Ceres Abingdon (ABFF) 10-K 28 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Feb. 28, 2018	Jun. 30, 2017
Document Information [Line Items]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Trading Symbol	ABFF
Entity Registrant Name	CERES 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
Class A [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		128,841.3927
Entity Public Float			$ 189,304,434
Class D [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		17,913.2276
Entity Public Float			21,574,232
Class Z [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		1,173.5352
Entity Public Float			$ 580,944

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Assets:
Investment in the Master, at fair value (Note 1)	$ 207,572,661	$ 226,279,019
Redemptions receivable from the Master	7,751,458
Cash at MS&Co. (Note 3c)	184,556	290,145
Cash at bank (Note 1)	436	217
Total assets	215,509,111	226,569,381
Accrued expenses:
Ongoing selling agent fees (Note 3d)	327,053	354,362
Management fees (Note 3b)	268,779	282,485
General Partner fees (Note 3a)	179,186	188,323
Professional fees	159,108	227,107
Redemptions payable to Limited Partners (Note 6)	6,888,483	7,952,753
Total liabilities	7,822,609	9,005,030
Partners' Capital (Notes 1 and 6):
Total partners' capital (net asset value)	207,686,502	217,564,351
Total liabilities and partners' capital	215,509,111	226,569,381
Class A [Member]
Partners' Capital (Notes 1 and 6):
Limited Partners	179,443,770	197,142,459
Total partners' capital (net asset value)	$ 179,443,770	$ 197,142,459
Net asset value per Redeemable Unit	$ 1,394.29	$ 1,309.94
Class D [Member]
Partners' Capital (Notes 1 and 6):
Limited Partners	$ 24,077,868	$ 17,384,759
Total partners' capital (net asset value)	$ 24,077,868	$ 17,384,759
Net asset value per Redeemable Unit	$ 1,344.14	$ 1,247.10
Class Z [Member]
Partners' Capital (Notes 1 and 6):
General Partner	$ 2,539,436	$ 2,435,827
Limited Partners	1,625,428	601,306
Total partners' capital (net asset value)	$ 4,164,864	$ 3,037,133
Net asset value per Redeemable Unit	$ 1,385.07	$ 1,275.46

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - shares	Dec. 31, 2017	Dec. 31, 2016
Class A [Member]
Limited Partners capital, Redeemable Units outstanding	128,698.8997	150,497.4117
Class D [Member]
Limited Partners capital, Redeemable Units outstanding	17,913.2276	13,940.1566
Class Z [Member]
General Partner capital, Redeemable Units outstanding	1,833.4370	1,909.7640
Limited Partners capital, Redeemable Units outstanding	1,173.5352	471.4422

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		12 Months Ended
		Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income:
Interest income allocated from the Master (Note 3c)		$ 1,488,469	$ 575,103	$ 53,655
Expenses:
Expenses allocated from the Master		301,010	308,175	318,238
Ongoing selling agent fees (Note 3d)		4,116,542	4,449,727	4,237,214
Management fees (Note 3b)		3,326,947	3,547,672	3,375,788
General Partner fees (Note 3a)		2,217,964	2,365,117	2,250,527
Incentive fees (Note 3b)				3,535,100
Professional fees		583,999	599,842	464,422
Total expenses		10,546,462	11,270,533	14,181,289
Net investment loss		(9,057,993)	(10,695,430)	(14,127,634)
Net gains (losses) on investment in the Master:
Net realized gains (losses) on closed contracts allocated from the Master		18,452,640	2,781,411	17,755,035
Net change in unrealized gains (losses) on open contracts allocated from the Master		3,212,470	1,008,264	(9,065,888)
Total trading results		21,665,110	3,789,675	8,689,147
Net income (loss)		12,607,117	(6,905,755)	(5,438,487)
Class A [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ 10,600,693	$ (6,553,756)	$ (4,966,426)
Net income (loss) per Redeemable Unit	[1]	$ 84.35	$ (41.09)	$ (28.25)
Weighted average Redeemable Units outstanding		151,818.6357	156,734.6785	148,065.7209
Class D [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ 1,769,766	$ (319,319)	$ (449,352)
Net income (loss) per Redeemable Unit	[1]	$ 97.04	$ (23.11)	$ (10.37)
Weighted average Redeemable Units outstanding		16,623.8706	14,121.3505	13,330.4439
Class Z [Member]
Net gains (losses) on investment in the Master:
Net income (loss)		$ 236,658	$ (32,680)	$ (22,709)
Net income (loss) per Redeemable Unit	[1]	$ 109.61	$ (13.91)	$ (0.78)
Weighted average Redeemable Units outstanding		2,773.6683	2,365.9567	2,271.2438
[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					$ 1,379.28		$ 1,280.58		$ 1,290.15
Balance, value at Dec. 31, 2014	$ 201,065,289			$ 184,633,894		$ 13,739,779		$ 2,691,616
Subscriptions, value		$ 56,508,630	$ 300,000		$ 51,738,630		$ 4,720,000		$ 50,000	$ 300,000
Balance, Redeemable Units at Dec. 31, 2014	146,678.5930			133,862.9462		10,729.3656		2,086.2812
Subscriptions, Redeemable Units		40,745.690	216.95		37,257.774		3,449.773		38.143	216.95
Redemptions, value		$ (26,736,281)			$ (26,736,281)
Redemptions, Redeemable Units		(19,628.788)			(19,628.788)
Net income (loss)	$ (5,438,487)			$ (4,966,426)		$ (449,352)		$ (22,709)
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
Redemptions, value		$ (27,070,916)			$ (26,764,567)		$ (306,349)
Redemptions, Redeemable Units		(19,999.505)			(19,760.523)		(238.982)
Net income (loss)	$ (6,905,755)			$ (6,553,756)		$ (319,319)		$ (32,680)
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
Subscriptions, value		$ 34,030,421	$ 275,265		$ 26,970,421		$ 5,000,000		$ 2,060,000	$ 275,265
Subscriptions, Redeemable Units		26,228.362	215.817		20,613.624		4,033.071		1,581.667	215.817
Redemptions, value		$ (56,430,652)	$ (360,000)		$ (55,269,803)		$ (76,657)		$ (1,084,192)	$ (360,000)
Redemptions, Redeemable Units		(43,351.710)	(292.144)		(42,412.136)		(60)		(879.574)	(292.144)
Net income (loss)	$ 12,607,117			$ 10,600,693		$ 1,769,766		$ 236,658
Balance, value at Dec. 31, 2017	$ 207,686,502			$ 179,443,770		$ 24,077,868		$ 4,164,864
Balance, Redeemable Units at Dec. 31, 2017	149,619.0995			128,698.8997		17,913.2276		3,006.9722
Net asset value per Redeemable Unit				$ 1,394.29	$ 1,394.29	$ 1,344.14	$ 1,344.14	$ 1,385.07	$ 1,385.07

Organization

Organization	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization: Ceres Abingdon L.P. (formerly, 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, 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 (directly or indirectly through its investment in the Master) 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. As of January 1, 2017, the General Partner became a wholly–owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD 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 January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. All trading decisions for the Partnership are made by Winton Capital Management Limited (the “Advisor”). Effective September 21, 2017, the Partnership changed its name from Managed Futures Premier Abingdon L.P. to Ceres Abingdon L.P. 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. JPMorgan Chase Bank, N.A (“JPMorgan”) was also a foreign exchange forward counterparty for the Master. The Partnership and the Master also deposit a portion of their cash in non-trading bank accounts at JPMorgan. 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 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. The financial statements of the Master, including the Condensed Schedules of Investments, are attached to this report and should be read together with the Partnership’s financial statements. 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 Redeemable Units, Class D Redeemable Units and Class Z 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 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 A Redeemable Units and Class D Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. investors. 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 1/12 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 1/12 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. Prior to the close of business on December 31, 2017 and as of December 31, 2016, the Partnership owned approximately 52.6% and 45.8%, 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, 2017
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. Income Taxes Income Taxes f. Investment Company Status. “Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” g. Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.”

Agreements

Agreements	12 Months Ended
	Dec. 31, 2017
Text Block [Abstract]
Agreements	3. Agreements: a. Limited Partnership Agreement: The General Partner administers the business and affairs of the Partnership, including selecting one or more advisors to make trading decisions for 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 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. The Management Agreement may be terminated upon notice by either party. 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, 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. or at the Master’s counterparty JPMorgan. 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 100% 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 MS&Co. at the rate equal to the monthly average of the 4-week U.S. Treasury bill discount rate. Prior to November 1, 2017, MS&Co. 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 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 at a rate equal to (i) 2% per year of month-end Net Assets for Class A Redeemable Units and (ii) 0.75% per year of month-end Net Assets for Class D Redeemable Units. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee. 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, 2017
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 for the Master and the Partnership’s percentage ownership of the Master. All clearing fees paid to MS&Co. are borne by the Master and allocated to the Master’s limited partners, including the Partnership. 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, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	5. Fair Value Measurements: See Note 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, 2017
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, 2017
Text Block [Abstract]
Financial Highlights	7. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Per Redeemable Unit Performance (for a Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 139.45 $ 133.89 $ 138.27 $ 22.65 $ 20.96 $ 21.04 $ 61.63 $ 57.25 $ 57.73 Net investment loss (55.10) (36.85) (28.66) (63.74) (44.07) (34.95) (89.88) (67.62) (58.51) Increase (decrease) for the year 84.35 97.04 109.61 (41.09) (23.11) (13.91) (28.25) (10.37) (0.78) Net asset value per Redeemable Unit, beginning 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 Net asset value per Redeemable Unit, end of year $ 1,394.29 $ 1,344.14 $ 1,385.07 $ 1,309.94 $ 1,247.10 $ 1,275.46 $ 1,351.03 $ 1,270.21 $ 1,289.37 2017 2016 2015 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** (4.3) % (3.0) % (2.5) % (4.7) % (3.4) % (2.7) % (6.6) % (5.0) % (4.4) % Operating expenses 5.0 % 3.7 % 3.3 % 5.0 % 3.7 % 2.9 % 5.0 % 3.7 % 2.9 % Incentive fees - % - % - % - % - % - % 1.6 % 1.4 % 1.5 % Total expenses 5.0 % 3.7 % 3.3 % 5.0 % 3.7 % 2.9 % 6.6 % 5.1 % 4.4 % Total return: Total return before incentive fees 6.4 % 7.8 % 8.6 % (3.0) % (1.8) % (1.1) % (0.5) % 0.6 % 1.4 % Incentive fees - % - % - % - % - % - % (1.6) % (1.4) % (1.5) % Total return after incentive fees 6.4 % 7.8 % 8.6 % (3.0) % (1.8) % (1.1) % (2.1) % (0.8) % (0.1) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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 include the income and expenses allocated from the Master.

Financial Instrument Risks

Financial Instrument Risks	12 Months Ended
	Dec. 31, 2017
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 held 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., an MS&Co. affiliate or JPMorgan are counterparties or brokers 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 mitigate 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, 2017
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no 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, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates.
Profit Allocation	Profit Allocation
Statement of Cash Flows	Statement of Cash Flows
Partnership's Investment	Partnership’s Investment
Master's Investments	Master’s Investments.
Income Taxes	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. “Financial Services – Investment Companies.”

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Dec. 31, 2017
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, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Per Redeemable Unit Performance (for a Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z Net realized and unrealized gains (losses) $ 139.45 $ 133.89 $ 138.27 $ 22.65 $ 20.96 $ 21.04 $ 61.63 $ 57.25 $ 57.73 Net investment loss (55.10) (36.85) (28.66) (63.74) (44.07) (34.95) (89.88) (67.62) (58.51) Increase (decrease) for the year 84.35 97.04 109.61 (41.09) (23.11) (13.91) (28.25) (10.37) (0.78) Net asset value per Redeemable Unit, beginning 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 Net asset value per Redeemable Unit, end of year $ 1,394.29 $ 1,344.14 $ 1,385.07 $ 1,309.94 $ 1,247.10 $ 1,275.46 $ 1,351.03 $ 1,270.21 $ 1,289.37 2017 2016 2015 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** (4.3) % (3.0) % (2.5) % (4.7) % (3.4) % (2.7) % (6.6) % (5.0) % (4.4) % Operating expenses 5.0 % 3.7 % 3.3 % 5.0 % 3.7 % 2.9 % 5.0 % 3.7 % 2.9 % Incentive fees - % - % - % - % - % - % 1.6 % 1.4 % 1.5 % Total expenses 5.0 % 3.7 % 3.3 % 5.0 % 3.7 % 2.9 % 6.6 % 5.1 % 4.4 % Total return: Total return before incentive fees 6.4 % 7.8 % 8.6 % (3.0) % (1.8) % (1.1) % (0.5) % 0.6 % 1.4 % Incentive fees - % - % - % - % - % - % (1.6) % (1.4) % (1.5) % Total return after incentive fees 6.4 % 7.8 % 8.6 % (3.0) % (1.8) % (1.1) % (2.1) % (0.8) % (0.1) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses 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 ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Maximum amount of partnership assets allocated to trading advisor	Up to 1.5 times
Percentage of Partnership owned	52.60%	45.80%
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 D [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Monthly ongoing selling agent fee	0.0625%
Ongoing selling agent fee	0.75%
Class A [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Monthly ongoing selling agent fee	0.1667%
Ongoing selling agent fee	2.00%

Basis of Presentation and Sum18

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Uncertain tax position	$ 0
Earliest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2,014
Latest Tax Year [Member]
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Open tax year	2,017

Agreements - Additional Informa

Agreements - Additional Information (Detail)	Oct. 31, 2017	Dec. 31, 2017
Investment [Line Items]
Percentage of monthly General Partner fee		0.0833%
Percentage of General Partner fee		1.00%
Management fee percentage, Monthly		0.125%
Management fee percentage, Annual		1.50%
Incentive fee, percent		20.00%
Class A [Member]
Investment [Line Items]
Ongoing selling agent fee		2.00%
Class D [Member]
Investment [Line Items]
Ongoing selling agent fee		0.75%
MS&Co. [Member]
Investment [Line Items]
Percentage of allocable shares	80.00%	100.00%
Morgan Stanley Wealth Management [Member] | Class A [Member]
Investment [Line Items]
Ongoing selling agent fee		2.00%
Morgan Stanley Wealth Management [Member] | Class D [Member]
Investment [Line Items]
Ongoing selling agent fee		0.75%
Morgan Stanley Wealth Management [Member] | Class Z [Member]
Investment [Line Items]
Ongoing selling agent fee		0.00%

Subscriptions, Distributions 20

Subscriptions, Distributions and Redemptions - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017USD ($)
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, 2017	Dec. 31, 2016	Dec. 31, 2015
Class A [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,309.94	$ 1,351.03
Net asset value per Redeemable Unit, end of year	1,394.29	1,309.94	$ 1,351.03
Class A [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	139.45	22.65	61.63
Net investment loss	(55.10)	(63.74)	(89.88)
Increase (decrease) for the year	84.35	(41.09)	(28.25)
Net asset value per Redeemable Unit, beginning of year	1,309.94	1,351.03	1,379.28
Net asset value per Redeemable Unit, end of year	$ 1,394.29	$ 1,309.94	$ 1,351.03
Ratios to Average Limited Partners' Capital:
Net investment loss	(4.30%)	(4.70%)	(6.60%)
Operating expenses	5.00%	5.00%	5.00%
Incentive fees			1.60%
Total expenses	5.00%	5.00%	6.60%
Total return:
Total return before incentive fees	6.40%	(3.00%)	(0.50%)
Incentive fees			(1.60%)
Total return after incentive fees	6.40%	(3.00%)	(2.10%)
Class D [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,247.10	$ 1,270.21
Net asset value per Redeemable Unit, end of year	1,344.14	1,247.10	$ 1,270.21
Class D [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	133.89	20.96	57.25
Net investment loss	(36.85)	(44.07)	(67.62)
Increase (decrease) for the year	97.04	(23.11)	(10.37)
Net asset value per Redeemable Unit, beginning of year	1,247.10	1,270.21	1,280.58
Net asset value per Redeemable Unit, end of year	$ 1,344.14	$ 1,247.10	$ 1,270.21
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.00%)	(3.40%)	(5.00%)
Operating expenses	3.70%	3.70%	3.70%
Incentive fees			1.40%
Total expenses	3.70%	3.70%	5.10%
Total return:
Total return before incentive fees	7.80%	(1.80%)	0.60%
Incentive fees			(1.40%)
Total return after incentive fees	7.80%	(1.80%)	(0.80%)
Class Z [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net asset value per Redeemable Unit, beginning of year	$ 1,275.46	$ 1,289.37
Net asset value per Redeemable Unit, end of year	1,385.07	1,275.46	$ 1,289.37
Class Z [Member] | Limited Partners [Member]
Per Redeemable Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	138.27	21.04	57.73
Net investment loss	(28.66)	(34.95)	(58.51)
Increase (decrease) for the year	109.61	(13.91)	(0.78)
Net asset value per Redeemable Unit, beginning of year	1,275.46	1,289.37	1,290.15
Net asset value per Redeemable Unit, end of year	$ 1,385.07	$ 1,275.46	$ 1,289.37
Ratios to Average Limited Partners' Capital:
Net investment loss	(2.50%)	(2.70%)	(4.40%)
Operating expenses	3.30%	2.90%	2.90%
Incentive fees			1.50%
Total expenses	3.30%	2.90%	4.40%
Total return:
Total return before incentive fees	8.60%	(1.10%)	1.40%
Incentive fees			(1.50%)
Total return after incentive fees	8.60%	(1.10%)	(0.10%)

Financial Instrument Risks - Ad

Financial Instrument Risks - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Financial instruments maturity period	1 year