446,921		13,823,745
Change in net unrealized gains (losses) on open contracts	368,402		-145,154
Change in net unrealized gains (losses) on investment in Funds	-5,455,616		-7,741,472
Total trading results	-12,058,205		4,856,171
Net Income (Loss)	-14,507,196		1,338,961
Subscriptions - Limited Partners	3,540,007		4,245,160
Redemptions - Limited Partners	-13,856,617		-11,650,061
Net increase (decrease) in Partners' Capital	-24,823,806		-6,065,940
Partners' Capital, beginning of period	162,121,688		188,151,946
Partners' Capital, end of period	$137,297,882		$182,086,006
Net asset value per unit, Class A (111,631.7508 and 132,949.5388 units outstanding at March 31, 2014 and 2013, respectively)	1,229.92		1,369.59
Net income (loss) per unit*, Class A	($120.48)	[1]	$9.78	[1]
Weighted average Class A units outstanding	120,227.52		137,532.52
[1]	Based on change in net asset value per unit.

Statements_of_Income_and_Expen1

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical)	Mar. 31, 2014	Mar. 31, 2013
Partners' capital units outstanding	111,631.75	132,949.54

General

General	3 Months Ended
	Mar. 31, 2014
General	'
	1. General:
	Emerging CTA Portfolio L.P. (the “Partnership”) is a limited partnership that was organized on July 7, 2003 under the partnership laws of the State of New York. The objective of the Partnership is to achieve capital appreciation through the allocation of assets to early-stage commodity trading advisors which engage, directly and indirectly, in speculative trading of a diversified portfolio of commodity interests, including futures, options on futures, forwards, options on forwards, spot and swap contracts, cash commodities and any other rights or interest pertaining thereto. The Partnership may also enter into swap and other derivative transactions with the approval of the General Partner (defined below). The sectors traded include currencies, livestock, lumber, energy, grains, metals, indices, softs and U.S. and non-U.S. interest rates. The Partnership directly and through its investment in the Funds (as defined in Note 5, “Investment in Funds”) may trade futures, forward and option contracts of any kind. The Partnership may also engage in swap transactions and other derivative transactions directly and through its investments in the Funds with the approval of the General Partner. The commodity interests that are traded by the Partnership and the Funds are volatile and involve a high degree of market risk.
	Between December 1, 2003 (commencement of the offering period) and August 5, 2004, 20,872 redeemable units of limited partnership interest (“Redeemable Units”) were sold at $1,000 per Redeemable Unit. The proceeds of the initial offering were held in an escrow account until August 6, 2004, at which time they were remitted to the Partnership for trading. The Partnership privately and continuously offers Redeemable Units in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.
	Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is 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 1, 2011, the Partnership began offering three classes of limited partnership interests: Class A units, Class D units and Class Z units; each will be referred to as a “Class” and collectively referred to as the “Classes.” All Redeemable Units issued prior to September 1, 2011 were deemed “Class A Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Class A Units and Class D Units are available to taxable U.S. individuals and institutions, as well as U.S. tax exempt individuals and institutions. Class Z Units will be offered to certain employees of Morgan Stanley Wealth Management and its affiliates (and their family members). The Class of units that a limited partner of the Partnership (each a “Limited Partner”) receives upon subscription will generally depend upon the amount invested in the Partnership or the status of the Limited Partner, although the General Partner may determine to offer units to investors at its discretion. As of March 31, 2014, there were no Redeemable Units outstanding in Class D or Class Z.
	As of March 31, 2014, all trading decisions were made for the Partnership by its trading advisors (the “Advisors”) either directly, through individually managed accounts, or indirectly, through investments in other collective investment vehicles. Blackwater Capital Management, LLC, Willowbridge Associates Inc., SECOR Capital Advisors, LP, 300 North Capital Management LLC, Cambridge Strategy (Asset Management) Limited and Principle Capital Management, LLC have been selected by the General Partner as the major commodity trading advisors. In addition, the General Partner has allocated 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. The General Partner may allocate less than 10% of the Partnership’s assets to a new trading advisor or another trading program of a current Advisor. The Advisors are not affiliated with one another, are not affiliated with the General Partner, CGM or MS&Co. and are not responsible for the organization or operation of the Partnership.
	During the three months ended March 31, 2014, the Partnerhip’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”). During the prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.
	During the second quarter of 2013, Cambridge Master Fund, L.P. (“Cambridge Master”) entered into a foreign exchange brokerage account agreement with MS&Co, a registered futures commission merchant. Cambridge Master commenced foreign exchange trading through an account at MS&Co on or about May 1, 2013. During the third quarter of 2013, CMF Willowbridge Master Fund L.P. (“Willowbridge Master”), Principle Master Fund L.P. (“Principle Master”) and Cambridge Master entered into a futures brokerage account agreement with MS&Co. Willowbridge Master, Principle Master and Cambridge Master commenced futures trading through accounts at MS&Co on or about July 29, 2013, September 27, 2013 and September 1, 2013, respectively. SECOR Master Fund L.P continues to be a party to a futures brokerage account agreement with MS&Co. During the fourth quarter of 2013, 300 North Capital Master Fund L.P. and Blackwater Master Fund L.P. entered into a futures account agreement with MS&Co. and commenced trading through accounts at MS&Co. on or about October 2, 2013 and October 3, 2013, respectively. Effective August 21, 2013, the Partnership entered into a futures brokerage account agreement with MS&Co and began transferring the brokerage account of the Partnership from CGM to MS&Co. The Partnership, directly and through its investment in the Funds, will pay MS&Co trading fees for the clearing and, where applicable, execution of transactions.
	Effective October 1, 2013, the Partnership ceased paying a brokerage fee to CGM and CGM ceased acting as a selling agent for the Partnership. Also effective October 1, 2013, the Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a selling agent fee equal to (i) 3.50% per year of adjusted month-end net assets for Class A units, (ii) 1.25% per year of adjusted month-end net assets for Class D units and (iii) 0.50% per year of adjusted month-end net assets for Class Z units. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisers of Morgan Stanley Wealth Management who sell redeemable units in the Partnership.
	Effective April 1, 2014, the monthly ongoing selling agent fee was reduced from an annual rate of 3.5% to an annual rate of 2.5% for Class A units.
	Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses and Changes in Partners’ Capital as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees.
	The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at March 31, 2014 and December 31, 2013, and the results of its operations and changes in partners’ capital for the three months ended March 31, 2014 and 2013. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements 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, 2013.
	The General Partner and each Limited Partner 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.
	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.
	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.

Financial_Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2014
Financial Highlights	'
	2. Financial Highlights:
	Changes in the net asset value per unit for Class A for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months Ended
			March 31,
			2014			2013
	Net realized and unrealized gains (losses)*		$	(113.44	)	$	20.2
	Interest Income			0.1			0.21
	Expenses**			(7.14	)		(10.63	)
	Increase (decrease) for the period			(120.48	)		9.78
	Net asset value per unit, beginning of period			1,350.40			1,359.81
	Net asset value per unit, end of period		$	1,229.92		$	1,369.59
	*	Includes ongoing selling agent and clearing fees.
	**	Excludes ongoing selling agent and clearing fees .
			Three Months Ended
			March 31,
			2014			2013
	Ratios to average net assets:***
	Net investment income (loss)			(6.6	)%		(7.0	)%
	Incentive fees			(0.0	)%*****		0.2	%
	Net investment income (loss) before incentive fees****			(6.6	)%		(6.8	)%
	Operating expense			6.7	%		7	%
	Incentive fees			(0.0	)%*****		0.2	%
	Total expenses			6.7	%		7.2	%
	Total return:
	Total return before incentive fees			(8.9	)%		0.9	%
	Incentive fees			0	%*****		(0.2	)%
	Total return after incentive fees			(8.9	)%		0.7	%
	***	Annualized (other than incentive fees).
	****	Interest inc ome less total expenses.
	*****	Due to rounding.
	The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets.

Trading_Activities

Trading Activities	3 Months Ended
	Mar. 31, 2014
Trading Activities	'
	3. Trading Activities:
	The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital.
	The customer agreement among the Partnership, each of the Funds and MS&Co. gives, and the customer agreement among the Partnership, each of the Funds and CGM gave, the Partnership and the Funds the legal right to net unrealized gains and losses on open futures and forward contracts on the Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and on open forward contracts on the Statements of Financial Condition, as the criteria under Accounting Standards Codification (“ASC”) 210-20, “Balance Sheet,” have been met.
	All of the commodity interests owned 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, 2014 and 2013 were 830 and 1,597, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended March 31, 2014 and 2013 were 0 and 36, respectively. The monthly average number of option contracts held directly by the Partnership during the three months ended March 31, 2014 and 2013 were 1,145 and 50, respectively. The monthly average notional value of currency forward contracts held directly by the Partnership during the three months ended March 31, 2014 and 2013 were $91,922,434 and $1,805, respectively.
	Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions.
	Trading and transaction fees are based on the number of trades executed by the Advisors for the Funds.
	On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial condition and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of U.S. GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards.
	The following tables summarize the valuation of the Partnership’s investments at March 31, 2014 and December 31, 2013, respectively.
			Gross			Gross Amounts Offset in the			Amounts			Gross Amounts not Offset in					Net
			Amounts			Statement of Financial			Presented  in the			the Statement of Financial					Amount
			Recognized			Condition			Statement of			Condition
	March 31, 2014								Financial Condition			Financial			Cash
												Instruments			Collateral
															Received
	Assets
	Futures		$	539,891		$	(231,920	)	$	307,971		$	—		$	—	$	307,971
	Forwards			656,084			(305,266	)		350,818			—			—		350,818
	Options purchased			631,865			—			631,865			(631,865	)		—		—
	Total Assets			1,827,840			(537,186	)		1,290,654			(631,865	)		—		658,789
	Liabilities
	Futures		$	(231,920	)	$	231,920		$	—		$	—		$	—	$	—
	Forwards			(305,266	)		305,266			—			—			—		—
	Options premium received			(858,774	)		—			(858,774	)		631,865			—		(226,909	)
	Total Liabilities			(1,395,960	)		537,186			(858,774	)		631,865			—		(226,909	)
	Net fair value																$	431,880
			Gross Amounts			Gross Amounts Offset in the			Amounts			Gross Amounts
			Recognized			Statements of Financial			Presented in the			not Offset in the
						Condition			Statements of			Statements of
									Financial  Condition			Financial Condition
	December 31, 2013											Financial			Cash		Net Amount
												Instruments			Collateral
															Received
	Assets
	Futures		$	1,432,133		$	(797,904	)	$	634,229		$	—		$	—	$	634,229
	Options purchased			1,278,375			—			1,278,375			(322,350	)		—		956,025
	Total Assets			2,710,508			(797,904	)		1,912,604			(322,350	)		—		1,590,254
	Liabilities
	Futures		$	(797,904	)	$	797,904		$	—		$	—		$	—	$	—
	Options premium received			(322,350	)		—			(322,350	)		322,350			—		—
	Total Liabilities			(1,120,254	)		797,904			(322,350	)		322,350			—		—
	Net fair value																$	1,590,254
	The following tables indicate the gross fair va lues of derivative instruments of futures, forwards and options contracts as separate assets and liabilities as of March 31, 2014 and December 31, 2013.
	Assets		March 31, 2014
	Futures Contracts
	Energy		$	9,966
	Grains			92,944
	Indices			236,955
	Interest Rates Non-U.S.			85,935
	Interest Rates U.S.			3,547
	Livestock			9,230
	Metals			82,903
	Softs			18,411
	Total unrealized appreciation on open futures contracts		$	539,891
	Liabilities
	Futures Contracts
	Energy		$	(23,825	)
	Grains			(2,525	)
	Indices			(64,894	)
	Interest Rates Non-U.S.			(33,238	)
	Interest Rates U.S.			(62,985	)
	Livestock			(4,370	)
	Metals			(13,985	)
	Softs			(26,098	)
Total unrealized depreciation on open futures contracts		$	(231,920	)
Net unrealized appreciation on open futures contracts		$	307,971	*
Assets
Forward Contracts
Currencies		$	656,084
Total unrealized appreciation on open forward contracts		$	656,084
Liabilities
Forward Contracts
Energy		$	(305,266	)
Total unrealized depreciation on open forward contracts		$	(305,266	)
Net unrealized appreciation on open forward contracts		$	350,818	**
Assets
Options purchased
Energy		$	631,865
Total options purchased		$	631,865	***
Liabilities
Options premium received
Energy		$	(858,774	)
Total options premium received		$	(858,774	)****
*	This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.
**	This amount is included in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.
***	This amount is included in “Options purchased, at fair value” on the Statements of Financial Condition.
****	This amount is included in “Options premium received, at fair value” on the Statements of Financial Condition.
		December 31,
		2013
Assets
Futures Contracts
Energy		$	47,952
Grains			330,270
Indices			581,789
Interest Rates Non-U.S.			281,256
Interest Rates U.S.			6,242
Livestock			380
Metals			54,812
Softs			129,432
Total unrealized appreciation on open futures contracts		$	1,432,133
Liabilities
Futures Contracts
Energy		$	(24,919	)
Grains			(62,987	)
Indices			(386,784	)
Interest Rates Non-U.S.			(104,588	)
Interest Rates U.S.			(201,662	)
Livestock			(4,050	)
Metals			(2,430	)
Softs			(10,484	)
Total unrealized depreciation on open futures contracts		$	(797,904	)
Net unrealized appreciation on open futures contracts		$	634,229	*
Assets
Options purchased
Energy		$	1,278,375
Total options purchased		$	1,278,375	**
Liabilities
Options premium received
Energy		$	(322,350	)
Total options premium received		$	(322,350	)***
*	This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.
**	This amount is included in “Options purchased, at fair value” on the Statements of Financial Condition.
***	This amount is included in “Options premium received, at fair value” on the Statements of Financial Condition.
The following tables indicate the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2014 and 2013.
		Three Months Ended
		March 31,
Sector		2014			2013
Currencies		$	18,946		$	310,727
Energy			(1,563,339	)		114,173
Grains			51,223			(1,670	)
Indices			(406,411	)		(471,388	)
Interest Rates U.S.			76,408			(244,052	)
Interest Rates Non-U.S.			(395,168	)		(602,220	)
Livestock			157,830			(4,570	)
Metals			43,539			(350,475	)
Softs			(138,696	)		23,373
Total		$	(2,155,668	)****	$	(1,226,102	)****
****	This amount is included in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
	4. Fair Value Measurements:
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership and the Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) 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 trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Partnership’s and the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation as well as the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	On October 1, 2012, the Financial Accounting Standards Board (the “FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards, swaps and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). During the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
		March 31, 2014		Quoted Prices in		Significant Other		Significant
				Active  Markets for		Observable  Inputs		Unobservable  Inputs
				Identical Assets		(Level 2)		(Level 3)
				and Liabilities
				(Level 1)
	Assets
	Investment in Funds	$	122,911,240	$	—	$	122,911,240	$	—
	Futures		539,891		539,891		—		—
	Forwards		656,084		—		656,084		—
	Options purchased		631,865		631,865		—		—
	Total assets	$	124,739,080	$	1,171,756	$	123,567,324	$	—
	Liabilities
	Futures	$	231,920	$	231,920	$	—	$	—
	Forwards		305,266		—		305,266		—
	Options premium received		858,774		858,774		—		—
	Total liabilities		1,395,960		1,090,694		305,266		—
	Net fair value	$	123,343,120	$	81,062	$	123,262,058	$	—
		December 31, 2013		Quoted Prices in		Significant Other		Significant
				Active Markets for		Observable Inputs		Unobservable Inputs
				Identical Assets		(Level 2)		(Level 3)
				and  Liabilities
				(Level 1)
	Assets
	Investment in Funds	$	123,486,175	$	—	$	123,486,175	$	—
	Futures		1,432,133		1,432,133		—		—
	Options purchased		1,278,375		1,278,375		—		—
	Total assets		126,196,683		2,710,508		123,486,175		—
	Liabilities
	Futures	$	797,904	$	797,904	$	—	$	—
	Options premium received		322,350		322,350		—		—
	Total liabilities		1,120,254		1,120,254		—		—
	Net fair value	$	125,076,429	$	1,590,254	$	123,486,175	$	—

Investment_in_Funds

Investment in Funds	3 Months Ended
	Mar. 31, 2014
Investment in Funds	'
	5. Investment in Funds:
	On March 1, 2010, the assets allocated to Waypoint Capital Management LLC (“Waypoint”) for trading were invested in the Waypoint Master Fund L.P. (“Waypoint Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 26,581.6800 units of Waypoint Master with cash equal to $26,581,680. Effective November 30, 2013, the Partnership fully redeemed its investment in Waypoint Master for cash equal to $4,378,673.
	On November 1, 2010, the assets allocated to PGR Capital LLP (“PGR”) for trading were invested in PGR Master Fund L.P. (“PGR Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in PGR Master with cash equal to $14,913,029. Effective December 31, 2013, the Partnership fully redeemed its investment in PGR Master for cash equal to $14,986,312.
	On November 1, 2010, the assets allocated to Blackwater Capital Management LLC (“Blackwater”) for trading were invested in Blackwater Master Fund L.P. (“Blackwater Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in Blackwater Master with cash equal to $15,674,694. Blackwater Master permits accounts managed by Blackwater using the Blackwater Global Program, a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Blackwater Master. Individual and pooled accounts currently managed by Blackwater, including the Partnership, are permitted to be limited partners of Blackwater Master. The General Partner and Blackwater believe that trading through this structure should promote efficiency and economy in the trading process.
	On January 1, 2011, the assets allocated to J E Moody & Company LLC (“J E Moody”) for trading were invested in JEM Master Fund L.P. (“JEM Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 19,624.4798 units of JEM Master with cash equal to $19,624,480. Effective October 31, 2013, the Partnership fully redeemed its investment in JEM Master for cash equal to $4,400,957.
	On January 1, 2011, the assets allocated to Cirrus Capital Management LLC (“Cirrus”) for trading were invested in CMF Cirrus Master Fund L.P. (“Cirrus Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership purchased 22,270.9106 units of Cirrus Master with cash equal to $22,270,911. Effective August 31, 2013, the Partnership fully redeemed its investment from Cirrus Master for cash equal to $9,645,872.
	On September 1, 2012, the assets allocated to Cambridge Strategy (Asset Management) Limited (“Cambridge”) for trading were invested in Cambridge Master Fund L.P. (“Cambridge Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in Cambridge Master with cash equal to $3,000,000. Cambridge Master permits accounts managed by Cambridge using the Asian Markets Alpha Programme and the Emerging Markets Alpha Programme, each a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Cambridge Master. Individual and pooled accounts currently managed by Cambridge, including the Partnership, are permitted to be limited partners of Cambridge Master. The General Partner and Cambridge believe that trading through this structure should promote efficiency and economy in the trading process. The General Partner and Cambridge agreed that Cambridge will trade the Partnership’s assets allocated to Cambridge at a level that is up to 2 times the amount of assets allocated.
	Effective January 1, 2013, the assets traded directly by Willowbridge Associates Inc. (“Willowbridge”) using its wPraxis Futures Trading Approach, were invested in CMF Willowbridge Master Fund L.P. (“Willowbridge Master”), a limited partnership organized under the partnership laws of the State of New York. The Partnership purchased 14,103.3175 units of Willowbridge Master with cash equal to $29,484,306. Willowbridge Master permits accounts managed by Willowbridge using the wPraxis Futures Trading Approach, a proprietary, discretionary trading system, to invest together in 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 should promote efficiency and economy in the trading process. The General Partner and Willowbridge agreed that Willowbridge will trade the Partnership’s assets allocated to Willowbridge at a level that is up to 3 times the amount of assets allocated. Effective February 28, 2013, Willowbridge ceased trading the Partnership’s assets using its MStrategy Trading Approach.
	On March 1, 2013, the assets allocated to Principle Capital Management, LLC (“Principle”) for trading were invested in Principle Master Fund L.P. (“Principle Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in Principle Master with cash equal to $6,503,661. Principle Master permits accounts managed by Principle using the Principle Commodity Futures trading program, a proprietary, discretionary trading program, to invest together in one trading vehicle. The General Partner is also the general partner of Principle Master. Individual and pooled accounts currently managed by Principle, including the Partnership, are permitted to be limited partners of Principle Master. The General Partner and Principle believe that trading through this structure should promote efficiency and economy in the trading process. The General Partner and Principle agreed that Principle will trade the Partnership’s assets allocated to Principle at a level that is up to 1.5 times the assets allocated.
	On March 1, 2013, the assets allocated to 300 North Capital LLC (“300 North Capital”) for trading were invested in 300 North Capital Master Fund L.P. (“300 North Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in 300 North Master with cash equal to $10,000,000. 300 North Master permits accounts managed by 300 North Capital using the Global Macro Program, a proprietary, discretionary trading program, to invest together in one trading vehicle. The General Partner is also the general partner of 300 North Master. Individual and pooled accounts currently managed by 300 North Capital, including the Partnership, are permitted to be limited partners of 300 North Master. The General Partner and 300 North Capital believe that trading through this structure should promote efficiency and economy in the trading process. The General Partner and 300 North Capital agreed that 300 North Capital will trade the Partnership’s assets allocated to 300 North Capital at a level that is up to 2 times the amount of assets allocated.
	On August 1, 2013, the assets allocated to SECOR Capital Advisors, LP (“SECOR”) for trading were invested in the SECOR Master Fund L.P. (“SECOR Master”), a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in SECOR Master with cash equal to $10,000,000. SECOR Master permits accounts managed by SECOR using a variation of the program traded by SECOR Alpha Master Fund L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master. Individual and pooled accounts currently managed by SECOR, including the Partnership, are permitted to be limited partners of SECOR Master. The General Partner and SECOR believe that trading through this structure should promote efficiency and economy in the trading process. The General Partner and SECOR agreed that SECOR will trade the Partnership’s assets allocated to SECOR at a level that is up to 1.5 times the amount of 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 March 31, 2014.
	Blackwater Master’s, Cambridge Master’s, Willowbridge Master’s, 300 North Master’s, Principle Master’s and SECOR Master’s (collectively, the “Funds”) and the Partnership’s trading of futures, forwards and options contracts, as applicable, on commodities is done primarily on United States of America commodity exchanges and foreign commodity exchanges. Reference to “Funds” included in this report may include, as relevant, Waypoint Master, PGR Master, JEM Master and Cirrus Master. During the three months ended March 31, 2014, the Funds engaged in such trading through commodity brokerage accounts maintained with MS&Co. During the prior periods included in this report, the Funds also engaged in such trading through commodity brokerage accounts maintained with CGM.
	A limited partner of the Funds may withdraw all or part of their capital contribution and undistributed profits, if any, from the Funds as of the end of any day (the “Redemption Date”) after a request for redemption has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Funds.
	Management, administrative and incentive fees are charged at the Partnership level. All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively the “clearing fees”) are borne by the Funds and allocated to their limited partners including the Partnership. All other fees, are charged at the Partnership level.
	At March 31, 2014, the Partnership owned approximately 38.5% of Blackwater Master, 72.1% of Cambridge Master, 17.8% of Willowbridge Master, 100% of 300 North Master, 100% of Principle Master and 100% of SECOR Master. At December 31, 2013, the Partnership owned approximately 38.8% of Blackwater Master, 58.2% of PGR Master (prior to its redemptions on December 31, 2013), 15.2% of Willowbridge Master, 100% of 300 North Master, 100% of Principle Master, 100% of SECOR Master and 69.9% of Cambridge 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 and the redemption rights are not affected.
	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.
		31-Mar-14
		Total Assets				Total Liabilities				Total Capital
	Blackwater Master	$	55,656,259			$	70,547			$	55,585,712
	SECOR Master		17,323,436				72,470				17,250,966
	Cambridge Master		40,123,791				52,226				40,071,565
	Willowbridge Master		84,971,415				1,989,600				82,981,815
	300 North Master		21,405,509				61,531				21,343,978
	Principle Master		19,396,216				175,868				19,220,348
		31-Dec-13
		Total Assets				Total Liabilities				Total Capital
	Blackwater Master	$	63,936,601			$	610,828			$	63,325,773
	PGR Master		25,764,457				15,005,082				10,759,375
	SECOR Master		15,463,167				80,075				15,383,092
	Cambridge Master		37,549,964				28,580				37,521,384
	Willowbridge Master		95,699,725				7,316,065				88,383,660
	300 North Master		24,407,958				34,469				24,373,489
	Principle Master		18,952,159				353,341				18,598,818
	Summarized information reflecting the net investment income (loss) from trading, total trading results and net income (loss) of the Funds is shown in the following tables.
		For the three months ended March 31, 2014
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Blackwater Master	$	(23,138	)		$	(4,034,100	)		$	(4,057,238	)
	SECOR Master		(124,890	)			(1,046,967	)			(1,171,857	)
	Cambridge Master		(44,946	)			156,075				111,129
	Willowbridge Master		(109,462	)			(2,209,110	)			(2,318,572	)
	300 North Master		(50,917	)			(4,637,178	)			(4,688,095	)
	Principle Master		(52,486	)			(2,355,910	)			(2,408,396	)
		For the three months ended March 31, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Waypoint Master	$	(33,502	)		$	380,864			$	347,362
	Blackwater Master		(30,604	)			1,951,934				1,921,330
	PGR Master		(32,771	)			3,698,966				3,666,195
	JEM Master		(343,350	)			(945,396	)			(1,288,746	)
	Cirrus Master		(37,932	)			1,527,460				1,489,528
	Cambridge Master		(19,763	)			1,320,051				1,300,288
	Willowbridge Master		(109,276	)			2,076,675				1,967,399
	300 North Master		(8,189	)			537,526				529,337
	Principle Master		(12,536	)			(175,210	)			(187,746	)
	Summarized information reflecting the Partnership’s investments in, and the operations of, the Funds is shown in the following tables.
		31-Mar-14										For the three months ended March 31, 2014
		% of					Fair Value					Income				Expenses						Net  Income				Investment	Redemptions
		Partnership’s										(Loss)										(Loss)				Objective	Permitted
	Funds	Net Assets														Clearing			Other
																Fees
	Blackwater Master			15.57	%			$	21,378,302				$	(1,566,269	)		$	13,105		$	9,219		$	(1,588,593	)	Commodity Portfolio	Monthly
SECOR Master			12.56	%				17,251,457					(1,045,606	)			94,518			31,733			(1,171,857	)	Commodity Portfolio	Monthly
Cambridge Master			21.05	%				28,900,278					114,908				30,867			17,056			66,985		Energy Markets	Monthly
Willowbridge Master			10.79	%				14,814,650					(405,881	)			16,724			3,357			(425,962	)	Commodity Portfolio	Monthly
300 North Master			15.55	%				21,345,654					(4,635,268	)			27,842			24,985			(4,688,095	)	Commodity Portfolio	Monthly
Principle Master			14	%				19,220,899					(2,354,404	)			34,963			19,029			(2,408,396	)	Commodity Portfolio	Monthly
Total							$	122,911,240				$	(9,892,520	)		$	218,019		$	105,379		$	(10,215,918	)
	31-Dec-13										For the three months ended March 31, 2013
	% of					Fair Value					Income				Expenses						Net  Income				Investment	Redemptions
	Partnership’s										(Loss)										(Loss)				Objective	Permitted
Funds	Net Assets														Clearing			Other
															Fees
Waypoint Master			—	%			$	—				$	165,844			$	7,043		$	9,086		$	149,715		Commodity Portfolio	Monthly
Blackwater Master			15.14	%				24,550,063					765,025				27,323			9,584			728,118		Commodity Portfolio	Monthly
PGR Master			—	%				—					2,672,212				18,849			13,169			2,640,194		Commodity Portfolio	Monthly
JEM Master			—	%				—					(659,815	)			244,748			11,820			(916,383	)	Commodity Portfolio	Monthly
Cirrus Master			—	%				—					1,296,595				19,620			14,872			1,262,103		Commodity Portfolio	Monthly
SECOR Master			9.49	%				15,383,266					—				—			—			—		Commodity Portfolio	Monthly
Cambridge Master			16.17	%				26,222,525					711,114				—			22,436			688,678		Energy Markets	Monthly
Willowbridge Master			8.86	%				14,357,559					792,106				33,691			10,429			747,986		Commodity Portfolio	Monthly
300 North Master			15.04	%				24,373,736					538,271				2,734			6,200			529,337		Commodity Portfolio	Monthly
Principle Master			11.47	%				18,599,026					(174,815	)			6,731			6,200			(187,746	)	Commodity Portfolio	Monthly
Total							$	123,486,175				$	6,106,537			$	360,739		$	103,796		$	5,642,002

Financial_Instrument_Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2014
Financial Instrument Risks	'
	6. Financial Instrument Risks:
	In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options 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, 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 forwards and option contracts. Specific market movements of commodities or futures contracts underlying an 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 38.4% to 63.9% of the Partnership’s/Fund’s contracts are traded OTC.
	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 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/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 had credit risk and concentration risk during the reporting period and prior periods included in this report, as CGM and/or MS&Co. or their affiliates were the sole counterparties or brokers with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM/MS&Co., the Partnership’s/Funds’ counterparty is an exchange or clearing organization. The Partnership and the Funds continue to be subject to such risks with respect to MS&Co.
	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.
	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, 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 Partnership’s/Funds’ business, these instruments may not be held to maturity.

Critical_Accounting_Policies

Critical Accounting Policies	3 Months Ended
	Mar. 31, 2014
Critical Accounting Policies	'
	7. Critical Accounting Policies
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with 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.
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership and the Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) 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 trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Partnership’s and the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that, based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation as well as the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards, swaps and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain option contracts for which market quotations are not readily available, are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). For the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets and liabilities between Level 1 and Level 2.
	Futures Contracts. The Partnership and the Funds trade futures contracts. 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 Partnership and 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 Partnership and the Funds. When the contract is closed, the Partnership and 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partner’s Capital.
	Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and 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 Partnership’s and 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 foreign exchange rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
	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 net income (loss) in the Statements of Income and Expenses and Changes in Partners’ Capital.
	London Metals Exchange Forward Contracts. 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 Partnership and the Funds are cash-settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and 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 Partnership and 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 Partnership and 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 changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
	Options. The Partnership/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 Partnership/Funds write an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked-to-market daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
	Investment Company Status. Effective January 1, 2014, the Partnership adopted, ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
	Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”
	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 that, other than that referenced in Note 1 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Critical_Accounting_Policies_P

Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Use of Estimates	'
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with 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.
Partnership's and the Funds' Investments	'
	Partnership’s and the Funds’ Investments. All commodity interests held by the Partnership and the Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on the trade date and open contracts are recorded at fair value (as described below) 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 trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses and Changes in Partners’ Capital.
	Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The General Partner has concluded that based on available information in the marketplace, the Partnership’s and the Funds’ Level 1 assets and liabilities are actively traded.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that, based on available information in the marketplace, there has not been a significant decrease in the volume and level of activity in the Partnership’s and the Funds’ Level 2 assets and liabilities.
	The Partnership and the Funds will separately present purchases, sales, issuances and settlements in their reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation as well as the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership and the Funds consider prices for exchange-traded commodity futures, forwards, swaps and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of non-exchange-traded forwards, swaps and certain option contracts for which market quotations are not readily available, are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). Investments in funds (other commodity pools) where there are no other rights or obligations inherent within the ownership interest held by the Partnership are priced based on the end of the day net asset value (Level 2). The value of the Partnership’s investments in the Funds reflects its proportional interest in the Funds. As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). For the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets and liabilities between Level 1 and Level 2.
Futures Contracts	'
	Futures Contracts. The Partnership and the Funds trade futures contracts. 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 Partnership and 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 Partnership and the Funds. When the contract is closed, the Partnership and 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 changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partner’s Capital.
Forward Foreign Currency Contracts	'
	Forward Foreign Currency Contracts. Forward foreign currency contracts are those contracts where the Partnership and 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 Partnership’s and 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 foreign exchange rates at the reporting date, is included in the Statements of Financial Condition. Net realized gains (losses) and changes in net unrealized gains (losses) on forward foreign currency contracts are recognized in the period in which the contract is closed or the changes occur and are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
	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 net income (loss) in the Statements of Income and Expenses and Changes in Partners’ Capital.
London Metals Exchange Forward Contracts	'
	London Metals Exchange Forward Contracts. 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 Partnership and the Funds are cash-settled based on prompt dates published by the LME. Payments (“variation margin”) may be made or received by the Partnership and 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 Partnership and 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 Partnership and 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 changes in net unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
Options	'
	Options. The Partnership/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 Partnership/Funds write an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked-to-market daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital.
Investment Company Status	'
	Investment Company Status. Effective January 1, 2014, the Partnership adopted, ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
Income Taxes	'
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements, and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Net Income (Loss) per unit	'
	Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”
Subsequent Events	'
	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 that, other than that referenced in Note 1 to the financial statements, there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Financial_Highlights_Tables

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Changes in Net Asset Value	'
	Changes in the net asset value per unit for Class A for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months Ended
			March 31,
			2014			2013
	Net realized and unrealized gains (losses)*		$	(113.44	)	$	20.2
	Interest Income			0.1			0.21
	Expenses**			(7.14	)		(10.63	)
	Increase (decrease) for the period			(120.48	)		9.78
	Net asset value per unit, beginning of period			1,350.40			1,359.81
	Net asset value per unit, end of period		$	1,229.92		$	1,369.59
	*	Includes ongoing selling agent and clearing fees.
	**	Excludes ongoing selling agent and clearing fees .
Ratios to Average Net Assets	'
			Three Months Ended
			March 31,
			2014			2013
	Ratios to average net assets:***
	Net investment income (loss)			(6.6	)%		(7.0	)%
	Incentive fees			(0.0	)%*****		0.2	%
	Net investment income (loss) before incentive fees****			(6.6	)%		(6.8	)%
	Operating expense			6.7	%		7	%
	Incentive fees			(0.0	)%*****		0.2	%
	Total expenses			6.7	%		7.2	%
	Total return:
	Total return before incentive fees			(8.9	)%		0.9	%
	Incentive fees			0	%*****		(0.2	)%
	Total return after incentive fees			(8.9	)%		0.7	%
	***	Annualized (other than incentive fees).
	****	Interest inc ome less total expenses.
	*****	Due to rounding.

Trading_Activities_Tables

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Valuation of Partnership's Investments	'
	The following tables summarize the valuation of the Partnership’s investments at March 31, 2014 and December 31, 2013, respectively.
			Gross			Gross Amounts Offset in the			Amounts			Gross Amounts not Offset in					Net
			Amounts			Statement of Financial			Presented  in the			the Statement of Financial					Amount
			Recognized			Condition			Statement of			Condition
	March 31, 2014								Financial Condition			Financial			Cash
												Instruments			Collateral
															Received
	Assets
	Futures		$	539,891		$	(231,920	)	$	307,971		$	—		$	—	$	307,971
	Forwards			656,084			(305,266	)		350,818			—			—		350,818
	Options purchased			631,865			—			631,865			(631,865	)		—		—
	Total Assets			1,827,840			(537,186	)		1,290,654			(631,865	)		—		658,789
	Liabilities
	Futures		$	(231,920	)	$	231,920		$	—		$	—		$	—	$	—
	Forwards			(305,266	)		305,266			—			—			—		—
	Options premium received			(858,774	)		—			(858,774	)		631,865			—		(226,909	)
	Total Liabilities			(1,395,960	)		537,186			(858,774	)		631,865			—		(226,909	)
	Net fair value																$	431,880
			Gross Amounts			Gross Amounts Offset in the			Amounts			Gross Amounts
			Recognized			Statements of Financial			Presented in the			not Offset in the
						Condition			Statements of			Statements of
									Financial  Condition			Financial Condition
	December 31, 2013											Financial			Cash		Net Amount
												Instruments			Collateral
															Received
	Assets
	Futures		$	1,432,133		$	(797,904	)	$	634,229		$	—		$	—	$	634,229
	Options purchased			1,278,375			—			1,278,375			(322,350	)		—		956,025
	Total Assets			2,710,508			(797,904	)		1,912,604			(322,350	)		—		1,590,254
	Liabilities
	Futures		$	(797,904	)	$	797,904		$	—		$	—		$	—	$	—
	Options premium received			(322,350	)		—			(322,350	)		322,350			—		—
	Total Liabilities			(1,120,254	)		797,904			(322,350	)		322,350			—		—
	Net fair value																$	1,590,254
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded	'
	The following tables indicate the gross fair va lues of derivative instruments of futures, forwards and options contracts as separate assets and liabilities as of March 31, 2014 and December 31, 2013.
	Assets		March 31, 2014
	Futures Contracts
	Energy		$	9,966
	Grains			92,944
	Indices			236,955
	Interest Rates Non-U.S.			85,935
	Interest Rates U.S.			3,547
	Livestock			9,230
	Metals			82,903
	Softs			18,411
	Total unrealized appreciation on open futures contracts		$	539,891
	Liabilities
	Futures Contracts
	Energy		$	(23,825	)
	Grains			(2,525	)
	Indices			(64,894	)
	Interest Rates Non-U.S.			(33,238	)
	Interest Rates U.S.			(62,985	)
	Livestock			(4,370	)
	Metals			(13,985	)
	Softs			(26,098	)
	Total unrealized depreciation on open futures contracts		$	(231,920	)
	Net unrealized appreciation on open futures contracts		$	307,971	*
	Assets
	Forward Contracts
	Currencies		$	656,084
	Total unrealized appreciation on open forward contracts		$	656,084
	Liabilities
	Forward Contracts
	Energy		$	(305,266	)
	Total unrealized depreciation on open forward contracts		$	(305,266	)
	Net unrealized appreciation on open forward contracts		$	350,818	**
	Assets
	Options purchased
	Energy		$	631,865
	Total options purchased		$	631,865	***
	Liabilities
	Options premium received
	Energy		$	(858,774	)
	Total options premium received		$	(858,774	)****
	*	This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.
	**	This amount is included in “Net unrealized appreciation on open forward contracts” on the Statements of Financial Condition.
	***	This amount is included in “Options purchased, at fair value” on the Statements of Financial Condition.
	****	This amount is included in “Options premium received, at fair value” on the Statements of Financial Condition.
			December 31,
			2013
	Assets
	Futures Contracts
	Energy		$	47,952
	Grains			330,270
	Indices			581,789
	Interest Rates Non-U.S.			281,256
	Interest Rates U.S.			6,242
	Livestock			380
	Metals			54,812
	Softs			129,432
	Total unrealized appreciation on open futures contracts		$	1,432,133
	Liabilities
	Futures Contracts
	Energy		$	(24,919	)
	Grains			(62,987	)
	Indices			(386,784	)
Interest Rates Non-U.S.			(104,588	)
Interest Rates U.S.			(201,662	)
Livestock			(4,050	)
Metals			(2,430	)
Softs			(10,484	)
Total unrealized depreciation on open futures contracts		$	(797,904	)
Net unrealized appreciation on open futures contracts		$	634,229	*
Assets
Options purchased
Energy		$	1,278,375
Total options purchased		$	1,278,375	**
Liabilities
Options premium received
Energy		$	(322,350	)
Total options premium received		$	(322,350	)***
*	This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition.
**	This amount is included in “Options purchased, at fair value” on the Statements of Financial Condition.
***	This amount is included in “Options premium received, at fair value” on the Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded	'
	The following tables indicate the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2014 and 2013.
			Three Months Ended
			March 31,
	Sector		2014			2013
	Currencies		$	18,946		$	310,727
	Energy			(1,563,339	)		114,173
	Grains			51,223			(1,670	)
	Indices			(406,411	)		(471,388	)
	Interest Rates U.S.			76,408			(244,052	)
	Interest Rates Non-U.S.			(395,168	)		(602,220	)
	Livestock			157,830			(4,570	)
	Metals			43,539			(350,475	)
	Softs			(138,696	)		23,373
	Total		$	(2,155,668	)****	$	(1,226,102	)****
	****	This amount is included in “Total trading results” on the Statements of Income and Expenses and Changes in Partners’ Capital.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	'
	During the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
		March 31, 2014		Quoted Prices in		Significant Other		Significant
				Active  Markets for		Observable  Inputs		Unobservable  Inputs
				Identical Assets		(Level 2)		(Level 3)
				and Liabilities
				(Level 1)
	Assets
	Investment in Funds	$	122,911,240	$	—	$	122,911,240	$	—
	Futures		539,891		539,891		—		—
	Forwards		656,084		—		656,084		—
	Options purchased		631,865		631,865		—		—
	Total assets	$	124,739,080	$	1,171,756	$	123,567,324	$	—
	Liabilities
	Futures	$	231,920	$	231,920	$	—	$	—
	Forwards		305,266		—		305,266		—
	Options premium received		858,774		858,774		—		—
	Total liabilities		1,395,960		1,090,694		305,266		—
	Net fair value	$	123,343,120	$	81,062	$	123,262,058	$	—
		December 31, 2013		Quoted Prices in		Significant Other		Significant
				Active Markets for		Observable Inputs		Unobservable Inputs
				Identical Assets		(Level 2)		(Level 3)
				and  Liabilities
				(Level 1)
	Assets
	Investment in Funds	$	123,486,175	$	—	$	123,486,175	$	—
	Futures		1,432,133		1,432,133		—		—
	Options purchased		1,278,375		1,278,375		—		—
	Total assets		126,196,683		2,710,508		123,486,175		—
	Liabilities
	Futures	$	797,904	$	797,904	$	—	$	—
	Options premium received		322,350		322,350		—		—
	Total liabilities		1,120,254		1,120,254		—		—
	Net fair value	$	125,076,429	$	1,590,254	$	123,486,175	$	—

Investment_in_Funds_Tables

Investment in Funds (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Total Assets, Liabilities and Capital	'
	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables.
		31-Mar-14
		Total Assets				Total Liabilities				Total Capital
	Blackwater Master	$	55,656,259			$	70,547			$	55,585,712
	SECOR Master		17,323,436				72,470				17,250,966
	Cambridge Master		40,123,791				52,226				40,071,565
	Willowbridge Master		84,971,415				1,989,600				82,981,815
	300 North Master		21,405,509				61,531				21,343,978
	Principle Master		19,396,216				175,868				19,220,348
		31-Dec-13
		Total Assets				Total Liabilities				Total Capital
	Blackwater Master	$	63,936,601			$	610,828			$	63,325,773
	PGR Master		25,764,457				15,005,082				10,759,375
	SECOR Master		15,463,167				80,075				15,383,092
	Cambridge Master		37,549,964				28,580				37,521,384
	Willowbridge Master		95,699,725				7,316,065				88,383,660
	300 North Master		24,407,958				34,469				24,373,489
	Principle Master		18,952,159				353,341				18,598,818
Summary of Net Investment Income (Loss), Total Trading Results and Net Income (Loss)	'
	Summarized information reflecting the net investment income (loss) from trading, total trading results and net income (loss) of the Funds is shown in the following tables.
		For the three months ended March 31, 2014
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Blackwater Master	$	(23,138	)		$	(4,034,100	)		$	(4,057,238	)
	SECOR Master		(124,890	)			(1,046,967	)			(1,171,857	)
	Cambridge Master		(44,946	)			156,075				111,129
	Willowbridge Master		(109,462	)			(2,209,110	)			(2,318,572	)
	300 North Master		(50,917	)			(4,637,178	)			(4,688,095	)
	Principle Master		(52,486	)			(2,355,910	)			(2,408,396	)
		For the three months ended March 31, 2013
		Net Investment				Total Trading				Net Income
		Income (Loss)				Results				(Loss)
	Waypoint Master	$	(33,502	)		$	380,864			$	347,362
	Blackwater Master		(30,604	)			1,951,934				1,921,330
	PGR Master		(32,771	)			3,698,966				3,666,195
	JEM Master		(343,350	)			(945,396	)			(1,288,746	)
	Cirrus Master		(37,932	)			1,527,460				1,489,528
	Cambridge Master		(19,763	)			1,320,051				1,300,288
	Willowbridge Master		(109,276	)			2,076,675				1,967,399
	300 North Master		(8,189	)			537,526				529,337
	Principle Master		(12,536	)			(175,210	)			(187,746	)
Summary of Partnership's Investment and Operations of Funds	'
	Summarized information reflecting the Partnership’s investments in, and the operations of, the Funds is shown in the following tables.
		31-Mar-14										For the three months ended March 31, 2014
		% of					Fair Value					Income				Expenses						Net  Income				Investment	Redemptions
		Partnership’s										(Loss)										(Loss)				Objective	Permitted
	Funds	Net Assets														Clearing			Other
																Fees
	Blackwater Master			15.57	%			$	21,378,302				$	(1,566,269	)		$	13,105		$	9,219		$	(1,588,593	)	Commodity Portfolio	Monthly
	SECOR Master			12.56	%				17,251,457					(1,045,606	)			94,518			31,733			(1,171,857	)	Commodity Portfolio	Monthly
	Cambridge Master			21.05	%				28,900,278					114,908				30,867			17,056			66,985		Energy Markets	Monthly
	Willowbridge Master			10.79	%				14,814,650					(405,881	)			16,724			3,357			(425,962	)	Commodity Portfolio	Monthly
	300 North Master			15.55	%				21,345,654					(4,635,268	)			27,842			24,985			(4,688,095	)	Commodity Portfolio	Monthly
	Principle Master			14	%				19,220,899					(2,354,404	)			34,963			19,029			(2,408,396	)	Commodity Portfolio	Monthly
	Total							$	122,911,240				$	(9,892,520	)		$	218,019		$	105,379		$	(10,215,918	)
		31-Dec-13										For the three months ended March 31, 2013
		% of					Fair Value					Income				Expenses						Net  Income				Investment	Redemptions
		Partnership’s										(Loss)										(Loss)				Objective	Permitted
	Funds	Net Assets														Clearing			Other
																Fees
	Waypoint Master			—	%			$	—				$	165,844			$	7,043		$	9,086		$	149,715		Commodity Portfolio	Monthly
	Blackwater Master			15.14	%				24,550,063					765,025				27,323			9,584			728,118		Commodity Portfolio	Monthly
	PGR Master			—	%				—					2,672,212				18,849			13,169			2,640,194		Commodity Portfolio	Monthly
	JEM Master			—	%				—					(659,815	)			244,748			11,820			(916,383	)	Commodity Portfolio	Monthly
	Cirrus Master			—	%				—					1,296,595				19,620			14,872			1,262,103		Commodity Portfolio	Monthly
	SECOR Master			9.49	%				15,383,266					—				—			—			—		Commodity Portfolio	Monthly
	Cambridge Master			16.17	%				26,222,525					711,114				—			22,436			688,678		Energy Markets	Monthly
	Willowbridge Master			8.86	%				14,357,559					792,106				33,691			10,429			747,986		Commodity Portfolio	Monthly
	300 North Master			15.04	%				24,373,736					538,271				2,734			6,200			529,337		Commodity Portfolio	Monthly
	Principle Master			11.47	%				18,599,026					(174,815	)			6,731			6,200			(187,746	)	Commodity Portfolio	Monthly
	Total							$	123,486,175				$	6,106,537			$	360,739		$	103,796		$	5,642,002

General_Additional_Information

General - Additional Information (Detail) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Apr. 01, 2014
		Maximum [Member]	Selling Agreement [Member]	Class A units [Member]	Class D units [Member]	Class Z units [Member]	Subsequent Event [Member]
				Selling Agreement [Member]	Selling Agreement [Member]	Selling Agreement [Member]	Class A units [Member]
Partnership Organization And Basis Of Presentation [Line Items]	'	'	'	'	'	'	'
Redeemable units of limited partnership interest sold during the initial offering period	20,872	'	'	'	'	'	'
Redeemable Units per share	$1,000	'	'	'	'	'	'
Percentage of partnership assets allocated	'	10.00%	'	'	'	'	'
Percentage of brokerage fees paid	'	'	'	3.50%	1.25%	0.50%	2.50%
Management fees description	'	'	'The Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a selling agent fee equal to (i) 3.50% per year of adjusted month-end net assets for Class A units, (ii) 1.25% per year of adjusted month-end net assets for Class D units and (iii) 0.50% per year of adjusted month-end net assets for Class Z units.	'	'	'	'

Financial_Highlights_Schedule_

Financial Highlights - Schedule of Changes in Net Asset Value (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Financial Highlights [Line Items]	'	'
Net realized and unrealized gains (losses)	-113.44	20.2
Interest Income	0.1	0.21
Expenses	-7.14	-10.63
Increase (decrease) for the period	-120.48	9.78
Net asset value per unit, beginning of period	1,350.40	1,359.81
Net asset value per unit, end of period	1,229.92	1,369.59

Financial_Highlights_Ratios_to

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Ratios to average net assets:	'	'
Net investment income (loss)	-6.60%	-7.00%
Incentive fees	0.00%	0.20%
Net investment income (loss) before incentive fees	-6.60%	-6.80%
Operating expense	6.70%	7.00%
Incentive fees	0.00%	0.20%
Total expenses	6.70%	7.20%
Total return before incentive fees	-8.90%	0.90%
Incentive fees	0.00%	-0.20%
Total return after incentive fees	-8.90%	0.70%

Trading_Activities_Additional_

Trading Activities - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	Contracts	Contracts
Futures Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Average number of derivative contracts traded	830	1,597
Forward Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Average number of derivative contracts traded	0	36
Options Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Average number of derivative contracts traded	1,145	50
Currency Forward Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Average notional value of derivative	91,922,434	1,805

Trading_Activities_Summary_of_

Trading Activities - Summary of Valuation of Partnership's Investments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Net fair value	$431,880	$1,590,254
Gross Amounts Recognized, Assets	1,827,840	2,710,508
Gross Amounts Offset in the Statements of Financial Condition, Assets	-537,186	-797,904
Amounts Presented in the Statements of Financial Condition, Assets	1,290,654	1,912,604
Net Amount, Assets	658,789	1,590,254
Gross Amounts Recognized, Liabilities	-1,395,960	-1,120,254
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	537,186	797,904
Amounts Presented in the Statements of Financial Condition, Liabilities	-858,774	-322,350
Net Amount, Liabilities	-226,909	'
Futures Contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Assets	539,891	1,432,133
Gross Amounts Offset in the Statements of Financial Condition, Assets	-231,920	-797,904
Amounts Presented in the Statements of Financial Condition, Assets	307,971	634,229
Net Amount, Assets	307,971	634,229
Gross Amounts Recognized, Liabilities	-231,920	-797,904
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	231,920	797,904
Amounts Presented in the Statements of Financial Condition, Liabilities	'	'
Net Amount, Liabilities	'	'
Options premium received [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Liabilities	-858,774	-322,350
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	'	'
Amounts Presented in the Statements of Financial Condition, Liabilities	-858,774	-322,350
Net Amount, Liabilities	-226,909	'
Options Purchased [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Assets	631,865	1,278,375
Gross Amounts Offset in the Statements of Financial Condition, Assets	'	'
Amounts Presented in the Statements of Financial Condition, Assets	631,865	1,278,375
Net Amount, Assets	'	956,025
Forward Contracts [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Assets	656,084	'
Gross Amounts Offset in the Statements of Financial Condition, Assets	-305,266	'
Amounts Presented in the Statements of Financial Condition, Assets	350,818	'
Net Amount, Assets	350,818	'
Gross Amounts Recognized, Liabilities	-305,266	'
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	305,266	'
Amounts Presented in the Statements of Financial Condition, Liabilities	'	'
Net Amount, Liabilities	'	'
Financial Instruments [Member]	'	'
Derivative [Line Items]	'	'
Financial Instruments, Assets	-631,865	-322,350
Financial Instruments, Liabilities	631,865	322,350
Financial Instruments [Member] | Futures Contracts [Member]	'	'
Derivative [Line Items]	'	'
Financial Instruments, Assets	'	'
Financial Instruments, Liabilities	'	'
Financial Instruments [Member] | Options premium received [Member]	'	'
Derivative [Line Items]	'	'
Financial Instruments, Liabilities	631,865	322,350
Financial Instruments [Member] | Options Purchased [Member]	'	'
Derivative [Line Items]	'	'
Financial Instruments, Assets	-631,865	-322,350
Financial Instruments [Member] | Forward Contracts [Member]	'	'
Derivative [Line Items]	'	'
Financial Instruments, Assets	'	'
Financial Instruments, Liabilities	'	'
Cash Collateral Received [Member]	'	'
Derivative [Line Items]	'	'
Cash Collateral Received, Assets	'	'
Cash Collateral Received, Liabilities	'	'
Cash Collateral Received [Member] | Futures Contracts [Member]	'	'
Derivative [Line Items]	'	'
Cash Collateral Received, Assets	'	'
Cash Collateral Received, Liabilities	'	'
Cash Collateral Received [Member] | Options premium received [Member]	'	'
Derivative [Line Items]	'	'
Cash Collateral Received, Liabilities	'	'
Cash Collateral Received [Member] | Options Purchased [Member]	'	'
Derivative [Line Items]	'	'
Cash Collateral Received, Assets	'	'
Cash Collateral Received [Member] | Forward Contracts [Member]	'	'
Derivative [Line Items]	'	'
Cash Collateral Received, Assets	'	'
Cash Collateral Received, Liabilities	'	'

Trading_Activities_Gross_Fair_

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	$656,084	'
Total options purchased	631,865	1,278,375
Total unrealized depreciation on open contracts	-305,266	'
Total options premium received	-858,774	-322,350
Energy [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total options purchased	631,865	1,278,375
Total options premium received	-858,774	-322,350
Futures Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Net unrealized appreciation (depreciation) on open contracts	307,971	634,229
Forward Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Net unrealized appreciation (depreciation) on open contracts	350,818	'
Derivative Assets [Member] | Futures Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	539,891	1,432,133
Derivative Assets [Member] | Futures Contracts [Member] | Energy [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	9,966	47,952
Derivative Assets [Member] | Futures Contracts [Member] | Grains [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	92,944	330,270
Derivative Assets [Member] | Futures Contracts [Member] | Indices [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	236,955	581,789
Derivative Assets [Member] | Futures Contracts [Member] | Interest Rates Non-U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	85,935	281,256
Derivative Assets [Member] | Futures Contracts [Member] | Interest Rates U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	3,547	6,242
Derivative Assets [Member] | Futures Contracts [Member] | Livestock [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	9,230	380
Derivative Assets [Member] | Futures Contracts [Member] | Metals [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	82,903	54,812
Derivative Assets [Member] | Futures Contracts [Member] | Softs [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	18,411	129,432
Derivative Assets [Member] | Forward Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	656,084	'
Derivative Assets [Member] | Forward Contracts [Member] | Currencies [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized appreciation on open contracts	656,084	'
Derivative Liabilities [Member] | Futures Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-231,920	-797,904
Derivative Liabilities [Member] | Futures Contracts [Member] | Energy [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-23,825	-24,919
Derivative Liabilities [Member] | Futures Contracts [Member] | Grains [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-2,525	-62,987
Derivative Liabilities [Member] | Futures Contracts [Member] | Indices [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-64,894	-386,784
Derivative Liabilities [Member] | Futures Contracts [Member] | Interest Rates Non-U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-33,238	-104,588
Derivative Liabilities [Member] | Futures Contracts [Member] | Interest Rates U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-62,985	-201,662
Derivative Liabilities [Member] | Futures Contracts [Member] | Livestock [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-4,370	-4,050
Derivative Liabilities [Member] | Futures Contracts [Member] | Metals [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-13,985	-2,430
Derivative Liabilities [Member] | Futures Contracts [Member] | Softs [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-26,098	-10,484
Derivative Liabilities [Member] | Forward Contracts [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	-305,266	'
Derivative Liabilities [Member] | Forward Contracts [Member] | Energy [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total unrealized depreciation on open contracts	($305,266)	'

Trading_Activities_Trading_Gai

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	($12,058,205)	$4,856,171
Derivative instruments [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	-2,155,668	-1,226,102
Derivative instruments [Member] | Currencies [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	18,946	310,727
Derivative instruments [Member] | Energy [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	-1,563,339	114,173
Derivative instruments [Member] | Grains [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	51,223	-1,670
Derivative instruments [Member] | Indices [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	-406,411	-471,388
Derivative instruments [Member] | Interest Rates U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	76,408	-244,052
Derivative instruments [Member] | Interest Rates Non-U.S. [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	-395,168	-602,220
Derivative instruments [Member] | Livestock [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	157,830	-4,570
Derivative instruments [Member] | Metals [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	43,539	-350,475
Derivative instruments [Member] | Softs [Member]	'	'
Trading Activity, Gains and Losses, Net [Line Items]	'	'
Total trading results	($138,696)	$23,373

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative Financial Instruments [Line Items]	'	'
Transfers of assets between Level 1 and Level 2	'	'
Transfers of liabilities between Level 1 and Level 2	'	'

Fair_Value_Measurements_Deriva

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Investment in Funds	$122,911,240	$123,486,175
Derivative assets	1,290,654	1,912,604
Options purchased	631,865	1,278,375
Total assets	124,739,080	126,196,683
Liabilities	'	'
Derivatives liabilities	858,774	322,350
Options premium received	858,774	322,350
Total liabilities	1,395,960	1,120,254
Net fair value	123,343,120	125,076,429
Futures Contracts [Member]	'	'
Assets	'	'
Derivative assets	539,891	1,432,133
Liabilities	'	'
Derivatives liabilities	231,920	797,904
Forward Contracts [Member]	'	'
Assets	'	'
Derivative assets	656,084	'
Liabilities	'	'
Derivatives liabilities	305,266	'
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]	'	'
Assets	'	'
Options purchased	631,865	1,278,375
Total assets	1,171,756	2,710,508
Liabilities	'	'
Options premium received	858,774	322,350
Total liabilities	1,090,694	1,120,254
Net fair value	81,062	1,590,254
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]	'	'
Assets	'	'
Derivative assets	539,891	1,432,133
Liabilities	'	'
Derivatives liabilities	231,920	797,904
Significant Other Observable Inputs (Level 2) [Member]	'	'
Assets	'	'
Investment in Funds	122,911,240	123,486,175
Total assets	123,567,324	123,486,175
Liabilities	'	'
Total liabilities	305,266	'
Net fair value	123,262,058	123,486,175
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member]	'	'
Assets	'	'
Derivative assets	656,084	'
Liabilities	'	'
Derivatives liabilities	305,266	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets	'	'
Investment in Funds	'	'

Investment_in_Funds_Additional

Investment in Funds - Additional Information (Detail) (USD $)

0 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

Nov. 01, 2010

Mar. 31, 2014

Dec. 31, 2013

Sep. 01, 2012

Mar. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Feb. 28, 2013

Mar. 31, 2014

Dec. 31, 2013

Aug. 01, 2013

Mar. 31, 2014

Dec. 31, 2013

Nov. 30, 2013

Mar. 01, 2010

Dec. 31, 2013

Nov. 01, 2010

Oct. 31, 2013

Dec. 31, 2010

Aug. 31, 2013

Dec. 31, 2010

Blackwater Master [Member]

Blackwater Master [Member]

Blackwater Master [Member]

Cambridge Master [Member]

Cambridge Master [Member]

Cambridge Master [Member]

Willowbridge Master [Member]

Willowbridge Master [Member]

Willowbridge Master [Member]

Principle Master Fund L.P. [Member]

Principle Master Fund L.P. [Member]

Principle Master Fund L.P. [Member]

300 North Capital Master Fund L.P. [Member]

300 North Capital Master Fund L.P. [Member]

300 North Capital Master Fund L.P. [Member]

SECOR Master [Member]

SECOR Master [Member]

SECOR Master [Member]

Waypoint Master [Member]

Waypoint Master [Member]

PGR Master [Member]

PGR Master [Member]

JEM Master [Member]

JEM Master [Member]

Cirrus Master [Member]

Cirrus Master [Member]

Investment Holdings [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partnership units purchased

'

'

'

'

'

'

14,103.32

'

'

'

'

'

'

'

'

'

'

'

'

26,581.68

'

'

'

19,624.48

'

22,270.91

Cash paid

$15,674,694

'

'

'

'

'

$29,484,306

'

'

$6,503,661

'

'

$10,000,000

'

'

$10,000,000

'

'

'

$26,581,680

'

$14,913,029

'

$19,624,480

'

$22,270,911

Investments redeemed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,378,673

'

14,986,312

'

4,400,957

'

9,645,872

'

Partnership purchased

'

'

'

$3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum amount of partnership assets allocated to trading advisor

'

'

'

'

'2 times

'

'

'3 times

'

'

'1.5 times

'

'

'2 times

'

'

'1.5 times

'

'

'

'

'

'

'

'

'

Percent of partnership

'

38.50%

38.80%

'

72.10%

69.90%

'

17.80%

15.20%

'

100.00%

100.00%

'

100.00%

100.00%

'

100.00%

100.00%

'

'

58.20%

'

'

'

'

'

Investment_in_Funds_Summary_of

Investment in Funds - Summary of Total Assets, Liabilities and Capital (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Blackwater Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	$55,656,259	$63,936,601
Total Liabilities	70,547	610,828
Total Capital	55,585,712	63,325,773
SECOR Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	17,323,436	15,463,167
Total Liabilities	72,470	80,075
Total Capital	17,250,966	15,383,092
Cambridge Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	40,123,791	37,549,964
Total Liabilities	52,226	28,580
Total Capital	40,071,565	37,521,384
Willowbridge Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	84,971,415	95,699,725
Total Liabilities	1,989,600	7,316,065
Total Capital	82,981,815	88,383,660
300 North Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	21,405,509	24,407,958
Total Liabilities	61,531	34,469
Total Capital	21,343,978	24,373,489
Principle Master Fund L.P. [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	19,396,216	18,952,159
Total Liabilities	175,868	353,341
Total Capital	19,220,348	18,598,818
PGR Master [Member]	'	'
Investment Holdings [Line Items]	'	'
Total Assets	'	25,764,457
Total Liabilities	'	15,005,082
Total Capital	'	$10,759,375

Investment_in_Funds_Summary_of1

Investment in Funds - Summary of Net Investment Income (Loss), Total Trading Results and Net Income (Loss) (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	($10,215,918)	$5,642,002
Total trading results	-12,058,205	4,856,171
Net Income (Loss)	-14,507,196	1,338,961
Blackwater Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-1,588,593	728,118
SECOR Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-1,171,857	'
Cambridge Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	66,985	688,678
Willowbridge Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-425,962	747,986
300 North Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-4,688,095	529,337
Principle Master Fund L.P. [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-2,408,396	-187,746
Waypoint Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	149,715
PGR Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	2,640,194
JEM Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-916,383
Cirrus Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	1,262,103
Investment In Fund [Member] | Blackwater Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-23,138	-30,604
Total trading results	-4,034,100	1,951,934
Net Income (Loss)	-4,057,238	1,921,330
Investment In Fund [Member] | SECOR Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-124,890	'
Total trading results	-1,046,967	'
Net Income (Loss)	-1,171,857	'
Investment In Fund [Member] | Cambridge Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-44,946	-19,763
Total trading results	156,075	1,320,051
Net Income (Loss)	111,129	1,300,288
Investment In Fund [Member] | Willowbridge Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-109,462	-109,276
Total trading results	-2,209,110	2,076,675
Net Income (Loss)	-2,318,572	1,967,399
Investment In Fund [Member] | 300 North Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-50,917	-8,189
Total trading results	-4,637,178	537,526
Net Income (Loss)	-4,688,095	529,337
Investment In Fund [Member] | Principle Master Fund L.P. [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	-52,486	-12,536
Total trading results	-2,355,910	-175,210
Net Income (Loss)	-2,408,396	-187,746
Investment In Fund [Member] | Waypoint Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-33,502
Total trading results	'	380,864
Net Income (Loss)	'	347,362
Investment In Fund [Member] | PGR Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-32,771
Total trading results	'	3,698,966
Net Income (Loss)	'	3,666,195
Investment In Fund [Member] | JEM Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-343,350
Total trading results	'	-945,396
Net Income (Loss)	'	-1,288,746
Investment In Fund [Member] | Cirrus Master [Member]	'	'
Investment In Funds Disclosure [Line Items]	'	'
Net Investment Income (Loss)	'	-37,932
Total trading results	'	1,527,460
Net Income (Loss)	'	$1,489,528

Investment_in_Funds_Summary_of2

Investment in Funds - Summary of Partnership's Investment and Operations of Funds (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	89.84%	'	77.15%
Investment in Funds, at fair value	$122,911,240	'	$123,486,175
Income (loss)	-9,892,520	6,106,537	'
Clearing Fees expenses	218,019	360,739	'
Other	105,379	103,796	'
Net Investment Income (loss)	-10,215,918	5,642,002	'
Blackwater Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	15.57%	'	15.14%
Investment in Funds, at fair value	21,378,302	'	24,550,063
Income (loss)	-1,566,269	765,025	'
Clearing Fees expenses	13,105	27,323	'
Other	9,219	9,584	'
Net Investment Income (loss)	-1,588,593	728,118	'
Investment Objective	'Commodity Portfolio	'Commodity Portfolio	'
Redemption Permitted	'Monthly	'Monthly	'
SECOR Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	12.56%	'	9.49%
Investment in Funds, at fair value	17,251,457	'	15,383,266
Income (loss)	-1,045,606	'	'
Clearing Fees expenses	94,518	'	'
Other	31,733	'	'
Net Investment Income (loss)	-1,171,857	'	'
Investment Objective	'Commodity Portfolio	'Commodity Portfolio	'
Redemption Permitted	'Monthly	'Monthly	'
Cambridge Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	21.05%	'	16.17%
Investment in Funds, at fair value	28,900,278	'	26,222,525
Income (loss)	114,908	711,114	'
Clearing Fees expenses	30,867	'	'
Other	17,056	22,436	'
Net Investment Income (loss)	66,985	688,678	'
Investment Objective	'Energy Markets	'Energy Markets	'
Redemption Permitted	'Monthly	'Monthly	'
Willowbridge Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	10.79%	'	8.86%
Investment in Funds, at fair value	14,814,650	'	14,357,559
Income (loss)	-405,881	792,106	'
Clearing Fees expenses	16,724	33,691	'
Other	3,357	10,429	'
Net Investment Income (loss)	-425,962	747,986	'
Investment Objective	'Commodity Portfolio	'Commodity Portfolio	'
Redemption Permitted	'Monthly	'Monthly	'
300 North Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	15.55%	'	15.04%
Investment in Funds, at fair value	21,345,654	'	24,373,736
Income (loss)	-4,635,268	538,271	'
Clearing Fees expenses	27,842	2,734	'
Other	24,985	6,200	'
Net Investment Income (loss)	-4,688,095	529,337	'
Investment Objective	'Commodity Portfolio	'Commodity Portfolio	'
Redemption Permitted	'Monthly	'Monthly	'
Principle Master Fund L.P. [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	14.00%	'	11.47%
Investment in Funds, at fair value	19,220,899	'	18,599,026
Income (loss)	-2,354,404	-174,815	'
Clearing Fees expenses	34,963	6,731	'
Other	19,029	6,200	'
Net Investment Income (loss)	-2,408,396	-187,746	'
Investment Objective	'Commodity Portfolio	'Commodity Portfolio	'
Redemption Permitted	'Monthly	'Monthly	'
Waypoint Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	'	'	'
Investment in Funds, at fair value	'	'	'
Income (loss)	'	165,844	'
Clearing Fees expenses	'	7,043	'
Other	'	9,086	'
Net Investment Income (loss)	'	149,715	'
Investment Objective	'	'Commodity Portfolio	'
Redemption Permitted	'	'Monthly	'
PGR Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	'	'	'
Investment in Funds, at fair value	'	'	'
Income (loss)	'	2,672,212	'
Clearing Fees expenses	'	18,849	'
Other	'	13,169	'
Net Investment Income (loss)	'	2,640,194	'
Investment Objective	'	'Commodity Portfolio	'
Redemption Permitted	'	'Monthly	'
JEM Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	'	'	'
Investment in Funds, at fair value	'	'	'
Income (loss)	'	-659,815	'
Clearing Fees expenses	'	244,748	'
Other	'	11,820	'
Net Investment Income (loss)	'	-916,383	'
Investment Objective	'	'Commodity Portfolio	'
Redemption Permitted	'	'Monthly	'
Cirrus Master [Member]	'	'	'
Investment Holdings [Line Items]	'	'	'
Percentage of Partnership's Net Assets	'	'	'
Investment in Funds, at fair value	'	'	'
Income (loss)	'	1,296,595	'
Clearing Fees expenses	'	19,620	'
Other	'	14,872	'
Net Investment Income (loss)	'	$1,262,103	'
Investment Objective	'	'Commodity Portfolio	'
Redemption Permitted	'	'Monthly	'

Financial_Instrument_Risks_Add

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]	'
General Partner OTC minimum	38.40%
General Partner OTC maximum	63.90%
Maturity on financial instruments	'1 year

Critical_Accounting_Policies_A

Critical Accounting Policies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Line Items]	'
Income tax examination, description	'No income tax returns are currently under examination. The 2011 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities.