Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Ceres Tactical Commodity L.P. | ||
Entity Central Index Key | 0001325676 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 000-52602 | ||
Entity Incorporation, State or Country Code | NY | ||
Entity Tax Identification Number | 20-2718952 | ||
Entity Address, Address Line One | 522 Fifth Avenue | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | 855 | ||
Local Phone Number | 672-4468 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Public Float | $ 112,278,763 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Auditor Location | Boston, MA | ||
Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 54,489.0317 | ||
Class D [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 600.0580 | ||
Class Z [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 445.5690 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Investment in the Funds, at fair value | $ 31,910,757 | $ 17,078,330 |
Redemptions receivable from the Funds | 9,530,301 | 3,064,522 |
Equity in trading account: | ||
Unrestricted cash | 83,266,107 | 56,900,738 |
Restricted cash | 7,622,510 | 8,219,507 |
Net unrealized appreciation on open contracts | 2,553,275 | 1,225,159 |
Options purchased, at fair value (premiums paid $6,171,271 and $2,487,075 at December 31, 2021 and 2020, respectively) | 11,866,605 | 2,557,903 |
Total equity in trading account | 105,308,497 | 68,903,307 |
Interest receivable | 2,728 | 3,938 |
Total assets | 146,752,283 | 89,050,097 |
Liabilities: | ||
Options written, at fair value (premiums received $6,265,420 and $3,487,897 at December 31, 2021 and 2020, respectively) | 7,039,257 | 2,801,304 |
Accrued expenses: | ||
Ongoing selling agent fees | 85,818 | 70,401 |
Management fees | 125,544 | 107,535 |
General Partner fees | 87,151 | 53,750 |
Incentive fees | 10,012,065 | 613,765 |
Professional fees | 186,105 | 179,079 |
Redemptions payable to General Partner | 50,000 | 300,000 |
Redemptions payable to Limited Partners | 1,255,919 | 1,284,827 |
Total liabilities | 18,841,859 | 5,410,661 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 127,910,424 | 83,639,436 |
Total liabilities and partners' capital | 146,752,283 | 89,050,097 |
Forwards [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 32,498 | 117,751 |
Futures [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 2,520,777 | 1,107,408 |
Class Z [Member] | ||
Partners' Capital: | ||
General Partner | 1,394,753 | 1,011,664 |
Limited Partners | 780,696 | 263,269 |
Total partners' capital (net asset value) | $ 2,175,449 | $ 1,274,933 |
Net asset value per Redeemable Unit | $ 1,864.35 | $ 1,172.43 |
Class A [Member] | ||
Partners' Capital: | ||
Limited Partners | $ 124,645,209 | $ 81,673,675 |
Total partners' capital (net asset value) | $ 124,645,209 | $ 81,673,675 |
Net asset value per Redeemable Unit | $ 2,290.21 | $ 1,451.82 |
Class D [Member] | ||
Partners' Capital: | ||
Limited Partners | $ 1,089,766 | $ 690,828 |
Total partners' capital (net asset value) | $ 1,089,766 | $ 690,828 |
Net asset value per Redeemable Unit | $ 1,816.10 | $ 1,151.27 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Options purchased, premiums paid | $ 6,171,271 | $ 2,487,075 |
Options written, premiums received | $ 6,265,420 | $ 3,487,897 |
Class Z [Member] | ||
General Partner Redeemable Units outstanding | 748.1180 | 862.8760 |
Limited Partners Redeemable Units outstanding | 418.7500 | 224.5500 |
Class A [Member] | ||
Limited Partners Redeemable Units outstanding | 54,425.1587 | 56,256.1017 |
Class D [Member] | ||
Limited Partners Redeemable Units outstanding | 600.0580 | 600.0580 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Dec. 31, 2021USD ($)Derivative | Dec. 31, 2020USD ($)Derivative | |||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ 31,910,757 | $ 17,078,330 | |||
Percentage of Partners' Capital | 24.95% | 20.42% | |||
Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized appreciation (depreciation) on open contracts | $ 2,520,777 | $ 1,107,408 | |||
Total unrealized appreciation on open contracts | 33,395,257 | 10,247,949 | |||
Total unrealized depreciation on open contracts | $ (30,874,480) | $ (9,140,541) | |||
Percentage of Partners' Capital | 1.97% | 1.32% | |||
Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ 20,678,483 | $ 1,385,064 | |||
Percentage of Partners' Capital | 16.17% | 1.65% | |||
Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ 11,866,605 | $ 2,557,903 | |||
Percentage of Partners' Capital | 9.28% | 3.06% | |||
Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ (18,157,706) | $ (277,656) | |||
Percentage of Partners' Capital | (14.20%) | (0.33%) | |||
Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ (7,039,257) | $ (2,801,304) | |||
Percentage of Partners' Capital | (5.50%) | (3.35%) | |||
Metals [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 164,478 | $ 492,282 | |||
Total unrealized depreciation on open contracts | $ (46,730) | $ (20,635) | |||
Metals [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 110 | 125 | |||
Investment, Fair Value | $ 134,848 | $ 453,509 | |||
Percentage of Partners' Capital | 0.11% | 0.54% | |||
Metals [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 34 | 17 | |||
Investment, Fair Value | $ (17,100) | $ 18,138 | |||
Percentage of Partners' Capital | (0.01%) | 0.02% | |||
Currencies [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 19,552 | $ 900 | |||
Total unrealized depreciation on open contracts | $ (10,497) | ||||
Currencies [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 40 | 1 | |||
Investment, Fair Value | $ 9,055 | $ 900 | |||
Percentage of Partners' Capital | 0.01% | 0.00% | [1] | ||
Energy [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 32,506,206 | $ 8,308,366 | |||
Total unrealized depreciation on open contracts | (29,296,133) | $ (8,504,618) | |||
Energy [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 12,660 | ||||
Investment, Fair Value | $ (431,676) | ||||
Percentage of Partners' Capital | (0.51%) | ||||
Energy [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 10,352 | ||||
Investment, Fair Value | $ 235,424 | ||||
Percentage of Partners' Capital | 0.28% | ||||
Grains [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | 269,015 | $ 1,030,542 | |||
Total unrealized depreciation on open contracts | $ (116,535) | $ (359,656) | |||
Grains [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 285 | 690 | |||
Investment, Fair Value | $ 37,245 | $ 1,028,067 | |||
Percentage of Partners' Capital | 0.03% | 1.23% | |||
Grains [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 211 | 309 | |||
Investment, Fair Value | $ 115,235 | $ (357,181) | |||
Percentage of Partners' Capital | 0.09% | (0.43%) | |||
Indices [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 240,961 | $ 55,454 | |||
Total unrealized depreciation on open contracts | $ (1,161,116) | $ (38,194) | |||
Indices [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 476 | 85 | |||
Investment, Fair Value | $ (1,154,113) | $ (21,965) | |||
Percentage of Partners' Capital | (0.90%) | (0.03%) | |||
Indices [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 320 | 21 | |||
Investment, Fair Value | $ 233,958 | $ 39,225 | |||
Percentage of Partners' Capital | 0.18% | 0.05% | |||
Livestock [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 14,300 | $ 4,410 | |||
Total unrealized depreciation on open contracts | $ (25,750) | $ (9,990) | |||
Livestock [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 31 | 31 | |||
Investment, Fair Value | $ 990 | $ 3,820 | |||
Percentage of Partners' Capital | [1] | 0.00% | 0.00% | ||
Livestock [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 42 | 35 | |||
Investment, Fair Value | $ (12,440) | $ (9,400) | |||
Percentage of Partners' Capital | (0.01%) | (0.01%) | |||
Softs [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 180,745 | $ 355,995 | |||
Total unrealized depreciation on open contracts | $ (217,719) | $ (207,448) | |||
Softs [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 322 | 223 | |||
Investment, Fair Value | $ 1,057 | $ 352,409 | |||
Percentage of Partners' Capital | 0.00% | [1] | 0.42% | ||
Softs [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 249 | 163 | |||
Investment, Fair Value | $ (38,031) | $ (203,862) | |||
Percentage of Partners' Capital | (0.03%) | (0.24%) | |||
Natural Gas Futr February Twenty Two to December Twenty Four [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 12,525 | ||||
Investment, Fair Value | $ 15,688,463 | ||||
Percentage of Partners' Capital | 12.26% | ||||
Natural Gas Futr March Twenty Two to March Twenty Five [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 13,228 | ||||
Investment, Fair Value | $ (7,865,625) | ||||
Percentage of Partners' Capital | (6.15%) | ||||
Natural Gas Last Day March Twenty Two to October Twenty Two [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 699 | ||||
Investment, Fair Value | $ (6,817,820) | ||||
Percentage of Partners' Capital | (5.33%) | ||||
Other [Member] | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 2,294 | ||||
Investment, Fair Value | $ 1,051,178 | ||||
Percentage of Partners' Capital | 0.82% | ||||
Other [Member] | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 3,371 | ||||
Investment, Fair Value | $ (2,197,193) | ||||
Percentage of Partners' Capital | (1.72%) | ||||
GLOBEX NAT GAS LD Dec 23 | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 235 | ||||
Investment, Fair Value | $ 1,984,400 | ||||
Percentage of Partners' Capital | 1.55% | ||||
GLOBEX NAT GAS LD Mar 24 | Contracts Sold [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 235 | ||||
Investment, Fair Value | $ (1,558,690) | ||||
Percentage of Partners' Capital | (1.22%) | ||||
NAT GAS LAST DAY Dec 22 | Contracts Purchased [Member] | Futures [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 230 | ||||
Investment, Fair Value | $ 2,925,360 | ||||
Percentage of Partners' Capital | 2.29% | ||||
Forwards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Net unrealized appreciation (depreciation) on open contracts | $ 32,498 | $ 117,751 | |||
Total unrealized appreciation on open contracts | 2,333,825 | 3,792,274 | |||
Total unrealized depreciation on open contracts | $ (2,301,327) | $ (3,674,523) | |||
Percentage of Partners' Capital | 0.03% | 0.14% | |||
Forwards [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Total unrealized appreciation on open contracts | $ 2,333,825 | $ 3,792,274 | |||
Total unrealized depreciation on open contracts | (2,301,327) | (3,674,523) | |||
CMFNL Master Fund LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ 10,984,329 | $ 2,671,289 | |||
Percentage of Partners' Capital | 8.59% | 3.19% | |||
CMF GSL Master Fund LLC [Member] | |||||
Schedule of Investments [Line Items] | |||||
Investment, Fair Value | $ 20,926,428 | $ 14,407,041 | |||
Percentage of Partners' Capital | 16.36% | 17.23% | |||
Assets [Member] | Forwards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Percentage of Partners' Capital | 1.83% | 4.53% | |||
Assets [Member] | Forwards [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 493 | 763 | |||
Percentage of Partners' Capital | 1.83% | 4.53% | |||
Calls [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 97 | 162 | |||
Investment, Fair Value | $ 551,393 | $ 753,640 | |||
Percentage of Partners' Capital | 0.43% | 0.91% | |||
Calls [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 97 | 216 | |||
Investment, Fair Value | $ (551,393) | $ (820,669) | |||
Percentage of Partners' Capital | (0.43%) | (0.98%) | |||
Calls [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 996 | ||||
Investment, Fair Value | $ 1,591,576 | ||||
Percentage of Partners' Capital | 1.90% | ||||
Calls [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 1,377 | 1,312 | |||
Investment, Fair Value | $ (3,786,346) | $ (616,333) | |||
Percentage of Partners' Capital | (2.96%) | (0.74%) | |||
Calls [Member] | Grains [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 53 | ||||
Investment, Fair Value | $ (78,506) | ||||
Percentage of Partners' Capital | (0.09%) | ||||
Calls [Member] | Livestock [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 6 | ||||
Investment, Fair Value | $ (12,600) | ||||
Percentage of Partners' Capital | (0.02%) | ||||
Calls [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 20 | ||||
Investment, Fair Value | $ (59,550) | ||||
Percentage of Partners' Capital | (0.07%) | ||||
Calls [Member] | NAT GAS EUR OPT C, 3% - 4.25%, Feb 22 - Dec 25 | Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 1,695 | ||||
Investment, Fair Value | $ 10,523,414 | ||||
Percentage of Partners' Capital | 8.23% | ||||
Puts [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 83 | 121 | |||
Investment, Fair Value | $ 130,377 | $ 37,537 | |||
Percentage of Partners' Capital | 0.10% | 0.04% | |||
Puts [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 83 | 25 | |||
Investment, Fair Value | $ (130,377) | $ (3,275) | |||
Percentage of Partners' Capital | (0.10%) | 0.00% | [1] | ||
Puts [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 920 | 854 | |||
Investment, Fair Value | $ 661,421 | $ 175,150 | |||
Percentage of Partners' Capital | 0.52% | 0.21% | |||
Puts [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 2,179 | 1,002 | |||
Investment, Fair Value | $ (2,553,333) | $ (1,200,786) | |||
Percentage of Partners' Capital | (2.00%) | (1.44%) | |||
Puts [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 25 | 6 | |||
Investment, Fair Value | $ (17,808) | $ (9,585) | |||
Percentage of Partners' Capital | (0.01%) | (0.01%) | |||
Liabilities [Member] | Forwards [Member] | |||||
Schedule of Investments [Line Items] | |||||
Percentage of Partners' Capital | (1.80%) | (4.39%) | |||
Liabilities [Member] | Forwards [Member] | Metals [Member] | |||||
Schedule of Investments [Line Items] | |||||
Number of Contracts | Derivative | 507 | 817 | |||
Percentage of Partners' Capital | (1.80%) | (4.39%) | |||
[1] | Due to rounding. |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Investments [Abstract] | ||
Options purchased, premium paid | $ 6,171,271 | $ 2,487,075 |
Options written, premium received | $ 6,265,420 | $ 3,487,897 |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Investment Income: | ||||
Interest income | $ 26,691 | $ 234,681 | $ 1,716,370 | |
Interest income allocated from the Funds | 11,380 | 62,837 | 308,347 | |
Total investment income | 38,071 | 297,518 | 2,024,717 | |
Expenses: | ||||
Expenses allocated from the Funds | 265,252 | 309,367 | 345,086 | |
Clearing fees related to direct investments | 1,071,298 | 855,470 | 1,138,045 | |
Ongoing selling agent fees | 903,744 | 1,318,996 | 2,062,779 | |
Management fees | 1,316,998 | 1,361,440 | 1,550,912 | |
General Partner fees | 916,641 | 666,898 | 783,963 | |
Incentive fees | 11,419,401 | 2,241,270 | 1,057,828 | |
Professional fees | 434,587 | 318,626 | 394,964 | |
Total expenses | 16,327,921 | 7,072,067 | 7,333,577 | |
Net investment loss | (16,289,850) | (6,774,549) | (5,308,860) | |
Net gains (losses) on trading of commodity interests and investment in the Funds: | ||||
Net realized gains (losses) on closed contracts | 18,211,530 | 14,839,905 | 10,192,456 | |
Net realized gains (losses) on closed contracts allocated from the Funds | 37,773,316 | (573,110) | (2,988,301) | |
Net change in unrealized gains (losses) on open contracts | 5,495,078 | (1,421,890) | 2,156,294 | |
Net change in unrealized gains (losses) on open contracts allocated from the Funds | 2,197,213 | 735,132 | (678,017) | |
Total trading results | 63,677,137 | 13,580,037 | 8,682,432 | |
Net income (loss) | 47,387,287 | 6,805,488 | 3,373,572 | |
Class A [Member] | ||||
Net gains (losses) on trading of commodity interests and investment in the Funds: | ||||
Net income (loss) | $ 46,222,833 | $ 6,631,199 | $ 3,264,366 | |
Net income (loss) per Redeemable Unit | [1] | $ 838.39 | $ 107.71 | $ 43.45 |
Weighted average Redeemable Units outstanding | 54,414.5840 | 60,513.3041 | 77,176.4275 | |
Class D [Member] | ||||
Net gains (losses) on trading of commodity interests and investment in the Funds: | ||||
Net income (loss) | $ 398,938 | $ 56,105 | $ 28,216 | |
Net income (loss) per Redeemable Unit | [1] | $ 664.83 | $ 93.50 | $ 47.02 |
Weighted average Redeemable Units outstanding | 600.0580 | 600.0580 | 600.0580 | |
Class Z [Member] | ||||
Net gains (losses) on trading of commodity interests and investment in the Funds: | ||||
Net income (loss) | $ 765,516 | $ 118,184 | $ 80,990 | |
Net income (loss) per Redeemable Unit | [1] | $ 691.92 | $ 103.39 | $ 55.21 |
Weighted average Redeemable Units outstanding | 1,113.3481 | 1,208.2984 | 1,308.9342 | |
[1] | Represents the change in net asset value per Redeemable Unit. |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | Class A [Member] | Class D [Member] | Class Z [Member] | General Partner [Member] | General Partner [Member]Class A [Member] | General Partner [Member]Class Z [Member] | Limited Partners [Member] | Limited Partners [Member]Class A [Member] | Limited Partners [Member]Class D [Member] | Limited Partners [Member]Class Z [Member] |
Net asset value per Redeemable Unit | $ 1,300.66 | $ 1,010.75 | $ 1,008.04 | ||||||||
Partners' Capital, beginning of period at Dec. 31, 2018 | $ 58,218,866 | $ 56,857,034 | $ 606,507 | $ 755,325 | |||||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2018 | 45,058.9877 | 43,713.9067 | 600.0580 | 745.0230 | |||||||
Subscriptions | $ 680,750 | $ 680,750 | $ 52,119,698 | $ 52,019,698 | $ 100,000 | ||||||
Subscriptions, Redeemable Units | 671.4640 | 671.4640 | 40,074.3720 | 39,975.1700 | 99.2020 | ||||||
Redemptions | $ (315,025) | $ (315,025) | $ (22,184,577) | $ (22,078,526) | $ (106,051) | ||||||
Redemptions, Redeemable Units | (297.7320) | (297.7320) | (16,783.0520) | (16,683.8500) | (99.2020) | ||||||
Net income (loss) | $ 3,373,572 | $ 3,264,366 | $ 28,216 | $ 80,990 | |||||||
Partners' Capital, end of period at Dec. 31, 2019 | $ 91,893,284 | $ 90,062,572 | $ 634,723 | $ 1,195,989 | |||||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2019 | 68,724.0397 | 67,005.2267 | 600.0580 | 1,118.7550 | |||||||
Net asset value per Redeemable Unit | $ 1,344.11 | $ 1,057.77 | $ 1,069.04 | $ 1,344.11 | 1,057.77 | $ 1,066.54 | |||||
Subscriptions | $ 2,931,403 | $ 2,670,643 | $ 260,760 | ||||||||
Subscriptions, Redeemable Units | 2,058.7390 | 1,834.1890 | 224.5500 | ||||||||
Redemptions | $ (300,000) | $ (300,000) | $ (17,690,739) | $ (17,690,739) | |||||||
Redemptions, Redeemable Units | (255.8790) | (255.8790) | (12,583.3140) | (12,583.3140) | |||||||
Net income (loss) | $ 6,805,488 | $ 6,631,199 | $ 56,105 | $ 118,184 | |||||||
Partners' Capital, end of period at Dec. 31, 2020 | $ 83,639,436 | $ 81,673,675 | $ 690,828 | $ 1,274,933 | |||||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2020 | 57,943.5857 | 56,256.1017 | 600.0580 | 1,087.4260 | |||||||
Net asset value per Redeemable Unit | $ 1,451.82 | $ 1,151.27 | $ 1,172.43 | $ 1,451.82 | 1,151.27 | $ 1,172.43 | |||||
Subscriptions | $ 10,446,560 | $ 10,121,560 | $ 325,000 | ||||||||
Subscriptions, Redeemable Units | 5,121.7530 | 4,927.5530 | 194.2000 | ||||||||
Redemptions | $ (190,000) | $ (190,000) | $ (13,372,859) | $ (13,372,859) | |||||||
Redemptions, Redeemable Units | (114.7580) | 0 | (114.7580) | (6,758.4960) | (6,758.4960) | ||||||
Net income (loss) | $ 47,387,287 | $ 46,222,833 | $ 398,938 | $ 765,516 | |||||||
Partners' Capital, end of period at Dec. 31, 2021 | $ 127,910,424 | $ 124,645,209 | $ 1,089,766 | $ 2,175,449 | |||||||
Partners' Capital, Redeemable Units, end of period at Dec. 31, 2021 | 56,192.0847 | 54,425.1587 | 600.0580 | 1,166.8680 | |||||||
Net asset value per Redeemable Unit | $ 2,290.21 | $ 1,816.10 | $ 1,864.35 | $ 2,290.21 | $ 1,816.10 | $ 1,864.35 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Commodity L.P. (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly or indirectly, in the speculative trading of commodity interests on United States (“U.S.”) and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (as defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have significant exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The sectors traded include energy, grains, livestock, metals and softs. The commodity interests that are traded by the Partnership, directly or indirectly through its investment in the Funds (as defined below), are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Funds) in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. During the initial offering period, the Partnership sold 11,925 redeemable units of limited partnership interest (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. 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 is the trading manager (the “Trading Manager”) of NL Master (as defined below) and GSL Master (as defined below). The General Partner was also the Trading Manager of Aquantum Master (as defined below) and Harbour Square Master (as defined below) prior to Aquantum Master’s and Harbour Square Master’s respective terminations. 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. As of December 31, 2021, all trading decisions are made for the Partnership by Millburn Ridgefield Corporation (“Millburn”), Ospraie Management, LLC (“Ospraie”), Pan Capital Management L.P. (“Pan”), Northlander Commodity Advisors LLP (“Northlander”) and Geosol Capital, LLC (“Geosol”) (each, an “Advisor” and, collectively, the “Advisors”), each, a registered commodity trading advisor. On December 31, 2020, the Partnership fully redeemed its investment in CMF Aquantum Master Fund LLC (“Aquantum Master”). Also effective on December 31, 2020, Aquantum GmbH (“Aquantum”) ceased to act as a commodity trading advisor to the Partnership. On March 31, 2019, the Partnership fully redeemed its investment in CMF Harbour Square Master Fund LLC (“Harbour Square Master”). Also effective on March 31, 2019, Harbour Square Capital Management LLC (“Harbour Square”) 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 its investment in the Funds. References herein to the “Advisors” may also include, as relevant, Aquantum and Harbour Square. During the periods covered by this report, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership, CMF NL Master Fund LLC (“NL Master”) and CMF GSL Master Fund LLC (“GSL Master”) have entered, and (prior to their respective terminations) Aquantum Master and Harbour Square Master had entered, into futures brokerage account agreements with MS&Co. NL Master and GSL Master are collectively referred to as the “Funds.” References herein to the “Funds” may also include, as relevant, Aquantum Master and Harbour Square Master. As of June 13, 2018, the Partnership began offering three classes of limited partnership interests, Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to October 31, 2016 were deemed “Class A Redeemable Units.” Class Z Redeemable Units were first issued on January 1, 2017. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units were not changed. Class D Redeemable Units were first issued July 1, 2018. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units and Class Z Redeemable Units were not changed. Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” Class A Redeemable Units are and Class D Redeemable Units were available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. Millburn, Ospraie and Pan directly trade the Partnership’s assets allocated to each Advisor through managed accounts in the name of the Partnership pursuant to Millburn’s Commodity Program, Ospraie’s Commodity Program and Pan’s Energy Trading Program, respectively. The Partnership will be liquidated upon the first to occur of the following: December 31, 2055; the net asset value per Redeemable Unit decreases to less than $400 as of a close of any business day; or under certain other circumstances as set forth in the limited partnership agreement of the Partnership, as may be amended or restated from time to time (the “Limited Partnership Agreement”). In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the Partnership’s aggregate net assets decline to less than $1,000,000. 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 | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates b. Profit Allocation c. Statement of Cash Flows “Statement of Cash Flows.” d. Partnership’s Investment in the Funds e. Partnership’s/Funds’ Derivative Investments first-in, first-out The Partnership/Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to 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. f. Partnership’s Cash g. Income Taxes “Income Taxes,” “more-likely-than-not” more-likely-than-not 2018 through 2021 h. Investment Company Status 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” i. Net Income (Loss) per Redeemable Unit “Financial Services — Investment Companies.” |
Agreements
Agreements | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Agreements | 3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for the Partnership. The Partnership pays the General Partner a monthly General Partner fee in return for its services to the Partnership equal to 1/12 of 0.75% month-end Month-end b. Management Agreement: The General Partner, on behalf of the Partnership, entered into management agreements (each, a “Management Agreement”) with the Advisors. The Advisors are not affiliated with one another, are not affiliated with the General Partner or MS&Co. and are not responsible for the organization or operation of the Partnership. Effective November 1, 2020, the Partnership pays Geosol a monthly management fee equal to 1/12 of 1.0% month-end 1/12 of 1.0% month-end 1/12 of 2.0% month-end 1/12 of 1.5% month-end 1/12 of 1.25% month-end 1/12 of 1.25% month-end 1/12 of 1.25% month-end 1/12 of 1.15% month-end Month-end In addition, the Partnership is obligated to pay each Advisor an incentive fee. The Partnership pays Geosol, Ospraie and Northlander each an incentive fee, payable annually, equal to 20% of New Trading Profits, as defined in each Management Agreement, earned by the relevant Advisor for the Partnership during each calendar year. The Partnership pays Millburn an incentive fee, payable annually, equal to 27.5% of New Trading Profits, as defined in the Management Agreement, earned by Millburn for the Partnership during the calendar year. Prior to January 1, 2021, Millburn was eligible to receive an incentive fee, payable annually, equal to 20% of New Trading Profits, as defined in the Management Agreement. The Partnership pays Pan a quarterly incentive fee equal to 20% of New Trading Profits, as defined in the Management Agreement, earned by Pan for the Partnership each quarter. Prior to its termination on December 31, 2020, Aquantum was eligible to receive a semi-annual incentive fee of 20% of New Trading Profits, as defined in the Management Agreement, earned by Aquantum for the Partnership each calendar half-year. Prior to its termination on March 31, 2019, Harbour Square was eligible to receive an incentive fee, payable quarterly, equal to 20% of New Trading Profits, as defined in the Management Agreement. An Advisor’s incentive fee is allocated proportionally to each Class based on the net asset value of the respective Class. To the extent an Advisor incurs a loss for the Partnership, the Advisor will not be paid an incentive fee until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership. Each Management Agreement can be terminated upon notice by either party. In allocating substantially all of the assets of the Partnership among the Advisors, the General Partner considers, among other factors, the Advisors’ past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets among the Advisors and may allocate assets to additional advisors at any time. c. Customer Agreement: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership Customer Agreement, the Partnership pays trading fees for the clearing and, where applicable, the execution of transactions, as well as exchange, user, give-up, 4-week d. Selling Agreement: The Partnership has entered into a selling agreement (the “Selling Agreement”) with Morgan Stanley Wealth Management. Pursuant to the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to 0.75% per year of the adjusted month-end month-end month-end Month-end |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2021 | |
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 interests. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s pro-rata The Partnership Customer Agreement and the Funds’ futures brokerage account agreements with MS&Co. (the “Master Customer Agreements” and, together with the Partnership Customer Agreement, the “Customer Agreements”) give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in their respective Statements of Financial Condition, as the criteria under ASC 210-20, “Balance Sheet,” All of the commodity interests owned directly by the Partnership are held for trading purposes. 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 years ended December 31, 2021 and 2020 were 31,981 and 27,782, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the years ended December 31, 2021 and 2020 were 1,489 and 1,477, respectively. The monthly average number of option contracts traded directly by the Partnership during the years ended December 31, 2021 and 2020 were 5,497 and 2,734, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s respective percentage ownership of each 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 for indirect trading and allocated to the Funds’ 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 arrangements or similar agreements as of December 31, 2021 and 2020, respectively. Gross Amounts Recognized Gross Amounts Amounts Gross Amounts Not Offset in the December 31, 2021 Financial Cash Collateral Pledged* Net Amount Assets Futures $ 33,395,257 $ (30,874,480) $ 2,520,777 $ - $ - $ 2,520,777 Forwards 2,333,825 (2,301,327) 32,498 - - 32,498 Total assets $ 35,729,082 $ (33,175,807) $ 2,553,275 $ - $ - $ 2,553,275 Liabilities Futures $ (30,874,480) $ 30,874,480 $ - $ - $ - $ - Forwards (2,301,327) 2,301,327 - - - - Total liabilities $ (33,175,807) $ 33,175,807 $ - $ - $ - $ - Net fair value $ 2,553,275 * Gross Amounts Recognized Gross Amounts Amounts Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2020 Financial Cash Collateral Pledged* Net Amount Assets Futures $ 10,247,949 $ (9,140,541) $ 1,107,408 $ - $ - $ 1,107,408 Forwards 3,792,274 (3,674,523) 117,751 - - 117,751 Total assets $ 14,040,223 $ (12,815,064) $ 1,225,159 $ - $ - $ 1,225,159 Liabilities Futures $ (9,140,541) $ 9,140,541 $ - $ - $ - $ - Forwards (3,674,523) 3,674,523 - - - - Total liabilities $ (12,815,064) $ 12,815,064 $ - $ - $ - $ - Net fair value $ 1,225,159 * * 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, forward and option contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2021 and 2020, respectively. December 31, Assets Futures Contracts Currencies $ 19,552 Energy 32,506,206 Grains 269,015 Indices 240,961 Livestock 14,300 Metals 164,478 Softs 180,745 Total unrealized appreciation on open futures contracts 33,395,257 Liabilities Futures Contracts Currencies (10,497) Energy (29,296,133) Grains (116,535) Indices (1,161,116) Livestock (25,750) Metals (46,730) Softs (217,719) Total unrealized depreciation on open futures contracts (30,874,480) Net unrealized appreciation on open futures contracts $ 2,520,777 * Assets Forward Contracts Metals $ 2,333,825 Total unrealized appreciation on open forward contracts 2,333,825 Liabilities Forward Contracts Metals (2,301,327) Total unrealized depreciation on open forward contracts (2,301,327) Net unrealized appreciation on open forward contracts $ 32,498 ** Assets Options Purchased Energy $ 11,184,835 Metals 681,770 Total options purchased $ 11,866,605 *** Liabilities Options Written Energy $ (6,339,679) Metals (681,770) Softs (17,808) Total options written $ (7,039,257) **** * 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. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2020 Assets Futures Contracts Currencies $ 900 Energy 8,308,366 Grains 1,030,542 Indices 55,454 Livestock 4,410 Metals 492,282 Softs 355,995 Total unrealized appreciation on open futures contracts 10,247,949 Liabilities Futures Contracts Energy (8,504,618 ) Grains (359,656 ) Indices (38,194 ) Livestock (9,990 ) Metals (20,635 ) Softs (207,448 ) Total unrealized depreciation on open futures contracts (9,140,541 ) Net unrealized appreciation on open futures contracts $ 1,107,408 * Assets Forward Contracts Metals $ 3,792,274 Total unrealized appreciation on open forward contracts 3,792,274 Liabilities Forward Contracts Metals (3,674,523 ) Total unrealized depreciation on open forward contracts (3,674,523 ) Net unrealized appreciation on open forward contracts $ 117,751 ** Assets Options Purchased Energy $ 1,766,726 Metals 791,177 Total options purchased $ 2,557,903 *** Liabilities Options Written Energy $ (1,817,119 ) Grains (78,506 ) Livestock (12,600 ) Metals (823,944 ) Softs (69,135 ) Total options written $ (2,801,304 ) **** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Con dition ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the years ended December 31, 2021, 2020 and 2019, respectively. Sector 2021 2020 2019 Currencies $ (83,859 ) $ 28,365 $ 102,185 Energy 20,738,877 11,685,245 8,018,754 Grains 946,520 902,146 896,448 Indices 90,103 (153,769 ) 56,860 Livestock (781,028 ) (251,731 ) 1,749,339 Metals 1,725,808 (580,364 ) 117,352 Softs 1,070,187 1,788,123 1,407,812 Total $ 23,706,608 * **** $ 13,418,015 * **** $ 12,348,750 * **** ***** |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
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 and the Funds consider 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 December 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 33,395,257 $ 33,395,257 $ - $ - Forwards 2,333,825 - 2,333,825 - Options purchased 11,866,605 11,866,605 - - Total assets $ 47,595,687 $ 45,261,862 $ 2,333,825 $ - Liabilities Futures $ 30,874,480 $ 30,874,480 $ - $ - Forwards 2,301,327 - 2,301,327 - Options written 7,039,257 7,039,257 - - Total liabilities $ 40,215,064 $ 37,913,737 $ 2,301,327 $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 10,247,949 $ 10,247,949 $ - $ - Forwards 3,792,274 - 3,792,274 - Options purchased 2,557,903 2,557,903 - - Total assets $ 16,598,126 $ 12,805,852 $ 3,792,274 $ - Liabilities Futures $ 9,140,541 $ 9,140,541 $ - $ - Forwards 3,674,523 - 3,674,523 - Options written 2,801,304 2,801,304 - - Total liabilities $ 15,616,368 $ 11,941,845 $ 3,674,523 $ - The Investment in the Funds measured using the net asset value per share practical expedient is not required to be included in the fair value hierarchy. Please refer to the Condensed Schedules of Investments as of December 31, 2021 and 2020, respectively. |
Investment in the Funds
Investment in the Funds | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |
Investment in the Funds | 6. Investment in the Funds: On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permits accounts managed by Northlander using Northlander’s Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of NL Master. Individual and pooled accounts currently managed by Northlander, including the Partnership, are permitted to be members of NL Master. The Trading Manager and Northlander believe that trading through this master/feeder structure should promote efficiency and economy in the trading process. On November 1, 2020, the Partnership allocated a portion of its assets to GSL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. GSL Master permits accounts managed by Geosol using Geosol’s U.S. Power and Natural Gas Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of GSL Master. Individual and pooled accounts currently managed by Geosol, including the Partnership, are permitted to be members of GSL Master. The Trading Manager and Geosol believe that trading through this master/feeder structure should promote efficiency and economy in the trading process. The Trading Manager and Geosol have agreed that the volatility applied to the assets allocated to Geosol shall initially be 50.0% (one half) of the volatility typically employed for the trading of the program. On December 1, 2018, the Partnership allocated a portion of its assets to Aquantum, which were managed and traded directly by Aquantum pursuant to Aquantum’s Commodity Spread Program through a trading account in the Partnership’s name from December 1, 2018 until May 31, 2019. Effective June 1, 2019, the assets allocated to Aquantum were transferred into Aquantum 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 Aquantum pursuant to the same strategy. Effective December 31, 2020, the Partnership fully redeemed its investment in Aquantum Master. On January 1, 2018, the Partnership allocated a portion of its assets to Harbour Square Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Harbour Square Master permitted accounts managed by Harbour Square using Harbour Square’s Discretionary Energy Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. Effective March 31, 2019, the Partnership fully redeemed its investment in Harbour Square Master. The General Partner is not aware of any material changes to the trading programs discussed above or in Note 1, “Organization” during the year ended December 31, 2021. The Partnership’s/Funds’ trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Partnership/Funds engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a member 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 Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the member elects to redeem and informs the Funds. However, a member may request a withdrawal as of the end of any day if such request is received by the Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds and allocated to the Funds’ members, including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. At December 31, 2021, the Partnership owned approximately 26.0% of NL Master and 100.0% of GSL Master. At December 31, 2020, the Partnership owned approximately 18.6% of NL Master and 100.0% of GSL Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables: December 31, 2021 Total Assets Total Liabilities Total Capital GSL Master $ 27,210,336 $ 6,284,765 $ 20,925,571 NL Master 50,260,292 8,006,342 42,253,950 December 31, 2020 Total Assets Total Liabilities Total Capital GSL Master $ 14,472,056 $ 65,928 $ 14,406,128 NL Master 14,423,589 85,616 14,337,973 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 year ended December 31, 2021 Net Investment Total Trading Net Income (Loss) GSL Master $ (180,767 ) $ 31,753,338 $ 31,572,571 NL Master (264,783 ) 29,103,122 28,838,339 For the year ended December 31, 2020 Net Investment Total Trading Net Income (Loss) GSL Master (a) $ (43,875 ) $ (476,699 ) $ (520,574 ) NL Master (68,277 ) (377,694 ) (445,971 ) Aquantum Master (404,975 ) 1,636,543 1,231,568 (a) From November 1, 2020, commencement of operations for GSL Master, through December 31, 2020. Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata December 31, 2021 For the year ended December 31, 2021 % of Partners’ Capital Expenses Net Income (Loss) Funds Fair Value Income (Loss) Clearing Fees Professional Fees Investment Objective Redemptions Permitted GSL Master 16.36 % $ 20,926,428 $ 31,762,143 $ 120,488 $ 69,086 $ 31,572,569 Commodity Portfolio Monthly NL Master 8.59 % 10,984,329 8,219,766 60,522 15,156 8,144,088 Commodity Portfolio Monthly Total $ 31,910,757 $ 39,981,909 $ 181,010 $ 84,242 $ 39,716,657 December 31, 2020 For the year ended December 31, 2020 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Income (Loss) Investment Objective Redemptions GSL Master (a) 17.23 % $ 14,407,041 $ (474,915 ) $ 15,660 $ 30,000 $ (520,575 ) Commodity Portfolio Monthly NL Master 3.19 % 2,671,289 (100,249 ) 13,895 11,977 (126,121 ) Commodity Portfolio Monthly Aquantum Master - % - 800,023 207,526 30,309 562,188 Commodity Portfolio Monthly Total $ 17,078,330 $ 224,859 $ 237,081 $ 72,286 $ (84,508 ) (a) From November 1, 2020, the date the Partnership invested into GSL Master, through December 31, 2020. |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Subscriptions, Distributions and Redemptions | 7. Subscriptions, Distributions and Redemptions: Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscription is processed. Distributions are made on a pro-rata |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company [Abstract] | |
Financial Highlights | 8. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Per Redeemable Unit Performance (for a unit outstanding throughout the period/year): * Net realized and unrealized gains (losses) $ 1,130.71 $ 894.58 $ 891.22 $ 217.51 $ 171.18 $ 157.53 $ 111.36 $ 87.51 $ 90.94 Net investment loss (292.32 ) (229.75 ) (199.30 ) (109.80 ) (77.68 ) (51.64 ) (67.91 ) (40.49 ) (29.94 ) Increase (decrease) for the period/year 838.39 664.83 691.92 107.71 93.50 105.89 43.45 47.02 61.00 Net asset value per Redeemable Unit, beginning of period/year 1,451.82 1,151.27 1,172.43 1,344.11 1,057.77 1,066.54 1,300.66 1,010.75 1,008.04 Net asset value per Redeemable Unit, end of period/year $ 2,290.21 $ 1,816.10 $ 1,864.35 $ 1,451.82 $ 1,151.27 $ 1,172.43 $ 1,344.11 $ 1,057.77 $ 1,069.04 2021 2020 2019 Class A Class D Class Z Class A Class D Class Z ***** Class A Class D Class Z ****** Ratios to Average Limited Partners’ Capital: Net investment loss **** (14.7 ) % (14.5 ) % (12.3 ) % (7.9 ) % (7.0 ) % (5.1 ) % (5.2 ) % (3.9 ) % (3.0 ) % Operating expenses 4.4 % 4.4 % 3.6 % 5.6 % 4.8 % 4.2 % 6.1 % 4.8 % 4.0 % Incentive fees 10.3 % 10.1 % 8.7 % 2.6 % 2.5 % 1.0 % 1.0 % 1.0 % 0.9 % Total expenses 14.7 % 14.5 % 12.3 % 8.2 % 7.3 % 5.2 % 7.1 % 5.8 % 4.9 % Total return: Total return before incentive fees 71.9 % 71.7 % 71.1 % 10.7 % 11.5 % 10.9 % 4.4 % 5.7 % 7.0 % Incentive fees (14.2 ) % (14.0 ) % (12.1 ) % (2.7 ) % (2.7 ) % (1.0 ) % (1.1 ) % (1.0 ) % (0.9 ) % Total return after incentive fees 57.7 % 57.7 % 59.0 % 8.0 % 8.8 % 9.9 % 3.3 % 4.7 % 6.1 % * 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/year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** For the period from February 1, 2020 to December 31, 2020. *** For the period from February 1, 2019 to December 31, 2019. **** Interest income less total expenses. ***** Annualized (except for incentive fees) and for the period from February 1, 2020 to December 31, 2020. ****** Annualized (except for incentive fees) and for the period from February 1, 2019 to December 31, 2019. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner 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. |
Financial Instrument Risks
Financial Instrument Risks | 12 Months Ended |
Dec. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 9. Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance-sheet over-the-counter Futures Contracts London Metal 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. Futures-style options 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 market risk equal to the value of the 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 are counterparties or brokers 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/Trading Manager monitors and attempts to mitigate 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/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 financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity. 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 General Partner/Trading Manager considers the risk of any future obligation relating to these indemnifications to be remote. Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as COVID-19, The COVID-19 sheltering-in-place Given the continuing development of this situation, it is not possible to accurately predict how the market disruptions caused by COVID-19 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that, other than disclosed below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. Effective February 25, 2022, Etsuko Jennings resigned as a director of the General Partner. Selected unaudited quarterly financial data for the Partnership for the years ended December 31, 2021 and 2020 is summarized below: For the period from October 1, 2021 to December 31, 2021 For the period from July 1, 2021 to September 30, 2021 For the period from April 1, 2021 to June 30, 2021 For the period from January 1, 2021 to March 31, 2021 Total investment income $ 14,152 $ 11,882 $ 2,905 $ 9,132 Total expenses (2,614,080 ) (3,003,456 ) (2,754,020 ) (7,956,365 ) Total trading results 7,958,774 9,847,519 8,853,961 37,016,883 Net income (loss) $ 5,358,846 $ 6,855,945 $ 6,102,846 $ 29,069,650 Increase (decrease) in net asset value per Redeemable Unit: Class A $ 95.63 $ 122.68 $ 111.21 $ 508.87 Class D $ 75.84 $ 97.28 $ 88.18 $ 403.53 Class Z $ 81.46 $ 103.06 $ 93.35 $ 414.05 For the period from October 1, 2020 to December 31, 2020 For the period from July 1, 2020 to September 30, 2020 For the period from April 1, 2020 to June 30, 2020 For the period from January 1, 2020 to March 31, 2020 Total investment income $ 15,673 $ 18,826 $ 20,544 $ 242,475 Total expenses (1,007,953 ) (2,341,103 ) (1,334,565 ) (2,388,446 ) Total trading results (717,301 ) 9,144,876 920,897 4,231,565 Net income (loss) $ (1,709,581 ) $ 6,822,599 $ (393,124 ) $ 2,085,594 Increase (decrease) in net asset value per Redeemable Unit: Class A $ (29.51 ) $ 112.83 $ (7.40 ) $ 31.79 Class D $ (22.66 ) $ 90.11 $ (2.39 ) $ 28.44 Class Z $ (20.81 ) $ 93.71 $ (0.33 ) $ 30.82 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | a. Use of Estimates |
Profit Allocation | b. Profit Allocation |
Statement of Cash Flows | c. Statement of Cash Flows “Statement of Cash Flows.” |
Partnership's Investment in the Funds | d. Partnership’s Investment in the Funds |
Partnership's/Funds' Derivative Investments | e. Partnership’s/Funds’ Derivative Investments first-in, first-out The Partnership/Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to 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 | f. Partnership’s Cash |
Income Taxes | g. Income Taxes “Income Taxes,” “more-likely-than-not” more-likely-than-not 2018 through 2021 |
Investment Company Status | h. 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. | i. Net Income (Loss) per Redeemable Unit “Financial Services — Investment Companies.” |
Trading Activities (Tables)
Trading Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Brokers and Dealers [Abstract] | |
Summary of Valuation of Investments | The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of December 31, 2021 and 2020, respectively. Gross Amounts Recognized Gross Amounts Amounts Gross Amounts Not Offset in the December 31, 2021 Financial Cash Collateral Pledged* Net Amount Assets Futures $ 33,395,257 $ (30,874,480) $ 2,520,777 $ - $ - $ 2,520,777 Forwards 2,333,825 (2,301,327) 32,498 - - 32,498 Total assets $ 35,729,082 $ (33,175,807) $ 2,553,275 $ - $ - $ 2,553,275 Liabilities Futures $ (30,874,480) $ 30,874,480 $ - $ - $ - $ - Forwards (2,301,327) 2,301,327 - - - - Total liabilities $ (33,175,807) $ 33,175,807 $ - $ - $ - $ - Net fair value $ 2,553,275 * Gross Amounts Recognized Gross Amounts Amounts Gross Amounts Not Offset in the Statements of Financial Condition December 31, 2020 Financial Cash Collateral Pledged* Net Amount Assets Futures $ 10,247,949 $ (9,140,541) $ 1,107,408 $ - $ - $ 1,107,408 Forwards 3,792,274 (3,674,523) 117,751 - - 117,751 Total assets $ 14,040,223 $ (12,815,064) $ 1,225,159 $ - $ - $ 1,225,159 Liabilities Futures $ (9,140,541) $ 9,140,541 $ - $ - $ - $ - Forwards (3,674,523) 3,674,523 - - - - Total liabilities $ (12,815,064) $ 12,815,064 $ - $ - $ - $ - Net fair value $ 1,225,159 * * 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 and Option Contracts, as Separate Assets and Liabilities | The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2021 and 2020, respectively. December 31, Assets Futures Contracts Currencies $ 19,552 Energy 32,506,206 Grains 269,015 Indices 240,961 Livestock 14,300 Metals 164,478 Softs 180,745 Total unrealized appreciation on open futures contracts 33,395,257 Liabilities Futures Contracts Currencies (10,497) Energy (29,296,133) Grains (116,535) Indices (1,161,116) Livestock (25,750) Metals (46,730) Softs (217,719) Total unrealized depreciation on open futures contracts (30,874,480) Net unrealized appreciation on open futures contracts $ 2,520,777 * Assets Forward Contracts Metals $ 2,333,825 Total unrealized appreciation on open forward contracts 2,333,825 Liabilities Forward Contracts Metals (2,301,327) Total unrealized depreciation on open forward contracts (2,301,327) Net unrealized appreciation on open forward contracts $ 32,498 ** Assets Options Purchased Energy $ 11,184,835 Metals 681,770 Total options purchased $ 11,866,605 *** Liabilities Options Written Energy $ (6,339,679) Metals (681,770) Softs (17,808) Total options written $ (7,039,257) **** * 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. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2020 Assets Futures Contracts Currencies $ 900 Energy 8,308,366 Grains 1,030,542 Indices 55,454 Livestock 4,410 Metals 492,282 Softs 355,995 Total unrealized appreciation on open futures contracts 10,247,949 Liabilities Futures Contracts Energy (8,504,618 ) Grains (359,656 ) Indices (38,194 ) Livestock (9,990 ) Metals (20,635 ) Softs (207,448 ) Total unrealized depreciation on open futures contracts (9,140,541 ) Net unrealized appreciation on open futures contracts $ 1,107,408 * Assets Forward Contracts Metals $ 3,792,274 Total unrealized appreciation on open forward contracts 3,792,274 Liabilities Forward Contracts Metals (3,674,523 ) Total unrealized depreciation on open forward contracts (3,674,523 ) Net unrealized appreciation on open forward contracts $ 117,751 ** Assets Options Purchased Energy $ 1,766,726 Metals 791,177 Total options purchased $ 2,557,903 *** Liabilities Options Written Energy $ (1,817,119 ) Grains (78,506 ) Livestock (12,600 ) Metals (823,944 ) Softs (69,135 ) Total options written $ (2,801,304 ) **** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Con dition ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the years ended December 31, 2021, 2020 and 2019, respectively. Sector 2021 2020 2019 Currencies $ (83,859 ) $ 28,365 $ 102,185 Energy 20,738,877 11,685,245 8,018,754 Grains 946,520 902,146 896,448 Indices 90,103 (153,769 ) 56,860 Livestock (781,028 ) (251,731 ) 1,749,339 Metals 1,725,808 (580,364 ) 117,352 Softs 1,070,187 1,788,123 1,407,812 Total $ 23,706,608 * **** $ 13,418,015 * **** $ 12,348,750 * **** ***** |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | December 31, 2021 Total Level 1 Level 2 Level 3 Assets Futures $ 33,395,257 $ 33,395,257 $ - $ - Forwards 2,333,825 - 2,333,825 - Options purchased 11,866,605 11,866,605 - - Total assets $ 47,595,687 $ 45,261,862 $ 2,333,825 $ - Liabilities Futures $ 30,874,480 $ 30,874,480 $ - $ - Forwards 2,301,327 - 2,301,327 - Options written 7,039,257 7,039,257 - - Total liabilities $ 40,215,064 $ 37,913,737 $ 2,301,327 $ - December 31, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 10,247,949 $ 10,247,949 $ - $ - Forwards 3,792,274 - 3,792,274 - Options purchased 2,557,903 2,557,903 - - Total assets $ 16,598,126 $ 12,805,852 $ 3,792,274 $ - Liabilities Futures $ 9,140,541 $ 9,140,541 $ - $ - Forwards 3,674,523 - 3,674,523 - Options written 2,801,304 2,801,304 - - Total liabilities $ 15,616,368 $ 11,941,845 $ 3,674,523 $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of Investments [Abstract] | |
Assets, Liabilities and Partners' Capital of Funds | Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables: December 31, 2021 Total Assets Total Liabilities Total Capital GSL Master $ 27,210,336 $ 6,284,765 $ 20,925,571 NL Master 50,260,292 8,006,342 42,253,950 December 31, 2020 Total Assets Total Liabilities Total Capital GSL Master $ 14,472,056 $ 65,928 $ 14,406,128 NL Master 14,423,589 85,616 14,337,973 |
Net Investment Income (Loss), Trading Results and Net Income (Loss) 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 tables: For the year ended December 31, 2021 Net Investment Total Trading Net Income (Loss) GSL Master $ (180,767 ) $ 31,753,338 $ 31,572,571 NL Master (264,783 ) 29,103,122 28,838,339 For the year ended December 31, 2020 Net Investment Total Trading Net Income (Loss) GSL Master (a) $ (43,875 ) $ (476,699 ) $ (520,574 ) NL Master (68,277 ) (377,694 ) (445,971 ) Aquantum Master (404,975 ) 1,636,543 1,231,568 (a) From November 1, 2020, commencement of operations for GSL Master, through December 31, 2020. |
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, 2021 For the year ended December 31, 2021 % of Partners’ Capital Expenses Net Income (Loss) Funds Fair Value Income (Loss) Clearing Fees Professional Fees Investment Objective Redemptions Permitted GSL Master 16.36 % $ 20,926,428 $ 31,762,143 $ 120,488 $ 69,086 $ 31,572,569 Commodity Portfolio Monthly NL Master 8.59 % 10,984,329 8,219,766 60,522 15,156 8,144,088 Commodity Portfolio Monthly Total $ 31,910,757 $ 39,981,909 $ 181,010 $ 84,242 $ 39,716,657 December 31, 2020 For the year ended December 31, 2020 % of Expenses Net Funds Partners’ Fair Value Income (Loss) Clearing Fees Professional Income (Loss) Investment Objective Redemptions GSL Master (a) 17.23 % $ 14,407,041 $ (474,915 ) $ 15,660 $ 30,000 $ (520,575 ) Commodity Portfolio Monthly NL Master 3.19 % 2,671,289 (100,249 ) 13,895 11,977 (126,121 ) Commodity Portfolio Monthly Aquantum Master - % - 800,023 207,526 30,309 562,188 Commodity Portfolio Monthly Total $ 17,078,330 $ 224,859 $ 237,081 $ 72,286 $ (84,508 ) (a) From November 1, 2020, the date the Partnership invested into GSL Master, through December 31, 2020. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investment Company [Abstract] | |
Financial Highlights | Financial highlights for the limited partner Classes as a whole for the years ended December 31, 2021, 2020 and 2019 were as follows: 2021 2020 2019 Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Per Redeemable Unit Performance (for a unit outstanding throughout the period/year): * Net realized and unrealized gains (losses) $ 1,130.71 $ 894.58 $ 891.22 $ 217.51 $ 171.18 $ 157.53 $ 111.36 $ 87.51 $ 90.94 Net investment loss (292.32 ) (229.75 ) (199.30 ) (109.80 ) (77.68 ) (51.64 ) (67.91 ) (40.49 ) (29.94 ) Increase (decrease) for the period/year 838.39 664.83 691.92 107.71 93.50 105.89 43.45 47.02 61.00 Net asset value per Redeemable Unit, beginning of period/year 1,451.82 1,151.27 1,172.43 1,344.11 1,057.77 1,066.54 1,300.66 1,010.75 1,008.04 Net asset value per Redeemable Unit, end of period/year $ 2,290.21 $ 1,816.10 $ 1,864.35 $ 1,451.82 $ 1,151.27 $ 1,172.43 $ 1,344.11 $ 1,057.77 $ 1,069.04 2021 2020 2019 Class A Class D Class Z Class A Class D Class Z ***** Class A Class D Class Z ****** Ratios to Average Limited Partners’ Capital: Net investment loss **** (14.7 ) % (14.5 ) % (12.3 ) % (7.9 ) % (7.0 ) % (5.1 ) % (5.2 ) % (3.9 ) % (3.0 ) % Operating expenses 4.4 % 4.4 % 3.6 % 5.6 % 4.8 % 4.2 % 6.1 % 4.8 % 4.0 % Incentive fees 10.3 % 10.1 % 8.7 % 2.6 % 2.5 % 1.0 % 1.0 % 1.0 % 0.9 % Total expenses 14.7 % 14.5 % 12.3 % 8.2 % 7.3 % 5.2 % 7.1 % 5.8 % 4.9 % Total return: Total return before incentive fees 71.9 % 71.7 % 71.1 % 10.7 % 11.5 % 10.9 % 4.4 % 5.7 % 7.0 % Incentive fees (14.2 ) % (14.0 ) % (12.1 ) % (2.7 ) % (2.7 ) % (1.0 ) % (1.1 ) % (1.0 ) % (0.9 ) % Total return after incentive fees 57.7 % 57.7 % 59.0 % 8.0 % 8.8 % 9.9 % 3.3 % 4.7 % 6.1 % * 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/year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** For the period from February 1, 2020 to December 31, 2020. *** For the period from February 1, 2019 to December 31, 2019. **** Interest income less total expenses. ***** Annualized (except for incentive fees) and for the period from February 1, 2020 to December 31, 2020. ****** Annualized (except for incentive fees) and for the period from February 1, 2019 to December 31, 2019. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Selected Quarterly Financial Information [Abstract] | |
Quarterly Financial Information | Selected unaudited quarterly financial data for the Partnership for the years ended December 31, 2021 and 2020 is summarized below: For the period from October 1, 2021 to December 31, 2021 For the period from July 1, 2021 to September 30, 2021 For the period from April 1, 2021 to June 30, 2021 For the period from January 1, 2021 to March 31, 2021 Total investment income $ 14,152 $ 11,882 $ 2,905 $ 9,132 Total expenses (2,614,080 ) (3,003,456 ) (2,754,020 ) (7,956,365 ) Total trading results 7,958,774 9,847,519 8,853,961 37,016,883 Net income (loss) $ 5,358,846 $ 6,855,945 $ 6,102,846 $ 29,069,650 Increase (decrease) in net asset value per Redeemable Unit: Class A $ 95.63 $ 122.68 $ 111.21 $ 508.87 Class D $ 75.84 $ 97.28 $ 88.18 $ 403.53 Class Z $ 81.46 $ 103.06 $ 93.35 $ 414.05 For the period from October 1, 2020 to December 31, 2020 For the period from July 1, 2020 to September 30, 2020 For the period from April 1, 2020 to June 30, 2020 For the period from January 1, 2020 to March 31, 2020 Total investment income $ 15,673 $ 18,826 $ 20,544 $ 242,475 Total expenses (1,007,953 ) (2,341,103 ) (1,334,565 ) (2,388,446 ) Total trading results (717,301 ) 9,144,876 920,897 4,231,565 Net income (loss) $ (1,709,581 ) $ 6,822,599 $ (393,124 ) $ 2,085,594 Increase (decrease) in net asset value per Redeemable Unit: Class A $ (29.51 ) $ 112.83 $ (7.40 ) $ 31.79 Class D $ (22.66 ) $ 90.11 $ (2.39 ) $ 28.44 Class Z $ (20.81 ) $ 93.71 $ (0.33 ) $ 30.82 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Jul. 01, 2020 | Sep. 06, 2006 | Dec. 31, 2020 | Dec. 31, 2021 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Number of units sold during initial offering period | 11,925 | |||
Net asset value | $ 89,050,097 | $ 146,752,283 | ||
Morgan Stanley Wealth Management [Member] | Class A [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ongoing selling agent fee | 2.00% | 1.00% | 1.00% | |
Ongoing selling agent fee, monthly percentage | 2.00% | |||
Morgan Stanley Wealth Management [Member] | Class D [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ongoing selling agent fee | 0.75% | |||
Ongoing selling agent fee, monthly percentage | 2.00% | |||
Minimum [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Net asset value per unit liquidation circumstance | $ 400 | |||
Partnership liquidation date circumstance | Dec. 31, 2055 | |||
Net asset value | $ 1,000,000 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ 162,449 | $ 83,897 |
Cash denominated in foreign currencies, proceeds | 168,901 | $ 74,559 |
Uncertain tax position | $ 0 | |
Open tax year | 2018 2019 2020 2021 |
Agreements - Additional Informa
Agreements - Additional Information (Detail) - USD ($) | Jul. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||||
Percentage of monthly General Partner fee | 0.0625% | |||
Percentage of General Partner fee | 0.75% | |||
Restricted cash held for margin | $ 8,219,507 | $ 7,622,510 | $ 8,219,507 | |
MS&Co. [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of allocable shares | 100.00% | |||
Morgan Stanley Wealth Management [Member] | Class A [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incentive fee, annual percent | 0.75% | |||
Ongoing selling agent fee | 2.00% | 1.00% | 1.00% | |
Morgan Stanley Wealth Management [Member] | Class D [Member] | ||||
Related Party Transaction [Line Items] | ||||
Ongoing selling agent fee | 0.75% | |||
Millburn [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.0833% | 0.1667% | ||
Percentage of management fee | 1.00% | 2.00% | ||
Incentive fee, annual percent | 27.50% | 20.00% | ||
Ospraie [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.125% | |||
Percentage of management fee | 1.50% | |||
Incentive fee, annual percent | 20.00% | |||
Harbour Square [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.0958% | |||
Percentage of management fee | 1.15% | |||
Incentive fee, quarterly trading profits basis | 20.00% | |||
Aquantum [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.1042% | |||
Percentage of management fee | 1.25% | |||
Incentive fee, semi annual percent | 20.00% | |||
Northlander [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.1042% | |||
Percentage of management fee | 1.25% | |||
Incentive fee, annual percent | 20.00% | |||
Pan [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.1042% | |||
Percentage of management fee | 1.25% | |||
Incentive fee, quarterly trading profits basis | 20.00% | |||
Geosol [Member] | ||||
Related Party Transaction [Line Items] | ||||
Percentage of monthly management fee | 0.0833% | |||
Percentage of management fee | 1.00% | |||
Incentive fee, annual percent | 20.00% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - Contract | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Futures [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 31,981 | 27,782 |
Option [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 5,497 | 2,734 |
Forwards [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 1,489 | 1,477 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Investments (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 35,729,082 | $ 14,040,223 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (33,175,807) | (12,815,064) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 2,553,275 | 1,225,159 |
Net Amount, Assets | 2,553,275 | 1,225,159 |
Gross Amounts Recognized, Liabilities | (33,175,807) | (12,815,064) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 33,175,807 | 12,815,064 |
Net fair value | 2,553,275 | 1,225,159 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 33,395,257 | 10,247,949 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (30,874,480) | (9,140,541) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 2,520,777 | 1,107,408 |
Net Amount, Assets | 2,520,777 | 1,107,408 |
Gross Amounts Recognized, Liabilities | (30,874,480) | (9,140,541) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 30,874,480 | 9,140,541 |
Forwards [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 2,333,825 | 3,792,274 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (2,301,327) | (3,674,523) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 32,498 | 117,751 |
Net Amount, Assets | 32,498 | 117,751 |
Gross Amounts Recognized, Liabilities | (2,301,327) | (3,674,523) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | $ 2,301,327 | $ 3,674,523 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts, as Separate Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Total options purchased | $ 11,866,605 | $ 2,557,903 |
Total options written | (7,039,257) | (2,801,304) |
Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,333,825 | 3,792,274 |
Total unrealized depreciation on open contracts | (2,301,327) | (3,674,523) |
Net unrealized appreciation (depreciation) on open futures contracts | 32,498 | 117,751 |
Energy [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 11,184,835 | 1,766,726 |
Total options written | (6,339,679) | (1,817,119) |
Grains [Member] | ||
Derivative [Line Items] | ||
Total options written | (78,506) | |
Livestock [Member] | ||
Derivative [Line Items] | ||
Total options written | (12,600) | |
Metals [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 681,770 | 791,177 |
Total options written | (681,770) | (823,944) |
Metals [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 2,333,825 | 3,792,274 |
Total unrealized depreciation on open contracts | (2,301,327) | (3,674,523) |
Softs [Member] | ||
Derivative [Line Items] | ||
Total options written | (17,808) | (69,135) |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 33,395,257 | 10,247,949 |
Total unrealized depreciation on open contracts | (30,874,480) | (9,140,541) |
Net unrealized appreciation (depreciation) on open futures contracts | 2,520,777 | 1,107,408 |
Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 19,552 | 900 |
Total unrealized depreciation on open contracts | (10,497) | |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 32,506,206 | 8,308,366 |
Total unrealized depreciation on open contracts | (29,296,133) | (8,504,618) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 269,015 | 1,030,542 |
Total unrealized depreciation on open contracts | (116,535) | (359,656) |
Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 240,961 | 55,454 |
Total unrealized depreciation on open contracts | (1,161,116) | (38,194) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 14,300 | 4,410 |
Total unrealized depreciation on open contracts | (25,750) | (9,990) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 164,478 | 492,282 |
Total unrealized depreciation on open contracts | (46,730) | (20,635) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 180,745 | 355,995 |
Total unrealized depreciation on open contracts | $ (217,719) | $ (207,448) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Trading gains and losses | $ 23,706,608 | $ 13,418,015 | $ 12,348,750 |
Currencies [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (83,859) | 28,365 | 102,185 |
Energy [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 20,738,877 | 11,685,245 | 8,018,754 |
Grains [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 946,520 | 902,146 | 896,448 |
Indices [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 90,103 | (153,769) | 56,860 |
Livestock [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | (781,028) | (251,731) | 1,749,339 |
Metals [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | 1,725,808 | (580,364) | 117,352 |
Softs [Member] | |||
Derivative [Line Items] | |||
Trading gains and losses | $ 1,070,187 | $ 1,788,123 | $ 1,407,812 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 47,595,687 | $ 16,598,126 |
Derivative liabilities | 40,215,064 | 15,616,368 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 33,395,257 | 10,247,949 |
Derivative liabilities | 30,874,480 | 9,140,541 |
Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,333,825 | 3,792,274 |
Derivative liabilities | 2,301,327 | 3,674,523 |
Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 11,866,605 | 2,557,903 |
Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 7,039,257 | 2,801,304 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 45,261,862 | 12,805,852 |
Derivative liabilities | 37,913,737 | 11,941,845 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 33,395,257 | 10,247,949 |
Derivative liabilities | 30,874,480 | 9,140,541 |
Level 1 [Member] | Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 11,866,605 | 2,557,903 |
Level 1 [Member] | Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 7,039,257 | 2,801,304 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,333,825 | 3,792,274 |
Derivative liabilities | 2,301,327 | 3,674,523 |
Level 2 [Member] | Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,333,825 | 3,792,274 |
Derivative liabilities | $ 2,301,327 | $ 3,674,523 |
Investment in the Funds - Addit
Investment in the Funds - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investment [Line Items] | ||
Percentage of volatility on assets | 50.00% | |
CMF NL Master Fund LL [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 26.00% | 18.60% |
GSL Master [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 100.00% | 100.00% |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||||
Total Assets | $ 146,752,283 | $ 89,050,097 | ||
Total Liabilities | 18,841,859 | 5,410,661 | ||
Total Capital | 127,910,424 | 83,639,436 | $ 91,893,284 | $ 58,218,866 |
GSL Master [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 27,210,336 | 14,472,056 | ||
Total Liabilities | 6,284,765 | 65,928 | ||
Total Capital | 20,925,571 | 14,406,128 | ||
CMF NL Master Fund LL [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 50,260,292 | 14,423,589 | ||
Total Liabilities | 8,006,342 | 85,616 | ||
Total Capital | $ 42,253,950 | $ 14,337,973 |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Holdings [Line Items] | |||||||||||
Net Investment Income (Loss) | $ (16,289,850) | $ (6,774,549) | $ (5,308,860) | ||||||||
Net income (loss) | $ 5,358,846 | $ 6,855,945 | $ 6,102,846 | $ 29,069,650 | $ (1,709,581) | $ 6,822,599 | $ (393,124) | $ 2,085,594 | 47,387,287 | 6,805,488 | $ 3,373,572 |
GSL Master [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Net Investment Income (Loss) | (180,767) | (43,875) | |||||||||
Total Trading Results | 31,753,338 | (476,699) | |||||||||
Net income (loss) | 31,572,571 | (520,574) | |||||||||
CMF NL Master Fund LLC [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Net Investment Income (Loss) | (264,783) | (68,277) | |||||||||
Total Trading Results | 29,103,122 | (377,694) | |||||||||
Net income (loss) | $ 28,838,339 | (445,971) | |||||||||
CMF Aquantum Master Fund LLC [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Net Investment Income (Loss) | (404,975) | ||||||||||
Total Trading Results | 1,636,543 | ||||||||||
Net income (loss) | $ 1,231,568 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Holdings [Line Items] | |||||||||||
% of Partners' Capital | 24.95% | 20.42% | 24.95% | 20.42% | |||||||
Fair Value | $ 31,910,757 | $ 17,078,330 | $ 31,910,757 | $ 17,078,330 | |||||||
Net income (loss) | $ 5,358,846 | $ 6,855,945 | $ 6,102,846 | $ 29,069,650 | $ (1,709,581) | $ 6,822,599 | $ (393,124) | $ 2,085,594 | 47,387,287 | 6,805,488 | $ 3,373,572 |
GSL Master [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Income (Loss) | 31,753,338 | (476,699) | |||||||||
Net income (loss) | $ 31,572,571 | $ (520,574) | |||||||||
CMFNL Master Fund LLC [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
% of Partners' Capital | 8.59% | 3.19% | 8.59% | 3.19% | |||||||
Fair Value | $ 10,984,329 | $ 2,671,289 | $ 10,984,329 | $ 2,671,289 | |||||||
Investment In Funds [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Fair Value | $ 31,910,757 | $ 17,078,330 | 31,910,757 | 17,078,330 | |||||||
Income (Loss) | 39,981,909 | 224,859 | |||||||||
Expenses, Clearing Fees | 181,010 | 237,081 | |||||||||
Expenses, Professional Fees | 84,242 | 72,286 | |||||||||
Net income (loss) | $ 39,716,657 | $ (84,508) | |||||||||
Investment In Funds [Member] | GSL Master [Member] | Commodity [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
% of Partners' Capital | 16.36% | 17.23% | 16.36% | 17.23% | |||||||
Fair Value | $ 20,926,428 | $ 14,407,041 | $ 20,926,428 | $ 14,407,041 | |||||||
Income (Loss) | 31,762,143 | (474,915) | |||||||||
Expenses, Clearing Fees | 120,488 | 15,660 | |||||||||
Expenses, Professional Fees | 69,086 | 30,000 | |||||||||
Net income (loss) | $ 31,572,569 | $ (520,575) | |||||||||
Investment Objective | Commodity Portfolio | Commodity Portfolio | |||||||||
Redemptions Permitted | Monthly | Monthly | |||||||||
Investment In Funds [Member] | CMFNL Master Fund LLC [Member] | Commodity [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
% of Partners' Capital | 8.59% | 3.19% | 8.59% | 3.19% | |||||||
Fair Value | $ 10,984,329 | $ 2,671,289 | $ 10,984,329 | $ 2,671,289 | |||||||
Income (Loss) | 8,219,766 | (100,249) | |||||||||
Expenses, Clearing Fees | 60,522 | 13,895 | |||||||||
Expenses, Professional Fees | 15,156 | 11,977 | |||||||||
Net income (loss) | $ 8,144,088 | $ (126,121) | |||||||||
Investment Objective | Commodity Portfolio | Commodity Portfolio | |||||||||
Redemptions Permitted | Monthly | Monthly | |||||||||
Investment In Funds [Member] | CMF Aquantum Master Fund LLC [Member] | Commodity [Member] | |||||||||||
Investment Holdings [Line Items] | |||||||||||
Income (Loss) | $ 800,023 | ||||||||||
Expenses, Clearing Fees | 207,526 | ||||||||||
Expenses, Professional Fees | 30,309 | ||||||||||
Net income (loss) | $ 562,188 | ||||||||||
Investment Objective | Commodity Portfolio | ||||||||||
Redemptions Permitted | Monthly |
Subscriptions, Distributions _2
Subscriptions, Distributions and Redemptions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement of Partners' Capital [Abstract] | |
Fee charged to limited partners | $ 0 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class A [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net asset value per Redeemable Unit, beginning of period/year | $ 1,451.82 | $ 1,344.11 | |
Net asset value per Redeemable Unit, end of period/year | $ 2,290.21 | $ 1,451.82 | $ 1,344.11 |
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 10.30% | 2.60% | 1.00% |
Total return: | |||
Incentive fees | (10.30%) | (2.60%) | (1.00%) |
Class D [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net asset value per Redeemable Unit, beginning of period/year | $ 1,151.27 | $ 1,057.77 | |
Net asset value per Redeemable Unit, end of period/year | $ 1,816.10 | $ 1,151.27 | $ 1,057.77 |
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 10.10% | 2.50% | 1.00% |
Total return: | |||
Incentive fees | (10.10%) | (2.50%) | (1.00%) |
Class Z [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net asset value per Redeemable Unit, beginning of period/year | $ 1,172.43 | $ 1,069.04 | |
Net asset value per Redeemable Unit, end of period/year | $ 1,864.35 | $ 1,172.43 | $ 1,069.04 |
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 8.70% | 1.00% | 0.90% |
Total return: | |||
Incentive fees | (8.70%) | (1.00%) | (0.90%) |
Limited Partners [Member] | Class A [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net realized and unrealized gains (losses) | $ 1,130.71 | $ 217.51 | $ 111.36 |
Net investment loss | (292.32) | (109.80) | (67.91) |
Increase (decrease) for the period/year | 838.39 | 107.71 | 43.45 |
Net asset value per Redeemable Unit, beginning of period/year | 1,451.82 | 1,344.11 | 1,300.66 |
Net asset value per Redeemable Unit, end of period/year | $ 2,290.21 | $ 1,451.82 | $ 1,344.11 |
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (14.70%) | (7.90%) | (5.20%) |
Operating expenses | 4.40% | 5.60% | 6.10% |
Total expenses | 14.70% | 8.20% | 7.10% |
Limited Partners [Member] | Class D [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net realized and unrealized gains (losses) | $ 894.58 | $ 171.18 | $ 87.51 |
Net investment loss | (229.75) | (77.68) | (40.49) |
Increase (decrease) for the period/year | 664.83 | 93.50 | 47.02 |
Net asset value per Redeemable Unit, beginning of period/year | 1,151.27 | 1,057.77 | 1,010.75 |
Net asset value per Redeemable Unit, end of period/year | $ 1,816.10 | $ 1,151.27 | $ 1,057.77 |
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (14.50%) | (7.00%) | (3.90%) |
Operating expenses | 4.40% | 4.80% | 4.80% |
Total expenses | 14.50% | 7.30% | 5.80% |
Limited Partners [Member] | Class Z [Member] | |||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||
Net realized and unrealized gains (losses) | $ 891.22 | $ 157.53 | $ 90.94 |
Net investment loss | (199.30) | (51.64) | (29.94) |
Increase (decrease) for the period/year | 691.92 | 105.89 | 61 |
Net asset value per Redeemable Unit, beginning of period/year | 1,172.43 | 1,066.54 | 1,008.04 |
Net asset value per Redeemable Unit, end of period/year | $ 1,864.35 | $ 1,172.43 | 1,066.54 |
Net asset value per Redeemable Unit, end of period/year | $ 1,069.04 | ||
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (12.30%) | (5.10%) | (3.00%) |
Operating expenses | 3.60% | 4.20% | 4.00% |
Total expenses | 12.30% | 5.20% | 4.90% |
Total Return [Member] | Class A [Member] | |||
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 14.20% | 2.70% | 1.10% |
Total return: | |||
Total return before incentive fees | 71.90% | 10.70% | 4.40% |
Incentive fees | (14.20%) | (2.70%) | (1.10%) |
Total return after incentive fees | 57.70% | 8.00% | 3.30% |
Total Return [Member] | Class D [Member] | |||
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 14.00% | 2.70% | 1.00% |
Total return: | |||
Total return before incentive fees | 71.70% | 11.50% | 5.70% |
Incentive fees | (14.00%) | (2.70%) | (1.00%) |
Total return after incentive fees | 57.70% | 8.80% | 4.70% |
Total Return [Member] | Class Z [Member] | |||
Ratios to Average Limited Partners' Capital: | |||
Incentive fees | 12.10% | 1.00% | 0.90% |
Total return: | |||
Total return before incentive fees | 71.10% | 10.90% | 7.00% |
Incentive fees | (12.10%) | (1.00%) | (0.90%) |
Total return after incentive fees | 59.00% | 9.90% | 6.10% |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Risks and Uncertainties [Abstract] | |
Financial instruments maturity period | 1 year |
Subsequent Events - Quarterly F
Subsequent Events - Quarterly Financial Data (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||||
Total investment income | $ 14,152 | $ 11,882 | $ 2,905 | $ 9,132 | $ 15,673 | $ 18,826 | $ 20,544 | $ 242,475 | $ 38,071 | $ 297,518 | $ 2,024,717 | |||
Total expenses | (2,614,080) | (3,003,456) | (2,754,020) | (7,956,365) | (1,007,953) | (2,341,103) | (1,334,565) | (2,388,446) | (16,327,921) | (7,072,067) | (7,333,577) | |||
Total trading results | 7,958,774 | 9,847,519 | 8,853,961 | 37,016,883 | (717,301) | 9,144,876 | 920,897 | 4,231,565 | 63,677,137 | 13,580,037 | 8,682,432 | |||
Net income (loss) | $ 5,358,846 | $ 6,855,945 | $ 6,102,846 | $ 29,069,650 | $ (1,709,581) | $ 6,822,599 | $ (393,124) | $ 2,085,594 | 47,387,287 | 6,805,488 | 3,373,572 | |||
Class A [Member] | ||||||||||||||
Net income (loss) | $ 46,222,833 | $ 6,631,199 | $ 3,264,366 | |||||||||||
Increase (decrease) in net asset value per Redeemable Unit: | ||||||||||||||
Net income (loss) per Redeemable Unit | $ 95.63 | $ 122.68 | $ 111.21 | $ 508.87 | $ (29.51) | $ 112.83 | $ (7.40) | $ 31.79 | $ 838.39 | [1] | $ 107.71 | [1] | $ 43.45 | [1] |
Class D [Member] | ||||||||||||||
Net income (loss) | $ 398,938 | $ 56,105 | $ 28,216 | |||||||||||
Increase (decrease) in net asset value per Redeemable Unit: | ||||||||||||||
Net income (loss) per Redeemable Unit | 75.84 | 97.28 | 88.18 | 403.53 | (22.66) | 90.11 | (2.39) | 28.44 | $ 664.83 | [1] | $ 93.50 | [1] | $ 47.02 | [1] |
Class Z [Member] | ||||||||||||||
Net income (loss) | $ 765,516 | $ 118,184 | $ 80,990 | |||||||||||
Increase (decrease) in net asset value per Redeemable Unit: | ||||||||||||||
Net income (loss) per Redeemable Unit | $ 81.46 | $ 103.06 | $ 93.35 | $ 414.05 | $ (20.81) | $ 93.71 | $ (0.33) | $ 30.82 | $ 691.92 | [1] | $ 103.39 | [1] | $ 55.21 | [1] |
[1] | Represents the change in net asset value per Redeemable Unit. |