Ceres Abingdon (ABFF) 10-K 28 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 28, 2017	Jun. 30, 2016
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
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	No
Entity Filer Category	Non-accelerated Filer
Redeemable Units of Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		162,191.4237
Entity Public Float			$ 224,226,599
Redeemable Units of Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		13,940.1566
Entity Public Float			18,938,524
Redeemable Units of Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		471.4422
Entity Public Float			$ 641,593

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets:
Investment in the Master, at fair value (Note 1)	$ 226,279,019	$ 234,617,857
Cash at MS&Co. (Note 3c)	290,145	329,610
Cash at bank (Note 1)	217
Total assets	226,569,381	234,947,467
Accrued expenses:
Ongoing selling agent fees (Note 3d)	354,362	367,700
Management fees (Note 3b)	282,485	292,913
General Partner fees (Note 3a)	188,323	195,275
Professional fees	227,107	249,711
Redemptions payable to Limited Partners (Note 6)	7,952,753	8,142,717
Total liabilities	9,005,030	9,248,316
Partners' Capital: (Notes 1 and 6)
Total partners' capital (net asset value)	217,564,351	225,699,151
Total liabilities and partners' capital	226,569,381	234,947,467
Class A [Member]
Partners' Capital: (Notes 1 and 6)
Limited Partners	197,142,459	204,669,817
Total partners' capital (net asset value)	$ 197,142,459	$ 204,669,817
Net asset value per Redeemable Unit	$ 1,309.94	$ 1,351.03
Class D [Member]
Partners' Capital: (Notes 1 and 6)
Limited Partners	$ 17,384,759	$ 18,010,427
Total partners' capital (net asset value)	$ 17,384,759	$ 18,010,427
Net asset value per Redeemable Unit	$ 1,247.10	$ 1,270.21
Class Z [Member]
Partners' Capital: (Notes 1 and 6)
General Partner	$ 2,435,827	$ 2,462,400
Limited Partners	601,306	556,507
Total partners' capital (net asset value)	$ 3,037,133	$ 3,018,907
Net asset value per Redeemable Unit	$ 1,275.46	$ 1,289.37

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2016	Dec. 31, 2015
Class A [Member]
General Partner capital, Redeemable Units outstanding	0	0
Limited Partners capital, Redeemable Units outstanding	150,497.4117	151,491.9322
Class D [Member]
General Partner capital, Redeemable Units outstanding	0	0
Limited Partners capital, Redeemable Units outstanding	13,940.1566	14,179.1386
Class Z [Member]
General Partner capital, Redeemable Units outstanding	1,909.7640	1,909.7640
Limited Partners capital, Redeemable Units outstanding	471.4422	431.6102

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income:
Interest income allocated from the Master (Note 3c)		$ 575,103	$ 53,655	$ 27,935
Expenses:
Expenses allocated from the Master		308,175	318,238	287,459
Ongoing selling agent fees (Note 3d)		4,449,727	4,237,214	5,194,483
Management fees (Note 3b)		3,547,672	3,375,788	2,813,308
General Partner fees (Note 3a)		2,365,117	2,250,527	1,181,439
Incentive fees (Note 3b)			3,535,100	6,899,734
Professional fees		599,842	464,422	213,420
Total expenses		11,270,533	14,181,289	16,589,843
Net investment loss		(10,695,430)	(14,127,634)	(16,561,908)
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		2,781,411	17,755,035	50,485,166
Net change in unrealized gains (losses) on open contracts allocated from the Master		1,008,264	(9,065,888)	(1,879,501)
Total trading results		3,789,675	8,689,147	48,605,665
Net income (loss)		(6,905,755)	(5,438,487)	32,043,757
Net income (loss) allocation by Class:
Net income (loss) allocated from Master		(6,905,755)	(5,438,487)	32,043,757
Class A [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		(6,553,756)	(4,966,426)	29,673,748
Net income (loss) allocation by Class:
Net income (loss) allocated from Master		$ (6,553,756)	$ (4,966,426)	$ 29,673,748
Net income (loss) per Redeemable Unit (Note 7)
Net income (loss) per Redeemable Unit	[1]	$ (41.09)	$ (28.25)	$ 219.67
Weighted average Redeemable Units outstanding
Weighted average Redeemable Units outstanding		156,734.6785	148,065.7209	143,246.6293
Class D [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ (319,319)	$ (449,352)	$ 1,841,302
Net income (loss) allocation by Class:
Net income (loss) allocated from Master		$ (319,319)	$ (449,352)	$ 1,841,302
Net income (loss) per Redeemable Unit (Note 7)
Net income (loss) per Redeemable Unit	[1]	$ (23.11)	$ (10.37)	$ 221.03
Weighted average Redeemable Units outstanding
Weighted average Redeemable Units outstanding		14,121.3505	13,330.4439	9,334.2889
Class Z [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ (32,680)	$ (22,709)	$ 528,707
Net income (loss) allocation by Class:
Net income (loss) allocated from Master		$ (32,680)	$ (22,709)	$ 528,707
Net income (loss) per Redeemable Unit (Note 7)
Net income (loss) per Redeemable Unit	[1]	$ (13.91)	$ (0.78)	$ 230.66
Weighted average Redeemable Units outstanding
Weighted average Redeemable Units outstanding		2,365.9567	2,271.2438	2,543.2260
[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					$ 1,159.61		$ 1,059.55		$ 1,059.49
Balance, value at Dec. 31, 2013	$ 203,401,479			$ 186,273,315		$ 14,111,594		$ 3,016,570
Subscriptions, value		$ 23,280,332			$ 20,181,812		$ 3,098,520
Balance, Redeemable Units at Dec. 31, 2013	176,800.4880			160,634.8682		13,318.4176		2,847.2022
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
Subscriptions, value		$ 25,841,871			$ 25,790,965				$ 50,906
Subscriptions, Redeemable Units		18,805.8345			18,766.0025				39.8320
Net income (loss)	$ (6,905,755)			$ (6,553,756)		$ (319,319)		$ (32,680)
Redemptions, value		$ (27,070,916)			$ (26,764,567)		$ (306,349)
Redemptions, Redeemable Units		(19,999.505)			(19,760.523)		(238.982)
Balance, value at Dec. 31, 2016	$ 217,564,351			$ 197,142,459		$ 17,384,759		$ 3,037,133
Balance, Redeemable Units at Dec. 31, 2016	166,818.7745			150,497.4117		13,940.1566		2,381.2062
Net asset value per Redeemable Unit				$ 1,309.94	$ 1,309.94	$ 1,247.10	$ 1,247.10	$ 1,275.46	$ 1,275.46

Organization

Organization	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. 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 (as 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 of limited partnership interest 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. At December 31, 2016, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSB Holdings”). MSSB Holdings was 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. All trading decisions for the Partnership are made by Winton Capital Management Limited (the “Advisor”). During the periods covered by this report, the Partnership’s and the Master’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. The Partnership and the Master also deposit a portion of their cash in non-trading accounts at JPMorgan Chase Bank, N.A. 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 limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and certain employees of Morgan Stanley and its subsidiaries (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, 2016 and 2015, the Partnership owned approximately 45.8% and 38.9%, respectively, of the Master. 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 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 cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates. b. Profit Allocation. c. Statement of Cash Flows. d. Partnership’s Investment Master’s Investments. e. Fair Value of Financial Instruments. “Financial Instruments,” f. Income Taxes g. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” h. Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” i. Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities

Agreements

Agreements	12 Months Ended
	Dec. 31, 2016
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 in return for its services to the Partnership equal to 1 12 1 24 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 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: The Partnership has entered into a customer agreement with MS&Co. (the “Partnership Customer Agreement”). Under the Partnership 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 National Futures Association fees (collectively, the “clearing fees”) through its investment in the Master. 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 available for trading in commodity interests not held in the Master’s accounts at MS&Co. are deposited in the Partnership’s account at MS&Co. The Partnership’s cash deposited with MS&Co. is held 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 Partnership Customer Agreement may generally be terminated upon notice by either party. d. Selling Agent Agreement: The Partnership has entered into a selling agent agreement with Morgan Stanley Wealth Management (the “Selling Agreement”). Under the Selling Agreement, 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, incentive fee accrual, 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, 2016
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 Partnership’s Statements of Income and Expenses. The Master has entered into a futures brokerage account agreement (the “Master Customer Agreement” and, together with the Partnership Customer Agreement, the “Customer Agreements”) and a foreign exchange brokerage account agreement with MS&Co. The Customer Agreements give the Partnership and the Master, respectively, the legal right to net unrealized gains and losses on open futures and open forward contracts. The Partnership and the Master net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “ Balance Sheet, 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, 2016
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, 2016
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 subscriptions are processed. Distributions are made on a pro-rata basis at the sole discretion of the General Partner. No distributions have been made to date. The General Partner does not intend to make any distributions of the Partnership’s profits. 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, 2016
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 22.65 $ 20.96 $ 21.04 $ 61.63 $ 57.25 $ 57.73 $ 330.86 $ 305.97 $ 307.51 Net investment loss (63.74) (44.07) (34.95) (89.88) (67.62) (58.51) (111.19) (84.94) (76.85) Increase (decrease) for the year (41.09) (23.11) (13.91) (28.25) (10.37) (0.78) 219.67 221.03 230.66 Net asset value per Redeemable Unit,beginning 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 Net asset value per Redeemable Unit, end of year $ 1,309.94 $ 1,247.10 $ 1,275.46 $ 1,351.03 $ 1,270.21 $ 1,289.37 $ 1,379.28 $ 1,280.58 $ 1,290.15 2016 2015 2014 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital: Net investment loss** (4.7) % (3.4) % (2.7) % (6.6) % (5.0) % (4.4) % (9.1) % (7.2) % (7.2) % Operating expenses 5.0 % 3.7 % 2.9 % 5.0 % 3.7 % 2.9 % 5.4 % 3.7 % 3.3 % Incentive fees - % - % - % 1.6 % 1.4 % 1.5 % 3.8 % 3.6 % 3.9 % Total expenses 5.0 % 3.7 % 2.9 % 6.6 % 5.1 % 4.4 % 9.2 % 7.3 % 7.2 % Total return: Total return before incentive fees (3.0) % (1.8) % (1.1) % (0.5) % 0.6 % 1.4 % 22.7 % 24.5 % 25.7 % Incentive fees - % - % - % (1.6) % (1.4) % (1.5) % (3.8) % (3.6) % (3.9) % Total return after incentive fees (3.0) % (1.8) % (1.1) % (2.1) % (0.8) % (0.1) % 18.9 % 20.9 % 21.8 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the 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 partners’ capital of the Partnership and includes the income and expenses allocated from the Master.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2016
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. 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. 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. 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. 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 have credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s and the Master’s assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s and the Master’s counterparty is an exchange or clearing organization. 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 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. 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.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events: As of January 1, 2017, the General Partner became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of MSSB Holdings. MSD Holdings is ultimately owned by Morgan Stanley. The General Partner has evaluated the subsequent events through the date the financial statements are issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum15

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates	a. Use of Estimates.
Profit Allocation	b. Profit Allocation.
Statement of Cash Flows	c. Statement of Cash Flows.
Partnership's Investment	d. Partnership’s Investment
Master's Investments	Master’s Investments.
Fair Value of Financial Instruments	e. Fair Value of Financial Instruments. “Financial Instruments,”
Income Taxes	f. Income Taxes
Investment Company Status	g. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements”
Net Income (Loss) per Redeemable Unit	h. Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.”
Recent Accounting Pronouncement	i. Recent Accounting Pronouncement Recognition and Measurement of Financial Assets and Financial Liabilities

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Per Redeemable Unit Performance (for a unit outstanding throughout the Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 22.65 $ 20.96 $ 21.04 $ 61.63 $ 57.25 $ 57.73 $ 330.86 $ 305.97 $ 307.51 Net investment loss (63.74) (44.07) (34.95) (89.88) (67.62) (58.51) (111.19) (84.94) (76.85) Increase (decrease) for the year (41.09) (23.11) (13.91) (28.25) (10.37) (0.78) 219.67 221.03 230.66 Net asset value per Redeemable Unit,beginning 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 Net asset value per Redeemable Unit, end of year $ 1,309.94 $ 1,247.10 $ 1,275.46 $ 1,351.03 $ 1,270.21 $ 1,289.37 $ 1,379.28 $ 1,280.58 $ 1,290.15 2016 2015 2014 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Ratios to Average Limited Partners’ Capital: Net investment loss** (4.7) % (3.4) % (2.7) % (6.6) % (5.0) % (4.4) % (9.1) % (7.2) % (7.2) % Operating expenses 5.0 % 3.7 % 2.9 % 5.0 % 3.7 % 2.9 % 5.4 % 3.7 % 3.3 % Incentive fees - % - % - % 1.6 % 1.4 % 1.5 % 3.8 % 3.6 % 3.9 % Total expenses 5.0 % 3.7 % 2.9 % 6.6 % 5.1 % 4.4 % 9.2 % 7.3 % 7.2 % Total return: Total return before incentive fees (3.0) % (1.8) % (1.1) % (0.5) % 0.6 % 1.4 % 22.7 % 24.5 % 25.7 % Incentive fees - % - % - % (1.6) % (1.4) % (1.5) % (3.8) % (3.6) % (3.9) % Total return after incentive fees (3.0) % (1.8) % (1.1) % (2.1) % (0.8) % (0.1) % 18.9 % 20.9 % 21.8 % * Net investment loss per Redeemable Unit is calculated by dividing the expenses net of interest income by the average number of Redeemable Units outstanding during the year. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Interest income allocated from the Master less total expenses.

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($)	Feb. 01, 2007	Dec. 31, 2016	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		45.80%	38.90%
Decline in net assets		$ 1,000,000
Minimum [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Net asset value per unit liquidation circumstance		$ 400
Partnership liquidation date circumstance		Dec. 31, 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]
Units of Partnership purchased	9,017.0917
Cash equal, Partnership purchased	$ 12,945,000

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
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	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2016
Investment [Line Items]
Percentage of monthly General Partner fee	0.042%		0.0833%
Percentage of General Partner fee	0.50%		1.00%
Management fee percentage, Monthly			0.0833%
Management fee percentage, Annual			1.50%
Incentive fee, percent			20.00%
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%		2.00%	2.50%
Morgan Stanley Wealth Management [Member] | Class D [Member]
Investment [Line Items]
Ongoing selling agent fee		1.875%		0.75%	1.25%
Morgan Stanley Wealth Management [Member] | Class Z [Member]
Investment [Line Items]
Ongoing selling agent fee		1.125%			0.50%

Subscriptions, Distributions 20

Subscriptions, Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016USD ($)
Statement of Partners' Capital [Abstract]
Distribution paid to unit-holders	$ 0
Fee charged to limited partners	$ 0

Financial Highlights - Financia

Financial Highlights - Financial Highlights for Limited Partner Classes (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Class A [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,351.03	$ 1,379.28
Net asset value per Redeemable Unit, end of year	1,309.94	1,351.03	$ 1,379.28
Class A [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	22.65	61.63	330.86
Net investment income (loss)	(63.74)	(89.88)	(111.19)
Increase (decrease) for the year	(41.09)	(28.25)	219.67
Net asset value per Redeemable Unit, beginning of year	1,351.03	1,379.28	1,159.61
Net asset value per Redeemable Unit, end of year	$ 1,309.94	$ 1,351.03	$ 1,379.28
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.70%)	(6.60%)	(9.10%)
Operating expenses	5.00%	5.00%	5.40%
Incentive fees		1.60%	3.80%
Total expenses	5.00%	6.60%	9.20%
Total return:
Total return before incentive fees	(3.00%)	(0.50%)	22.70%
Incentive fees		(1.60%)	(3.80%)
Total return after incentive fees	(3.00%)	(2.10%)	18.90%
Class D [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,270.21	$ 1,280.58
Net asset value per Redeemable Unit, end of year	1,247.10	1,270.21	$ 1,280.58
Class D [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	20.96	57.25	305.97
Net investment income (loss)	(44.07)	(67.62)	(84.94)
Increase (decrease) for the year	(23.11)	(10.37)	221.03
Net asset value per Redeemable Unit, beginning of year	1,270.21	1,280.58	1,059.55
Net asset value per Redeemable Unit, end of year	$ 1,247.10	$ 1,270.21	$ 1,280.58
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.40%)	(5.00%)	(7.20%)
Operating expenses	3.70%	3.70%	3.70%
Incentive fees		1.40%	3.60%
Total expenses	3.70%	5.10%	7.30%
Total return:
Total return before incentive fees	(1.80%)	0.60%	24.50%
Incentive fees		(1.40%)	(3.60%)
Total return after incentive fees	(1.80%)	(0.80%)	20.90%
Class Z [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,289.37	$ 1,290.15
Net asset value per Redeemable Unit, end of year	1,275.46	1,289.37	$ 1,290.15
Class Z [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	21.04	57.73	307.51
Net investment income (loss)	(34.95)	(58.51)	(76.85)
Increase (decrease) for the year	(13.91)	(0.78)	230.66
Net asset value per Redeemable Unit, beginning of year	1,289.37	1,290.15	1,059.49
Net asset value per Redeemable Unit, end of year	$ 1,275.46	$ 1,289.37	$ 1,290.15
Ratios to Average Limited Partners' Capital:
Net investment loss	(2.70%)	(4.40%)	(7.20%)
Operating expenses	2.90%	2.90%	3.30%
Incentive fees		1.50%	3.90%
Total expenses	2.90%	4.40%	7.20%
Total return:
Total return before incentive fees	(1.10%)	1.40%	25.70%
Incentive fees		(1.50%)	(3.90%)
Total return after incentive fees	(1.10%)	(0.10%)	21.80%

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2016
Investments, All Other Investments [Abstract]
Financial instruments maturity period	1 year