Emerging Cta Portfolio 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
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 Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		48,184.7750
Entity Public Float			$ 77,711,054

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in the Funds, at fair value (Note 6)	[1]	$ 37,830,104	$ 62,285,375
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $11,248,961 at December 31, 2016 and 2015, respectively)	[1]	37,830,104	62,285,375
Cash at MS&Co. (Note 3c)		26,587,134	15,654,546
Cash margin (Note 3c)		3,093,030	8,133,817
Total equity in trading account		29,702,439	35,183,085
Cash at bank (Note 1)		217
Interest receivable (Note 3c)		9,112	2,130
Total assets		67,541,872	97,470,590
Accrued expenses:
Ongoing selling agent fees (Note 3d)		112,570	161,320
Management fees (Note 3b)		82,039	127,306
General Partner fees (Note 3a)		56,176	80,498
Incentive fees (Notes 3a and 3b)		120,842
Professional fees		130,926	194,123
Redemptions payable to General Partner (Note 7)		100,000
Redemptions payable to Limited Partners (Note 7)		3,048,601	1,900,350
Total liabilities		3,651,154	3,141,949
Partners' Capital (Notes 1 and 7):
Total partners' capital (net asset value)		63,890,718	94,328,641
Total liabilities and partners' capital		67,541,872	97,470,590
Class A Redeemable Units [Member]
Partners' Capital (Notes 1 and 7):
General Partner, Class A, 572.7556 and 814.5646 Redeemable Units outstanding at December 31, 2016 and 2015, respectively		718,402	1,081,872
Limited Partners		$ 63,172,316	$ 93,246,769
Net asset value per Redeemable Unit, Class A		$ 1,254.29	$ 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 (Note 6)			11,248,588
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $11,248,961 at December 31, 2016 and 2015, respectively)			11,248,588
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts		$ 22,275	$ 146,134
[1]	Defined in Note 4.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Dec. 31, 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	572.7556	814.5646
Limited Partners Redeemable Units outstanding	50,365.0120	70,207.4852

Condensed Schedule of Investmen

Condensed Schedule of Investments		Dec. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Schedule of Investments [Line Items]
Total investment in the Funds	[1]	$ 37,830,104	$ 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		0.03%	0.15%
Net unrealized appreciation (depreciation) on open contracts		$ 22,275	$ 146,134
Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		0.15%	(0.29%)
Net unrealized appreciation (depreciation) on open contracts		$ 94,022	$ (271,413)
Futures Contracts [Member] | Long [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		16
% of Partners' Capital		0.01%
Net unrealized appreciation (depreciation) on open contracts		$ 9,070
Futures Contracts [Member] | Long [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		61
% of Partners' Capital		(0.07%)
Net unrealized appreciation (depreciation) on open contracts		$ (43,507)
Futures Contracts [Member] | Long [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		28	296
% of Partners' Capital		0.04%	0.36%
Net unrealized appreciation (depreciation) on open contracts		$ 25,542	$ 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		268	2,635
% of Partners' Capital		0.12%	(0.48%)
Net unrealized appreciation (depreciation) on open contracts		$ 78,021	$ (450,352)
Futures Contracts [Member] | Long [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		24
% of Partners' Capital		(0.02%)
Net unrealized appreciation (depreciation) on open contracts		$ (20,805)
Futures Contracts [Member] | Long [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		39
% of Partners' Capital		0.04%
Net unrealized appreciation (depreciation) on open contracts		$ 26,780
Futures Contracts [Member] | Long [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		118
% of Partners' Capital		0.03%
Net unrealized appreciation (depreciation) on open contracts		$ 18,921
Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		(0.12%)	0.44%
Net unrealized appreciation (depreciation) on open contracts		$ (71,747)	$ 417,547
Futures Contracts [Member] | Short [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		139
% of Partners' Capital		(0.05%)
Net unrealized appreciation (depreciation) on open contracts		$ (29,973)
Futures Contracts [Member] | Short [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		6	86
% of Partners' Capital		(0.01%)	0.00%	[2]
Net unrealized appreciation (depreciation) on open contracts		$ (7,210)	$ 3,720
Futures Contracts [Member] | Short [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		420	53
% of Partners' Capital		(0.02%)	0.03%
Net unrealized appreciation (depreciation) on open contracts		$ (11,395)	$ 29,813
Futures Contracts [Member] | Short [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		565	446
% of Partners' Capital		0.01%	(0.09%)
Net unrealized appreciation (depreciation) on open contracts		$ 7,727	$ (89,279)
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		86	732
% of Partners' Capital		(0.02%)	0.36%
Net unrealized appreciation (depreciation) on open contracts		$ (9,600)	$ 339,849
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		62	1,796
% of Partners' Capital		(0.04%)	0.22%
Net unrealized appreciation (depreciation) on open contracts		$ (25,156)	$ 204,572
Futures Contracts [Member] | Short [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		9	101
% of Partners' Capital		0.01%	(0.08%)
Net unrealized appreciation (depreciation) on open contracts		$ 3,860	$ (71,128)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Total investment in the 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 the 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 the Funds			$ 6,998,867
% of Partners' Capital			7.42%
Limited Partners [Member]
Schedule of Investments [Line Items]
Total investment in the Funds		$ 37,830,104	$ 62,285,375
% of Partners' Capital		59.21%	66.02%
Limited Partners [Member] | SECOR Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total investment in the Funds		$ 18,932,359	$ 22,981,374
% of Partners' Capital		29.63%	24.36%
Limited Partners [Member] | Cambridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total investment in the Funds		$ 14,960,410	$ 24,376,553
% of Partners' Capital		23.42%	25.84%
Limited Partners [Member] | CMF Willowbridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
Total investment in the Funds		$ 3,937,335	$ 14,927,448
% of Partners' Capital		6.16%	15.82%
[1]	Defined in Note 4.
[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 - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Income:
Interest income		$ 65,647	$ 6,310	$ 4,974
Interest income allocated from the Funds		112,109	17,874	20,279
Total investment income		177,756	24,184	25,253
Expenses:
Expenses allocated from the Funds		415,196	687,310	1,341,161
Clearing fees related to direct investments (Note 3c)		244,910	267,311	263,588
Ongoing selling agent fees (Note 3d)		1,636,843	2,136,380	3,515,582
Management fees (Note 3b)		1,210,330	1,641,891	1,855,333
General Partner fees (Note 3a)		817,069	1,066,606	801,411
Incentive fees (Notes 3a and 3b)		301,291	1,434,431	2,640,529
Professional fees		422,957	494,726	441,355
Total expenses		5,048,596	7,728,655	10,858,959
Net investment loss		(4,870,840)	(7,704,471)	(10,833,706)
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net realized gains (losses) on closed contracts		(335,118)	(1,395,459)	(1,754,863)
Net realized gains (losses) on closed contracts allocated from the Funds		324,297	11,611,019	11,179,959
Net change in unrealized gains (losses) on open contracts		557,235	76,492	(734,504)
Net change in unrealized gains (losses) on open contracts allocated from the Funds		(43,431)	(4,496,249)	(1,394,812)
Total trading results		502,983	5,795,803	7,295,780
Net Income (Loss)		$ (4,367,857)	$ (1,908,668)	$ (3,537,926)
Class A Redeemable Units [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit, Class A (Note 8)	[1]	$ (73.87)	$ (26.14)	$ 3.90
Weighted average Redeemable Units outstanding		62,419.4823	78,310.5220	103,762.9323
[1]	Represents the change in net asset value per Redeemable Unit.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Class A Redeemable Units [Member]	Limited Partners [Member]	General Partner [Member]
Net asset value per unit		$ 1,350.40
Partners' Capital at Dec. 31, 2013	$ 162,121,688		$ 160,078,566	$ 2,043,122
Net income (loss)	(3,537,926)		(3,473,702)	(64,224)
Subscriptions of Redeemable Units, value	7,249,416		7,249,416
Redemptions of General Partner Redeemable Units	(702,619)			(702,619)
Redemptions of Redeemable Units, value	(50,502,567)		(50,502,567)
Partners' Capital at Dec. 31, 2014	114,627,992		113,351,713	1,276,279
Net asset value per unit		1,354.30
Net income (loss)	(1,908,668)		(1,890,155)	(18,513)
Subscriptions of Redeemable Units, value	3,429,167		3,429,167
Redemptions of General Partner Redeemable Units	(175,894)			(175,894)
Redemptions of Redeemable Units, value	(21,643,956)		(21,643,956)
Partners' Capital at Dec. 31, 2015	94,328,641		93,246,769	1,081,872
Net asset value per unit		1,328.16
Net income (loss)	(4,367,857)		(4,315,515)	(52,342)
Subscriptions of Redeemable Units, value	697,000		697,000
Redemptions of General Partner Redeemable Units	(311,128)			(311,128)
Redemptions of Redeemable Units, value	(26,455,938)		(26,455,938)
Partners' Capital at Dec. 31, 2016	$ 63,890,718		$ 63,172,316	$ 718,402
Net asset value per unit		$ 1,254.29

Statements of Changes in Partn8

Statements of Changes in Partners' Capital (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Subscriptions of Redeemable Units	544.1480	2,514.3600	5,734.009
Limited Partners [Member]
Redemptions of Redeemable Units	20,386.6212	16,004.4080	40,577.9470
General Partner [Member]
Redemptions of Redeemable Units	241.8090	127.8240	570.5870

Organization

Organization	12 Months Ended
	Dec. 31, 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 in Note 4, “Trading Activities”), in speculative trading of a diversified portfolio of commodity interests, including futures, options on futures, forward, options 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 (as defined below). The sectors traded include currencies, livestock, 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 (“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 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. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was 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. During the periods covered by this report, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership/Funds also deposit a portion of their cash in a non-trading account at JPMorgan Chase Bank, N.A. At December 31, 2016, 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 December 31, 2016, The Cambridge Strategy (Asset Management) Limited (“Cambridge”), Harbour Square Capital Management LLC (“Harbour Square”), Independent View BV (“Independent View”), SECOR Capital Advisors, LP (“SECOR”) and Willowbridge Associates Inc. (“Willowbridge”) served as the Partnership’s major commodity trading advisors. 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. In addition, the General Partner may allocate the Partnership’s assets to additional non-major trading advisors (i.e. commodity trading advisors 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 MS&Co., and are not responsible for the organization or operation of the Partnership. References herein to the “Advisors” may also include, as relevant, references to Blackwater Capital Management, LLC (“Blackwater”), Perella, Centurion, 300 North Capital LLC (“300 North Capital”) and Principle Capital Management LLC (“Principle”). 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 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 December 31, 2016 and 2015, there were no Redeemable Units outstanding in Class D or Class Z. 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 will be liquidated upon the first to occur of the following: December 31, 2023; the net asset value per Redeemable Unit of limited partnership interest of any Class decreases to less than $400 as of the close of any business day; or under certain other circumstances as defined in the limited partnership agreement of the Partnership (the “Limited Partnership Agreement”). In addition, the General Partner may, in its sole discretion, cause the Partnership to be liquidated if the aggregate net assets of the Partnership decline to less than $1,000,000. 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	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. d. Partnership’s Investment in the Funds. e. Partnership’s/Funds’ Derivative Investments. f. Partnership’s Cash. g. Income Taxes. h. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” i. Net Income (Loss) per Redeemable Unit “Financial Services – Investment Companies.” j. Fair Value of Financial Instruments “Financial Instruments,” k. Recent Accounting Pronouncement “Recognition and Measurement of Financial Assets and Financial Liabilities.”

Agreements

Agreements	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Agreements	3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The Partnership pays the General Partner a monthly administrative fee (“General Partner fees”) equal to 1/12 of 1% (1.0% per year) of month-end net assets. Prior to October 1, 2014, the Partnership paid the General Partner a monthly administrative fee equal to 1/24 of 1% (0.5% per year) of month-end net assets. Month-end net assets, for the purpose of calculating General Partner fees, are net assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fees, management fees, incentive fee accruals, the General Partner fee and any redemptions or distributions as of the end of such month. The Partnership will also pay the General Partner an incentive fee payable annually equal to 5% of the Partnership’s overall New Trading Profits, as defined in the Limited Partnership Agreement, earned in each calendar year. For the years ended December 31, 2016, 2015 and 2014, there were no incentive fees earned by the General Partner. b. Management Agreement: The General Partner, on behalf of the Partnership, entered into management agreements (each, a “Management Agreement”) with the Advisors, each of which is a registered commodity trading advisor. The Advisors are not affiliated with one another, are not affiliated with the General Partner or MS&Co. and are not responsible for the organization or operation of the Partnership. Effective January 1, 2016, SECOR receives a monthly management fee equal to 1.75% per year of month-end net assets allocated to SECOR. Prior to January 1, 2016, SECOR received a monthly management fee equal to 2.0% per year. Cambridge receives a monthly management fee equal to 1.5% per year of month-end net assets allocated to Cambridge. Willowbridge receives a monthly management fee equal to 1.5% per year of month-end net assets allocated to Willowbridge. Harbour Square receives a monthly management fee equal to 1.25% per year of month-end net assets allocated to Harbour Square. Independent View receives a monthly management fee equal to 1.25% per year of month-end net assets allocated to Independent View. Prior to its termination on July 31, 2016, Perella received a monthly management fee equal to 1.5% per year of month-end net assets allocated to Perella. From January 1, 2016 until its termination on September 30, 2016, Centurion received a monthly management fee equal to 1.00% per year of month-end net assets allocated to Centurion. Prior to January 1, 2016, Centurion received a monthly management fee equal to 1.25% per year. Prior to its termination on September 30, 2015, Blackwater received a monthly management fee equal to 0.75% per year of month-end net assets allocated to Blackwater. Prior to its termination on July 31, 2014, Principle received a monthly management fee equal to 1.5% per year of month-end net assets allocated to Principle. Prior to its termination on October 31, 2014, 300 North Capital received a monthly management fee equal to 1.5% per year of month-end net assets allocated to 300 North Capital. Month-end net assets, for the purpose of calculating management fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fees, incentive fee accruals, the General Partner fee, ongoing selling agent fee and any redemptions or distributions as of the end of such month. Each Management Agreement may be terminated upon notice by either party. In addition, the Partnership is obligated to pay each Advisor an incentive fee, payable quarterly, equal to 20% for SECOR, Willowbridge, Harbour Square and Independent View, and equal to 15% for Cambridge, of New Trading Profits, as defined in each Management Agreement, earned by each Advisor for the Partnership during each calendar quarter. Prior to its termination on September 30, 2016, Centurion was eligible to receive an incentive fee, payable quarterly, equal to 20% of New Trading Profits, as defined in its Management Agreement with the General Partner, earned by Centurion for the Partnership during each calendar quarter. Prior to its termination on July 31, 2016, Perella was eligible to receive an incentive fee, payable quarterly, equal to 20% of New Trading Profits, as defined in its Management Agreement with the General Partner, earned by Perella for the Partnership during each calendar quarter. Prior to its termination on September 30, 2015, Blackwater was eligible to receive an incentive fee, payable quarterly, equal to 20% of New Trading Profits, as defined in its Management Agreement with the General Partner, earned by Blackwater for the Partnership during each calendar quarter. Prior to its termination on July 31, 2014, Principle was eligible to receive an incentive fee, payable quarterly, equal to 17.5% of the New Trading Profits, as defined in its Management Agreement with the General Partner, earned by Principle for the Partnership during each calendar quarter. Prior to its termination on October 31, 2014, 300 North Capital was eligible to receive an incentive fee, payable quarterly, equal to 17.5% of the New Trading Profits, as defined in its Management Agreement with the General Partner, earned by 300 North Capital for the Partnership during each calendar quarter. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not receive an incentive fee until the Advisor recovers the net loss incurred and earns additional trading profits for the Partnership. In allocating the assets of the Partnership among the Advisors, the General Partner conducts proprietary research and considers, among other factors, the background of the Advisors’ principals, as well as the Advisors’ trading styles, strategies and markets traded, expected volatility, trading results (to the extent available) and fee requirements. The General Partner may modify or terminate the allocation of assets among the Advisors and may allocate assets to additional advisors at any time. c. Customer Agreement: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership pays 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”) directly and indirectly through its investment in the Funds. Clearing fees are allocated to the Partnership based on its proportionate share of each Fund. Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. All of the Partnership’s assets available for trading in commodity interests not held in the Funds’ accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash deposited with MS&Co. is held in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. At December 31, 2016 and 2015, the amount of cash held for margin requirements was $3,093,030 and $8,133,817, respectively. MS&Co. has agreed to pay the Partnership interest on 100% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of a Fund’s) brokerage account at the rate equal to the monthly average of the 4-Week U.S. Treasury bill discount rate. The Partnership Customer Agreement may generally be terminated upon notice by either party. d. Selling Agent Agreement: The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014, this monthly ongoing selling agent fee was equal to (i) 7/24 of 1% (3.5% per year) of month-end net assets for Class A Redeemable Units, (ii) 5/48 of 1% (1.25% per year) of month-end net assets for Class D Redeemable Units and (iii) 1/24 of 1% (0.50% per year) of month-end net assets for Class Z Redeemable Units. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced to 5/24 of 1% (2.5% per year) for Class A Redeemable Units. Effective October 1, 2014, the monthly ongoing selling agent fee was (i) reduced to 4/24 of 1% (2.0% per year) for Class A Redeemable Units, (ii) reduced to 3/48 of 1% (0.75% per year) for Class D Redeemable Units and (iii) eliminated for Class Z Redeemable Units. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Redeemable Units. Month-end net assets, for the purpose of calculating ongoing selling agent fees are net assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fees, incentive fee accruals, the monthly management fees, the General Partner fee and other expenses and any redemptions or distributions as of the end of such month. The General Partner fees, management fees, incentive fees and all other expenses are allocated proportionally to each Class based on the net asset value of each Class.

Trading Activities

Trading Activities	12 Months Ended
	Dec. 31, 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. The Partnership also invests certain of 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. As of December 31, 2016, Cambridge Master Fund L.P. (“Cambridge Master”), Willowbridge Master, the Partnership and prior to its liquidation, Blackwater Master Fund L.P. (“Blackwater Master”) have entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. SECOR Master Fund L.P. (“SECOR Master”) has entered into a futures brokerage agreement with MS&Co. (each agreement, a “Fund Customer Agreement” and, together with the Partnership Customer Agreement, the “Customer Agreements”). Cambridge Master, Willowbridge Master and SECOR Master are collectively referred to as the “Funds.” References herein to “Funds” may also include as relevant, reference to Blackwater Master, Principle Master Fund L.P. (“Principle Master”), 300 North Capital Master Fund L.P. (“300 North Master”) and PGM Master Fund L.P. (“PGM Master”). The Partnership, through its investments in the Funds, pays MS&Co. trading fees for clearing and where applicable, execution of transactions. The assets allocated to Harbour Square are traded directly pursuant to Harbour Square’s Discretionary Energy Program. The assets allocated to Independent View are traded directly pursuant to Independent View’s IV Quantitative Futures Fund Program. Prior to its termination, the assets allocated to Perella were traded directly pursuant to a variation of the program traded by PWP Global Macro Master Fund L.P. Prior to its termination, the assets allocated to Centurion were traded directly pursuant to Centurion’s Short Term Systematic Strategy Program. The Customer Agreements give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward 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 directly by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the years ended December 31, 2016 and 2015 were 2,412 and 2,882, respectively. The monthly average number of option contracts traded directly by the Partnership during the years ended December 31, 2016 and 2015 were 0 and 100, respectively. The monthly average notional values of currency forward contracts traded directly by the Partnership during the years ended December 31, 2016 and 2015 were $15,051,843 and $21,771,991, 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 by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds and are allocated to the limited partners/members, including the Partnership. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of December 31, 2016 and 2015, respectively. December 31, 2016 Gross Amounts Gross Amounts Statements of Financial Amounts Statements of Financial Gross Amounts Not Offset in the Financial Cash Collateral Received/ Net Amount Assets Futures $ 365,927 $ (343,652) $ 22,275 $ - $ - $ 22,275 Total assets $ 365,927 $ (343,652) $ 22,275 $ - $ - $ 22,275 Liabilities Futures $ (343,652) $ 343,652 $ - $ - $ - $ - Total liabilities $ (343,652) $ 343,652 $ - $ - $ - $ - Net Fair Value $ 22,275 * December 31, 2015 Gross Amounts Gross Amounts Statements of Financial Amounts Statements of Financial Gross Amounts Not Offset in the Financial Cash Collateral Received/ 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 December 31, 2016 and 2015, respectively. Assets December 31, 2016 Futures Contracts Currencies $ 20,075 Energy 10,875 Grains 33,090 Indices 126,605 Interest Rates U.S. 19,212 Interest Rates Non-U.S. 78,347 Livestock 29,680 Metals 16,503 Softs 31,540 Total unrealized appreciation on open futures contracts 365,927 Liabilities Futures Contracts Currencies (50,048) Energy (9,015) Grains (87,992) Indices (93,336) Interest Rates U.S. (28,812) Interest Rates Non-U.S. (25,482) Livestock (2,900) Metals (33,448) Softs (12,619) Total unrealized depreciation on open futures contracts (343,652) Net unrealized appreciation on open futures contracts $ 22,275 * * This amount is in “Net unrealized appreciation 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 years ended December 31, 2016, 2015 and 2014, respectively. Sector 2016 2015 2014 Currencies $ 219,420 $ (658,713) $ 274,097 Energy 1,020,372 (274,934) (1,826,652) Grains (81,019) (36,678) 180,065 Indices (152,017) (912,299) (843,355) Interest Rates U.S. (1,253,337) 321,210 333,522 Interest Rates Non-U.S. 1,238,890 42,459 (695,562) Livestock (54,052) 2,079 (53,734) Metals (454,501) 222,360 182,099 Softs (261,639) (24,451) (39,847) Total $ 222,117 *** $ (1,318,967) *** $ (2,489,367) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 and for the years ended December 31, 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 years ended December 31, 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2. December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 365,927 $ 365,927 $ - $ - Total assets $ 365,927 $ 365,927 $ - $ - Liabilities Futures $ 343,652 $ 343,652 $ - $ - Total liabilities $ 343,652 $ 343,652 $ - $ - 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	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Investment in the Funds	6. Investment in the Funds: 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 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 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. The Partnership fully redeemed its investment in Principle Master on July 31, 2014 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. The Partnership fully redeemed its investment in 300 North Master on October 31, 2014 for cash equal to $12,374,970. 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 material changes to any of the trading programs discussed above during the year ended December 31, 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, ongoing selling agent fees, the General Partner fees and incentive fees are charged at the Partnership level. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. At December 31, 2016, the Partnership owned approximately 49.1% of SECOR Master, 26.2% of Cambridge Master and 1.0% of Willowbridge Master. At December 31, 2015, the Partnership owned approximately 45.5% of SECOR Master, 40.8% of Cambridge Master and 4.3% of Willowbridge 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 capital of the Funds is shown in the following tables: December 31, 2016 Total Assets Total Liabilities Total Partners’ SECOR Master $ 39,231,542 $ 679,104 $ 38,552,438 Cambridge Master 58,282,466 1,125,600 57,156,866 Willowbridge Master 396,846,845 5,348,232 391,498,613 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) from trading, total trading results and net income (loss) of the Funds is shown in the following tables: For the year ended December 31, 2016 Net Investment Total Trading Net Income SECOR Master $ (245,725) $ 2,459,009 $ 2,213,284 Cambridge Master 10,557 (3,918,575) (3,908,018) Willowbridge Master (120,715) 10,171,911 10,051,196 For the year ended December 31, 2015 Net Investment Total Trading Net Income Blackwater Master $ (39,750) $ 87,198 $ 47,448 SECOR Master (396,486) 2,605,734 2,209,248 Cambridge Master (86,844) 9,062,618 8,975,774 Willowbridge Master (783,256) 6,652,400 5,869,144 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: December 31, 2016 For the year ended December 31, 2016 Funds % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional SECOR Master 29.63 % $ 18,932,359 $ 1,214,193 $ 305,523 $ 32,240 $ 876,430 Commodity Monthly Cambridge Master 23.42 % 14,960,410 (782, 577) 30,253 21,883 (834,713) Commodity Monthly Willowbridge Master 6.16 % 3,937,335 (38,641) 23,494 1,803 (63,938) Commodity Monthly Total $ 37,830,104 $ 392,975 $ 359,270 $ 55,926 $ (22,221) December 31, 2015 For the year ended December 31, 2015 Funds % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Blackwater Master (a) 0.00 % $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Monthly SECOR Master 24.36 % 22,981,374 1,756,788 355,955 52,990 1,347,843 Commodity Monthly Cambridge Master 25.84 % 24,376,553 5,950,194 42,672 56,721 5,850,801 Commodity Monthly Willowbridge Master 15.82 % 14,927,448 274,436 24,974 2,702 246,760 Commodity Monthly PGM Master (b) 0.00 % - (922,486) 75,206 62,052 (1,059,744) Commodity Monthly Total $ 62,285,375 $ 7,132,644 $ 502,569 $ 184,741 $ 6,445,334 (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.

Subscriptions, Distributions an

Subscriptions, Distributions and Redemptions	12 Months Ended
	Dec. 31, 2016
Equity [Abstract]
Subscriptions, Distributions and Redemptions	7. Subscriptions, Distributions and Redemptions: Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscriptions are processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Partnership’s profits. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value as of the end of each month on three business days’ notice to the General Partner. There is no fee charged to limited partners in connection with redemptions.

Financial Highlights

Financial Highlights	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Financial Highlights	8. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: Class A 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 4.16 $ 71.66 $ 112.59 Net investment loss (78.03) (97.80) (108.69) Increase (decrease) for the year (73.87) (26.14) 3.90 Net asset value per Redeemable Unit, beginning of year 1,328.16 1,354.30 1,350.40 Net asset value per Redeemable Unit, end of year $ 1,254.29 $ 1,328.16 $ 1,354.30 Ratios to Average Limited Partners’ Capital: Net investment loss ** (6.1) % (7.4) % (8.5) % Operating expense 5.9 % 6.0 % 6.4 % Incentive fees 0.4 % 1.4 % 2.1 % Total expenses 6.3 % 7.4 % 8.5 % Total return: Total return before incentive fees (5.2) % (0.5) % 2.4 % Incentive fees (0.4) % (1.4) % (2.1) % Total return after incentive fees (5.6) % (1.9) % 0.3 % * 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 year. 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. ** 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 year. 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.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial Instrument Risks	9. 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 46.3% to 73.5% of the Partnership’s/Funds’ contracts are traded OTC. Futures Contracts. Forward Foreign Currency Contracts. 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. 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. 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	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	10. Subsequent Events: As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley. On January 1, 2017, the General Partner and the Partnership entered into a management agreement with AE Capital PTY Limited (“AE Capital”). The Partnership allocated a portion of its assets to AE Capital on or about February 1, 2017. AE Capital commenced trading pursuant to AE Capital’s AE Systematic FX Fund Program on March 1, 2017. Effective February 28, 2017, the Partnership fully redeemed its investment from Willowbridge Master. In addition, Willowbridge no longer acts as a commodity trading advisor to the Partnership. Effective on or about March 1, 2017, the Partnership reallocated the assets allocated to Willowbridge to the remaining commodity trading advisors to the Partnership. The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	a. Use of Estimates.
Profit Allocation	b. Profit Allocation.
Statement of Cash Flows	c. Statement of Cash Flows.
Partnership's Investment in the Funds	d. Partnership’s Investment in the Funds.
Partnership's/Funds' Derivative Investments	Partnership’s/Funds’ Derivative Investments.
Partnership's Cash	f. Partnership’s Cash.
Income Taxes	g. Income Taxes.
Investment Company Status	h. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”
Net Income (Loss) Per Redeemable Unit	i. Net Income (Loss) per Redeemable Unit “Financial Services – Investment Companies.”
Fair Value of Financial Instruments	j. Fair Value of Financial Instruments “Financial Instruments,”
Recent Accounting Pronouncement	k. Recent Accounting Pronouncement “Recognition and Measurement of Financial Assets and Financial Liabilities.”

Trading Activities (Tables)

Trading Activities (Tables)	12 Months Ended
	Dec. 31, 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 agreements or similar arrangements as of December 31, 2016 and 2015, respectively. December 31, 2016 Gross Amounts Gross Amounts Statements of Financial Amounts Statements of Financial Gross Amounts Not Offset in the Financial Cash Collateral Received/ Net Amount Assets Futures $ 365,927 $ (343,652) $ 22,275 $ - $ - $ 22,275 Total assets $ 365,927 $ (343,652) $ 22,275 $ - $ - $ 22,275 Liabilities Futures $ (343,652) $ 343,652 $ - $ - $ - $ - Total liabilities $ (343,652) $ 343,652 $ - $ - $ - $ - Net Fair Value $ 22,275 * December 31, 2015 Gross Amounts Gross Amounts Statements of Financial Amounts Statements of Financial Gross Amounts Not Offset in the Financial Cash Collateral Received/ 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 December 31, 2016 and 2015, respectively. Assets December 31, 2016 Futures Contracts Currencies $ 20,075 Energy 10,875 Grains 33,090 Indices 126,605 Interest Rates U.S. 19,212 Interest Rates Non-U.S. 78,347 Livestock 29,680 Metals 16,503 Softs 31,540 Total unrealized appreciation on open futures contracts 365,927 Liabilities Futures Contracts Currencies (50,048) Energy (9,015) Grains (87,992) Indices (93,336) Interest Rates U.S. (28,812) Interest Rates Non-U.S. (25,482) Livestock (2,900) Metals (33,448) Softs (12,619) Total unrealized depreciation on open futures contracts (343,652) Net unrealized appreciation on open futures contracts $ 22,275 * * This amount is in “Net unrealized appreciation 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 years ended December 31, 2016, 2015 and 2014, respectively. Sector 2016 2015 2014 Currencies $ 219,420 $ (658,713) $ 274,097 Energy 1,020,372 (274,934) (1,826,652) Grains (81,019) (36,678) 180,065 Indices (152,017) (912,299) (843,355) Interest Rates U.S. (1,253,337) 321,210 333,522 Interest Rates Non-U.S. 1,238,890 42,459 (695,562) Livestock (54,052) 2,079 (53,734) Metals (454,501) 222,360 182,099 Softs (261,639) (24,451) (39,847) Total $ 222,117 *** $ (1,318,967) *** $ (2,489,367) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the years ended December 31, 2016 and 2015, there were no transfers of assets or liabilities between Level 1 and Level 2. December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 365,927 $ 365,927 $ - $ - Total assets $ 365,927 $ 365,927 $ - $ - Liabilities Futures $ 343,652 $ 343,652 $ - $ - Total liabilities $ 343,652 $ 343,652 $ - $ - 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)	12 Months Ended
	Dec. 31, 2016
Schedule of Investments [Abstract]
Assets, Liabilities and Capital of Funds	Summarized information reflecting the total assets, liabilities and capital of the Funds is shown in the following tables: December 31, 2016 Total Assets Total Liabilities Total Partners’ SECOR Master $ 39,231,542 $ 679,104 $ 38,552,438 Cambridge Master 58,282,466 1,125,600 57,156,866 Willowbridge Master 396,846,845 5,348,232 391,498,613 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), Total Trading Results and Net Income (Loss) for Funds	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 year ended December 31, 2016 Net Investment Total Trading Net Income SECOR Master $ (245,725) $ 2,459,009 $ 2,213,284 Cambridge Master 10,557 (3,918,575) (3,908,018) Willowbridge Master (120,715) 10,171,911 10,051,196 For the year ended December 31, 2015 Net Investment Total Trading Net Income Blackwater Master $ (39,750) $ 87,198 $ 47,448 SECOR Master (396,486) 2,605,734 2,209,248 Cambridge Master (86,844) 9,062,618 8,975,774 Willowbridge Master (783,256) 6,652,400 5,869,144 PGM Master (136,430) (923,314) (1,059,744)
Partnership's Investments in and Partnership' 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: December 31, 2016 For the year ended December 31, 2016 Funds % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional SECOR Master 29.63 % $ 18,932,359 $ 1,214,193 $ 305,523 $ 32,240 $ 876,430 Commodity Monthly Cambridge Master 23.42 % 14,960,410 (782, 577) 30,253 21,883 (834,713) Commodity Monthly Willowbridge Master 6.16 % 3,937,335 (38,641) 23,494 1,803 (63,938) Commodity Monthly Total $ 37,830,104 $ 392,975 $ 359,270 $ 55,926 $ (22,221) December 31, 2015 For the year ended December 31, 2015 Funds % of Partners’ Fair Value Income Expenses Net Income Investment Redemptions Clearing Professional Blackwater Master (a) 0.00 % $ - $ 73,712 $ 3,762 $ 10,276 $ 59,674 Commodity Monthly SECOR Master 24.36 % 22,981,374 1,756,788 355,955 52,990 1,347,843 Commodity Monthly Cambridge Master 25.84 % 24,376,553 5,950,194 42,672 56,721 5,850,801 Commodity Monthly Willowbridge Master 15.82 % 14,927,448 274,436 24,974 2,702 246,760 Commodity Monthly PGM Master (b) 0.00 % - (922,486) 75,206 62,052 (1,059,744) Commodity Monthly Total $ 62,285,375 $ 7,132,644 $ 502,569 $ 184,741 $ 6,445,334 (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 Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
Text Block [Abstract]
Schedule of Changes in Net Asset Value	Financial highlights for the limited partner class as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: Class A 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year):* Net realized and unrealized gains (losses) $ 4.16 $ 71.66 $ 112.59 Net investment loss (78.03 ) (97.80 ) (108.69 ) Increase (decrease) for the year (73.87 ) (26.14 ) 3.90 Net asset value per Redeemable Unit, beginning of year 1,328.16 1,354.30 1,350.40 Net asset value per Redeemable Unit, end of year $ 1,254.29 $ 1,328.16 $ 1,354.30 * 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.
Ratios to Average Net Assets	2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 4.16 $ 71.66 $ 112.59 Net investment loss (78.03) (97.80) (108.69) Increase (decrease) for the year (73.87) (26.14) 3.90 Net asset value per Redeemable Unit, beginning of year 1,328.16 1,354.30 1,350.40 Net asset value per Redeemable Unit, end of year $ 1,254.29 $ 1,328.16 $ 1,354.30 Ratios to Average Limited Partners’ Capital: Net investment loss ** (6.1) % (7.4) % (8.5) % Operating expense 5.9 % 6.0 % 6.4 % Incentive fees 0.4 % 1.4 % 2.1 % Total expenses 6.3 % 7.4 % 8.5 % Total return: Total return before incentive fees (5.2) % (0.5) % 2.4 % Incentive fees (0.4) % (1.4) % (2.1) % Total return after incentive fees (5.6) % (1.9) % 0.3 % ** Interest income less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 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
Decreases in net asset value per Redeemable Unit of limited partnership interest of any Class	$ 400
Decline in aggregate net assets Partnership	$ 1,000,000
Liquidation date	Dec. 31, 2023
Class D Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0	0
Capital Unit Class Z [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0	0
Maximum [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of partnership assets allocated	10.00%

Basis of Presentation and Sum25

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ (265,409)	$ 472,794
Cash denominated in foreign currencies, proceeds	$ 267,759
Cash denominated in foreign currencies, cost		$ 473,186
Income tax examination, description	No income tax returns are currently under examination. The 2013 through 2016 tax years remain subject to examination by U.S. federal and most state tax authorities.

Agreements - Additional Informa

Agreements - Additional Information (Detail) - USD ($)

Sep. 29, 2016

Jul. 30, 2016

Jan. 01, 2016

Dec. 31, 2015

Sep. 29, 2015

Oct. 30, 2014

Oct. 01, 2014

Sep. 30, 2014

Jul. 30, 2014

Apr. 01, 2014

Mar. 31, 2014

Sep. 30, 2016

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Agreements [Line Items]

Cash margin

$ 8,133,817

$ 3,093,030

$ 8,133,817

Customer Agreement [Member]

Agreements [Line Items]

Cash margin

$ 8,133,817

$ 3,093,030

$ 8,133,817

Percentage of Partnership interest

100.00%

Selling Agreement [Member]

Agreements [Line Items]

Management fees description

Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014, this monthly ongoing selling agent fee was equal to (i) 7/24 of 1% (3.5% per year) of month-end net assets for Class A Redeemable Units, (ii) 5/48 of 1% (1.25% per year) of month-end net assets for Class D Redeemable Units and (iii) 1/24 of 1% (0.50% per year) of month-end net assets for Class Z Redeemable Units. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced to 5/24 of 1% (2.5% per year) for Class A Redeemable Units. Effective October 1, 2014, the monthly ongoing selling agent fee was (i) reduced to 4/24 of 1% (2.0% per year) for Class A Redeemable Units, (ii) reduced to 3/48 of 1% (0.75% per year) for Class D Redeemable Units and (iii) eliminated for Class Z Redeemable Units.

Management Agreement [Member]

Agreements [Line Items]

Percentage of management fees paid to Advisors

1.25%

Management Agreement [Member] | SECOR [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Percentage of management fees paid to Advisors

1.75%

2.00%

Management Agreement [Member] | Cambridge [Member]

Agreements [Line Items]

Incentive fees percentage

15.00%

Percentage of management fees paid to Advisors

1.50%

Management Agreement [Member] | Willowbridge [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Percentage of management fees paid to Advisors

1.50%

Management Agreement [Member] | Perella [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Percentage of management fees paid to Advisors

1.50%

Management Agreement [Member] | Centurion [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Percentage of management fees paid to Advisors

1.25%

1.00%

Management Agreement [Member] | Blackwater [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Percentage of management fees paid to Advisors

0.75%

Management Agreement [Member] | Principle [Member]

Agreements [Line Items]

Incentive fees percentage

17.50%

Percentage of management fees paid to Advisors

1.50%

Management Agreement [Member] | 300 North Capital [Member]

Agreements [Line Items]

Incentive fees percentage

17.50%

Percentage of management fees paid to Advisors

1.50%

Management Agreement [Member] | Harbour Square [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Management Agreement [Member] | Independent View [Member]

Agreements [Line Items]

Incentive fees percentage

20.00%

Class A Redeemable Units [Member] | Selling Agreement [Member]

Agreements [Line Items]

Annual brokerage fee

2.00%

2.50%

3.50%

Class D Redeemable Units [Member] | Selling Agreement [Member]

Agreements [Line Items]

Annual brokerage fee

0.75%

1.25%

Class Z Redeemable Units [Member] | Selling Agreement [Member]

Agreements [Line Items]

Annual brokerage fee

0.50%

Limited Partnership Agreement [Member]

Agreements [Line Items]

Management fee paid by partnership

0.50%

1.00%

Management fees description

The Partnership pays the General Partner a monthly administrative fee ("General Partner fees") equal to 1/12 of 1% (1.0% per year) of month-end net assets. Prior to October 1, 2014, the Partnership paid the General Partner a monthly administrative fee equal to 1/24 of 1% (0.5% per year) of month-end net assets.

Incentive fees percentage

5.00%

General partnership distribution amount

$ 0

$ 0

$ 0

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)Contracts	Dec. 31, 2015USD ($)Contracts
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts held	2,412	2,882
Options Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	0	100
Currency Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 15,051,843	$ 21,771,991

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 365,927	$ 2,212,328
Gross Amounts Offset in the Statements of Financial Condition, Assets	(343,652)	(2,066,194)
Amounts Presented in the Statements of Financial Condition, Assets	22,275	146,134
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	22,275	146,134
Gross Amounts Recognized, Liabilities	(343,652)	(2,744,546)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	343,652	2,066,194
Amounts Presented in the Statements of Financial Condition, Liabilities		(678,352)
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities		(678,352)
Net Fair Value	22,275	(532,218)
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	365,927	1,789,359
Gross Amounts Offset in the Statements of Financial Condition, Assets	(343,652)	(1,643,225)
Amounts Presented in the Statements of Financial Condition, Assets	22,275	146,134
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	22,275	146,134
Gross Amounts Recognized, Liabilities	(343,652)	(1,643,225)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	343,652	1,643,225
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	$ 0	0
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 ($)	Dec. 31, 2016	Dec. 31, 2015
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 365,927	$ 1,789,359
Total unrealized depreciation on open contracts	(343,652)	(1,643,225)
Net unrealized appreciation (depreciation) on open contracts	22,275	146,134
Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	20,075
Total unrealized depreciation on open contracts	(50,048)
Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	10,875	3,720
Total unrealized depreciation on open contracts	(9,015)
Futures Contracts [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	33,090	29,813
Total unrealized depreciation on open contracts	(87,992)
Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	126,605	793,699
Total unrealized depreciation on open contracts	(93,336)	(546,384)
Futures Contracts [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	19,212	339,849
Total unrealized depreciation on open contracts	(28,812)	(157,655)
Futures Contracts [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	78,347	607,581
Total unrealized depreciation on open contracts	(25,482)	(853,361)
Futures Contracts [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	29,680
Total unrealized depreciation on open contracts	(2,900)
Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	16,503	14,697
Total unrealized depreciation on open contracts	(33,448)	(85,825)
Futures Contracts [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	31,540
Total unrealized depreciation on open contracts	$ (12,619)
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts		422,969
Total unrealized depreciation on open contracts		(1,101,321)
Net unrealized appreciation (depreciation) on open contracts		(678,352)
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts		422,969
Total unrealized depreciation on open contracts		$ (1,101,321)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ 502,983	$ 5,795,803	$ 7,295,780
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	222,117	(1,318,967)	(2,489,367)
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	219,420	(658,713)	274,097
Derivative [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	1,020,372	(274,934)	(1,826,652)
Derivative [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(81,019)	(36,678)	180,065
Derivative [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(152,017)	(912,299)	(843,355)
Derivative [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(1,253,337)	321,210	333,522
Derivative [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	1,238,890	42,459	(695,562)
Derivative [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(54,052)	2,079	(53,734)
Derivative [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(454,501)	222,360	182,099
Derivative [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ (261,639)	$ (24,451)	$ (39,847)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Dec. 31, 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 ($)	Dec. 31, 2016	Dec. 31, 2015
Assets
Total assets	$ 365,927	$ 13,460,916
Liabilities
Total liabilities	343,652	2,744,546
Futures Contracts [Member]
Assets
Total assets	365,927	1,789,359
Liabilities
Total liabilities	343,652	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	365,927	1,789,359
Liabilities
Total liabilities	343,652	1,643,225
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	365,927	1,789,359
Liabilities
Total liabilities	$ 343,652	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

Oct. 31, 2014

Sep. 01, 2014

Jul. 31, 2014

Aug. 01, 2013

Mar. 01, 2013

Jan. 01, 2013

Sep. 01, 2012

Nov. 01, 2010

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

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

26.20%

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

1.00%

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

49.10%

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

Principle Master Fund L.P. [Member]

Investment [Line Items]

Cash paid for units purchased by partnership

$ 6,503,661

Cash redemption on investment

$ 12,165,827

Three Hundred North Capital Master Fund LP [Member]

Investment [Line Items]

Cash paid for units purchased by partnership

$ 10,000,000

Cash redemption on investment

$ 12,374,970

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Capital of Funds (Detail) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Investment Holdings [Line Items]
Total assets	$ 67,541,872	$ 97,470,590
Total Liabilities	3,651,154	3,141,949
Total Partners' Capital	63,890,718	94,328,641	$ 114,627,992	$ 162,121,688
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	39,231,542	50,962,450
Total Liabilities	679,104	464,928
Total Partners' Capital	38,552,438	50,497,522
Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	58,282,466	59,992,404
Total Liabilities	1,125,600	282,482
Total Partners' Capital	57,156,866	59,709,922
CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	396,846,845	351,368,221
Total Liabilities	5,348,232	2,668,272
Total Partners' Capital	$ 391,498,613	$ 348,699,949

Investment in the Funds - Net I

Investment in the Funds - Net Investment Income (Loss), Total Trading Results and Net Income (Loss) for Funds (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment [Line Items]
Net Investment Income (Loss)	$ (4,870,840)	$ (7,704,471)	$ (10,833,706)
Total Trading Results	502,983	5,795,803	7,295,780
Net income (loss)	(4,367,857)	(1,908,668)	$ (3,537,926)
SECOR Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(245,725)	(396,486)
Total Trading Results	2,459,009	2,605,734
Net income (loss)	2,213,284	2,209,248
Cambridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	10,557	(86,844)
Total Trading Results	(3,918,575)	9,062,618
Net income (loss)	(3,908,018)	8,975,774
CMF Willowbridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(120,715)	(783,256)
Total Trading Results	10,171,911	6,652,400
Net income (loss)	$ 10,051,196	5,869,144
Blackwater Master [Member]
Investment [Line Items]
Net Investment Income (Loss)		(39,750)
Total Trading Results		87,198
Net income (loss)		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 Partnership' Pro Rata Share of Results of Operations of Funds (Detail) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Investment Holdings [Line Items]
Fair Value	[1]	$ 37,830,104	$ 62,285,375
Income (Loss)		502,983	5,795,803	$ 7,295,780
Expenses, Clearing Fees		244,910	267,311	263,588
Expenses, Professional fees		422,957	494,726	441,355
Net Income (Loss)		(4,367,857)	(1,908,668)	$ (3,537,926)
Investment in Funds [Member]
Investment Holdings [Line Items]
Fair Value		37,830,104	62,285,375
Income (Loss)		392,975	7,132,644
Expenses, Clearing Fees		359,270	502,569
Expenses, Professional fees		55,926	184,741
Net Income (Loss)		$ (22,221)	$ 6,445,334
Investment in Funds [Member] | Commodity Portfolio [Member] | SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		29.63%	24.36%
Fair Value		$ 18,932,359	$ 22,981,374
Income (Loss)		1,214,193	1,756,788
Expenses, Clearing Fees		305,523	355,955
Expenses, Professional fees		32,240	52,990
Net Income (Loss)		$ 876,430	$ 1,347,843
Investment Objective		Commodity Portfolio
Redemptions Permitted		Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		23.42%	25.84%
Fair Value		$ 14,960,410	$ 24,376,553
Income (Loss)		(782,577)	5,950,194
Expenses, Clearing Fees		30,253	42,672
Expenses, Professional fees		21,883	56,721
Net Income (Loss)		$ (834,713)	$ 5,850,801
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]
Percentage of Partnership's Net Assets		6.16%	15.82%
Fair Value		$ 3,937,335	$ 14,927,448
Income (Loss)		(38,641)	274,436
Expenses, Clearing Fees		23,494	24,974
Expenses, Professional fees		1,803	2,702
Net Income (Loss)		$ (63,938)	$ 246,760
Investment Objective		Commodity Portfolio
Redemptions Permitted		Monthly
Investment in Funds [Member] | Commodity Portfolio [Member] | Blackwater Master [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets			0.00%
Income (Loss)			$ 73,712
Expenses, Clearing Fees			3,762
Expenses, Professional fees			10,276
Net Income (Loss)			$ 59,674
Investment in Funds [Member] | Commodity Portfolio [Member] | PGM Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets			0.00%
Income (Loss)			$ (922,486)
Expenses, Clearing Fees			75,206
Expenses, Professional fees			62,052
Net Income (Loss)			$ (1,059,744)
[1]	Defined in Note 4.

Subscriptions, Distributions 37

Subscriptions, Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Partners' Capital [Abstract]
Distributions made in general partner	$ 0
Fees charged to Limited Partners	$ 0

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - Class A Redeemable Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	$ 4.16	$ 71.66	$ 112.59
Net investment loss	(78.03)	(97.80)	(108.69)
Increase (decrease) for the year	(73.87)	(26.14)	3.90
Net asset value per Redeemable Unit, beginning of year	1,328.16	1,354.30	1,350.40
Net asset value per Redeemable Unit, end of year	$ 1,254.29	$ 1,328.16	$ 1,354.30

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail) - Class A Redeemable Units [Member]	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Ratios to Average Limited Partners' Capital:
Net investment loss	(6.10%)	(7.40%)	(8.50%)
Operating expense	5.90%	6.00%	6.40%
Incentive fees	0.40%	1.40%	2.10%
Total expenses	6.30%	7.40%	8.50%
Total return before incentive fees	(5.20%)	(0.50%)	2.40%
Incentive fees	(0.40%)	(1.40%)	(2.10%)
Total return after incentive fees	(5.60%)	(1.90%)	0.30%

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Maximum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of contracts traded over the counter	73.50%
Maturity period of instruments	1 year
Minimum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of contracts traded over the counter	46.30%