Morgan Stanley Smith Barney Spectrum Select (DWSF) 10-Q 11 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
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		2,284,789.633

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Equity in trading account:
Unrestricted cash	$ 44,133,077	$ 36,673,442
Restricted cash	12,340,952	11,918,100
Total equity in trading account	56,565,848	62,961,704
Cash at bank	1,022	218
Interest receivable	23,585	12,527
Total assets	56,590,455	62,974,449
Accrued expenses:
Ongoing placement agent fees	97,647	105,427
General Partner fees	97,647	105,427
Management fees	81,762	87,559
Redemptions payable to General Partner		100,000
Redemptions payable to Limited Partners	1,720,565	2,537,767
Total liabilities	2,460,999	2,984,051
Partners' Capital:
General Partner, 28,084.145 Units outstanding at March 31, 2017 and December 31, 2016	644,438	660,986
Limited Partners 2,330,804.321 and 2,520,753.466 Units outstanding at March 31, 2017 and December 31, 2016, respectively	53,485,018	59,329,412
Total partners' capital (net asset value)	54,129,456	59,990,398
Total liabilities and partners' capital	$ 56,590,455	$ 62,974,449
Net asset value per Unit	$ 22.95	$ 23.54
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ 91,819	$ 1,375,411
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ (463,378)	(47,871)
U.S. Treasury Bills [Member]
Equity in trading account:
Investment in U.S. Treasury bills, at fair value (amortized cost $0 and $12,989,784 at March 31, 2017 and December 31, 2016, respectively)		$ 12,994,751

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
General Partner, Units outstanding	28,084.145	28,084.145
Limited Partners, Units outstanding	2,330,804.321	2,520,753.466
U.S. Treasury Bills [Member]
Investments in U.S. Treasury bills, amortized cost	$ 0	$ 12,989,784

Condensed Schedule of Investmen

Condensed Schedule of Investments	Mar. 31, 2017USD ($)Contract		Dec. 31, 2016USD ($)Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 91,819		$ 1,375,411
% of Partners' Capital	0.17%		2.29%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	1.13%		1.78%
Unrealized Appreciation on Open Forward Contracts	$ 610,832		$ 1,069,028
Unrealized Depreciation on Open Forward Contracts	(1,074,210)		(1,116,899)
Net unrealized appreciation (depreciation) on open contracts	$ (463,378)		$ (47,871)
Percentage of Partners' Capital	(1.98%)		(1.86%)
% of Partners' Capital	0.85%		0.08%
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	0.49%		0.62%
Unrealized Appreciation on Open Forward Contracts	$ 266,365		$ 370,551
Unrealized Depreciation on Open Forward Contracts	$ (354,147)		$ (534,709)
Percentage of Partners' Capital	(0.65%)		(0.89%)
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	146		187
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	143		203
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	0.64%		1.16%
Notional Amount	$ 31,591,630		$ 40,436,437
Unrealized Appreciation on Open Forward Contracts	344,467		698,477
Notional Amount	53,185,013		29,414,640
Unrealized Depreciation on Open Forward Contracts	$ (720,063)		$ (582,190)
Percentage of Partners' Capital	(1.33%)		(0.97%)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Fair Value			$ 12,994,751
% of Partners' Capital			21.66%
U.S. Government Securities [Member] | US Treasury Bills 0.41 [Member]
Schedule of Investments [Line Items]
Fair Value			$ 12,994,751
% of Partners' Capital			21.66%
Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 362,243		$ 868,051
% of Partners' Capital	0.67%		1.45%
Long [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	411		932
Net unrealized appreciation (depreciation) on open contracts	$ (27,395)		$ 112,637
% of Partners' Capital	(0.05%)		0.19%
Long [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	788		750
Net unrealized appreciation (depreciation) on open contracts	$ 324,957		$ 471,849
% of Partners' Capital	0.60%		0.79%
Long [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	100		80
Net unrealized appreciation (depreciation) on open contracts	$ (12,987)		$ 61,938
% of Partners' Capital	(0.02%)		0.10%
Long [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	814		1,082
Net unrealized appreciation (depreciation) on open contracts	$ 77,668		$ 221,627
% of Partners' Capital	0.14%		0.37%
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (270,424)		$ 507,360
% of Partners' Capital	(0.50%)		0.84%
Short [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	705		331
Net unrealized appreciation (depreciation) on open contracts	$ 80,873		$ 365,783
% of Partners' Capital	0.15%		0.61%
Short [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	23		40
Net unrealized appreciation (depreciation) on open contracts	$ (2,421)		$ (39,029)
% of Partners' Capital	0.00%	[1]	(0.07%)
Short [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	93		157
Net unrealized appreciation (depreciation) on open contracts	$ 60,390		$ 84,734
% of Partners' Capital	0.11%		0.14%
Short [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,375		1,480
Net unrealized appreciation (depreciation) on open contracts	$ (409,266)		$ 95,872
% of Partners' Capital	(0.76%)		0.16%
[1]	Due to rounding

Condensed Schedule of Investme5

Condensed Schedule of Investments (Parenthetical) - US Treasury Bills 0.41 [Member] - U.S. Government Securities [Member]	12 Months Ended
	Dec. 31, 2016USD ($)
Schedule of Investments [Line Items]
Investment in U.S. Treasury bills, Amortized cost	$ 12,989,784
Investment, interest rate	0.41%	[1]
Face Amount	$ 13,000,000
Maturity Date	Feb. 2, 2017
[1]	Liquid non-cash held as collateral.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Investment Income:
Interest income		$ 60,882	$ 39,123
Expenses:
General Partner fees		292,853	469,802
Ongoing placement agent fees		292,853	469,802
Management fees		244,847	359,055
Total expenses		830,553	1,298,659
Net investment loss		(769,671)	(1,259,536)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		1,059,152	984,287
Net change in unrealized gains (losses) on open contracts		(1,728,974)	(1,966,019)
Total trading results		(669,822)	(981,732)
Net income (loss)		$ (1,439,493)	$ (2,241,268)
Net income (loss) per Unit	[1]	$ (0.59)	$ (0.72)
Weighted average number of Units outstanding		2,490,493.193	3,286,811.284
[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, 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)	$ (2,241,268)	(2,221,857)	(19,411)
Redemptions	$ (3,942,824)	(3,822,824)	(120,000)
Redemptions (in units)	(139,559.823)
Partners' Capital, balance at Mar. 31, 2016	$ 86,669,358	85,738,491	930,867
Units of Partnership Interest, balance at Mar. 31, 2016	3,184,617.258
Partners' Capital, balance at Dec. 31, 2016	$ 59,990,398	59,329,412	660,986
Units of Partnership Interest, balance at Dec. 31, 2016	2,548,837.611
Net Income (Loss)	$ (1,439,493)	(1,422,945)	(16,548)
Redemptions	$ (4,421,449)	(4,421,449)
Redemptions (in units)	(189,949.145)
Partners' Capital, balance at Mar. 31, 2017	$ 54,129,456	$ 53,485,018	$ 644,438
Units of Partnership Interest, balance at Mar. 31, 2017	2,358,888.466

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [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 (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership commenced trading operations on August 1, 1991. The Partnership is one of the Morgan Stanley Spectrum Series of funds, comprised of the Partnership, Ceres Tactical Currency L.P. (formerly, Morgan Stanley Smith Barney Spectrum Currency and Commodity L.P.), Morgan Stanley Smith Barney Spectrum Strategic L.P. and Morgan Stanley Smith Barney Spectrum Technical 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 of the Partnership. As of January 1, 2017, Ceres 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. During the reporting periods ended March 31, 2017 and 2016, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”). MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”) is a principal subsidiary of MSD Holdings. MS&Co. and its affiliates act as the custodians of the Partnership’s assets available for trading in Futures Interests. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnership also deposits a portion of its cash in a non-trading 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	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at March 31, 2017, and the results of its operations and changes in partners’ capital for the three months ended March 31, 2017 and 2016. These financial statements present the results of interim periods and do not include all 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 Annual Report on Form 10-K 10-K”) 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 “Statement of Cash Flows.” Partnership’s Investments first-in, first-out Restricted and Unrestricted Cash Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Net Income (Loss) per Unit. “Financial Services – Investment Companies 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

Financial Highlights

Financial Highlights	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three months ended March 31, 2017 and 2016 were as follows: For the Three Months Ended March 31, 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.28) $ (0.33) Net investment loss (0.31) (0.39) Net increase (decrease) for the period (0.59) (0.72) Net asset value per Unit, beginning of period 23.54 27.93 Net asset value per Unit, end of period $ 22.95 $ 27.21 For the Three Months Ended 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.4)% (5.5)% Operating expenses before incentive fees 5.9 % 5.7 % Incentive fees - % - % Operating expenses after incentive fees 5.9 % 5.7 % Total return: Total return before incentive fees (2.5)% (2.6)% Incentive fees - % - % Total return after incentive fees (2.5)% (2.6)% * 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	3 Months Ended
	Mar. 31, 2017
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. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out 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. In general, the risks associated with non-exchange-traded non-exchange-traded 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 non-exchange-traded non-exchange-traded non-exchange-traded 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 non-exchange-traded In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

Trading Activities

Trading Activities	3 Months Ended
	Mar. 31, 2017
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 Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended March 31, 2017 and 2016 were 4,689 and 8,294, respectively. The monthly average number of metal forward contracts traded during the three months ended March 31, 2017 and 2016 were 607 and 1,250, respectively. The monthly average notional values of currency forward contracts traded during the three months ended March 31, 2017 and 2016 were $123,410,631 and $112,147,104, 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 March 31, 2017 and December 31, 2016, respectively. March 31, 2017 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Futures $ 1,691,061 $ (1,599,242) $ 91,819 $ - $ - $ 91,819 Forwards 610,832 (610,832) - - - - Total assets $ 2,301,893 $ (2,210,074) $ 91,819 $ - $ - $ 91,819 Liabilities Futures $ (1,599,242) $ 1,599,242 $ - $ - $ - $ - Forwards (1,074,210) 610,832 (463,378) - - (463,378) Total liabilities $ (2,673,452) $ 2,210,074 $ (463,378) $ - $ - $ (463,378) Net fair value $ (371,559) * December 31, 2016 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Futures $ 2,203,401 $ (827,990) $ 1,375,411 $ - $ - $ 1,375,411 Forwards 1,069,028 (1,069,028) - - - - Total assets $ 3,272,429 $ (1,897,018) $ 1,375,411 $ - $ - $ 1,375,411 Liabilities Futures $ (827,990) $ 827,990 $ - $ - $ - $ - Forwards (1,116,899) 1,069,028 (47,871) - - (47,871) Total liabilities $ (1,944,889) $ 1,897,018 $ (47,871) $ - $ - $ (47,871) Net fair value $ 1,327,540 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of March 31, 2017 and December 31, 2016, respectively. March 31, 2017 Assets Futures Contracts Commodity $ 637,370 Equity 692,164 Currencies 102,590 Interest rates 258,937 Total unrealized appreciation on open futures contracts 1,691,061 Liabilities Futures Contracts Commodity (583,892) Equity (369,628) Currencies (55,187) Interest rates (590,535) Total unrealized depreciation on open futures contracts (1,599,242) Net unrealized appreciation on open futures contracts $ 91,819 * Assets Forward Contracts Commodity $ 266,365 Currencies 344,467 Total unrealized appreciation on open forward contracts 610,832 Liabilities Forward Contracts Commodity (354,147) Currencies (720,063) Total unrealized depreciation on open forward contracts (1,074,210) Net unrealized depreciation on open forward contracts $ (463,378) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2016 Assets Futures Contracts Commodity $ 864,337 Equity 696,575 Currencies 202,478 Interest rates 440,011 Total unrealized appreciation on open futures contracts 2,203,401 Liabilities Futures Contracts Commodity (385,917) Equity (263,755) Currencies (55,806) Interest rates (122,512) Total unrealized depreciation on open futures contracts (827,990) Net unrealized appreciation on open futures contracts $ 1,375,411 * Assets Forward Contracts Commodity $ 370,551 Currencies 698,477 Total unrealized appreciation on open forward contracts 1,069,028 Liabilities Forward Contracts Commodity (534,709) Currencies (582,190) Total unrealized depreciation on open forward contracts (1,116,899) Net unrealized depreciation on open forward contracts $ (47,871) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation 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 months ended March 31, 2017 and 2016. Three Months Ended March 31, Sector 2017 2016 Commodity $ (2,317,420) $ 63,203 Equity 3,943,222 (1,220,921) Currencies (1,406,745) (441,166) Interest rates (888,879) 617,152 Total $ (669,822) *** $ (981,732) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 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 March 31, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,691,061 $ 1,691,061 $ - $ - Forwards 610,832 266,365 344,467 - Total assets $ 2,301,893 $ 1,957,426 $ 344,467 $ - Liabilities Futures $ 1,599,242 $ 1,599,242 $ - $ - Forwards 1,074,210 354,147 720,063 - Total liabilities $ 2,673,452 $ 1,953,389 $ 720,063 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 12,994,751 $ - $ 12,994,751 $ - Futures 2,203,401 2,203,401 - - Forwards 1,069,028 370,551 698,477 - Total assets $ 16,267,180 $ 2,573,952 $ 13,693,228 $ - Liabilities Futures $ 827,990 $ 827,990 $ - $ - Forwards 1,116,899 534,709 582,190 - Total liabilities $ 1,944,889 $ 1,362,699 $ 582,190 $ -

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are 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)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows “Statement of Cash Flows.”
Partnership's Investments	Partnership’s Investments first-in, first-out
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash
Investment Company Status	Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not
Net Income (Loss) per Unit	Net Income (Loss) per Unit. “Financial Services – Investment Companies

Financial Highlights (Tables)

Financial Highlights (Tables)	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Schedule of Changes in Net Asset Value	Financial highlights for the limited partner class as a whole for the three months ended March 31, 2017 and 2016 were as follows: For the Three Months Ended March 31, 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.28) $ (0.33) Net investment loss (0.31) (0.39) Net increase (decrease) for the period (0.59) (0.72) Net asset value per Unit, beginning of period 23.54 27.93 Net asset value per Unit, end of period $ 22.95 $ 27.21
Ratios to Average Limited Partners' Capital	For the Three Months Ended 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.4)% (5.5)% Operating expenses before incentive fees 5.9 % 5.7 % Incentive fees - % - % Operating expenses after incentive fees 5.9 % 5.7 % Total return: Total return before incentive fees (2.5)% (2.6)% Incentive fees - % - % Total return after incentive fees (2.5)% (2.6)% * 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)	3 Months Ended
	Mar. 31, 2017
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 March 31, 2017 and December 31, 2016, respectively. March 31, 2017 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Futures $ 1,691,061 $ (1,599,242) $ 91,819 $ - $ - $ 91,819 Forwards 610,832 (610,832) - - - - Total assets $ 2,301,893 $ (2,210,074) $ 91,819 $ - $ - $ 91,819 Liabilities Futures $ (1,599,242) $ 1,599,242 $ - $ - $ - $ - Forwards (1,074,210) 610,832 (463,378) - - (463,378) Total liabilities $ (2,673,452) $ 2,210,074 $ (463,378) $ - $ - $ (463,378) Net fair value $ (371,559) * December 31, 2016 Gross Amounts Gross Amounts Amounts Gross Amounts Not Offset in the Financial Cash Collateral Net Amount Assets Futures $ 2,203,401 $ (827,990) $ 1,375,411 $ - $ - $ 1,375,411 Forwards 1,069,028 (1,069,028) - - - - Total assets $ 3,272,429 $ (1,897,018) $ 1,375,411 $ - $ - $ 1,375,411 Liabilities Futures $ (827,990) $ 827,990 $ - $ - $ - $ - Forwards (1,116,899) 1,069,028 (47,871) - - (47,871) Total liabilities $ (1,944,889) $ 1,897,018 $ (47,871) $ - $ - $ (47,871) Net fair value $ 1,327,540 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded
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 March 31, 2017 and December 31, 2016, respectively. March 31, 2017 Assets Futures Contracts Commodity $ 637,370 Equity 692,164 Currencies 102,590 Interest rates 258,937 Total unrealized appreciation on open futures contracts 1,691,061 Liabilities Futures Contracts Commodity (583,892) Equity (369,628) Currencies (55,187) Interest rates (590,535) Total unrealized depreciation on open futures contracts (1,599,242) Net unrealized appreciation on open futures contracts $ 91,819 * Assets Forward Contracts Commodity $ 266,365 Currencies 344,467 Total unrealized appreciation on open forward contracts 610,832 Liabilities Forward Contracts Commodity (354,147) Currencies (720,063) Total unrealized depreciation on open forward contracts (1,074,210) Net unrealized depreciation on open forward contracts $ (463,378) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 2016 Assets Futures Contracts Commodity $ 864,337 Equity 696,575 Currencies 202,478 Interest rates 440,011 Total unrealized appreciation on open futures contracts 2,203,401 Liabilities Futures Contracts Commodity (385,917) Equity (263,755) Currencies (55,806) Interest rates (122,512) Total unrealized depreciation on open futures contracts (827,990) Net unrealized appreciation on open futures contracts $ 1,375,411 * Assets Forward Contracts Commodity $ 370,551 Currencies 698,477 Total unrealized appreciation on open forward contracts 1,069,028 Liabilities Forward Contracts Commodity (534,709) Currencies (582,190) Total unrealized depreciation on open forward contracts (1,116,899) Net unrealized depreciation on open forward contracts $ (47,871) ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation 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 months ended March 31, 2017 and 2016. Three Months Ended March 31, Sector 2017 2016 Commodity $ (2,317,420) $ 63,203 Equity 3,943,222 (1,220,921) Currencies (1,406,745) (441,166) Interest rates (888,879) 617,152 Total $ (669,822) *** $ (981,732) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	March 31, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,691,061 $ 1,691,061 $ - $ - Forwards 610,832 266,365 344,467 - Total assets $ 2,301,893 $ 1,957,426 $ 344,467 $ - Liabilities Futures $ 1,599,242 $ 1,599,242 $ - $ - Forwards 1,074,210 354,147 720,063 - Total liabilities $ 2,673,452 $ 1,953,389 $ 720,063 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets U.S. Treasury bills $ 12,994,751 $ - $ 12,994,751 $ - Futures 2,203,401 2,203,401 - - Forwards 1,069,028 370,551 698,477 - Total assets $ 16,267,180 $ 2,573,952 $ 13,693,228 $ - Liabilities Futures $ 827,990 $ 827,990 $ - $ - Forwards 1,116,899 534,709 582,190 - Total liabilities $ 1,944,889 $ 1,362,699 $ 582,190 $ -

Basis of Presentation and Sum19

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 12,340,952	$ 11,918,100
Cash denominated in foreign currencies	351	992,914
Cash denominated in foreign currencies, proceeds	$ 2,334	$ 1,024,772
Income tax examination, description	No income tax returns are currently under examination. The 2013 through 2016 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
	Mar. 31, 2017	Mar. 31, 2016
Per Unit Performance (for a unit outstanding throughout the period):
Net asset value per Unit, beginning of period	$ 23.54
Net asset value per Unit, end of period	22.95
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	(0.28)	$ (0.33)
Net investment loss	(0.31)	(0.39)
Net increase (decrease) for the period	(0.59)	(0.72)
Net asset value per Unit, beginning of period	23.54	27.93
Net asset value per Unit, end of period	$ 22.95	$ 27.21

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) - Limited Partners [Member]	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.40%)	(5.50%)
Operating expenses before incentive fees	5.90%	5.70%
Incentive fees	0.00%	0.00%
Operating expenses after incentive fees	5.90%	5.70%
Total return before incentive fees	(2.50%)	(2.60%)
Incentive fees	(0.00%)	(0.00%)
Total return after incentive fees	(2.50%)	(2.60%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2017USD ($)Contracts	Mar. 31, 2016USD ($)Contracts
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 123,410,631	$ 112,147,104
Forward Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	607	1,250
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	4,689	8,294

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 2,301,893	$ 3,272,429
Gross Amounts Offset in the Statements of Financial Condition, Assets	(2,210,074)	(1,897,018)
Amounts Presented in the Statements of Financial Condition, Assets	91,819	1,375,411
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	91,819	1,375,411
Gross Amounts Recognized, Liabilities	(2,673,452)	(1,944,889)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	2,210,074	1,897,018
Amounts Presented in the Statements of Financial Condition, Liabilities	(463,378)	(47,871)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	(463,378)	(47,871)
Net fair value	(371,559)	1,327,540
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,691,061	2,203,401
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,599,242)	(827,990)
Amounts Presented in the Statements of Financial Condition, Assets	91,819	1,375,411
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Net Amount, Assets	91,819	1,375,411
Gross Amounts Recognized, Liabilities	(1,599,242)	(827,990)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,599,242	827,990
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	610,832	1,069,028
Gross Amounts Offset in the Statements of Financial Condition, Assets	(610,832)	(1,069,028)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets	0	0
Gross Amounts Recognized, Liabilities	(1,074,210)	(1,116,899)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	610,832	1,069,028
Amounts Presented in the Statements of Financial Condition, Liabilities	(463,378)	(47,871)
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities	0	0
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	0	0
Net Amount, Liabilities	$ (463,378)	$ (47,871)

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 1,691,061	$ 2,203,401
Total unrealized depreciation on open contracts	(1,599,242)	(827,990)
Net unrealized appreciation (depreciation) on open contracts	91,819	1,375,411
Futures Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	637,370	864,337
Total unrealized depreciation on open contracts	(583,892)	(385,917)
Futures Contracts [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	692,164	696,575
Total unrealized depreciation on open contracts	(369,628)	(263,755)
Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	102,590	202,478
Total unrealized depreciation on open contracts	(55,187)	(55,806)
Futures Contracts [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	258,937	440,011
Total unrealized depreciation on open contracts	(590,535)	(122,512)
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	610,832	1,069,028
Total unrealized depreciation on open contracts	(1,074,210)	(1,116,899)
Net unrealized appreciation (depreciation) on open contracts	(463,378)	(47,871)
Forward Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	266,365	370,551
Total unrealized depreciation on open contracts	(354,147)	(534,709)
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	344,467	698,477
Total unrealized depreciation on open contracts	$ (720,063)	$ (582,190)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (669,822)	$ (981,732)
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(669,822)	(981,732)
Derivative [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(2,317,420)	63,203
Derivative [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	3,943,222	(1,220,921)
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(1,406,745)	(441,166)
Derivative [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (888,879)	$ 617,152

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
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 - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Assets
Total assets	$ 2,301,893	$ 16,267,180
Liabilities
Total liabilities	2,673,452	1,944,889
Forward Contracts [Member]
Assets
Total assets	610,832	1,069,028
Liabilities
Total liabilities	1,074,210	1,116,899
U.S. Treasury Bills [Member]
Assets
Total assets		12,994,751
Futures Contracts [Member]
Assets
Total assets	1,691,061	2,203,401
Liabilities
Total liabilities	1,599,242	827,990
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets	1,957,426	2,573,952
Liabilities
Total liabilities	1,953,389	1,362,699
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member]
Assets
Total assets	266,365	370,551
Liabilities
Total liabilities	354,147	534,709
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	1,691,061	2,203,401
Liabilities
Total liabilities	1,599,242	827,990
Significant Other Observable Inputs (Level 2) [Member]
Assets
Total assets	344,467	13,693,228
Liabilities
Total liabilities	720,063	582,190
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member]
Assets
Total assets	344,467	698,477
Liabilities
Total liabilities	$ 720,063	582,190
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Bills [Member]
Assets
Total assets		$ 12,994,751