Emerging Cta Portfolio 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
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		55,877.0392

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2016	Dec. 31, 2015
Assets:
Investment in the Funds, at fair value	[1]	$ 47,454,000	$ 62,285,375
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $11,248,961 at September 30, 2016 and December 31, 2015, respectively)	[1]	47,454,000	62,285,375
Cash at MS&Co.		27,966,478	15,654,546
Cash margin		562,760	8,133,817
Total equity in trading account		28,529,238	35,183,085
Cash at bank		412
Interest receivable		4,176	2,130
Total assets		75,987,826	97,470,590
Accrued expenses:
Ongoing selling agent fees		124,890	161,320
Management fees		90,417	127,306
General Partner fees		62,334	80,498
Incentive fees		110,217
Professional fees		132,974	194,123
Redemptions payable to Limited Partners		1,401,199	1,900,350
Total liabilities		2,975,852	3,141,949
Partners' Capital:
Total partners' capital (net asset value)		73,011,974	94,328,641
Total liabilities and partners' capital		75,987,826	97,470,590
Class A Redeemable Units [Member]
Partners' Capital:
General Partner, Class A, 652.4816 and 814.5646 Redeemable Units outstanding at September 30, 2016 and December 31, 2015, respectively		837,375	1,081,872
Limited Partners		$ 72,174,599	$ 93,246,769
Net asset value per Redeemable Unit, Class A		$ 1,283.37	$ 1,328.16
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts			$ (678,352)
U.S. Treasury Bills [Member]
Assets:
Investment in the Funds, at fair value			11,248,588
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $11,248,961 at September 30, 2016 and December 31, 2015, respectively)			11,248,588
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts		$ (1,053,821)	$ 146,134
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
U.S. Treasury Bills [Member]
Investment in U.S. Treasury bills, Amortized cost	$ 0	$ 11,248,961
Class A Redeemable Units [Member]
General Partner Redeemable Units outstanding	652.4816	814.5646
Limited Partners Redeemable Units outstanding	56,238.3462	70,207.4852

Condensed Schedule of Investmen

Condensed Schedule of Investments		Sep. 30, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Schedule of Investments [Line Items]
Total Investment in Funds	[1]	$ 47,454,000	$ 62,285,375
Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital			0.45%
Percentage of Partners' Capital			(1.17%)
% of Partners' Capital			(0.72%)
Total unrealized appreciation on open forward contracts			$ 422,969
Total unrealized depreciation on open forward contracts			(1,101,321)
Net unrealized appreciation (depreciation) on open contracts			$ (678,352)
Currencies [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital			0.45%
Percentage of Partners' Capital			(1.17%)
Total unrealized appreciation on open forward contracts			$ 422,969
Notional Amount			8,038,416
Total unrealized depreciation on open forward contracts			(1,101,321)
Notional Amount			$ 43,159,674
Futures Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		(1.44%)	0.15%
Net unrealized appreciation (depreciation) on open contracts		$ (1,053,821)	$ 146,134
Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		(1.03%)	(0.29%)
Net unrealized appreciation (depreciation) on open contracts		$ (752,120)	$ (271,413)
Futures Contracts [Member] | Long [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		838
% of Partners' Capital		(1.03%)
Net unrealized appreciation (depreciation) on open contracts		$ (752,120)
Futures Contracts [Member] | Long [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			296
% of Partners' Capital			0.36%
Net unrealized appreciation (depreciation) on open contracts			$ 336,594
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			466
% of Partners' Capital			(0.17%)
Net unrealized appreciation (depreciation) on open contracts			$ (157,655)
Futures Contracts [Member] | Long [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			2,635
% of Partners' Capital			(0.48%)
Net unrealized appreciation (depreciation) on open contracts			$ (450,352)
Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		(0.41%)	0.44%
Net unrealized appreciation (depreciation) on open contracts		$ (301,701)	$ 417,547
Futures Contracts [Member] | Short [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		838	86
% of Partners' Capital		(0.41%)	0.00%	[2]
Net unrealized appreciation (depreciation) on open contracts		$ (301,701)	$ 3,720
Futures Contracts [Member] | Short [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			53
% of Partners' Capital			0.03%
Net unrealized appreciation (depreciation) on open contracts			$ 29,813
Futures Contracts [Member] | Short [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			446
% of Partners' Capital			(0.09%)
Net unrealized appreciation (depreciation) on open contracts			$ (89,279)
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			732
% of Partners' Capital			0.36%
Net unrealized appreciation (depreciation) on open contracts			$ 339,849
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			1,796
% of Partners' Capital			0.22%
Net unrealized appreciation (depreciation) on open contracts			$ 204,572
Futures Contracts [Member] | Short [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			101
% of Partners' Capital			(0.08%)
Net unrealized appreciation (depreciation) on open contracts			$ (71,128)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Total Investment in Funds			$ 11,248,588
% of Partners' Capital			11.93%
U.S. Government Securities [Member] | U.S. Treasury bills, 0.19% [Member]
Schedule of Investments [Line Items]
Total Investment in Funds			$ 4,249,721
% of Partners' Capital			4.51%
U.S. Government Securities [Member] | U.S. Treasury bills, 0.015% [Member]
Schedule of Investments [Line Items]
Total Investment in Funds			$ 6,998,867
% of Partners' Capital			7.42%
Limited Partners [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 47,454,000	$ 62,285,375
% of Partners' Capital		65.00%	66.02%
Limited Partners [Member] | SECOR Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 21,315,734	$ 22,981,374
% of Partners' Capital		29.20%	24.36%
Limited Partners [Member] | Cambridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 19,076,295	$ 24,376,553
% of Partners' Capital		26.13%	25.84%
Limited Partners [Member] | CMF Willowbridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 7,061,971	$ 14,927,448
% of Partners' Capital		9.67%	15.82%
[1]	Defined in Note 1.
[2]	Due to rounding.

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Government Securities [Member]	12 Months Ended
	Dec. 31, 2015USD ($)
U.S. Treasury bills, 0.19% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 4,249,372
Investment, interest rate	0.19%
Face Amount	$ 4,250,000
Maturity Date	Jan. 21, 2016
U.S. Treasury bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 6,999,589
Investment, interest rate	0.015%
Face Amount	$ 7,000,000
Maturity Date	Mar. 3, 2016

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total	Class A Redeemable Units [Member]	Limited Partners [Member]	General Partner [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net asset value per Redeemable Unit			$ 1,354.30
Interest income		$ 4,492
Interest income allocated from the Funds		10,773
Total investment income		15,265
Expenses allocated from the Funds		566,516
Clearing fees related to direct investments		186,545
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
Professional fees		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 the 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 the 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
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ 18.74
Weighted average Redeemable Units outstanding			79,922.2321
Net asset value per Redeemable Unit			$ 1,320.35
Interest income		3,431
Interest income allocated from the Funds		7,319
Total investment income		10,750
Expenses allocated from the Funds		127,288
Clearing fees related to direct investments		86,137
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
Professional fees		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 the 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 the 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
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ 52.69
Weighted average Redeemable Units outstanding			75,799.4413
Net asset value per Redeemable Unit			$ 1,373.04
Net asset value per Redeemable Unit			1,328.16
Interest income		45,914
Interest income allocated from the Funds		85,231
Total investment income		131,145
Expenses allocated from the Funds		328,791
Clearing fees related to direct investments		191,061
Ongoing selling agent fees		1,280,398
Management fees		950,260
General Partner fees		639,200
Incentive fees		290,666
Professional fees		328,032
Total expenses		4,008,408
Net investment loss		(3,877,263)
Net realized gains (losses) on closed contracts		1,293,168
Net realized gains (losses) on closed contracts allocated from the Funds		45,092
Net change in unrealized gains (losses) on open contracts		(504,134)
Net change in unrealized gains (losses) on open contracts allocated from the Funds		257,904
Total trading results		1,092,030
Net Income (Loss)		(2,785,233)
Subscriptions - Limited Partners				35,000
Redemptions - General Partner					$ (211,129)
Redemptions - Limited Partners				(18,355,305)
Net increase (decrease) in partners' capital		(21,316,667)
Partners' capital, beginning of period at Dec. 31, 2015		94,328,641
Partners' capital, end of period at Sep. 30, 2016		73,011,974
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ (44.79)
Weighted average Redeemable Units outstanding			64,634.9709
Net asset value per Redeemable Unit			$ 1,302.60
Interest income		15,062
Interest income allocated from the Funds		28,129
Total investment income		43,191
Expenses allocated from the Funds		93,809
Clearing fees related to direct investments		49,577
Ongoing selling agent fees		383,426
Management fees		280,933
General Partner fees		191,411
Incentive fees		110,217
Professional fees		107,399
Total expenses		1,216,772
Net investment loss		(1,173,581)
Net realized gains (losses) on closed contracts		2,123,836
Net realized gains (losses) on closed contracts allocated from the Funds		1,222,110
Net change in unrealized gains (losses) on open contracts		(1,509,556)
Net change in unrealized gains (losses) on open contracts allocated from the Funds		(1,815,328)
Total trading results		21,062
Net Income (Loss)		(1,152,519)
Redemptions - Limited Partners				$ (4,396,485)
Net increase (decrease) in partners' capital		(5,549,004)
Partners' capital, beginning of period at Jun. 30, 2016		78,560,978
Partners' capital, end of period at Sep. 30, 2016		$ 73,011,974
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ (19.23)
Weighted average Redeemable Units outstanding			59,230.3588
Net asset value per Redeemable Unit			$ 1,283.37
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Income and Expen7

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Sep. 30, 2016	Sep. 30, 2015
Class A Redeemable Units [Member]
Redeemable units outstanding	56,890.8278	74,233.1518

Organization

Organization	9 Months Ended
	Sep. 30, 2016
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 interests 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 and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. Between December 1, 2003 (commencement of the offering period) and August 5, 2004, 20,872 units of limited partnership interest in the Partnership (“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 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, 2016, there were no Redeemable Units outstanding in Class D or Class Z. All trading decisions are made for the Partnership by The Cambridge Strategy (Asset Management) Limited (“Cambridge”), Harbour Square Capital Management LLC (“Harbour Square”), SECOR Capital Advisors, LP (“SECOR”) and Willowbridge Associates Inc. (“Willowbridge”) (each, an “Advisor” and collectively, the “Advisors”), each of which is a registered commodity trading advisor. Effective September 30, 2016, Centurion Investment Management, LLC (“Centurion”) ceased to act as a commodity trading advisor to the Partnership. Effective July 31, 2016, Perella Weinberg Partners Capital Management LP (“Perella”) ceased to act as a commodity trading advisor to the Partnership. Effective September 30, 2015, Blackwater Capital Management, LLC (“Blackwater”) ceased to act as a commodity trading advisor to the Partnership. References herein to the “Advisors” may include, as relevant, Blackwater, Perella and Centurion. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through individually managed accounts, or indirectly, through investments in the Funds. In addition, the General Partner may allocate the Partnership’s assets to additional non-major trading advisors (i.e. commodity trading advisors intended to be allocated less than 10% of the Partnership’s assets). Information about advisors allocated less than 10% of the Partnership’s assets may not be disclosed. 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. During the reporting periods ended September 30, 2016 and 2015, the Partnership’s/Funds’ commodity broker was MS&Co., a registered futures commission merchant. The Partnership/Funds also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A. From May 12, 2014 until its termination effective September 30, 2016, the assets allocated to Centurion for trading had been traded directly pursuant to Centurion’s Short Term Systemic Strategy Program. From July 1, 2015 until its termination effective July 31, 2016, the assets allocated to Perella had been traded directly pursuant to a variation of the program traded by PWP Global Macro Master Fund L.P. On August 1, 2016, the Partnership allocated a portion of its assets to Harbour Square, which is managed and traded by Harbour Square pursuant to Harbour Square’s Discretionary Energy Program. 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. 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 on September 30, 2015) also entered into a futures brokerage account 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, 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. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives an ongoing 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 ongoing 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. Class Z Redeemable Units are not subject to an ongoing selling agent fee. 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 furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
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, 2016, and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2016 and 2015. 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, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates: Profit Allocation: Statement of Cash Flows: Partnership’s Investment in the Funds: Partnership’s/Funds’ Derivative Investments: Partnership’s Cash: Income Taxes: Investment Company Status: “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) Per Redeemable Unit: “Financial Services – Investment Companies.” Fair Value of Financial Instruments: “Financial Instruments,” Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.” 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, 2015.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2016
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, 2016 and 2015 were as follows: Class A Three Months Ended September 30, Nine Months Ended 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.58 $ 82.33 $ 15.20 $ 97.91 Net investment loss (19.81) (29.64) (59.99) (79.17) Increase (decrease) for the period (19.23) 52.69 (44.79) 18.74 Net asset value per Redeemable Unit, beginning of period 1,302.60 1,320.35 1,328.16 1,354.30 Net asset value per Redeemable Unit, end of period $ 1,283.37 $ 1,373.04 $ 1,283.37 $ 1,373.04 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.7)% (6.7)% (6.1)% (7.5)% Operating expenses 5.8 % 6.1 % 5.9 % 6.1 % Incentive fees 0.1 % 0.7 % 0.4 % 1.4 % Total expenses 5.9 % 6.8 % 6.3 % 7.5 % Total return: Total return before incentive fees (1.4)% 4.7 % (3.0)% 2.8 % Incentive fees (0.1)% (0.7)% (0.4)% (1.4)% Total return after incentive fees (1.5)% 4.0 % (3.4)% 1.4 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and includes the income and expenses allocated from the Funds, as applicable.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2016
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 in the Statements of Income and Expenses and Changes in Partners’ Capital. The futures brokerage account agreements with MS&Co. give the Partnership and the Funds the legal right to net unrealized gains and losses on open futures, forward and option contracts in the Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition, as the criteria under ASC 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, 2016 and 2015 were 1,007 and 4,642, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2016 and 2015 were 2,442 and 1,635, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended September 30, 2016 and 2015 were 0. The monthly average number of option contracts traded directly by the Partnership during the nine months ended September 30, 2016 and 2015 were 0 and 134, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended September 30, 2016 and 2015 were $10,650,973 and $43,161,514, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the nine months ended September 30, 2016 and 2015 were $20,069,124 and $14,387,171, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s percentage ownership of each respective Fund. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading and also by the Funds, which are then allocated to the Funds’ limited partners, including the Partnership. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. Gross Amounts Not Offset in the September 30, 2016 Gross Amounts Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Condition Financial Cash Collateral Received/ Net Amount Liabilities Futures $ (1,053,821) $ - $ (1,053,821) $ - $ - $ (1,053,821) Total liabilities $ (1,053,821) $ - $ (1,053,821) $ - $ - $ (1,053,821) Net fair value $ (1,053,821) * Gross Amounts Not Offset in the December 31, 2015 Gross Amounts Recognized Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Financial Condition Financial Cash Collateral Pledged* Net Amount Assets Futures $ 1,789,359 $ (1,643,225) $ 146,134 $ - $ - $ 146,134 Forwards 422,969 (422,969) - - - - Total assets $ 2,212,328 $ (2,066,194) $ 146,134 $ - $ - $ 146,134 Liabilities Futures $ (1,643,225) $ 1,643,225 $ - $ - $ - $ - Forwards (1,101,321) 422,969 (678,352) - - (678,352) Total liabilities $ (2,744,546) $ 2,066,194 $ (678,352) $ - $ - $ (678,352) Net fair value $ (532,218) * * 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 and/or U.S. Treasury bills 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 in 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 and forward contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. Liabilities September 30, 2016 Futures Contracts Energy $ (1,053,821) Total unrealized depreciation on open futures contracts (1,053,821) Net unrealized depreciation on open futures contracts $ (1,053,821) * * This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition. Assets December 31, 2015 Futures Contracts Energy $ 3,720 Grains 29,813 Indices 793,699 Interest Rates U.S. 339,849 Interest Rates Non-U.S. 607,581 Metals 14,697 Total unrealized appreciation on open futures contracts 1,789,359 Liabilities Futures Contracts Indices (546,384) Interest Rates U.S. (157,655) Interest Rates Non-U.S. (853,361) Metals (85,825) Total unrealized depreciation on open futures contracts (1,643,225) Net unrealized appreciation on open futures contracts $ 146,134 * Assets Forward Contracts Currencies $ 422,969 Total unrealized appreciation on open forward contracts 422,969 Liabilities Forward Contracts Currencies (1,101,321) Total unrealized depreciation on open forward contracts (1,101,321) Net unrealized depreciation on open forward contracts $ (678,352) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. **This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2016 and 2015, respectively. Three Months Ended Nine Months Ended September 30, Sector 2016 2015 2016 2015 Currencies $ (238,131) $ (340,240) $ 265,224 $ (374,323) Energy 756,538 (28,528) 813,101 (1,107,157) Grains 127,735 (167,058) 82,116 (148,711) Indices 143,193 204,963 225,290 (65,052) Interest Rates U.S. 51,632 (155,700) (1,260,625) (107,170) Interest Rates Non-U.S. (200,649) 429,943 1,172,216 619,140 Livestock (457) 18,211 (42) 241 Metals (25,213) 167,492 (502,891) 120,947 Softs (368) (13,541) (5,355) (27,932) Total $ 614,280 *** $ 115,542 *** $ 789,034 *** $ (1,090,017) *** *** This amount is included in “Total trading results” in the Partnership’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s and the Funds’ Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as inputs the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. 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 quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2016 and December 31, 2015 and for the periods ended September 30, 2016 and 2015, 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 reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2016 Total Level 1 Level 2 Level 3 Liabilities Futures $ 1,053,821 $ 1,053,821 $ - $ - Total liabilities $ 1,053,821 $ 1,053,821 $ - $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 11,248,588 $ - $ 11,248,588 $ - Futures 1,789,359 1,789,359 - - Forwards 422,969 - 422,969 - Total assets $ 13,460,916 $ 1,789,359 $ 11,671,557 $ - Liabilities Futures $ 1,643,225 $ 1,643,225 $ - $ - Forwards 1,101,321 - 1,101,321 - Total liabilities $ 2,744,546 $ 1,643,225 $ 1,101,321 $ -

Investment in the Funds

Investment in the Funds	9 Months Ended
	Sep. 30, 2016
Schedule of Investments [Abstract]
Investment in the Funds	6. Investment in the 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 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 master/feeder 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 master/feeder 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 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 master/feeder 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 $21,222,368 and open commodity futures and forward contracts with a fair value of $(608,710). The Partnership also assumed PGM Master’s liabilities totaling $82,054 in the same transaction. From July 1, 2015 until its termination effective July 31, 2016, Perella traded the assets allocated to it directly in a managed account in the Partnership’s name. The General Partner is not aware of any other material changes to any of the trading programs discussed above during the fiscal quarter ended September 30, 2016. The Funds’ and the Partnership’s trading of futures, forward and option contracts, as applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds and the Partnership engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner in the Funds withdraws all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs the Funds. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees are borne by the Partnership directly or by the Funds and allocated to the Funds’ limited partners, including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. At September 30, 2016, the Partnership owned approximately 1.9% of Willowbridge Master, 48.1% of SECOR Master and 26.4% of Cambridge Master. At December 31, 2015, the Partnership owned approximately 4.3% of Willowbridge Master, 45.5% of SECOR Master and 40.8% of Cambridge Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same 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, 2016 Total Assets Total Liabilities Total Partners’ SECOR Master $ 44,664,982 $ 380,450 $ 44,284,532 Cambridge Master 73,304,043 959,204 72,344,839 Willowbridge Master 371,349,533 762,132 370,587,401 December 31, 2015 Total Assets Total Liabilities Total Partners’ SECOR Master $ 50,962,450 $ 464,928 $ 50,497,522 Cambridge Master 59,992,404 282,482 59,709,922 Willowbridge Master 351,368,221 2,668,272 348,699,949 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables. For the three months ended September 30, 2016 Net Investment Total Trading Net Income SECOR Master $ (50,084) $ 2,380,570 $ 2,330,486 Cambridge Master (3,827) (5,491,999) (5,495,826) Willowbridge Master (38,070) (8,182,932) (8,221,002) For the nine months ended September 30, 2016 Net Investment Total Trading Net Income SECOR Master $ (195,808) $ 2,774,132 $ 2,578,324 Cambridge Master 3,746 (2,913,416) (2,909,670) Willowbridge Master (222,525) (18,740,739) (18,963,264) 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) 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, 2016 For the three months ended September 30, 2016 Investment Objective Redemptions Funds % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Clearing Professional SECOR Master 29.20% $ 21,315,734 $ 1,106,480 $ 63,915 $ 9,162 $ 1,033,403 Commodity Portfolio Monthly Cambridge Master 26.13% 19,076,295 (1,497,401) 9,041 5,442 (1,511,884) Commodity Portfolio Monthly Willowbridge Master 9.67% 7,061,971 (174,168) 5,808 441 (180,417) Commodity Portfolio Monthly Total $ 47,454,000 $ (565,089) $ 78,764 $ 15,045 $ (658,898) September 30, 2016 For the nine months ended September 30, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions SECOR Master 29.20% $ 21,315,734 $ 1,348,719 $ 238,343 $ 26,215 $ 1,084,161 Commodity Monthly Cambridge Master 26.13% 19,076,295 (537,484) 21,722 19,078 (578,284) Commodity Monthly Willowbridge Master 9.67% 7,061,971 (423,008) 21,782 1,651 (446,441) Commodity Monthly Total $ 47,454,000 $ 388,227 $ 281,847 $ 46,944 $ 59,436 December 31, 2015 For the three months ended September 30, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions Blackwater Master - $ - $ 70,025 $ 1,307 $ 4,326 $ 64,392 Commodity Monthly SECOR Master 24.36% 22,981,374 1,749,282 80,436 9,276 1,659,570 Commodity Monthly Cambridge Master 25.84% 24,376,553 3,619,120 12,234 15,105 3,591,781 Commodity Monthly Willowbridge Master 15.82% 14,927,448 717,290 4,009 595 712,686 Commodity Monthly Total $ 62,285,375 $ 6,155,717 $ 97,986 $ 29,302 $ 6,028,429 December 31, 2015 For the nine months ended September 30, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions Blackwater Master (a) - $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Monthly SECOR Master 24.36% 22,981,374 3,398,201 273,133 39,422 3,085,646 Commodity Monthly Cambridge Master 25.84% 24,376,553 5,700,537 34,702 48,446 5,617,389 Commodity Monthly Willowbridge Master 15.82% 14,927,448 575,206 17,250 2,267 555,689 Commodity Monthly PGM Master (b) - - (922,486) 75,206 62,052 (1,059,744) Commodity Monthly Total $ 62,285,375 $ 8,825,170 $ 404,053 $ 162,463 $ 8,258,654 (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.

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, 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, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap 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. 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. Each of these instruments is subject to various risks similar to those related 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 49.8% to 70.3% of the Partnership’s/Funds’ contracts are traded OTC. Futures Contracts. Forward Foreign Currency Contracts. London Metals Exchange Forward Contracts. Options. 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 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 from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses and Changes in Partners’ Capital. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Funds are exposed to 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 counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Funds’ counterparty is an exchange or clearing organization. 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 instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity. The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. The limited liability is a result of the organization of the Partnership as a limited partnership under New York law.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
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 the event listed below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. On October 1, 2016, the Partnership allocated a portion of its assets to Independent View BV (“Independent View”), which is managed and traded by Independent View pursuant to Independent View’s IV Quantitative Futures Fund Program.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates:
Profit Allocation	Profit Allocation:
Statement of Cash Flows	Statement of Cash Flows:
Partnership's Investment in the Funds	Partnership’s Investment in the Funds:
Partnership's/Funds' Derivative Investments	Partnership’s/Funds’ Derivative Investments:
Partnership's Cash	Partnership’s Cash:
Income Taxes	Income Taxes:
Investment Company Status	Investment Company Status: “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”
Net Income (Loss) Per Redeemable Unit	Net Income (Loss) Per Redeemable Unit: “Financial Services – Investment Companies.”
Fair Value of Financial Instruments	Fair Value of Financial Instruments: “Financial Instruments,”
Recent Accounting Pronouncement	Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.”

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Schedule of Changes in Net Asset Value	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: Class A Three Months Ended September 30, Nine Months Ended 2016 2015 2016 2015 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.58 $ 82.33 $ 15.20 $ 97.91 Net investment loss (19.81) (29.64) (59.99) (79.17) Increase (decrease) for the period (19.23) 52.69 (44.79) 18.74 Net asset value per Redeemable Unit, beginning of period 1,302.60 1,320.35 1,328.16 1,354.30 Net asset value per Redeemable Unit, end of period $ 1,283.37 $ 1,373.04 $ 1,283.37 $ 1,373.04
Ratios to Average Limited Partners' Capital	Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.7)% (6.7)% (6.1)% (7.5)% Operating expenses 5.8 % 6.1 % 5.9 % 6.1 % Incentive fees 0.1 % 0.7 % 0.4 % 1.4 % Total expenses 5.9 % 6.8 % 6.3 % 7.5 % Total return: Total return before incentive fees (1.4)% 4.7 % (3.0)% 2.8 % Incentive fees (0.1)% (0.7)% (0.4)% (1.4)% Total return after incentive fees (1.5)% 4.0 % (3.4)% 1.4 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives	The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. Gross Amounts Not Offset in the September 30, 2016 Gross Amounts Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Condition Financial Cash Collateral Received/ Net Amount Liabilities Futures $ (1,053,821) $ - $ (1,053,821) $ - $ - $ (1,053,821) Total liabilities $ (1,053,821) $ - $ (1,053,821) $ - $ - $ (1,053,821) Net fair value $ (1,053,821) * Gross Amounts Not Offset in the December 31, 2015 Gross Amounts Recognized Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Financial Condition Financial Cash Collateral Pledged* Net Amount Assets Futures $ 1,789,359 $ (1,643,225) $ 146,134 $ - $ - $ 146,134 Forwards 422,969 (422,969) - - - - Total assets $ 2,212,328 $ (2,066,194) $ 146,134 $ - $ - $ 146,134 Liabilities Futures $ (1,643,225) $ 1,643,225 $ - $ - $ - $ - Forwards (1,101,321) 422,969 (678,352) - - (678,352) Total liabilities $ (2,744,546) $ 2,066,194 $ (678,352) $ - $ - $ (678,352) Net fair value $ (532,218) * * 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 and/or U.S. Treasury bills 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 in 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 and Forward Contracts Traded	The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. Liabilities September 30, 2016 Futures Contracts Energy $ (1,053,821) Total unrealized depreciation on open futures contracts (1,053,821) Net unrealized depreciation on open futures contracts $ (1,053,821) * * This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition. Assets December 31, 2015 Futures Contracts Energy $ 3,720 Grains 29,813 Indices 793,699 Interest Rates U.S. 339,849 Interest Rates Non-U.S. 607,581 Metals 14,697 Total unrealized appreciation on open futures contracts 1,789,359 Liabilities Futures Contracts Indices (546,384) Interest Rates U.S. (157,655) Interest Rates Non-U.S. (853,361) Metals (85,825) Total unrealized depreciation on open futures contracts (1,643,225) Net unrealized appreciation on open futures contracts $ 146,134 * Assets Forward Contracts Currencies $ 422,969 Total unrealized appreciation on open forward contracts 422,969 Liabilities Forward Contracts Currencies (1,101,321) Total unrealized depreciation on open forward contracts (1,101,321) Net unrealized depreciation on open forward contracts $ (678,352) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. **This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded	The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2016 and 2015, respectively. Three Months Ended Nine Months Ended September 30, Sector 2016 2015 2016 2015 Currencies $ (238,131) $ (340,240) $ 265,224 $ (374,323) Energy 756,538 (28,528) 813,101 (1,107,157) Grains 127,735 (167,058) 82,116 (148,711) Indices 143,193 204,963 225,290 (65,052) Interest Rates U.S. 51,632 (155,700) (1,260,625) (107,170) Interest Rates Non-U.S. (200,649) 429,943 1,172,216 619,140 Livestock (457) 18,211 (42) 241 Metals (25,213) 167,492 (502,891) 120,947 Softs (368) (13,541) (5,355) (27,932) Total $ 614,280 *** $ 115,542 *** $ 789,034 *** $ (1,090,017) *** *** This amount is included in “Total trading results” in 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, 2016
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2016 Total Level 1 Level 2 Level 3 Liabilities Futures $ 1,053,821 $ 1,053,821 $ - $ - Total liabilities $ 1,053,821 $ 1,053,821 $ - $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 11,248,588 $ - $ 11,248,588 $ - Futures 1,789,359 1,789,359 - - Forwards 422,969 - 422,969 - Total assets $ 13,460,916 $ 1,789,359 $ 11,671,557 $ - Liabilities Futures $ 1,643,225 $ 1,643,225 $ - $ - Forwards 1,101,321 - 1,101,321 - Total liabilities $ 2,744,546 $ 1,643,225 $ 1,101,321 $ -

Investment in the Funds (Tables

Investment in the Funds (Tables)	9 Months Ended
	Sep. 30, 2016
Schedule of Investments [Abstract]
Assets, Liabilities and Partners' Capital/Members' Capital of Funds	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables: September 30, 2016 Total Assets Total Liabilities Total Partners’ SECOR Master $ 44,664,982 $ 380,450 $ 44,284,532 Cambridge Master 73,304,043 959,204 72,344,839 Willowbridge Master 371,349,533 762,132 370,587,401 December 31, 2015 Total Assets Total Liabilities Total Partners’ SECOR Master $ 50,962,450 $ 464,928 $ 50,497,522 Cambridge Master 59,992,404 282,482 59,709,922 Willowbridge Master 351,368,221 2,668,272 348,699,949
Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables. For the three months ended September 30, 2016 Net Investment Total Trading Net Income SECOR Master $ (50,084) $ 2,380,570 $ 2,330,486 Cambridge Master (3,827) (5,491,999) (5,495,826) Willowbridge Master (38,070) (8,182,932) (8,221,002) For the nine months ended September 30, 2016 Net Investment Total Trading Net Income SECOR Master $ (195,808) $ 2,774,132 $ 2,578,324 Cambridge Master 3,746 (2,913,416) (2,909,670) Willowbridge Master (222,525) (18,740,739) (18,963,264) 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)
Partnership's Investments in, and Partners' Pro Rata Share of Results of Operations of, the Funds	Summarized information reflecting the Partnership’s investments in, and the Partnership’s pro-rata share of the results of operations of, the Funds is shown in the following tables. September 30, 2016 For the three months ended September 30, 2016 Investment Objective Redemptions Funds % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Clearing Professional SECOR Master 29.20% $ 21,315,734 $ 1,106,480 $ 63,915 $ 9,162 $ 1,033,403 Commodity Portfolio Monthly Cambridge Master 26.13% 19,076,295 (1,497,401) 9,041 5,442 (1,511,884) Commodity Portfolio Monthly Willowbridge Master 9.67% 7,061,971 (174,168) 5,808 441 (180,417) Commodity Portfolio Monthly Total $ 47,454,000 $ (565,089) $ 78,764 $ 15,045 $ (658,898) September 30, 2016 For the nine months ended September 30, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions SECOR Master 29.20% $ 21,315,734 $ 1,348,719 $ 238,343 $ 26,215 $ 1,084,161 Commodity Monthly Cambridge Master 26.13% 19,076,295 (537,484) 21,722 19,078 (578,284) Commodity Monthly Willowbridge Master 9.67% 7,061,971 (423,008) 21,782 1,651 (446,441) Commodity Monthly Total $ 47,454,000 $ 388,227 $ 281,847 $ 46,944 $ 59,436 December 31, 2015 For the three months ended September 30, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions Blackwater Master - $ - $ 70,025 $ 1,307 $ 4,326 $ 64,392 Commodity Monthly SECOR Master 24.36% 22,981,374 1,749,282 80,436 9,276 1,659,570 Commodity Monthly Cambridge Master 25.84% 24,376,553 3,619,120 12,234 15,105 3,591,781 Commodity Monthly Willowbridge Master 15.82% 14,927,448 717,290 4,009 595 712,686 Commodity Monthly Total $ 62,285,375 $ 6,155,717 $ 97,986 $ 29,302 $ 6,028,429 December 31, 2015 For the nine months ended September 30, 2015 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income Investment Redemptions Blackwater Master (a) - $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Monthly SECOR Master 24.36% 22,981,374 3,398,201 273,133 39,422 3,085,646 Commodity Monthly Cambridge Master 25.84% 24,376,553 5,700,537 34,702 48,446 5,617,389 Commodity Monthly Willowbridge Master 15.82% 14,927,448 575,206 17,250 2,267 555,689 Commodity Monthly PGM Master (b) - - (922,486) 75,206 62,052 (1,059,744) Commodity Monthly Total $ 62,285,375 $ 8,825,170 $ 404,053 $ 162,463 $ 8,258,654 (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.

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	9 Months Ended
	Sep. 30, 2016	Dec. 31, 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
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 Smith Barney LLC, doing business as Morgan Stanley Wealth Management ("Morgan Stanley Wealth Management") (as amended, the "Selling Agreement"). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives an ongoing 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.
Class A Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	56,238.3462	70,207.4852
Class A Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Annual brokerage fees payable	2.00%
Capital Unit Class Z [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0
Class D Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0
Class D Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Annual brokerage fees payable	0.75%
Maximum [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of partnership assets allocated	10.00%

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 551,609	$ 472,794
Cash denominated in foreign currencies, cost	$ 534,532	$ 473,186
Income tax examination, description	No income tax returns are currently under examination. The 2012 through 2015 tax years remain subject to examination by U.S. federal and most state tax authorities.

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - Class A Redeemable Units [Member] - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 0.58	$ 82.33	$ 15.20	$ 97.91
Net investment loss	(19.81)	(29.64)	(59.99)	(79.17)
Increase (decrease) for the period	(19.23)	52.69	(44.79)	18.74
Net asset value per Redeemable Unit, beginning of period	1,302.60	1,320.35	1,328.16	1,354.30
Net asset value per Redeemable Unit, end of period	$ 1,283.37	$ 1,373.04	$ 1,283.37	$ 1,373.04

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) - Class A Redeemable Units [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.70%)	(6.70%)	(6.10%)	(7.50%)
Operating expenses	5.80%	6.10%	5.90%	6.10%
Incentive fees	0.10%	0.70%	0.40%	1.40%
Total expenses	5.90%	6.80%	6.30%	7.50%
Total return before incentive fees	(1.40%)	4.70%	(3.00%)	2.80%
Incentive fees	(0.10%)	(0.70%)	(0.40%)	(1.40%)
Total return after incentive fees	(1.50%)	4.00%	(3.40%)	1.40%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Contracts	Sep. 30, 2015USD ($)Contracts	Sep. 30, 2016USD ($)Contracts	Sep. 30, 2015USD ($)Contracts
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts held	1,007	4,642	2,442	1,635
Options Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	0	0	0	134
Currency Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 10,650,973	$ 43,161,514	$ 20,069,124	$ 14,387,171

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets		$ 2,212,328
Gross Amounts Offset in the Statements of Financial Condition, Assets		(2,066,194)
Amounts Presented in the Statements of Financial Condition, Assets		146,134
Financial Instruments, Assets		0
Cash Collateral Received/Pledged, Assets		0
Net Amount, Assets		146,134
Gross Amounts Recognized, Liabilities	$ (1,053,821)	(2,744,546)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities		2,066,194
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,053,821)	(678,352)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(1,053,821)	(678,352)
Net fair value	(1,053,821)	(532,218)
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets		1,789,359
Gross Amounts Offset in the Statements of Financial Condition, Assets		(1,643,225)
Amounts Presented in the Statements of Financial Condition, Assets		146,134
Financial Instruments, Assets		0
Cash Collateral Received/Pledged, Assets		0
Net Amount, Assets		146,134
Gross Amounts Recognized, Liabilities	(1,053,821)	(1,643,225)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities		1,643,225
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,053,821)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (1,053,821)
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets		422,969
Gross Amounts Offset in the Statements of Financial Condition, Assets		(422,969)
Financial Instruments, Assets		0
Cash Collateral Received/Pledged, Assets		0
Gross Amounts Recognized, Liabilities		(1,101,321)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities		422,969
Amounts Presented in the Statements of Financial Condition, Liabilities		(678,352)
Financial Instruments, Liabilities		0
Cash Collateral Received/Pledged, Liabilities		0
Net Amount, Liabilities		$ (678,352)

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	$ (1,053,821)	$ (1,643,225)
Net unrealized appreciation (depreciation) on open contracts	(1,053,821)	146,134
Total unrealized appreciation on open contracts		1,789,359
Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts	$ (1,053,821)
Total unrealized appreciation on open contracts		3,720
Futures Contracts [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts		29,813
Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(546,384)
Total unrealized appreciation on open contracts		793,699
Futures Contracts [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(157,655)
Total unrealized appreciation on open contracts		339,849
Futures Contracts [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(853,361)
Total unrealized appreciation on open contracts		607,581
Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(85,825)
Total unrealized appreciation on open contracts		14,697
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(1,101,321)
Net unrealized appreciation (depreciation) on open contracts		(678,352)
Total unrealized appreciation on open contracts		422,969
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized depreciation on open contracts		(1,101,321)
Total unrealized appreciation on open contracts		$ 422,969

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, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ 21,062	$ 6,263,940	$ 1,092,030	$ 7,724,380
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	614,280	115,542	789,034	(1,090,017)
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(238,131)	(340,240)	265,224	(374,323)
Derivative [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	756,538	(28,528)	813,101	(1,107,157)
Derivative [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	127,735	(167,058)	82,116	(148,711)
Derivative [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	143,193	204,963	225,290	(65,052)
Derivative [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	51,632	(155,700)	(1,260,625)	(107,170)
Derivative [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(200,649)	429,943	1,172,216	619,140
Derivative [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(457)	18,211	(42)	241
Derivative [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(25,213)	167,492	(502,891)	120,947
Derivative [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ (368)	$ (13,541)	$ (5,355)	$ (27,932)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
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) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets
Total assets		$ 13,460,916
Liabilities
Total liabilities	$ 1,053,821	2,744,546
Futures Contracts [Member]
Assets
Total assets		1,789,359
Liabilities
Total liabilities	1,053,821	1,643,225
Forward Contracts [Member]
Assets
Total assets		422,969
Liabilities
Total liabilities		1,101,321
U.S. Treasury Bills [Member]
Assets
Total assets		11,248,588
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets		1,789,359
Liabilities
Total liabilities	1,053,821	1,643,225
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets		1,789,359
Liabilities
Total liabilities	$ 1,053,821	1,643,225
Significant Other Observable Inputs (Level 2) [Member]
Assets
Total assets		11,671,557
Liabilities
Total liabilities		1,101,321
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member]
Assets
Total assets		422,969
Liabilities
Total liabilities		1,101,321
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Bills [Member]
Assets
Total assets		$ 11,248,588

Investment in the Funds - Addit

Investment in the Funds - Additional Information (Detail) - USD ($)	Sep. 30, 2015	Jun. 30, 2015	Sep. 01, 2014	Aug. 01, 2013	Jan. 01, 2013	Sep. 01, 2012	Nov. 01, 2010	Sep. 30, 2016	Dec. 31, 2015
Cambridge Strategy Willowbridge Associates Inc [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor								3 times
SECOR [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor								1.5 times
Maximum [Member] | Cambridge [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor								2 times
Minimum [Member] | Cambridge [Member]
Investment [Line Items]
Maximum amount of partnership assets allocated to trading advisor								1.5 times
Blackwater Master [Member]
Investment [Line Items]
Cash paid for units purchased by partnership							$ 15,674,694
Cash redemption on investment	$ 2,233,594
Cambridge Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership						$ 3,000,000
Percentage owned by partnership								26.40%	40.80%
CMF Willowbridge Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership					$ 29,484,306
Number of units purchased by partnership					14,103.3175
Percentage owned by partnership								1.90%	4.30%
SECOR Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership				$ 10,000,000
Percentage owned by partnership								48.10%	45.50%
PGM Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership			$ 10,500,000
Cash redemption on investment		$ 21,222,368
Partnership purchased		(608,710)
Partnership assumed liabilities		$ 82,054

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Partners' Capital/Members' Capital of Funds (Detail) - USD ($)	Sep. 30, 2016	Jun. 30, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Total assets	$ 75,987,826		$ 97,470,590
Total Liabilities	2,975,852		3,141,949
Total Partners' Capital	73,011,974	$ 78,560,978	94,328,641	$ 101,925,404	$ 101,060,645	$ 114,627,992
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	44,664,982		50,962,450
Total Liabilities	380,450		464,928
Total Partners' Capital	44,284,532		50,497,522
Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	73,304,043		59,992,404
Total Liabilities	959,204		282,482
Total Partners' Capital	72,344,839		59,709,922
CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	371,349,533		351,368,221
Total Liabilities	762,132		2,668,272
Total Partners' Capital	$ 370,587,401		$ 348,699,949

Investment in the Funds - Net I

Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investment [Line Items]
Net Investment Income (Loss)	$ (1,173,581)	$ (2,248,649)	$ (3,877,263)	$ (6,335,363)
Total Trading Results	21,062	6,263,940	1,092,030	7,724,380
Net income (loss)	(1,152,519)	4,015,291	(2,785,233)	1,389,017
SECOR Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(50,084)	(83,257)	(195,808)	(304,487)
Total Trading Results	2,380,570	3,610,700	2,774,132	6,168,503
Net income (loss)	2,330,486	3,527,443	2,578,324	5,864,016
Cambridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(3,827)	(22,085)	3,746	(76,460)
Total Trading Results	(5,491,999)	5,593,830	(2,913,416)	8,794,035
Net income (loss)	(5,495,826)	5,571,745	(2,909,670)	8,717,575
CMF Willowbridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(38,070)	(145,834)	(222,525)	(636,638)
Total Trading Results	(8,182,932)	28,756,543	(18,740,739)	15,134,368
Net income (loss)	$ (8,221,002)	28,610,709	$ (18,963,264)	14,497,730
Blackwater Master [Member]
Investment [Line Items]
Net Investment Income (Loss)		(16,617)		(39,750)
Total Trading Results		297,125		87,198
Net income (loss)		$ 280,508		47,448
PGM Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)				(136,430)
Total Trading Results				(923,314)
Net income (loss)				$ (1,059,744)

Investment in the Funds - Partn

Investment in the Funds - Partnership's Investments in, and Partners' Pro Rata Share of Results of Operations of, the Funds (Detail) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Dec. 31, 2015
Investment Holdings [Line Items]
Fair Value	[1]	$ 47,454,000		$ 47,454,000		$ 62,285,375
Income (Loss)		21,062	$ 6,263,940	1,092,030	$ 7,724,380
Expenses, Clearing Fees		49,577	86,137	191,061	186,545
Expenses, Professional fees		107,399	150,986	328,032	410,545
Net Income (Loss)		(1,152,519)	4,015,291	(2,785,233)	1,389,017
Investment in Funds [Member]
Investment Holdings [Line Items]
Fair Value		47,454,000		47,454,000		$ 62,285,375
Income (Loss)		(565,089)	6,155,717	388,227	8,825,170
Expenses, Clearing Fees		78,764	97,986	281,847	404,053
Expenses, Professional fees		15,045	29,302	46,944	162,463
Net Income (Loss)		$ (658,898)	6,028,429	$ 59,436	8,258,654
Investment in Funds [Member] | Commodity Portfolio [Member] | SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital		29.20%		29.20%		24.36%
Fair Value		$ 21,315,734		$ 21,315,734		$ 22,981,374
Income (Loss)		1,106,480	1,749,282	1,348,719	3,398,201
Expenses, Clearing Fees		63,915	80,436	238,343	273,133
Expenses, Professional fees		9,162	9,276	26,215	39,422
Net Income (Loss)		$ 1,033,403	1,659,570	$ 1,084,161	3,085,646
Investment Objective				Commodity Portfolio
Redemptions Permitted				Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital		26.13%		26.13%		25.84%
Fair Value		$ 19,076,295		$ 19,076,295		$ 24,376,553
Income (Loss)		(1,497,401)	3,619,120	(537,484)	5,700,537
Expenses, Clearing Fees		9,041	12,234	21,722	34,702
Expenses, Professional fees		5,442	15,105	19,078	48,446
Net Income (Loss)		$ (1,511,884)	3,591,781	$ (578,284)	5,617,389
Investment Objective				Commodity Portfolio
Redemptions Permitted				Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital		9.67%		9.67%		15.82%
Fair Value		$ 7,061,971		$ 7,061,971		$ 14,927,448
Income (Loss)		(174,168)	717,290	(423,008)	575,206
Expenses, Clearing Fees		5,808	4,009	21,782	17,250
Expenses, Professional fees		441	595	1,651	2,267
Net Income (Loss)		$ (180,417)	712,686	$ (446,441)	555,689
Investment Objective				Commodity Portfolio
Redemptions Permitted				Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | Blackwater Master [Member]
Investment Holdings [Line Items]
Income (Loss)			70,025		73,712
Expenses, Clearing Fees			1,307		3,762
Expenses, Professional fees			4,326		10,276
Net Income (Loss)			$ 64,392		59,674
Investment in Funds [Member] | Commodity Portfolio [Member] | PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)					(922,486)
Expenses, Clearing Fees					75,206
Expenses, Professional fees					62,052
Net Income (Loss)					$ (1,059,744)
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
General Partner OTC minimum	49.80%
General Partner OTC maximum	70.30%
Maturity on financial instruments	1 year