Emerging Cta Portfolio 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	CTA
Entity Registrant Name	EMERGING CTA PORTFOLIO LP
Entity Central Index Key	1,269,190
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		46,874.3960

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Mar. 31, 2017	Dec. 31, 2016
Assets:
Investment in the Funds, at fair value	[1]	$ 24,085,757	$ 37,830,104
Equity in trading account:
Cash at MS&Co.		33,831,099	26,587,134
Cash margin		3,782,258	3,093,030
Total equity in trading account		37,771,451	29,702,439
Cash at bank		1,022	217
Interest receivable		19,184	9,112
Total assets		61,877,414	67,541,872
Accrued expenses:
Ongoing selling agent fees		103,129	112,570
Management fees		74,509	82,039
General Partner fees		51,407	56,176
Incentive fees		61,154	120,842
Professional fees		188,491	130,926
Redemptions payable to General Partner			100,000
Redemptions payable to Limited Partners		837,548	3,048,601
Total liabilities		1,316,238	3,651,154
Partners' Capital:
Total partners' capital (net asset value)		60,561,176	63,890,718
Total liabilities and partners' capital		61,877,414	67,541,872
Class A Redeemable Units [Member]
Partners' Capital:
General Partner, Class A, 572.7556 Redeemable Units outstanding at March 31, 2017 and December 31, 2016		721,252	718,402
Limited Partners		$ 59,839,924	$ 63,172,316
Net asset value per Redeemable Unit, Class A		$ 1,259.27	$ 1,254.29
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts		$ 24,278
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts		$ 133,816	$ 22,275
[1]	Defined in Note 1.

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - Class A Redeemable Units [Member] - shares	Mar. 31, 2017	Dec. 31, 2016
General Partner Redeemable Units outstanding	572.7556	572.7556
Limited Partners Redeemable Units outstanding	47,519.6690	50,365.0120

Condensed Schedule of Investmen

Condensed Schedule of Investments		Mar. 31, 2017USD ($)Contract		Dec. 31, 2016USD ($)Contract
Schedule of Investments [Line Items]
Total investment in the Funds	[1]	$ 24,085,757		$ 37,830,104
Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts		136,632
Total unrealized depreciation on open forward contracts		(112,354)
Net unrealized appreciation (depreciation) on open contracts		$ 24,278
Percentage of Partners' Capital		0.23%
Percentage of Partners' Capital		(0.19%)
% of Partners' Capital		0.04%
Currencies [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Total unrealized appreciation on open forward contracts		$ 136,632
Notional Amount		40,947,157
Total unrealized depreciation on open forward contracts		(112,354)
Notional Amount		$ 35,041,009
Percentage of Partners' Capital		0.23%
Percentage of Partners' Capital		(0.19%)
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ 133,816		$ 22,275
% of Partners' Capital		0.22%		0.03%
Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ 564,371		$ 94,022
% of Partners' Capital		0.93%		0.15%
Futures Contracts [Member] | Long [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		226
Net unrealized appreciation (depreciation) on open contracts		$ 69,139
% of Partners' Capital		0.11%
Futures Contracts [Member] | Long [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		365		16
Net unrealized appreciation (depreciation) on open contracts		$ 490,676		$ 9,070
% of Partners' Capital		0.81%		0.01%
Futures Contracts [Member] | Long [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		47		61
Net unrealized appreciation (depreciation) on open contracts		$ (99,025)		$ (43,507)
% of Partners' Capital		(0.16%)		(0.07%)
Futures Contracts [Member] | Long [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		38		28
Net unrealized appreciation (depreciation) on open contracts		$ 34,278		$ 25,542
% of Partners' Capital		0.06%		0.04%
Futures Contracts [Member] | Long [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		43
Net unrealized appreciation (depreciation) on open contracts		$ 610
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Long [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		260		268
Net unrealized appreciation (depreciation) on open contracts		$ 52,140		$ 78,021
% of Partners' Capital		0.09%		0.12%
Futures Contracts [Member] | Long [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		52		24
Net unrealized appreciation (depreciation) on open contracts		$ 21,538		$ (20,805)
% of Partners' Capital		0.03%		(0.02%)
Futures Contracts [Member] | Long [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		26		39
Net unrealized appreciation (depreciation) on open contracts		$ (4,060)		$ 26,780
% of Partners' Capital		(0.01%)		0.04%
Futures Contracts [Member] | Long [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		5		118
Net unrealized appreciation (depreciation) on open contracts		$ (925)		$ 18,921
% of Partners' Capital		0.00%	[2]	0.03%
Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts		$ (430,555)		$ (71,747)
% of Partners' Capital		(0.71%)		(0.12%)
Futures Contracts [Member] | Short [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		129		139
Net unrealized appreciation (depreciation) on open contracts		$ (36,054)		$ (29,973)
% of Partners' Capital		(0.06%)		(0.05%)
Futures Contracts [Member] | Short [Member] | Energy [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		366		6
Net unrealized appreciation (depreciation) on open contracts		$ (461,277)		$ (7,210)
% of Partners' Capital		(0.76%)		(0.01%)
Futures Contracts [Member] | Short [Member] | Grains [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		355		420
Net unrealized appreciation (depreciation) on open contracts		$ 107,761		$ (11,395)
% of Partners' Capital		0.18%		(0.02%)
Futures Contracts [Member] | Short [Member] | Indices [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		823		565
Net unrealized appreciation (depreciation) on open contracts		$ 62,563		$ 7,727
% of Partners' Capital		0.10%		0.01%
Futures Contracts [Member] | Short [Member] | Interest Rates U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		5		86
Net unrealized appreciation (depreciation) on open contracts		$ (1,516)		$ (9,600)
% of Partners' Capital		0.00%	[1],[2]	(0.02%)
Futures Contracts [Member] | Short [Member] | Interest Rates Non-U.S. [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		570		62
Net unrealized appreciation (depreciation) on open contracts		$ (106,891)		$ (25,156)
% of Partners' Capital		(0.18%)		(0.04%)
Futures Contracts [Member] | Short [Member] | Metals [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract				9
Net unrealized appreciation (depreciation) on open contracts				$ 3,860
% of Partners' Capital				0.01%
Futures Contracts [Member] | Short [Member] | Livestock [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		35
Net unrealized appreciation (depreciation) on open contracts		$ (640)
% of Partners' Capital	[2]	0.00%
Futures Contracts [Member] | Short [Member] | Softs [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		20
Net unrealized appreciation (depreciation) on open contracts		$ 5,499
% of Partners' Capital		0.01%
Limited Partners [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		39.77%		59.21%
Total investment in the Funds		$ 24,085,757		$ 37,830,104
Limited Partners [Member] | SECOR Master Fund L.P. [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		23.54%		29.63%
Total investment in the Funds		$ 14,256,259		$ 18,932,359
Limited Partners [Member] | Cambridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
% of Partners' Capital		16.23%		23.42%
Total investment in the Funds		$ 9,829,498		$ 14,960,410
Limited Partners [Member] | CMF Willowbridge Master Fund L.P. [Member]
Schedule of Investments [Line Items]
% of Partners' Capital				6.16%
Total investment in the Funds				$ 3,937,335
[1]	Defined in Note 1.
[2]	* Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses and Changes in Partners' Capital - USD ($)		Total	Class A Redeemable Units [Member]	Limited Partners [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net asset value per Redeemable Unit			$ 1,328.16
Interest income		$ 17,049
Interest income allocated from the Funds		33,555
Total investment income		50,604
Expenses allocated from the Funds		129,152
Clearing fees related to direct investments		72,254
Ongoing selling agent fees		474,137
Management fees		352,672
General Partner fees		236,716
Incentive fees		180,449
Professional fees		114,766
Total expenses		1,560,146
Net investment loss		(1,509,542)
Net realized gains (losses) on closed contracts		(564,110)
Net realized gains (losses) on closed contracts allocated from the Funds		694,369
Net change in unrealized gains (losses) on open contracts		729,856
Net change in unrealized gains (losses) on open contracts allocated from the Funds		1,441,877
Total trading results		2,301,992
Net Income (Loss)		792,450
Redemptions				$ (6,037,303)
Net increase (decrease) in partners' capital		(5,244,853)
Partners' capital, beginning of period at Dec. 31, 2015		94,328,641
Partners' capital, end of period at Mar. 31, 2016		89,083,788
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ 10.87
Weighted average Redeemable Units outstanding			69,981.5241
Net asset value per Redeemable Unit			$ 1,339.03
Net asset value per Redeemable Unit			1,254.29
Interest income		43,902
Interest income allocated from the Funds		35,692
Total investment income		79,594
Expenses allocated from the Funds		60,542
Clearing fees related to direct investments		41,427
Ongoing selling agent fees		317,327
Management fees		217,477
General Partner fees		158,239
Incentive fees		61,154
Professional fees		93,756
Total expenses		949,922
Net investment loss		(870,328)
Net realized gains (losses) on closed contracts		129,547
Net realized gains (losses) on closed contracts allocated from the Funds		460,315
Net change in unrealized gains (losses) on open contracts		133,469
Net change in unrealized gains (losses) on open contracts allocated from the Funds		410,173
Total trading results		1,133,504
Net Income (Loss)		263,176
Subscriptions - Limited Partners				79,000
Redemptions				$ (3,671,718)
Net increase (decrease) in partners' capital		(3,329,542)
Partners' capital, beginning of period at Dec. 31, 2016		63,890,718
Partners' capital, end of period at Mar. 31, 2017		$ 60,561,176
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss) per Redeemable Unit	[1]		$ 4.98
Weighted average Redeemable Units outstanding			49,950.3903
Net asset value per Redeemable Unit			$ 1,259.27
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Income and Expen6

Statements of Income and Expenses and Changes in Partners' Capital (Parenthetical) - shares	Mar. 31, 2017	Mar. 31, 2016
Class A Redeemable Units [Member]
Redeemable units outstanding	48,092.4246	66,528.3498

Organization

Organization	3 Months Ended
	Mar. 31, 2017
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 (as defined below), 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. 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. As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. During the reporting periods ended March 31, 2017 and 2016, 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 non-trading As of September 1, 2011, the Partnership began offering three classes of limited partnership interests: Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units; each of which will be referred to as a “Class” and collectively referred to as the “Classes.” All Redeemable Units issued prior to September 1, 2011 were deemed “Class A Redeemable Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units were not changed. Class A Redeemable Units and Class D Redeemable Units are available to taxable U.S. individuals and institutions, as well as U.S. tax exempt individuals and institutions. Class Z Redeemable Units are offered to certain employees of Morgan Stanley and its subsidiaries (and their family members). The Class of Redeemable Units that a limited partner of the Partnership receives upon subscription will generally depend upon the amount invested in the Partnership or the status of the limited partner, although the General Partner may determine to offer a particular Class of Redeemable Units to investors at its discretion. As of March 31, 2017, there were no Redeemable Units outstanding in Class D or Class Z. All trading decisions are 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 March 31, 2017, AE Capital PTY Limited (“AE Capital”), The Cambridge Strategy (Asset Management) Limited (“Cambridge”), Harbour Square Capital Management LLC (“Harbour Square”), Independent View BV (“Independent View”) and SECOR Capital Advisors, LP (“SECOR”) served as the Partnership’s major commodity trading advisors. Effective February 28, 2017, Willowbridge Associates Inc. (“Willowbridge”) ceased to act as a commodity trading advisor to the Partnership. 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. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through individually managed accounts, or indirectly, through investments in the Funds. In addition, the General Partner may allocate the Partnership’s assets to additional non-major From May 12, 2014 until its termination effective September 30, 2016, the assets allocated to Centurion for trading had been traded directly pursuant to Centurion’s Short Term Systemic Strategy Program. Prior to its termination effective July 31, 2016, the assets allocated to Perella had been traded directly pursuant to a variation of the program traded by PWP Global Macro Master Fund L.P. On August 1, 2016, the Partnership allocated a portion of its assets to Harbour Square, which is managed and traded by Harbour Square pursuant to Harbour Square’s Discretionary Energy Program. On October 1, 2016, the Partnership allocated a portion of its assets to Independent View, which is managed and traded by Independent View pursuant to Independent View’s IV Quantitative Futures Fund Program. On February 1, 2017, the Partnership allocated a portion of its assets to AE Capital. AE Capital commenced trading pursuant to AE Capital’s AE Systematic FX Fund Program on March 1, 2017. Cambridge Master Fund L.P (“Cambridge Master”), the Partnership and CMF Willowbridge Master Fund L.P. (“Willowbridge 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 account agreement with MS&Co. Cambridge Master and SECOR Master are collectively referred to as the “Funds.” References herein to “Funds” may also include as relevant, references to Willowbridge Master. The Partnership, directly and through its investment in the Funds, pays MS&Co. (or will reimburse MS&Co. if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user, give-up, The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (the “Selling Agreement”). Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to (i) 2.0% per year of adjusted month-end month-end 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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2017, and the results of its operations and changes in partners’ capital for the three months ended March 31, 2017 and 2016. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. Statement of Cash Flows Partnership’s Investment in the Funds. Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses and Changes in Partners’ Capital. Partnership’s Cash. Income Taxes. Income Taxes “more-likely-than-not” more-likely-than-not Investment Company Status. 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) Per Redeemable Unit. “Financial Services – Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Financial Highlights	Financial Highlights: Financial highlights for the limited partner class as a whole for the three months ended March 31, 2017 and 2016 were as follows: Class A Three Months Ended March 31, 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 22.40 $ 32.44 Net investment loss (17.42) (21.57) Increase (decrease) for the period 4.98 10.87 Net asset value per Redeemable Unit, beginning of period 1,254.29 1,328.16 Net asset value per Redeemable Unit, end of period $ 1,259.27 $ 1,339.03 Ratios to Average Limited Partners’ Capital:** Net investment loss *** (5.4)% (6.0)% Operating expenses 5.8 % 6.0 % Incentive fees 0.1 % 0.2 % Total expenses 5.9 % 6.2 % Total return: Total return before incentive fees 0.5 % 1.0 % Incentive fees (0.1)% (0.2)% Total return after incentive fees 0.4 % 0.8 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (except for incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of the Partnership and include the income and expenses allocated from the Funds.

Trading Activities

Trading Activities	3 Months Ended
	Mar. 31, 2017
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses and Changes in Partners’ Capital. The Partnership also invests its assets through a “master/feeder” structure. The Partnership’s pro-rata The futures brokerage account agreements with MS&Co. give the Partnership and the Funds the legal right to net unrealized gains and losses on open futures, forward and option contracts in the Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition, as the criteria under ASC 210-20, Balance Sheet, All of the commodity interests owned by the Partnership are held for trading purposes. All of the commodity interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2017 and 2016 were 2,607 and 2,960, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended March 31, 2017 and 2016 were 80 and 0, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended March 31, 2017 and 2016 were $25,329,389 and $23,997,961, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s percentage ownership of each respective Fund. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds and are allocated to the Funds’ limited partners, including the Partnership. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar arrangements as of March 31, 2017 and December 31, 2016, respectively. Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition March 31, 2017 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Cash Collateral Received/ Pledged* Net Amount Assets Futures $ 1,028,454 $ (894,638 ) $ 133,816 $ - $ - $ 133,816 Forwards 136,632 (112,354 ) 24,278 - - 24,278 Total assets $ 1,165,086 $ (1,006,992 ) $ 158,094 $ - $ - $ 158,094 Liabilities Futures $ (894,638 ) $ 894,638 $ - $ - $ - $ - Forwards (112,354 ) 112,354 - - - - Total liabilities $ (1,006,992 ) $ 1,006,992 $ - $ - $ - $ - Net Fair Value $ 158,094 * Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2016 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ Pledged* 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-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 The following tables indicate the gross fair values of derivative instruments of futures and forward contracts, as applicable, held directly by the Partnership as separate assets and liabilities as of March 31, 2017 and December 31, 2016, respectively. Assets March 31, 2017 Futures Contracts Currencies $ 103,758 Energy 491,001 Grains 120,141 Indices 207,578 Interest Rates U.S. 953 Interest Rates Non-U.S. 56,773 Livestock 10,860 Metals 31,588 Softs 5,802 Total unrealized appreciation on open futures contracts 1,028,454 Liabilities Futures Contracts Currencies (70,673) Energy (461,602) Grains (111,405) Indices (110,737) Interest Rates U.S. (1,859) Interest Rates Non-U.S. (111,524) Livestock (15,560) Metals (10,050) Softs (1,228) Total unrealized depreciation on open futures contracts (894,638) Net unrealized appreciation on open futures contracts $ 133,816 * Assets Forward Contracts Currencies $ 136,632 Total unrealized appreciation on open forward contracts 136,632 Liabilities Forward Contracts Currencies (112,354) Total unrealized depreciation on open forward contracts (112,354) Net unrealized appreciation on open forward contracts $ 24,278 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2017 and 2016, respectively. Three Months Ended March 31, Sector 2017 2016 Currencies $ 192,413 $ 576,980 Energy (278,535) 203,025 Grains (299,356) 3,120 Indices 959,880 326,156 Interest Rates U.S. (188,375) (670,013) Interest Rates Non-U.S. 108,764 132,377 Livestock (114,820) (2,243) Metals 11,303 (406,610) Softs (128,258) 2,954 Total $ 263,016 *** $ 165,746 *** *** This amount is included in “Total trading results” in the Partnership’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	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 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 March 31, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,028,454 $ 1,028,454 $ - $ - Forwards 136,632 - 136,632 - Total assets $ 1,165,086 $ 1,028,454 $ 136,632 $ - Liabilities Futures $ 894,638 $ 894,638 $ - $ - Forwards 112,354 - 112,354 - Total liabilities $ 1,006,992 $ 894,638 $ 112,354 $ - 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 $ - $ -

Investment in the Funds

Investment in the Funds	3 Months Ended
	Mar. 31, 2017
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. 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. 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. Effective February 28, 2017, the Partnership fully redeemed its investment in Willowbridge Master for cash equal to $1,107,381. The General Partner is not aware of any other material changes to any of the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2017. 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. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners, including the Partnership. Clearing fees are also borne by the Partnership directly. At March 31, 2017, the Partnership owned approximately 43.5% of SECOR Master and 19.6% of Cambridge Master. At December 31, 2016, the Partnership owned approximately 49.1% of SECOR Master, 26.2% of Cambridge Master and 1.0% of Willowbridge Master. It is the Partnership’s intention to continue to invest in the Funds (except Willowbridge Master). The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of investment in the Funds are approximately the same as they would be if the Partnership traded directly and the redemption rights are not affected. Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables: March 31, 2017 Total Assets Total Liabilities Total Partners’ Capital SECOR Master $ 33,400,233 $ 652,180 $ 32,748,053 Cambridge Master 50,291,775 45,851 50,245,924 December 31, 2016 Total Assets Total Liabilities Total Partners’ Capital 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 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2017 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master $ (10,403 ) $ (329,324 ) $ (339,727 ) Cambridge Master 19,386 4,721,492 4,740,878 Willowbridge Master (a) 155,028 (5,302,674 ) (5,147,646 ) For the three months ended March 31, 2016 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master $ (78,661 ) $ 1,213,880 $ 1,135,219 Cambridge Master 9,910 4,679,654 4,689,564 Willowbridge Master (109,566 ) (2,093,510 ) (2,203,076 ) (a) From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master. Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata March 31, 2017 For the three months ended March 31, 2017 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Fees Income (Loss) Investment Objective Redemptions Permitted SECOR Master 23.54% $ 14,256,259 $ (108,442 ) $ 42,452 $ 7,183 $ (158,077 ) Commodity Portfolio Monthly Cambridge Master 16.23% 9,829,498 1,026,161 6,933 3,300 1,015,928 Commodity Portfolio Monthly Willowbridge Master (a) 0.00% - (11,539 ) 612 62 (12,213 ) Commodity Portfolio Monthly Total $ 24,085,757 $ 906,180 $ 49,997 $ 10,545 $ 845,638 December 31, 2016 For the three months ended March 31, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income (Loss) Investment Redemptions SECOR Master 29.63% $ 18,932,359 $ 578,435 $ 96,164 $ 8,723 $ 473,548 Commodity Portfolio Monthly Cambridge Master 23.42% 14,960,410 1,621,804 6,709 7,079 1,608,016 Commodity Portfolio Monthly Willowbridge Master 6.16% 3,937,335 (30,438 ) 9,801 676 (40,915 ) Commodity Portfolio Monthly Total $ 37,830,104 $ 2,169,801 $ 112,674 $ 16,478 $ 2,040,649 (a) From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master.

Financial Instrument Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2017
Investments, All Other Investments [Abstract]
Financial Instrument Risks	Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are party to financial instruments with off-balance over-the-counter Futures Contracts. Forward Foreign Currency Contracts. London Metals Exchange Forward Contracts. Options. marked-to-market marked-to-market 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 held 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. In the ordinary course of business, the Partnership/Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s/Funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership/Funds. The Partnership/ Funds consider the risk of any future obligation relating to these indemnifications to be remote.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows. Statement of Cash Flows
Partnership's Investment in the Funds	Partnership’s Investment in the Funds.
Partnership's/Funds' Derivative Investments	Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses and Changes in Partners’ Capital.
Partnership's Cash	Partnership’s Cash.
Income Taxes	Income Taxes. Income Taxes “more-likely-than-not” more-likely-than-not
Investment Company Status	Investment Company Status. 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”
Net Income (Loss) Per Redeemable Unit	Net Income (Loss) Per Redeemable Unit. “Financial Services – Investment Companies.”

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Schedule of Changes in Net Asset Value	Financial highlights for the limited partner class as a whole for the three months ended March 31, 2017 and 2016 were as follows: Class A Three Months Ended March 31, 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 22.40 $ 32.44 Net investment loss (17.42) (21.57) Increase (decrease) for the period 4.98 10.87 Net asset value per Redeemable Unit, beginning of period 1,254.29 1,328.16 Net asset value per Redeemable Unit, end of period $ 1,259.27 $ 1,339.03 * 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	Three Months Ended March 31, 2017 2016 Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 22.40 $ 32.44 Net investment loss (17.42) (21.57) Increase (decrease) for the period 4.98 10.87 Net asset value per Redeemable Unit, beginning of period 1,254.29 1,328.16 Net asset value per Redeemable Unit, end of period $ 1,259.27 $ 1,339.03 Ratios to Average Limited Partners’ Capital:** Net investment loss *** (5.4)% (6.0)% Operating expenses 5.8 % 6.0 % Incentive fees 0.1 % 0.2 % Total expenses 5.9 % 6.2 % Total return: Total return before incentive fees 0.5 % 1.0 % Incentive fees (0.1)% (0.2)% Total return after incentive fees 0.4 % 0.8 % Annualized (except for incentive fees). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016, respectively. Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition March 31, 2017 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Cash Collateral Received/ Pledged* Net Amount Assets Futures $ 1,028,454 $ (894,638 ) $ 133,816 $ - $ - $ 133,816 Forwards 136,632 (112,354 ) 24,278 - - 24,278 Total assets $ 1,165,086 $ (1,006,992 ) $ 158,094 $ - $ - $ 158,094 Liabilities Futures $ (894,638 ) $ 894,638 $ - $ - $ - $ - Forwards (112,354 ) 112,354 - - - - Total liabilities $ (1,006,992 ) $ 1,006,992 $ - $ - $ - $ - Net Fair Value $ 158,094 * Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2016 Gross Amounts Recognized Statements of Financial Condition Statements of Financial Condition Financial Instruments Cash Collateral Received/ Pledged* 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-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
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, as applicable, held directly by the Partnership as separate assets and liabilities as of March 31, 2017 and December 31, 2016, respectively. Assets March 31, 2017 Futures Contracts Currencies $ 103,758 Energy 491,001 Grains 120,141 Indices 207,578 Interest Rates U.S. 953 Interest Rates Non-U.S. 56,773 Livestock 10,860 Metals 31,588 Softs 5,802 Total unrealized appreciation on open futures contracts 1,028,454 Liabilities Futures Contracts Currencies (70,673) Energy (461,602) Grains (111,405) Indices (110,737) Interest Rates U.S. (1,859) Interest Rates Non-U.S. (111,524) Livestock (15,560) Metals (10,050) Softs (1,228) Total unrealized depreciation on open futures contracts (894,638) Net unrealized appreciation on open futures contracts $ 133,816 * Assets Forward Contracts Currencies $ 136,632 Total unrealized appreciation on open forward contracts 136,632 Liabilities Forward Contracts Currencies (112,354) Total unrealized depreciation on open forward contracts (112,354) Net unrealized appreciation on open forward contracts $ 24,278 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. 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.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded	The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2017 and 2016, respectively. Three Months Ended March 31, Sector 2017 2016 Currencies $ 192,413 $ 576,980 Energy (278,535) 203,025 Grains (299,356) 3,120 Indices 959,880 326,156 Interest Rates U.S. (188,375) (670,013) Interest Rates Non-U.S. 108,764 132,377 Livestock (114,820) (2,243) Metals 11,303 (406,610) Softs (128,258) 2,954 Total $ 263,016 *** $ 165,746 *** *** This amount is included in “Total trading results” in the Partnership’s Statements of Income and Expenses and Changes in Partners’ Capital.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. March 31, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,028,454 $ 1,028,454 $ - $ - Forwards 136,632 - 136,632 - Total assets $ 1,165,086 $ 1,028,454 $ 136,632 $ - Liabilities Futures $ 894,638 $ 894,638 $ - $ - Forwards 112,354 - 112,354 - Total liabilities $ 1,006,992 $ 894,638 $ 112,354 $ - 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 $ - $ -

Investment in the Funds (Tables

Investment in the Funds (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Investments [Abstract]
Assets, Liabilities and Partners' Capital of Funds	Summarized information reflecting the total assets, liabilities and partners’ capital of the Funds is shown in the following tables: March 31, 2017 Total Assets Total Liabilities Total Partners’ Capital SECOR Master $ 33,400,233 $ 652,180 $ 32,748,053 Cambridge Master 50,291,775 45,851 50,245,924 December 31, 2016 Total Assets Total Liabilities Total Partners’ Capital 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
Net Investment Income (Loss), Total Trading Results and Net Income (Loss) for Funds	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2017 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master $ (10,403 ) $ (329,324 ) $ (339,727 ) Cambridge Master 19,386 4,721,492 4,740,878 Willowbridge Master (a) 155,028 (5,302,674 ) (5,147,646 ) For the three months ended March 31, 2016 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master $ (78,661 ) $ 1,213,880 $ 1,135,219 Cambridge Master 9,910 4,679,654 4,689,564 Willowbridge Master (109,566 ) (2,093,510 ) (2,203,076 ) (a) From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master.
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 March 31, 2017 For the three months ended March 31, 2017 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Fees Income (Loss) Investment Objective Redemptions Permitted SECOR Master 23.54% $ 14,256,259 $ (108,442 ) $ 42,452 $ 7,183 $ (158,077 ) Commodity Portfolio Monthly Cambridge Master 16.23% 9,829,498 1,026,161 6,933 3,300 1,015,928 Commodity Portfolio Monthly Willowbridge Master (a) 0.00% - (11,539 ) 612 62 (12,213 ) Commodity Portfolio Monthly Total $ 24,085,757 $ 906,180 $ 49,997 $ 10,545 $ 845,638 December 31, 2016 For the three months ended March 31, 2016 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Professional Income (Loss) Investment Redemptions SECOR Master 29.63% $ 18,932,359 $ 578,435 $ 96,164 $ 8,723 $ 473,548 Commodity Portfolio Monthly Cambridge Master 23.42% 14,960,410 1,621,804 6,709 7,079 1,608,016 Commodity Portfolio Monthly Willowbridge Master 6.16% 3,937,335 (30,438 ) 9,801 676 (40,915 ) Commodity Portfolio Monthly Total $ 37,830,104 $ 2,169,801 $ 112,674 $ 16,478 $ 2,040,649 (a) From January 1, 2017 through February 28, 2017, the date the Partnership fully redeemed its interest in Willowbridge Master.

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Partnership Organization And Basis Of Presentation [Line Items]
Redeemable units of limited partnership interest sold during the initial offering period	20,872
Redeemable Units per share	$ 1,000
Maximum number of Redeemable Units sold by the Partnership	0
Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Management fees description	The Partnership has entered into a selling agreement with Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) (the “Selling Agreement”). Under the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to (i) 2.0% per year of adjusted month-end net assets for Class A Redeemable Units and (ii) 0.75% per year of adjusted month-end net assets for Class D Redeemable Units.
Class D Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0
Class D Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Annual brokerage fees payable	0.75%
Capital Unit Class Z [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	0
Class A Redeemable Units [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding	47,519.6690	50,365.0120
Class A Redeemable Units [Member] | Selling Agreement [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Annual brokerage fees payable	2.00%
Maximum [Member]
Partnership Organization And Basis Of Presentation [Line Items]
Percentage of partnership assets allocated	10.00%

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 34,341	$ (265,409)
Cash denominated in foreign currencies, proceeds	$ 34,341	$ 267,759
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.

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - Class A Redeemable Units [Member] - $ / shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 22.40	$ 32.44
Net investment loss	(17.42)	(21.57)
Increase (decrease) for the period	4.98	10.87
Net asset value per Redeemable Unit, beginning of period	1,254.29	1,328.16
Net asset value per Redeemable Unit, end of period	$ 1,259.27	$ 1,339.03

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail) - Class A Redeemable Units [Member]	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.40%)	(6.00%)
Operating expenses	5.80%	6.00%
Incentive fees	0.10%	0.20%
Total expenses	5.90%	6.20%
Total return before incentive fees	0.50%	1.00%
Incentive fees	(0.10%)	(0.20%)
Total return after incentive fees	0.40%	0.80%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Contracts	Mar. 31, 2016USD ($)Contracts
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of derivative contracts traded	2,607	2,960
Options Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average number of derivative contracts traded	80	0
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Monthly average notional value of derivative | $	$ 25,329,389	$ 23,997,961

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 1,165,086	$ 365,927
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,006,992)	(343,652)
Amounts Presented in the Statements of Financial Condition, Assets	158,094	22,275
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	158,094	22,275
Gross Amounts Recognized, Liabilities	(1,006,992)	(343,652)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,006,992	343,652
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net Fair Value	158,094	22,275
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,028,454	365,927
Gross Amounts Offset in the Statements of Financial Condition, Assets	(894,638)	(343,652)
Amounts Presented in the Statements of Financial Condition, Assets	133,816	22,275
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	133,816	22,275
Gross Amounts Recognized, Liabilities	(894,638)	(343,652)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	894,638	343,652
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	$ 0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	136,632
Gross Amounts Offset in the Statements of Financial Condition, Assets	(112,354)
Amounts Presented in the Statements of Financial Condition, Assets	24,278
Financial Instruments, Assets	0
Cash Collateral Received/Pledged, Assets	0
Net Amount, Assets	24,278
Gross Amounts Recognized, Liabilities	(112,354)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	112,354
Amounts Presented in the Statements of Financial Condition, Liabilities	0
Financial Instruments, Liabilities	0
Cash Collateral Received/Pledged, Liabilities	0
Net Amount, Liabilities	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 1,028,454	$ 365,927
Total unrealized depreciation on open contracts	(894,638)	(343,652)
Net unrealized appreciation (depreciation) on open contracts	133,816	22,275
Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	103,758	20,075
Total unrealized depreciation on open contracts	(70,673)	(50,048)
Futures Contracts [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	491,001	10,875
Total unrealized depreciation on open contracts	(461,602)	(9,015)
Futures Contracts [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	120,141	33,090
Total unrealized depreciation on open contracts	(111,405)	(87,992)
Futures Contracts [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	207,578	126,605
Total unrealized depreciation on open contracts	(110,737)	(93,336)
Futures Contracts [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	953	19,212
Total unrealized depreciation on open contracts	(1,859)	(28,812)
Futures Contracts [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	56,773	78,347
Total unrealized depreciation on open contracts	(111,524)	(25,482)
Futures Contracts [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	10,860	29,680
Total unrealized depreciation on open contracts	(15,560)	(2,900)
Futures Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	31,588	16,503
Total unrealized depreciation on open contracts	(10,050)	(33,448)
Futures Contracts [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	5,802	31,540
Total unrealized depreciation on open contracts	(1,228)	$ (12,619)
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	136,632
Total unrealized depreciation on open contracts	(112,354)
Net unrealized appreciation (depreciation) on open contracts	24,278
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	136,632
Total unrealized depreciation on open contracts	$ (112,354)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ 1,133,504	$ 2,301,992
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	263,016	165,746
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	192,413	576,980
Derivative [Member] | Energy [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(278,535)	203,025
Derivative [Member] | Grains [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(299,356)	3,120
Derivative [Member] | Indices [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	959,880	326,156
Derivative [Member] | Interest Rates U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(188,375)	(670,013)
Derivative [Member] | Interest Rates Non-U.S. [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	108,764	132,377
Derivative [Member] | Livestock [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	(114,820)	(2,243)
Derivative [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	11,303	(406,610)
Derivative [Member] | Softs [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total Trading Results	$ (128,258)	$ 2,954

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
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 ($)	Mar. 31, 2017	Dec. 31, 2016
Assets
Total assets	$ 1,165,086	$ 365,927
Liabilities
Total liabilities	1,006,992	343,652
Futures Contracts [Member]
Assets
Total assets	1,028,454	365,927
Liabilities
Total liabilities	894,638	343,652
Forward Contracts [Member]
Assets
Total assets	136,632
Liabilities
Total liabilities	112,354
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets	1,028,453	365,927
Liabilities
Total liabilities	894,638	343,652
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	1,028,454	365,927
Liabilities
Total liabilities	894,638	$ 343,652
Significant Other Observable Inputs (Level 2) [Member]
Assets
Total assets	136,632
Liabilities
Total liabilities	112,354
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member]
Assets
Total assets	136,632
Liabilities
Total liabilities	$ 112,354

Investment in the Funds - Addit

Investment in the Funds - Additional Information (Detail) - USD ($)	Feb. 28, 2017	Aug. 01, 2013	Jan. 01, 2013	Sep. 01, 2012	Mar. 31, 2017	Dec. 31, 2016
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
Cambridge Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership				$ 3,000,000
Percentage owned by partnership					19.60%	26.20%
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
Cash redemption on investment	$ 1,107,381
Percentage owned by partnership					1.00%
SECOR Master Fund L.P. [Member]
Investment [Line Items]
Cash paid for units purchased by partnership		$ 10,000,000
Percentage owned by partnership					43.50%	49.10%

Investment in the Funds - Asset

Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Investment Holdings [Line Items]
Total assets	$ 61,877,414	$ 67,541,872
Total Liabilities	1,316,238	3,651,154
Total Partners' Capital	60,561,176	63,890,718	$ 89,083,788	$ 94,328,641
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	33,400,233	39,231,542
Total Liabilities	652,180	679,104
Total Partners' Capital	32,748,053	38,552,438
Cambridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets	50,291,775	58,282,466
Total Liabilities	45,851	1,125,600
Total Partners' Capital	$ 50,245,924	57,156,866
CMF Willowbridge Master Fund L.P. [Member]
Investment Holdings [Line Items]
Total assets		396,846,845
Total Liabilities		5,348,232
Total Partners' Capital		$ 391,498,613

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 ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Investment [Line Items]
Net Investment Income (Loss)	$ (870,328)	$ (1,509,542)
Total Trading Results	1,133,504	2,301,992
Net income (loss)	263,176	792,450
SECOR Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	(10,403)	(78,661)
Total Trading Results	(329,324)	1,213,880
Net income (loss)	(339,727)	1,135,219
Cambridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	19,386	9,910
Total Trading Results	4,721,492	4,679,654
Net income (loss)	4,740,878	4,689,564
CMF Willowbridge Master Fund L.P. [Member]
Investment [Line Items]
Net Investment Income (Loss)	155,028	(109,566)
Total Trading Results	(5,302,674)	(2,093,510)
Net income (loss)	$ (5,147,646)	$ (2,203,076)

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 ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Investment Holdings [Line Items]
Fair Value	[1]	$ 24,085,757		$ 37,830,104
Income (Loss)		1,133,504	$ 2,301,992
Expenses, Clearing Fees		41,427	72,254
Expenses, Professional fees		93,756	114,766
Net Income (Loss)		263,176	792,450
Investment in Funds [Member]
Investment Holdings [Line Items]
Fair Value		24,085,757		$ 37,830,104
Income (Loss)		906,180	2,169,801
Expenses, Clearing Fees		49,997	112,674
Expenses, Professional fees		10,545	16,478
Net Income (Loss)		$ 845,638	2,040,649
Investment in Funds [Member] | Commodity Portfolio [Member] | SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Percentage of Partnership's Net Assets		23.54%		29.63%
Fair Value		$ 14,256,259		$ 18,932,359
Income (Loss)		(108,442)	578,435
Expenses, Clearing Fees		42,452	96,164
Expenses, Professional fees		7,183	8,723
Net Income (Loss)		$ (158,077)	473,548
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		16.23%		23.42%
Fair Value		$ 9,829,498		$ 14,960,410
Income (Loss)		1,026,161	1,621,804
Expenses, Clearing Fees		6,933	6,709
Expenses, Professional fees		3,300	7,079
Net Income (Loss)		$ 1,015,928	1,608,016
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		0.00%		6.16%
Fair Value				$ 3,937,335
Income (Loss)		$ (11,539)	(30,438)
Expenses, Clearing Fees		612	9,801
Expenses, Professional fees		62	676
Net Income (Loss)		$ (12,213)	$ (40,915)
Investment Objective		Commodity Portfolio
Redemptions Permitted		Monthly
[1]	Defined in Note 1.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017
Maximum [Member]
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Percentage of contracts traded over the counter	62.20%
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	49.90%