Managed Futures Premier Warrington 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014	Apr. 30, 2014
		Class A [Member]	Class D [Member]
Document Information [Line Items]	'	'	'
Document Type	'10-Q	'	'
Amendment Flag	'false	'	'
Document Period End Date	31-Mar-14	'	'
Document Fiscal Year Focus	'2014	'	'
Document Fiscal Period Focus	'Q1	'	'
Entity Registrant Name	'MANAGED FUTURES PREMIER WARRINGTON L.P.	'	'
Entity Central Index Key	'0001353282	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Filer Category	'Non-accelerated Filer	'	'
Entity Limited Partnership Redeemable Units Outstanding	'	127,595.56	5,082.53

Statements_of_Financial_Condit

Statements of Financial Condition (USD $)	Mar. 31, 2014	Dec. 31, 2013
Equity in trading account:	'	'
Cash	$133,725,447	$148,487,365
Cash margin	33,802,462	23,597,971
Options purchased, at fair value (cost $90,000 and $80,000 at March 31, 2014 and December 31, 2013, respectively)	45,000	55,000
Total trading equity	167,572,909	172,140,336
Interest receivable	3,806	1,515
Total assets	167,576,715	172,141,851
Liabilities:	'	'
Options premium received, at fair value (premium $866,500 and $1,225,640 at March 31, 2014 and December 31, 2013, respectively)	358,688	644,188
Accrued expenses:	'	'
Ongoing selling agent fees	507,948	521,423
Management fees	277,664	284,804
Administrative fees	69,415	71,201
Clearing fees due to MS&Co.	14,248	14,812
Other	97,898	79,029
Redemptions payable	3,328,494	2,322,338
Total liabilities	4,654,355	3,937,795
Partners' Capital:	'	'
Total partners' capital	162,922,360	168,204,056
Total liabilities and partners' capital	167,576,715	172,141,851
Class A [Member]	'	'
Partners' Capital:	'	'
General Partner	'	'
Limited Partners	155,185,605	160,520,962
Total partners' capital	155,185,605	160,520,962
Net asset value per unit:	'	'
Net asset value per unit	1,184.35	1,179.01
Class D [Member]	'	'
Partners' Capital:	'	'
General Partner	1,754,274	1,736,553
Limited Partners	5,982,481	5,946,541
Total partners' capital	$7,736,755	$7,683,094
Net asset value per unit:	'	'
Net asset value per unit	1,216.42	1,204.13

Statements_of_Financial_Condit1

Statements of Financial Condition (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Cost of options purchased	$90,000	$80,000
Premium value	$866,500	$1,225,640
Class A [Member]	'	'
General Partner unit equivalents outstanding	0	0
Limited Partners Redeemable units outstanding	131,030.66	136,148.69
Class D [Member]	'	'
General Partner unit equivalents outstanding	1,442.16	1,442.16
Limited Partners Redeemable units outstanding	4,918.11	4,938.46

Condensed_Schedule_of_Investme

Condensed Schedule of Investments (USD $)	Mar. 31, 2014		Dec. 31, 2013
Schedule of Investments [Line Items]	'		'
Fair Value	($313,688)		($589,188)
% of Partners' Capital	-0.19%		-0.35%
Call Option [Member] | Call or Put options purchased [Member]	'		'
Schedule of Investments [Line Items]	'		'
Number of Contracts	3,500		3,200
Fair Value	43,750		55,000
% of Partners' Capital	0.03%		0.03%
Call Option [Member] | Call or Put options premium received [Member]	'		'
Schedule of Investments [Line Items]	'		'
Number of Contracts	3,500		3,200
Fair Value	-262,500		-320,000
% of Partners' Capital	-0.16%		-0.19%
Put Option [Member] | Call or Put options purchased [Member]	'		'
Schedule of Investments [Line Items]	'		'
Number of Contracts	100		'
Fair Value	1,250		'
% of Partners' Capital	0.00%	[1]	'
Put Option [Member] | Call or Put options premium received [Member]	'		'
Schedule of Investments [Line Items]	'		'
Number of Contracts	285		1,615
Fair Value	-96,188		-324,188
% of Partners' Capital	-0.06%		-0.19%
Options Purchased Indices [Member] | Call or Put options purchased [Member]	'		'
Schedule of Investments [Line Items]	'		'
Fair Value	45,000		55,000
% of Partners' Capital	0.03%		0.03%
Options Premium Received Indices [Member] | Call or Put options premium received [Member]	'		'
Schedule of Investments [Line Items]	'		'
Fair Value	($358,688)		($644,188)
% of Partners' Capital	-0.22%		-0.38%
[1]	Due to rounding.

Statements_of_Income_and_Expen

Statements of Income and Expenses (USD $)	3 Months Ended
	Mar. 31, 2014		Mar. 31, 2013
Investment Income:	'		'
Interest income	$10,503		$20,170
Expenses:	'		'
Ongoing selling agent fees	1,529,497		1,569,645
Clearing fees	392,498		315,976
Management fees	835,875		856,303
Administrative fees	208,967		214,076
Other	18,869		57,003
Total expenses	2,985,706		3,013,003
Net investment income (loss)	-2,975,203		-2,992,833
Net gains (losses) on trading of commodity interests:	'		'
Net realized gains (losses) on closed contracts	3,841,422		2,730,094
Change in net unrealized gains (losses) on open contracts	-93,642		-2,116,437
Total trading results	3,747,780		613,657
Net income (loss)	772,577		-2,379,176
Net income (loss) allocation by class:	'		'
Net income (loss)	772,577		-2,379,176
Class A [Member]	'		'
Net gains (losses) on trading of commodity interests:	'		'
Net income (loss)	694,480		-2,317,569
Net income (loss) allocation by class:	'		'
Net income (loss)	694,480		-2,317,569
Net asset value per unit	'		'
Net asset value per unit	1,184.35		1,210.45
Net income (loss) per unit	'		'
Net income (loss) per unit	$5.34	[1]	($17.15)	[1]
Weighted average units outstanding	'		'
Weighted average units outstanding	135,283.96		134,686.79
Class D [Member]	'		'
Net gains (losses) on trading of commodity interests:	'		'
Net income (loss)	78,097		-61,607
Net income (loss) allocation by class:	'		'
Net income (loss)	$78,097		($61,607)
Net asset value per unit	'		'
Net asset value per unit	1,216.42		1,215.49
Net income (loss) per unit	'		'
Net income (loss) per unit	$12.29	[1]	($10.29)	[1]
Weighted average units outstanding	'		'
Weighted average units outstanding	6,373.84		5,985.02
[1]	Based on change in net asset value per unit.

Statements_of_Income_and_Expen1

Statements of Income and Expenses (Parenthetical)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Class A [Member]	'	'
Units outstanding	131,030.66	132,271.44
Class D [Member]	'	'
Units outstanding	6,360.28	5,985.02

Statements_of_Changes_in_Partn

Statements of Changes in Partners' Capital (USD $)	Total	Limited Partners [Member]	Class A [Member]	Class A [Member]	Class D [Member]	Class D [Member]
				Limited Partners [Member]		Limited Partners [Member]
Partners' Capital, amount, beginning balance at Dec. 31, 2012	$168,267,279	'	$160,930,934	'	$7,336,345	'
Partners' Capital, units, beginning balance at Dec. 31, 2012	137,078.47	'	131,093.45	'	5,985.02	'
Net income (loss)	-2,379,176	'	-2,317,569	'	-61,607	'
Subscriptions, amount	'	12,725,612	'	12,725,612	'	'
Subscriptions, units	'	10,407.86	'	10,407.86	'	'
Redemptions, amount	'	-11,230,830	'	-11,230,830	'	'
Redemptions, units	'	-9,229.86	'	-9,229.86	'	'
Partners' Capital, amount, ending balance at Mar. 31, 2013	167,382,885	'	160,108,147	'	7,274,738	'
Partners' Capital, units, ending balance at Mar. 31, 2013	138,256.46	'	132,271.44	'	5,985.02	'
Partners' Capital, amount, beginning balance at Dec. 31, 2013	168,204,056	'	160,520,962	'	7,683,094	'
Partners' Capital, units, beginning balance at Dec. 31, 2013	142,529.31	'	136,148.69	'	6,380.62	'
Net income (loss)	772,577	'	694,480	'	78,097	'
Subscriptions, amount	'	2,704,968	'	1,704,968	'	1,000,000
Subscriptions, units	'	2,283.38	'	1,450.73	'	832.653
Redemptions, amount	'	-8,759,241	'	-7,734,805	'	-1,024,436
Redemptions, units	'	-7,421.75	'	-6,568.75	'	-853
Partners' Capital, amount, ending balance at Mar. 31, 2014	$162,922,360	'	$155,185,605	'	$7,736,755	'
Partners' Capital, units, ending balance at Mar. 31, 2014	137,390.94	'	131,030.66	'	6,360.28	'

General

General	3 Months Ended
	Mar. 31, 2014
General	'
	1.    General:
	Managed Futures Premier Warrington L.P., (formerly known as Warrington Fund L.P.) (the “Partnership”) is a limited partnership organized on November 28, 2005 under the partnership laws of the State of New York to engage in the speculative trading of commodity interests including futures and options contracts. The Partnership does not currently intend to, but may in the future, engage in transactions in spot and forward markets. The Partnership primarily trades futures and options in the stock indices sector. The Partnership may, however, also trade in additional sectors including U.S. Treasury bonds, currencies, gold, silver and energy products. The Partnership commenced trading on February 21, 2006. The commodity interests that are traded by the Partnership are volatile and involve a high degree of market risk. The Partnership privately and continuously offers redeemable units of limited partnership interest (“Redeemable Units”) in the Partnership to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership.
	Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial service and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc.
	On June 15, 2011, the Partnership began offering “Class A” Redeemable Units and “Class D” Redeemable Units pursuant to the offering memorandum. All outstanding Redeemable Units on June 15, 2011 were designated Class A Redeemable Units. The rights, powers, duties and obligations associated with the investment in Class A Redeemable Units were not changed. On October 1, 2011, the first Class D Redeemable Units were issued to limited partners of the Partnership (each a “Limited Partner”). Class A Redeemable Units and Class D Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” The Class of Redeemable Units that a Limited Partner receives will generally depend upon the amount invested in the Partnership, although the General Partner may determine to offer Class A Redeemable Units or Class D Redeemable Units to investors in its sole discretion.
	As of March 31, 2014, all trading decisions for the Partnership are made by Warrington Asset Management, LLC (the “Advisor”) using the Core Trading Program, a proprietary, systematic program. In addition, the Advisor is a special limited partner (in its capacity as special limited partner, the “Special Limited Partner”) of the Partnership.
	The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended March 31, 2014.
	During the three months ended March 31, 2014, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”). During prior periods included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker.
	Effective August 15, 2013, the Partnership entered into a futures brokerage account agreement with MS&Co. and began transferring the brokerage account of the Partnership from CGM to MS&Co. The Partnership will pay MS&Co. trading fees for the clearing and, where applicable, execution of transactions.
	Effective October 1, 2013, the Partnership ceased paying a brokerage fee to CGM. Also effective October 1, 2013, the Partnership entered into a selling agreement with Morgan Stanley Smith Barney LLC (d/b/a Morgan Stanley Wealth Management). Pursuant to the selling agreement, Morgan Stanley Wealth Management received a monthly ongoing selling agent fee equal to (i) 5/16 of 1% (3.75% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 1/50% (1.50% per year) of month-end Net Assets for Class D Redeemable Units. The selling agent fee received by Morgan Stanley Wealth Management will be shared with the properly registered/licensed financial advisers of Morgan Stanley Wealth Management who sold redeemable units in the Partnership.
	Effective April 1, 2014, the monthly ongoing selling agent fee was reduced (i) from an annual rate of 3.75% to an annual rate of 2.50% of month-end Net Assets for Class A Redeemable Units and (ii) from an annual rate of 1.50% to an annual rate of 1.25% of month-end Net Assets for Class D Redeemable Units.
	Certain prior period amounts have been reclassified to conform to current period presentation. Amounts reported separately on the Statements of Income and Expenses as ongoing selling agent fees and clearing fees were previously combined and presented as brokerage fees, including clearing fees.
	The General Partner and each Limited Partner share in the profits and losses of the Partnership, after the allocation to the Special Limited Partner, in proportion to the amount of Partnership interest owned by each, except that no Limited Partner is liable for obligations of the Partnership in excess of its capital contribution and profits, if any, net of distributions and losses, if any.
	The Partnership’s trading of futures and options contracts, if applicable, on commodities is done primarily on United States of America and foreign commodity exchanges. During the three months ended March 31, 2014, the Partnership engaged in such trading through a commodity brokerage account maintained with MS&Co. During prior periods covered by this report, the Partnership engaged in such trading through a commodity brokerage account maintained with CGM.
	The accompanying financial statements and accompanying notes are unaudited but, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the Partnership’s financial condition at March 31, 2014, and December 31, 2013, and the results of its operations and changes in partners’ capital for the three months ended March 31, 2014 and 2013. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2013.
	The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
	Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year.

Financial_Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2014
Financial Highlights	'
	2.    Financial Highlights:
	Changes in net asset value per unit for each Class for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months						Three Months
			Ended						Ended
			March 31, 2014						March 31, 2013
			Class A			Class D			Class A			Class D
	Net realized and unrealized gains (losses)*		$	12.75		$	19.9		$	(9.28	)	$	(2.41	)
	Interest income			0.08			0.08			0.15			0.16
	Expenses**			(7.49	)		(7.69	)		(8.02	)		(8.04	)
	Increase (decrease) for the period			5.34			12.29			(17.15	)		(10.29	)
	Net asset value per unit, beginning of period			1,179.01			1,204.13			1,227.60			1,225.78
	Net asset value per unit, end of period		$	1,184.35		$	1,216.42		$	1,210.45		$	1,215.49
	*	Includes ongoing selling agent fees and clearing fees.
	**	Excludes ongoing selling agent fees and clearing fees and includes allocation to Special Limited Partner in the three months ended March 31, 2014 and 2013, if any.
			Three Months						Three Months
			Ended						Ended
			March 31, 2014						March 31, 2013
			Class A			Class D			Class A			Class D
	Ratios to average net assets:***
	Net investment income (loss)			(7.4	)%		(5.3	)%		(7.4	)%		(4.9	)%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Net investment income (loss) before allocation to Special Limited Partner ****			(7.4	)%		(5.3	)%		(7.4	)%		(4.9	)%
	Operating expense			7.4	%		5.3	%		7.4	%		4.9	%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Total expenses			7.4	%		5.3	%		7.4	%		4.9	%
	Total return:
	Total return before allocation to Special Limited Partner			(0.5	)%		1	%		(1.4	)%		(0.8	)%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Total return after allocation to Special Limited Partner			(0.5	)%		1	%		(1.4	)%		(0.8	)%
	***	Annualized (except allocation to Special Limited Partner, if applicable).
	****	Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).
	The above ratios may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the Limited Partner Classes using the Limited Partners’ share of income, expenses and average net assets.

Trading_Activities

Trading Activities	3 Months Ended
	Mar. 31, 2014
Trading Activities	'
	3.    Trading Activities:
	The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses.
	The MS&Co. Customer Agreement with the Partnership gives, and the CGM Customer Agreement with the Partnership gave, the Partnership the legal right to net unrealized gains and losses on open futures contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and option contracts on the Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20, “Balance Sheet,” have been met.
	Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions.
	Trading and transaction fees are based on the number of trades executed by the Advisor for the Partnership.
	All trading, exchange, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “clearing fees”) are borne by the Partnership.
	All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of option contracts traded during the three months ended March 31, 2014 and 2013 were 10,312 and 12,886, respectively.
	On January 1, 2013, the Partnership adopted Accounting Standards Update (“ASU”) 2011-11, “Disclosure about Offsetting Assets and Liabilities” and ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” ASU 2011-11 created a new disclosure requirement about the nature of an entity’s rights to setoff and the related arrangements associated with its financial instruments and derivative instruments, while ASU 2013-01 clarified the types of instruments and transactions that are subject to the offsetting disclosure requirements established by ASU 2011-11. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The objective of these disclosures is to facilitate comparison between those entities that prepare their financial statements on the basis of GAAP and those entities that prepare their financial statements on the basis of International Financial Reporting Standards. The new guidance did not have a significant impact on the Partnership’s financial statements.
	The following tables summarize the valuation of the Partnership’s investments at March 31, 2014 and December 31, 2013, respectively.
												Gross Amounts not
												Offset in the Statement
												of Financial Condition
	31-Mar-14		Gross Amounts			Gross Amounts			Net Amounts			Financial			Cash		Net Amount
			Recognized			Offset in the			Presented in the			Instruments			Collateral
						Statement of			Statement of						Received
						Financial			Financial
						Condition			Condition
	Assets
	Options purchased		$	45,000		$	—		$	45,000		$	(45,000	)	$	—	$	—
	Total assets			45,000			—			45,000			(45,000	)		—		—
	Liabilities
	Options premium received		$	(358,688	)	$	—		$	(358,688	)	$	45,000		$	—	$	(313,688	)
	Total liabilities			(358,688	)		—			(358,688	)		45,000			—		(313,688	)
	Net fair value																$	(313,688	)
												Gross Amounts not
												Offset in the Statement
												of Financial Condition
	December 31, 2013		Gross Amounts			Gross Amounts			Amounts			Financial			Cash		Net Amount
			Recognized			Offset in the			Presented in the			Instruments			Collateral
						Statement of			Statement of						Received
						Financial			Financial
						Condition			Condition
	Assets
	Options purchased		$	55,000		$	—		$	55,000		$	(55,000	)	$	—	$	—
	Total assets			55,000			—			55,000			(55,000	)		—		—
	Liabilities
	Options premium received		$	(644,188	)	$	—		$	(644,188	)	$	55,000		$	—	$	(589,188	)
	Total liabilities			(644,188	)		—			(644,188	)		55,000			—		(589,188	)
	Net fair value																$	(589,188	)
	The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of March 31, 2014 and December 31, 2013.
			March 31, 2014
	Assets
	Options Purchased
	Indices		$	45,000
	Total options purchased		$	45,000	*
	Liabilities
	Options Premium Received
	Indices		$	(358,688	)
	Total options premium received		$	(358,688	)**
	*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.
	**	This amount is in “Options premium received, at fair value” on the Statements of Financial Condition.
			December 31, 2013
	Assets
	Options Purchased
	Indices		$	55,000
	Total options purchased		$	55,000	*
	Liabilities
	Options Premium Received
	Indices		$	(644,188	)
	Total options premium received		$	(644,188	)**
	*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.
	**	This amount is in “Options premium received, at fair value” on the Statements of Financial Condition.
	The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2014 and 2013.
		Three Months Ended
		March 31,
Sector		2014			2013
Indices		$	3,747,780		$	613,657
Total		$	3,747,780	***	$	613,657	***
*** This amount is in “Total trading results” on the Statements of Income and Expenses.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
	4.    Fair Value Measurements:
	Partnership’s Investments. All commodity interests, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.
	Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.
	The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation and the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	On October 1, 2012, the Financial Accounting Standards Board (“FASB”) issued ASU 2012-04 “Technical Corrections and Improvements,” which makes minor technical corrections and clarifications to ASC 820, “Fair Value Measurements and Disclosures.” When the FASB issued Statement 157 (codified in ASC 820), it conformed the use of the term “fair value” in certain pre-Codification standards but not others. ASU 2012-04 conforms the term’s use throughout the ASC “to fully reflect the fair value measurement and disclosure requirements” of ASC 820. ASU 2012-04 also amends the requirements that must be met for an investment company to qualify for the exemption from presenting a statement of cash flows. Specifically, it eliminates the requirements that substantially all of an entity’s investments be carried at “market value” and that the investments be highly liquid. Instead, it requires substantially all of the entity’s investments to be carried at “fair value” and classified as Level 1 or Level 2 measurements under ASC 820.
	The Partnership considers prices for exchange-traded commodity futures and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of forwards and certain option contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership did not hold any derivative instruments for which market quotations were not readily available and which were priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). During the three months ended March 31, 2014 and the twelve months ended December 31 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
		31-Mar-14			Quoted Prices in			Significant Other		Significant
					Active Markets for			Observable Inputs		Unobservable Inputs
					Identical Assets and			(Level 2)		(Level 3)
					Liabilities (Level 1)
	Assets
	Options purchased	$	45,000		$	45,000		$	—	$	—
	Total assets		45,000			45,000			—		—
	Liabilities
	Options premium received	$	358,688		$	358,688		$	—	$	—
	Total liabilities		358,688			358,688			—		—
	Net fair value	$	(313,688	)	$	(313,688	)	$	—	$	—
		December 31, 2013			Quoted Prices in			Significant Other		Significant
					Active Markets for			Observable Inputs		Unobservable Inputs
					Identical Assets and			(Level 2)		(Level 3)
					Liabilities (Level 1)
	Assets
	Options purchased	$	55,000		$	55,000		$	—	$	—
	Total assets		55,000			55,000			—		—
	Liabilities
	Options premium received	$	644,188		$	644,188		$	—	$	—
	Total liabilities		644,188			644,188			—		—
	Net fair value	$	(589,188	)	$	(589,188	)	$	—	$	—

Financial_Instrument_Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2014
Financial Instrument Risks	'
	5.    Financial Instrument Risks:
	In the normal course of business, the Partnership is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures and options, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments on specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward and option contracts. OTC contracts are negotiated between contracting parties and include certain forward and option contracts. Specific market movements of commodities or future contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer, or seller, of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s current contracts are traded OTC, although contracts may be traded OTC in the future.
	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. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law.
	Market risk is the potential for changes in the value of the financial instruments traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership is exposed to market risk equal to the value of futures contracts purchased and unlimited liability on such contracts sold short.
	Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The Partnership’s risk of loss in the event of a 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 risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership had credit risk and concentration risk during the reporting period and prior periods included in this report, as CGM and/or MS&Co. or their affiliates were the sole counterparties or brokers with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through CGM or MS&Co., the Partnership’s counterparty is an exchange or clearing organization. The Partnership continues to be subject to such risks with respect to MS&Co.
	The Partnership’s trading will be concentrated in exchange-traded futures and options on the S&P 500 Index and the Dow Jones Industrials Average. Concentration in a limited number of commodity interests may subject the Partnership’s account to greater volatility than if a more diversified portfolio of contracts were traded on behalf of the Partnership.
	As both a buyer and seller of options, the Partnership pays or receives a premium at the outset and then bears the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership does not consider these contracts to be guarantees.
	The General Partner monitors and attempts to control the Partnership’s 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 may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forwards 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 business, these instruments may not be held to maturity.

Critical_Accounting_Policies

Critical Accounting Policies	3 Months Ended
	Mar. 31, 2014
Critical Accounting Policies	'
	6.    Critical Accounting Policies
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
	Partnership’s Investments. All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.
	Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.
	The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation as well as the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership considers prices for exchange-traded commodity futures and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership did not hold any derivative instruments that were priced by broker-dealers that derive fair values for those assets from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). During the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
	Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership on each business day, depending on the daily fluctuations in the value of the underlying instruments, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.
	Options. The Partnership may purchase and write (sell), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses.
	Investment Company Status. Effective January 1, 2014, the Partnership adopted ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
	Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”
	Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that, other than that referenced in Note 1 of the Financial Statements, there were no other subsequent events requiring adjustment of or disclosure in the financial statements.

Critical_Accounting_Policies_P

Critical Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Use of Estimates	'
	Use of Estimates. The preparation of financial statements and accompanying notes in conformity with GAAP requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates.
Partnership's Investments	'
	Partnership’s Investments. All commodity interests (including derivative financial instruments and derivative commodity instruments) are held for trading purposes. The commodity interests are recorded on trade date and open contracts are recorded at fair value (as described below) at the measurement date. Investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Unrealized gains or losses on option contracts are included as a component of equity in trading account on the Statements of Financial Condition. Net realized gains or losses and any change in net unrealized gains or losses from the preceding period are reported in the Statements of Income and Expenses.
Partnership's Fair Value Measurements	'
	Partnership’s Fair Value Measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety.
	GAAP also requires the use of judgment in determining if a formerly active market has become inactive and in determining fair values when the market has become inactive. The General Partner has concluded that based on available information in the marketplace, the Partnership’s Level 1 assets and liabilities are actively traded.
	The Partnership will separately present purchases, sales, issuances and settlements in its reconciliation of Level 3 fair value measurements (i.e., to present such items on a gross basis rather than on a net basis), and make disclosures regarding the level of disaggregation as well as the inputs and valuation techniques used to measure fair value for measurements that fall within either Level 2 or Level 3 of the fair value hierarchy as required under GAAP.
	The Partnership considers prices for exchange-traded commodity futures and options contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of certain options contracts for which market quotations are not readily available are priced by broker-dealers that derive fair values for those assets and liabilities from observable inputs (Level 2). As of and for the periods ended March 31, 2014 and December 31, 2013, the Partnership did not hold any derivative instruments that were priced by broker-dealers that derive fair values for those assets from observable inputs (Level 2) or that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). During the three months ended March 31, 2014 and the twelve months ended December 31, 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
Futures Contracts	'
	Futures Contracts. The Partnership trades futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or if the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership on each business day, depending on the daily fluctuations in the value of the underlying instruments, and are recorded as unrealized gains or losses by the Partnership. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and changes in net unrealized gains (losses) on futures contracts are included in the Statements of Income and Expenses.
Options	'
	Options. The Partnership may purchase and write (sell), both exchange listed and OTC, options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership writes an option, the premium received is recorded as a liability in the Statements of Financial Condition and marked to market daily. When the Partnership purchases an option, the premium paid is recorded as an asset in the Statements of Financial Condition and marked to market daily. Net realized gains (losses) and changes in net unrealized gains (losses) on options contracts are included in the Statements of Income and Expenses.
Investment Company Status	'
	Investment Company Status. Effective January 1, 2014, the Partnership adopted ASU 2013-08, “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements.” ASU 2013-08 changes the approach to the investment company assessment, requires non-controlling ownership interests in other investment companies to be measured at fair value, and requires additional disclosures about the investment company’s status as an investment company. ASU 2013-08 is effective for interim and annual reporting periods beginning after December 15, 2013. The adoption of this ASU did not have a material impact on the Partnership’s financial statements. Based on management’s assessment, the Partnership has been deemed to be an investment company since inception. It has all of the fundamental and typical characteristics of an investment company.
Income Taxes	'
	Income Taxes. Income taxes have not been provided as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses.
	GAAP provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements and requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Partnership’s financial statements to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority. Tax positions with respect to tax at the Partnership level not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. The General Partner has concluded that no provision for income tax is required in the Partnership’s financial statements.
	The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2010 through 2013 tax years remain subject to examination by U.S. federal and most state tax authorities. The General Partner does not believe that there are any uncertain tax positions that require recognition of a tax liability.
Net Income (Loss) per unit	'
	Net Income (Loss) per unit. Net income (loss) per unit is calculated in accordance with investment company guidance. See Note 2, “Financial Highlights.”
Subsequent Events	'
	Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that, other than that referenced in Note 1 of the Financial Statements, there were no other subsequent events requiring adjustment of or disclosure in the financial statements.

Financial_Highlights_Tables

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Changes in Net Asset Value Per Unit	'
	Changes in net asset value per unit for each Class for the three months ended March 31, 2014 and 2013 were as follows:
			Three Months						Three Months
			Ended						Ended
			March 31, 2014						March 31, 2013
			Class A			Class D			Class A			Class D
	Net realized and unrealized gains (losses)*		$	12.75		$	19.9		$	(9.28	)	$	(2.41	)
	Interest income			0.08			0.08			0.15			0.16
	Expenses**			(7.49	)		(7.69	)		(8.02	)		(8.04	)
	Increase (decrease) for the period			5.34			12.29			(17.15	)		(10.29	)
	Net asset value per unit, beginning of period			1,179.01			1,204.13			1,227.60			1,225.78
	Net asset value per unit, end of period		$	1,184.35		$	1,216.42		$	1,210.45		$	1,215.49
	*	Includes ongoing selling agent fees and clearing fees.
	**	Excludes ongoing selling agent fees and clearing fees and includes allocation to Special Limited Partner in the three months ended March 31, 2014 and 2013, if any.
Summary of Percentage Changes in Net Asset Value Per Unit	'
			Three Months						Three Months
			Ended						Ended
			March 31, 2014						March 31, 2013
			Class A			Class D			Class A			Class D
	Ratios to average net assets:***
	Net investment income (loss)			(7.4	)%		(5.3	)%		(7.4	)%		(4.9	)%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Net investment income (loss) before allocation to Special Limited Partner ****			(7.4	)%		(5.3	)%		(7.4	)%		(4.9	)%
	Operating expense			7.4	%		5.3	%		7.4	%		4.9	%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Total expenses			7.4	%		5.3	%		7.4	%		4.9	%
	Total return:
	Total return before allocation to Special Limited Partner			(0.5	)%		1	%		(1.4	)%		(0.8	)%
	Allocation to Special Limited Partner			—	%		—	%		—	%		—	%
	Total return after allocation to Special Limited Partner			(0.5	)%		1	%		(1.4	)%		(0.8	)%
	***	Annualized (except allocation to Special Limited Partner, if applicable).
	****	Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable).

Trading_Activities_Tables

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Valuation of Partnership's Investments	'
	The following tables summarize the valuation of the Partnership’s investments at March 31, 2014 and December 31, 2013, respectively.
												Gross Amounts not
												Offset in the Statement
												of Financial Condition
	31-Mar-14		Gross Amounts			Gross Amounts			Net Amounts			Financial			Cash		Net Amount
			Recognized			Offset in the			Presented in the			Instruments			Collateral
						Statement of			Statement of						Received
						Financial			Financial
						Condition			Condition
	Assets
	Options purchased		$	45,000		$	—		$	45,000		$	(45,000	)	$	—	$	—
	Total assets			45,000			—			45,000			(45,000	)		—		—
	Liabilities
	Options premium received		$	(358,688	)	$	—		$	(358,688	)	$	45,000		$	—	$	(313,688	)
	Total liabilities			(358,688	)		—			(358,688	)		45,000			—		(313,688	)
	Net fair value																$	(313,688	)
												Gross Amounts not
												Offset in the Statement
												of Financial Condition
	December 31, 2013		Gross Amounts			Gross Amounts			Amounts			Financial			Cash		Net Amount
			Recognized			Offset in the			Presented in the			Instruments			Collateral
						Statement of			Statement of						Received
						Financial			Financial
						Condition			Condition
	Assets
	Options purchased		$	55,000		$	—		$	55,000		$	(55,000	)	$	—	$	—
	Total assets			55,000			—			55,000			(55,000	)		—		—
	Liabilities
	Options premium received		$	(644,188	)	$	—		$	(644,188	)	$	55,000		$	—	$	(589,188	)
	Total liabilities			(644,188	)		—			(644,188	)		55,000			—		(589,188	)
	Net fair value																$	(589,188	)
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 and option contracts as separate assets and liabilities as of March 31, 2014 and December 31, 2013.
			March 31, 2014
	Assets
	Options Purchased
	Indices		$	45,000
	Total options purchased		$	45,000	*
	Liabilities
	Options Premium Received
	Indices		$	(358,688	)
	Total options premium received		$	(358,688	)**
	*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.
	**	This amount is in “Options premium received, at fair value” on the Statements of Financial Condition.
			December 31, 2013
	Assets
	Options Purchased
	Indices		$	55,000
	Total options purchased		$	55,000	*
	Liabilities
	Options Premium Received
	Indices		$	(644,188	)
	Total options premium received		$	(644,188	)**
	*	This amount is in “Options purchased, at fair value” on the Statements of Financial Condition.
	**	This amount is in “Options premium received, at fair value” on 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 for the three months ended March 31, 2014 and 2013.
			Three Months Ended
			March 31,
	Sector		2014			2013
	Indices		$	3,747,780		$	613,657
	Total		$	3,747,780	***	$	613,657	***
	*** This amount is in “Total trading results” on the Statements of Income and Expenses.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	'
	During the three months ended March 31, 2014 and the twelve months ended December 31 2013, there were no transfers of assets or liabilities between Level 1 and Level 2.
		31-Mar-14			Quoted Prices in			Significant Other		Significant
					Active Markets for			Observable Inputs		Unobservable Inputs
					Identical Assets and			(Level 2)		(Level 3)
					Liabilities (Level 1)
	Assets
	Options purchased	$	45,000		$	45,000		$	—	$	—
	Total assets		45,000			45,000			—		—
	Liabilities
	Options premium received	$	358,688		$	358,688		$	—	$	—
	Total liabilities		358,688			358,688			—		—
	Net fair value	$	(313,688	)	$	(313,688	)	$	—	$	—
		December 31, 2013			Quoted Prices in			Significant Other		Significant
					Active Markets for			Observable Inputs		Unobservable Inputs
					Identical Assets and			(Level 2)		(Level 3)
					Liabilities (Level 1)
	Assets
	Options purchased	$	55,000		$	55,000		$	—	$	—
	Total assets		55,000			55,000			—		—
	Liabilities
	Options premium received	$	644,188		$	644,188		$	—	$	—
	Total liabilities		644,188			644,188			—		—
	Net fair value	$	(589,188	)	$	(589,188	)	$	—	$	—

General_Additional_Information

General - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Apr. 01, 2014	Apr. 01, 2014	Mar. 31, 2014	Apr. 01, 2014	Apr. 01, 2014
	Class A [Member]	Class A [Member]	Class A [Member]	Class D [Member]	Class D [Member]	Class D [Member]
	Selling Agreement [Member]	Subsequent Event [Member]	Subsequent Event [Member]	Selling Agreement [Member]	Subsequent Event [Member]	Subsequent Event [Member]
		Maximum [Member]	Minimum [Member]		Maximum [Member]	Minimum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'	'	'
Percentage of brokerage fee	0.31%	'	'	0.13%	'	'
Brokerage fees per year	3.75%	'	'	1.50%	'	'
Ongoing selling agent fee	'	3.75%	2.50%	'	1.50%	1.25%

Financial_Highlights_Schedule_

Financial Highlights - Schedule of Changes in Net Asset Value Per Unit (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Class A [Member]	'	'
Class of Stock [Line Items]	'	'
Net realized and unrealized gains (losses)	12.75	-9.28
Interest income	0.08	0.15
Expenses	-7.49	-8.02
Increase (decrease) for the period	5.34	-17.15
Net asset value per unit, beginning of period	1,179.01	1,227.60
Net asset value per unit, end of period	1,184.35	1,210.45
Class D [Member]	'	'
Class of Stock [Line Items]	'	'
Net realized and unrealized gains (losses)	19.9	-2.41
Interest income	0.08	0.16
Expenses	-7.69	-8.04
Increase (decrease) for the period	12.29	-10.29
Net asset value per unit, beginning of period	1,204.13	1,225.78
Net asset value per unit, end of period	1,216.42	1,215.49

Financial_Highlights_Summary_o

Financial Highlights - Summary of Percentage Changes in Net Asset Value Per Unit (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Class A [Member]	'	'
Ratios to average net assets:	'	'
Ratios to average net assets, Net investment income (loss)	-7.40%	-7.40%
Ratios to average net assets, Allocation to Special Limited Partner	'	'
Ratios to average net assets, Net investment income (loss) before allocation to Special Limited Partner	-7.40%	-7.40%
Ratios to average net assets, Operating expense	7.40%	7.40%
Ratios to average net assets, Allocation to Special Limited Partner	'	'
Ratios to average net assets, Total expenses	7.40%	7.40%
Total return:	'	'
Total return before allocation to Special Limited Partner	-0.50%	-1.40%
Allocation to Special Limited Partner	'	'
Total return after allocation to Special Limited Partner	-0.50%	-1.40%
Class D [Member]	'	'
Ratios to average net assets:	'	'
Ratios to average net assets, Net investment income (loss)	-5.30%	-4.90%
Ratios to average net assets, Allocation to Special Limited Partner	'	'
Ratios to average net assets, Net investment income (loss) before allocation to Special Limited Partner	-5.30%	-4.90%
Ratios to average net assets, Operating expense	5.30%	4.90%
Ratios to average net assets, Allocation to Special Limited Partner	'	'
Ratios to average net assets, Total expenses	5.30%	4.90%
Total return:	'	'
Total return before allocation to Special Limited Partner	1.00%	-0.80%
Allocation to Special Limited Partner	'	'
Total return after allocation to Special Limited Partner	1.00%	-0.80%

Trading_Activities_Additional_

Trading Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
	Contract	Contract
Monthly average number of option contract traded	10,312	12,886

Trading_Activities_Summary_of_

Trading Activities - Summary of Valuation of Partnership's Investments (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Derivative [Line Items]	'	'
Gross Amounts Recognized, Assets	$45,000	$55,000
Gross Amounts Offset in the Statement of Financial Condition, Assets	'	'
Amounts Presented in the Statement of Financial Condition, Assets	45,000	55,000
Financial Instruments, Assets	-45,000	-55,000
Cash Collateral Received, Assets	'	'
Net Amount, Assets	'	'
Gross Amounts Recognized, Liabilities	-358,688	-644,188
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	'	'
Amounts Presented in the Statement of Financial Condition, Liabilities	-358,688	-644,188
Financial Instruments, Liabilities	45,000	55,000
Cash Collateral Received, Liabilities	'	'
Net Amount, Liabilities	-313,688	-589,188
Net fair value	-313,688	-589,188
Options Premium Received [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Liabilities	-358,688	-644,188
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	'	'
Amounts Presented in the Statement of Financial Condition, Liabilities	-358,688	-644,188
Financial Instruments, Liabilities	45,000	55,000
Cash Collateral Received, Liabilities	'	'
Net Amount, Liabilities	-313,688	-589,188
Options Purchased [Member]	'	'
Derivative [Line Items]	'	'
Gross Amounts Recognized, Assets	45,000	55,000
Gross Amounts Offset in the Statement of Financial Condition, Assets	'	'
Amounts Presented in the Statement of Financial Condition, Assets	45,000	55,000
Financial Instruments, Assets	-45,000	-55,000
Cash Collateral Received, Assets	'	'
Net Amount, Assets	'	'

Trading_Activities_Gross_Fair_

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts as Separate Assets and Liabilities (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Total options purchased	$45,000	$55,000
Liabilities	'	'
Total options premium received	-358,688	-644,188
Total options purchased	45,000	55,000
Options Purchased Indices [Member]	'	'
Assets	'	'
Total options purchased	45,000	55,000
Liabilities	'	'
Total options purchased	45,000	55,000
Options Purchased [Member]	'	'
Assets	'	'
Total options purchased	45,000	55,000
Liabilities	'	'
Total options purchased	45,000	55,000
Options Premium Received Indices [Member]	'	'
Liabilities	'	'
Total options premium received	($358,688)	($644,188)

Trading_Activities_Trading_Gai

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Summary of Investment Holdings [Line Items]	'	'
Total	$3,747,780	$613,657
Indices [Member]	'	'
Summary of Investment Holdings [Line Items]	'	'
Total	$3,747,780	$613,657

Fair_Value_Measurements_Deriva

Fair Value Measurements - Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Assets	'	'
Total assets	$45,000	$55,000
Liabilities	'	'
Total liabilities	358,688	644,188
Net fair value	-313,688	-589,188
Options Purchased Indices [Member]	'	'
Assets	'	'
Total assets	45,000	55,000
Options Premium Received Indices [Member]	'	'
Liabilities	'	'
Total liabilities	358,688	644,188
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]	'	'
Assets	'	'
Total assets	45,000	55,000
Liabilities	'	'
Total liabilities	358,688	644,188
Net fair value	-313,688	-589,188
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options Purchased Indices [Member]	'	'
Assets	'	'
Total assets	45,000	55,000
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options Premium Received Indices [Member]	'	'
Liabilities	'	'
Total liabilities	358,688	644,188
Significant Other Observable Inputs (Level 2) [Member]	'	'
Assets	'	'
Total assets	'	'
Liabilities	'	'
Total liabilities	'	'
Net fair value	'	'
Significant Other Observable Inputs (Level 2) [Member] | Options Purchased Indices [Member]	'	'
Assets	'	'
Total assets	'	'
Significant Other Observable Inputs (Level 2) [Member] | Options Premium Received Indices [Member]	'	'
Liabilities	'	'
Total liabilities	'	'
Significant Unobservable Inputs (Level 3) [Member]	'	'
Assets	'	'
Total assets	'	'
Liabilities	'	'
Total liabilities	'	'
Net fair value	'	'
Significant Unobservable Inputs (Level 3) [Member] | Options Purchased Indices [Member]	'	'
Assets	'	'
Total assets	'	'
Significant Unobservable Inputs (Level 3) [Member] | Options Premium Received Indices [Member]	'	'
Liabilities	'	'
Total liabilities	'	'

Financial_Instrument_Risks_Add

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2014
Maximum maturity period of financial instruments	'1 year

Critical_Accounting_Policies_A

Critical Accounting Policies - Additional Information (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
Derivative instruments which derive fair values for those assets from observable inputs	0	0
Transfers of assets or liabilities between Level 1 and Level 2	$0	$0