Managed Futures Premier Warrington 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
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		67,877.3619
Class D [Member]
Document Information [Line Items]
Entity Limited Partnership Redeemable Units Outstanding		754.6927

Statements of Financial Conditi

Statements of Financial Condition - USD ($)		Mar. 31, 2016	Dec. 31, 2015
Equity in trading account:
Cash		$ 27,275,159	$ 39,087,067
Cash margin		13,601,986	8,235,238
Options purchased, at fair value (cost $1,133,550 and $- at March 31, 2016 and December 31, 2015, respectively)		756,875
Total trading equity		41,634,020	47,322,305
Investments in U.S. government securities, at fair value (cost $41,992,315 and $42,989,200 at March 31, 2016 and December 31, 2015, respectively)		32,438
Total assets		83,644,291	90,321,212
Liabilities:
Options premium received, at fair value (premium $1,133,550 and $37,013 at March 31, 2016 and December 31, 2015, respectively)		724,437	26,475
Accrued expenses:
Ongoing selling agent fees		136,673	148,950
Advisory fees		137,100	149,395
Administrative fees		68,550	74,697
Other		188,996	173,675
Redemptions payable		1,299,717	1,417,965
Total liabilities		2,555,473	1,991,157
Partners' Capital:
Total partners' capital		81,088,818	88,330,055
Total liabilities and partners' capital		83,644,291	90,321,212
U.S. Government Securities [Member]
Equity in trading account:
Investments in U.S. government securities, at fair value (cost $41,992,315 and $42,989,200 at March 31, 2016 and December 31, 2015, respectively)		42,010,271	42,998,907
Class A [Member]
Partners' Capital:
Limited Partners		79,830,115	87,057,316
Total partners' capital		$ 79,830,115	$ 87,057,316
Net asset value per unit:
Net asset value per unit		$ 1,163.63	$ 1,183.23
Class D [Member]
Partners' Capital:
Limited Partners		$ 924,794	$ 937,431
Total partners' capital		$ 924,794	$ 937,431
Net asset value per unit:
Net asset value per unit		$ 1,225.39	$ 1,242.14
Class GP [Member]
Partners' Capital:
General Partner, Class GP, (325.0000 and 325.0000 unit equivalents outstanding at March 31, 2016 and December 31, 2015, respectively)		$ 333,909	$ 335,308
Total partners' capital	[1]	$ 333,909	$ 335,308
Net asset value per unit:
Net asset value per unit		$ 1,027.41	$ 1,031.72
[1]	Class GP commenced on May 1, 2015 (325.0000 shares).

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Cost of options purchased	$ 1,133,550
Premium value	1,133,550	$ 37,013
U.S. Government Securities [Member]
Cost of investments in U.S. government securities	$ 41,992,315	$ 42,989,200
Class A [Member]
Limited Partners Redeemable units outstanding	68,604.4732	73,575.7548
Class D [Member]
Limited Partners Redeemable units outstanding	754.6927	754.6927
Class GP [Member]
General Partner unit equivalents outstanding	325	325

Condensed Schedule of Investmen

Condensed Schedule of Investments	Mar. 31, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Schedule of Investments [Line Items]
Fair Value	$ 32,438
% of Partners' Capital	0.04%
Put Option [Member] | Put Options Purchased [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	346
Fair Value	$ 756,875
% of Partners' Capital	0.93%
Put Option [Member] | Call or Put Options Premium Received [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,384
Fair Value	$ (724,437)
% of Partners' Capital	(0.89%)
Options Purchased Indices [Member] | Put Options Purchased [Member]
Schedule of Investments [Line Items]
Fair Value	$ 756,875
% of Partners' Capital	0.93%
Call Option [Member] | Call or Put Options Premium Received [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract		843
Fair Value		$ (26,475)
% of Partners' Capital		(0.03%)
Options Premium Received Indices [Member] | Call or Put Options Premium Received [Member]
Schedule of Investments [Line Items]
Fair Value	$ (724,437)	$ (26,475)
% of Partners' Capital	(0.89%)	(0.03%)
United States Government Treasury Bills [Member]
Schedule of Investments [Line Items]
Fair Value	$ 42,010,271	$ 42,998,907
% of Partners' Capital	51.81%	48.68%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due May 5, 2016 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,011,600	$ 11,011,600
Fair Value	$ 11,008,388	$ 11,000,038
% of Partners' Capital	13.58%	12.45%
United States Government Treasury Bills [Member] | Treasury Bill 0% due June 23, 2016 [Member]
Schedule of Investments [Line Items]
Face Value	$ 10,000,000
Fair Value	$ 9,991,484
% of Partners' Capital	12.32%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due July 28, 2016 [Member]
Schedule of Investments [Line Items]
Face Value	$ 10,016,300
Fair Value	$ 10,003,056
% of Partners' Capital	12.34%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due August 18, 2016 [Member]
Schedule of Investments [Line Items]
Face Value	$ 11,021,600
Fair Value	$ 11,007,343
% of Partners' Capital	13.57%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due January 28, 2016 [Member]
Schedule of Investments [Line Items]
Face Value		$ 11,000,000
Fair Value		$ 10,998,809
% of Partners' Capital		12.45%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due March 3, 2016 [Member]
Schedule of Investments [Line Items]
Face Value		$ 10,000,000
Fair Value		$ 9,998,425
% of Partners' Capital		11.32%
United States Government Treasury Bills [Member] | Treasury Bill 0% Due March 31, 2016 [Member]
Schedule of Investments [Line Items]
Face Value		$ 11,007,200
Fair Value		$ 11,001,635
% of Partners' Capital		12.46%

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - United States Government Treasury Bills [Member] - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Schedule of Investments [Line Items]
Cost of investments in U.S. government securities	$ 41,992,315	$ 42,989,200
Treasury Bill 0% Due May 5, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	May 5, 2016	May 5, 2016
Investment, Interest rate	0.00%	0.00%
Treasury Bill 0% due June 23, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jun. 23, 2016
Investment, Interest rate	0.00%
Treasury Bill 0% Due July 28, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Jul. 28, 2016
Investment, Interest rate	0.00%
Treasury Bill 0% Due August 18, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date	Aug. 18, 2016
Investment, Interest rate	0.00%
Treasury Bill 0% Due January 28, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Jan. 28, 2016
Investment, Interest rate		0.00%
Treasury Bill 0% Due March 3, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 3, 2016
Investment, Interest rate		0.00%
Treasury Bill 0% Due March 31, 2016 [Member]
Schedule of Investments [Line Items]
Investment, Maturity date		Mar. 31, 2016
Investment, Interest rate		0.00%

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2016	Mar. 31, 2015
Investment Income:
Interest income		$ 41,406	$ 2,234
Expenses:
Ongoing selling agent fees		427,201	619,313
Clearing fees		124,045	203,513
Advisory fees		428,383	641,341
Administrative fees		214,191	320,670
Other		98,950	53,435
Total expenses		1,292,770	1,838,272
Net investment income (loss)		(1,251,364)	(1,836,038)
Net gains (losses) on trading of commodity interests:
Net realized gains on closed contracts		(193,113)	4,824,068
Change in net unrealized gains (losses) on open contracts		21,900	326,563
Total trading results		(171,213)	5,150,631
Net income (loss)		(1,422,577)	3,314,593
Net income (loss) allocation by class:
Net income (loss)		(1,422,577)	3,314,593
Class A [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		(1,408,541)	3,095,241
Net income (loss) allocation by class:
Net income (loss)		$ (1,408,541)	$ 3,095,241
Net asset value per unit
Net asset value per unit		$ 1,163.63	$ 1,188.59
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (19.60)	$ 30.18
Weighted average units outstanding
Weighted average units outstanding		72,210.2082	102,176.0706
Class D [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)		$ (12,637)	$ 219,352
Net income (loss) allocation by class:
Net income (loss)		$ (12,637)	$ 219,352
Net asset value per unit
Net asset value per unit		$ 1,225.39	$ 1,236.17
Net income (loss) per unit
Net income (loss) per unit	[1]	$ (16.75)	$ 35.16
Weighted average units outstanding
Weighted average units outstanding		754.6927	6,213.0957
Class GP [Member]
Net gains (losses) on trading of commodity interests:
Net income (loss)	[2]	$ (1,399)
Net income (loss) allocation by class:
Net income (loss)	[2]	$ (1,399)
Net asset value per unit
Net asset value per unit		$ 1,027.41
Net income (loss) per unit
Net income (loss) per unit	[2]	$ (4.31)
Weighted average units outstanding
Weighted average units outstanding	[2]	325
[1]	Based on the change in net asset value per unit.
[2]	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
		Mar. 31, 2016	Mar. 31, 2015
Class A [Member]
Units outstanding		68,604.4732	90,373.8079
Weighted average units outstanding		72,210.2082	102,176.0706
Class D [Member]
Units outstanding		754.6927	907.2240
Weighted average units outstanding		754.6927	6,213.0957
Class GP [Member]
Units outstanding		325	0
Weighted average units outstanding	[1]	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]
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	114,837.79			108,542.74		6,295.05
Net income (loss)	$ 3,314,593			$ 3,095,241		$ 219,352
Redemptions, amount		$ (26,547,565)	$ (1,525,629)		$ (21,414,887)		$ (5,132,678)	$ (1,525,629)
Redemptions, units		(22,321.02)	(1,235.74)		(18,168.94)		(4,152.08)	(1,235.74)
Partners' capital, amount, ending balance at Mar. 31, 2015	$ 108,538,770			$ 107,417,316		$ 1,121,454
Partners' capital, units, ending balance at Mar. 31, 2015	91,281.03			90,373.80		907.23
Partners' capital, amount, beginning balance at Dec. 31, 2015	$ 88,330,055			$ 87,057,316		$ 937,431			$ 335,308
Partners' capital, units, beginning balance at Dec. 31, 2015	74,655.44			73,575.75		754.69			325
Net income (loss)	$ (1,422,577)			$ (1,408,541)		$ (12,637)			$ (1,399)
Redemptions, amount		$ (5,818,660)			$ (5,818,660)
Redemptions, units		(4,971.28)			(4,971.28)
Partners' capital, amount, ending balance at Mar. 31, 2016	$ 81,088,818			$ 79,830,115		$ 924,794			$ 333,909
Partners' capital, units, ending balance at Mar. 31, 2016	69,684.16			68,604.47		754.69			325
[1]	Class GP commenced on May 1, 2015 (325.0000 shares).

Organization

Organization	3 Months Ended
	Mar. 31, 2016
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 and currencies. 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 March 31, 2016. 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 three months ended March 31, 2016, 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. Prior to April 1, 2015, 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. As of April 1, 2015, the Partnership maintains a continuing services agreement with Morgan Stanley Smith Barney LLC (d/b/a 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	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2016 and December 31, 2015, the results of its operations for the three months ended March 31, 2016 and 2015 and changes in partners’ capital for the three months ended March 31, 2016 and 2015. 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 as of and for the year ended December 31, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. 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 months ended March 31, 2016, the Partnership engaged in such trading through commodity brokerage accounts maintained with 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 March 31, 2016 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 : There have been no changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K as of and for the year ended December 31, 2015.

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for each Limited Partner Class for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Class A Class D Class A Class D Net realized and unrealized gains (losses) $ (2.43 ) $ (2.55 ) $ 47.29 $ 49.10 Interest Income 0.57 0.60 0.03 0.03 Expenses (17.74 ) (14.80 ) (17.14 ) (13.97 ) Increase (decrease) for the period (19.60 ) (16.75 ) 30.18 35.16 Net asset value per unit, beginning of period 1,183.23 1,242.14 1,158.41 1,201.01 Net asset value per unit, end of period $ 1,163.63 $ 1,225.39 $ 1,188.59 $ 1,236.17 Three Months March 31, 2016 Three Months March 31, 2015 Class A Class D Class A Class D*** Ratios to Average Net Assets:* Net investment income (loss)** (6.0 )% (4.6 )% (6.1 )% (4.7 )% Operating expenses 6.2 % 4.8 % 6.1 % 4.7 % Allocation to Special Limited Partner — % — % — % — % Total expenses 6.2 % 4.8 % 6.1 % 4.7 % Total return: Total return before allocation to Special Limited Partner (1.7 )% (1.4 )% 2.6 % 2.9 % Allocation to Special Limited Partner — % — % — % — % Total return after allocation to Special Limited Partner (1.7 )% (1.4 )% 2.6 % 2.9 % * Annualized (except allocation to Special Limited Partner, if applicable). ** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable). *** Calculated based on net asset value per unit prior to March 31, 2015 redemptions. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios and total return 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, 2016
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 Accounting Standards Codification 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 put and call option contracts held during the three months ended March 31, 2016 and 2015 were 1,978 and 2,765, respectively. The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at March 31, 2016 and December 31, 2015, respectively. Gross Amounts not Offset in the Statement of Financial Condition March 31, 2016 Gross Amounts Gross Amounts Amounts Financial Cash Net Assets Options purchased $ 756,875 $ — $ 756,875 $ (724,437 ) $ — $ 32,438 Total assets 756,875 — 756,875 (724,437 ) — 32,438 Liabilities Options premium received $ (724,437 ) $ — $ (724,437 ) $ 724,437 $ — $ — Total liabilities (724,437 ) — (724,437 ) 724,437 — — Net fair value $ 32,438 Gross Amounts not of Financial Condition December 31, 2015 Gross Gross Amounts Amounts the Statement Financial Cash Received/ Net Amount Liabilities Options premium received $ (26,475 ) $ — $ (26,475 ) $ — $ — $ (26,475 ) Total liabilities (26,475 ) — (26,475 ) — — (26,475 ) Net fair value $ (26,475 ) 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, 2016 and December 31, 2015. March 31, 2016 Assets Options Purchased Indices $ 756,875 Total options purchased $ 756,875 * Liabilities Options Premium Received Indices $ (724,437 ) Total options premium received $ (724,437 )** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Options premium received, at fair value” on the Statement of Financial Condition. December 31, 2015 Assets Options Purchased Indices $ — Total options purchased $ — * Liabilities Options Premium Received Indices $ (26,475 ) Total options premium received $ (26,475 )** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Options premium received, at fair value” on the Statement 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, 2016 and 2015. Three Months Ended March 31, Sector 2016 2015 Indices $ (171,213 ) $ 5,150,631 Total $ (171,213 )*** $ 5,150,631 *** *** This amount is included in “Total trading results” on the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2016
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 futures 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, 2016 and December 31, 2015, 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 three months ended March 31, 2016 and the twelve months ended December 31, 2015, there were no transfers of assets or liabilities between Level 1 and Level 2. Total March 31, 2016 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 42,010,271 $ — $ 42,010,271 $ — Options purchased 756,875 756,875 — — Total assets 42,767,146 756,875 42,010,271 — Liabilities Options premium received $ 724,437 $ 724,437 $ — $ — Total liabilities 724,437 724,437 — — Net fair value $ 42,042,709 $ 32,438 $ 42,010,271 $ — Total December 31, 2015 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 42,998,907 $ — $ 42,998,907 $ — Options purchased — — — — Total assets 42,998,907 — 42,998,907 — Liabilities Options premium received $ 26,475 $ 26,475 $ — $ — Total liabilities 26,475 26,475 — — Net fair value $ 42,972,432 $ (26,475 ) $ 42,998,907 $ —

Financial Instrument Risks

Financial Instrument Risks	3 Months Ended
	Mar. 31, 2016
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 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	3 Months Ended
	Mar. 31, 2016
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)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 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 :
Partnership's Fair Value Measurements	Partnership’s Fair Value Measurements.

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Financial Highlights for Each Limited Partner Class	Financial highlights for each Limited Partner Class for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 Class A Class D Class A Class D Net realized and unrealized gains (losses) $ (2.43 ) $ (2.55 ) $ 47.29 $ 49.10 Interest Income 0.57 0.60 0.03 0.03 Expenses (17.74 ) (14.80 ) (17.14 ) (13.97 ) Increase (decrease) for the period (19.60 ) (16.75 ) 30.18 35.16 Net asset value per unit, beginning of period 1,183.23 1,242.14 1,158.41 1,201.01 Net asset value per unit, end of period $ 1,163.63 $ 1,225.39 $ 1,188.59 $ 1,236.17
Summary of Ratios to Average Net Assets	Three Months March 31, 2016 Three Months March 31, 2015 Class A Class D Class A Class D*** Ratios to Average Net Assets:* Net investment income (loss)** (6.0 )% (4.6 )% (6.1 )% (4.7 )% Operating expenses 6.2 % 4.8 % 6.1 % 4.7 % Allocation to Special Limited Partner — % — % — % — % Total expenses 6.2 % 4.8 % 6.1 % 4.7 % Total return: Total return before allocation to Special Limited Partner (1.7 )% (1.4 )% 2.6 % 2.9 % Allocation to Special Limited Partner — % — % — % — % Total return after allocation to Special Limited Partner (1.7 )% (1.4 )% 2.6 % 2.9 % * Annualized (except allocation to Special Limited Partner, if applicable). ** Interest income less total expenses (exclusive of allocation to Special Limited Partner, if applicable). *** Calculated based on net asset value per unit prior to March 31, 2015 redemptions.

Trading Activities (Tables)

Trading Activities (Tables)	3 Months Ended
	Mar. 31, 2016
Brokers and Dealers [Abstract]
Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition	The following tables present the gross and net information about investments eligible for offset in the Statements of Financial Condition at March 31, 2016 and December 31, 2015, respectively. Gross Amounts not Offset in the Statement of Financial Condition March 31, 2016 Gross Amounts Gross Amounts Amounts Financial Cash Net Assets Options purchased $ 756,875 $ — $ 756,875 $ (724,437 ) $ — $ 32,438 Total assets 756,875 — 756,875 (724,437 ) — 32,438 Liabilities Options premium received $ (724,437 ) $ — $ (724,437 ) $ 724,437 $ — $ — Total liabilities (724,437 ) — (724,437 ) 724,437 — — Net fair value $ 32,438 Gross Amounts not of Financial Condition December 31, 2015 Gross Gross Amounts Amounts the Statement Financial Cash Received/ Net Amount Liabilities Options premium received $ (26,475 ) $ — $ (26,475 ) $ — $ — $ (26,475 ) Total liabilities (26,475 ) — (26,475 ) — — (26,475 ) Net fair value $ (26,475 )
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, 2016 and December 31, 2015. March 31, 2016 Assets Options Purchased Indices $ 756,875 Total options purchased $ 756,875 * Liabilities Options Premium Received Indices $ (724,437 ) Total options premium received $ (724,437 )** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Options premium received, at fair value” on the Statement of Financial Condition. December 31, 2015 Assets Options Purchased Indices $ — Total options purchased $ — * Liabilities Options Premium Received Indices $ (26,475 ) Total options premium received $ (26,475 )** * This amount is in “Options purchased, at fair value” on the Statement of Financial Condition. ** This amount is in “Options premium received, at fair value” on the Statement 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, 2016 and 2015. Three Months Ended March 31, Sector 2016 2015 Indices $ (171,213 ) $ 5,150,631 Total $ (171,213 )*** $ 5,150,631 *** *** This amount is included in “Total trading results” on the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs	During the three months ended March 31, 2016 and the twelve months ended December 31, 2015, there were no transfers of assets or liabilities between Level 1 and Level 2. Total March 31, 2016 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 42,010,271 $ — $ 42,010,271 $ — Options purchased 756,875 756,875 — — Total assets 42,767,146 756,875 42,010,271 — Liabilities Options premium received $ 724,437 $ 724,437 $ — $ — Total liabilities 724,437 724,437 — — Net fair value $ 42,042,709 $ 32,438 $ 42,010,271 $ — Total December 31, 2015 Quoted Prices in Significant Other Significant Assets Investments in U.S. government securities, at fair value $ 42,998,907 $ — $ 42,998,907 $ — Options purchased — — — — Total assets 42,998,907 — 42,998,907 — Liabilities Options premium received $ 26,475 $ 26,475 $ — $ — Total liabilities 26,475 26,475 — — Net fair value $ 42,972,432 $ (26,475 ) $ 42,998,907 $ —

Organization - Additional Infor

Organization - Additional Information (Detail)	Apr. 01, 2015
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 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%

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	May. 31, 2016	Mar. 31, 2016
Accounting Policy [Line Items]
Provision for income tax		$ 0
Maximum [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination	2,015
Minimum [Member]
Accounting Policy [Line Items]
Tax years remain subject to examination		2,012

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights for Each Limited Partner Class (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class A [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	$ (2.43)	$ 47.29
Interest Income	0.57	0.03
Expenses	(17.74)	(17.14)
Increase (decrease) for the period	(19.60)	30.18
Net asset value per unit, beginning of period	1,183.23	1,158.41
Net asset value per unit, end of period	1,163.63	1,188.59
Class D [Member]
Class of Stock [Line Items]
Net realized and unrealized gains (losses)	(2.55)	49.10
Interest Income	0.60	0.03
Expenses	(14.80)	(13.97)
Increase (decrease) for the period	(16.75)	35.16
Net asset value per unit, beginning of period	1,242.14	1,201.01
Net asset value per unit, end of period	$ 1,225.39	$ 1,236.17

Financial Highlights - Summary

Financial Highlights - Summary of Ratios to Average Net Assets (Detail)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Class A [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(6.00%)	(6.10%)
Ratios to Average Net Assets, Operating expenses	6.20%	6.10%
Ratios to Average Net Assets, Allocation to Special Limited Partner	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	6.20%	6.10%
Total return:
Total return before allocation to Special Limited Partner	(1.70%)	2.60%
Ratios to Average Net Assets, Allocation to Special Limited Partner	0.00%	0.00%
Total return after allocation to Special Limited Partner	(1.70%)	2.60%
Class D [Member]
Ratios to Average Net Assets:
Ratios to Average Net Assets, Net investment income (loss)	(4.60%)	(4.70%)
Ratios to Average Net Assets, Operating expenses	4.80%	4.70%
Ratios to Average Net Assets, Allocation to Special Limited Partner	0.00%	0.00%
Ratios to Average Net Assets, Total expenses	4.80%	4.70%
Total return:
Total return before allocation to Special Limited Partner	(1.40%)	2.90%
Ratios to Average Net Assets, Allocation to Special Limited Partner	0.00%	0.00%
Total return after allocation to Special Limited Partner	(1.40%)	2.90%

Trading Activities - Additional

Trading Activities - Additional Information (Detail) - Contract	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Brokers and Dealers [Abstract]
Monthly average number of put and call option contract held	1,978	2,765

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Information about Investments Eligible for Offset in Statements of Financial Condition (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 756,875
Gross Amounts Offset in the Statement of Financial Condition, Assets	(724,437)	$ (26,475)
Amounts Presented in the Statement of Financial Condition, Assets	756,875
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Financial Instruments, Assets	(724,437)
Amounts Presented in the Statement of Financial Condition, Liabilities	(724,437)	(26,475)
Cash Collateral Received/Pledged, Assets	0
Financial Instruments, Liabilities	724,437
Net Amount, Assets	32,438
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities		(26,475)
Net fair value	32,438	(26,475)
Options Premium Received [Member]
Derivative [Line Items]
Gross Amounts Offset in the Statement of Financial Condition, Assets	(724,437)	(26,475)
Gross Amounts Offset in the Statement of Financial Condition, Liabilities	0	0
Amounts Presented in the Statement of Financial Condition, Liabilities	(724,437)	(26,475)
Financial Instruments, Liabilities	724,437
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities		$ (26,475)
Options Purchased [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	756,875
Amounts Presented in the Statement of Financial Condition, Assets	756,875
Financial Instruments, Assets	(724,437)
Cash Collateral Received/Pledged, Assets	0
Net Amount, Assets	$ 32,438

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, 2016	Dec. 31, 2015
Options Purchased Indices [Member]
Assets
Total options purchased	$ 756,875
Options Purchased [Member]
Assets
Total options purchased	756,875
Options Premium Received Indices [Member]
Liabilities
Total options premium received	(724,437)	$ (26,475)
Options Premium Received [Member]
Liabilities
Total options premium received	$ (724,437)	$ (26,475)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Summary of Investment Holdings [Line Items]
Total	$ (171,213)	$ 5,150,631
Indices [Member]
Summary of Investment Holdings [Line Items]
Total	$ (171,213)	$ 5,150,631

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Fair Value of Assets and Liabilities Using Unobservable Inputs (Detail) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 42,767,146	$ 42,998,907
Liabilities	724,437	26,475
Net fair value	42,042,709	42,972,432
Options Purchased Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	756,875
Options Premium Received Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	724,437	26,475
U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	42,010,271	42,998,907
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	756,875
Liabilities	724,437	26,475
Net fair value	32,438	(26,475)
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	756,875
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Options Premium Received Indices [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities	724,437	26,475
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	42,010,271	42,998,907
Net fair value	42,010,271	42,998,907
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 42,010,271	$ 42,998,907

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Maximum maturity period of financial instruments	1 year