Morgan Stanley Smith Barney Spectrum Select (DWSF) 10-Q 10 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	DWSF
Entity Registrant Name	MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP
Entity Central Index Key	873,799
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		2,712,113.472

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Equity in trading account:
Unrestricted cash	$ 47,566,743	$ 23,029,544
Restricted cash	10,320,882	14,906,464
Total equity in trading account	74,338,619	94,872,481
Cash at bank	412
Interest receivable	6,909	3,540
Total assets	74,345,940	94,876,021
Accrued expenses:
Ongoing placement agent fees	124,951	163,603
General Partner fees	124,951	163,603
Management fees	101,989	141,356
Redemptions payable to Limited Partners	2,568,036	1,554,009
Total liabilities	2,919,927	2,022,571
Partners' Capital:
General Partner, 32,332.233 and 38,316.597 Units at September 30, 2016 and December 31, 2015, respectively	818,071	1,070,278
Limited Partners, 2,790,599.208 and 3,285,860.484 Units at September 30, 2016 and December 31, 2015, respectively	70,607,942	91,783,172
Total partners' capital (net asset value)	71,426,013	92,853,450
Total liabilities and partners' capital	$ 74,345,940	$ 94,876,021
Net asset value per Unit	$ 25.30	$ 27.93
U.S. Treasury Bills [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $14,989,967 and $55,497,357 at September 30, 2016 and December 31, 2015, respectively)	$ 14,997,047	$ 55,493,206
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	1,131,341	1,399,436
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ 322,606	$ 43,831

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
General Partner, Units	32,332.233	38,316.597
Limited Partners, Units	2,790,599.208	3,285,860.484
U.S. Treasury Bills [Member]
Investments in U.S. Treasury bills, amortized cost	$ 14,989,967	$ 55,497,357

Condensed Schedule of Investmen

Condensed Schedule of Investments	Sep. 30, 2016USD ($)Contract	Dec. 31, 2015USD ($)Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,131,341	$ 1,399,436
% of Partners' Capital	1.60%	1.51%
Futures Contracts [Member] | Long [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,043,911	$ (457,207)
% of Partners' Capital	1.47%	(0.49%)
Futures Contracts [Member] | Long [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	661	904
Net unrealized appreciation (depreciation) on open contracts	$ 296,555	$ (208,668)
% of Partners' Capital	0.42%	(0.22%)
Futures Contracts [Member] | Long [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	542	322
Net unrealized appreciation (depreciation) on open contracts	$ 158,231	$ (106,384)
% of Partners' Capital	0.22%	(0.11%)
Futures Contracts [Member] | Long [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	129	324
Net unrealized appreciation (depreciation) on open contracts	$ 91,366	$ 39,948
% of Partners' Capital	0.13%	0.04%
Futures Contracts [Member] | Long [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	3,236	2,232
Net unrealized appreciation (depreciation) on open contracts	$ 497,759	$ (182,103)
% of Partners' Capital	0.70%	(0.20%)
Futures Contracts [Member] | Short [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 87,430	$ 1,856,643
% of Partners' Capital	0.13%	2.00%
Futures Contracts [Member] | Short [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	666	1,571
Net unrealized appreciation (depreciation) on open contracts	$ 248,071	$ 1,290,224
% of Partners' Capital	0.35%	1.39%
Futures Contracts [Member] | Short [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	180	247
Net unrealized appreciation (depreciation) on open contracts	$ (113,864)	$ (118,017)
% of Partners' Capital	(0.16%)	(0.13%)
Futures Contracts [Member] | Short [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	266	872
Net unrealized appreciation (depreciation) on open contracts	$ 34,194	$ 696,386
% of Partners' Capital	0.05%	0.75%
Futures Contracts [Member] | Short [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	570	1,866
Net unrealized appreciation (depreciation) on open contracts	$ (80,971)	$ (11,950)
% of Partners' Capital	(0.11%)	(0.01%)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Total Investment in Funds	$ 14,997,047	$ 55,493,206
% of Partners' Capital	21.00%	59.76%
U.S. Government Securities [Member] | U.S. Treasury bills, 0.015% [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 32,744,699
% of Partners' Capital		35.26%
U.S. Government Securities [Member] | U.S. Treasury bills, 0.0125% [Member]
Schedule of Investments [Line Items]
Total Investment in Funds		$ 22,748,507
% of Partners' Capital		24.50%
U.S. Government Securities [Member] | U.S. Treasury bills, 0.28% [Member]
Schedule of Investments [Line Items]
Total Investment in Funds	$ 14,997,047
% of Partners' Capital	21.00%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	1.48%	1.26%
Unrealized Appreciation on Open Forward Contracts	$ 1,053,943	$ 1,168,919
Unrealized Depreciation on Open Forward Contracts	(731,337)	(1,125,088)
Net unrealized appreciation (depreciation) on open contracts	$ 322,606	$ 43,831
Percentage of Partners' Capital	(1.02%)	(1.21%)
% of Partners' Capital	0.46%	0.05%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	0.72%	0.80%
Unrealized Appreciation on Open Forward Contracts	$ 514,365	$ 740,942
Unrealized Depreciation on Open Forward Contracts	$ (586,090)	$ (954,788)
Percentage of Partners' Capital	(0.82%)	(1.03%)
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	269	268
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation on Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	196	511
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	0.76%	0.46%
Notional Amount	$ 42,888,220	$ 38,883,013
Unrealized Appreciation on Open Forward Contracts	539,578	427,977
Notional Amount	37,707,112	20,675,394
Unrealized Depreciation on Open Forward Contracts	$ (145,247)	$ (170,300)
Percentage of Partners' Capital	(0.20%)	(0.18%)

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - U.S. Government Securities [Member] - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2016	Dec. 31, 2015
U.S. Treasury bills, 0.015% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 32,748,076
Investment, interest rate	[1]		0.015%
Face amount			$ 32,750,000
Maturity date			Mar. 3, 2016
U.S. Treasury bills, 0.0125% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost			$ 22,749,281
Investment, interest rate	[1]		0.0125%
Face amount			$ 22,750,000
Maturity date			Jan. 21, 2016
U.S. Treasury bills, 0.28% [Member]
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost		$ 14,989,967
Investment, interest rate	[1]	0.28%
Face amount		$ 15,000,000
Maturity date		Nov. 17, 2016
[1]	Liquid non-cash held as collateral.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Investment Income:
Interest income		$ 39,515	$ 1,952	$ 113,274	$ 5,876
Expenses:
General Partner fees		395,156	518,869	1,278,653	1,707,078
Ongoing placement agent fees		395,156	518,869	1,278,653	1,707,078
Management fees		322,733	455,701	1,000,634	1,493,863
Total expenses		1,113,045	1,493,439	3,557,940	4,908,019
Net investment loss		(1,073,530)	(1,491,487)	(3,444,666)	(4,902,143)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(2,240,891)	(4,865,629)	(4,634,113)	2,756,600
Net change in unrealized gains (losses) on open contracts		(851,819)	6,521,754	(15,141)	(2,428,669)
Total trading results		(3,092,710)	1,656,125	(4,649,254)	327,931
Net income (loss)		$ (4,166,240)	$ 164,638	$ (8,093,920)	$ (4,574,212)
Net income (loss) per Unit	[1]	$ (1.41)	$ 0.05	$ (2.63)	$ (1.30)
Weighted average number of Units outstanding		2,988,346.929	3,598,663.983	3,138,302.907	3,733,528.114
[1]	Represents the change in net asset value per Unit during the period.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]
Partners' Capital, balance at Dec. 31, 2014	$ 117,882,791	$ 116,569,858	$ 1,312,933
Units of Partnership Interest, balance at Dec. 31, 2014	3,905,473.827
Net Income (Loss)	$ (4,574,212)	(4,524,518)	(49,694)
Redemptions	$ (12,058,333)	(11,901,642)	(156,691)
Redemptions (in units)	(399,479.846)
Partners' Capital, balance at Sep. 30, 2015	$ 101,250,246	100,143,698	1,106,548
Units of Partnership Interest, balance at Sep. 30, 2015	3,505,993.981
Partners' Capital, balance at Dec. 31, 2015	$ 92,853,450	91,783,172	1,070,278
Units of Partnership Interest, balance at Dec. 31, 2015	3,324,177.081
Net Income (Loss)	$ (8,093,920)	(8,011,713)	(82,207)
Redemptions	$ (13,333,517)	(13,163,517)	(170,000)
Redemptions (in units)	(501,245.64)
Partners' Capital, balance at Sep. 30, 2016	$ 71,426,013	$ 70,607,942	$ 818,071
Units of Partnership Interest, balance at Sep. 30, 2016	2,822,931.441

Organization

Organization	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Organization	1. Organization: Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) is a Delaware limited partnership organized in 1991 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 4, “Financial Instruments”). 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 is one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P., Morgan Stanley Smith Barney Spectrum Technical L.P. and Morgan Stanley Smith Barney Spectrum Strategic L.P. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator for the Partnership. Ceres is a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC (“MSSBH”). MSSBH is wholly-owned indirectly by Morgan Stanley. Morgan Stanley Smith Barney LLC is doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”). Morgan Stanley Wealth Management is a principal subsidiary of MSSBH. During the reporting periods ended September 30, 2016 and 2015, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnership also deposits a portion of its cash in a non-trading account at JPMorgan Chase Bank, N.A. The trading advisors to the Partnership are EMC Capital Management, Inc. (“EMC”), Graham Capital Management, L.P. (“Graham”) and Rabar Market Research, Inc. (“Rabar”) (individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). Effective June 30, 2016, the General Partner terminated the management agreement, dated as of October 9, 2007, as amended, among the Partnership, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of the Partnership’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of the Partnership. References herein to the Trading Advisor or the Trading Advisors may also include, as relevant, Altis. 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 General Partner pays or reimburses the Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership. This includes the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnership’s break-even point.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2016, the results of its operations for the three and nine months ended September 30, 2016 and 2015, and changes in partners’ capital for the nine months ended September 30, 2016 and 2015. These financial statements present the results of interim periods and do not include all of the disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s December 31, 2015 Annual Report on Form 10-K (the “Form10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2015. The December 31, 2015 information has been derived from the audited financial statements as of and for the year ended December 31, 2015. Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Profit Allocation Statement of Cash Flows Partnership’s Investments Restricted and Unrestricted Cash Investment Company Status Income Taxes: Net Income (Loss) per Unit: “Financial Services – Investment Companies Fair Value of Financial Instruments: Financial Instruments Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.” Reclassification: There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015.

Financial Highlights

Financial Highlights	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (1.05) $ 0.47 $ (1.54) $ 0.02 Net investment loss (0.36) (0.42) (1.09) (1.32) Net increase (decrease) for the period (1.41) 0.05 (2.63) (1.30) Net asset value per Unit, beginning of period 26.71 28.83 27.93 30.18 Net asset value per Unit, end of period $ 25.30 $ 28.88 $ 25.30 $ 28.88 For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.5)% (5.7)% (5.5)% (5.8)% Operating expenses before incentive fees 5.7 % 5.7 % 5.7 % 5.8 % Incentive fees - % - % - % - % Operating expenses after incentive fees 5.7 % 5.7 % 5.7 % 5.8 % Total return: Total return before incentive fees (5.3)% 0.2 % (9.4)% (4.3)% Incentive fees - % - % - % - % Total return after incentive fees (5.3)% 0.2 % (9.4)% (4.3)% * Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees, if applicable). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2016
Investments, All Other Investments [Abstract]
Financial Instruments	4. Financial Instruments: The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open futures or forward contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized gains (losses) on open contracts” in the Statements of Income and Expenses. The Partnership’s contracts are accounted for on a trade-date basis. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. The Partnership’s contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. In general, the risks associated with off-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to an off-exchange-traded contract. The Partnership has credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership trades is limited to the unrealized gain amounts reflected in the Statements of Financial Condition. The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s off-exchange-traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership’s accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts held at MS&Co., for the benefit of MS&Co. With respect to those off-exchange-traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with the counterparty. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce both the Partnership’s and the counterparty’s exposure on off-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency. The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in net income (loss) in the Statements of Income and Expenses. The General Partner monitors and attempts to control the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions. The futures and forwards traded by the Partnership, along with the U.S. Treasury bills held by the Partnership, involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on off-exchange-traded forward currency contracts are settled upon termination of the contract.

Trading Activities

Trading Activities	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Trading Activities	5. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors for the Partnership will take speculative positions in Futures Interests where they feel the best profit opportunities exist for their trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended September 30, 2016 and 2015 were 6,330 and 9,207, respectively. The monthly average number of futures contracts traded during the nine months ended September 30, 2016 and 2015 were 6,802 and 8,465, respectively. The monthly average number of metals forward contracts traded during the three months ended September 30, 2016 and 2015 were 705 and 1,162, respectively. The monthly average number of metals forward contracts traded during the nine months ended September 30, 2016 and 2015 were 1,041 and 1,171, respectively. The monthly average notional values of currency forward contracts traded during the three months ended September 30, 2016 and 2015 were $125,057,345 and $112,270,483 respectively. The monthly average notional values of currency forward contracts traded during the nine months ended September 30, 2016 and 2015 were $118,653,293 and $127,625,190, respectively. The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Futures $ 2,404,371 $ (1,273,030) $ 1,131,341 $ - $ - $ 1,131,341 Forwards 1,053,943 (731,337) 322,606 - - 322,606 Total assets $ 3,458,314 $ (2,004,367) $ 1,453,947 $ - $ - $ 1,453,947 Liabilities Futures $ (1,273,030) $ 1,273,030 $ - $ - $ - $ - Forwards (731,337) 731,337 - - - - Total liabilities $ (2,004,367) $ 2,004,367 $ - $ - $ - $ - Net fair value $ 1,453,947 * December 31, 2015 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Futures $ 3,831,162 $ (2,431,726) $ 1,399,436 $ - $ - $ 1,399,436 Forwards 1,168,919 (1,125,088) 43,831 - - 43,831 Total assets $ 5,000,081 $ (3,556,814) $ 1,443,267 $ - $ - $ 1,443,267 Liabilities Futures $ (2,431,726) $ 2,431,726 $ - $ - $ - $ - Forwards (1,125,088) 1,125,088 - - - - Total liabilities $ (3,556,814) $ 3,556,814 $ - $ - $ - $ - Net fair value $ 1,443,267 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default. The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Assets Futures Contracts Commodity $ 1,236,313 Equity 385,966 Currencies 194,614 Interest rates 587,478 Total unrealized appreciation on open futures contracts 2,404,371 Liabilities Futures Contracts Commodity (691,687) Equity (341,599) Currencies (69,054) Interest rates (170,690) Total unrealized depreciation on open futures contracts (1,273,030) Net unrealized appreciation on open futures contracts $ 1,131,341 * Assets Forward Contracts Commodity $ 514,365 Currencies 539,578 Total unrealized appreciation on open forward contracts 1,053,943 Liabilities Forward Contracts Commodity (586,090) Currencies (145,247) Total unrealized depreciation on open forward contracts (731,337) Net unrealized appreciation on open forward contracts $ 322,606 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Commodity $ 2,019,400 Equity 196,959 Currencies 1,206,216 Interest rates 408,587 Total unrealized appreciation on open futures contracts 3,831,162 Liabilities Futures Contracts Commodity (937,844) Equity (421,360) Currencies (469,882) Interest rates (602,640) Total unrealized depreciation on open futures contracts (2,431,726) Net unrealized appreciation on open futures contracts $ 1,399,436 * Assets Forward Contracts Commodity $ 740,942 Currencies 427,977 Total unrealized appreciation on open forward contracts 1,168,919 Liabilities Forward Contracts Commodity (954,788) Currencies (170,300) Total unrealized depreciation on open forward contracts (1,125,088) Net unrealized appreciation on open forward contracts $ 43,831 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2016 and 2015. Three Months Ended September 30, Nine Months Ended September 30, Sector 2016 2015 2016 2015 Commodity $ (2,877,622) $ 2,165,636 $ (3,793,652) $ (4,110,606) Equity 1,259,997 (3,442,268) (2,168,569) (1,424,424) Currencies (643,880) 482,957 (828,238) 3,172,201 Interest rates (831,205) 2,449,800 2,141,205 2,690,760 Total $ (3,092,710) *** $ 1,656,125 *** $ (4,649,254) *** $ 327,931 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, forward and option contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Partnership considers prices for exchange-traded commodity futures, forward, swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded forward, swap and certain option contracts for which market quotations are not readily available are priced by broker quotes or pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of September 30, 2016 and December 31, 2015, and for the periods ended September 30, 2016 and 2015, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). Transfers between levels are recognized at the end of the reporting period. During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 14,997,047 $ - $ 14,997,047 $ - Futures 2,404,371 2,404,371 - - Forwards 1,053,943 514,365 539,578 - Total Assets $ 18,455,361 $ 2,918,736 $ 15,536,625 $ - Liabilities Futures $ 1,273,030 $ 1,273,030 $ - $ - Forwards 731,337 586,090 145,247 - Total Liabilities $ 2,004,367 $ 1,859,120 $ 145,247 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 55,493,206 $ - $ 55,493,206 $ - Futures 3,831,162 3,831,162 - - Forwards 1,168,919 740,942 427,977 - Total Assets $ 60,493,287 $ 4,572,104 $ 55,921,183 $ - Liabilities Futures $ 2,431,726 $ 2,431,726 $ - $ - Forwards 1,125,088 954,788 170,300 - Total Liabilities $ 3,556,814 $ 3,386,514 $ 170,300 $ -

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	7. 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 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)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation
Statement of Cash Flows	Statement of Cash Flows
Partnership's Investments	Partnership’s Investments
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash
Investment Company Status	Investment Company Status
Income Taxes	Income Taxes:
Net Income (Loss) per Unit	Net Income (Loss) per Unit: “Financial Services – Investment Companies
Fair Value of Financial Instruments	Fair Value of Financial Instruments: Financial Instruments
Recent Accounting Pronouncement	Recent Accounting Pronouncement: “Recognition and Measurement of Financial Assets and Financial Liabilities.”
Reclassification	Reclassification:

Financial Highlights (Tables)

Financial Highlights (Tables)	9 Months Ended
	Sep. 30, 2016
Text Block [Abstract]
Schedule of Changes in Net Asset Value	Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2016 and 2015 were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (1.05) $ 0.47 $ (1.54) $ 0.02 Net investment loss (0.36) (0.42) (1.09) (1.32) Net increase (decrease) for the period (1.41) 0.05 (2.63) (1.30) Net asset value per Unit, beginning of period 26.71 28.83 27.93 30.18 Net asset value per Unit, end of period $ 25.30 $ 28.88 $ 25.30 $ 28.88
Ratios to Average Limited Partners' Capital	For the Three Months Ended For the Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.5)% (5.7)% (5.5)% (5.8)% Operating expenses before incentive fees 5.7 % 5.7 % 5.7 % 5.8 % Incentive fees - % - % - % - % Operating expenses after incentive fees 5.7 % 5.7 % 5.7 % 5.8 % Total return: Total return before incentive fees (5.3)% 0.2 % (9.4)% (4.3)% Incentive fees - % - % - % - % Total return after incentive fees (5.3)% 0.2 % (9.4)% (4.3)% * Net investment loss per Unit is calculated by dividing the expenses net of interest income by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees, if applicable). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	9 Months Ended
	Sep. 30, 2016
Brokers and Dealers [Abstract]
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives	The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting agreements or similar agreements as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Futures $ 2,404,371 $ (1,273,030) $ 1,131,341 $ - $ - $ 1,131,341 Forwards 1,053,943 (731,337) 322,606 - - 322,606 Total assets $ 3,458,314 $ (2,004,367) $ 1,453,947 $ - $ - $ 1,453,947 Liabilities Futures $ (1,273,030) $ 1,273,030 $ - $ - $ - $ - Forwards (731,337) 731,337 - - - - Total liabilities $ (2,004,367) $ 2,004,367 $ - $ - $ - $ - Net fair value $ 1,453,947 * December 31, 2015 Gross Amounts Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the Net Amount Financial Cash Collateral Assets Futures $ 3,831,162 $ (2,431,726) $ 1,399,436 $ - $ - $ 1,399,436 Forwards 1,168,919 (1,125,088) 43,831 - - 43,831 Total assets $ 5,000,081 $ (3,556,814) $ 1,443,267 $ - $ - $ 1,443,267 Liabilities Futures $ (2,431,726) $ 2,431,726 $ - $ - $ - $ - Forwards (1,125,088) 1,125,088 - - - - Total liabilities $ (3,556,814) $ 3,556,814 $ - $ - $ - $ - Net fair value $ 1,443,267 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded	The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of September 30, 2016 and December 31, 2015, respectively. September 30, 2016 Assets Futures Contracts Commodity $ 1,236,313 Equity 385,966 Currencies 194,614 Interest rates 587,478 Total unrealized appreciation on open futures contracts 2,404,371 Liabilities Futures Contracts Commodity (691,687) Equity (341,599) Currencies (69,054) Interest rates (170,690) Total unrealized depreciation on open futures contracts (1,273,030) Net unrealized appreciation on open futures contracts $ 1,131,341 * Assets Forward Contracts Commodity $ 514,365 Currencies 539,578 Total unrealized appreciation on open forward contracts 1,053,943 Liabilities Forward Contracts Commodity (586,090) Currencies (145,247) Total unrealized depreciation on open forward contracts (731,337) Net unrealized appreciation on open forward contracts $ 322,606 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2015 Assets Futures Contracts Commodity $ 2,019,400 Equity 196,959 Currencies 1,206,216 Interest rates 408,587 Total unrealized appreciation on open futures contracts 3,831,162 Liabilities Futures Contracts Commodity (937,844) Equity (421,360) Currencies (469,882) Interest rates (602,640) Total unrealized depreciation on open futures contracts (2,431,726) Net unrealized appreciation on open futures contracts $ 1,399,436 * Assets Forward Contracts Commodity $ 740,942 Currencies 427,977 Total unrealized appreciation on open forward contracts 1,168,919 Liabilities Forward Contracts Commodity (954,788) Currencies (170,300) Total unrealized depreciation on open forward contracts (1,125,088) Net unrealized appreciation on open forward contracts $ 43,831 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded	The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2016 and 2015. Three Months Ended September 30, Nine Months Ended September 30, Sector 2016 2015 2016 2015 Commodity $ (2,877,622) $ 2,165,636 $ (3,793,652) $ (4,110,606) Equity 1,259,997 (3,442,268) (2,168,569) (1,424,424) Currencies (643,880) 482,957 (828,238) 3,172,201 Interest rates (831,205) 2,449,800 2,141,205 2,690,760 Total $ (3,092,710) *** $ 1,656,125 *** $ (4,649,254) *** $ 327,931 *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Derivative Instruments Priced at Fair Value Using Unobservable Inputs	During the reporting periods, there were no transfers of assets or liabilities between Level 1 and Level 2. September 30, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 14,997,047 $ - $ 14,997,047 $ - Futures 2,404,371 2,404,371 - - Forwards 1,053,943 514,365 539,578 - Total Assets $ 18,455,361 $ 2,918,736 $ 15,536,625 $ - Liabilities Futures $ 1,273,030 $ 1,273,030 $ - $ - Forwards 731,337 586,090 145,247 - Total Liabilities $ 2,004,367 $ 1,859,120 $ 145,247 $ - December 31, 2015 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 55,493,206 $ - $ 55,493,206 $ - Futures 3,831,162 3,831,162 - - Forwards 1,168,919 740,942 427,977 - Total Assets $ 60,493,287 $ 4,572,104 $ 55,921,183 $ - Liabilities Futures $ 2,431,726 $ 2,431,726 $ - $ - Forwards 1,125,088 954,788 170,300 - Total Liabilities $ 3,556,814 $ 3,386,514 $ 170,300 $ -

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Accounting Policies [Abstract]
Cash denominated in foreign currencies	$ 226,324	$ 924,554
Cash denominated in foreign currencies, proceeds		$ 943,684
Cash denominated in foreign currencies, cost	$ 233,015
Income tax examination, description	No income tax returns are currently under examination. The 2012 through 2015 tax years remain subject to examination by U.S. federal and most state tax authorities.

Financial Highlights - Schedule

Financial Highlights - Schedule of Changes in Net Asset Value (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	$ (1.05)	$ 0.47	$ (1.54)	$ 0.02
Net investment loss	(0.36)	(0.42)	(1.09)	(1.32)
Net increase (decrease) for the period	(1.41)	0.05	(2.63)	(1.30)
Net asset value per Unit, beginning of period	26.71	28.83	27.93	30.18
Net asset value per Unit, end of period	$ 25.30	$ 28.88	$ 25.30	$ 28.88

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Limited Partners' Capital (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.50%)	(5.70%)	(5.50%)	(5.80%)
Operating expenses before incentive fees	5.70%	5.70%	5.70%	5.80%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Operating expenses after incentive fees	5.70%	5.70%	5.70%	5.80%
Total return before incentive fees	(5.30%)	0.20%	(9.40%)	(4.30%)
Incentive fees	(0.00%)	(0.00%)	(0.00%)	(0.00%)
Total return after incentive fees	(5.30%)	0.20%	(9.40%)	(4.30%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2016USD ($)Contracts	Sep. 30, 2015USD ($)Contracts	Sep. 30, 2016USD ($)Contracts	Sep. 30, 2015USD ($)Contracts
Foreign Exchange Forward [Member]
Derivative [Line Items]
Average notional value of derivative | $	$ 125,057,345	$ 112,270,483	$ 118,653,293	$ 127,625,190
Futures Contracts [Member]
Derivative [Line Items]
Average number of derivative contracts held	6,330	9,207	6,802	8,465
Options Purchased [Member]
Derivative [Line Items]
Average number of derivative contracts traded	705	1,162	1,041	1,171

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 3,458,314	$ 5,000,081
Gross Amounts Offset in the Statements of Financial Condition, Assets	(2,004,367)	(3,556,814)
Amounts Presented in the Statements of Financial Condition, Assets	1,453,947	1,443,267
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	1,453,947	1,443,267
Gross Amounts Recognized, Liabilities	(2,004,367)	(3,556,814)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	2,004,367	3,556,814
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Net fair value	1,453,947	1,443,267
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	2,404,371	3,831,162
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,273,030)	(2,431,726)
Amounts Presented in the Statements of Financial Condition, Assets	1,131,341	1,399,436
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	1,131,341	1,399,436
Gross Amounts Recognized, Liabilities	(1,273,030)	(2,431,726)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,273,030	2,431,726
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,053,943	1,168,919
Gross Amounts Offset in the Statements of Financial Condition, Assets	(731,337)	(1,125,088)
Amounts Presented in the Statements of Financial Condition, Assets	322,606	43,831
Financial Instruments, Assets	0	0
Cash Collateral Received/Pledged, Assets	0	0
Net Amount, Assets	322,606	43,831
Gross Amounts Recognized, Liabilities	(731,337)	(1,125,088)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	731,337	1,125,088
Amounts Presented in the Statements of Financial Condition, Liabilities	0	0
Financial Instruments, Liabilities	0	0
Cash Collateral Received/Pledged, Liabilities	0	0
Net Amount, Liabilities	$ 0	$ 0

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 2,404,371	$ 3,831,162
Total unrealized appreciation on open contracts	(1,273,030)	(2,431,726)
Net unrealized appreciation (depreciation) on open contracts	1,131,341	1,399,436
Futures Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,236,313	2,019,400
Total unrealized appreciation on open contracts	(691,687)	(937,844)
Futures Contracts [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	385,966	196,959
Total unrealized appreciation on open contracts	(341,599)	(421,360)
Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	194,614	1,206,216
Total unrealized appreciation on open contracts	(69,054)	(469,882)
Futures Contracts [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	587,478	408,587
Total unrealized appreciation on open contracts	(170,690)	(602,640)
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,053,943	1,168,919
Total unrealized appreciation on open contracts	(731,337)	(1,125,088)
Net unrealized appreciation (depreciation) on open contracts	322,606	43,831
Forward Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	514,365	740,942
Total unrealized appreciation on open contracts	(586,090)	(954,788)
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	539,578	427,977
Total unrealized appreciation on open contracts	$ (145,247)	$ (170,300)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (3,092,710)	$ 1,656,125	$ (4,649,254)	$ 327,931
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(3,092,710)	1,656,125	(4,649,254)	327,931
Derivative [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(2,877,622)	2,165,636	(3,793,652)	(4,110,606)
Derivative [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	1,259,997	(3,442,268)	(2,168,569)	(1,424,424)
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(643,880)	482,957	(828,238)	3,172,201
Derivative [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (831,205)	$ 2,449,800	$ 2,141,205	$ 2,690,760

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Investment in Funds	$ 0		$ 0
Transfers of assets between Level 1 and Level 2	0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0

Fair Value Measurements - Deriv

Fair Value Measurements - Derivative Instruments Priced at Fair Value Using Unobservable Inputs (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets
Total assets	$ 18,455,361	$ 60,493,287
Liabilities
Total liabilities	2,004,367	3,556,814
Forward Contracts [Member]
Assets
Total assets	1,053,943	1,168,919
Liabilities
Total liabilities	731,337	1,125,088
U.S. Treasury Bills [Member]
Assets
Total assets	14,997,047	55,493,206
Futures Contracts [Member]
Assets
Total assets	2,404,371	3,831,162
Liabilities
Total liabilities	1,273,030	2,431,726
Level 1 [Member]
Assets
Total assets	2,918,736	4,572,104
Liabilities
Total liabilities	1,859,120	3,386,514
Level 1 [Member] | Forward Contracts [Member]
Assets
Total assets	514,365	740,942
Liabilities
Total liabilities	586,090	954,788
Level 1 [Member] | Futures Contracts [Member]
Assets
Total assets	2,404,371	3,831,162
Liabilities
Total liabilities	1,273,030	2,431,726
Level 2 [Member]
Assets
Total assets	15,536,625	55,921,183
Liabilities
Total liabilities	145,247	170,300
Level 2 [Member] | Forward Contracts [Member]
Assets
Total assets	539,578	427,977
Liabilities
Total liabilities	145,247	170,300
Level 2 [Member] | U.S. Treasury Bills [Member]
Assets
Total assets	$ 14,997,047	$ 55,493,206