Morgan Stanley Smith Barney Spectrum Select (DWSF) 10-Q 10 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		2,169,487.579

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Equity in trading account:
Unrestricted cash	$ 41,704,697	$ 36,673,442
Restricted cash	9,984,344	11,918,100
Total equity in trading account	51,689,041	62,961,704
Cash at bank	825	218
Interest receivable	28,414	12,527
Total assets	51,718,280	62,974,449
Accrued expenses:
Ongoing placement agent fees	87,022	105,427
General Partner fees	87,022	105,427
Management fees	71,554	87,559
Redemptions payable to General Partner		100,000
Redemptions payable to Limited Partners	857,958	2,537,767
Total liabilities	2,790,487	2,984,051
Partners' Capital:
General Partner, 25,914.948 and 28,084.145 Units outstanding at June 30, 2017 and December 31, 2016, respectively	569,586	660,986
Limited Partners, 2,200,159.868 and 2,520,753.466 Units outstanding at June 30, 2017 and December 31, 2016, respectively	48,358,207	59,329,412
Total partners' capital (net asset value)	48,927,793	59,990,398
Total liabilities and partners' capital	$ 51,718,280	$ 62,974,449
Net asset value per Unit	$ 21.98	$ 23.54
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 June 30, 2017 and December 31, 2016, respectively)		$ 12,994,751
Futures Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ (1,521,341)	1,375,411
Forward Contracts [Member]
Equity in trading account:
Net unrealized appreciation (depreciation) on open contracts	$ (165,590)	$ (47,871)

Statements of Financial Condit3

Statements of Financial Condition (Parenthetical) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
General Partner, Units outstanding	25,914.948	28,084.145
Limited Partners, Units outstanding	2,200,159.868	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	Jun. 30, 2017USD ($)Contract	Dec. 31, 2016USD ($)Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 1,107,221	$ 2,203,401
Unrealized Depreciation on Open Contracts	(2,628,562)	(827,990)
Net unrealized appreciation (depreciation) on open contracts	$ (1,521,341)	$ 1,375,411
% of Partners' Capital	(3.11%)	2.29%
Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 580,631	$ 864,337
Unrealized Depreciation on Open Contracts	(729,476)	(385,917)
Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	116,814	696,575
Unrealized Depreciation on Open Contracts	(799,425)	(263,755)
Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	250,344	202,478
Unrealized Depreciation on Open Contracts	(17,194)	(55,806)
Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	159,432	440,011
Unrealized Depreciation on Open Contracts	$ (1,082,467)	$ (122,512)
Forward Contracts [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	2.85%	1.78%
Unrealized Appreciation on Open Contracts	$ 1,392,040	$ 1,069,028
Unrealized Depreciation on Open Contracts	(1,557,630)	(1,116,899)
Net unrealized appreciation (depreciation) on open contracts	$ (165,590)	$ (47,871)
Percentage of Partners' Capital	(3.19%)	(1.86%)
% of Partners' Capital	(0.34%)	(0.08%)
Forward Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	0.73%	0.62%
Unrealized Appreciation on Open Contracts	$ 352,452	$ 370,551
Unrealized Depreciation on Open Contracts	$ (638,765)	$ (534,709)
Percentage of Partners' Capital	(1.31%)	(0.89%)
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Appreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	133	187
Forward Contracts [Member] | Commodity [Member] | Net Unrealized Depreciation On Open Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	207	203
Forward Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Percentage of Partners' Capital	2.12%	1.16%
Notional Amount	$ 73,563,482	$ 40,436,437
Unrealized Appreciation on Open Contracts	1,039,588	698,477
Notional Amount	42,199,108	29,414,640
Unrealized Depreciation on Open Contracts	$ (918,865)	$ (582,190)
Percentage of Partners' Capital	(1.88%)	(0.97%)
U.S. Government Securities [Member]
Schedule of Investments [Line Items]
Fair Value		$ 12,994,751
% of Partners' Capital		21.66%
US Treasury Bills 0.41 [Member] | U.S. Government Securities [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	$ (1,316,206)	$ 868,051
% of Partners' Capital	(2.69%)	1.45%
Long [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	180	932
Net unrealized appreciation (depreciation) on open contracts	$ 223,086	$ 112,637
% of Partners' Capital	0.46%	0.19%
Long [Member] | Futures Contracts [Member] | Equity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	607	750
Net unrealized appreciation (depreciation) on open contracts	$ (687,424)	$ 471,849
% of Partners' Capital	(1.40%)	0.79%
Long [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	310	80
Net unrealized appreciation (depreciation) on open contracts	$ 191,935	$ 61,938
% of Partners' Capital	0.39%	0.10%
Long [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,419	1,082
Net unrealized appreciation (depreciation) on open contracts	$ (1,043,803)	$ 221,627
% of Partners' Capital	(2.14%)	0.37%
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (205,135)	$ 507,360
% of Partners' Capital	(0.42%)	0.84%
Short [Member] | Futures Contracts [Member] | Commodity [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	899	331
Net unrealized appreciation (depreciation) on open contracts	$ (371,931)	$ 365,783
% of Partners' Capital	(0.76%)	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	$ 4,813	$ (39,029)
% of Partners' Capital	0.01%	(0.07%)
Short [Member] | Futures Contracts [Member] | Currencies [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	49	157
Net unrealized appreciation (depreciation) on open contracts	$ 41,215	$ 84,734
% of Partners' Capital	0.08%	0.14%
Short [Member] | Futures Contracts [Member] | Interest Rates [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	728	1,480
Net unrealized appreciation (depreciation) on open contracts	$ 120,768	$ 95,872
% of Partners' Capital	0.25%	0.16%

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		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Investment Income:
Interest income		$ 80,162	$ 34,636	$ 141,044	$ 73,759
Expenses:
General Partner fees		265,179	413,695	558,032	883,497
Ongoing placement agent fees		265,179	413,695	558,032	883,497
Management fees		220,122	318,846	464,969	677,901
Total expenses		750,480	1,146,236	1,581,033	2,444,895
Net investment loss		(670,318)	(1,111,600)	(1,439,989)	(2,371,136)
Net gains (losses) on trading of commodity interests:
Net realized gains (losses) on closed contracts		(203,922)	(3,377,509)	855,230	(2,393,222)
Net change in unrealized gains (losses) on open contracts		(1,318,878)	2,802,697	(3,047,852)	836,678
Total trading results		(1,522,800)	(574,812)	(2,192,622)	(1,556,544)
Net income (loss)		$ (2,193,118)	$ (1,686,412)	$ (3,632,611)	$ (3,927,680)
Net income (loss) per Unit	[1]	$ (0.97)	$ (0.50)	$ (1.56)	$ (1.22)
Weighted average number of Units outstanding		2,312,290.218	3,139,590.239	2,401,391.706	3,213,280.897
[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]
Units of Partnership Interest, balance at Dec. 31, 2015	3,324,177.081
Redemptions		(273,196.429)	(5,984.364)
Units of Partnership Interest, balance at Jun. 30, 2016	3,044,996.288
Partners' Capital, balance at Dec. 31, 2015	$ 92,853,450	$ 91,783,172	$ 1,070,278
Net income (loss)	(3,927,680)	(3,890,840)	(36,840)
Redemptions - Limited Partners	(7,438,601)	(7,438,601)
Redemptions - General Partner	(170,000)		(170,000)
Partners' Capital, balance at Jun. 30, 2016	$ 81,317,169	$ 80,453,731	$ 863,438
Units of Partnership Interest, balance at Dec. 31, 2016	2,548,837.611
Redemptions		(320,593.598)	(2,169.197)
Units of Partnership Interest, balance at Jun. 30, 2017	2,226,074.816
Partners' Capital, balance at Dec. 31, 2016	$ 59,990,398	$ 59,329,412	$ 660,986
Net income (loss)	(3,632,611)	(3,591,211)	(41,400)
Redemptions - Limited Partners	(7,379,994)	(7,379,994)
Redemptions - General Partner	(50,000)		(50,000)
Partners' Capital, balance at Jun. 30, 2017	$ 48,927,793	$ 48,358,207	$ 569,586

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 2017 and 2016, 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. 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 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	6 Months Ended
	Jun. 30, 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 June 30, 2017, and the results of its operations for the three and six months ended June 30, 2017 and 2016 and changes in partners’ capital for the six months ended June 30, 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 (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2016. The December 31, 2016 information has been derived from the audited financial statements as of and for the year ended December 31, 2016. 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 Restricted and Unrestricted Cash Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes. “Income Taxes,” 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 for the year ended December 31, 2016.

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2017
Text Block [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2017 and 2016 were as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.68) $ (0.14) $ (0.96) $ (0.48) Net investment loss (0.29) (0.36) (0.60) (0.74) Net increase (decrease) for the period (0.97) (0.50) (1.56) (1.22) Net asset value per Unit, beginning of period 22.95 27.21 23.54 27.93 Net asset value per Unit, end of period $ 21.98 $ 26.71 $ 21.98 $ 26.71 For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.2)% (5.4)% (5.3)% (5.5)% Operating expenses before incentive fees 5.8% 5.6% 5.8% 5.6% Incentive fees - % - % - % - % Operating expenses after incentive fees 5.8% 5.6% 5.8% 5.6% Total return: Total return before incentive fees (4.2)% (1.8)% (6.6)% (4.4)% Incentive fees - % - % - % - % Total return after incentive fees (4.2)% (1.8)% (6.6)% (4.4)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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	6 Months Ended
	Jun. 30, 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 method. 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. In general, the risks associated with non-exchange-traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a non-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 non-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 with the counterparty, which is accomplished by daily maintenance of the cash balance in custody accounts and U.S. Treasury bills held at MS&Co., for the benefit of MS&Co. With respect to those non-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 non-exchange-traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency. The General Partner monitors and attempts to mitigate 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 forward currency contracts are settled upon termination of the contract. 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	6 Months Ended
	Jun. 30, 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 June 30, 2017 and 2016 were 4,688 and 5,781, respectively. The monthly average number of futures contracts traded during the six months ended June 30, 2017 and 2016 were 4,689 and 7,038, respectively. The monthly average number of metal forward contracts traded during the three months ended June 30, 2017 and 2016 were 506 and 1,168, respectively. The monthly average number of metal forward contracts traded during the six months ended June 30, 2017 and 2016 were 557 and 1,209, respectively. The monthly average notional values of currency forward contracts traded during the three months ended June 30, 2017 and 2016 were $162,758,395 and $118,755,428, respectively. The monthly average notional values of currency forward contracts traded during the six months ended June 30, 2017 and 2016 were $143,084,513 and $115,451,266, 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 June 30, 2017 and December 31, 2016, respectively. Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the June 30, 2017 Gross Amounts Financial Cash Collateral Net Amount Assets Futures $ 1,107,221 $ (1,107,221) $ - $ - $ - $ - Forwards 1,392,040 (1,392,040) - - - - Total assets $ 2,499,261 $ (2,499,261) $ - $ - $ - $ - Liabilities Futures $ (2,628,562) $ 1,107,221 $ (1,521,341) $ - $ - $ (1,521,341) Forwards (1,557,630) 1,392,040 (165,590) - - (165,590) Total liabilities $ (4,186,192) $ 2,499,261 $ (1,686,931) $ - $ - $ (1,686,931) Net fair value $ (1,686,931) * Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the December 31, 2016 Gross Amounts 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 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 funds 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 June 30, 2017 and December 31, 2016, respectively. June 30, 2017 Assets Futures Contracts Commodity $ 580,631 Equity 116,814 Currencies 250,344 Interest rates 159,432 Total unrealized appreciation on open futures contracts 1,107,221 Liabilities Futures Contracts Commodity (729,476) Equity (799,425) Currencies (17,194) Interest rates (1,082,467) Total unrealized depreciation on open futures contracts (2,628,562) Net unrealized depreciation on open futures contracts $ (1,521,341) * Assets Forward Contracts Commodity $ 352,452 Currencies 1,039,588 Total unrealized appreciation on open forward contracts 1,392,040 Liabilities Forward Contracts Commodity (638,765) Currencies (918,865) Total unrealized depreciation on open forward contracts (1,557,630) Net unrealized depreciation on open forward contracts $ (165,590) ** * This amount is in “Net unrealized depreciation 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 and six months ended June 30, 2017 and 2016. Three Months Ended Six Months Ended Sector 2017 2016 2017 2016 Commodity $ (548,754) $ (979,233) $ (2,866,174) $ (916,030) Equity 1,892,065 (2,207,645) 5,835,287 (3,428,566) Currencies (1,721,807) 256,808 (3,128,552) (184,358) Interest rates (1,144,304) 2,355,258 (2,033,183) 2,972,410 Total $ (1,522,800) *** $ (574,812) *** $ (2,192,622) *** $ (1,556,544) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Fair value is defined as the value 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 pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2017 and December 31, 2016, and for the periods ended June 30, 2017 and 2016, 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. June 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,107,221 $ 1,107,221 $ - $ - Forwards 1,392,040 352,452 1,039,588 - Total assets $ 2,499,261 $ 1,459,673 $ 1,039,588 $ - Liabilities Futures $ 2,628,562 $ 2,628,562 $ - $ - Forwards 1,557,630 638,765 918,865 - Total liabilities $ 4,186,192 $ 3,267,327 $ 918,865 $ - 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	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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
Restricted and Unrestricted Cash	Restricted and Unrestricted Cash
Investment Company Status	Investment Company Status Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes. “Income Taxes,”
Net Income (Loss) per Unit	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 for the year ended December 31, 2016.

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2017
Text Block [Abstract]
Financial Highlights	Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2017 and 2016 were as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ (0.68) $ (0.14) $ (0.96) $ (0.48) Net investment loss (0.29) (0.36) (0.60) (0.74) Net increase (decrease) for the period (0.97) (0.50) (1.56) (1.22) Net asset value per Unit, beginning of period 22.95 27.21 23.54 27.93 Net asset value per Unit, end of period $ 21.98 $ 26.71 $ 21.98 $ 26.71 For the Three Months Ended For the Six Months Ended June 30, June 30, 2017 2016 2017 2016 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (5.2)% (5.4)% (5.3)% (5.5)% Operating expenses before incentive fees 5.8% 5.6% 5.8% 5.6% Incentive fees - % - % - % - % Operating expenses after incentive fees 5.8% 5.6% 5.8% 5.6% Total return: Total return before incentive fees (4.2)% (1.8)% (6.6)% (4.4)% Incentive fees - % - % - % - % Total return after incentive fees (4.2)% (1.8)% (6.6)% (4.4)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses 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)	6 Months Ended
	Jun. 30, 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 June 30, 2017 and December 31, 2016, respectively. Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the June 30, 2017 Gross Amounts Financial Cash Collateral Net Amount Assets Futures $ 1,107,221 $ (1,107,221) $ - $ - $ - $ - Forwards 1,392,040 (1,392,040) - - - - Total assets $ 2,499,261 $ (2,499,261) $ - $ - $ - $ - Liabilities Futures $ (2,628,562) $ 1,107,221 $ (1,521,341) $ - $ - $ (1,521,341) Forwards (1,557,630) 1,392,040 (165,590) - - (165,590) Total liabilities $ (4,186,192) $ 2,499,261 $ (1,686,931) $ - $ - $ (1,686,931) Net fair value $ (1,686,931) * Gross Amounts Statements of Amounts Statements of Gross Amounts Not Offset in the December 31, 2016 Gross Amounts 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 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 funds 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 June 30, 2017 and December 31, 2016, respectively. June 30, 2017 Assets Futures Contracts Commodity $ 580,631 Equity 116,814 Currencies 250,344 Interest rates 159,432 Total unrealized appreciation on open futures contracts 1,107,221 Liabilities Futures Contracts Commodity (729,476) Equity (799,425) Currencies (17,194) Interest rates (1,082,467) Total unrealized depreciation on open futures contracts (2,628,562) Net unrealized depreciation on open futures contracts $ (1,521,341) * Assets Forward Contracts Commodity $ 352,452 Currencies 1,039,588 Total unrealized appreciation on open forward contracts 1,392,040 Liabilities Forward Contracts Commodity (638,765) Currencies (918,865) Total unrealized depreciation on open forward contracts (1,557,630) Net unrealized depreciation on open forward contracts $ (165,590) ** * This amount is in “Net unrealized depreciation 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 and six months ended June 30, 2017 and 2016. Three Months Ended Six Months Ended Sector 2017 2016 2017 2016 Commodity $ (548,754) $ (979,233) $ (2,866,174) $ (916,030) Equity 1,892,065 (2,207,645) 5,835,287 (3,428,566) Currencies (1,721,807) 256,808 (3,128,552) (184,358) Interest rates (1,144,304) 2,355,258 (2,033,183) 2,972,410 Total $ (1,522,800) *** $ (574,812) *** $ (2,192,622) *** $ (1,556,544) *** *** This amount is in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	June 30, 2017 Total Level 1 Level 2 Level 3 Assets Futures $ 1,107,221 $ 1,107,221 $ - $ - Forwards 1,392,040 352,452 1,039,588 - Total assets $ 2,499,261 $ 1,459,673 $ 1,039,588 $ - Liabilities Futures $ 2,628,562 $ 2,628,562 $ - $ - Forwards 1,557,630 638,765 918,865 - Total liabilities $ 4,186,192 $ 3,267,327 $ 918,865 $ - 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 ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Restricted cash	$ 9,984,344	$ 11,918,100
Cash denominated in foreign currencies	(96,889)	(992,914)
Cash denominated in foreign currencies, proceeds	$ 95,366	$ 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 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	$ 21.98		21.98
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the period):
Net realized and unrealized gains (losses)	(0.68)	$ (0.14)	(0.96)	$ (0.48)
Net investment loss	(0.29)	(0.36)	(0.60)	(0.74)
Net increase (decrease) for the period	(0.97)	(0.50)	(1.56)	(1.22)
Net asset value per Unit, beginning of period	22.95	27.21	23.54	27.93
Net asset value per Unit, end of period	$ 21.98	$ 26.71	$ 21.98	$ 26.71

Financial Highlights - Ratios t

Financial Highlights - Ratios to Average Limited Partners' Capital (Detail) - Limited Partners [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Ratios to Average Limited Partners' Capital:
Net investment loss	(5.20%)	(5.40%)	(5.30%)	(5.50%)
Operating expenses before incentive fees	5.80%	5.60%	5.80%	5.60%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Operating expenses after incentive fees	5.80%	5.60%	5.80%	5.60%
Total return:
Total return before incentive fees	(4.20%)	(1.80%)	(6.60%)	(4.40%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	(4.20%)	(1.80%)	(6.60%)	(4.40%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)Contracts	Jun. 30, 2016USD ($)Contracts	Jun. 30, 2017USD ($)Contracts	Jun. 30, 2016USD ($)Contracts
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	4,688	5,781	4,689	7,038
Forward Contracts [Member] | Metals [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average number of derivative contracts traded	506	1,168	557	1,209
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Average notional value of derivative | $	$ 162,758,395	$ 118,755,428	$ 143,084,513	$ 115,451,266

Trading Activities - Summary of

Trading Activities - Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 2,499,261	$ 3,272,429
Gross Amounts Offset in the Statements of Financial Condition, Assets	(2,499,261)	(1,897,018)
Amounts Presented in the Statements of Financial Condition, Assets		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		1,375,411
Gross Amounts Recognized, Liabilities	(4,186,192)	(1,944,889)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	2,499,261	1,897,018
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,686,931)	(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	(1,686,931)	(47,871)
Net fair value	(1,686,931)	1,327,540
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,107,221	2,203,401
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,107,221)	(827,990)
Amounts Presented in the Statements of Financial Condition, Assets		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		1,375,411
Gross Amounts Recognized, Liabilities	(2,628,562)	(827,990)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,107,221	827,990
Amounts Presented in the Statements of Financial Condition, Liabilities	(1,521,341)
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	(1,521,341)
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	1,392,040	1,069,028
Gross Amounts Offset in the Statements of Financial Condition, Assets	(1,392,040)	(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	(1,557,630)	(1,116,899)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	1,392,040	1,069,028
Amounts Presented in the Statements of Financial Condition, Liabilities	(165,590)	(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	$ (165,590)	$ (47,871)

Trading Activities - Gross Fair

Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Futures Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	$ 1,107,221	$ 2,203,401
Total unrealized depreciation on open contracts	(2,628,562)	(827,990)
Net unrealized appreciation (depreciation) on open contracts	(1,521,341)	1,375,411
Futures Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	580,631	864,337
Total unrealized depreciation on open contracts	(729,476)	(385,917)
Futures Contracts [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	116,814	696,575
Total unrealized depreciation on open contracts	(799,425)	(263,755)
Futures Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	250,344	202,478
Total unrealized depreciation on open contracts	(17,194)	(55,806)
Futures Contracts [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	159,432	440,011
Total unrealized depreciation on open contracts	(1,082,467)	(122,512)
Forward Contracts [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,392,040	1,069,028
Total unrealized depreciation on open contracts	(1,557,630)	(1,116,899)
Net unrealized appreciation (depreciation) on open contracts	(165,590)	(47,871)
Forward Contracts [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	352,452	370,551
Total unrealized depreciation on open contracts	(638,765)	(534,709)
Forward Contracts [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total unrealized appreciation on open contracts	1,039,588	698,477
Total unrealized depreciation on open contracts	$ (918,865)	$ (582,190)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (1,522,800)	$ (574,812)	$ (2,192,622)	$ (1,556,544)
Derivative [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(1,522,800)	(574,812)	(2,192,622)	(1,556,544)
Derivative [Member] | Commodity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(548,754)	(979,233)	(2,866,174)	(916,030)
Derivative [Member] | Equity [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	1,892,065	(2,207,645)	5,835,287	(3,428,566)
Derivative [Member] | Currencies [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	(1,721,807)	256,808	(3,128,552)	(184,358)
Derivative [Member] | Interest Rates [Member]
Trading Activity, Gains and Losses, Net [Line Items]
Total trading results	$ (1,144,304)	$ 2,355,258	$ (2,033,183)	$ 2,972,410

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2017USD ($)DerivativeInstrument	Dec. 31, 2016USD ($)DerivativeInstrument
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers of assets between Level 1 and Level 2	$ 0	$ 0
Transfers of liabilities between Level 1 and Level 2	$ 0	$ 0
Significant Unobservable Inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments held | DerivativeInstrument	0	0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets
Total assets	$ 2,499,261	$ 16,267,180
Liabilities
Total liabilities	4,186,192	1,944,889
U.S. Treasury Bills [Member]
Assets
Total assets		12,994,751
Futures Contracts [Member]
Assets
Total assets	1,107,221	2,203,401
Liabilities
Total liabilities	2,628,562	827,990
Forward Contracts [Member]
Assets
Total assets	1,392,040	1,069,028
Liabilities
Total liabilities	1,557,630	1,116,899
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member]
Assets
Total assets	1,459,673	2,573,952
Liabilities
Total liabilities	3,267,327	1,362,699
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Futures Contracts [Member]
Assets
Total assets	1,107,221	2,203,401
Liabilities
Total liabilities	2,628,562	827,990
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) [Member] | Forward Contracts [Member]
Assets
Total assets	352,452	370,551
Liabilities
Total liabilities	638,765	534,709
Significant Other Observable Inputs (Level 2) [Member]
Assets
Total assets	1,039,588	13,693,228
Liabilities
Total liabilities	918,865	582,190
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Bills [Member]
Assets
Total assets		12,994,751
Significant Other Observable Inputs (Level 2) [Member] | Forward Contracts [Member]
Assets
Total assets	1,039,588	698,477
Liabilities
Total liabilities	$ 918,865	$ 582,190