Emerging Cta Portfolio 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	EMERGING CTA PORTFOLIO LP
Entity Central Index Key	0001269190
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Small Business	false
Entity Address, State or Province	NY
Entity Incorporation, State or Country Code	NY
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Class A Redeemable Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,204.8370
Class Z Redeemable Units [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		21.2650

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Equity in trading account:
Unrestricted cash	$ 12,436,102	$ 18,613,692
Restricted cash	3,009,053	4,003,185
Net unrealized appreciation on open futures contracts	484,410	291,121
Total equity in trading account	15,929,565	22,907,998
Interest receivable	908	25,265
Total assets	15,930,473	22,933,263
Accrued expenses:
Ongoing selling agent fees	13,043	37,737
Management fees	11,120	21,068
General Partner fees	11,477	18,927
Incentive fees	74,665
Professional fees	190,183	220,648
Redemptions payable to Limited Partners	738,171	730,708
Total liabilities	1,038,659	1,029,088
Partners' Capital:
Total partners' capital (net asset value)	14,891,814	21,904,175
Total liabilities and partners' capital	15,930,473	22,933,263
Class A Redeemable Units [Member]
Partners' Capital:
Limited Partners	14,617,664	21,616,191
Total partners' capital (net asset value)	$ 14,617,664	$ 21,616,191
Net asset value per Redeemable Unit:
Net asset value per unit	$ 1,089.48	$ 1,159.05
Class Z Redeemable Units [Member]
Partners' Capital:
General Partner	$ 254,111	$ 266,934
Limited Partners	20,039	21,050
Total partners' capital (net asset value)	$ 274,150	$ 287,984
Net asset value per Redeemable Unit:
Net asset value per unit	$ 942.33	$ 989.88

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Sep. 30, 2020	Dec. 31, 2019
Class A Redeemable Units [Member]
Limited Partners Redeemable Units outstanding	13,417.0520	18,649.8510
Class Z Redeemable Units [Member]
General Partner Redeemable Units outstanding	269.6640	269.6640
Limited Partners Redeemable Units outstanding	21.2650	21.2650

Condensed Schedule of Investmen

Condensed Schedule of Investments		Sep. 30, 2020USD ($)Contract	Dec. 31, 2019USD ($)Contract
Schedule of Investments [Line Items]
% of Partners' Capital	[1]		0.00%
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts		$ 484,410	$ 291,121
% of Partners' Capital		3.25%	1.33%
Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts		$ 552,860	$ 590,230
% of Partners' Capital		3.71%	2.69%
Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation on open futures contracts		$ (68,450)	$ (299,109)
% of Partners' Capital		(0.46%)	(1.36%)
Currencies [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		53	461
Net unrealized appreciation on open futures contracts		$ (932)	$ 421,729
% of Partners' Capital		(0.01%)	1.93%
Currencies [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		130	53
Net unrealized appreciation on open futures contracts		$ 66,294	$ (43,925)
% of Partners' Capital		0.45%	(0.20%)
Energy [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		132	65
Net unrealized appreciation on open futures contracts		$ 6,333	$ 74,304
% of Partners' Capital		0.04%	0.34%
Energy [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		163	84
Net unrealized appreciation on open futures contracts		$ 150,930	$ (174,259)
% of Partners' Capital		1.01%	(0.80%)
Grains [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		182	151
Net unrealized appreciation on open futures contracts		$ 366,997	$ 99,037
% of Partners' Capital		2.47%	0.45%
Grains [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		73	51
Net unrealized appreciation on open futures contracts		$ (382,712)	$ (43,825)
% of Partners' Capital		(2.57%)	(0.20%)
Indices [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		86	372
Net unrealized appreciation on open futures contracts		$ 93,144	$ (139,542)
% of Partners' Capital		0.63%	(0.64%)
Indices [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		79	249
Net unrealized appreciation on open futures contracts		$ 145,213	$ 3,481
% of Partners' Capital		0.98%	0.02%
Interest Rates U.S. [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		283	243
Net unrealized appreciation on open futures contracts		$ 32,797	$ 7,555
% of Partners' Capital		0.22%	0.03%
Interest Rates U.S. [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			2
Net unrealized appreciation on open futures contracts			$ 375
Interest Rates Non-U.S. [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		267	353
Net unrealized appreciation on open futures contracts		$ 73,350	$ (151,351)
% of Partners' Capital		0.49%	(0.69%)
Interest Rates Non-U.S. [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		108	159
Net unrealized appreciation on open futures contracts		$ (38,068)	$ 84,242
% of Partners' Capital		(0.26%)	0.39%
Livestock [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			18
Net unrealized appreciation on open futures contracts			$ (2,085)
% of Partners' Capital			(0.01%)
Livestock [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			11
Net unrealized appreciation on open futures contracts			$ (12,300)
% of Partners' Capital			(0.06%)
Metals [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		6	60
Net unrealized appreciation on open futures contracts		$ (10,263)	$ 72,176
% of Partners' Capital		(0.07%)	0.33%
Metals [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		13	3
Net unrealized appreciation on open futures contracts		$ (10,107)	$ (441)
% of Partners' Capital		(0.07%)
Softs [Member] | Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		4	162
Net unrealized appreciation on open futures contracts		$ (8,566)	$ 208,407
% of Partners' Capital		(0.06%)	0.95%
Softs [Member] | Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract			38
Net unrealized appreciation on open futures contracts			$ (112,457)
% of Partners' Capital			(0.51%)
[1]	Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment Income:
Interest income		$ 3,103	$ 110,267	$ 59,482	$ 298,782
Interest income allocated from the Funds					78,975
Total investment income		3,103	110,267	59,482	377,757
Expenses:
Expenses allocated from the Funds					85,308
Clearing fees related to direct investments		18,200	58,684	95,915	142,963
Ongoing selling agent fees		40,603	123,467	238,362	395,902
Management fees		34,750	69,560	123,425	224,697
General Partner fees		35,701	62,055	134,908	199,430
Incentive fees		74,413		74,664	(48,436)
Professional fees		29,836	74,916	100,399	244,202
Total expenses		233,503	388,682	767,673	1,244,066
Net investment loss		(230,400)	(278,415)	(708,191)	(866,309)
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net realized gains (losses) on closed contracts		370,352	787,650	(863,623)	711,997
Net realized gains (losses) on closed contracts allocated from the Funds					197,738
Net change in unrealized gains (losses) on open contracts		516,347	(348,120)	189,281	56,876
Net change in unrealized gains (losses) on open contracts allocated from the Funds					47,655
Total trading results		886,699	439,530	(674,342)	1,014,266
Net income (loss)		656,299	161,115	(1,382,533)	147,957
Class A Redeemable Units [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss)		$ 644,354	$ 157,834	$ (1,368,699)	$ 141,754
Net income (loss) per Redeemable Unit	[1]	$ 44.82	$ 7.47	$ (69.57)	$ 9.62
Weighted average Redeemable Units outstanding:		15,020.1087	21,095.0010	16,800.7386	22,786.2310
Class Z Redeemable Units [Member]
Net gains (losses) on trading of commodity interests and investment in the Funds:
Net income (loss)		$ 11,945	$ 3,281	$ (13,834)	$ 6,203
Net income (loss) per Redeemable Unit	[1]	$ 41.06	$ 11.28	$ (47.55)	$ 22.89
Weighted average Redeemable Units outstanding:		290.9290	290.9290	290.9290	352.3937
[1]	Represents the change in net asset value per Redeemable Unit during the period.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Class A Redeemable Units [Member]	Class A Redeemable Units [Member]Limited Partners [Member]	Class Z Redeemable Units [Member]	Class Z Redeemable Units [Member]Limited Partners [Member]	Class Z Redeemable Units [Member]General Partner [Member]
Partners' Capital, beginning of period at Dec. 31, 2018	$ 29,858,673			$ 29,455,757		$ 402,916
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2018	25,990.9500			25,573		417.9500
Redemptions		$ (5,924,238)	$ (121,996)	$ (5,924,238)				$ (121,996)
Redemptions - Redeemable Units		(5,190.4710)	(127.0210)	(5,190.4710)				(127.0210)
Net income (loss)	$ 147,957			$ 141,754		$ 6,203
Partners' Capital, end of period at Sep. 30, 2019	$ 23,960,396			$ 23,673,273		$ 287,123
Partners' Capital, Balance - Redeemable Units at Sep. 30, 2019	20,673.4580			20,382.5290		290.9290
Partners' Capital, beginning of period at Jun. 30, 2019	$ 25,018,967			$ 24,735,125		$ 283,842
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2019	21,725.4590			21,434.5300		290.9290
Redemptions		$ (1,219,686)			$ (1,219,686)
Redemptions - Redeemable Units		(1,052.0010)			(1,052.0010)
Net income (loss)	$ 161,115			$ 157,834		$ 3,281
Partners' Capital, end of period at Sep. 30, 2019	$ 23,960,396			$ 23,673,273		$ 287,123
Partners' Capital, Balance - Redeemable Units at Sep. 30, 2019	20,673.4580			20,382.5290		290.9290
Partners' Capital, beginning of period at Dec. 31, 2019	$ 21,904,175			$ 21,616,191		$ 287,984
Partners' Capital, Balance - Redeemable Units at Dec. 31, 2019	18,940.7800			18,649.8510		290.9290
Redemptions		$ (5,629,828)		$ (5,629,828)
Redemptions - Redeemable Units		(5,232.7990)		(5,232.7990)
Net income (loss)	$ (1,382,533)			$ (1,368,699)		$ (13,834)
Partners' Capital, end of period at Sep. 30, 2020	$ 14,891,814			$ 14,617,664		$ 274,150
Partners' Capital, Balance - Redeemable Units at Sep. 30, 2020	13,707.9810			13,417.0520		290.9290
Partners' Capital, beginning of period at Jun. 30, 2020	$ 16,797,082			$ 16,534,877		$ 262,205
Partners' Capital, Balance - Redeemable Units at Jun. 30, 2020	16,118.8800			15,827.9510		290.9290
Redemptions		$ (2,561,567)			$ (2,561,567)		$ 0
Redemptions - Redeemable Units		(2,410.8990)			(2,410.8990)		0
Net income (loss)	$ 656,299			$ 644,354	$ 0	$ 11,945	$ 0
Partners' Capital, end of period at Sep. 30, 2020	$ 14,891,814			$ 14,617,664		$ 274,150
Partners' Capital, Balance - Redeemable Units at Sep. 30, 2020	13,707.9810			13,417.0520		290.9290

Organization

Organization	9 Months Ended
	Sep. 30, 2020
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 investment 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 investment 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 United States (“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 and prior to their respective terminations, acted as the general partner of SECOR Master (as defined below) and the trading manager (the “Trading Manager”) of AE Capital Master (as defined below) and Harbour Square Master (as defined below), respectively. The General Partner is 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. During the reporting periods ended September 30, 2020 and 2019, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) was also a foreign exchange forward contract counterparty for SECOR Master. 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, U.S. tax exempt individuals and institutions and non-U.S. All trading decisions are made for the Partnership by its trading advisors (each, an “Advisor” and together, the “Advisors”). As of September 30, 2020, the Advisors are Katonah Capital Partners Management, LLC (“Katonah”) and DCM Systematic Advisors SA (“DCM”). Effective March 31, 2020, Independent View BV (“Independent View”) ceased to act as a commodity trading advisor to the Partnership. Effective June 30, 2019, SECOR Capital Advisors, LP (“SECOR”) ceased to act as a commodity trading advisor to the Partnership. Effective April 3, 2019, AE Capital PTY Limited (“AE Capital”) ceased to act as a commodity trading advisor to the Partnership. Effective March 31, 2019, Harbour Square Capital Management LLC (“Harbour Square”) ceased to act as a commodity trading advisor to the Partnership. References herein to the “Advisors” may also include, as relevant, references to SECOR, AE Capital, Harbour Square and Independent View. 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 Katonah and DCM directly through individually managed accounts. In prior periods, the Partnership also invested the portion of its assets allocated to each of the other 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 On November 1, 2018, the Partnership allocated a portion of its assets to Katonah, which trades the assets directly pursuant to Katonah’s Laplace Program through a managed account in the Partnership’s name. The General Partner and Katonah have agreed that Katonah will trade the Partnership’s assets allocated to Katonah at a level that is up to 1.5 times the amount of the assets allocated. On June 4, 2020, the Partnership allocated a portion of its assets to DCM, which trades the assets pursuant to DCM’s Diversified Alpha Program through a managed account in the Partnership’s name. The General Partner and DCM have agreed that DCM will trade the Partnership’s assets allocated to DCM at a level that is 2.0 times the amount of the assets allocated. Prior to Independent View’s termination effective March 31, 2020, the assets allocated to it had been traded directly pursuant to its IV Quantitative Futures Fund Program through a managed account in the Partnership’s name. The Partnership has, and (prior to their respective terminations), SECOR Master Fund L.P. (“SECOR Master”) and CMF AE Capital Master Fund LLC (“AE Capital Master”) had, entered into futures brokerage account agreements and foreign exchange brokerage account agreements with MS&Co. Prior to its termination, CMF Harbour Square Master Fund LLC (“Harbour Square Master”) had entered into a futures brokerage account agreement with MS&Co. References herein to “Funds” may include as relevant, reference to, AE Capital Master, Harbour Square Master and SECOR Master. The Partnership pays, and through its investment in the Funds, paid, 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, Effective July 12, 2017 and until its termination effective June 30, 2019, SECOR Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of SECOR Master and indirectly, the Partnership. These agreements included a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. In addition, SECOR was party to the FX Agreement for SECOR Master. Under the FX Agreement, JPMorgan charged a fee on the aggregate foreign currency transactions entered into on behalf of SECOR Master during a month. 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, during the period covered by this report, the Partnership paid Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Effective July 1, 2020, the ongoing selling agent fee the Partnership paid to Morgan Stanley Wealth Management was reduced for Class A Redeemable Unit holders from an annual rate of 2.00% of the adjusted net assets of Class A Redeemable Units to an annual rate of 1.00% of the adjusted net assets of Class A Redeemable Units. Under the Selling Agreement, the Partnership also pays Morgan Stanley Wealth Management 0.75% per year of adjusted month-end Effective July 1, 2020, the monthly General Partner fee was reduced for all limited partners from an annual rate of 1.00% of month-end month-end The General Partner has delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2020 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2020 and 2019. 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 does not, and the Funds did 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. 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	9 Months Ended
	Sep. 30, 2020
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 59.95 $ 52.02 $ 20.58 $ 17.43 $ (27.84 ) $ (23.25 ) $ 47.37 $ 40.20 Net investment loss (15.13 ) (10.96 ) (13.11 ) (6.15 ) (41.73 ) (24.30 ) (37.75 ) (17.31 ) Increase (decrease) for the period 44.82 41.06 7.47 11.28 (69.57 ) (47.55 ) 9.62 22.89 Net asset value per Redeemable Unit, beginning of period 1,044.66 901.27 1,153.98 975.64 1,159.05 989.88 1,151.83 964.03 Net asset value per Redeemable Unit, end of period $ 1,089.48 $ 942.33 $ 1,161.45 $ 986.92 $ 1,089.48 $ 942.33 $ 1,161.45 $ 986.92 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.5 )% (3.3 )% (4.5 )% (2.5 )% (5.0 )% (3.3 )% (4.5 )% (2.4 )% Operating expenses 4.0 % 2.9 % 6.3 % 4.3 % 5.1 % 3.2 % 6.6 % 4.5 % Incentive fees 0.5 % 0.5 % - % - % 0.4 % 0.5 % (0.2 )% (0.2 )% Total expenses 4.5 % 3.4 % 6.3 % 4.3 % 5.5 % 3.7 % 6.4 % 4.3 % Total return: Total return before incentive fees 4.8 % 5.0 % 0.6 % 1.2 % (5.6 )% (4.4 )% 0.7 % 2.2 % Incentive fees (0.5 )% (0.4 )% - % - % (0.4 )% (0.4 )% 0.1 % 0.2 % Total return after incentive fees 4.3 % 4.6 % 0.6 % 1.2 % (6.0 )% (4.8 )% 0.8 % 2.4 % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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 for the Classes 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	9 Months Ended
	Sep. 30, 2020
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. Prior to June 30, 2019, the Partnership also invested its assets through a “master/feeder” structure. The Partnership’s pro-rata The futures brokerage account agreements with MS&Co. give the Partnership and gave the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership nets and the Funds netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in their respective 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 were held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended September 30, 2020 and 2019 was 1,553 and 2,508, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2020 and 2019 was 1,299 and 2,241, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and were based on 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 were borne by the Funds and allocated to the Funds’ 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 September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 1,164,394 $ (679,984 ) $ 484,410 $ - $ - $ 484,410 Total assets $ 1,164,394 $ (679,984 ) $ 484,410 $ - $ - $ 484,410 Liabilities Futures $ (679,984 ) $ 679,984 $ - $ - $ - $ - Total liabilities $ (679,984 ) $ 679,984 $ - $ - $ - $ - Net fair value $ 484,410 * December 31, 2019 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 1,147,042 $ (855,921 ) $ 291,121 $ - $ - $ 291,121 Total assets $ 1,147,042 $ (855,921 ) $ 291,121 $ - $ - $ 291,121 Liabilities Futures $ (855,921 ) $ 855,921 $ - $ - $ - $ - Total liabilities $ (855,921 ) $ 855,921 $ - $ - $ - $ - Net fair value $ 291,121 * * 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 The following tables indicate the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2020 and December 31, 2019, respectively. Assets September 30, 2020 Futures Contracts Currencies $ 102,334 Energy 247,271 Grains 367,021 Indices 297,350 Interest Rates U.S. 33,515 Interest Rates Non-U.S. 86,906 Metals 29,762 Softs 235 Total unrealized appreciation on open futures contracts 1,164,394 Liabilities Futures Contracts Currencies (36,972 ) Energy (90,008 ) Grains (382,736 ) Indices (58,993 ) Interest Rates U.S. (718 ) Interest Rates Non-U.S. (51,624 ) Metals (50,132 ) Softs (8,801 ) Total unrealized depreciation on open futures contracts (679,984 ) Net unrealized appreciation on open futures contracts $ 484,410 * * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. Assets December 31, 2019 Futures Contracts Currencies $ 426,287 Energy 93,445 Grains 108,711 Indices 67,499 Interest Rates U.S. 32,868 Interest Rates Non-U.S. 94,991 Livestock 2,930 Metals 82,332 Softs 237,979 Total unrealized appreciation on open futures contracts 1,147,042 Liabilities Futures Contracts Currencies (48,483 ) Energy (193,400 ) Grains (53,499 ) Indices (203,560 ) Interest Rates U.S. (24,938 ) Interest Rates Non-U.S. (162,100 ) Livestock (17,315 ) Metals (10,597 ) Softs (142,029 ) Total unrealized depreciation on open futures contracts (855,921 ) Net unrealized appreciation on open futures contracts $ 291,121 * * 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 and nine months ended September 30, 2020 and 2019, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2020 2019 2020 2019 Currencies $ 379,809 $ (915,087 ) $ (532,945 ) $ (772,203 ) Energy 17,849 175,781 236,561 (78,964 ) Grains (126,933 ) (73,697 ) (284,841 ) (553,595 ) Indices 319,115 345,243 (1,575,999 ) (38,089 ) Interest Rates U.S. 48,746 474,420 1,420,244 1,433,600 Interest Rates Non-U.S. 71,311 (108,602 ) 395,508 291,762 Livestock - 2,982 (138,937 ) (74,398 ) Metals 191,324 516,133 (41,283 ) 747,131 Softs (14,522 ) 22,357 (152,650 ) (186,371 ) Total $ 886,699 ** $ 439,530 ** $ (674,342 )** $ 768,873 ** ** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
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 The Partnership considers, and the Funds considered, prices for commodity futures, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded September 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 1,164,394 $ 1,164,394 $ - $ - Total assets $ 1,164,394 $ 1,164,394 $ - $ - Liabilities Futures $ 679,984 $ 679,984 $ - $ - Total liabilities $ 679,984 $ 679,984 $ - $ - December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 1,147,042 $ 1,147,042 $ - $ - Total assets $ 1,147,042 $ 1,147,042 $ - $ - Liabilities Futures $ 855,921 $ 855,921 $ - $ - Total liabilities $ 855,921 $ 855,921 $ - $ -

Investment in the Funds

Investment in the Funds	9 Months Ended
	Sep. 30, 2020
Schedule of Investments [Abstract]
Investment in the Funds	6. Investment in the Funds: 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. SECOR Master permitted 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. Effective June 30, 2019, the Partnership fully redeemed its investment in SECOR Master. On February 1, 2017, the Partnership allocated a portion of its assets to AE Capital, which were managed and traded directly by AE Capital pursuant to AE Capital’s AE Systematic FX Fund Program through a trading account in the Partnership’s name from March 1, 2017 until January 31, 2018. Effective February 1, 2018, the assets allocated to AE Capital were transferred into AE Capital Master, a limited liability company organized under the limited liability company laws of the State of Delaware, through which they were managed and traded by AE Capital pursuant to the same strategy until AE Capital’s termination effective April 3, 2019. For the interim period from April 4, 2019 through April 30, 2019, the Partnership’s assets previously allocated to AE Capital were not charged a management fee and was credited with interest income at a rate equal to the monthly average of the 4-week On August 1, 2016, the Partnership allocated a portion of its assets to Harbour Square, which until December 31, 2017 were managed and traded directly by Harbour Square pursuant to Harbour Square’s Discretionary Energy Program through a trading account in the Partnership’s name. Effective January 1, 2018, the assets allocated to Harbour Square were transferred into Harbour Square Master, a limited liability company organized under the limited liability company laws of the State of Delaware, through which they were managed and traded by Harbour Square pursuant to the same strategy until Harbour Square’s termination effective March 31, 2019. Effective March 31, 2019, the Partnership fully redeemed its investment in Harbour Square Master. 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 September 30, 2020. The Partnership’s trading of futures, forward, swap and option contracts, as applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Funds’ trading of futures, forward, swap and option contracts, as applicable, on commodities was also done primarily on U.S. and foreign commodity exchanges. The Partnership engages and the Funds engaged in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in the Funds could have withdrawn 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 had been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner/member elected to redeem and informed the Funds. However, a limited partner/member could have requested a withdrawal as of the end of any day if such request was received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, ongoing selling agent fees, the General Partner fee and incentive fees are charged at the Partnership level. Professional fees were borne by the Funds and allocated to the Partnership, and are also charged directly at the Partnership level. Clearing fees were borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following table: For the nine months ended September 30, 2019 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master (a) $ (84,266 ) $ 2,719,987 $ 2,635,721 Harbour Square Master (b) (14,678 ) 160,848 146,170 AE Capital Master (c) 71,739 (890,810 ) (819,071 ) (a) From January 1, 2019 through June 30, 2019, the date SECOR Master terminated operations. (b) From January 1, 2019 through March 31, 2019, the date Harbour Square Master terminated operations. (c) From January 1, 2019 through April 30, 2019, the date AE Capital Master terminated operations. Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata December 31, 2019 For the nine months ended September 30, 2019 Funds % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Permitted Clearing Fees Professional Fees SECOR Master (a) - % $ - $ 352,502 $ 56,216 $ 4,201 $ 292,085 Commodity Portfolio Monthly Harbour Square Master (b) - % - 56,578 3,271 11,879 41,428 Commodity Portfolio Monthly AE Capital Master (c) - % - (84,712 ) 5,155 4,586 (94,453 ) Commodity Portfolio Monthly Total $ - $ 324,368 $ 64,642 $ 20,666 $ 239,060 (a) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (b) From January 1, 2019 through March 31, 2019, the date the Partnership fully redeemed its investment in Harbour Square Master. (c) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master.

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2020
Investments, All Other Investments [Abstract]
Financial Instrument Risks	7. Financial Instrument Risks: In the normal course of business, the Partnership is and the Funds were parties to financial instruments with off-balance-sheet over-the-counter Futures Contracts. Forward Foreign Currency Contracts. London Metal Exchange Forward Contracts. Options. marked-to-market marked-to-market As both a buyer and seller of options, the Partnership pays or receives (and the Funds paid or received) 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 does not and the Funds did 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 is and the Funds were 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 (or was with respect to the Funds) typically limited to the amounts recognized in the Statements of Financial Condition and is (was) not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is (or was with respect to the Funds) reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and permitted the Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has and the Funds had credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are (or were with respect to the Funds) counterparties or brokers with respect to the Partnership’s/Funds’ assets. For certain OTC contracts traded by SECOR Master prior to its full redemption, JPMorgan was the counterparty with respect to those 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/Trading Manager monitors and attempts (or with respect to the Funds, monitored and attempted) to mitigate the Partnership’s/Funds’ risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes (or with respect to the Funds, believed) 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/Trading Manager 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 or have been 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 (or in the case of the Funds, entered) into contracts and agreements that contain or contained various representations and warranties and which provide or provided 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 General Partner/Trading Manager consider the risk of any future obligation relating to these indemnifications to be remote.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	8. 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 Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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 does not, and the Funds did 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.
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.” 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 (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2020
Investment Company [Abstract]
Financial Highlights	Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2020 and 2019 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 59.95 $ 52.02 $ 20.58 $ 17.43 $ (27.84 ) $ (23.25 ) $ 47.37 $ 40.20 Net investment loss (15.13 ) (10.96 ) (13.11 ) (6.15 ) (41.73 ) (24.30 ) (37.75 ) (17.31 ) Increase (decrease) for the period 44.82 41.06 7.47 11.28 (69.57 ) (47.55 ) 9.62 22.89 Net asset value per Redeemable Unit, beginning of period 1,044.66 901.27 1,153.98 975.64 1,159.05 989.88 1,151.83 964.03 Net asset value per Redeemable Unit, end of period $ 1,089.48 $ 942.33 $ 1,161.45 $ 986.92 $ 1,089.48 $ 942.33 $ 1,161.45 $ 986.92 Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Class A Class Z Class A Class Z Class A Class Z Class A Class Z Ratios to Average Limited Partners’ Capital:** Net investment loss*** (4.5 )% (3.3 )% (4.5 )% (2.5 )% (5.0 )% (3.3 )% (4.5 )% (2.4 )% Operating expenses 4.0 % 2.9 % 6.3 % 4.3 % 5.1 % 3.2 % 6.6 % 4.5 % Incentive fees 0.5 % 0.5 % - % - % 0.4 % 0.5 % (0.2 )% (0.2 )% Total expenses 4.5 % 3.4 % 6.3 % 4.3 % 5.5 % 3.7 % 6.4 % 4.3 % Total return: Total return before incentive fees 4.8 % 5.0 % 0.6 % 1.2 % (5.6 )% (4.4 )% 0.7 % 2.2 % Incentive fees (0.5 )% (0.4 )% - % - % (0.4 )% (0.4 )% 0.1 % 0.2 % Total return after incentive fees 4.3 % 4.6 % 0.6 % 1.2 % (6.0 )% (4.8 )% 0.8 % 2.4 % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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 for the Classes 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 (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2020
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 September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 1,164,394 $ (679,984 ) $ 484,410 $ - $ - $ 484,410 Total assets $ 1,164,394 $ (679,984 ) $ 484,410 $ - $ - $ 484,410 Liabilities Futures $ (679,984 ) $ 679,984 $ - $ - $ - $ - Total liabilities $ (679,984 ) $ 679,984 $ - $ - $ - $ - Net fair value $ 484,410 * December 31, 2019 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 1,147,042 $ (855,921 ) $ 291,121 $ - $ - $ 291,121 Total assets $ 1,147,042 $ (855,921 ) $ 291,121 $ - $ - $ 291,121 Liabilities Futures $ (855,921 ) $ 855,921 $ - $ - $ - $ - Total liabilities $ (855,921 ) $ 855,921 $ - $ - $ - $ - Net fair value $ 291,121 * * 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
Gross Fair Values of Derivative Instruments of Futures, Forward and Option Contracts Traded	The following tables indicate the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2020 and December 31, 2019, respectively. Assets September 30, 2020 Futures Contracts Currencies $ 102,334 Energy 247,271 Grains 367,021 Indices 297,350 Interest Rates U.S. 33,515 Interest Rates Non-U.S. 86,906 Metals 29,762 Softs 235 Total unrealized appreciation on open futures contracts 1,164,394 Liabilities Futures Contracts Currencies (36,972 ) Energy (90,008 ) Grains (382,736 ) Indices (58,993 ) Interest Rates U.S. (718 ) Interest Rates Non-U.S. (51,624 ) Metals (50,132 ) Softs (8,801 ) Total unrealized depreciation on open futures contracts (679,984 ) Net unrealized appreciation on open futures contracts $ 484,410 * * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. Assets December 31, 2019 Futures Contracts Currencies $ 426,287 Energy 93,445 Grains 108,711 Indices 67,499 Interest Rates U.S. 32,868 Interest Rates Non-U.S. 94,991 Livestock 2,930 Metals 82,332 Softs 237,979 Total unrealized appreciation on open futures contracts 1,147,042 Liabilities Futures Contracts Currencies (48,483 ) Energy (193,400 ) Grains (53,499 ) Indices (203,560 ) Interest Rates U.S. (24,938 ) Interest Rates Non-U.S. (162,100 ) Livestock (17,315 ) Metals (10,597 ) Softs (142,029 ) Total unrealized depreciation on open futures contracts (855,921 ) Net unrealized appreciation on open futures contracts $ 291,121 * * 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 and nine months ended September 30, 2020 and 2019, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2020 2019 2020 2019 Currencies $ 379,809 $ (915,087 ) $ (532,945 ) $ (772,203 ) Energy 17,849 175,781 236,561 (78,964 ) Grains (126,933 ) (73,697 ) (284,841 ) (553,595 ) Indices 319,115 345,243 (1,575,999 ) (38,089 ) Interest Rates U.S. 48,746 474,420 1,420,244 1,433,600 Interest Rates Non-U.S. 71,311 (108,602 ) 395,508 291,762 Livestock - 2,982 (138,937 ) (74,398 ) Metals 191,324 516,133 (41,283 ) 747,131 Softs (14,522 ) 22,357 (152,650 ) (186,371 ) Total $ 886,699 ** $ 439,530 ** $ (674,342 )** $ 768,873 ** ** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	September 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 1,164,394 $ 1,164,394 $ - $ - Total assets $ 1,164,394 $ 1,164,394 $ - $ - Liabilities Futures $ 679,984 $ 679,984 $ - $ - Total liabilities $ 679,984 $ 679,984 $ - $ - December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 1,147,042 $ 1,147,042 $ - $ - Total assets $ 1,147,042 $ 1,147,042 $ - $ - Liabilities Futures $ 855,921 $ 855,921 $ - $ - Total liabilities $ 855,921 $ 855,921 $ - $ -

Investment in the Funds (Tables

Investment in the Funds (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of Investments [Abstract]
Assets, Liabilities and Capital of Funds	Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following table: For the nine months ended September 30, 2019 Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master (a) $ (84,266 ) $ 2,719,987 $ 2,635,721 Harbour Square Master (b) (14,678 ) 160,848 146,170 AE Capital Master (c) 71,739 (890,810 ) (819,071 ) (a) From January 1, 2019 through June 30, 2019, the date SECOR Master terminated operations. (b) From January 1, 2019 through March 31, 2019, the date Harbour Square Master terminated operations. (c) From January 1, 2019 through April 30, 2019, the date AE Capital Master terminated operations.
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds	Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata December 31, 2019 For the nine months ended September 30, 2019 Funds % of Partners’ Capital Fair Value Income (Loss) Expenses Net Income (Loss) Investment Objective Redemptions Permitted Clearing Fees Professional Fees SECOR Master (a) - % $ - $ 352,502 $ 56,216 $ 4,201 $ 292,085 Commodity Portfolio Monthly Harbour Square Master (b) - % - 56,578 3,271 11,879 41,428 Commodity Portfolio Monthly AE Capital Master (c) - % - (84,712 ) 5,155 4,586 (94,453 ) Commodity Portfolio Monthly Total $ - $ 324,368 $ 64,642 $ 20,666 $ 239,060 (a) From January 1, 2019 through June 30, 2019, the date the Partnership fully redeemed its investment in SECOR Master. (b) From January 1, 2019 through March 31, 2019, the date the Partnership fully redeemed its investment in Harbour Square Master. (c) From January 1, 2019 through April 30, 2019, the date the Partnership fully redeemed its investment in AE Capital Master.

Organization - Additional Infor

Organization - Additional Information (Detail) - $ / shares	Jul. 01, 2020	Sep. 30, 2020	Aug. 05, 2004
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Number of redeemable units of limited partnership interest issued and sold during initial public offering			20,872
Redeemable Units per share			$ 1,000
Maximum number of Redeemable Units sold by the Partnership		0
Percentage of General Partner fee	1.00%	0.875%
Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee	1.00%	2.00%
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, during the period covered by this report, the Partnership paid Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Effective July 1, 2020, the ongoing selling agent fee the Partnership paid to Morgan Stanley Wealth Management was reduced for Class A Redeemable Unit holders from an annual rate of 2.00% of the adjusted net assets of Class A Redeemable Units to an annual rate of 1.00% of the adjusted net assets of Class A Redeemable Units. Under the Selling Agreement, the Partnership also pays Morgan Stanley Wealth Management 0.75% per year of adjusted month-end net assets for Class D 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 Class A Redeemable Units and Class D Redeemable Units. Class Z Redeemable Units are not subject to an ongoing selling agent fee.
Class D Redeemable Units [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Limited Partner Capital Account Redeemable Unit outstanding		0
Class D Redeemable Units [Member] | Morgan Stanley Wealth Management [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Ongoing selling agent fee		0.75%
Maximum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Percentage of partnership assets allocated		10.00%
Maximum amount of partnership assets allocated to trading advisor		1.5 times the amount of the assets

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ (134,222)	$ 233,300
Cash denominated in foreign currencies, proceeds	129,462
Cash denominated in foreign currencies, cost		234,052
Restricted cash held for margin	3,009,053	$ 4,003,185
Uncertain tax position	$ 0
Open tax year	2016 2017 2018 2019

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A Redeemable Units [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ 59.95	$ 20.58	$ (27.84)	$ 47.37
Net investment loss	(15.13)	(13.11)	(41.73)	(37.75)
Increase (decrease) for the period	44.82	7.47	(69.57)	9.62
Net asset value per Redeemable Unit, beginning of period	1,044.66	1,153.98	1,159.05	1,151.83
Net asset value per Redeemable Unit, end of period	1,089.48	1,161.45	1,089.48	1,161.45
Class Z Redeemable Units [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	52.02	17.43	(23.25)	40.20
Net investment loss	(10.96)	(6.15)	(24.30)	(17.31)
Increase (decrease) for the period	41.06	11.28	(47.55)	22.89
Net asset value per Redeemable Unit, beginning of period	901.27	975.64	989.88	964.03
Net asset value per Redeemable Unit, end of period	$ 942.33	$ 986.92	$ 942.33	$ 986.92

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Class A Redeemable Units [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.50%)	(4.50%)	(5.00%)	(4.50%)
Operating expenses	4.00%	6.30%	5.10%	6.60%
Incentive fees	0.50%		0.40%	(0.20%)
Total expenses	4.50%	6.30%	5.50%	6.40%
Total return:
Incentive fees	0.50%		0.40%	(0.20%)
Class A Redeemable Units [Member] | Total return [Member]
Ratios to Average Limited Partners' Capital:
Incentive fees	(0.50%)		(0.40%)	0.10%
Total return:
Total return before incentive fees	4.80%	0.60%	(5.60%)	0.70%
Incentive fees	(0.50%)		(0.40%)	0.10%
Total return after incentive fees	4.30%	0.60%	(6.00%)	0.80%
Class Z Redeemable Units [Member]
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.30%)	(2.50%)	(3.30%)	(2.40%)
Operating expenses	2.90%	4.30%	3.20%	4.50%
Incentive fees	0.50%		0.50%	(0.20%)
Total expenses	3.40%	4.30%	3.70%	4.30%
Total return:
Incentive fees	0.50%		0.50%	(0.20%)
Class Z Redeemable Units [Member] | Total return [Member]
Ratios to Average Limited Partners' Capital:
Incentive fees	(0.40%)		(0.40%)	0.20%
Total return:
Total return before incentive fees	5.00%	1.20%	(4.40%)	2.20%
Incentive fees	(0.40%)		(0.40%)	0.20%
Total return after incentive fees	4.60%	1.20%	(4.80%)	2.40%

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts held	1,553	2,508	1,299	2,241

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 1,164,394	$ 1,147,042
Gross Amounts Offset in the Statements of Financial Condition, Assets	(679,984)	(855,921)
Amounts Presented in the Statements of Financial Condition, Assets	484,410	291,121
Net Amount, Assets	484,410	291,121
Gross Amounts Recognized, Liabilities	(679,984)	(855,921)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	679,984	855,921
Net Fair Value	484,410	291,121
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,164,394	1,147,042
Gross Amounts Offset in the Statements of Financial Condition, Assets	(679,984)	(855,921)
Amounts Presented in the Statements of Financial Condition, Assets	484,410	291,121
Net Amount, Assets	484,410	291,121
Gross Amounts Recognized, Liabilities	(679,984)	(855,921)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	$ 679,984	$ 855,921

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - Futures Contracts [Member] - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	$ 1,164,394	$ 1,147,042
Total unrealized depreciation on open futures contracts	(679,984)	(855,921)
Net unrealized (depreciation) appreciation on open futures contracts	484,410	291,121
Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	102,334	426,287
Total unrealized depreciation on open futures contracts	(36,972)	(48,483)
Energy [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	247,271	93,445
Total unrealized depreciation on open futures contracts	(90,008)	(193,400)
Grains [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	367,021	108,711
Total unrealized depreciation on open futures contracts	(382,736)	(53,499)
Indices [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	297,350	67,499
Total unrealized depreciation on open futures contracts	(58,993)	(203,560)
Interest Rates U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	33,515	32,868
Total unrealized depreciation on open futures contracts	(718)	(24,938)
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	86,906	94,991
Total unrealized depreciation on open futures contracts	(51,624)	(162,100)
Livestock [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts		2,930
Total unrealized depreciation on open futures contracts		(17,315)
Metals [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	29,762	82,332
Total unrealized depreciation on open futures contracts	(50,132)	(10,597)
Softs [Member]
Derivative [Line Items]
Total unrealized appreciation on open futures contracts	235	237,979
Total unrealized depreciation on open futures contracts	$ (8,801)	$ (142,029)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Derivative [Line Items]
Total trading results	$ 886,699	$ 439,530	$ (674,342)	$ 768,873
Currencies [Member]
Derivative [Line Items]
Total trading results	379,809	(915,087)	(532,945)	(772,203)
Energy [Member]
Derivative [Line Items]
Total trading results	17,849	175,781	236,561	(78,964)
Grains [Member]
Derivative [Line Items]
Total trading results	(126,933)	(73,697)	(284,841)	(553,595)
Indices [Member]
Derivative [Line Items]
Total trading results	319,115	345,243	(1,575,999)	(38,089)
Interest Rates U.S. [Member]
Derivative [Line Items]
Total trading results	48,746	474,420	1,420,244	1,433,600
Interest Rates Non-U.S. [Member]
Derivative [Line Items]
Total trading results	71,311	(108,602)	395,508	291,762
Livestock [Member]
Derivative [Line Items]
Total trading results	0	2,982	(138,937)	(74,398)
Metals [Member]
Derivative [Line Items]
Total trading results	191,324	516,133	(41,283)	747,131
Softs [Member]
Derivative [Line Items]
Total trading results	$ (14,522)	$ 22,357	$ (152,650)	$ (186,371)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument	Sep. 30, 2020	Sep. 30, 2019
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments held	0	0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Assets
Total assets	$ 1,164,394	$ 1,147,042
Liabilities
Total liabilities	679,984	855,921
Futures Contracts [Member]
Assets
Total assets	1,164,394	1,147,042
Liabilities
Total liabilities	679,984	855,921
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets	1,164,394	1,147,042
Liabilities
Total liabilities	679,984	855,921
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	1,164,394	1,147,042
Liabilities
Total liabilities	$ 679,984	$ 855,921

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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment Holdings [Line Items]
Net Investment Income (Loss)	$ (230,400)	$ (278,415)	$ (708,191)	$ (866,309)
Total Trading Results	886,699	439,530	(674,342)	1,014,266
Net income (loss)	$ 656,299	$ 161,115	$ (1,382,533)	147,957
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)				(84,266)
Total Trading Results				2,719,987
Net income (loss)				2,635,721
Harbour Square [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)				(14,678)
Total Trading Results				160,848
Net income (loss)				146,170
CMF AE Capital Master Fund LLC [Member]
Investment Holdings [Line Items]
Net Investment Income (Loss)				71,739
Total Trading Results				(890,810)
Net income (loss)				$ (819,071)

Investment in the Funds - Partn

Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Investment Holdings [Line Items]
% of Partners' Capital	[1]					0.00%
Fair Value						$ 0
Income (Loss)		$ 886,699	$ 439,530	$ (674,342)	$ 1,014,266
Expenses, Professional fees		29,836	74,916	100,399	244,202
Net income (loss)		$ 656,299	$ 161,115	$ (1,382,533)	$ 147,957
SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
% of Partners' Capital						0.00%
Fair Value						$ 0
Investment Objective					Commodity Portfolio
CMF Harbour Square Master Fund LLC [Member]
Investment Holdings [Line Items]
% of Partners' Capital						0.00%
Fair Value						$ 0
Investment Objective					Commodity Portfolio
CMF AE Capital Master Fund LLC [Member]
Investment Holdings [Line Items]
% of Partners' Capital						0.00%
Fair Value						$ 0
Investment Objective					Commodity Portfolio
Investment in Funds [Member]
Investment Holdings [Line Items]
Income (Loss)					$ 324,368
Expenses, Clearing Fees					64,642
Expenses, Professional fees					20,666
Net income (loss)					239,060
Investment in Funds [Member] | Commodity [Member] | SECOR Master Fund L.P. [Member]
Investment Holdings [Line Items]
Income (Loss)					352,502
Expenses, Clearing Fees					56,216
Expenses, Professional fees					4,201
Net income (loss)					$ 292,085
Redemptions Permitted					Monthly
Investment in Funds [Member] | Commodity [Member] | CMF Harbour Square Master Fund LLC [Member]
Investment Holdings [Line Items]
Income (Loss)					$ 56,578
Expenses, Clearing Fees					3,271
Expenses, Professional fees					11,879
Net income (loss)					$ 41,428
Redemptions Permitted					Monthly
Investment in Funds [Member] | Commodity [Member] | CMF AE Capital Master Fund LLC [Member]
Investment Holdings [Line Items]
Income (Loss)					$ (84,712)
Expenses, Clearing Fees					5,155
Expenses, Professional fees					4,586
Net income (loss)					$ (94,453)
Redemptions Permitted					Monthly
[1]	Due to rounding.

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2020
Concentration Risk [Line Items]
Financial instruments maturity period	1 year
Credit Concentration Risk [Member] | Partnership's/Funds' Contracts [Member] | Over the Counter [Member]
Concentration Risk [Line Items]
Concentration risk percentage	0.00%