Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 29, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ABFF | ||
Entity Registrant Name | MANAGED FUTURES PREMIER ABINGDON L.P. | ||
Entity Central Index Key | 1,386,164 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Redeemable Units of Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 151,018.6532 | ||
Entity Public Float | $ 195,678,812 | ||
Redeemable Units of Class D [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 14,179.1386 | ||
Entity Public Float | 17,484,164 | ||
Redeemable Units of Class Z [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 431.6102 | ||
Entity Public Float | $ 538,221 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Assets: | ||
Investment in Master, at fair value (Note 1) | $ 234,617,857 | $ 208,372,534 |
Cash (Note 3c) | 329,610 | 278,648 |
Total assets | 234,947,467 | 208,651,182 |
Accrued expenses: | ||
Ongoing selling agent fees (Note 3c) | 367,700 | 318,934 |
Management fees (Note 3b) | 292,913 | 252,736 |
General Partner fees (Note 3a) | 195,275 | 168,491 |
Incentive fees (Note 3b) | 5,973,502 | |
Professional fees | 249,711 | 169,938 |
Redemptions payable to Limited Partners (Note 6) | 8,142,717 | 702,292 |
Total liabilities | 9,248,316 | 7,585,893 |
Partners' Capital: (Notes 1 and 6) | ||
Total partners' capital | 225,699,151 | 201,065,289 |
Total liabilities and partners' capital | 234,947,467 | 208,651,182 |
Class A [Member] | ||
Partners' Capital: (Notes 1 and 6) | ||
Limited Partners | 204,669,817 | 184,633,894 |
Total partners' capital | $ 204,669,817 | $ 184,633,894 |
Net asset value per Redeemable Unit | $ 1,351.03 | $ 1,379.28 |
Class D [Member] | ||
Partners' Capital: (Notes 1 and 6) | ||
Limited Partners | $ 18,010,427 | $ 13,739,779 |
Total partners' capital | $ 18,010,427 | $ 13,739,779 |
Net asset value per Redeemable Unit | $ 1,270.21 | $ 1,280.58 |
Class Z [Member] | ||
Partners' Capital: (Notes 1 and 6) | ||
General Partner | $ 2,462,400 | $ 2,183,984 |
Limited Partners | 556,507 | 507,632 |
Total partners' capital | $ 3,018,907 | $ 2,691,616 |
Net asset value per Redeemable Unit | $ 1,289.37 | $ 1,290.15 |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Class A [Member] | ||
General Partner capital, Redeemable Units outstanding | 0 | 0 |
Limited Partners capital, Redeemable Units outstanding | 151,491.9322 | 133,862.9462 |
Class D [Member] | ||
General Partner capital, Redeemable Units outstanding | 0 | 0 |
Limited Partners capital, Redeemable Units outstanding | 14,179.1386 | 10,729.3656 |
Class Z [Member] | ||
General Partner capital, Redeemable Units outstanding | 1,909.7640 | 1,692.8140 |
Limited Partners capital, Redeemable Units outstanding | 431.6102 | 393.4672 |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Income: | ||||
Interest income allocated from Master (Note 3c) | $ 53,655 | $ 27,935 | $ 61,332 | |
Expenses: | ||||
Expenses allocated from Master | 318,238 | 287,459 | 297,491 | |
Ongoing selling agent fees (Note 3c) | 4,237,214 | 5,194,483 | 9,145,329 | |
Management fees (Note 3b) | 3,375,788 | 2,813,308 | 3,174,889 | |
General Partner fees (Note 3a) | 2,250,527 | 1,181,439 | 1,058,297 | |
Incentive fees (Note 3b) | 3,535,100 | 6,899,734 | ||
Professional fees | 464,422 | 213,420 | 300,437 | |
Total expenses | 14,181,289 | 16,589,843 | 13,976,443 | |
Net investment income (loss) | (14,127,634) | (16,561,908) | (13,915,111) | |
Trading results: | ||||
Net realized gains (losses) on closed contracts allocated from Master | 17,755,035 | 50,485,166 | 23,810,242 | |
Net change in unrealized gains (losses) on open contracts allocated from Master | (9,065,888) | (1,879,501) | 6,588,404 | |
Total trading results | 8,689,147 | 48,605,665 | 30,398,646 | |
Net income (loss) | (5,438,487) | 32,043,757 | 16,483,535 | |
Net income (loss) allocation by Class: | ||||
Net income (loss) allocated from Master | (5,438,487) | 32,043,757 | 16,483,535 | |
Class A [Member] | ||||
Trading results: | ||||
Net income (loss) | (4,966,426) | 29,673,748 | 14,932,283 | |
Net income (loss) allocation by Class: | ||||
Net income (loss) allocated from Master | $ (4,966,426) | $ 29,673,748 | $ 14,932,283 | |
Net income (loss) per Redeemable Unit (Note 7) | ||||
Net income (loss) per Redeemable Unit | [1] | $ (28.25) | $ 219.67 | $ 84.55 |
Weighted average Redeemable Units outstanding | ||||
Weighted average Redeemable Units outstanding | 148,065.7209 | 143,246.6293 | 176,759.7197 | |
Class D [Member] | ||||
Trading results: | ||||
Net income (loss) | $ (449,352) | $ 1,841,302 | $ 1,217,600 | |
Net income (loss) allocation by Class: | ||||
Net income (loss) allocated from Master | $ (449,352) | $ 1,841,302 | $ 1,217,600 | |
Net income (loss) per Redeemable Unit (Note 7) | ||||
Net income (loss) per Redeemable Unit | [1] | $ (10.37) | $ 221.03 | $ 102.79 |
Weighted average Redeemable Units outstanding | ||||
Weighted average Redeemable Units outstanding | 13,330.4439 | 9,334.2889 | 11,909.7548 | |
Class Z [Member] | ||||
Trading results: | ||||
Net income (loss) | $ (22,709) | $ 528,707 | $ 333,652 | |
Net income (loss) allocation by Class: | ||||
Net income (loss) allocated from Master | $ (22,709) | $ 528,707 | $ 333,652 | |
Net income (loss) per Redeemable Unit (Note 7) | ||||
Net income (loss) per Redeemable Unit | [1] | $ (0.78) | $ 230.66 | $ 109.95 |
Weighted average Redeemable Units outstanding | ||||
Weighted average Redeemable Units outstanding | 2,271.2438 | 2,543.2260 | 3,152.3475 | |
[1] | Represents the change in net asset value per Redeemable Unit. |
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 Z [Member] | Class Z [Member]Limited Partners [Member] | Class Z [Member]General Partner [Member] |
Net asset value per Redeemable Unit | $ 1,075.06 | $ 956.76 | $ 949.54 | |||||||
Balance, value at Dec. 31, 2012 | $ 205,586,966 | $ 192,728,746 | $ 9,842,846 | $ 3,015,374 | ||||||
Subscriptions, value | $ 47,084,292 | $ 43,972,521 | $ 3,051,148 | $ 60,623 | ||||||
Balance, redeemable units at Dec. 31, 2012 | 192,736.3100 | 179,273.0292 | 10,287.6586 | 3,175.6222 | ||||||
Subscriptions, redeemable units | 42,906.704 | 39,818.857 | 3,030.759 | 57.088 | ||||||
Net income (loss) | $ 16,483,535 | $ 14,932,283 | $ 1,217,600 | $ 333,652 | ||||||
Redemptions, value | $ (65,552,490) | $ (200,824) | $ (65,360,235) | $ (192,255) | $ (200,824) | |||||
Redemptions, redeemable units | (58,642.526) | (200) | (58,457.018) | (185.508) | (200) | |||||
Balance, value at Dec. 31, 2013 | $ 203,401,479 | $ 186,273,315 | $ 14,111,594 | $ 3,016,570 | ||||||
Balance, redeemable units at Dec. 31, 2013 | 176,800.4880 | 160,634.8682 | 13,318.4176 | 2,847.2022 | ||||||
Net asset value per Redeemable Unit | $ 1,159.61 | $ 1,159.61 | $ 1,059.55 | $ 1,059.55 | $ 1,059.49 | $ 1,059.49 | ||||
Subscriptions, value | $ 23,280,332 | $ 20,181,812 | $ 3,098,520 | |||||||
Subscriptions, redeemable units | 19,306.295 | 16,861.574 | 2,444.721 | |||||||
Net income (loss) | $ 32,043,757 | $ 29,673,748 | $ 1,841,302 | $ 528,707 | ||||||
Redemptions, value | $ (56,958,787) | $ (701,492) | $ (51,494,981) | $ (5,311,637) | $ (152,169) | $ (701,492) | ||||
Redemptions, redeemable units | (48,812.097) | (616.093) | (43,633.496) | (5,033.773) | (144.828) | (616.093) | ||||
Balance, value at Dec. 31, 2014 | $ 201,065,289 | $ 184,633,894 | $ 13,739,779 | $ 2,691,616 | ||||||
Balance, redeemable units at Dec. 31, 2014 | 146,678.5930 | 133,862.9462 | 10,729.3656 | 2,086.2812 | ||||||
Net asset value per Redeemable Unit | $ 1,379.28 | $ 1,379.28 | $ 1,280.58 | $ 1,280.58 | $ 1,290.15 | $ 1,290.15 | ||||
Subscriptions, value | $ 56,508,630 | $ 300,000 | $ 51,738,630 | $ 4,720,000 | $ 50,000 | $ 300,000 | ||||
Subscriptions, redeemable units | 40,745.690 | 216.95 | 37,257.774 | 3,449.773 | 38.143 | 216.95 | ||||
Net income (loss) | $ (5,438,487) | $ (4,966,426) | $ (449,352) | $ (22,709) | ||||||
Redemptions, value | $ (26,736,281) | $ (26,736,281) | ||||||||
Redemptions, redeemable units | (19,628.788) | (19,628.788) | ||||||||
Balance, value at Dec. 31, 2015 | $ 225,699,151 | $ 204,669,817 | $ 18,010,427 | $ 3,018,907 | ||||||
Balance, redeemable units at Dec. 31, 2015 | 168,012.4450 | 151,491.9322 | 14,179.1386 | 2,341.3742 | ||||||
Net asset value per Redeemable Unit | $ 1,351.03 | $ 1,351.03 | $ 1,270.21 | $ 1,270.21 | $ 1,289.37 | $ 1,289.37 |
Partnership Organization
Partnership Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Partnership Organization | 1. Partnership Organization: Managed Futures Premier Abingdon L.P. (the “Partnership”) is a limited partnership organized on November 8, 2005, under the partnership laws of the State of New York, to engage, directly or indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. interest rates, livestock, lumber, metals and softs. The Partnership commenced trading on February 1, 2007. The commodity interests that are indirectly traded by the Partnership through its investment in CMF Winton Master L.P. (the “Master”) are volatile and involve a high degree of market risk. The General Partner (defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership privately and continuously offers redeemable units in the Partnership (“Redeemable Units”) to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is wholly owned by Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to June 28, 2013, Morgan Stanley indirectly owned a majority equity interest in MSSB Holdings and Citigroup Inc. indirectly owned a minority equity interest in MSSB Holdings. Prior to July 31, 2009, the date as of which MSSB Holdings became its owner, the General Partner was wholly owned by Citigroup Financial Products Inc., a wholly owned subsidiary of Citigroup Global Markets Holdings Inc., the sole owner of which is Citigroup Inc. All trading decisions for the Partnership are made by Winton Capital Management Limited (the “Advisor”). During the years ended December 31, 2015 and 2014, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During a prior period included in this report, Citigroup Global Markets Inc. (“CGM”) also served as a commodity broker. On February 1, 2007, the Partnership allocated substantially all of its capital to the Master, a limited partnership organized under the partnership laws of the state of New York, having the same investment objective as the Partnership. The Partnership purchased 9,017.0917 Redeemable Units of the Master with cash equal to $12,945,000. The Master permits accounts managed by the Advisor using the Winton Futures Program (formerly, the Winton Diversified Program, as applied without equities), the Advisor’s proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of the Master. Individual and pooled accounts currently managed by the Advisor, including the Partnership, are permitted to be limited partners of the Master. The General Partner and the Advisor believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. Expenses to investors as a result of the investment in the Master are approximately the same as if the Partnership traded directly, and redemption rights are not affected. The General Partner and the Advisor agreed that the Advisor will trade the Partnership’s assets allocated to the Advisor at a level that is up to 1.5 times the amount of assets allocated. A limited partner in the Master may withdraw all or part of its capital contribution and undistributed profits, if any, from the Master as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner in the Master elects to redeem and informs the Master. On April 1, 2011, the Partnership began offering “Class A” Redeemable Units, “Class D” Redeemable Units and “Class Z” Redeemable Units pursuant to the offering memorandum. All Redeemable Units issued prior to April 1, 2011 were deemed Class A Redeemable Units. The rights, liabilities, risks, and fees associated with investment in the Class A Redeemable Units did not change. “Class D” Redeemable Units and “Class Z” Redeemable Units were first issued on April 1, 2011 and August 1, 2011, respectively. Class A, Class D and Class Z 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 upon a subscription will generally depend upon the amount invested in the Partnership or the status of the limited partner, although the General Partner may determine to offer any Class of Redeemable Units to investors at its discretion. Class Z Redeemable Units are offered to certain employees of Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) and its affiliates (and their family members). Class A Redeemable Units, Class D Redeemable Units, and Class Z Redeemable Units are identical, except that Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12th of 0.75% (a 0.75% annual rate) of the net assets of Class D as of the end of each month, which differs from the Class A monthly ongoing selling agent fee of 1/12th of 2.00% (a 2.00% annual rate) of the net assets of Class A as of the end of each month. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee. The financial statements of the Master, including the Condensed Schedules of Investments, are contained elsewhere in this report and should be read together with the Partnership’s financial statements. As of December 31, 2015 and 2014, the Partnership owned approximately 38.9% and 29.9% of the Master, respectively. The Partnership intends to continue to invest substantially all of its assets in the Master. The performance of the Partnership is directly affected by the performance of the Master. The General Partner and each limited partner share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of their capital contributions and profits, if any, net of distributions or redemptions and losses, if any. The Partnership will be liquidated upon the first to occur of the following: December 31, 2025; when the net asset value per Redeemable Unit for any class decreases to less than $400 as of the close of business on any business day; or under certain circumstances as set forth in the limited partnership agreement of the Partnership (the “Limited Partnership Agreement”). In addition, the General Partner may, in its sole discretion, cause the Partnership to dissolve if the Partnership’s aggregate net assets decline to less than $1,000,000. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory, reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The costs of retaining the Administrator will be allocated among the pools operated by the General Partner, including the Partnership. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates b. Statement of Cash Flows c. Partnership’s Investment Master’s Investments d. Income Taxes. e. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” f. Net Income (Loss) per Redeemable Unit g. Recent Accounting Pronouncements “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” In January 2016, FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities h. Reclassification i. Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements. |
Agreements
Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Agreements | 3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership. The Partnership pays the General Partner a monthly General Partner fee (formerly, the administrative fee) in return for its services to the Partnership equal to 1/12 of 1% (1% per year) of month-end Net Assets per Class, for each outstanding Class. Prior to October 1, 2014, the Partnership paid the General Partner a monthly administrative fee equal to 1/24 of 1% (0.5% per year) of month-end Net Assets per Class, for each outstanding Class. Month-end Net Assets per Class, for the purpose of calculating the General Partner fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee accrual, the General Partner fee and any redemptions or distributions as of the end of such month. This fee may be increased or decreased at the discretion of the General Partner. b. Management Agreement: The General Partner, on behalf of the Partnership, has entered into a management agreement (the “Management Agreement”) with the Advisor, a registered commodity trading advisor. The Management Agreement provides that the Advisor has sole discretion in determining the investment of the assets of the Partnership allocated to the Advisor by the General Partner. The Partnership is obligated to pay the Advisor a monthly management fee equal to 1/12 of 1.5% (1.5% per year) of month-end Net Assets per Class, for each outstanding Class, allocated to the Advisor. Month-end Net Assets per Class, for each outstanding Class, for the purpose of calculating management fees are Net Assets per Class, for each outstanding Class, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s management fee, incentive fee accrual, the General Partner fee and any redemptions or distributions as of the end of such month. The Management Agreement may be terminated upon notice by either party. In addition, the Partnership is obligated to pay the Advisor an incentive fee, payable quarterly, equal to 20% of the new trading profits, as defined in the Management Agreement, earned by the Advisor for the Partnership during each calendar quarter. The Advisor’s incentive fee will be allocated proportionally to each Class based on the net asset value of the respective Class. The Advisor will not be paid incentive fees until the Advisor recovers the net loss incurred and earns additional new trading profits for the Partnership. In allocating substantially all of the assets of the Partnership to the Advisor, the General Partner considers, among other factors, the Advisor’s past performance, trading style, volatility of markets traded and fee requirements. The General Partner may modify or terminate the allocation of assets to the Advisor at any time. c. Customer Agreement/Selling Agent Agreement: Prior to and during part of the fourth quarter of 2013, the Partnership was party to a Customer Agreement with CGM (the “CGM Customer Agreement”). During the fourth quarter of 2013, the Partnership entered into a Customer Agreement with MS&Co. (the “MS&Co. Customer Agreement”) and a Selling Agent Agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). The Partnership terminated the CGM Customer Agreement. Under the CGM Customer Agreement, the Partnership paid CGM a monthly brokerage fee equal to (i) 4.5% per year of month-end Net Assets for Class A Redeemable Units, (ii) 1.875% per year of month-end Net Assets for Class D Redeemable Units and (iii) 1.125% per year of month-end Net Assets for Class Z Redeemable Units, in each case in lieu of brokerage fees on a per trade basis. Month-end Net Assets, for the purpose of calculating brokerage fees, were Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s brokerage fees, incentive fee accrual, the monthly management fee, the General Partner fee and other expenses and any redemptions or distributions as of the end of such month. The Partnership paid exchange, service, clearing, user, give-up, floor brokerage and National Futures Association (“NFA”) fees (collectively, the “CGM clearing fees”) through its investment in the Master. CGM clearing fees were allocated to the Partnership based on its proportionate share of the Master. During the term of the CGM Customer Agreement, all of the Partnership’s assets that were not held in the Master’s accounts at CGM were deposited in the Partnership’s account at CGM. The Partnership’s cash was deposited by CGM in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. CGM paid the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at a 30-day U.S. Treasury bill rate determined weekly by CGM based on the average non-competitive yield on 3-month U.S. Treasury bills maturing 30 days from the date on which such weekly rate is determined. Under the MS&Co. Customer Agreement and the foreign exchange brokerage account agreement (described in Note 4, “Trading Activities”), the Partnership pays trading fees for the clearing and, where applicable, execution of transactions, as well as exchange, clearing, user, give-up, floor brokerage and NFA fees (collectively, the “MS&Co. clearing fees” and together with the CGM clearing fees, the “clearing fees”) through its investment in the Master. MS&Co. clearing fees are allocated to the Partnership based on its proportionate share of the Master. Clearing fees will be paid for the life of the Partnership, although the rate at which such fees are paid may be changed. All of the Partnership’s assets not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash is deposited by MS&Co. in segregated bank accounts to the extent required by Commodity Futures Trading Commission regulations. MS&Co. has agreed to pay the Partnership interest on 80% of the average daily equity maintained in cash in the Partnership’s (or the Partnership’s allocable portion of the Master’s) brokerage account at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. The MS&Co. Customer Agreement may generally be terminated upon notice by either party. Under the Selling Agreement with Morgan Stanley Wealth Management, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee. Prior to April 1, 2014, the monthly ongoing selling agent fee was paid at a rate equal to (i) 4.5% per year of month-end Net Assets for Class A Redeemable Units, (ii) 1.875% per year of month-end net assets for Class D Redeemable Units and (iii) 1.125% per year of month-end net assets for Class Z Redeemable Units. Effective April 1, 2014, the monthly ongoing selling agent fee was reduced to (i) 2.5% per year of month-end Net Assets for Class A Redeemable Units, (ii) 1.25% per year of month- end Net Assets for Class D Redeemable Units and (iii) 0.5% per year of month-end Net Assets for Class Z Redeemable Units. Effective October 1, 2014, the monthly ongoing selling agent fee was (i) reduced to 2.0% per year of month-end Net Assets for Class A Redeemable Units, (ii) reduced to 0.75% per year of month-end Net Assets for Class D Redeemable Units and (iii) eliminated for Class Z Redeemable Units. Morgan Stanley Wealth Management pays a portion of its ongoing selling agent fees to properly registered or exempted financial advisors who have sold Redeemable Units. Month-end Net Assets, for the purpose of calculating ongoing selling agent fees are Net Assets, as defined in the Limited Partnership Agreement, prior to the reduction of the current month’s ongoing selling agent fee, management fee, the incentive fee accrued, the General Partner fee and other expenses and any redemptions or distributions as of the end of such month. |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2015 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 4. Trading Activities: The Partnership was formed for the purpose of trading commodity interests, including derivative financial instruments and derivative commodity instruments. The Partnership invests substantially all of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Master’s trading activities are shown in the Statements of Income and Expenses. During the second quarter of 2013, the Master entered into a foreign exchange brokerage account agreement with MS&Co. The Master commenced foreign exchange trading through an account at MS&Co. on or about May 1, 2013. During the third quarter of 2013, the Master also entered into a futures brokerage account agreement with MS&Co. The Master commenced futures trading through an account at MS&Co. on or about July 22, 2013. The MS&Co. Customer Agreement with the Partnership and the Master gives, and the CGM Customer Agreement with the Partnership and the Customer Agreement between CGM and the Master each gave, the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures, exchange-cleared swaps and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures exchange-cleared swaps and open forward contracts in the Statements of Financial Condition as the criteria under Accounting Standards Codification (“ASC”) 210-20, “ Balance Sheet, Brokerage fees previously paid to CGM were calculated as a percentage of the Partnership’s adjusted net asset value on the last day of each month and were affected by trading performance, subscriptions and redemptions. Trading and transaction fees are based on the number of trades executed by the Advisor and the Partnership’s percentage ownership of the Master. For disclosures regarding the Master’s trading activities, see Note 4, “Trading Activities,” in the attached Master’s financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: See Notes 2 and 5 of the Master’s financial statements for the determination of the fair value of the Master’s investments and related disclosures, including the fair value hierarchy, pursuant to ASC 820, “ Fair Value Measurement. |
Subscriptions, Distributions an
Subscriptions, Distributions and Redemptions | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Subscriptions, Distributions and Redemptions | 6. Subscriptions, Distributions and Redemptions: Subscriptions are accepted monthly from investors who become limited partners on the first day of the month after their subscription is processed. Distributions of profits, if any, will be made at the sole discretion of the General Partner and at such times as the General Partner may decide. A limited partner may require the Partnership to redeem its Redeemable Units at their net asset value per Redeemable Unit as of the last day of any month on three business days’ notice to the General Partner. There is no fee charged to limited partners in connection with redemptions. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Financial Highlights | 7. Financial Highlights: Financial highlights for the limited partner classes as a whole for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 61.63 $ 57.25 $ 57.73 $ 330.86 $ 305.97 $ 307.51 $ 159.90 $ 144.32 $ 143.76 Net investment loss (89.88 ) (67.62 ) (58.51 ) (111.19 ) (84.94 ) (76.85 ) (75.35 ) (41.53 ) (33.81 ) Increase (decrease) for the year (28.25 ) (10.37 ) (0.78 ) 219.67 221.03 230.66 84.55 102.79 109.95 Net asset value per Redeemable Unit, beginning of year 1,379.28 1,280.58 1,290.15 1,159.61 1,059.55 1,059.49 1,075.06 956.76 949.54 Net asset value per Redeemable Unit, end of year $ 1,351.03 $ 1,270.21 $ 1,289.37 $ 1,379.28 $ 1,280.58 $ 1,290.15 $ 1,159.61 $ 1,059.55 $ 1,059.49 2015 2014 2013 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Net Assets: Net investment loss* (6.6 )% (5.0 )% (4.4 )% (9.1 )% (7.2 )% (7.2 )% (7.0 )% (4.2 )% (3.1 )% Operating expenses 5.0 % 3.7 % 2.9 % 5.4 % 3.7 % 3.3 % 7.0 % 4.2 % 3.1 % Incentive fees 1.6 % 1.4 % 1.5 % 3.8 % 3.6 % 3.9 % — % — % — % Total expenses 6.6 % 5.1 % 4.4 % 9.2 % 7.3 % 7.2 % 7.0 % 4.2 % 3.1 % Total return: Total return before incentive fees (0.5 )% 0.6 % 1.4 % 22.7 % 24.5 % 25.7 % 7.9 % 10.7 % 11.6 % Incentive fees (1.6 )% (1.4 )% (1.5 )% (3.8 )% (3.6 )% (3.9 )% — % — % — % Total return after incentive fees (2.1 )% (0.8 )% (0.1 )% 18.9 % 20.9 % 21.8 % 7.9 % 10.7 % 11.6 % * Interest income allocated from Master less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class for the Classes using the limited partners’ share of income, expenses and average net assets of the Partnership and includes the income and expenses allocated from the Master. |
Financial Instrument Risks
Financial Instrument Risks | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 8. Financial Instrument Risks: In the normal course of business, the Partnership, through its investment in the Master, is party to financial instruments with off-balance sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include futures, forwards, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, or to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, option and swap contracts. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Each of these instruments is subject to various risks similar to those relating to the underlying financial instrument, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. Market risk is the potential for changes in the value of the financial instruments traded by the Master 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 Master is exposed to a market risk equal to the value of futures and forward contracts purchased and unlimited liability on such contracts sold short. See Note 8, “Financial Instrument Risks” of the attached Master’s financial statements for risks relating to financial instruments and derivatives that are traded by the Master. 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 and the Master’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 and the Master’s risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership and the Master to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership and the Master had credit risk and concentration risk, as MS&Co. and/or CGM or their affiliates were the sole counterparties or brokers with respect to the Partnership’s and the Master’s assets. Credit risk with respect to exchange-traded instruments was reduced to the extent that, through MS&Co. and/or CGM, the Partnership’s and the Master’s counterparty was an exchange or clearing organization. The Partnership and the Master continue to be subject to such risks with respect to MS&Co. The General Partner monitors and attempts to control the Partnership’s and the Master’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 and the Master 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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. 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 consequence of the organization of the Partnership as a limited partnership under New York law. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s and the Master’s business, these instruments may not be held to maturity. |
Basis of Presentation and Sum14
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Statement of Cash Flows | Statement of Cash Flows |
Partnership's Investment | Partnership’s Investment |
Master's Investments | Master’s Investments |
Income Taxes | Income Taxes. |
Investment Company Status | Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” |
Net Income (Loss) per Redeemable Unit | Net Income (Loss) per Redeemable Unit |
Recent Accounting Pronouncements | Recent Accounting Pronouncements “Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent),” In January 2016, FASB issued ASU 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities |
Reclassification | Reclassification |
Subsequent Events | Subsequent Events. The General Partner evaluates events that occur after the balance sheet date but before financial statements are issued. The General Partner has assessed the subsequent events through the date of issuance and determined that there were no subsequent events requiring adjustment of or disclosure in the financial statements. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Financial Highlights for Limited Partner Classes | Financial highlights for the limited partner classes as a whole for the years ended December 31, 2015, 2014 and 2013 were as follows: 2015 2014 2013 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 61.63 $ 57.25 $ 57.73 $ 330.86 $ 305.97 $ 307.51 $ 159.90 $ 144.32 $ 143.76 Net investment loss (89.88 ) (67.62 ) (58.51 ) (111.19 ) (84.94 ) (76.85 ) (75.35 ) (41.53 ) (33.81 ) Increase (decrease) for the year (28.25 ) (10.37 ) (0.78 ) 219.67 221.03 230.66 84.55 102.79 109.95 Net asset value per Redeemable Unit, beginning of year 1,379.28 1,280.58 1,290.15 1,159.61 1,059.55 1,059.49 1,075.06 956.76 949.54 Net asset value per Redeemable Unit, end of year $ 1,351.03 $ 1,270.21 $ 1,289.37 $ 1,379.28 $ 1,280.58 $ 1,290.15 $ 1,159.61 $ 1,059.55 $ 1,059.49 2015 2014 2013 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Net Assets: Net investment loss* (6.6 )% (5.0 )% (4.4 )% (9.1 )% (7.2 )% (7.2 )% (7.0 )% (4.2 )% (3.1 )% Operating expenses 5.0 % 3.7 % 2.9 % 5.4 % 3.7 % 3.3 % 7.0 % 4.2 % 3.1 % Incentive fees 1.6 % 1.4 % 1.5 % 3.8 % 3.6 % 3.9 % — % — % — % Total expenses 6.6 % 5.1 % 4.4 % 9.2 % 7.3 % 7.2 % 7.0 % 4.2 % 3.1 % Total return: Total return before incentive fees (0.5 )% 0.6 % 1.4 % 22.7 % 24.5 % 25.7 % 7.9 % 10.7 % 11.6 % Incentive fees (1.6 )% (1.4 )% (1.5 )% (3.8 )% (3.6 )% (3.9 )% — % — % — % Total return after incentive fees (2.1 )% (0.8 )% (0.1 )% 18.9 % 20.9 % 21.8 % 7.9 % 10.7 % 11.6 % * Interest income allocated from Master less total expenses. |
Partnership Organization - Addi
Partnership Organization - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 01, 2007 | Dec. 31, 2015 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Maximum number of units sold by Limited Partnership | 0 | |||
Maximum amount of partnership assets allocated to trading advisor | Up to 1.5 times | |||
Percentage of Partnership owned | 38.90% | 29.90% | ||
Decline in net assets | $ 1,000,000 | $ 1,000,000 | ||
Minimum [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Net asset value per unit liquidation circumstance | $ 400 | $ 400 | ||
Partnership liquidation date circumstance | Dec. 31, 2025 | |||
Class A [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ongoing selling agent fee | 2.00% | |||
Class D [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ongoing selling agent fee | 0.75% | |||
Description of brokerage fee | Class A Redeemable Units, Class D Redeemable Units, and Class Z Redeemable Units are identical, except that Class D Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12th of 0.75% (a 0.75% annual rate) of the net assets of Class D as of the end of each month, which differs from the Class A monthly ongoing selling agent fee of 1/12th of 2.00% (a 2.00% annual rate) of the net assets of Class A as of the end of each month. | |||
Limited Partners [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Redeemable units of Partnership purchased | 9,017.0917 | |||
Cash equal, Partnership purchased | $ 12,945,000 |
Basis of Presentation and Sum17
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Provision for income tax | $ 0 |
Agreements - Additional Informa
Agreements - Additional Information (Detail) | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2015 |
Investment [Line Items] | |||||
Percentage of monthly General Partner fee | 0.042% | 0.0833% | |||
Percentage of General Partner fee | 0.50% | 1.00% | |||
Percentage of monthly management fee | 0.0833% | ||||
Percentage of management fee | 1.50% | ||||
Incentive fee, percent | 20.00% | ||||
Percentage of allocable shares | 80.00% | ||||
Treasury bills maturity period | 30 days | ||||
Class A [Member] | |||||
Investment [Line Items] | |||||
Percentage of brokerage fee | 4.50% | ||||
Ongoing selling agent fee | 2.00% | ||||
Class D [Member] | |||||
Investment [Line Items] | |||||
Percentage of brokerage fee | 1.875% | ||||
Ongoing selling agent fee | 0.75% | ||||
Class Z [Member] | |||||
Investment [Line Items] | |||||
Percentage of brokerage fee | 1.125% | ||||
MS&Co. [Member] | |||||
Investment [Line Items] | |||||
Percentage of allocable shares | 80.00% | ||||
Morgan Stanley Wealth Management [Member] | Class A [Member] | |||||
Investment [Line Items] | |||||
Ongoing selling agent fee | 4.50% | 2.50% | 2.00% | ||
Morgan Stanley Wealth Management [Member] | Class D [Member] | |||||
Investment [Line Items] | |||||
Ongoing selling agent fee | 1.875% | 1.25% | 0.75% | ||
Morgan Stanley Wealth Management [Member] | Class Z [Member] | |||||
Investment [Line Items] | |||||
Ongoing selling agent fee | 1.125% | 0.50% |
Subscriptions, Distributions 19
Subscriptions, Distributions and Redemptions - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Statement of Partners' Capital [Abstract] | |
Fee charged to limited partners | $ 0 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Classes (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Class A [Member] | |||
Changes in the net asset value per unit: | |||
Net asset value per Redeemable Unit, beginning of year | $ 1,379.28 | $ 1,159.61 | |
Net asset value per Redeemable Unit, end of year | 1,351.03 | 1,379.28 | $ 1,159.61 |
Class A [Member] | Limited Partners [Member] | |||
Changes in the net asset value per unit: | |||
Net realized and unrealized gains (losses) | 61.63 | 330.86 | 159.90 |
Net investment loss | (89.88) | (111.19) | (75.35) |
Increase (decrease) for the year | (28.25) | 219.67 | 84.55 |
Net asset value per Redeemable Unit, beginning of year | 1,379.28 | 1,159.61 | 1,075.06 |
Net asset value per Redeemable Unit, end of year | $ 1,351.03 | $ 1,379.28 | $ 1,159.61 |
Ratios to Average Net Assets: | |||
Net investment loss | (6.60%) | (9.10%) | (7.00%) |
Operating expenses | 5.00% | 5.40% | 7.00% |
Incentive fees | 1.60% | 3.80% | |
Total expenses | 6.60% | 9.20% | 7.00% |
Total return: | |||
Total return before incentive fees | (0.50%) | 22.70% | 7.90% |
Incentive fees | (1.60%) | (3.80%) | |
Total return after incentive fees | (2.10%) | 18.90% | 7.90% |
Class D [Member] | |||
Changes in the net asset value per unit: | |||
Net asset value per Redeemable Unit, beginning of year | $ 1,280.58 | $ 1,059.55 | |
Net asset value per Redeemable Unit, end of year | 1,270.21 | 1,280.58 | $ 1,059.55 |
Class D [Member] | Limited Partners [Member] | |||
Changes in the net asset value per unit: | |||
Net realized and unrealized gains (losses) | 57.25 | 305.97 | 144.32 |
Net investment loss | (67.62) | (84.94) | (41.53) |
Increase (decrease) for the year | (10.37) | 221.03 | 102.79 |
Net asset value per Redeemable Unit, beginning of year | 1,280.58 | 1,059.55 | 956.76 |
Net asset value per Redeemable Unit, end of year | $ 1,270.21 | $ 1,280.58 | $ 1,059.55 |
Ratios to Average Net Assets: | |||
Net investment loss | (5.00%) | (7.20%) | (4.20%) |
Operating expenses | 3.70% | 3.70% | 4.20% |
Incentive fees | 1.40% | 3.60% | |
Total expenses | 5.10% | 7.30% | 4.20% |
Total return: | |||
Total return before incentive fees | 0.60% | 24.50% | 10.70% |
Incentive fees | (1.40%) | (3.60%) | |
Total return after incentive fees | (0.80%) | 20.90% | 10.70% |
Class Z [Member] | |||
Changes in the net asset value per unit: | |||
Net asset value per Redeemable Unit, beginning of year | $ 1,290.15 | $ 1,059.49 | |
Net asset value per Redeemable Unit, end of year | 1,289.37 | 1,290.15 | $ 1,059.49 |
Class Z [Member] | Limited Partners [Member] | |||
Changes in the net asset value per unit: | |||
Net realized and unrealized gains (losses) | 57.73 | 307.51 | 143.76 |
Net investment loss | (58.51) | (76.85) | (33.81) |
Increase (decrease) for the year | (0.78) | 230.66 | 109.95 |
Net asset value per Redeemable Unit, beginning of year | 1,290.15 | 1,059.49 | 949.54 |
Net asset value per Redeemable Unit, end of year | $ 1,289.37 | $ 1,290.15 | $ 1,059.49 |
Ratios to Average Net Assets: | |||
Net investment loss | (4.40%) | (7.20%) | (3.10%) |
Operating expenses | 2.90% | 3.30% | 3.10% |
Incentive fees | 1.50% | 3.90% | |
Total expenses | 4.40% | 7.20% | 3.10% |
Total return: | |||
Total return before incentive fees | 1.40% | 25.70% | 11.60% |
Incentive fees | (1.50%) | (3.90%) | |
Total return after incentive fees | (0.10%) | 21.80% | 11.60% |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial instruments maturity period | 1 year |