Managed Futures Premier Warrington 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 31, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ck0001353282
Entity Registrant Name	MANAGED FUTURES PREMIER WARRINGTON L.P.
Entity Central Index Key	1,353,282
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Class A [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		75,216.0338
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		754.6927

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Sep. 30, 2015	Dec. 31, 2014
Equity in trading account:
Cash		$ 39,206,779	$ 122,188,891
Cash margin		8,337,117	18,102,669
Due from broker		1,188,982
Options purchased, at fair value (cost $968,800 and $921,500 at September 30, 2015 and December 31, 2014, respectively)		778,500	1,724,250
Total trading equity		49,511,378	142,015,810
Investments in U.S. government securities, at fair value (cost $43,982,632)		(44,525)	(820,563)
Cash		8,824
Interest receivable			664
Total assets		93,509,909	142,016,474
Liabilities:
Options premium received, at fair value (premium $1,161,937 and $1,415,498 at September 30, 2015 and December 31, 2014, respectively)		823,025	2,544,813
Accrued expenses:
Ongoing selling agent fees		152,941	224,533
Management fees		153,368	231,830
Administrative fees		76,684	115,915
Clearing fees due			6,979
Other		180,806	142,203
Redemptions payable		753,635	5,452,830
Total liabilities		2,140,459	8,719,103
Partners' Capital:
Total partners' capital		91,369,450	133,297,371
Total liabilities and partners' capital		93,509,909	142,016,474
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $43,982,632)		43,989,707
Class A [Member]
Partners' Capital:
Limited Partners		90,098,926	125,736,962
Total partners' capital		$ 90,098,926	$ 125,736,962
Net asset value per unit		$ 1,187.81	$ 1,158.41
Class D [Member]
Partners' Capital:
General Partner			$ 1,484,135
Limited Partners		$ 938,108	6,076,274
Total partners' capital		$ 938,108	$ 7,560,409
Net asset value per unit		$ 1,243.03	$ 1,201.01
Class GP [Member]
Partners' Capital:
General Partner		$ 332,416
Total partners' capital	[1]	$ 332,416
Net asset value per unit		$ 1,022.82
[1]	Class GP commenced on May 1, 2015

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Cost of options purchased	$ 968,800	$ 921,500
Premium value	1,161,937	$ 1,415,498
U.S. Government Securities [Member]
Cost of investments in U.S. government securities	$ 43,982,632
Class A [Member]
General Partner unit equivalents outstanding	0	0
Limited Partners Redeemable units outstanding	75,853.2868	108,542.7439
Class D [Member]
General Partner unit equivalents outstanding	0	1,235.7397
Limited Partners Redeemable units outstanding	754.6927	5,059.3053
Class GP [Member]
General Partner unit equivalents outstanding	325	0

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2015USD ($)Contract	Dec. 31, 2014USD ($)Contract
Schedule of Investments [Line Items]
Fair Value	$ (44,525)	$ (820,563)
% of Partners' Capital	(0.05%)	(0.62%)
Put Option [Member] | Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	346	190
Fair Value	$ 778,500	$ 1,724,250
% of Partners' Capital	0.85%	1.29%
Put Option [Member] | Call or Put options premium received [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	865	1,235
Fair Value	$ (765,525)	$ (2,538,875)
% of Partners' Capital	(0.84%)	(1.91%)
Options Purchased Indices [Member] | Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 778,500	$ 1,724,250
% of Partners' Capital	0.85%	1.29%
Call Option [Member] | Call or Put options premium received [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,657	475
Fair Value	$ (57,500)	$ (5,938)
% of Partners' Capital	(0.06%)	0.00%	[1]
Option Premium Received Indices [Member] | Call or Put options premium received [Member]
Schedule of Investments [Line Items]
Fair Value	$ (823,025)	$ (2,544,813)
% of Partners' Capital	(0.90%)	(1.91%)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Fair Value	$ 43,989,707
% of Partners' Capital	48.00%
U.S. Government Securities [Member] | U.S. Treasury Bills 0% Due 11/05/15 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,000,000
Fair Value	$ 10,999,510
% of Partners' Capital	12.00%
U.S. Government Securities [Member] | U.S. Treasury Bills 0% Due 12/03/15 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,000,000
Fair Value	$ 10,998,933
% of Partners' Capital	12.00%
U.S. Government Securities [Member] | U.S. Treasury Bills 0% Due 12/31/15 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,000,000
Fair Value	$ 10,996,369
% of Partners' Capital	12.00%
U.S. Government Securities [Member] | U.S. Treasury Bills 0% Due 01/28/16 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,000,000
Fair Value	$ 10,994,895
% of Partners' Capital	12.00%
[1]	Due to rounding.

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Government Securities [Member]	9 Months Ended
	Sep. 30, 2015USD ($)
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 43,982,632
U.S. Treasury Bills 0% Due 11/05/15 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Nov. 5, 2015
Investment, Interest rate	0.00%
U.S. Treasury Bills 0% Due 12/03/15 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Dec. 3, 2015
Investment, Interest rate	0.00%
U.S. Treasury Bills 0% Due 12/31/15 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Dec. 31, 2015
Investment, Interest rate	0.00%
U.S. Treasury Bills 0% Due 01/28/16 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jan. 28, 2016
Investment, Interest rate	0.00%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015		Sep. 30, 2014
Investment Income:
Interest income		$ 9,335	$ 3,870	$ 13,299		$ 19,725
Expenses:
Ongoing selling agent fees		471,806	909,630	1,604,290		3,424,200
Clearing fees		279,337	320,885	617,734		1,063,973
Management fees		473,107	745,461	1,628,948		2,387,558
Administrative fees		236,553	186,365	814,473		596,888
Other		116,635	89,712	268,496		195,245
Total expenses		1,577,438	2,252,053	4,933,941		7,667,864
Net investment income (loss)		(1,568,103)	(2,248,183)	(4,920,642)		(7,648,139)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		674,817	1,435,495	7,765,928		8,497,182
Change in net unrealized gains (losses) on open contracts		291,148	191,828	475,177		(337,063)
Total trading results		965,965	1,627,323	8,241,105		8,160,119
Net income (loss)		(602,138)	(620,860)	3,320,463		511,980
Net income (loss) allocation by class:
Net income (loss)		(602,138)	(620,860)	3,320,463		511,980
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		(599,955)	(609,484)	3,088,695		407,257
Net income (loss) allocation by class:
Net income (loss)		$ (599,955)	$ (609,484)	$ 3,088,695		$ 407,257
Net asset value per unit
Net asset value per unit		$ 1,187.81	$ 1,181.24	$ 1,187.81		$ 1,181.24
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (8.69)	$ (5.06)	$ 29.40		$ 2.23
Weighted average units outstanding
Weighted average units outstanding		77,836.5491	119,317.5476	88,568.5620		127,568.5069
Class D [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (3,916)	$ (11,376)	$ 224,352		$ 104,723
Net income (loss) allocation by class:
Net income (loss)		$ (3,916)	$ (11,376)	$ 224,352		$ 104,723
Net asset value per unit
Net asset value per unit		$ 1,243.03	$ 1,220.85	$ 1,243.03		$ 1,220.85
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (5.19)	$ (1.39)	$ 42.02		$ 16.72
Weighted average units outstanding
Weighted average units outstanding		754.6927	6,448.1443	2,591.1083		6,448.8933
Class GP [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ 1,733		$ 7,416	[2]
Net income (loss) allocation by class:
Net income (loss)		$ 1,733		$ 7,416	[2]
Net asset value per unit
Net asset value per unit		$ 1,022.82		$ 1,022.82
Net income (loss) per unit
Net income (loss) per unit	[3]	$ 5.33		$ 22.82
Weighted average units outstanding
Weighted average units outstanding	[3]	325		325
[1]	Based on change in net asset value per unit.
[2]	Class GP commenced on May 1, 2015
[3]	Class GP commenced on May 1, 2015 (325.0000 shares).

Statements of Income and Expen7

Statements of Income and Expenses (Parenthetical) - shares		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A [Member]
Units outstanding		75,853.2868	114,130.1129	75,853.2868	114,130.1129
Weighted average units outstanding		77,836.5491	119,317.5476	88,568.5620	127,568.5069
Class D [Member]
Units outstanding		754.6927	6,295.0450	754.6927	6,295.0450
Weighted average units outstanding		754.6927	6,448.1443	2,591.1083	6,448.8933
Class GP [Member]
Units outstanding		325	0	325	0
Weighted average units outstanding	[1]	325		325
[1]	Class GP commenced on May 1, 2015 (325.0000 shares).

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]	Class A [Member]	Class A [Member]Limited Partners [Member]	Class D [Member]	Class D [Member]Limited Partners [Member]	Class D [Member]General Partner [Member]	Class GP [Member]	[1]	Class GP [Member]General Partner [Member]	[1]
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	142,529.3109			136,148.6869		6,380.6240
Net income (loss)	$ 511,980			$ 407,257		$ 104,723
Subscriptions, amount		$ 6,615,017			$ 5,415,017		$ 1,200,000
Subscriptions, units		5,569.127			4,572.057		997.070
Redemptions, amount		$ (32,581,198)	$ (249,973)		$ (31,528,637)		$ (1,052,561)	$ (249,973)
Redemptions, units		(27,466.856)	(206.424)		(26,590.631)		(876.225)	(206.424)
Partners' capital, amount, ending balance at Sep. 30, 2014	$ 142,499,882			$ 134,814,599		$ 7,685,283
Partners' capital, units, ending balance at Sep. 30, 2014	120,425.1579			114,130.1129		6,295.0450
Partners' capital, amount, beginning balance at Dec. 31, 2014	$ 133,297,371			$ 125,736,962		$ 7,560,409
Partners' capital, units, beginning balance at Dec. 31, 2014	114,837.7889			108,542.7439		6,295.0450
Net income (loss)	$ 3,320,463			$ 3,088,695		$ 224,352			$ 7,416
Subscriptions, amount			$ 325,000								$ 325,000
Subscriptions, units			325								325
Redemptions, amount		$ (44,047,755)	$ (1,525,629)		$ (38,726,731)		$ (5,321,024)	$ (1,525,629)
Redemptions, units		(36,994.0697)	(1,235.7397)		(32,689.4571)		(4,304.6126)	(1,235.7397)
Partners' capital, amount, ending balance at Sep. 30, 2015	$ 91,369,450			$ 90,098,926		$ 938,108			$ 332,416
Partners' capital, units, ending balance at Sep. 30, 2015	76,932.9795			75,853.2868		754.6927			325
[1]	Class GP commenced on May 1, 2015

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Organization	1. Organization: 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 option 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 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. Effective as of the close of business on March 31, 2015, Warrington GP, 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 beneficially owned by Scott C. Kimple. From inception to the close of business on March 31, 2015, Ceres Managed Futures LLC, a Delaware limited liability company, acted as the general partner (“CMF GP”) and commodity pool operator of the Partnership. On January 9, 2015, Scott C. Kimple proposed in a Proxy Statement, which was filed with the Securities and Exchange Commission (the “SEC”) and distributed to Limited Partners (defined below), that Warrington GP, LLC become the new general partner of the Partnership. The requisite number of each class of limited partnership interests approved the proposals described in the Proxy Statement, and, as a result, Warrington GP, LLC became the new general partner of the Partnership effective as of the close of business on March 31, 2015. CMF GP withdrew as the general partner of the Partnership immediately following Warrington GP, LLC becoming the Partnership’s new general partner. References to the “General Partner” herein refer to Warrington GP, LLC and/or CMF GP, as the context requires. Effective as of the close of business on March 31, 2015, Warrington SLP, LP, a Delaware limited liability company and an affiliate of the General Partner, became a special limited partner of the Partnership (the “Special Limited Partner”) and receives a quarterly profit share allocation from the Partnership, subject to a high water mark. All of the trading decisions for the Partnership are made by Warrington Asset Management LLC (the “Advisor”), an affiliate of the General Partner, using the Strategic Trading Program (formerly, the “Core Trading Program”), a proprietary trading program. The General Partner is not aware of any material changes to the trading program discussed above during the fiscal quarter ended September 30, 2015. 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. On May 1, 2015, a new share class of units of general partner interest “Class GP” was initiated to accept an investment from the General Partner. During the six months ended September 30, 2015, the Partnership’s commodity broker was Wells Fargo Securities, LLC (“Wells Fargo”), a registered futures commission merchant. Effective April 1, 2015, the Partnership entered into a futures and cleared swaps agreement with Wells Fargo (the “Wells Fargo Customer Agreement”). The Partnership pays Wells Fargo trading fees for the clearing and, if applicable, execution of transactions. In addition, with respect to excess cash, Wells Fargo will pay the Partnership interest on excess cash held in the Partnership’s account at rates customarily paid by Wells Fargo and as advised to the Partnership from time to time. During prior periods included in this report, Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant, also served as a commodity broker. The Partnership was a party to a futures brokerage account agreement with MS&Co. (the “MS&Co. Customer Agreement”). The Partnership paid MS&Co. trading fees for the clearing and, where applicable, execution of transactions. The MS&Co. Customer Agreement has been terminated. 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 was shared with the properly registered/licensed financial advisors 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. Effective October 1, 2014, the monthly ongoing selling agent fee was (i) reduced from an annual rate of 2.50% to an annual rate of 2.00% for Class A Redeemable Units and (ii) reduced from an annual rate of 1.25% to an annual rate of 0.75% for Class D Redeemable Units. As of the same date, the administrative fee for each class was increased from an annual rate of 0.50% to an annual rate of 1.00%. The October 1, 2014 fee changes offset each other and, accordingly, there was no change to the aggregate fees incurred by the Partnership. As of April 1, 2015, the Partnership maintains a continuing services agreement with Morgan Stanley Wealth Management. Pursuant to the continuing services agreement, Morgan Stanley Wealth Management will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Morgan Stanley Wealth Management (the “MS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Morgan Stanley Wealth Management shall continue only for as long as the MS Interests remain outstanding. As of April 1, 2015, the Partnership maintains a selling agreement with Robert W. Baird & Co. Incorporated (“Baird”). Pursuant to the selling agreement, Baird will receive a monthly ongoing selling agent fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. With respect to current Limited Partners that are customers of Baird, the Partnership shall pay Baird a monthly ongoing maintenance fee equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units for services provided to such current Limited Partners. As of April 1, 2015, the Partnership maintains a continuing services agreement with Credit Suisse Securities (USA) LLC. Pursuant to the continuing services agreement, Credit Suisse Securities (USA) LLC will receive a monthly fee in respect of certain partnership interests which have been sold to certain individuals and entities with an ongoing relationship with Credit Suisse Securities (USA) LLC (the “CS Interests”) equal to (i) 1/12 of 2.00% (2.00% per year) of month-end Net Assets for Class A Redeemable Units and (ii) 1/12 of 0.75% (0.75% per year) of month-end Net Assets for Class D Redeemable Units. The fees paid to Credit Suisse Securities (USA) LLC shall continue only for as long as the CS Interests remain outstanding.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2015 and December 31, 2014, the results of its operations for the three and nine months ended September 30, 2015 and 2014 and changes in partners’ capital for the nine months ended September 30, 2015 and 2014. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. You should read these financial statements together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K filed with the SEC for the year ended December 31, 2014. The December 31, 2014 information has been derived from the audited financial statements as of and for the year ended December 31, 2014. 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. 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 shall be 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 commodity exchanges. During the three and nine months ended September 30, 2015, the Partnership engaged in such trading through commodity brokerage accounts maintained with MS&Co. and Wells Fargo. 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. 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. The Partnership’s investments in U.S. government securities as of September 30, 2015 consist of short term U.S. Treasury bills (“T-Bills”). Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes : Net Income (Loss) Per Unit There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2014.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Highlights	3. Financial Highlights: Changes in net asset value per unit for each Class for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 11.22 $ 11.68 $ 12.97 $ 13.39 $ 84.02 $ 87.35 $ 59.71 $ 61.33 Interest Income 0.11 0.12 0.02 0.03 0.15 0.16 0.14 0.15 Expenses (20.02 ) (16.99 ) (18.05 ) (14.81 ) (54.77 ) (45.49 ) (57.62 ) (44.76 ) Increase (decrease) for the period (8.69 ) (5.19 ) (5.06 ) (1.39 ) 29.40 42.02 2.23 16.72 Net asset value per unit, beginning of period 1,196.50 1,248.22 1,186.30 1,222.24 1,158.41 1,201.01 1,179.01 1,204.13 Net asset value per unit, end of period $ 1,187.81 $ 1,243.03 $ 1,181.24 $ 1,220.85 $ 1,187.81 $ 1,243.03 $ 1,181.24 $ 1,220.85 Certain prior period amounts have been reclassified to conform to current period presentation. In the financial highlights, the ongoing selling agent fees and clearing fees which were previously included in net realized and unrealized gains (losses) per unit and excluded from expenses per unit are now excluded from net realized and unrealized gains (losses) per unit and included in expenses per unit. This information was previously included as a footnote to the financial highlights table. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Class A Class D Class A Class D Class A Class D Class A Class C Ratios to Average Net Assets:* Net investment income (loss) (6.6 )% (5.3 )% (6.1 )% (4.9 )% (6.2 )% (5.6 )% (6.6 )% (5.2 )% Allocation to Special Limited Partner — % — % — % — % — % — % — % 0 % Net investment income (loss) before allocation to Special Limited Partner** (6.6 )% (5.3 )% (6.1 )% (4.9 )% (6.2 )% (5.6 )% (6.6 )% (5.2 )% Operating expenses 6.7 % 5.4 % 6.1 % 4.9 % 6.2 % 5.6 % 6.6 % 5.2 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total expenses 6.7 % 5.4 % 6.1 % 4.9 % 6.2 % 5.6 % 6.6 % 5.2 % Total return: Total return before allocation to Special Limited Partner (0.7 )% (0.4 )% (0.4 )% (0.1 )% 2.5 % 3.5 % 0.2 % 1.4 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total return after allocation to Special Limited Partner (0.7 )% (0.4 )% (0.4 )% (0.1 )% 2.5 % 3.5 % 0.2 % 1.4 % * 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 each Limited Partner’s share of income, expenses and average net assets.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Trading Activities	4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The futures and cleared swaps agreement between the Partnership and Wells Fargo gives, and the customer agreement between the Partnership and MS&Co. gave, the Partnership the legal right to net unrealized gains and losses on open futures and option contracts. The Partnership netted as applicable, 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 ASC 210-20, “Balance Sheet” Ongoing selling agent fees paid to Baird, Morgan Stanley Wealth Management and Credit Suisse Securities (USA) LLC 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”) paid to Wells Fargo and executing brokers, as applicable, are, and all clearing fees paid to MS&Co. were, 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 held during the three months ended September 30, 2015 and 2014 were 1,956 and 6,335, respectively. The monthly average number of option contracts held during the nine months ended September 30, 2015 and 2014 were 2,456 and 8,301, respectively. The following tables summarize the valuation of the Partnership’s investments at September 30, 2015 and December 31, 2014, respectively. Gross Amounts not Offset in the Statement of Financial Condition September 30, 2015 Gross Amounts Gross Amounts Amounts Financial Cash Net Assets Options purchased $ 778,500 $ — $ 778,500 $ (778,500 ) $ — $ — Total assets 778,500 — 778,500 (778,500 ) — — Liabilities Options premium received $ (823,025 ) $ — $ (823,025 ) $ 778,500 $ — $ (44,525 ) Total liabilities (823,025 ) — (823,025 ) 778,500 — (44,525 ) Net fair value $ (44,525 ) Gross Amounts not of Financial Condition December 31, 2014 Gross Gross Amounts Amounts the Statement of Financial Cash Received/ Net Amount Assets Options purchased $ 1,724,250 $ — $ 1,724,250 $ (1,724,250 ) $ — $ — Total assets 1,724,250 — 1,724,250 (1,724,250 ) — — Liabilities Options premium received $ (2,544,813 ) $ — $ (2,544,813 ) $ 1,724,250 $ — $ (820,563 ) Total liabilities (2,544,813 ) — (2,544,813 ) 1,724,250 — (820,563 ) Net fair value $ (820,563 ) The following tables indicate the gross fair values of derivative instruments of futures and option contracts as separate assets and liabilities as of September 30, 2015 and December 31, 2014. September 30, 2015 Assets Options Purchased Indices $ 778,500 Total options purchased $ 778,500 * Liabilities Options Premium Received Indices $ (823,025 ) Total options premium received $ (823,025 )** * 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, 2014 Assets Options Purchased Indices $ 1,724,250 Total options purchased $ 1,724,250 * Liabilities Options Premium Received Indices $ (2,544,813 ) Total options premium received $ (2,544,813 )** * 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 and nine months ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, Sector 2015 2014 2015 2014 Indices $ 965,965 $ 1,627,323 $ 8,241,105 $ 8,160,119 Total $ 965,965 *** $ 1,627,323 *** $ 8,241,105 *** $ 8,160,119 *** *** This amount is in “Total trading results” on the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: Partnership’s Fair Value Measurements. 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. 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 September 30, 2015 and December 31, 2014, 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). Any transfers between levels are recognized at the beginning of the period. During the nine months ended September 30, 2015 and the twelve months ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2015 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 43,989,707 $ 43,989,707 $ — $ — Options purchased 778,500 778,500 — — Total assets 44,768,207 44,768,207 — — Liabilities Options premium received $ 823,025 $ 823,025 $ — $ — Total liabilities 823,025 823,025 — — Net fair value $ 43,945,182 $ 43,945,182 $ — $ — Total December 31, 2014 Quoted Prices in Significant Other Significant Assets Options purchased $ 1,724,250 $ 1,724,250 $ — $ — Total assets 1,724,250 1,724,250 — — Liabilities Options premium received $ 2,544,813 $ 2,544,813 $ — $ — Total liabilities 2,544,813 2,544,813 — — Net fair value $ (820,563 ) $ (820,563 ) $ — $ —

Financial Instrument Risks

Financial Instrument Risks	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial Instrument Risks	6. Financial Instrument Risks: In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet over-the-counter Futures Contracts. ® Options. 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 MS&Co. and/or Wells Fargo 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 MS&Co. or Wells Fargo or their affiliates, the Partnership’s counterparty is an exchange or clearing organization. The Partnership continues to be subject to such risks with respect to Wells Fargo. The Partnership’s trading will be concentrated in exchange-traded futures and options on the S&P 500 ® 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 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.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluated events that occured after the balance sheet date but before financial statements were issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Basis of Presentation and Sum16

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	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.
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. The Partnership’s investments in U.S. government securities as of September 30, 2015 consist of short term U.S. Treasury bills (“T-Bills”).
Investment Company Status	Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes :
Net Income (Loss) per unit	Net Income (Loss) Per Unit
Partnership's Fair Value Measurements	Partnership’s Fair Value Measurements.
Subsequent Events	Subsequent Events: The General Partner evaluated events that occured after the balance sheet date but before financial statements were issued. The General Partner has assessed the subsequent events through the date of issuance and has determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements.

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Financial Highlights for Each Class	Changes in net asset value per unit for each Class for the three and nine months ended September 30, 2015 and 2014 were as follows: Three Months Ended September 30, 2015 Three Months Ended September 30, 2014 Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Class A Class D Class A Class D Class A Class D Class A Class D Net realized and unrealized gains (losses) $ 11.22 $ 11.68 $ 12.97 $ 13.39 $ 84.02 $ 87.35 $ 59.71 $ 61.33 Interest Income 0.11 0.12 0.02 0.03 0.15 0.16 0.14 0.15 Expenses (20.02 ) (16.99 ) (18.05 ) (14.81 ) (54.77 ) (45.49 ) (57.62 ) (44.76 ) Increase (decrease) for the period (8.69 ) (5.19 ) (5.06 ) (1.39 ) 29.40 42.02 2.23 16.72 Net asset value per unit, beginning of period 1,196.50 1,248.22 1,186.30 1,222.24 1,158.41 1,201.01 1,179.01 1,204.13 Net asset value per unit, end of period $ 1,187.81 $ 1,243.03 $ 1,181.24 $ 1,220.85 $ 1,187.81 $ 1,243.03 $ 1,181.24 $ 1,220.85
Summary of Ratios to Average Net Assets	Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Class A Class D Class A Class D Class A Class D Class A Class C Ratios to Average Net Assets:* Net investment income (loss) (6.6 )% (5.3 )% (6.1 )% (4.9 )% (6.2 )% (5.6 )% (6.6 )% (5.2 )% Allocation to Special Limited Partner — % — % — % — % — % — % — % 0 % Net investment income (loss) before allocation to Special Limited Partner** (6.6 )% (5.3 )% (6.1 )% (4.9 )% (6.2 )% (5.6 )% (6.6 )% (5.2 )% Operating expenses 6.7 % 5.4 % 6.1 % 4.9 % 6.2 % 5.6 % 6.6 % 5.2 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total expenses 6.7 % 5.4 % 6.1 % 4.9 % 6.2 % 5.6 % 6.6 % 5.2 % Total return: Total return before allocation to Special Limited Partner (0.7 )% (0.4 )% (0.4 )% (0.1 )% 2.5 % 3.5 % 0.2 % 1.4 % Allocation to Special Limited Partner — % — % — % — % — % — % — % — % Total return after allocation to Special Limited Partner (0.7 )% (0.4 )% (0.4 )% (0.1 )% 2.5 % 3.5 % 0.2 % 1.4 % * 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)	9 Months Ended
	Sep. 30, 2015
Brokers and Dealers [Abstract]
Summary of Valuation of Partnership's Investments	The following tables summarize the valuation of the Partnership’s investments at September 30, 2015 and December 31, 2014, respectively. Gross Amounts not Offset in the Statement of Financial Condition September 30, 2015 Gross Amounts Gross Amounts Amounts Financial Cash Net Assets Options purchased $ 778,500 $ — $ 778,500 $ (778,500 ) $ — $ — Total assets 778,500 — 778,500 (778,500 ) — — Liabilities Options premium received $ (823,025 ) $ — $ (823,025 ) $ 778,500 $ — $ (44,525 ) Total liabilities (823,025 ) — (823,025 ) 778,500 — (44,525 ) Net fair value $ (44,525 ) Gross Amounts not of Financial Condition December 31, 2014 Gross Gross Amounts Amounts the Statement of Financial Cash Received/ Net Amount Assets Options purchased $ 1,724,250 $ — $ 1,724,250 $ (1,724,250 ) $ — $ — Total assets 1,724,250 — 1,724,250 (1,724,250 ) — — Liabilities Options premium received $ (2,544,813 ) $ — $ (2,544,813 ) $ 1,724,250 $ — $ (820,563 ) Total liabilities (2,544,813 ) — (2,544,813 ) 1,724,250 — (820,563 ) Net fair value $ (820,563 )
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 September 30, 2015 and December 31, 2014. September 30, 2015 Assets Options Purchased Indices $ 778,500 Total options purchased $ 778,500 * Liabilities Options Premium Received Indices $ (823,025 ) Total options premium received $ (823,025 )** * 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, 2014 Assets Options Purchased Indices $ 1,724,250 Total options purchased $ 1,724,250 * Liabilities Options Premium Received Indices $ (2,544,813 ) Total options premium received $ (2,544,813 )** * 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 and nine months ended September 30, 2015 and 2014. Three Months Ended September 30, Nine Months Ended September 30, Sector 2015 2014 2015 2014 Indices $ 965,965 $ 1,627,323 $ 8,241,105 $ 8,160,119 Total $ 965,965 *** $ 1,627,323 *** $ 8,241,105 *** $ 8,160,119 *** *** This amount is in “Total trading results” on the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	During the nine months ended September 30, 2015 and the twelve months ended December 31, 2014, there were no transfers of assets or liabilities between Level 1 and Level 2. Total September 30, 2015 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 43,989,707 $ 43,989,707 $ — $ — Options purchased 778,500 778,500 — — Total assets 44,768,207 44,768,207 — — Liabilities Options premium received $ 823,025 $ 823,025 $ — $ — Total liabilities 823,025 823,025 — — Net fair value $ 43,945,182 $ 43,945,182 $ — $ — Total December 31, 2014 Quoted Prices in Significant Other Significant Assets Options purchased $ 1,724,250 $ 1,724,250 $ — $ — Total assets 1,724,250 1,724,250 — — Liabilities Options premium received $ 2,544,813 $ 2,544,813 $ — $ — Total liabilities 2,544,813 2,544,813 — — Net fair value $ (820,563 ) $ (820,563 ) $ — $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	Apr. 01, 2015	Oct. 01, 2014	Apr. 01, 2014	Oct. 01, 2013
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of administrative fee increased		0.50%
Annual rate of administrative fee		1.00%
Class A [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee		2.00%
Class A [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of brokerage fee				0.3125%
Brokerage fees per year				3.75%
Class A [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class A [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.1667%
Ongoing selling agent fees per year	2.00%
Class A [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee	0.1667%
Maintenance fees per year	2.00%
Class A [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee			3.75%
Class A [Member] | Minimum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee			2.50%
Class D [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee		0.75%
Class D [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of brokerage fee				0.125%
Brokerage fees per year				1.50%
Class D [Member] | Credit Suisse Securities (USA) LLC [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%
Class D [Member] | Morgan Stanley Wealth Management [Member] | Continuing Services Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Selling Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee	0.0625%
Ongoing selling agent fees per year	0.75%
Class D [Member] | Robert W- Baird And Company [Member] | Customer Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of maintenance fee	0.0625%
Maintenance fees per year	0.75%
Class D [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee			1.50%
Class D [Member] | Minimum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Ongoing selling agent fee			1.25%

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Each Class (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ 11.22	$ 12.97	$ 84.02	$ 59.71
Interest Income	0.11	0.02	0.15	0.14
Expenses	(20.02)	(18.05)	(54.77)	(57.62)
Increase (decrease) for the period	(8.69)	(5.06)	29.40	2.23
Net asset value per unit, beginning of period	1,196.50	1,186.30	1,158.41	1,179.01
Net asset value per unit, end of period	1,187.81	1,181.24	1,187.81	1,181.24
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	11.68	13.39	87.35	61.33
Interest Income	0.12	0.03	0.16	0.15
Expenses	(16.99)	(14.81)	(45.49)	(44.76)
Increase (decrease) for the period	(5.19)	(1.39)	42.02	16.72
Net asset value per unit, beginning of period	1,248.22	1,222.24	1,201.01	1,204.13
Net asset value per unit, end of period	$ 1,243.03	$ 1,220.85	$ 1,243.03	$ 1,220.85

Financial Highlights - Summary

Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.60%)	(6.10%)	(6.20%)	(6.60%)
Ratios to average net assets, Net investment income (loss) before allocation to Special Limited Partner	(6.60%)	(6.10%)	(6.20%)	(6.60%)
Ratios to Average Net Assets, Operating expenses	6.70%	6.10%	6.20%	6.60%
Ratios to average net assets, Total expenses	6.70%	6.10%	6.20%	6.60%
Total return:
Total return before allocation to Special Limited Partner	(0.70%)	(0.40%)	2.50%	0.20%
Total return after allocation to Special Limited Partner	(0.70%)	(0.40%)	2.50%	0.20%
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(5.30%)	(4.90%)	(5.60%)	(5.20%)
Ratios to Average Net Assets, Allocation to Special Limited Partner				0.00%
Ratios to average net assets, Net investment income (loss) before allocation to Special Limited Partner	(5.30%)	(4.90%)	(5.60%)	(5.20%)
Ratios to Average Net Assets, Operating expenses	5.40%	4.90%	5.60%	5.20%
Ratios to Average Net Assets, Allocation to Special Limited Partner				0.00%
Ratios to average net assets, Total expenses	5.40%	4.90%	5.60%	5.20%
Total return:
Total return before allocation to Special Limited Partner	(0.40%)	(0.10%)	3.50%	1.40%
Ratios to Average Net Assets, Allocation to Special Limited Partner				0.00%
Total return after allocation to Special Limited Partner	(0.40%)	(0.10%)	3.50%	1.40%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contract	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Brokers and Dealers [Abstract]
Monthly average number of option contract traded	1,956	6,335	2,456	8,301

Trading Activities - Summary of

Trading Activities - Summary of Valuation of Partnership's Investments (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 778,500	$ 1,724,250
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	778,500	1,724,250
Financial Instruments, Assets	(778,500)	(1,724,250)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	0	0
Gross Amounts Recognized, Liabilities	(823,025)	(2,544,813)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	0	0
Amounts Presented in the Statements of Financial Condition, Liabilities	(823,025)	(2,544,813)
Financial Instruments, Liabilities	778,500	1,724,250
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(44,525)	(820,563)
Net fair value	(44,525)	(820,563)
Options Premium Received [Member]
Derivative [Line Items]
Gross Amounts Recognized, Liabilities	(823,025)	(2,544,813)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	0	0
Amounts Presented in the Statements of Financial Condition, Liabilities	(823,025)	(2,544,813)
Financial Instruments, Liabilities	778,500	1,724,250
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	(44,525)	(820,563)
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	778,500	1,724,250
Gross Amounts Offset in the Statement of Financial Condition, Assets	0	0
Amounts Presented in the Statement of Financial Condition, Assets	778,500	1,724,250
Financial Instruments, Assets	(778,500)	(1,724,250)
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	$ 0	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Options Contracts as Separate Assets and Liabilities (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Assets
Total options purchased	$ 778,500	$ 1,724,250
Liabilities
Total options premium received	(823,025)	(2,544,813)
Options Purchased Indices [Member]
Assets
Total options purchased	778,500	1,724,250
Options Purchased [Member]
Assets
Total options purchased	778,500	1,724,250
Option Premium Received Indices [Member]
Liabilities
Total options premium received	$ (823,025)	$ (2,544,813)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Summary of Investment Holdings [Line Items]
Total	$ 965,965	$ 1,627,323	$ 8,241,105	$ 8,160,119
Indices [Member]
Summary of Investment Holdings [Line Items]
Total	$ 965,965	$ 1,627,323	$ 8,241,105	$ 8,160,119

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 44,768,207	$ 1,724,250
Liabilities	823,025	2,544,813
Net fair value	43,945,182	(820,563)
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	778,500	1,724,250
Option Premium Received Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	823,025	2,544,813
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	43,989,707
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	44,768,207	1,724,250
Liabilities	823,025	2,544,813
Net fair value	43,945,182	(820,563)
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	778,500	1,724,250
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Option Premium Received Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	823,025	$ 2,544,813
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 43,989,707

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year