Emerging Cta Portfolio 10-Q 12 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CTA
Entity Registrant Name	EMERGING CTA PORTFOLIO LP
Entity Central Index Key	1,269,190
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		74,566.2382

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Assets:
Investment in Funds, at fair value	[1]	$ 57,903,905	$ 93,426,730
Cash		14,926,353	25,786,501
Cash margin		236,206
Net unrealized appreciation on open futures contracts		10,174
Total trading equity		83,426,575	119,213,231
Redemptions receivable from Funds		20,531,604
Interest receivable			152
Total assets		103,958,179	119,213,383
Accrued expenses:
Ongoing selling agent fees		173,264	198,685
Management fees		127,713	151,108
General Partner fees		86,537	99,297
Incentive fees		14,893	2,102,114
Clearing fees due to MS&Co.			2,151
Other		112,991	54,096
Redemptions payable to Limited Partners		2,382,136	1,977,940
Total liabilities		2,897,534	4,585,391
Partners' Capital:
General Partner, 887.3866 and 942.3886 Class A Redeemable Units outstanding at June 30, 2015 and December 31, 2014, respectively		1,171,663	1,276,279
Limited Partners, 75,653.3072 and 83,697.5332 Class A Redeemable Units outstanding at June 30, 2015 and December 31, 2014, respectively		99,888,982	113,351,713
Total partners' capital		101,060,645	114,627,992
Total liabilities and partners' capital		$ 103,958,179	$ 119,213,383
Net asset value per unit, Class A		$ 1,320.35	$ 1,354.30
U.S. Treasury Bills [Member]
Assets:
Investment in Funds, at fair value		$ 10,349,937
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
General Partner Class A Capital, Redeemable Units outstanding	887.3866	942.3886
Limited Partner Capital Account Redeemable Unit outstanding	75,653.3072	83,697.5332
U.S. Treasury Bills [Member]
Investment in U.S. Treasury bills, Amortized cost	$ 10,349,937	$ 0

Condensed Schedule of Investmen

Condensed Schedule of Investments		6 Months Ended
		Jun. 30, 2015USD ($)Contract	Dec. 31, 2014USD ($)
Total Futures Contracts Purchased		$ 3,038
Total Futures Contracts Sold		7,136
Net unrealized appreciation on open futures contracts		$ 10,174
Futures Contracts Purchased	[1]	0.00%
Futures Contracts Sold		0.01%
Net unrealized appreciation on open futures contracts		0.01%
Total Investment in Funds	[2]	$ 57,903,905	$ 93,426,730
Net fair value		$ 68,264,016	$ 93,426,730
Investment in Funds		57.30%	81.50%
Net fair value		67.55%	81.50%
Blackwater Master Fund L.P. [Member]
Total Investment in Funds		$ 2,192,804	$ 3,980,034
Investment in Funds		2.17%	3.47%
SECOR Master Fund L.P. [Member]
Total Investment in Funds		$ 25,968,081	$ 29,604,763
Investment in Funds		25.70%	25.83%
Cambridge Master Fund L.P. [Member]
Total Investment in Funds		$ 24,681,639	$ 26,708,570
Investment in Funds		24.42%	23.30%
CMF Willowbridge Master Fund L.P. [Member]
Total Investment in Funds		$ 5,061,381	$ 12,341,418
Investment in Funds		5.01%	10.76%
PGM Master Fund L.P. [Member]
Total Investment in Funds			$ 20,791,945
Investment in Funds			18.14%
Currencies [Member]
Number of Future Contracts Purchased | Contract		5
Number Futures Contracts Sold | Contract		38
Total Futures Contracts Purchased		$ (663)
Total Futures Contracts Sold		$ 4,889
Futures Contracts Purchased	[1]	0.00%
Futures Contracts Sold		0.01%
Energy [Member]
Number of Future Contracts Purchased | Contract		5
Total Futures Contracts Purchased		$ 182
Futures Contracts Purchased	[1]	0.00%
Grains [Member]
Number of Future Contracts Purchased | Contract		1
Total Futures Contracts Purchased		$ 525
Futures Contracts Purchased	[1]	0.00%
Indices [Member]
Number of Future Contracts Purchased | Contract		1
Number Futures Contracts Sold | Contract		10
Total Futures Contracts Purchased		$ 165
Total Futures Contracts Sold		$ 2,941
Futures Contracts Purchased	[1]	0.00%
Futures Contracts Sold	[1]	0.00%
Livestock [Member]
Number of Future Contracts Purchased | Contract		3
Number Futures Contracts Sold | Contract		3
Total Futures Contracts Purchased		$ (307)
Total Futures Contracts Sold		$ 210
Futures Contracts Purchased	[1]	0.00%
Futures Contracts Sold	[1]	0.00%
Metals [Member]
Number of Future Contracts Purchased | Contract		3
Number Futures Contracts Sold | Contract		1
Total Futures Contracts Purchased		$ (812)
Total Futures Contracts Sold		$ 690
Futures Contracts Purchased	[1]	0.00%
Futures Contracts Sold	[1]	0.00%
Softs [Member]
Number of Future Contracts Purchased | Contract		11
Total Futures Contracts Purchased		$ 3,948
Futures Contracts Purchased	[1]	0.00%
Interest Rates Non-U.S. [Member]
Number Futures Contracts Sold | Contract		4
Total Futures Contracts Sold		$ (1,594)
Futures Contracts Sold	[1]	0.00%
U.S. Treasury Bills [Member]
Face Amount		$ 10,350,000
Maturity Date		Sep. 17, 2015
Total Investment in Funds		$ 10,349,937
% of Partners' Capital		10.24%
[1]	Due to rounding
[2]	Defined in Note 1.

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Treasury Bills [Member] - USD ($)	6 Months Ended
	Jun. 30, 2015
Investment in U.S. Treasury bills, Amortized cost	$ 10,349,937
Investment, interest rate	0.0025%

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total
Trading Results:
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,350.40
Interest income		$ 3,167
Interest income allocated from Funds		14,381
Total investment income		17,548
Clearing fees related to direct investments		126,881
Expenses allocated from Funds		600,039
Ongoing selling agent fees		2,173,197
Management fees		979,149
General Partner fees		358,397
Incentive fees		(12,209)
Other		221,587
Total expenses		4,447,041
Net investment income (loss)		(4,429,493)
Net realized gains (losses) on closed contracts		(2,402,842)
Net realized gains (losses) on closed contracts allocated from Funds		1,489,141
Net change in unrealized gains (losses) on open contracts		77,351
Net change in unrealized gains (losses) on open contracts allocated from Funds		(7,199,764)
Total trading results		(8,036,114)
Net income (loss)		(12,465,607)
Subscriptions - Limited Partners		5,821,723
Redemptions - Limited Partners		(27,725,809)
Net increase (decrease) in Partners' Capital		(34,369,693)
Partners' Capital, beginning of period at Dec. 31, 2013		162,121,688
Partners' Capital, end of period at Jun. 30, 2014		$ 127,751,995
Trading Results:
Net income (loss) per unit, Class A	[1]	$ (101.38)
Weighted average Class A units outstanding		114,207.9641
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,229.92
Interest income		$ 1,150
Interest income allocated from Funds		4,364
Total investment income		5,514
Clearing fees related to direct investments		72,209
Expenses allocated from Funds		276,641
Ongoing selling agent fees		843,121
Management fees		469,374
General Partner fees		168,531
Other		156,140
Total expenses		1,986,016
Net investment income (loss)		(1,980,502)
Net realized gains (losses) on closed contracts		121,228
Net realized gains (losses) on closed contracts allocated from Funds		5,936,062
Net change in unrealized gains (losses) on open contracts		(291,051)
Net change in unrealized gains (losses) on open contracts allocated from Funds		(1,744,148)
Total trading results		4,022,091
Net income (loss)		2,041,589
Subscriptions - Limited Partners		2,281,716
Redemptions - Limited Partners		(13,869,192)
Net increase (decrease) in Partners' Capital		(9,545,887)
Partners' Capital, beginning of period at Mar. 31, 2014		137,297,882
Partners' Capital, end of period at Jun. 30, 2014		$ 127,751,995
Trading Results:
Net income (loss) per unit, Class A	[1]	$ 19.10
Weighted average Class A units outstanding		108,188.4101
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,249.02
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,354.30
Interest income		$ 1,061
Interest income allocated from Funds		3,454
Total investment income		4,515
Clearing fees related to direct investments		100,408
Expenses allocated from Funds		439,228
Ongoing selling agent fees		1,119,697
Management fees		845,799
General Partner fees		559,392
Incentive fees		767,146
Other		259,559
Total expenses		4,091,229
Net investment income (loss)		(4,086,714)
Net realized gains (losses) on closed contracts		(1,215,733)
Net realized gains (losses) on closed contracts allocated from Funds		6,704,007
Net change in unrealized gains (losses) on open contracts		10,174
Net change in unrealized gains (losses) on open contracts allocated from Funds		(4,038,008)
Total trading results		1,460,440
Net income (loss)		(2,626,274)
Subscriptions - Limited Partners		2,591,000
Redemptions - General Partner		(75,907)
Redemptions - Limited Partners		(13,456,166)
Net increase (decrease) in Partners' Capital		(13,567,347)
Partners' Capital, beginning of period at Dec. 31, 2014		114,627,992
Partners' Capital, end of period at Jun. 30, 2015		$ 101,060,645
Trading Results:
Net income (loss) per unit, Class A	[1]	$ (33.95)
Weighted average Class A units outstanding		81,983.6275
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,380.07
Interest income		$ 478
Interest income allocated from Funds		1,530
Total investment income		2,008
Clearing fees related to direct investments		48,061
Expenses allocated from Funds		223,785
Ongoing selling agent fees		536,123
Management fees		403,224
General Partner fees		267,769
Incentive fees		14,893
General Partner incentive fees		(33,177)
Other		98,931
Total expenses		1,559,609
Net investment income (loss)		(1,557,601)
Net realized gains (losses) on closed contracts		(576,998)
Net realized gains (losses) on closed contracts allocated from Funds		(1,591,811)
Net change in unrealized gains (losses) on open contracts		112,322
Net change in unrealized gains (losses) on open contracts allocated from Funds		(1,183,408)
Total trading results		(3,239,895)
Net income (loss)		(4,797,496)
Subscriptions - Limited Partners		1,071,000
Redemptions - Limited Partners		(7,211,657)
Net increase (decrease) in Partners' Capital		(10,938,153)
Partners' Capital, beginning of period at Mar. 31, 2015		111,998,798
Partners' Capital, end of period at Jun. 30, 2015		$ 101,060,645
Trading Results:
Net income (loss) per unit, Class A	[1]	$ (59.72)
Weighted average Class A units outstanding		79,888.0418
Net asset value per unit, Class A (76,540.6938 and 102,281.6728 units outstanding at June 30, 2015 and 2014, respectively)		$ 1,320.35
[1]	Represents the change in net asset value per unit during the period.

Statements of Income and Expen7

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Partners' capital units outstanding	76,540.6938	102,281.6728

Organization

Organization	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: 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 or established advisors employing early-stage strategies, which engage, directly and indirectly, in speculative trading of a diversified portfolio of commodity interests, including futures, option on futures, forward, option on forward, 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. Between December 1, 2003 (commencement of the offering period) and August 5, 2004, 20,872 units of 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 Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units; each of which 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 Redeemable Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units were not changed. Class A Redeemable Units and Class D Redeemable Units are available to taxable U.S. individuals and institutions, as well as U.S. tax exempt individuals and institutions. Class Z Redeemable Units are offered to certain employees of Morgan Stanley and its subsidiaries (and their family members). The Class of Redeemable 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 a particular Class of Redeemable Units to investors at its discretion. As of June 30, 2015, there were no Redeemable Units outstanding in Class D or Class Z. As of June 30, 2015, 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. As of June 30, 2015, Blackwater Capital Management, LLC (“Blackwater”), The Cambridge Strategy (Asset Management) Limited (“Cambridge”), Centurion Investment Management, LLC (“Centurion”), Perella Weinberg Partners Capital Management LP (“Perella”), SECOR Capital Advisors, LP (“SECOR”) and Willowbridge Associates Inc. (“Willowbridge”) served as the Partnership’s 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 or Morgan Stanley & Co. LLC (“MS&Co.”), and are not responsible for the organization or operation of the Partnership. References herein to the “Advisors” may also include, as relevant, reference to 300 North Capital LLC (“300 North Capital”) and Principle Capital Management LLC (“Principle”). During the six months ended June 30, 2015, the Partnership’s/Funds’ commodity broker was MS&Co., a registered futures commission merchant. The assets allocated to Centurion for trading are traded directly pursuant to Centurion’s Short Term Systematic Strategy Program. Since July 1, 2015, the assets allocated to Perella have been traded directly pursuant to a variation of the program traded by PWP Global Macro Master Fund L.P. Cambridge Master Fund, L.P. (“Cambridge Master”), CMF Willowbridge Master Fund L.P. (“Willowbridge Master”), PGM Master Fund L.P. (“PGM Master”) (prior to its full redemption on June 30, 2015), SECOR Master Fund L.P (“SECOR Master”) and Blackwater Master Fund L.P. (“Blackwater Master”) (together with Cambridge Master, Willowbridge Master, PGM Master and SECOR Master, the “Funds”) have entered into a futures account agreement with MS&Co. and commenced trading through accounts at MS&Co. Principle Master Fund L.P. (“Principle Master”) and 300 North Master Fund L.P. (“300 North Master”) also entered into a futures brokerage agreement with MS&Co. Cambridge Master and PGM Master have also entered into a foreign exchange prime brokerage agreement with MS&Co. References to “Funds” included in this report may include, as relevant, Principle Master and 300 North Master. The Partnership has also entered into a futures brokerage account agreement with MS&Co. The Partnership, directly and through its investment in the Funds, pays MS&Co. trading fees for the clearing and, where applicable, execution of transactions. The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management. Pursuant to the selling agreement, Morgan Stanley Wealth Management receives a selling agent fee equal to (i) 2.0% per year of adjusted month-end net assets for Class A Redeemable Units and (ii) 0.75% per year of adjusted month-end net assets for Class D Redeemable Units. The selling agent fee received by Morgan Stanley Wealth Management is shared with the properly registered/exempted 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 Redeemable Units. Effective October 1, 2014, the monthly ongoing selling agent fee was (i) reduced from an annual rate of 2.5% to an annual rate of 2.0% for Class A Redeemable Units, (ii) reduced from an annual rate of 1.25% to an annual rate of 0.75% for Class D Redeemable Units and (iii) eliminated for Class Z Redeemable Units. As of the same date, the General Partner fees was increased from an annual rate of 0.5% to an annual rate of 1.0%. The October 1, 2014 fee changes offset each other and, accordingly, there was no change to the aggregate fees incurred by the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at June 30, 2015 and December 31, 2014, and the results of its operations and changes in partners’ capital for the three and six months ended June 30, 2015 and 2014. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported as expenses allocated from Funds were previously reported separately as part of clearing fees and as part of other expenses. Amounts reported as clearing fees related to direct investments were previously reported as part of clearing fees. In the financial highlights table, ongoing selling agent fees and clearing fees, which were previously included in net realized and unrealized gains (losses) per unit and excluded from expenses per unit, are now excluded from net realized and unrealized gains (losses) per unit and included in expenses per unit. This information was previously included as a footnote to the financial highlights table. Amounts previously referred to as Administrative fees are now referred to as General Partner fees in these financial statements. 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 or redemptions and losses, if any. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Partnership’s Investments in the Funds: Partnership’s/Funds’ Investments: All commodity interests of the Partnership/Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in the trading account on the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported on the Partnership’s/Funds’ Statements of Income and Expenses and Changes in Partners’ Capital. Investment Company Status: “Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements” Income Taxes: Net Income (loss) per unit: Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the Limited Partner class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (40.26 ) $ 37.44 $ 15.58 $ (62.67 ) Net investment loss (19.46 ) (18.34 ) (49.53 ) (38.71 ) Increase (decrease) for the period (59.72 ) 19.10 (33.95 ) (101.38 ) Net asset value per unit, beginning of period 1,380.07 1,229.92 1,354.30 1,350.40 Net asset value per unit, end of period $ 1,320.35 $ 1,249.02 $ 1,320.35 $ 1,249.02 Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss (6.0 )% (6.0 )% (6.8 )% (6.3 )% Operating expense 6.0 % 6.0 % 6.1 % 6.3 % Incentive fees 0.0 % 2 0.0 % 0.7 % 0.0 % 2 Total expenses 6.0 % 6.0 % 6.8 % 6.3 % Total return: Total return before incentive fees (4.3 )% 1.6 % (1.8 )% (7.5 )% Incentive fees 0.0 % 2 0.0 % (0.7 )% 0.0 % 2 Total return after incentive fees (4.3 )% 1.6 % (2.5 )% (7.5 )% 1 Interest income less total expenses. 2 Due to rounding. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner class using the Limited Partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Funds, as applicable.

Trading Activities

Trading Activities	6 Months Ended
	Jun. 30, 2015
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital. The Partnership also invests its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Funds’ trading activities are shown on the Statements of Income and Expenses and Changes in Partners’ Capital. The customer agreement among the Partnership, each of the Funds and MS&Co. gives the Partnership and the Funds the legal right to net unrealized gains and losses on open futures, forward and option 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, forward and option contracts on the Statements of Financial Condition, as the criteria under Accounting Standards Codification 210-20, Balance Sheet, 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 June 30, 2015 and 2014 were 169 and 660, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2015 and 2014 were 132 and 745, respectively. The monthly average number of option contracts held directly by the Partnership during the three months ended June 30, 2015 and 2014 were 155 and 2,392, respectively. The monthly average number of option contracts held directly by the Partnership during the six months ended June 30, 2015 and 2014 were 201 and 1,768, respectively. The monthly average notional value of currency forward contracts held directly by the Partnership during the three months ended June 30, 2015 and 2014 were $0 and $91,862,210, respectively. The monthly average notional values of currency forward contracts held directly by the Partnership during the six months ended June 30, 2015 and 2014 were $0 and $91,892,322, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s percentage ownership of each respective Fund. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2015. There were no direct investments as of December 31, 2014. Gross Amounts Recognized Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in Net June 30, 2015 Financial Cash Collateral (Received)/Pledged* Assets Futures $ 16,429 $ (6,255 ) $ 10,174 $ — $ — $ 10,174 Total Assets $ 16,429 $ (6,255 ) $ 10,174 $ — $ — $ 10,174 Liabilities Futures $ (6,255 ) $ 6,255 $ — $ — $ — $ — Total Liabilities $ (6,255 ) $ 6,255 $ — $ — $ — $ — Net fair value $ 10,174 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. The following tables indicate the gross fair va June 30, 2015 Assets Futures Contracts Currencies $ 6,946 Energy 616 Grains 525 Indices 3,470 Interest rates Non-U.S. 11 Livestock 223 Metals 690 Softs 3,948 Total unrealized appreciation on open futures contracts 16,429 Liabilities Futures Contracts Currencies (2,720 ) Energy (434 ) Indices (364 ) Interest Rates Non-U.S. (1,605 ) Livestock (320 ) Metals (812 ) Total unrealized depreciation on open futures contracts (6,255 ) Net unrealized appreciation on open futures contracts $ 10,174 * * This amount is included in “Net unrealized appreciation on open futures contracts” 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 and six months ended June 30, 2015 and 2014. Three Months Ended June 30, Six Months Ended June 30, Sector 2015 2014 2015 2014 Currencies $ 73,075 $ (191,252 ) $ (34,083 ) $ (172,306 ) Energy (400,693 ) 525,708 (1,078,629 ) (1,037,631 ) Grains 45,282 17,389 18,347 68,612 Indices (367,668 ) (223,847 ) (270,015 ) (630,258 ) Interest Rates Non-U.S. 141,151 (380,637 ) 189,197 (775,805 ) Interest Rates U.S. 26,583 189,066 48,530 265,474 Livestock (33,281 ) (120,940 ) (17,970 ) 36,890 Metals 49,122 974 (46,545 ) 44,513 Softs 1,753 13,716 (14,391 ) (124,980 ) Total $ (464,676 )*** $ (169,823 )*** $ (1,205,559 )*** $ (2,325,491 )*** *** This amount is included in “Total trading results” on the Partnership’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s and the Funds’ Fair Value Measurements. The Partnership and the Funds consider prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of the U.S. Treasury bills, non-exchange-traded As of and for the periods ended June 30, 2015 and December 31, 2014, 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). Transfers between levels are recognized at the end of the reporting period. During the six months ended June 30, 2015 and the twelve months ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. There were no direct investments as of December 31, 2014. June 30, 2015 Level 1 Level 2 Level 3 Assets Futures $ 16,429 $ 16,429 $ — $ — U.S. Treasury bills 10,349,937 — 10,349,937 — Total assets $ 10,366,366 $ 16,429 $ 10,349,937 $ — Liabilities Futures $ 6,255 $ 6,255 $ — $ — Total liabilities 6,255 6,255 — — Net fair value $ 10,360,111 $ 10,174 $ 10,349,937 $ —

Investment in Funds

Investment in Funds	6 Months Ended
	Jun. 30, 2015
Schedule of Investments [Abstract]
Investment in Funds	6. Investment in Funds: On November 1, 2010, the assets allocated to Blackwater for trading were invested in 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 promotes efficiency and economy in the trading process. On September 1, 2012, the assets allocated to Cambridge for trading were invested in 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 promotes 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 1.5 times the amount of assets allocated. The amount of leverage may be increased or decreased in the future. However, in no event will the amount of leverage be greater than 2 times the amount of assets allocated. Effective January 1, 2013, the assets traded directly by Willowbridge using its wPraxis Futures Trading Approach were invested in 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 promotes 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. On March 1, 2013, the assets allocated to Principle for trading were invested in 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. Effective July 31, 2014, the Partnership fully redeemed its investment in Principle Master for cash equal to $12,165,827. On March 1, 2013, the assets allocated to 300 North Capital for trading were invested in 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. Effective October 31, 2014, the Partnership fully redeemed its investment in 300 North Master for cash equal to $12,374,970. On August 1, 2013, the assets allocated to SECOR for trading were invested in 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 are permitted to be limited partners of SECOR Master. The General Partner and SECOR believe that trading through this structure promotes 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. On September 1, 2014, the assets allocated to Perella for trading were invested in PGM Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership invested in PGM Master with cash equal to $10,500,000. Effective June 30, 2015, the Partnership fully redeemed its investment in PGM Master for cash equal to $20,531,604. Since July 1, 2015, Perella has traded the assets allocated to it directly in a managed account in the Partnership’s name. The General Partner is not aware of any material changes to any of the trading programs discussed above during the fiscal quarter ended June 30, 2015. The Funds’ and the Partnership’s trading of futures, forward and option contracts, as applicable, on commodities is done primarily on United States of America commodity exchanges and foreign commodity exchanges. The Funds engage in such trading through commodity brokerage accounts maintained with MS&Co. 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 business 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, General Partner and incentive fees are charged at the Partnership level. All trading, exchange, clearing, user, give-up, At June 30, 2015, the Partnership owned approximately 12.9% of Blackwater Master, 1.3% of Willowbridge Master, 49.5% of SECOR Master and 64.8% of Cambridge Master. At December 31, 2014, the Partnership owned approximately 16.0% of Blackwater Master, 3.9% of Willowbridge Master, 100% of SECOR Master, 68.5% of Cambridge Master and 100% of PGM Master. It is the Partnership’s intention to continue to invest in the Funds (other than PGM Master). The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and the redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables. June 30, 2015 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 17,180,101 $ 185,646 $ 16,994,455 SECOR Master 52,531,233 22,372 52,508,861 Cambridge Master 38,483,438 376,447 38,106,991 Willowbridge Master 388,787,448 3,898,584 384,888,864 PGM Master 21,222,368 21,222,368 — December 31, 2014 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 24,973,305 $ 43,208 $ 24,930,097 SECOR Master 29,645,057 40,459 29,604,598 Cambridge Master 39,046,641 48,456 38,998,185 Willowbridge Master 332,179,217 16,638,854 315,540,363 PGM Master 20,831,040 39,214 20,791,826 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 June 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (12,900 ) $ (455,735 ) $ (468,635 ) SECOR Master (100,822 ) (143,575 ) (244,397 ) Cambridge Master (36,769 ) 688,062 651,293 Willowbridge Master (213,266 ) (24,855,443 ) (25,068,709 ) PGM Master (75,668 ) (2,446,062 ) (2,521,730 ) For the six months ended June 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (23,133 ) $ (209,927 ) $ (233,060 ) SECOR Master (221,230 ) 2,557,803 2,336,573 Cambridge Master (54,375 ) 3,200,205 3,145,830 Willowbridge Master (490,804 ) (13,622,175 ) (14,112,979 ) PGM Master (136,430 ) (923,314 ) (1,059,744 ) For the three months ended June 30, 2014 Net Investment Total Trading Net Income Blackwater Master (24,208 ) 2,304,526 2,280,318 SECOR Master (119,891 ) 1,883,009 1,763,118 Cambridge Master (21,773 ) 176,599 154,826 Willowbridge Master (103,816 ) 1,170,549 1,066,733 300 North Master (35,598 ) 933,080 897,482 Principle Master (57,858 ) 133,492 75,634 For the six months ended June 30, 2014 Net Investment Total Trading Net Income Blackwater Master (47,346 ) (1,729,574 ) (1,776,920 ) SECOR Master (244,781 ) 836,042 591,261 Cambridge Master (66,719 ) 332,674 265,955 Willowbridge Master (213,278 ) (1,038,561 ) (1,251,839 ) 300 North Master (86,515 ) (3,704,098 ) (3,790,613 ) Principle Master (110,344 ) (2,222,418 ) (2,332,762 ) Summarized information reflecting the Partnership’s investments in, and the Partnership’s pro rata share of the results of operations of, the Funds is shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Funds Clearing Fees Other Blackwater Master 2.17 % $ 2,192,804 $ (54,031 ) $ 1,167 $ 3,163 $ (58,361 ) Commodity Portfolio Monthly SECOR Master 25.70 % 25,968,081 (154,584 ) 91,476 10,152 (256,212 ) Commodity Portfolio Monthly Cambridge Master 24.42 % 24,681,639 453,753 20,316 17,125 416,312 Commodity Portfolio Monthly Willowbridge Master 5.01 % 5,061,381 (573,133 ) 3,886 464 (577,483 ) Commodity Portfolio Monthly PGM Master (a) — % — (2,445,694 ) 41,893 34,143 (2,521,730 ) Commodity Portfolio Monthly Total $ 57,903,905 $ (2,773,689 ) $ 158,738 $ 65,047 $ (2,997,474 ) June 30, 2015 For the six months ended June 30, 2015 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Permitted Funds Clearing Fees Other Blackwater Master 2.17 % $ 2,192,804 $ 3,687 $ 2,455 $ 5,950 $ (4,718 ) Commodity Portfolio Monthly SECOR Master 25.70 % 25,968,081 1,648,919 192,697 30,146 1,426,076 Commodity Portfolio Monthly Cambridge Master 24.42 % 24,681,639 2,081,417 22,468 33,341 2,025,608 Commodity Portfolio Monthly Willowbridge Master 5.01 % 5,061,381 (142,084 ) 13,241 1,672 (156,997 ) Commodity Portfolio Monthly PGM Master (a) — % — (922,486 ) 75,206 62,052 (1,059,744 ) Commodity Portfolio Monthly Total $ 57,903,905 $ 2,669,453 $ 306,067 $ 133,161 $ 2,230,225 December 31, 2014 For the three months ended June 30, 2014 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Funds Clearing Fees Other Blackwater Master 3.47 % $ 3,980,034 $ 757,269 $ 10,700 $ 8,676 $ 737,893 Commodity Portfolio Monthly SECOR Master 25.83 % 29,604,763 1,883,719 108,040 12,561 1,763,118 Commodity Portfolio Monthly Cambridge Master 23.30 % 26,708,570 186,587 — 23,223 163,364 Commodity Portfolio Monthly Willowbridge Master 10.76 % 12,341,418 300,740 14,182 4,412 282,146 Commodity Portfolio Monthly 300 North Master (b) — % — 933,899 18,081 18,336 897,482 Commodity Portfolio Monthly Principle Master (c) — % — 134,064 34,887 23,543 75,634 Commodity Portfolio Monthly PGM Master 18.4 % 20,791,945 — — — — Commodity Portfolio Monthly Total $ 93,426,730 $ 4,196,278 $ 185,890 $ 90,751 $ 3,919,637 December 31, 2014 For the six months ended June 30, 2014 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Permitted Funds Clearing Fees Other Blackwater Master 3.47 % $ 3,980,034 $ (809,000 ) $ 23,805 $ 17,895 $ (850,700 ) Commodity Portfolio Monthly SECOR Master 25.83 % 29,604,763 838,113 202,558 44,294 591,261 Commodity Portfolio Monthly Cambridge Master 23.30 % 26,708,570 301,495 30,867 40,279 230,349 Commodity Portfolio Monthly Willowbridge Master 10.76 % 12,341,418 (105,141 ) 30,906 7,769 (143,816 ) Commodity Portfolio Monthly 300 North Master (b) — % — (3,701,369 ) 45,923 43,321 (3,790,613 ) Commodity Portfolio Monthly Principle Master (c) — % — (2,220,340 ) 69,850 42,572 (2,332,762 ) Commodity Portfolio Monthly PGM Master 18.4 % 20,791,945 — — — — Commodity Portfolio Monthly Total $ 93,426,730 $ (5,696,242 ) $ 403,909 $ 196,130 $ (6,296,281 ) (a) From January 1, 2015 through June 30, 2015, the date the Partnership fully redeemed its interest in PGM Master. (b) From January 1, 2014 through October 31, 2014, the date the Partnership fully redeemed its interest in 300 North Master. (c) From January 1, 2014 through July 31, 2014, the date the Partnership fully redeemed its interest in Principle Master.

Financial Instrument Risks

Financial Instrument Risks	6 Months Ended
	Jun. 30, 2015
Risks and Uncertainties [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance over-the-counter 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 net change in unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. 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 net change in 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. 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 net change in unrealized gains (losses) on metal contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. 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 net change in unrealized gains (losses) on option contracts are included in the Statements of Income and Expenses and Changes in Partners’ Capital. 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 has credit risk and concentration risk, as MS&Co. or its affiliate is the sole counterparty or broker with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co., the Partnership’s/Funds’ counterparty is an exchange or clearing organization. As both a buyer and seller of options, the 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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that other than that listed below, there were no subsequent events requiring adjustment of or disclosure in the financial statements. Effective June 30, 2015, the Partnership fully redeemed its investment in PGM Master. Effective July 1, 2015, the assets previously allocated to PGM Master are traded directly through an account in the Partnership’s name managed by Perella, the trading advisor to PGM Master. On or about July 31, 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator will furnish certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator will maintain certain books and records of the Partnership. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Partnership. The General Partner does not expect that such additional expense will have a material impact on the Partnership’s break even point.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Partnership's Investments in the Funds	Partnership’s Investments in the Funds: Partnership’s/Funds’ Investments: All commodity interests of the Partnership/Funds (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on open contracts are included as a component of equity in the trading account on the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains or losses and any net change in unrealized gains or losses from the preceding period are reported on the Partnership’s/Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
Investment Company Status	Investment Company Status: “Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements”
Income Taxes	Income Taxes:
Net Income (loss) per unit	Net Income (loss) per unit:
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2015
Text Block [Abstract]
Schedule of Financial Highlights for Limited Partner Class	Financial highlights for the Limited Partner class as a whole for the three and six months ended June 30, 2015 and 2014 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ (40.26 ) $ 37.44 $ 15.58 $ (62.67 ) Net investment loss (19.46 ) (18.34 ) (49.53 ) (38.71 ) Increase (decrease) for the period (59.72 ) 19.10 (33.95 ) (101.38 ) Net asset value per unit, beginning of period 1,380.07 1,229.92 1,354.30 1,350.40 Net asset value per unit, end of period $ 1,320.35 $ 1,249.02 $ 1,320.35 $ 1,249.02
Ratios to Average Net Assets	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss (6.0 )% (6.0 )% (6.8 )% (6.3 )% Operating expense 6.0 % 6.0 % 6.1 % 6.3 % Incentive fees 0.0 % 2 0.0 % 0.7 % 0.0 % 2 Total expenses 6.0 % 6.0 % 6.8 % 6.3 % Total return: Total return before incentive fees (4.3 )% 1.6 % (1.8 )% (7.5 )% Incentive fees 0.0 % 2 0.0 % (0.7 )% 0.0 % 2 Total return after incentive fees (4.3 )% 1.6 % (2.5 )% (7.5 )%

Trading Activities (Tables)

Trading Activities (Tables)	6 Months Ended
	Jun. 30, 2015
Brokers and Dealers [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives and Their Offsetting Subject to Master Netting Arrangements or Similar Agreements	The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2015. There were no direct investments as of December 31, 2014. Gross Amounts Recognized Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in Net June 30, 2015 Financial Cash Collateral (Received)/Pledged* Assets Futures $ 16,429 $ (6,255 ) $ 10,174 $ — $ — $ 10,174 Total Assets $ 16,429 $ (6,255 ) $ 10,174 $ — $ — $ 10,174 Liabilities Futures $ (6,255 ) $ 6,255 $ — $ — $ — $ — Total Liabilities $ (6,255 ) $ 6,255 $ — $ — $ — $ — Net fair value $ 10,174 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.
Gross Fair Values of Derivative Instruments of Futures Contracts Traded	The following tables indicate the gross fair va lues of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of June 30, 2015. There were no direct investments as of December 31, 2014. June 30, 2015 Assets Futures Contracts Currencies $ 6,946 Energy 616 Grains 525 Indices 3,470 Interest rates Non-U.S. 11 Livestock 223 Metals 690 Softs 3,948 Total unrealized appreciation on open futures contracts 16,429 Liabilities Futures Contracts Currencies (2,720 ) Energy (434 ) Indices (364 ) Interest Rates Non-U.S. (1,605 ) Livestock (320 ) Metals (812 ) Total unrealized depreciation on open futures contracts (6,255 ) Net unrealized appreciation on open futures contracts $ 10,174 * * This amount is included in “Net unrealized appreciation on open futures contracts” 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 and six months ended June 30, 2015 and 2014. Three Months Ended June 30, Six Months Ended June 30, Sector 2015 2014 2015 2014 Currencies $ 73,075 $ (191,252 ) $ (34,083 ) $ (172,306 ) Energy (400,693 ) 525,708 (1,078,629 ) (1,037,631 ) Grains 45,282 17,389 18,347 68,612 Indices (367,668 ) (223,847 ) (270,015 ) (630,258 ) Interest Rates Non-U.S. 141,151 (380,637 ) 189,197 (775,805 ) Interest Rates U.S. 26,583 189,066 48,530 265,474 Livestock (33,281 ) (120,940 ) (17,970 ) 36,890 Metals 49,122 974 (46,545 ) 44,513 Softs 1,753 13,716 (14,391 ) (124,980 ) Total $ (464,676 )*** $ (169,823 )*** $ (1,205,559 )*** $ (2,325,491 )*** *** This amount is included in “Total trading results” on the Partnership’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the six months ended June 30, 2015 and the twelve months ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. There were no direct investments as of December 31, 2014. June 30, 2015 Level 1 Level 2 Level 3 Assets Futures $ 16,429 $ 16,429 $ — $ — U.S. Treasury bills 10,349,937 — 10,349,937 — Total assets $ 10,366,366 $ 16,429 $ 10,349,937 $ — Liabilities Futures $ 6,255 $ 6,255 $ — $ — Total liabilities 6,255 6,255 — — Net fair value $ 10,360,111 $ 10,174 $ 10,349,937 $ —

Investment in Funds (Tables)

Investment in Funds (Tables)	6 Months Ended
	Jun. 30, 2015
Schedule of Investments [Abstract]
Summary of Total Assets, Liabilities and Partners' Capital	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables. June 30, 2015 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 17,180,101 $ 185,646 $ 16,994,455 SECOR Master 52,531,233 22,372 52,508,861 Cambridge Master 38,483,438 376,447 38,106,991 Willowbridge Master 388,787,448 3,898,584 384,888,864 PGM Master 21,222,368 21,222,368 — December 31, 2014 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 24,973,305 $ 43,208 $ 24,930,097 SECOR Master 29,645,057 40,459 29,604,598 Cambridge Master 39,046,641 48,456 38,998,185 Willowbridge Master 332,179,217 16,638,854 315,540,363 PGM Master 20,831,040 39,214 20,791,826
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 June 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (12,900 ) $ (455,735 ) $ (468,635 ) SECOR Master (100,822 ) (143,575 ) (244,397 ) Cambridge Master (36,769 ) 688,062 651,293 Willowbridge Master (213,266 ) (24,855,443 ) (25,068,709 ) PGM Master (75,668 ) (2,446,062 ) (2,521,730 ) For the six months ended June 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (23,133 ) $ (209,927 ) $ (233,060 ) SECOR Master (221,230 ) 2,557,803 2,336,573 Cambridge Master (54,375 ) 3,200,205 3,145,830 Willowbridge Master (490,804 ) (13,622,175 ) (14,112,979 ) PGM Master (136,430 ) (923,314 ) (1,059,744 ) For the three months ended June 30, 2014 Net Investment Total Trading Net Income Blackwater Master (24,208 ) 2,304,526 2,280,318 SECOR Master (119,891 ) 1,883,009 1,763,118 Cambridge Master (21,773 ) 176,599 154,826 Willowbridge Master (103,816 ) 1,170,549 1,066,733 300 North Master (35,598 ) 933,080 897,482 Principle Master (57,858 ) 133,492 75,634 For the six months ended June 30, 2014 Net Investment Total Trading Net Income Blackwater Master (47,346 ) (1,729,574 ) (1,776,920 ) SECOR Master (244,781 ) 836,042 591,261 Cambridge Master (66,719 ) 332,674 265,955 Willowbridge Master (213,278 ) (1,038,561 ) (1,251,839 ) 300 North Master (86,515 ) (3,704,098 ) (3,790,613 ) Principle Master (110,344 ) (2,222,418 ) (2,332,762 )
Summary of Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of, Funds	Summarized information reflecting the Partnership’s investments in, and the Partnership’s pro rata share of the results of operations of, the Funds is shown in the following tables. June 30, 2015 For the three months ended June 30, 2015 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Funds Clearing Fees Other Blackwater Master 2.17 % $ 2,192,804 $ (54,031 ) $ 1,167 $ 3,163 $ (58,361 ) Commodity Portfolio Monthly SECOR Master 25.70 % 25,968,081 (154,584 ) 91,476 10,152 (256,212 ) Commodity Portfolio Monthly Cambridge Master 24.42 % 24,681,639 453,753 20,316 17,125 416,312 Commodity Portfolio Monthly Willowbridge Master 5.01 % 5,061,381 (573,133 ) 3,886 464 (577,483 ) Commodity Portfolio Monthly PGM Master (a) — % — (2,445,694 ) 41,893 34,143 (2,521,730 ) Commodity Portfolio Monthly Total $ 57,903,905 $ (2,773,689 ) $ 158,738 $ 65,047 $ (2,997,474 ) June 30, 2015 For the six months ended June 30, 2015 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Permitted Funds Clearing Fees Other Blackwater Master 2.17 % $ 2,192,804 $ 3,687 $ 2,455 $ 5,950 $ (4,718 ) Commodity Portfolio Monthly SECOR Master 25.70 % 25,968,081 1,648,919 192,697 30,146 1,426,076 Commodity Portfolio Monthly Cambridge Master 24.42 % 24,681,639 2,081,417 22,468 33,341 2,025,608 Commodity Portfolio Monthly Willowbridge Master 5.01 % 5,061,381 (142,084 ) 13,241 1,672 (156,997 ) Commodity Portfolio Monthly PGM Master (a) — % — (922,486 ) 75,206 62,052 (1,059,744 ) Commodity Portfolio Monthly Total $ 57,903,905 $ 2,669,453 $ 306,067 $ 133,161 $ 2,230,225 December 31, 2014 For the three months ended June 30, 2014 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Funds Clearing Fees Other Blackwater Master 3.47 % $ 3,980,034 $ 757,269 $ 10,700 $ 8,676 $ 737,893 Commodity Portfolio Monthly SECOR Master 25.83 % 29,604,763 1,883,719 108,040 12,561 1,763,118 Commodity Portfolio Monthly Cambridge Master 23.30 % 26,708,570 186,587 — 23,223 163,364 Commodity Portfolio Monthly Willowbridge Master 10.76 % 12,341,418 300,740 14,182 4,412 282,146 Commodity Portfolio Monthly 300 North Master (b) — % — 933,899 18,081 18,336 897,482 Commodity Portfolio Monthly Principle Master (c) — % — 134,064 34,887 23,543 75,634 Commodity Portfolio Monthly PGM Master 18.4 % 20,791,945 — — — — Commodity Portfolio Monthly Total $ 93,426,730 $ 4,196,278 $ 185,890 $ 90,751 $ 3,919,637 December 31, 2014 For the six months ended June 30, 2014 % of Partnership’s Net Assets Fair Value Income Expenses Net Income (Loss) Investment Objective Redemptions Permitted Funds Clearing Fees Other Blackwater Master 3.47 % $ 3,980,034 $ (809,000 ) $ 23,805 $ 17,895 $ (850,700 ) Commodity Portfolio Monthly SECOR Master 25.83 % 29,604,763 838,113 202,558 44,294 591,261 Commodity Portfolio Monthly Cambridge Master 23.30 % 26,708,570 301,495 30,867 40,279 230,349 Commodity Portfolio Monthly Willowbridge Master 10.76 % 12,341,418 (105,141 ) 30,906 7,769 (143,816 ) Commodity Portfolio Monthly 300 North Master (b) — % — (3,701,369 ) 45,923 43,321 (3,790,613 ) Commodity Portfolio Monthly Principle Master (c) — % — (2,220,340 ) 69,850 42,572 (2,332,762 ) Commodity Portfolio Monthly PGM Master 18.4 % 20,791,945 — — — — Commodity Portfolio Monthly Total $ 93,426,730 $ (5,696,242 ) $ 403,909 $ 196,130 $ (6,296,281 ) (a) From January 1, 2015 through June 30, 2015, the date the Partnership fully redeemed its interest in PGM Master. (b) From January 1, 2014 through October 31, 2014, the date the Partnership fully redeemed its interest in 300 North Master. (c) From January 1, 2014 through July 31, 2014, the date the Partnership fully redeemed its interest in Principle Master.

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	Oct. 01, 2014	Sep. 30, 2014	Apr. 01, 2014	Mar. 31, 2014	Jun. 30, 2015
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
Maximum number of Redeemable Units sold by the Partnership					0
Annual general partner fee rate	1.00%	0.50%
Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Management fees description					The Partnership has entered into a selling agreement with Morgan Stanley Wealth Management. Pursuant to the selling agreement, Morgan Stanley Wealth Management receives a selling agent fee equal to (i) 2.0% per year of adjusted month-end net assets for Class A Redeemable Units and (ii) 0.75% per year of adjusted month-end net assets for Class D Redeemable Units.
Maximum [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of partnership assets allocated					10.00%
Class A Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of brokerage fees paid	2.00%	2.50%	2.50%	3.50%
Class A Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of brokerage fees paid					2.00%
Class D Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of brokerage fees paid	0.75%	1.25%
Class D Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of brokerage fees paid					0.75%

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Income tax examination, description	No income tax returns are currently under examination. The 2011 through 2014 tax years remain subject to examination by U.S. federal and most state tax authorities.

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Fair Value Disclosures [Abstract]
Net realized and unrealized gains (losses)	$ (40.26)	$ 37.44	$ 15.58	$ (62.67)
Net investment loss	(19.46)	(18.34)	(49.53)	(38.71)
Increase (decrease) for the period	(59.72)	19.10	(33.95)	(101.38)
Net asset value per unit, beginning of period	1,380.07	1,229.92	1,354.30	1,350.40
Net asset value per unit, end of period	$ 1,320.35	$ 1,249.02	$ 1,320.35	$ 1,249.02

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Ratios to average net assets:
Net investment loss	(6.00%)	(6.00%)	(6.80%)	(6.30%)
Operating expense	6.00%	6.00%	6.10%	6.30%
Incentive fees	0.00%	0.00%	0.70%	0.00%
Total expenses	6.00%	6.00%	6.80%	6.30%
Total return before incentive fees	(4.30%)	1.60%	(1.80%)	(7.50%)
Incentive fees	(0.00%)	(0.00%)	(0.70%)	(0.00%)
Total return after incentive fees	(4.30%)	1.60%	(2.50%)	(7.50%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)Contracts	Jun. 30, 2014USD ($)Contracts	Jun. 30, 2015USD ($)Contracts	Jun. 30, 2014USD ($)Contracts	Dec. 31, 2014USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Net fair value | $	$ 10,174		$ 10,174		$ 0
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts held	169	660	132	745
Options Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	155	2,392	201	1,768
Currency Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 0	$ 91,862,210	$ 0	$ 91,892,322

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives and Their Offsetting Subject to Master Netting Arrangements or Similar Agreements (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 16,429
Gross Amounts Offset in the Statements of Financial Condition, Assets	(6,255)
Amounts Presented in the Statements of Financial Condition, Assets	10,174
Financial Instruments, Assets	0
Cash Collateral (Received)/Pledged, Assets	0
Net Amount, Assets	10,174
Gross Amounts Recognized, Liabilities	(6,255)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	6,255
Amounts Presented in the Statements of Financial Condition, Liabilities	0
Financial Instruments, Liabilities	0
Cash Collateral (Received)/Pledged, Liabilities	0
Net Amount, Liabilities	0
Net fair value	10,174	$ 0
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	16,429
Gross Amounts Offset in the Statements of Financial Condition, Assets	(6,255)
Amounts Presented in the Statements of Financial Condition, Assets	10,174
Financial Instruments, Assets	0
Cash Collateral (Received)/Pledged, Assets	0
Net Amount, Assets	10,174
Gross Amounts Recognized, Liabilities	(6,255)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	6,255
Amounts Presented in the Statements of Financial Condition, Liabilities	0
Financial Instruments, Liabilities	0
Cash Collateral (Received)/Pledged, Liabilities	0
Net Amount, Liabilities	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures Contracts Traded (Detail)	Jun. 30, 2015USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Net unrealized appreciation on open futures contracts	$ 10,174
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net unrealized appreciation on open futures contracts	10,174
Derivative Assets [Member] | Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	16,429
Derivative Assets [Member] | Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	6,946
Derivative Assets [Member] | Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	616
Derivative Assets [Member] | Futures Contracts [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	525
Derivative Assets [Member] | Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	3,470
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	11
Derivative Assets [Member] | Futures Contracts [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	223
Derivative Assets [Member] | Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	690
Derivative Assets [Member] | Futures Contracts [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	3,948
Derivative Liabilities [Member] | Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(6,255)
Derivative Liabilities [Member] | Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(2,720)
Derivative Liabilities [Member] | Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(434)
Derivative Liabilities [Member] | Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(364)
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	(1,605)
Derivative Liabilities [Member] | Futures Contracts [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(320)
Derivative Liabilities [Member] | Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	$ (812)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (3,239,895)	$ 4,022,091	$ 1,460,440	$ (8,036,114)
Derivative Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(464,676)	(169,823)	(1,205,559)	(2,325,491)
Derivative Instruments [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	73,075	(191,252)	(34,083)	(172,306)
Derivative Instruments [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(400,693)	525,708	(1,078,629)	(1,037,631)
Derivative Instruments [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	45,282	17,389	18,347	68,612
Derivative Instruments [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(367,668)	(223,847)	(270,015)	(630,258)
Derivative Instruments [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	141,151	(380,637)	189,197	(775,805)
Derivative Instruments [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	26,583	189,066	48,530	265,474
Derivative Instruments [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(33,281)	(120,940)	(17,970)	36,890
Derivative Instruments [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	49,122	974	(46,545)	44,513
Derivative Instruments [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ 1,753	$ 13,716	$ (14,391)	$ (124,980)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Investment in Funds		$ 0
Transfers of assets between Level 1 and Level 2	$ 0	0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail)	Jun. 30, 2015USD ($)
Assets
Total assets	$ 10,366,366
Liabilities
Total liabilities	6,255
Net fair value	10,360,111
U.S. Treasury Bills [Member]
Assets
Derivative assets	10,349,937
Futures Contracts [Member]
Assets
Derivative assets	16,429
Liabilities
Derivatives liabilities	6,255
Level 1 [Member]
Assets
Total assets	16,429
Liabilities
Total liabilities	6,255
Net fair value	10,174
Level 1 [Member] | Futures Contracts [Member]
Assets
Derivative assets	16,429
Liabilities
Derivatives liabilities	6,255
Level 2 [Member]
Assets
Total assets	10,349,937
Liabilities
Net fair value	10,349,937
Level 2 [Member] | U.S. Treasury Bills [Member]
Assets
Derivative assets	$ 10,349,937

Investment in Funds - Additiona

Investment in Funds - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Oct. 31, 2014	Sep. 01, 2014	Jul. 31, 2014	Aug. 01, 2013	Mar. 01, 2013	Jan. 01, 2013	Sep. 01, 2012	Nov. 01, 2010	Jun. 30, 2015	Dec. 31, 2014
SECOR Master [Member]
Investment Holdings [Line Items]
Cash paid					$ 10,000,000
Maximum amount of partnership assets allocated to trading advisor										1.5 times
Percent of partnership	49.50%									49.50%	100.00%
Blackwater Master [Member]
Investment Holdings [Line Items]
Cash paid									$ 15,674,694
Percent of partnership	12.90%									12.90%	16.00%
Cambridge Master [Member]
Investment Holdings [Line Items]
Partnership purchased								$ 3,000,000
Percent of partnership	64.80%									64.80%	68.50%
Cambridge Master [Member] | Maximum [Member]
Investment Holdings [Line Items]
Maximum amount of partnership assets allocated to trading advisor										2 times
Cambridge Master [Member] | Minimum [Member]
Investment Holdings [Line Items]
Maximum amount of partnership assets allocated to trading advisor										1.5 times
Willowbridge Master [Member]
Investment Holdings [Line Items]
Cash paid							$ 29,484,306
Maximum amount of partnership assets allocated to trading advisor										3 times
Partnership units purchased							14,103.3175
Percent of partnership	1.30%									1.30%	3.90%
Principle Master Fund L.P. [Member]
Investment Holdings [Line Items]
Cash paid						$ 6,503,661
Investments redeemed				$ 12,165,827
300 North Capital Master Fund L.P. [Member]
Investment Holdings [Line Items]
Cash paid						$ 10,000,000
Investments redeemed		$ 12,374,970
PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Cash paid			$ 10,500,000
Investments redeemed	$ 20,531,604
Percent of partnership											100.00%

Investment in Funds - Summary o

Investment in Funds - Summary of Total Assets, Liabilities and Partners' Capital (Detail) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Blackwater Master [Member]
Investment Holdings [Line Items]
Total Assets	$ 17,180,101	$ 24,973,305
Total Liabilities	185,646	43,208
Total Partners' Capital	16,994,455	24,930,097
SECOR Master [Member]
Investment Holdings [Line Items]
Total Assets	52,531,233	29,645,057
Total Liabilities	22,372	40,459
Total Partners' Capital	52,508,861	29,604,598
Cambridge Master [Member]
Investment Holdings [Line Items]
Total Assets	38,483,438	39,046,641
Total Liabilities	376,447	48,456
Total Partners' Capital	38,106,991	38,998,185
Willowbridge Master [Member]
Investment Holdings [Line Items]
Total Assets	388,787,448	332,179,217
Total Liabilities	3,898,584	16,638,854
Total Partners' Capital	384,888,864	315,540,363
PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	21,222,368	20,831,040
Total Liabilities	$ 21,222,368	39,214
Total Partners' Capital		$ 20,791,826

Investment in Funds - Summary33

Investment in Funds - Summary of Net Investment Income (Loss), Total Trading Results and Net Income (Loss) (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	$ (2,997,474)	$ 3,919,637	$ 2,230,225	$ (6,296,281)
Total trading results	(3,239,895)	4,022,091	1,460,440	(8,036,114)
Net income (loss)	(4,797,496)	2,041,589	(2,626,274)	(12,465,607)
Blackwater Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(58,361)	737,893	(4,718)	(850,700)
SECOR Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(256,212)	1,763,118	1,426,076	591,261
Cambridge Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	416,312	163,364	2,025,608	230,349
Willowbridge Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(577,483)	282,146	(156,997)	(143,816)
PGM Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(2,521,730)		(1,059,744)
300 North Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		897,482		(3,790,613)
Principle Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		75,634		(2,332,762)
Investment In Fund [Member] | Blackwater Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(12,900)	(24,208)	(23,133)	(47,346)
Total trading results	(455,735)	2,304,526	(209,927)	(1,729,574)
Net income (loss)	(468,635)	2,280,318	(233,060)	(1,776,920)
Investment In Fund [Member] | SECOR Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(100,822)	(119,891)	(221,230)	(244,781)
Total trading results	(143,575)	1,883,009	2,557,803	836,042
Net income (loss)	(244,397)	1,763,118	2,336,573	591,261
Investment In Fund [Member] | Cambridge Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(36,769)	(21,773)	(54,375)	(66,719)
Total trading results	688,062	176,599	3,200,205	332,674
Net income (loss)	651,293	154,826	3,145,830	265,955
Investment In Fund [Member] | Willowbridge Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(213,266)	(103,816)	(490,804)	(213,278)
Total trading results	(24,855,443)	1,170,549	(13,622,175)	(1,038,561)
Net income (loss)	(25,068,709)	1,066,733	(14,112,979)	(1,251,839)
Investment In Fund [Member] | PGM Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(75,668)		(136,430)
Total trading results	(2,446,062)		(923,314)
Net income (loss)	$ (2,521,730)		$ (1,059,744)
Investment In Fund [Member] | 300 North Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		(35,598)		(86,515)
Total trading results		933,080		(3,704,098)
Net income (loss)		897,482		(3,790,613)
Investment In Fund [Member] | Principle Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		(57,858)		(110,344)
Total trading results		133,492		(2,222,418)
Net income (loss)		$ 75,634		$ (2,332,762)

Investment in Funds - Summary34

Investment in Funds - Summary of Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of, Funds (Detail) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets	67.55%			67.55%			81.50%
Investment in Funds, at fair value	$ 57,903,905	[1]	$ 93,426,730	$ 57,903,905	[1]	$ 93,426,730	$ 93,426,730	[1]
Income (Loss)	(2,773,689)		4,196,278	2,669,453		(5,696,242)
Clearing Fees Expenses	158,738		185,890	306,067		403,909
Other	65,047		90,751	133,161		196,130
Net Investment Income (Loss)	$ (2,997,474)		$ 3,919,637	$ 2,230,225		$ (6,296,281)
Blackwater Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets	2.17%		3.47%	2.17%		3.47%
Investment in Funds, at fair value	$ 2,192,804		$ 3,980,034	$ 2,192,804		$ 3,980,034
Income (Loss)	(54,031)		757,269	3,687		(809,000)
Clearing Fees Expenses	1,167		10,700	2,455		23,805
Other	3,163		8,676	5,950		17,895
Net Investment Income (Loss)	$ (58,361)		$ 737,893	$ (4,718)		$ (850,700)
Investment Objective	Commodity Portfolio		Commodity Portfolio	Commodity Portfolio		Commodity Portfolio
Redemption Permitted	Monthly		Monthly	Monthly		Monthly
SECOR Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets	25.70%		25.83%	25.70%		25.83%
Investment in Funds, at fair value	$ 25,968,081		$ 29,604,763	$ 25,968,081		$ 29,604,763
Income (Loss)	(154,584)		1,883,719	1,648,919		838,113
Clearing Fees Expenses	91,476		108,040	192,697		202,558
Other	10,152		12,561	30,146		44,294
Net Investment Income (Loss)	$ (256,212)		$ 1,763,118	$ 1,426,076		$ 591,261
Investment Objective	Commodity Portfolio		Commodity Portfolio	Commodity Portfolio		Commodity Portfolio
Redemption Permitted	Monthly		Monthly	Monthly		Monthly
Cambridge Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets	24.42%		23.30%	24.42%		23.30%
Investment in Funds, at fair value	$ 24,681,639		$ 26,708,570	$ 24,681,639		$ 26,708,570
Income (Loss)	453,753		186,587	2,081,417		301,495
Clearing Fees Expenses	20,316			22,468		30,867
Other	17,125		23,223	33,341		40,279
Net Investment Income (Loss)	$ 416,312		$ 163,364	$ 2,025,608		$ 230,349
Investment Objective	Commodity Portfolio		Commodity Portfolio	Commodity Portfolio		Commodity Portfolio
Redemption Permitted	Monthly		Monthly	Monthly		Monthly
Willowbridge Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets	5.01%		10.76%	5.01%		10.76%
Investment in Funds, at fair value	$ 5,061,381		$ 12,341,418	$ 5,061,381		$ 12,341,418
Income (Loss)	(573,133)		300,740	(142,084)		(105,141)
Clearing Fees Expenses	3,886		14,182	13,241		30,906
Other	464		4,412	1,672		7,769
Net Investment Income (Loss)	$ (577,483)		$ 282,146	$ (156,997)		$ (143,816)
Investment Objective	Commodity Portfolio		Commodity Portfolio	Commodity Portfolio		Commodity Portfolio
Redemption Permitted	Monthly		Monthly	Monthly		Monthly
300 North Master [Member]
Investment Holdings [Line Items]
Income (Loss)			$ 933,899			$ (3,701,369)
Clearing Fees Expenses			18,081			45,923
Other			18,336			43,321
Net Investment Income (Loss)			$ 897,482			$ (3,790,613)
Investment Objective			Commodity Portfolio			Commodity Portfolio
Redemption Permitted			Monthly			Monthly
Principle Master Fund L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)			$ 134,064			$ (2,220,340)
Clearing Fees Expenses			34,887			69,850
Other			23,543			42,572
Net Investment Income (Loss)			$ 75,634			$ (2,332,762)
Investment Objective			Commodity Portfolio			Commodity Portfolio
Redemption Permitted			Monthly			Monthly
PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets			18.40%			18.40%
Investment in Funds, at fair value			$ 20,791,945			$ 20,791,945	$ 20,791,945
Income (Loss)	$ (2,445,694)			$ (922,486)
Clearing Fees Expenses	41,893			75,206
Other	34,143			62,052
Net Investment Income (Loss)	$ (2,521,730)			$ (1,059,744)
Investment Objective	Commodity Portfolio		Commodity Portfolio	Commodity Portfolio		Commodity Portfolio
Redemption Permitted	Monthly		Monthly	Monthly		Monthly
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail) - Jun. 30, 2015	Total
Fair Value Disclosures [Abstract]
General Partner OTC minimum	52.20%
General Partner OTC maximum	68.90%
Maturity on financial instruments	1 year