Emerging Cta Portfolio 10-Q 12 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	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		72,892.8212

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Assets:
Investment in Funds, at fair value	[1]	$ 63,061,528	$ 93,426,730
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $13,998,231 and $0 at September 30, 2015 and December 31, 2014, respectively)	[1]	63,061,528	93,426,730
Cash		18,149,601	25,786,501
Cash margin		6,632,832
Net unrealized appreciation on open futures contracts		371,460
Total trading equity		102,216,086	119,213,231
Redemptions receivable from Funds		2,233,594
Interest receivable		81	152
Total assets		104,449,761	119,213,383
Liabilities:
Net unrealized depreciation on open forward contracts		73,933
Accrued expenses:
Ongoing selling agent fees		173,960	198,685
Management fees		135,268	151,108
General Partner fees		86,784	99,297
Incentive fees		667,285	2,102,114
General Partner incentive fees		37,394
Clearing fees due to MS&Co.			2,151
Other		234,889	54,096
Redemptions payable to General Partner		99,988
Redemptions payable to Limited Partners		1,014,856	1,977,940
Total liabilities		2,524,357	4,585,391
Partners' Capital:
General Partner, 814.5646 and 942.3886 Class A Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively		1,118,434	1,276,279
Limited Partners, 73,418.5872 and 83,697.5332 Class A Redeemable Units outstanding at September 30, 2015 and December 31, 2014, respectively		100,806,970	113,351,713
Total partners' capital		101,925,404	114,627,992
Total liabilities and partners' capital		$ 104,449,761	$ 119,213,383
Net asset value per unit, Class A		$ 1,373.04	$ 1,354.30
U.S. Treasury Bills [Member]
Assets:
Investment in Funds, at fair value		$ 14,000,665
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $13,998,231 and $0 at September 30, 2015 and December 31, 2014, respectively)		$ 14,000,665
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
General Partner Capital Account Class A Redeemable Units outstanding	814.5646	942.3886
Limited Partner Capital Account Class A Redeemable Units outstanding	73,418.5872	83,697.5332
U.S. Treasury Bills [Member]
Investment in U.S. Treasury bills, Amortized cost	$ 13,998,231	$ 0

Condensed Schedule of Investmen

Condensed Schedule of Investments		9 Months Ended
		Sep. 30, 2015USD ($)Contract	Dec. 31, 2014USD ($)
Net unrealized appreciation (depreciation) on open contracts		$ (73,933)
Unrealized Appreciation on Open Forward Contracts		371,460
Unrealized Depreciation on Open Forward Contracts		$ (73,933)
% of Partners' Capital		75.90%	81.50%
Total Investment in Funds	[1]	$ 63,061,528	$ 93,426,730
Net fair value		77,359,720	$ 93,426,730
Forward Contracts [Member]
Net unrealized appreciation (depreciation) on open contracts		(73,933)
Unrealized Appreciation on Open Forward Contracts		63,072
Unrealized Depreciation on Open Forward Contracts		$ (137,005)
% of Partners' Capital		(0.07%)
Percentage of Partners' Capital		0.06%
Percentage of Partners' Capital		(0.13%)
Currencies [Member] | Forward Contracts [Member]
Unrealized Appreciation on Open Forward Contracts		$ 63,072
Notional Amount		17,550,440
Unrealized Depreciation on Open Forward Contracts		(137,005)
Notional Amount		$ 14,634,207
Percentage of Partners' Capital		0.06%
Percentage of Partners' Capital		(0.13%)
Limited Partners [Member]
% of Partners' Capital		61.87%	81.50%
Total Investment in Funds		$ 63,061,528	$ 93,426,730
Limited Partners [Member] | Blackwater Master Fund L.P. [Member]
% of Partners' Capital			3.47%
Total Investment in Funds			$ 3,980,034
Limited Partners [Member] | SECOR Master Fund L.P. [Member]
% of Partners' Capital		24.31%	25.83%
Total Investment in Funds		$ 24,774,491	$ 29,604,763
Limited Partners [Member] | Cambridge Master Fund L.P. [Member]
% of Partners' Capital		25.25%	23.30%
Total Investment in Funds		$ 25,742,479	$ 26,708,570
Limited Partners [Member] | CMF Willowbridge Master Fund L.P. [Member]
% of Partners' Capital		12.31%	10.76%
Total Investment in Funds		$ 12,544,558	$ 12,341,418
Limited Partners [Member] | PGM Master Fund L.P. [Member]
% of Partners' Capital			18.14%
Total Investment in Funds			$ 20,791,945
Futures Contracts [Member]
Net unrealized appreciation (depreciation) on open contracts		$ 371,460
% of Partners' Capital		0.36%
Futures Contracts [Member] | Long [Member]
Net unrealized appreciation (depreciation) on open contracts		$ (664,580)
% of Partners' Capital		(0.65%)
Futures Contracts [Member] | Long [Member] | Energy [Member]
Number of Contracts | Contract		3
Net unrealized appreciation (depreciation) on open contracts		$ (529)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Long [Member] | Grains [Member]
Number of Contracts | Contract		4
Net unrealized appreciation (depreciation) on open contracts		$ (1,655)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Long [Member] | Indices [Member]
Number of Contracts | Contract		290
Net unrealized appreciation (depreciation) on open contracts		$ (1,032,936)
% of Partners' Capital		(1.01%)
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member]
Number of Contracts | Contract		470
Net unrealized appreciation (depreciation) on open contracts		$ 54,686
% of Partners' Capital		0.05%
Futures Contracts [Member] | Long [Member] | Interest Rates Non-U.S. [Member]
Number of Contracts | Contract		1,363
Net unrealized appreciation (depreciation) on open contracts		$ 313,363
% of Partners' Capital		0.31%
Futures Contracts [Member] | Long [Member] | Livestock [Member]
Number of Contracts | Contract		4
Net unrealized appreciation (depreciation) on open contracts		$ (192)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Long [Member] | Metals [Member]
Number of Contracts | Contract		13
Net unrealized appreciation (depreciation) on open contracts		$ (1,021)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Long [Member] | Softs [Member]
Number of Contracts | Contract		17
Net unrealized appreciation (depreciation) on open contracts		$ 3,704
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Short [Member]
Net unrealized appreciation (depreciation) on open contracts		$ 1,036,040
% of Partners' Capital		1.01%
Futures Contracts [Member] | Short [Member] | Energy [Member]
Number of Contracts | Contract		35
Net unrealized appreciation (depreciation) on open contracts		$ 27,349
% of Partners' Capital		0.02%
Futures Contracts [Member] | Short [Member] | Grains [Member]
Number of Contracts | Contract		4
Net unrealized appreciation (depreciation) on open contracts		$ (270)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Short [Member] | Indices [Member]
Number of Contracts | Contract		446
Net unrealized appreciation (depreciation) on open contracts		$ 1,342,658
% of Partners' Capital		1.32%
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member]
Number of Contracts | Contract		468
Net unrealized appreciation (depreciation) on open contracts		$ (90,333)
% of Partners' Capital		(0.09%)
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member]
Number of Contracts | Contract		1,161
Net unrealized appreciation (depreciation) on open contracts		$ (217,413)
% of Partners' Capital		(0.21%)
Futures Contracts [Member] | Short [Member] | Metals [Member]
Number of Contracts | Contract		42
Net unrealized appreciation (depreciation) on open contracts		$ (24,644)
% of Partners' Capital		(0.03%)
Futures Contracts [Member] | Short [Member] | Softs [Member]
Number of Contracts | Contract		1
Net unrealized appreciation (depreciation) on open contracts		$ 410
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Short [Member] | Currencies [Member]
Number of Contracts | Contract		13
Net unrealized appreciation (depreciation) on open contracts		$ (1,717)
% of Partners' Capital	[2]	0.00%
U.S. Treasury Bills [Member]
% of Partners' Capital		13.74%
Face Amount		$ 14,000,000
Maturity Date		Dec. 17, 2015
Total Investment in Funds		$ 14,000,665
[1]	Defined in Note 1.
[2]	Due to rounding

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Treasury Bills [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Investment in U.S. Treasury bills, Amortized cost	$ 13,998,231
Investment, interest rate	0.05%

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital	USD ($)$ / sharesshares
Trading Results:
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,350.40
Interest income	$ 4,174
Interest income allocated from Funds	17,293
Total investment income	21,467
Clearing fees related to direct investments	215,003
Expenses allocated from funds	985,115
Ongoing selling agent fees	2,932,408
Management fees	1,422,240
General Partner fees	510,083
Incentive fees	670,921
Other	372,084
Total expenses	7,107,854
Net investment loss	(7,086,387)
Net realized gains (losses) on closed contracts	(3,186,342)
Net realized gains (losses) on closed contracts allocated from Funds	1,492,945
Net change in unrealized gains (losses) on open contracts	(732,961)
Net change in unrealized gains (losses) on open contracts allocated from Funds	(1,957,546)
Total trading results	(4,383,904)
Net income (loss)	(11,470,291)
Subscriptions - Limited Partners	6,466,983
Redemptions - General Partner	(702,619)
Redemptions - Limited Partners	(42,313,886)
Net increase (decrease) in Partners' Capital	(48,019,813)
Partners' Capital, beginning of period at Dec. 31, 2013	162,121,688
Partners' Capital, end of period at Sep. 30, 2014	$ 114,101,875
Trading Results:
Net income (loss) per unit, Class A | $ / shares	$ (87.52)	[1]
Weighted average Class A units outstanding | shares	108,828.8182
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,249.02
Interest income	$ 1,007
Interest income allocated from Funds	2,912
Total investment income	3,919
Clearing fees related to direct investments	88,122
Expenses allocated from funds	385,076
Ongoing selling agent fees	759,211
Management fees	443,091
General Partner fees	151,686
Incentive fees	683,130
Other	150,497
Total expenses	2,660,813
Net investment loss	(2,656,894)
Net realized gains (losses) on closed contracts	(783,500)
Net realized gains (losses) on closed contracts allocated from Funds	3,804
Net change in unrealized gains (losses) on open contracts	(810,312)
Net change in unrealized gains (losses) on open contracts allocated from Funds	5,242,218
Total trading results	3,652,210
Net income (loss)	995,316
Subscriptions - Limited Partners	645,260
Redemptions - General Partner	(702,619)
Redemptions - Limited Partners	(14,588,077)
Net increase (decrease) in Partners' Capital	(13,650,120)
Partners' Capital, beginning of period at Jun. 30, 2014	127,751,995
Partners' Capital, end of period at Sep. 30, 2014	$ 114,101,875
Trading Results:
Net income (loss) per unit, Class A | $ / shares	$ 13.86	[1]
Weighted average Class A units outstanding | shares	98,070.5265
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,262.88
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,354.30
Interest income	$ 4,492
Interest income allocated from Funds	10,773
Total investment income	15,265
Clearing fees related to direct investments	186,545
Expenses allocated from funds	566,516
Ongoing selling agent fees	1,642,656
Management fees	1,252,263
General Partner fees	820,278
Incentive fees	1,434,431
General Partner incentive fees	37,394
Other	410,545
Total expenses	6,350,628
Net investment loss	(6,335,363)
Net realized gains (losses) on closed contracts	(1,996,254)
Net realized gains (losses) on closed contracts allocated from Funds	11,971,439
Net change in unrealized gains (losses) on open contracts	906,237
Net change in unrealized gains (losses) on open contracts allocated from Funds	(3,157,042)
Total trading results	7,724,380
Net income (loss)	1,389,017
Subscriptions - Limited Partners	3,384,167
Redemptions - General Partner	(175,894)
Redemptions - Limited Partners	(17,299,878)
Net increase (decrease) in Partners' Capital	(12,702,588)
Partners' Capital, beginning of period at Dec. 31, 2014	114,627,992
Partners' Capital, end of period at Sep. 30, 2015	$ 101,925,404
Trading Results:
Net income (loss) per unit, Class A | $ / shares	$ 18.74	[1]
Weighted average Class A units outstanding | shares	79,922.2321
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,320.35
Interest income	$ 3,431
Interest income allocated from Funds	7,319
Total investment income	10,750
Clearing fees related to direct investments	86,137
Expenses allocated from funds	127,288
Ongoing selling agent fees	522,959
Management fees	406,464
General Partner fees	260,886
Incentive fees	667,285
General Partner incentive fees	37,394
Other	150,986
Total expenses	2,259,399
Net investment loss	(2,248,649)
Net realized gains (losses) on closed contracts	(780,521)
Net realized gains (losses) on closed contracts allocated from Funds	5,267,432
Net change in unrealized gains (losses) on open contracts	896,063
Net change in unrealized gains (losses) on open contracts allocated from Funds	880,966
Total trading results	6,263,940
Net income (loss)	4,015,291
Subscriptions - Limited Partners	793,167
Redemptions - General Partner	(99,987)
Redemptions - Limited Partners	(3,843,712)
Net increase (decrease) in Partners' Capital	864,759
Partners' Capital, beginning of period at Jun. 30, 2015	101,060,645
Partners' Capital, end of period at Sep. 30, 2015	$ 101,925,404
Trading Results:
Net income (loss) per unit, Class A | $ / shares	$ 52.69	[1]
Weighted average Class A units outstanding | shares	75,799.4413
Net asset value per unit, Class A (74,233.1518 and 90,350.8908 units outstanding at September 30, 2015 and 2014, respectively) | $ / shares	$ 1,373.04
[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	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Partners' capital units outstanding	74,233.1518	90,350.8908

Organization

Organization	9 Months Ended
	Sep. 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 through investments in the Funds (defined below), 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 directly and through its investments in the Funds with the approval of the General Partner (defined below). The sectors traded include currencies, livestock, lumber, energy, grains, metals, indices, softs and U.S. and non-U.S. interest rates. The commodity interests that are traded by the Partnership and the Funds are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets in United States (“U.S”) Treasury bills. 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 September 30, 2015, there were no Redeemable Units outstanding in Class D or Class Z. As of September 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 the close of business on September 30, 2015, 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. Prior to the termination of its management agreement effective September 30, 2015, Blackwater Capital Management, LLC (“Blackwater”) also served as one of the Partnerships’ major commodity trading advisors. In addition, the General Partner may allocate the Partnership’s assets to additional non-major trading advisors (i.e. commodity trading advisors intended to be allocated less than 10% of the Partnership’s assets). Information about advisors allocated less than 10% of the Partnership’s assets may not be disclosed. The General Partner may also 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 Blackwater, 300 North Capital LLC (“300 North Capital”) and Principle Capital Management LLC (“Principle”). As of September 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 Systemic 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”) and SECOR Master Fund L.P (“SECOR Master”) (together with Cambridge Master and Willowbridge 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”) (prior to its liquidation on July 31, 2014), 300 North Master Fund L.P. (“300 North Master”) (prior to its liquidation on October 31, 2014), PGM Master Fund L.P. (“PGM Master”) (prior to its liquidation on June 30, 2015) and Blackwater Master Fund L.P. (“Blackwater Master”) (prior to its liquidation as of the close of business on September 30, 2015) also entered into a futures brokerage agreement with MS&Co. Cambridge Master has also, and PGM Master had, entered into a foreign exchange prime brokerage agreement with MS&Co. References to “Funds” included in this report may include, as relevant, Principle Master, 300 North Master, PGM Master and Blackwater 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 advisors 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 (formerly, the administrative fees) were 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. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator will furnish certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator will maintain certain books and records of the Partnership. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2015 and December 31, 2014, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2015 and 2014. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates. Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported 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 net investment loss per unit. This information was previously included as a footnote to the financial highlights table. The General Partner and each Limited Partner 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. Partnership’s Cash Investment Company Status: “Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements” Income Taxes: Net Income (loss) per unit: “Financial Highlights.” Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2015
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the Limited Partner class as a whole for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ 82.33 $ 41.27 $ 97.91 $ (21.40) Net investment loss (29.64) (27.41) (79.17) (66.12) Increase (decrease) for the period 52.69 13.86 18.74 (87.52) Net asset value per unit, beginning of period 1,320.35 1,249.02 1,354.30 1,350.40 Net asset value per unit, end of period $ 1,373.04 $ 1,262.88 $ 1,373.04 $ 1,262.88 Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss (6.7) % (7.2) % (7.5) % (6.9) % Operating expense 6.1 % 6.6 % 6.1 % 6.5 % Incentive fees 0.7 % 0.6 % 1.4 % 0.5 % Total expenses 6.8 % 7.2 % 7.5 % 7.0 % Total return: Total return before incentive fees 4.7 % 1.7 % 2.8 % (6.0) % Incentive fees (0.7) % (0.6) % (1.4) % (0.5) % Total return after incentive fees 4.0 % 1.1 % 1.4 % (6.5) % 1 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	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The 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 September 30, 2015 and 2014 were 4,642 and 197, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2015 and 2014 were 1,635 and 563, respectively. The monthly average number of option contracts held directly by the Partnership during the three months ended September 30, 2015 and 2014 were 0 and 1,319, respectively. The monthly average number of option contracts held directly by the Partnership during the nine months ended September 30, 2015 and 2014 were 134 and 1,619, respectively. The monthly average notional value of currency forward contracts held directly by the Partnership during the three months ended September 30, 2015 and 2014 were $43,161,514 and $55,892,125, respectively. The monthly average notional values of currency forward contracts held directly by the Partnership during the nine months ended September 30, 2015 and 2014 were $14,387,171 and $79,892,256, 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 September 30, 2015. There were no direct investments as of December 31, 2014. Gross Amounts not Offset in the September 30, 2015 Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral Net Amount Assets Futures $ 1,822,298 $ (1,450,838) $ 371,460 $ - $ - $ 371,460 Forwards 63,072 (63,072) - - - - Total Assets $ 1,885,370 $ (1,513,910) $ 371,460 $ - $ - $ 371,460 Liabilities Futures $ (1,450,838) $ 1,450,838 $ - $ - $ - $ - Forwards (137,005) 63,072 (73,933) - - (73,933) Total Liabilities $ (1,587,843) $ 1,513,910 $ (73,933) $ - $ - $ (73,933) Net fair value $ 297,527 * * 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 values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2015. There were no direct investments as of December 31, 2014. Assets September 30, 2015 Futures Contracts Currencies $ 251 Energy 27,349 Indices 1,342,658 Interest Rates U.S. 54,686 Interest Rates Non-U.S. 385,920 Metals 7,320 Softs 4,114 Total unrealized appreciation on open futures contracts 1,822,298 Liabilities Futures Contracts Currencies (1,968) Energy (529) Grains (1,925) Indices (1,032,936) Interest Rates U.S. (90,333) Interest Rates Non-U.S. (289,970) Livestock (192) Metals (32,985) Total unrealized depreciation on open futures contracts (1,450,838) Net unrealized appreciation on open futures contracts $ 371,460 * Assets Forward Contracts Currencies $ 63,072 Total unrealized appreciation on open forward contracts 63,072 Liabilities Forward Contracts Currencies $ (137,005) Total unrealized depreciation on open forward contracts (137,005) Net unrealized depreciation on open forward contracts $ (73,933) ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included in “Net unrealized depreciation on open forward 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 nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended Sector 2015 2014 2015 2014 Currencies $ (340,240) $ 310,584 $ (374,323) $ 138,278 Energy (28,528) (1,876,447) (1,107,157) (2,914,078) Grains (167,058) 146,038 (148,711) 214,650 Indices 204,963 (292,559) (65,052) (922,817) Interest Rates U.S. (155,700) 30,009 (107,170) 295,483 Interest Rates Non-U.S. 429,943 59,703 619,140 (716,102) Livestock 18,211 (95,957) 241 (59,067) Metals 167,492 47,682 120,947 92,195 Softs (13,541) 77,135 (27,932) (47,845) Total $ 115,542 *** $ (1,593,812) *** $ (1,090,017) *** $ (3,919,303) *** *** 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	9 Months Ended
	Sep. 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 forward, swap and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended September 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 nine months ended September 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. September 30, Level 1 Level 2 Level 3 Assets Futures $ 1,822,298 $ 1,822,298 $ - $ - Forwards 63,072 - 63,072 - U.S. Treasury bills 14,000,665 - 14,000,665 - Total assets $ 15,886,035 $ 1,822,298 $ 14,063,737 $ - Liabilities Futures $ 1,450,838 $ 1,450,838 $ - $ - Forwards 137,005 - 137,005 - Total liabilities $ 1,587,843 $ 1,450,838 $ 137,005 $ - Net fair value $ 14,298,192 $ 371,460 $ 13,926,732 $ -

Investment in Funds

Investment in Funds	9 Months Ended
	Sep. 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. Effective as of the close of business on September 30, 2015, the Partnership fully redeemed its investment in Blackwater Master for cash equal to $2,233,594. 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 September 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, floor brokerage and National Futures Association fees (collectively, the “clearing fees”) are borne by the Partnership directly or by the Funds and allocated to the Funds’ limited partners, including the Partnership. Other expenses are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. All other fees are charged at the Partnership level. At September 30, 2015, the Partnership owned approximately 3.0% of Willowbridge Master, 47.8% of SECOR Master and 63.8% 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. 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. September 30, 2015 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 9,919,970 $ 9,919,970 $ - SECOR Master 51,803,496 13,962 51,789,534 Cambridge Master 40,367,675 36,610 40,331,065 Willowbridge Master 425,873,553 5,034,529 420,839,024 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 September 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (16,617) $ 297,125 $ 280,508 SECOR Master (83,257) 3,610,700 3,527,443 Cambridge Master (22,085) 5,593,830 5,571,745 Willowbridge Master (145,834) 28,756,543 28,610,709 For the nine months ended September 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (39,750) $ 87,198 $ 47,448 SECOR Master (304,487) 6,168,503 5,864,016 Cambridge Master (76,460) 8,794,035 8,717,575 Willowbridge Master (636,638) 15,134,368 14,497,730 PGM Master (136,430) (923,314) (1,059,744) For the three months ended September 30, 2014 Net Investment Total Trading Net Income Blackwater Master $ (14,963) $ 2,462,046 $ 2,447,083 SECOR Master (155,854) 325,929 170,075 Cambridge Master (54,962) 6,532,519 6,477,557 Willowbridge Master (166,398) 3,692,929 3,526,531 300 North Master (42,217) (270,614) (312,831) Principle Master (74,652) (1,025,740) (1,100,392) PGM Master (26,211) 733,796 707,585 For the nine months ended September 30, 2014 Net Investment Total Trading Net Income Blackwater Master $ (62,309) $ 732,472 $ 670,163 SECOR Master (400,635) 1,161,971 761,336 Cambridge Master (121,681) 6,865,193 6,743,512 Willowbridge Master (379,676) 2,654,368 2,274,692 300 North Master (128,732) (3,974,712) (4,103,444) Principle Master (184,996) (3,248,158) (3,433,154) PGM Master (26,211) 733,796 707,585 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. September 30, 2015 For the three months ended September 30, 2015 % of Fair Value Income Expenses Net Income Funds Clearing Other Investment Redemptions Permitted Blackwater Master (a) - $ - $ 70,025 $ 1,307 $ 4,326 $ 64,392 Commodity Portfolio Monthly SECOR Master 24.31% 24,774,491 1,749,282 80,436 9,276 1,659,570 Commodity Portfolio Monthly Cambridge Master 25.25% 25,742,479 3,619,120 12,234 15,105 3,591,781 Commodity Portfolio Monthly Willowbridge Master 12.31% 12,544,558 717,290 4,009 595 712,686 Commodity Portfolio Monthly Total $ 63,061,528 $ 6,155,717 $ 97,986 $ 29,302 $ 6,028,429 September 30, 2015 For the nine months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Net Income (Loss) Investment Funds Clearing Other Redemptions Blackwater Master (a) - $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Portfolio Monthly SECOR Master 24.31% 24,774,491 3,398,201 273,133 39,422 3,085,646 Commodity Portfolio Monthly Cambridge Master 25.25% 25,742,479 5,700,537 34,702 48,446 5,617,389 Commodity Portfolio Monthly Willowbridge Master 12.31% 12,544,558 575,206 17,250 2,267 555,689 Commodity Portfolio Monthly PGM Master (b) - - (922,486) 75,206 62,052 (1,059,744) Commodity Portfolio Monthly Total $ 63,061,528 $ 8,825,170 $ 404,053 $ 162,463 $ 8,258,654 December 31, 2014 For the three months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Net Income Funds Clearing Other Investment Redemptions Blackwater Master 3.47% $ 3,980,034 $ 542,258 $ 4,222 $ 5,006 $ 533,030 Commodity Portfolio Monthly SECOR Master 25.83% 29,604,763 326,625 132,688 23,862 170,075 Commodity Portfolio Monthly Cambridge Master 23.30% 26,708,570 4,656,321 27,556 28,520 4,600,245 Commodity Portfolio Monthly Willowbridge Master 10.76% 12,341,418 285,494 15,452 3,896 266,146 Commodity Portfolio Monthly 300 North Master (c) - - (270,035) 17,054 25,742 (312,831) Commodity Portfolio Monthly Principle Master (d) - - (1,025,560) 16,097 58,735 (1,100,392) Commodity Portfolio Monthly PGM Master 18.14% 20,791,945 733,831 13,746 12,500 707,585 Commodity Portfolio Monthly Total $ 93,426,730 $ 5,248,934 $ 226,815 $ 158,261 $ 4,863,858 December 31, 2014 For the nine months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Other Blackwater Master 3.47% $ 3,980,034 $ (266,742) $ 28,027 $ 22,901 $ (317,670) Commodity Portfolio Monthly SECOR Master 25.83% 29,604,763 1,164,738 335,246 68,156 761,336 Commodity Portfolio Monthly Cambridge Master 23.30% 26,708,570 4,957,816 58,423 68,799 4,830,594 Commodity Portfolio Monthly Willowbridge Master 10.76% 12,341,418 180,353 46,358 11,665 122,330 Commodity Portfolio Monthly 300 North Master (c) - - (3,971,404) 62,977 69,063 (4,103,444) Commodity Portfolio Monthly Principle Master (d) - - (3,245,900) 85,947 101,307 (3,433,154) Commodity Portfolio Monthly PGM Master 18.14% 20,791,945 733,831 13,746 12,500 707,585 Commodity Portfolio Monthly Total $ 93,426,730 $ (447,308) $ 630,724 $ 354,391 $ (1,432,423) (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2015 through June 30, 2015, the date the Partnership fully redeemed its interest in PGM Master. (c) From January 1, 2014 through October 31, 2014, the date the Partnership fully redeemed its interest in 300 North Master. (d) 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	9 Months Ended
	Sep. 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 sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. The General Partner estimates that at any given time approximately 52.2% to 67.1% of the Partnership’s/Funds’ contracts are traded OTC. 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. or its affiliate, 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	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	8. Subsequent Events The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that other than that listed below, there were no subsequent events requiring adjustment of or disclosure in the financial statements. Effective September 30, 2015, the Partnership fully redeemed its investment in Blackwater Master. Effective on October 1, 2015, the Partnership reallocated the assets allocated to Blackwater to existing commodity trading advisors in the Partnership.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Partnership's Investments 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.
Partnership's Cash	Partnership’s Cash
Investment Company Status	Investment Company Status: “Financial Services — Investments Companies Amendments to the Scope, Measurement and Disclosure Requirements”
Income Taxes	Income Taxes:
Net Income (loss) per unit	Net Income (loss) per unit: “Financial Highlights.”
Recent Accounting Pronouncement	Recent Accounting Pronouncement: Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent) 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)	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Net realized and unrealized gains (losses) $ 82.33 $ 41.27 $ 97.91 $ (21.40) Net investment loss (29.64) (27.41) (79.17) (66.12) Increase (decrease) for the period 52.69 13.86 18.74 (87.52) Net asset value per unit, beginning of period 1,320.35 1,249.02 1,354.30 1,350.40 Net asset value per unit, end of period $ 1,373.04 $ 1,262.88 $ 1,373.04 $ 1,262.88
Ratios to Average Net Assets	Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Ratios to average net assets: 1 Net investment loss (6.7) % (7.2) % (7.5) % (6.9) % Operating expense 6.1 % 6.6 % 6.1 % 6.5 % Incentive fees 0.7 % 0.6 % 1.4 % 0.5 % Total expenses 6.8 % 7.2 % 7.5 % 7.0 % Total return: Total return before incentive fees 4.7 % 1.7 % 2.8 % (6.0) % Incentive fees (0.7) % (0.6) % (1.4) % (0.5) % Total return after incentive fees 4.0 % 1.1 % 1.4 % (6.5) %

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 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 September 30, 2015. There were no direct investments as of December 31, 2014. Gross Amounts not Offset in the September 30, 2015 Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral Net Amount Assets Futures $ 1,822,298 $ (1,450,838) $ 371,460 $ - $ - $ 371,460 Forwards 63,072 (63,072) - - - - Total Assets $ 1,885,370 $ (1,513,910) $ 371,460 $ - $ - $ 371,460 Liabilities Futures $ (1,450,838) $ 1,450,838 $ - $ - $ - $ - Forwards (137,005) 63,072 (73,933) - - (73,933) Total Liabilities $ (1,587,843) $ 1,513,910 $ (73,933) $ - $ - $ (73,933) Net fair value $ 297,527 * * 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 values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2015. There were no direct investments as of December 31, 2014. Assets September 30, 2015 Futures Contracts Currencies $ 251 Energy 27,349 Indices 1,342,658 Interest Rates U.S. 54,686 Interest Rates Non-U.S. 385,920 Metals 7,320 Softs 4,114 Total unrealized appreciation on open futures contracts 1,822,298 Liabilities Futures Contracts Currencies (1,968) Energy (529) Grains (1,925) Indices (1,032,936) Interest Rates U.S. (90,333) Interest Rates Non-U.S. (289,970) Livestock (192) Metals (32,985) Total unrealized depreciation on open futures contracts (1,450,838) Net unrealized appreciation on open futures contracts $ 371,460 * Assets Forward Contracts Currencies $ 63,072 Total unrealized appreciation on open forward contracts 63,072 Liabilities Forward Contracts Currencies $ (137,005) Total unrealized depreciation on open forward contracts (137,005) Net unrealized depreciation on open forward contracts $ (73,933) ** * This amount is included in “Net unrealized appreciation on open futures contracts” on the Statements of Financial Condition. ** This amount is included in “Net unrealized depreciation on open forward 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 nine months ended September 30, 2015 and 2014. Three Months Ended Nine Months Ended Sector 2015 2014 2015 2014 Currencies $ (340,240) $ 310,584 $ (374,323) $ 138,278 Energy (28,528) (1,876,447) (1,107,157) (2,914,078) Grains (167,058) 146,038 (148,711) 214,650 Indices 204,963 (292,559) (65,052) (922,817) Interest Rates U.S. (155,700) 30,009 (107,170) 295,483 Interest Rates Non-U.S. 429,943 59,703 619,140 (716,102) Livestock 18,211 (95,957) 241 (59,067) Metals 167,492 47,682 120,947 92,195 Softs (13,541) 77,135 (27,932) (47,845) Total $ 115,542 *** $ (1,593,812) *** $ (1,090,017) *** $ (3,919,303) *** *** 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)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the nine months ended September 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. September 30, Level 1 Level 2 Level 3 Assets Futures $ 1,822,298 $ 1,822,298 $ - $ - Forwards 63,072 - 63,072 - U.S. Treasury bills 14,000,665 - 14,000,665 - Total assets $ 15,886,035 $ 1,822,298 $ 14,063,737 $ - Liabilities Futures $ 1,450,838 $ 1,450,838 $ - $ - Forwards 137,005 - 137,005 - Total liabilities $ 1,587,843 $ 1,450,838 $ 137,005 $ - Net fair value $ 14,298,192 $ 371,460 $ 13,926,732 $ -

Investment in Funds (Tables)

Investment in Funds (Tables)	9 Months Ended
	Sep. 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. September 30, 2015 Total Assets Total Liabilities Total Partners’ Blackwater Master $ 9,919,970 $ 9,919,970 $ - SECOR Master 51,803,496 13,962 51,789,534 Cambridge Master 40,367,675 36,610 40,331,065 Willowbridge Master 425,873,553 5,034,529 420,839,024 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 September 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (16,617) $ 297,125 $ 280,508 SECOR Master (83,257) 3,610,700 3,527,443 Cambridge Master (22,085) 5,593,830 5,571,745 Willowbridge Master (145,834) 28,756,543 28,610,709 For the nine months ended September 30, 2015 Net Investment Total Trading Net Income Blackwater Master $ (39,750) $ 87,198 $ 47,448 SECOR Master (304,487) 6,168,503 5,864,016 Cambridge Master (76,460) 8,794,035 8,717,575 Willowbridge Master (636,638) 15,134,368 14,497,730 PGM Master (136,430) (923,314) (1,059,744) For the three months ended September 30, 2014 Net Investment Total Trading Net Income Blackwater Master $ (14,963) $ 2,462,046 $ 2,447,083 SECOR Master (155,854) 325,929 170,075 Cambridge Master (54,962) 6,532,519 6,477,557 Willowbridge Master (166,398) 3,692,929 3,526,531 300 North Master (42,217) (270,614) (312,831) Principle Master (74,652) (1,025,740) (1,100,392) PGM Master (26,211) 733,796 707,585 For the nine months ended September 30, 2014 Net Investment Total Trading Net Income Blackwater Master $ (62,309) $ 732,472 $ 670,163 SECOR Master (400,635) 1,161,971 761,336 Cambridge Master (121,681) 6,865,193 6,743,512 Willowbridge Master (379,676) 2,654,368 2,274,692 300 North Master (128,732) (3,974,712) (4,103,444) Principle Master (184,996) (3,248,158) (3,433,154) PGM Master (26,211) 733,796 707,585
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. September 30, 2015 For the three months ended September 30, 2015 % of Fair Value Income Expenses Net Income Funds Clearing Other Investment Redemptions Permitted Blackwater Master (a) - $ - $ 70,025 $ 1,307 $ 4,326 $ 64,392 Commodity Portfolio Monthly SECOR Master 24.31% 24,774,491 1,749,282 80,436 9,276 1,659,570 Commodity Portfolio Monthly Cambridge Master 25.25% 25,742,479 3,619,120 12,234 15,105 3,591,781 Commodity Portfolio Monthly Willowbridge Master 12.31% 12,544,558 717,290 4,009 595 712,686 Commodity Portfolio Monthly Total $ 63,061,528 $ 6,155,717 $ 97,986 $ 29,302 $ 6,028,429 September 30, 2015 For the nine months ended September 30, 2015 % of Partnership’s Fair Value Income Expenses Net Income (Loss) Investment Funds Clearing Other Redemptions Blackwater Master (a) - $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Portfolio Monthly SECOR Master 24.31% 24,774,491 3,398,201 273,133 39,422 3,085,646 Commodity Portfolio Monthly Cambridge Master 25.25% 25,742,479 5,700,537 34,702 48,446 5,617,389 Commodity Portfolio Monthly Willowbridge Master 12.31% 12,544,558 575,206 17,250 2,267 555,689 Commodity Portfolio Monthly PGM Master (b) - - (922,486) 75,206 62,052 (1,059,744) Commodity Portfolio Monthly Total $ 63,061,528 $ 8,825,170 $ 404,053 $ 162,463 $ 8,258,654 December 31, 2014 For the three months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Net Income Funds Clearing Other Investment Redemptions Blackwater Master 3.47% $ 3,980,034 $ 542,258 $ 4,222 $ 5,006 $ 533,030 Commodity Portfolio Monthly SECOR Master 25.83% 29,604,763 326,625 132,688 23,862 170,075 Commodity Portfolio Monthly Cambridge Master 23.30% 26,708,570 4,656,321 27,556 28,520 4,600,245 Commodity Portfolio Monthly Willowbridge Master 10.76% 12,341,418 285,494 15,452 3,896 266,146 Commodity Portfolio Monthly 300 North Master (c) - - (270,035) 17,054 25,742 (312,831) Commodity Portfolio Monthly Principle Master (d) - - (1,025,560) 16,097 58,735 (1,100,392) Commodity Portfolio Monthly PGM Master 18.14% 20,791,945 733,831 13,746 12,500 707,585 Commodity Portfolio Monthly Total $ 93,426,730 $ 5,248,934 $ 226,815 $ 158,261 $ 4,863,858 December 31, 2014 For the nine months ended September 30, 2014 % of Partnership’s Fair Value Income Expenses Net Income Investment Redemptions Funds Clearing Other Blackwater Master 3.47% $ 3,980,034 $ (266,742) $ 28,027 $ 22,901 $ (317,670) Commodity Portfolio Monthly SECOR Master 25.83% 29,604,763 1,164,738 335,246 68,156 761,336 Commodity Portfolio Monthly Cambridge Master 23.30% 26,708,570 4,957,816 58,423 68,799 4,830,594 Commodity Portfolio Monthly Willowbridge Master 10.76% 12,341,418 180,353 46,358 11,665 122,330 Commodity Portfolio Monthly 300 North Master (c) - - (3,971,404) 62,977 69,063 (4,103,444) Commodity Portfolio Monthly Principle Master (d) - - (3,245,900) 85,947 101,307 (3,433,154) Commodity Portfolio Monthly PGM Master 18.14% 20,791,945 733,831 13,746 12,500 707,585 Commodity Portfolio Monthly Total $ 93,426,730 $ (447,308) $ 630,724 $ 354,391 $ (1,432,423) (a) From January 1, 2015 through September 30, 2015, the date the Partnership fully redeemed its interest in Blackwater Master. (b) From January 1, 2015 through June 30, 2015, the date the Partnership fully redeemed its interest in PGM Master. (c) From January 1, 2014 through October 31, 2014, the date the Partnership fully redeemed its interest in 300 North Master. (d) 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	Sep. 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) - USD ($)	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 441,243	$ 133,847
Cash denominated in foreign currencies at cost	$ 440,835
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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Fair Value Disclosures [Abstract]
Net realized and unrealized gains (losses)	$ 82.33	$ 41.27	$ 97.91	$ (21.40)
Net investment loss	(29.64)	(27.41)	(79.17)	(66.12)
Increase (decrease) for the period	52.69	13.86	18.74	(87.52)
Net asset value per unit, beginning of period	1,320.35	1,249.02	1,354.30	1,350.40
Net asset value per unit, end of period	$ 1,373.04	$ 1,262.88	$ 1,373.04	$ 1,262.88

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Ratios to average net assets:
Net investment loss	(6.70%)	(7.20%)	(7.50%)	(6.90%)
Operating expense	6.10%	6.60%	6.10%	6.50%
Incentive fees	0.70%	0.60%	1.40%	0.50%
Total expenses	6.80%	7.20%	7.50%	7.00%
Total return before incentive fees	4.70%	1.70%	2.80%	(6.00%)
Incentive fees	(0.70%)	(0.60%)	(1.40%)	(0.50%)
Total return after incentive fees	4.00%	1.10%	1.40%	(6.50%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Contracts	Sep. 30, 2014USD ($)Contracts	Sep. 30, 2015USD ($)Contracts	Sep. 30, 2014USD ($)Contracts	Dec. 31, 2014USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Net fair value | $	$ 297,527		$ 297,527		$ 0
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts held	4,642	197	1,635	563
Options Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	0	1,319	134	1,619
Currency Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 43,161,514	$ 55,892,125	$ 14,387,171	$ 79,892,256

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 ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 1,885,370
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,513,910)
Net Amounts Presented in the Statements of Financial Condition, Assets	371,460
Financial Instruments, Assets	0
Cash Collateral Received/Pledged, Assets	0
Net Amount, Assets	371,460
Gross Amounts Recognized, Liabilities	(1,587,843)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,513,910
Amounts Presented in the Statements of Financial Condition, Liabilities	(73,933)
Financial Instruments, Liabilities	0
Cash Collateral Received/Pledged, Liabilities	0
Net Amount, Liabilities	(73,933)
Net fair value	297,527	$ 0
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,822,298
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,450,838)
Net Amounts Presented in the Statements of Financial Condition, Assets	371,460
Financial Instruments, Assets	0
Cash Collateral Received/Pledged, Assets	0
Net Amount, Assets	371,460
Gross Amounts Recognized, Liabilities	(1,450,838)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,450,838
Financial Instruments, Liabilities	0
Cash Collateral Received/Pledged, Liabilities	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	63,072
Gross Amounts Offset in the Statements of Financial Condition, Assets	(63,072)
Financial Instruments, Assets	0
Cash Collateral Received/Pledged, Assets	0
Gross Amounts Recognized, Liabilities	(137,005)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	63,072
Amounts Presented in the Statements of Financial Condition, Liabilities	(73,933)
Financial Instruments, Liabilities	0
Cash Collateral Received/Pledged, Liabilities	0
Net Amount, Liabilities	$ (73,933)

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures Contracts Traded (Detail)	Sep. 30, 2015USD ($)
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 371,460
Total unrealized depreciation on open contracts	(73,933)
Net unrealized appreciation (depreciation) on open contracts	(73,933)
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net unrealized appreciation on open futures contracts	371,460
Derivative Assets [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	63,072
Derivative Assets [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	63,072
Derivative Assets [Member] | Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,822,298
Derivative Assets [Member] | Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	251
Derivative Assets [Member] | Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	27,349
Derivative Assets [Member] | Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,342,658
Derivative Assets [Member] | Futures Contracts [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	54,686
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	385,920
Derivative Assets [Member] | Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	7,320
Derivative Assets [Member] | Futures Contracts [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	4,114
Derivative Liabilities [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(137,005)
Derivative Liabilities [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(137,005)
Derivative Liabilities [Member] | Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Net unrealized appreciation (depreciation) on open contracts	(1,450,838)
Derivative Liabilities [Member] | Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(1,968)
Derivative Liabilities [Member] | Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(529)
Derivative Liabilities [Member] | Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(1,032,936)
Derivative Liabilities [Member] | Futures Contracts [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(90,333)
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	(289,970)
Derivative Liabilities [Member] | Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(32,985)
Derivative Liabilities [Member] | Futures Contracts [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	(1,925)
Derivative Liabilities [Member] | Futures Contracts [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	$ (192)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ 6,263,940	$ 3,652,210	$ 7,724,380	$ (4,383,904)
Derivative Instruments [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	115,542	(1,593,812)	(1,090,017)	(3,919,303)
Derivative Instruments [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(340,240)	310,584	(374,323)	138,278
Derivative Instruments [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(28,528)	(1,876,447)	(1,107,157)	(2,914,078)
Derivative Instruments [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(167,058)	146,038	(148,711)	214,650
Derivative Instruments [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	204,963	(292,559)	(65,052)	(922,817)
Derivative Instruments [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(155,700)	30,009	(107,170)	295,483
Derivative Instruments [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	429,943	59,703	619,140	(716,102)
Derivative Instruments [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	18,211	(95,957)	241	(59,067)
Derivative Instruments [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	167,492	47,682	120,947	92,195
Derivative Instruments [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (13,541)	$ 77,135	$ (27,932)	$ (47,845)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Investment in Funds	$ 0	$ 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)	Sep. 30, 2015USD ($)
Assets
Total assets	$ 15,886,035
Liabilities
Total liabilities	1,587,843
Net fair value	14,298,192
U.S. Treasury Bills [Member]
Assets
Derivative assets	14,000,665
Forward Contracts [Member]
Assets
Derivative assets	63,072
Liabilities
Derivatives liabilities	137,005
Total liabilities	137,005
Futures Contracts [Member]
Assets
Derivative assets	1,822,298
Liabilities
Derivatives liabilities	1,450,838
Level 1 [Member]
Assets
Total assets	1,822,298
Liabilities
Total liabilities	1,450,838
Net fair value	371,460
Level 1 [Member] | Futures Contracts [Member]
Assets
Derivative assets	1,822,298
Liabilities
Derivatives liabilities	1,450,838
Level 2 [Member]
Assets
Total assets	14,063,737
Liabilities
Total liabilities	137,005
Net fair value	13,926,732
Level 2 [Member] | U.S. Treasury Bills [Member]
Assets
Derivative assets	14,000,665
Level 2 [Member] | Forward Contracts [Member]
Assets
Derivative assets	63,072
Liabilities
Derivatives liabilities	$ 137,005

Investment in Funds - Additiona

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

Sep. 30, 2015

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

Sep. 30, 2015

Dec. 31, 2014

Cambridge [Member] | Maximum [Member]

Investment Holdings [Line Items]

Maximum amount of partnership assets allocated to trading advisor

2 times

Cambridge [Member] | Minimum [Member]

Investment Holdings [Line Items]

Maximum amount of partnership assets allocated to trading advisor

1.5 times

Cambridge Strategy Willowbridge Associates Inc [Member]

Investment Holdings [Line Items]

Maximum amount of partnership assets allocated to trading advisor

3 times

SECOR [Member]

Investment Holdings [Line Items]

Maximum amount of partnership assets allocated to trading advisor

1.5 times

Cambridge Master Fund L.P. [Member]

Investment Holdings [Line Items]

Partnership purchased

$ 3,000,000

CMF Willowbridge Master Fund L.P. [Member]

Investment Holdings [Line Items]

Cash paid

$ 29,484,306

Partnership units purchased

14,103.3175

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

SECOR Master Fund L.P. [Member]

Investment Holdings [Line Items]

Cash paid

$ 10,000,000

PGM Master Fund L.P. [Member]

Investment Holdings [Line Items]

Cash paid

$ 10,500,000

Investments redeemed

$ 20,531,604

Blackwater Master [Member]

Investment Holdings [Line Items]

Cash paid

$ 15,674,694

Investments redeemed

$ 2,233,594

Percent of partnership

16.00%

CMF Willowbridge Master Fund L.P. [Member]

Investment Holdings [Line Items]

Percent of partnership

3.00%

3.00%

3.90%

SECOR Master Fund L.P. [Member]

Investment Holdings [Line Items]

Percent of partnership

47.80%

47.80%

100.00%

Cambridge Master Fund L.P. [Member]

Investment Holdings [Line Items]

Percent of partnership

63.80%

63.80%

68.50%

PGM Master Fund L.P. [Member]

Investment Holdings [Line Items]

Percent of partnership

100.00%

Investment in Funds - Summary o

Investment in Funds - Summary of Total Assets, Liabilities and Partners' Capital (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Blackwater Master [Member]
Investment Holdings [Line Items]
Total Assets	$ 9,919,970	$ 24,973,305
Total Liabilities	9,919,970	43,208
Total Partners' Capital		24,930,097
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	51,803,496	29,645,057
Total Liabilities	13,962	40,459
Total Partners' Capital	51,789,534	29,604,598
Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	40,367,675	39,046,641
Total Liabilities	36,610	48,456
Total Partners' Capital	40,331,065	38,998,185
CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets	425,873,553	332,179,217
Total Liabilities	5,034,529	16,638,854
Total Partners' Capital	$ 420,839,024	315,540,363
PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total Assets		20,831,040
Total Liabilities		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		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Investment In Funds Disclosure [Line Items]
Total trading results	$ 6,263,940	$ 3,652,210	$ 7,724,380	$ (4,383,904)
Net income (loss)	4,015,291	995,316	1,389,017	(11,470,291)
Blackwater Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(16,617)	(14,963)	(39,750)	(62,309)
Total trading results	297,125	2,462,046	87,198	732,472
Net income (loss)	280,508	2,447,083	47,448	670,163
SECOR Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(83,257)	(155,854)	(304,487)	(400,635)
Total trading results	3,610,700	325,929	6,168,503	1,161,971
Net income (loss)	3,527,443	170,075	5,864,016	761,336
Cambridge Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(22,085)	(54,962)	(76,460)	(121,681)
Total trading results	5,593,830	6,532,519	8,794,035	6,865,193
Net income (loss)	5,571,745	6,477,557	8,717,575	6,743,512
CMF Willowbridge Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)	(145,834)	(166,398)	(636,638)	(379,676)
Total trading results	28,756,543	3,692,929	15,134,368	2,654,368
Net income (loss)	$ 28,610,709	3,526,531	14,497,730	2,274,692
PGM Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		(26,211)	(136,430)	(26,211)
Total trading results		733,796	(923,314)	733,796
Net income (loss)		707,585	$ (1,059,744)	707,585
300 North Master [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		(42,217)		(128,732)
Total trading results		(270,614)		(3,974,712)
Net income (loss)		(312,831)		(4,103,444)
Principle Master Fund L.P. [Member]
Investment In Funds Disclosure [Line Items]
Net Investment Income (Loss)		(74,652)		(184,996)
Total trading results		(1,025,740)		(3,248,158)
Net income (loss)		$ (1,100,392)		$ (3,433,154)

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		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		75.90%		75.90%		81.50%
Fair Value	[1]	$ 63,061,528		$ 63,061,528		$ 93,426,730
Income (Loss)		6,263,940	$ 3,652,210	7,724,380	$ (4,383,904)
Expenses, Clearing Fees		86,137	88,122	186,545	215,003
Expenses, Other		150,986	150,497	410,545	372,084
Net income (loss)		4,015,291	995,316	1,389,017	(11,470,291)
Investment In Funds [Member]
Investment Holdings [Line Items]
Fair Value		63,061,528	93,426,730	63,061,528	93,426,730
Income (Loss)		6,155,717	5,248,934	8,825,170	(447,308)
Expenses, Clearing Fees		97,986	226,815	404,053	630,724
Expenses, Other		29,302	158,261	162,463	354,391
Net income (loss)		6,028,429	$ 4,863,858	8,258,654	$ (1,432,423)
Investment In Funds [Member] | Commodity Portfolio [Member] | Blackwater Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets			3.47%		3.47%
Fair Value			$ 3,980,034		$ 3,980,034
Income (Loss)		70,025	542,258	73,712	(266,742)
Expenses, Clearing Fees		1,307	4,222	3,762	28,027
Expenses, Other		4,326	5,006	10,276	22,901
Net income (loss)		$ 64,392	$ 533,030	$ 59,674	$ (317,670)
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		24.31%	25.83%	24.31%	25.83%
Fair Value		$ 24,774,491	$ 29,604,763	$ 24,774,491	$ 29,604,763
Income (Loss)		1,749,282	326,625	3,398,201	1,164,738
Expenses, Clearing Fees		80,436	132,688	273,133	335,246
Expenses, Other		9,276	23,862	39,422	68,156
Net income (loss)		$ 1,659,570	$ 170,075	$ 3,085,646	$ 761,336
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		25.25%	23.30%	25.25%	23.30%
Fair Value		$ 25,742,479	$ 26,708,570	$ 25,742,479	$ 26,708,570
Income (Loss)		3,619,120	4,656,321	5,700,537	4,957,816
Expenses, Clearing Fees		12,234	27,556	34,702	58,423
Expenses, Other		15,105	28,520	48,446	68,799
Net income (loss)		$ 3,591,781	$ 4,600,245	$ 5,617,389	$ 4,830,594
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		12.31%	10.76%	12.31%	10.76%
Fair Value		$ 12,544,558	$ 12,341,418	$ 12,544,558	$ 12,341,418
Income (Loss)		717,290	285,494	575,206	180,353
Expenses, Clearing Fees		4,009	15,452	17,250	46,358
Expenses, Other		595	3,896	2,267	11,665
Net income (loss)		$ 712,686	$ 266,146	$ 555,689	$ 122,330
Investment Objective		Commodity Portfolio	Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted		Monthly	Monthly	Monthly	Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets			18.14%		18.14%
Fair Value			$ 20,791,945		$ 20,791,945
Income (Loss)			733,831	$ (922,486)	733,831
Expenses, Clearing Fees			13,746	75,206	13,746
Expenses, Other			12,500	62,052	12,500
Net income (loss)			$ 707,585	$ (1,059,744)	$ 707,585
Investment Objective			Commodity Portfolio	Commodity Portfolio	Commodity Portfolio
Redemptions Permitted			Monthly	Monthly	Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | 300 North Master [Member]
Investment Holdings [Line Items]
Income (Loss)			$ (270,035)		$ (3,971,404)
Expenses, Clearing Fees			17,054		62,977
Expenses, Other			25,742		69,063
Net income (loss)			$ (312,831)		$ (4,103,444)
Investment Objective			Commodity Portfolio		Commodity Portfolio
Redemptions Permitted			Monthly		Monthly
Investment In Funds [Member] | Commodity Portfolio [Member] | Principle Master Fund L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)			$ (1,025,560)		$ (3,245,900)
Expenses, Clearing Fees			16,097		85,947
Expenses, Other			58,735		101,307
Net income (loss)			$ (1,100,392)		$ (3,433,154)
Investment Objective			Commodity Portfolio		Commodity Portfolio
Redemptions Permitted			Monthly		Monthly
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
General Partner OTC minimum	52.20%
General Partner OTC maximum	67.10%
Maturity on financial instruments	1 year