Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | 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 Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,863,206.984 | ||
Entity Public Float | $ 48,358,207 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets: | |||
Unrestricted cash (Note 2e) | $ 37,297,383 | $ 36,673,442 | |
Restricted cash (Note 2e) | 8,683,095 | 11,918,100 | |
Net unrealized appreciation on open contracts | 2,224,482 | 1,375,411 | |
Total equity in trading account | 48,204,960 | 62,961,704 | |
Cash at bank (Note 1) | 437 | 218 | |
Interest receivable (Note 2h) | 36,496 | 12,527 | |
Total assets | 48,241,893 | 62,974,449 | |
Liabilities: | |||
Net unrealized depreciation on open contracts | 47,871 | ||
Accrued expenses: | |||
Ongoing placement agent fees (Note 2j) | 77,782 | 105,427 | |
General Partner fees (Note 2i) | 77,782 | 105,427 | |
Management fees (Note 4) | 62,553 | 87,559 | |
Redemptions payable to General Partner (Note 2m) | 100,000 | ||
Redemptions payable to Limited Partners (Note 2m) | 1,525,563 | 2,537,767 | |
Total liabilities | 1,743,680 | 2,984,051 | |
Partners' Capital: | |||
General Partner | 617,398 | 660,986 | |
Limited Partners | 45,880,815 | 59,329,412 | |
Total partners' capital (net asset value) | 46,498,213 | 59,990,398 | |
Total liabilities and partners' capital | $ 48,241,893 | $ 62,974,449 | |
Net asset value per Unit | $ 23.82 | $ 23.54 | |
U.S. Government Securities [Member] | |||
Assets: | |||
Investments at fair value | $ 12,994,751 | ||
Futures Contracts [Member] | |||
Assets: | |||
Net unrealized appreciation on open contracts | $ 1,738,051 | 1,375,411 | |
Forward Contracts [Member] | |||
Assets: | |||
Net unrealized appreciation on open contracts | 486,431 | ||
Liabilities: | |||
Net unrealized depreciation on open contracts | 47,871 | ||
Ceres Tactical Currency L.P. [Member] | |||
Assets: | |||
Investments at fair value | 6,430,471 | 9,322,120 | |
Redemptions receivable from the Funds | 501,270 | ||
Cash at bank (Note 1) | 1,000 | 1,000 | |
Interest receivable (Note 2h) | 1,627 | 489 | |
Total assets | 6,934,368 | 9,323,609 | |
Accrued expenses: | |||
Ongoing placement agent fees (Note 2j) | 11,824 | 16,322 | |
General Partner fees (Note 2i) | 9,460 | 13,058 | |
Management fees (Note 4) | 8,868 | 12,242 | |
Redemptions payable to General Partner (Note 2m) | 25,000 | ||
Redemptions payable to Limited Partners (Note 2m) | 446,118 | 186,992 | |
Total liabilities | 501,270 | 228,614 | |
Partners' Capital: | |||
General Partner | 70,104 | 112,063 | |
Limited Partners | 6,362,994 | 8,982,932 | |
Total partners' capital (net asset value) | 6,433,098 | 9,094,995 | |
Total liabilities and partners' capital | $ 6,934,368 | $ 9,323,609 | |
Net asset value per Unit | $ 8.55 | $ 8.84 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Assets: | |||
Investments at fair value | $ 7,762,120 | $ 17,075,116 | |
Redemptions receivable from the Funds | 3,150,865 | ||
Cash at bank (Note 1) | 1,000 | 1,000 | |
Interest receivable (Note 2h) | 8,500 | 2,495 | |
Total assets | 10,922,485 | 17,078,611 | |
Accrued expenses: | |||
Ongoing placement agent fees (Note 2j) | 18,032 | 27,236 | |
General Partner fees (Note 2i) | 18,032 | 27,236 | |
Management fees (Note 4) | 10,650 | 15,436 | |
Redemptions payable to General Partner (Note 2m) | 35,000 | ||
Redemptions payable to Limited Partners (Note 2m) | 634,517 | 1,145,062 | |
Total liabilities | 681,231 | 1,249,970 | |
Partners' Capital: | |||
General Partner | 138,298 | 176,185 | |
Limited Partners | 10,102,956 | 15,652,456 | |
Total partners' capital (net asset value) | 10,241,254 | 15,828,641 | |
Total liabilities and partners' capital | $ 10,922,485 | $ 17,078,611 | |
Net asset value per Unit | $ 10.13 | $ 10.92 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Assets: | |||
Unrestricted cash (Note 2e) | $ 38,804,219 | ||
Restricted cash (Note 2e) | 6,959,456 | ||
Net unrealized appreciation on open contracts | 294,434 | ||
Total equity in trading account | 46,058,109 | ||
Cash at bank (Note 1) | 217 | ||
Interest receivable (Note 2h) | 14,714 | ||
Total assets | 65,697,229 | ||
Liabilities: | |||
Net unrealized depreciation on open contracts | 64,550 | ||
Accrued expenses: | |||
Ongoing placement agent fees (Note 2j) | 108,663 | ||
General Partner fees (Note 2i) | 108,663 | ||
Management fees (Note 4) | 82,187 | ||
Redemptions payable to General Partner (Note 2m) | 125,000 | ||
Redemptions payable to Limited Partners (Note 2m) | 2,337,625 | ||
Total liabilities | 2,826,688 | ||
Partners' Capital: | |||
General Partner | 686,707 | ||
Limited Partners | 62,183,834 | ||
Total partners' capital (net asset value) | 62,870,541 | ||
Total liabilities and partners' capital | $ 65,697,229 | ||
Net asset value per Unit | $ 17.59 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Assets: | |||
Unrestricted cash (Note 2e) | [1] | $ 32,343,365 | |
Restricted cash (Note 2e) | [1] | 33,804 | |
Net unrealized appreciation on open contracts | 37,172 | ||
Total equity in trading account | [1] | 32,414,341 | |
Interest receivable (Note 2h) | [1] | 36,218 | |
Total assets | [1] | 48,273,955 | |
Accrued expenses: | |||
Ongoing placement agent fees (Note 2j) | [1] | 81,344 | |
General Partner fees (Note 2i) | [1] | 81,344 | |
Management fees (Note 4) | [1] | 61,607 | |
Liquidation redemptions payable to General Partner (Note 1 and 2m) | [1] | 636,573 | |
Liquidation redemptions payable to Limited Partners (Note 1 and 2m) | [1] | 47,413,087 | |
Total liabilities | [1] | 48,273,955 | |
Partners' Capital: | |||
Total liabilities and partners' capital | [1] | $ 48,273,955 | |
Net asset value per Unit | [1] | $ 0 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | |||
Assets: | |||
Investments at fair value | $ 19,624,189 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | Liquidation Basis of Accounting [Member] | |||
Assets: | |||
Redemptions receivable from the Funds | [1] | $ 15,823,396 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | |||
Assets: | |||
Net unrealized appreciation on open contracts | 294,434 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Assets: | |||
Net unrealized appreciation on open contracts | 37,172 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | |||
Liabilities: | |||
Net unrealized depreciation on open contracts | $ 64,550 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Assets: | |||
Net unrealized appreciation on open contracts | [1] | $ 37,172 | |
[1] | Presented on a liquidation basis of accounting. |
Statements of Financial Condit3
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
General Partner, Units outstanding | 25,914.948 | 28,084.145 | |
Limited Partners, Units outstanding | 1,925,780.666 | 2,520,753.466 | |
Ceres Tactical Currency L.P. [Member] | |||
General Partner, Units outstanding | 8,199.927 | 12,676.699 | |
Limited Partners, Units outstanding | 744,227.936 | 1,016,152.188 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Investments, cost | $ 6,806,949 | $ 15,490,450 | |
General Partner, Units outstanding | 13,658.423 | 16,128.779 | |
Limited Partners, Units outstanding | 997,806.419 | 1,432,900.898 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
General Partner, Units outstanding | 39,044.365 | ||
Limited Partners, Units outstanding | 3,535,764.033 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
General Partner, Units outstanding | [1] | 0 | |
Limited Partners, Units outstanding | [1] | 0 | |
U.S. Government Securities [Member] | |||
Investments, cost | $ 0 | $ 12,989,784 | |
[1] | Presented on a liquidation basis of accounting. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investment Income: | ||||
Interest income | $ 335,653 | $ 149,929 | $ 6,571 | |
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | 1,035,010 | 1,613,123 | 2,201,751 | |
General Partner fees (Note 2i) | 1,035,010 | 1,613,123 | 2,201,751 | |
Management fees (Note 4) | 853,195 | 1,278,401 | 1,923,032 | |
Total expenses | 2,923,215 | 4,504,647 | 6,326,534 | |
Net investment loss | (2,587,562) | (4,354,718) | (6,319,963) | |
Trading Results: | ||||
Net realized gains (losses) on investment | 1,931,048 | (8,560,404) | 2,855,236 | |
Net change in unrealized gains (losses) on investment | 857,908 | (102,999) | (4,330,138) | |
Total trading results | 2,788,956 | (8,663,403) | (1,474,902) | |
Net income (loss) | $ 201,394 | $ (13,018,121) | $ (7,794,865) | |
Net income (loss) per Unit (Note 8) | [1] | $ 0.28 | $ (4.39) | $ (2.25) |
Weighted average number of Units outstanding | 2,267,801.511 | 3,039,416.299 | 3,661,532.170 | |
Ceres Tactical Currency L.P. [Member] | ||||
Investment Income: | ||||
Interest income | $ 54,066 | $ 23,934 | $ 3,411 | |
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | 168,976 | 236,538 | 273,887 | |
General Partner fees (Note 2i) | 135,181 | 189,229 | 219,110 | |
Management fees (Note 4) | 126,731 | 177,400 | 205,415 | |
Incentive fees (Note 4) | 94,111 | 386,005 | ||
Total expenses | 430,888 | 697,278 | 1,084,417 | |
Net investment loss | (376,822) | (673,344) | (1,081,006) | |
Trading Results: | ||||
Net realized gains (losses) on investment | 251,104 | (409,784) | 4,094,092 | |
Net change in unrealized gains (losses) on investment | (9,705) | (90,353) | (870,869) | |
Total trading results | 241,399 | (500,137) | 3,223,223 | |
Net income (loss) | $ (135,423) | $ (1,173,481) | $ 2,142,217 | |
Net income (loss) per Unit (Note 8) | [1] | $ (0.29) | $ (1.08) | $ 1.43 |
Weighted average number of Units outstanding | 911,204.435 | 1,204,884.421 | 1,489,830.597 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||
Investment Income: | ||||
Interest income | $ 79,179 | $ 20,400 | $ 3,118 | |
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | 256,919 | 432,230 | 603,212 | |
General Partner fees (Note 2i) | 256,919 | 432,230 | 603,212 | |
Management fees (Note 4) | 148,845 | 238,151 | 177,872 | |
Total expenses | 662,683 | 1,102,611 | 1,384,296 | |
Net investment loss | (583,504) | (1,082,211) | (1,381,178) | |
Trading Results: | ||||
Total trading results | (558,444) | 20,293 | (3,760,506) | |
Net income (loss) | $ (1,141,948) | $ (1,061,918) | $ (5,141,684) | |
Net income (loss) per Unit (Note 8) | [1] | $ (0.79) | $ (0.62) | $ (2.08) |
Weighted average number of Units outstanding | 1,254,389.538 | 1,883,921.134 | 2,418,049.941 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member] | ||||
Trading Results: | ||||
Net realized gains (losses) on investment | $ 3,559,306 | $ 21,012,914 | ||
Net change in unrealized gains (losses) on investment | (3,894,858) | (24,341,749) | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund L.P. [Member] | ||||
Trading Results: | ||||
Net realized gains (losses) on investment | $ 88,302 | (110,881) | 5,797 | |
Net change in unrealized gains (losses) on investment | (638,440) | (793,255) | 98,819 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund L.P. [Member] | ||||
Trading Results: | ||||
Net realized gains (losses) on investment | (17,251) | 103,332 | (12,090) | |
Net change in unrealized gains (losses) on investment | 8,945 | 1,156,649 | (524,197) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||
Investment Income: | ||||
Interest income | 150,226 | 14,184 | ||
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | 1,605,229 | 2,045,080 | ||
General Partner fees (Note 2i) | 1,605,229 | 2,045,080 | ||
Management fees (Note 4) | 1,244,716 | 1,581,367 | ||
Incentive fees (Note 4) | 208,244 | 899,082 | ||
Total expenses | 4,663,418 | 6,570,609 | ||
Net investment loss | (4,513,192) | (6,556,425) | ||
Trading Results: | ||||
Total trading results | [1] | (1,116,946) | 6,239,846 | |
Net income (loss) | $ (5,630,138) | $ (316,579) | ||
Net income (loss) per Unit (Note 8) | $ (1.36) | $ (0.12) | ||
Weighted average number of Units outstanding | 4,307,665.714 | 5,291,205.995 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Income: | ||||
Interest income | [2] | 359,039 | ||
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | [2] | 1,108,189 | ||
General Partner fees (Note 2i) | [2] | 1,108,189 | ||
Management fees (Note 4) | [2] | 839,197 | ||
Total expenses | [2] | 3,055,575 | ||
Net investment loss | [2] | (2,696,536) | ||
Trading Results: | ||||
Total trading results | [1],[2] | 622,901 | ||
Net income (loss) | [2] | $ (2,073,635) | ||
Net income (loss) per Unit (Note 8) | [2] | $ (0.68) | ||
Weighted average number of Units outstanding | [2] | 3,185,918.652 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Funds [Member] | ||||
Investment Income: | ||||
Interest income | $ 102,507 | $ 7,337 | ||
Trading Results: | ||||
Net realized gains (losses) on investment | (3,006,930) | 6,387,957 | ||
Net change in unrealized gains (losses) on investment | 600,852 | (976,511) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Funds [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Income: | ||||
Interest income | [2] | $ 239,220 | ||
Trading Results: | ||||
Net realized gains (losses) on investment | [2] | 2,459,794 | ||
Net change in unrealized gains (losses) on investment | [2] | (192,039) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | ||||
Investment Income: | ||||
Interest income | 47,719 | 6,847 | ||
Trading Results: | ||||
Net realized gains (losses) on investment | 920,443 | 1,803,434 | ||
Net change in unrealized gains (losses) on investment | $ 368,689 | (948,185) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Income: | ||||
Interest income | [2] | 119,819 | ||
Trading Results: | ||||
Net realized gains (losses) on investment | [2] | (959,244) | ||
Net change in unrealized gains (losses) on investment | [2] | $ (685,610) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | ||||
Trading Results: | ||||
Net realized gains (losses) on investment | 374,099 | |||
Net change in unrealized gains (losses) on investment | $ (400,948) | |||
[1] | Represents the change in net asset value per Unit. | |||
[2] | Presented on a liquidation basis of accounting. |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | Ceres Tactical Currency L.P. [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Limited Partners [Member] | Limited Partners [Member]Ceres Tactical Currency L.P. [Member] | Limited Partners [Member]Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Limited Partners [Member]Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | General Partner [Member] | General Partner [Member]Ceres Tactical Currency L.P. [Member] | General Partner [Member]Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | General Partner [Member]Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |
Units of Partnership Interest, balance at Dec. 31, 2014 | 3,905,473.827 | 1,621,228.967 | 2,621,811.040 | 5,734,525.375 | |||||||||
Redemptions (in units) | (576,115.677) | (281,805.507) | (489,389.241) | (957,184.090) | (5,181.069) | (1,509.054) | (4,048.276) | (8,952.779) | |||||
Units of Partnership Interest, balance at Dec. 31, 2015 | 3,324,177.081 | 1,337,914.406 | 2,128,373.523 | 4,768,388.506 | |||||||||
Partners' Capital, balance at Dec. 31, 2014 | $ 117,882,791 | $ 13,769,331 | $ 35,706,387 | $ 109,348,797 | $ 116,569,858 | $ 13,623,087 | $ 35,306,899 | $ 108,125,693 | $ 1,312,933 | $ 146,244 | $ 399,488 | $ 1,223,104 | |
Redemptions - General Partner | (156,691) | (15,000) | (49,165) | (176,693) | (156,691) | (15,000) | (49,165) | (176,693) | |||||
Redemptions - Limited Partners | (17,077,785) | (2,628,888) | (5,954,654) | (18,471,604) | (17,077,785) | (2,628,888) | (5,954,654) | (18,471,604) | |||||
Net income (loss) | (7,794,865) | 2,142,217 | (5,141,684) | (316,579) | (7,708,901) | 2,117,657 | (5,083,147) | (316,282) | (85,964) | 24,560 | (58,537) | (297) | |
Partners' Capital, balance at Dec. 31, 2015 | $ 92,853,450 | $ 13,267,660 | $ 24,560,884 | $ 90,383,921 | $ 91,783,172 | $ 13,111,856 | $ 24,269,098 | $ 89,337,807 | $ 1,070,278 | $ 155,804 | $ 291,786 | $ 1,046,114 | |
Redemptions (in units) | (765,107.018) | (306,052.152) | (670,187.699) | (1,177,434.596) | (10,232.452) | (3,033.367) | (9,156.147) | (16,145.512) | |||||
Units of Partnership Interest, balance at Dec. 31, 2016 | 2,548,837.611 | 1,028,828.887 | 1,449,029.677 | 3,574,808.398 | |||||||||
Redemptions - General Partner | $ (270,000) | $ (30,182) | $ (105,040) | $ (300,273) | $ (270,000) | $ (30,182) | $ (105,040) | $ (300,273) | |||||
Redemptions - Limited Partners | (19,574,931) | (2,969,002) | (7,565,285) | (21,582,969) | $ (19,574,931) | $ (2,969,002) | $ (7,565,285) | $ (21,582,969) | |||||
Net income (loss) | (13,018,121) | (1,173,481) | (1,061,918) | (5,630,138) | (12,878,829) | (1,159,922) | (1,051,357) | (5,571,004) | (139,292) | (13,559) | (10,561) | (59,134) | |
Partners' Capital, balance at Dec. 31, 2016 | $ 59,990,398 | $ 9,094,995 | $ 15,828,641 | 62,870,541 | $ 59,329,412 | $ 8,982,932 | $ 15,652,456 | $ 62,183,834 | $ 660,986 | $ 112,063 | $ 176,185 | $ 686,707 | |
Redemptions (in units) | Liquidation Basis of Accounting [Member] | [1] | (3,535,764.033) | (39,044.365) | ||||||||||
Redemptions (in units) | (594,972.800) | (271,924.252) | (435,094.479) | (2,169.197) | (4,476.772) | (2,470.356) | |||||||
Units of Partnership Interest, balance at Dec. 31, 2017 | 1,951,695.614 | 752,427.863 | 1,011,464.842 | ||||||||||
Redemptions - General Partner | Liquidation Basis of Accounting [Member] | [1] | (661,573) | $ (661,573) | ||||||||||
Redemptions - General Partner | $ (50,000) | $ (40,000) | $ (25,000) | $ (50,000) | $ (40,000) | $ (25,000) | |||||||
Redemptions - Limited Partners | Liquidation Basis of Accounting [Member] | [1] | (60,135,333) | $ (60,135,333) | ||||||||||
Redemptions - Limited Partners | (13,643,579) | (2,486,474) | (4,420,439) | $ (13,643,579) | $ (2,486,474) | $ (4,420,439) | |||||||
Net income (loss) | Liquidation Basis of Accounting [Member] | [1] | $ (2,073,635) | $ (2,048,501) | $ (25,134) | |||||||||
Net income (loss) | 201,394 | (135,423) | (1,141,948) | 194,982 | (133,464) | (1,129,061) | 6,412 | (1,959) | (12,887) | ||||
Partners' Capital, balance at Dec. 31, 2017 | $ 46,498,213 | $ 6,433,098 | $ 10,241,254 | $ 45,880,815 | $ 6,362,994 | $ 10,102,956 | $ 617,398 | $ 70,104 | $ 138,298 | ||||
[1] | Presented on a liquidation basis of accounting. |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | |
Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 2,377,628 | $ 2,203,401 | |
Unrealized Depreciation on Open Contracts | (639,577) | (827,990) | |
Net unrealized appreciation (depreciation) on open contracts | $ 1,738,051 | $ 1,375,411 | |
% of Partners' Capital | 3.74% | 2.29% | |
U.S. Government Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments, cost | $ 0 | $ 12,989,784 | |
Investments at fair value | $ 12,994,751 | ||
% of Partners' Capital | 21.66% | ||
Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | 1,275,513 | $ 1,069,028 | |
Unrealized Depreciation on Open Contracts | (789,082) | (1,116,899) | |
Net unrealized appreciation (depreciation) on open contracts | $ 486,431 | $ (47,871) | |
% of Partners' Capital | 1.05% | (0.08%) | |
Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 1.70% | 1.86% | |
Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 2.75% | 1.78% | |
Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 1,273,423 | $ 864,337 | |
Unrealized Depreciation on Open Contracts | (187,625) | (385,917) | |
Commodity [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | 897,185 | 370,551 | |
Unrealized Depreciation on Open Contracts | $ (385,217) | $ (534,709) | |
Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 69 | 203 | |
% of Partners' Capital | 0.83% | 0.89% | |
Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 177 | 187 | |
% of Partners' Capital | 1.94% | 0.62% | |
Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 489,126 | $ 696,575 | |
Unrealized Depreciation on Open Contracts | (107,968) | (263,755) | |
Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | 196,144 | 202,478 | |
Unrealized Depreciation on Open Contracts | (3,001) | (55,806) | |
Currencies [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Notional Amount | 40,275,705 | 40,436,437 | |
Unrealized Appreciation on Open Contracts | 378,328 | 698,477 | |
Notional Amount | 36,880,820 | 29,414,640 | |
Unrealized Depreciation on Open Contracts | $ (403,865) | $ (582,190) | |
Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 0.87% | 0.97% | |
Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 0.81% | 1.16% | |
Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 418,935 | $ 440,011 | |
Unrealized Depreciation on Open Contracts | (340,983) | (122,512) | |
US Treasury Bills 0.41 [Member] | U.S. Government Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Investments, cost | 12,989,784 | ||
Investments at 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 | $ 1,366,022 | $ 868,051 | |
% of Partners' Capital | 2.94% | 1.45% | |
Long [Member] | Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 332 | 932 | |
Net unrealized appreciation (depreciation) on open contracts | $ 1,018,011 | $ 112,637 | |
% of Partners' Capital | 2.19% | 0.19% | |
Long [Member] | Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 374 | 750 | |
Net unrealized appreciation (depreciation) on open contracts | $ 379,994 | $ 471,849 | |
% of Partners' Capital | 0.82% | 0.79% | |
Long [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 115 | 80 | |
Net unrealized appreciation (depreciation) on open contracts | $ 126,683 | $ 61,938 | |
% of Partners' Capital | 0.27% | 0.10% | |
Long [Member] | Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 875 | 1,082 | |
Net unrealized appreciation (depreciation) on open contracts | $ (158,666) | $ 221,627 | |
% of Partners' Capital | (0.34%) | 0.37% | |
Short [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 372,029 | $ 507,360 | |
% of Partners' Capital | 0.80% | 0.84% | |
Short [Member] | Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 597 | 331 | |
Net unrealized appreciation (depreciation) on open contracts | $ 67,787 | $ 365,783 | |
% of Partners' Capital | 0.15% | 0.61% | |
Short [Member] | Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 38 | 40 | |
Net unrealized appreciation (depreciation) on open contracts | $ 1,164 | $ (39,029) | |
% of Partners' Capital | 0.00% | (0.07%) | |
Short [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 101 | 157 | |
Net unrealized appreciation (depreciation) on open contracts | $ 66,460 | $ 84,734 | |
% of Partners' Capital | 0.14% | 0.14% | |
Short [Member] | Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 1,257 | 1,480 | |
Net unrealized appreciation (depreciation) on open contracts | $ 236,618 | $ 95,872 | |
% of Partners' Capital | 0.51% | 0.16% | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Investments, cost | $ 6,806,949 | $ 15,490,450 | |
Investments at fair value | 7,762,120 | $ 17,075,116 | |
% of Partners' Capital | 107.88% | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Investments, cost | $ 7,400,716 | ||
Investments at fair value | $ 8,039,156 | ||
% of Partners' Capital | 50.79% | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund L.P. [Member] | |||
Schedule of Investments [Line Items] | |||
Investments, cost | $ 8,089,734 | ||
Investments at fair value | $ 7,762,120 | $ 9,035,960 | |
% of Partners' Capital | 75.80% | 57.09% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 1,051,049 | ||
Unrealized Depreciation on Open Contracts | (756,615) | ||
Net unrealized appreciation (depreciation) on open contracts | $ 294,434 | ||
% of Partners' Capital | 0.47% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 665,811 | ||
Unrealized Depreciation on Open Contracts | (730,361) | ||
Net unrealized appreciation (depreciation) on open contracts | $ (64,550) | ||
% of Partners' Capital | (0.10%) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 812,258 | ||
Unrealized Depreciation on Open Contracts | (775,086) | ||
Net unrealized appreciation (depreciation) on open contracts | $ 37,172 | ||
% of Partners' Capital | [1] | 0.08% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 1.16% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | [1] | 1.61% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 1.06% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | [1] | 1.69% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 323,692 | ||
Unrealized Depreciation on Open Contracts | (226,494) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | 58,919 | ||
Unrealized Depreciation on Open Contracts | $ (293,032) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 160,614 | ||
Unrealized Depreciation on Open Contracts | $ (129,671) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 68 | ||
% of Partners' Capital | 0.47% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 25 | ||
% of Partners' Capital | [1] | 0.27% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 26 | ||
% of Partners' Capital | 0.09% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 25 | ||
% of Partners' Capital | [1] | 0.33% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 348,618 | ||
Unrealized Depreciation on Open Contracts | (140,355) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | 24,345 | ||
Unrealized Depreciation on Open Contracts | (144,708) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Notional Amount | 42,090,719 | ||
Unrealized Appreciation on Open Contracts | 606,892 | ||
Notional Amount | 30,260,348 | ||
Unrealized Depreciation on Open Contracts | $ (437,329) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
Notional Amount | $ 49,359,743 | ||
Unrealized Appreciation on Open Contracts | 651,644 | ||
Notional Amount | 47,615,664 | ||
Unrealized Depreciation on Open Contracts | $ (645,415) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 0.69% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | [1] | 1.34% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | 0.97% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Schedule of Investments [Line Items] | |||
% of Partners' Capital | [1] | 1.36% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Unrealized Appreciation on Open Contracts | $ 354,394 | ||
Unrealized Depreciation on Open Contracts | (245,058) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 223,813 | ||
% of Partners' Capital | 0.36% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 174 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (15,541) | ||
% of Partners' Capital | (0.02%) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 472 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 213,149 | ||
% of Partners' Capital | 0.34% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 90 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (77,975) | ||
% of Partners' Capital | (0.12%) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Long [Member] | Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 1,230 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 104,180 | ||
% of Partners' Capital | 0.16% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 70,621 | ||
% of Partners' Capital | 0.11% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Commodity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 239 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 112,739 | ||
% of Partners' Capital | 0.18% | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Equity [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 100 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (4,886) | ||
% of Partners' Capital | (0.01%) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 116 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (42,388) | ||
% of Partners' Capital | (0.07%) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Short [Member] | Interest Rates [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 851 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 5,156 | ||
% of Partners' Capital | 0.01% | ||
[1] | Calculated based on pre-liquidation partners' capital. |
Condensed Schedule of Investme7
Condensed Schedule of Investments (Parenthetical) - U.S. Government Securities [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Schedule of Investments [Line Items] | |
Investments, cost | $ 12,989,784 |
US Treasury Bills 0.41 [Member] | |
Schedule of Investments [Line Items] | |
Investment, face amount | $ 13,000,000 |
Investment, maturity date | Feb. 2, 2017 |
Investments, cost | $ 12,989,784 |
Investment, interest rate | 41.00% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Currency L.P. (“Tactical Currency”), Morgan Stanley Smith Barney Spectrum Select L.P. (“Spectrum Select”) and Morgan Stanley Smith Barney Spectrum Strategic L.P. (“Spectrum Strategic”) are, and Morgan Stanley Smith Barney Spectrum Technical L.P. (“Spectrum Technical”) (Partnership in Liquidation) was, limited partnerships organized 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 5, “Financial Instruments”). Tactical Currency, Spectrum Select, Spectrum Strategic and Spectrum Technical are each referred to individually as a “Partnership” or collectively as the “Partnerships”. The General Partner (as defined below) may determine to invest up to all of Tactical Currency’s, Spectrum Select’s or Spectrum Strategic’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. Prior to December 31, 2017, the General Partner may have invested up to all of Spectrum Technical’s assets in U.S. Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. On December 12, 2017, the General Partner determined to terminate the management agreements by and among Spectrum Technical and the General Partner and each of Aspect Capital Limited (“Aspect”), Campbell & Company, LP (“Campbell”), FORT, L.P. (“FORT”) and SECOR Capital Advisors L.P. (“SECOR”) effective the close of business on December 31, 2017. As a result, Spectrum Technical changed its basis of accounting from the going concern basis to liquidation basis. The liquidation basis of accounting requires Spectrum Technical to record assets and liabilities at the values to be received or paid in liquidation. Ceres Managed Futures LLC (“Ceres”), a Delaware limited liability company, acts as the general partner and commodity pool operator of Tactical Currency, Spectrum Select and Spectrum Strategic. Prior to December 31, 2017 (terminations of operations for Spectrum Technical), Ceres also acted as the general partner and commodity pool operator of Spectrum Technical. Ceres, in its capacity as general partner of the Partnerships, is referred to as the “General Partner.” 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 business. Prior to January 1, 2017, the General Partner was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. The clearing commodity broker for Tactical Currency, Spectrum Select and Spectrum Strategic is Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. Prior to December 31, 2017 (termination of operations for Spectrum Technical), MS&Co. also acted as the clearing commodity broker for Spectrum Technical. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts traded directly by Spectrum Select and acted as the counterparty on all trading of foreign currency forward contracts traded directly by Spectrum Technical prior to December 31, 2017 (terminations of operations for Spectrum Technical). During the periods covered by this report, MS&Co. also served as the counterparty for certain foreign currency forward traded indirectly by Tactical Currency through Tactical Currency’s investment in Cambridge Master Fund L.P. (“Cambridge Master Fund”). Prior to December 31, 2017, (termination of operations for Spectrum Technical), MS&Co. served as the counterparty for certain foreign currency forward traded indirectly by Spectrum Technical through its investment in SECOR Master Fund L.P. (“SECOR Master Fund”). JP Morgan Chase Bank, N.A. (“JPMorgan”) also acts as the counterparty on Cambridge Master Fund’s, and acted as a counterparty on SECOR Master Fund’s, 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 primary custodians of Tactical Currency’s, Spectrum Select’s and Spectrum Strategic’s assets available for trading in Futures Interests. JPMorgan also acts, and acted (prior to the termination of operations of Spectrum Technical on December 31, 2017) as a custodian for the assets of Tactical Currency and Spectrum Technical, respectively, held indirectly through their respective investments in Cambridge Master Fund and SECOR Master Fund. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. The Partnerships also deposit or deposited a portion of their cash in non-trading On December 31, 2017, the General Partner liquidated Spectrum Technical’s Futures Interests and investment in SECOR Master Fund and contributed the cash proceeds of such liquidations along with Spectrum Technical’s remaining cash (other than the portion needed for Spectrum Technical’s final expenses) to Ceres Tactical Systematic L.P. (Tactical Systematic) in exchange for units of limited partnership of Tactical Systematic (“Tactical Systematic Units”). Following the exchange, each partner in Spectrum Technical owns Tactical Systematic Units equal in value to such partner’s interest in Spectrum Technical as of the close of business on December 31, 2017. Also following such exchange, all units of limited partnership in Spectrum Technical had a net asset value of zero. Spectrum Technical has been dissolved and terminated in accordance with the terms of its limited partnership agreement. Ceres is required to maintain a 1% minimum interest in the equity in each of Tactical Currency, Spectrum Select and Spectrum Strategic. Prior to December 31, 2017 (terminations of operations for Spectrum Technical), Ceres was also required to maintain a 1% minimum interest in the equity of Spectrum Technical. 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 Tactical Currency, Spectrum Select and Spectrum Strategic. Prior to December 31, 2017 (termination of operations for Spectrum Technical), the Administrator also maintained certain books and records of Spectrum Technical. The General Partner pays or reimburses Tactical Currency, Spectrum Select and Spectrum Strategic, and paid or reimbursed Spectrum Technical, from the General Partner fee it receives or received, from each Partnership, the ordinary administrative expenses of each Partnership. This includes or included the expenses related to the engagement of the Administrator. Therefore, the engagement of the Administrator did not impact the Partnerships’ respective break-even points. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: a. Use of Estimates The liquidation basis of accounting requires Spectrum Technical to record its assets and liabilities at values expected to be received or paid in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on Spectrum Technical’s carrying value of assets and liabilities or its results of operations. All carrying values, including net unrealized appreciation or depreciation on open contracts which are carried at fair value, are expected to be realized by the General Partner during liquidation. Also, the liquidation basis of accounting requires the financial statements to include a statement of net assets or a statement of changes in net assets available to partners. The Statements of Changes in Partners’ Capital for Spectrum Technical (included herein) present the same information and thus the financial statements include a statement of net assets available to partners of Spectrum Technical for the year ended December 31, 2017. b. Profit Allocation The General Partner and each limited partner of Spectrum Technical shared in the profits and losses of Spectrum Technical in proportion to the amount of partnership interest owned by each, except that no limited partner was liable for the obligations of Spectrum Technical in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any. c. Statement of Cash Flows Statement of Cash Flows d. Partnerships’ Investments first-in, first-out e. Restricted and Unrestricted Cash f. Foreign Currency Transactions and Translation. g. Income Taxes. Income Taxes “more-likely-than-not” more-likely-than-not h. Revenue Recognition. 4-week 4-week i. General Partner Fees The General Partner directly pays or reimburses (and indirectly through the underlying funds, as applicable) Tactical Currency, Spectrum Select and Spectrum Strategic or paid or reimbursed Spectrum Technical, for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the respective Partnership. j. Ongoing Placement Agent Fees. k. Equity in Trading Account. Tactical Currency, Spectrum Select and Spectrum Strategic, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Prior to its termination of operations on December 31, 2017, Spectrum Technical also entered into various contracts with MS&Co. acting as its commodity broker. Pursuant to brokerage agreements with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for Tactical Currency, Spectrum Select and Spectrum Strategic and are reported on a net basis in the respective Partnership’s Statements of Financial Condition. Prior to its termination of operations effective December 31, 2017, Spectrum Technical was also subject to the offsetting of unrealized gains or losses and net basis reporting. The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty in their respective Statements of Financial Condition as allowable under the terms of their master netting agreements with MS&Co. and JPMorgan, as applicable, as the counterparty on such contracts. Tactical Currency, Spectrum Select and Spectrum Strategic has, and Spectrum Technical had, consistently applied their right to offset. l. Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” m. Redemptions. n. Distributions. pro-rata o. Dissolution of the Partnerships. p. Net Income (Loss) per Unit. “Financial Services—Investment Companies.” |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Investments [Abstract] | |
Investments | 3. Investments: a. Tactical Currency’s Investment in Affiliated Underlying Fund On November 1, 2012, Tactical Currency’s assets allocated to The Cambridge Strategy (Asset Management) Limited (“Cambridge”) for trading were invested in Cambridge Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. Cambridge Master Fund was formed to permit accounts managed now and in the future by Cambridge using the Cambridge Asian Markets Alpha Programme and, from October 1, 2013, Cambridge Emerging Markets Alpha Programme, to invest together in one trading vehicle. The General Partner is also the general partner of Cambridge Master Fund. Individual and pooled accounts currently managed by Cambridge, including Tactical Currency, are permitted to be limited partners of Cambridge Master Fund. The General Partner and Cambridge believe that trading through this “master/feeder” structure promotes efficiency and economy in the trading process. Ceres and Cambridge agreed that Cambridge will trade Tactical Currency’s assets allocated to Cambridge at a level that is up to 2.0 times the amount of assets allocated. Tactical Currency carries its investment in Cambridge Master Fund at fair value based on Tactical Currency’s (1) net contributions to Cambridge Master Fund and (2) its allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of Cambridge Master Fund. Tactical Currency invests in Cambridge Master Fund through a “master/feeder” structure. Tactical Currency’s pro-rata The financial statements of Cambridge Master Fund, including its condensed schedules of investments, are attached to this report and should be read in conjunction with Tactical Currency’s financial statements. Generally, a limited partner in Cambridge Master Fund may withdraw all or part of its capital contributions and undistributed profits, if any, from Cambridge Master Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs Cambridge Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. Cambridge Master Fund does not pay any management or incentive fees related to Tactical Currency’s investments. These fees are accrued and paid by Tactical Currency. The General Partner reimburses Cambridge Master Fund for all brokerage related fees borne by Cambridge Master Fund on behalf of Tactical Currency’s investments. Prior to the close of business on December 31, 2017 and as of December 31, 2016, Tactical Currency owned approximately 22.9% and 16.3% of Cambridge Master Fund, respectively. It is Tactical Currency’s intention to continue to invest in Cambridge Master Fund. The performance of Tactical Currency is directly affected by the performance of Cambridge Master Fund. b. Spectrum Strategic’s Investments in Affiliated Underlying Funds Effective December 1, 2011, the assets allocated by Spectrum Strategic to Aventis Asset Management, LLC (“Aventis”) for trading were invested in MB Master Fund L.P. (“MB Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. The General Partner is also the general partner of MB Master Fund. Individual and pooled accounts currently managed by Aventis, including Spectrum Strategic, are permitted to be limited partners of MB Master Fund. The General Partner and Aventis believe that trading through this structure should promote efficiency and economy in the trading process. Effective December 31, 2017, Ceres terminated the advisory agreement among the General Partner, PGR Capital L.P. (“PGR”) and PGR Master Fund L.P. (“PGR Master Fund”), pursuant to which PGR traded PGR Master Fund’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, PGR ceased all Futures Interest trading on behalf of PGR Master Fund (and, indirectly, Spectrum Strategic). Ceres reallocated the assets formerly allocated by Spectrum Strategic to PGR to the remaining Trading Advisor of Spectrum Strategic. Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim Capital Management LLC (“Blenheim”) and Morgan Stanley Smith Barney BHM I, LLC (“BHM I, LLC”), pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic). Ceres reallocated the assets formerly allocated by Spectrum Strategic to Blenheim among the remaining trading advisors of Spectrum Strategic. MB Master Fund, PGR Master Fund and BHM I, LLC are collectively referred to as the “Funds.” Spectrum Strategic carries (or carried with respect to its investment in PGR Master Fund and BHM I, LLC), its investment in the Funds at fair value based on Spectrum Strategic’s (1) respective net contribution to each Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of each Fund. ASC 820, “Fair Value Measurement,” Financial Services – Investment Companies Prior to the close of business on December 31, 2017, Spectrum Strategic owned approximately 9.0% of MB Master Fund. As of December 31, 2016, Spectrum Strategic owned approximately 45.5% and 7.5% of PGR Master Fund and MB Master Fund, respectively. The financial statements of Spectrum Strategic have been prepared using the “Fund of Funds” approach, and accordingly, Spectrum Strategic’s pro-rata Summarized information for Spectrum Strategic’s investment in, and operations of BHM I, LLC, PGR Master Fund and MB Master Fund, as of and for the years ended December 31, 2017 and 2016, is as follows: % of Spectrum Spectrum Strategic’s Strategic’s Fair Pro-rata Net Management Incentive Investment Redemptions December 31, 2017 Partners’ Capital Value Income (Loss) Fees Fees Objective Permitted Commodity PGR Master Fund -% $ - $ (550,138) $ - $ - Portfolio Monthly Commodity MB Master Fund 75.8 7,762,120 (8,306) - - Portfolio Monthly % of Spectrum Spectrum Strategic’s Strategic’s Fair Pro-rata Management Incentive Investment Redemptions December 31, 2016 Partners’ Capital Value Income (Loss) Fees Fees Objective Permitted Commodity BHM I, LLC (a) -% $ - $ (335,552) $ 6,470 $ - Portfolio Monthly Commodity PGR Master Fund 50.8 8,039,156 (904,136) - - Portfolio Monthly Commodity MB Master Fund 57.1 9,035,960 1,259,981 - - Portfolio Monthly (a) From January 1, 2016 through January 31, 2016, the date Spectrum Strategic fully redeemed its interest in BHM I, LLC. Generally, a limited partner or non-managing non-managing non-managing Spectrum Strategic does not directly pay MB Master Fund for its pro-rata portion of management or incentive fees. Such fees are directly paid by Spectrum Strategic to Aventis. Prior to its termination on December 31, 2017, Spectrum Strategic did not directly pay PGR Master Fund for its pro-rata portion of management or incentive fees. Such fees were directly paid by Spectrum Strategic to PGR. Prior to its termination on January 31, 2016, BHM I, LLC was paid directly by Spectrum Strategic for its pro-rata The tables below represent summarized Income Statement information for PGR Master Fund and MB Master Fund for the years ended December 31, 2017 (termination of operations for PGR Master Fund) and 2016, respectively, and for BHM I, LLC for the period from January 1, 2016 through January 31, 2016 (termination of operations of BHM I, LLC) to meet the requirements of Regulation S-X 3-09: Investment Net Total Trading Net Income December 31, 2017 Income Investment Loss Results (Loss) PGR Master Fund $ 67,897 $ (22,270) $ (1,220,018) $ (1,242,288) MB Master Fund 813,095 (523,086) (106,303) (629,389) Investment Net Total Trading Net Income December 31, 2016 Income Investment Loss Results (Loss) BHM I, LLC $ 1,632 $ (170,710) $ (6,343,252) $ (6,513,962) PGR Master Fund 37,912 (36,071) (1,707,510) (1,743,581) MB Master Fund 277,605 (2,314,063) 16,332,842 14,018,779 c. Spectrum Technical’s (Partnership in Liquidation) Investments in Affiliated Underlying Funds On January 1, 2015, the assets allocated by Spectrum Technical to SECOR were invested in SECOR Master Fund, a limited partnership organized under the partnership laws of the State of Delaware. SECOR Master Fund permits accounts managed now or in the future by SECOR using a variation of the program traded by SECOR Alpha Master Program L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master Fund. Individual and pooled accounts currently managed by SECOR are permitted to be limited partners of SECOR Master Fund. The General Partner and SECOR believe that trading through this “master/feeder” structure promoted efficiency and economy in the trading process. The General Partner determined to terminate the management agreement by and among SECOR, Spectrum Technical and the General Partner effective the close of business on December 31, 2017. Effective December 31, 2017, Spectrum Technical terminated its operations and redeemed its interest in SECOR Master Fund. On December 1, 2011, the assets allocated by Spectrum Technical to Blackwater Capital Management LLC (“Blackwater”) were invested in Blackwater Master Fund L.P. (“Blackwater Master Fund”), a limited partnership organized under the partnership laws of the State of Delaware. Blackwater Master Fund permitted accounts managed by Blackwater to invest together in one trading vehicle. Effective September 30, 2015, Blackwater Master Fund terminated operations and Spectrum Technical redeemed its pre-liquidation Spectrum Technical carried its investment in SECOR Master Fund and Blackwater Master Fund, respectively, at fair value based on Spectrum Technical’s (1) respective net contributions to SECOR Master Fund and Blackwater Master Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of SECOR Master Fund and Blackwater Master Fund. Spectrum Technical invested in SECOR Master Fund and Blackwater Master Fund through a “master/feeder” structure. Spectrum Technical’s pro-rata Summarized information reflecting the total assets, liabilities and partners’ capital of SECOR Master Fund as of December 31, 2017 and 2016, is shown in the following tables: December 31, 2017 Total Assets Total Liabilities Total Partners’ Capital SECOR Master Fund $ 22,831,484 $ 18,066,303 $ 4,765,181 December 31, 2016 Total Assets Total Liabilities Total Partners’ Capital SECOR Master Fund $ 39,231,542 $ 679,104 $ 38,552,438 Summarized information for Spectrum Technical’s investment in, and operations of SECOR Master Fund as of and for the years ended December 31, 2017 (termination of operations of Spectrum Technical) and 2016 is shown in the following tables: % of Spectrum Spectrum Technical’s Technical’s Pro-rata Liquidation Fair Net Income Investment Redemptions December 31, 2017 Partners’ Capital Value (Loss) Objective Permitted Commodity SECOR Master Fund 0.0% $ - $ (1,644,854) Portfolio Monthly Spectrum % of Technical’s Spectrum Pro-rata Technical’s Fair Net Income Investment Redemptions December 31, 2016 Partners’ Capital Value (Loss) Objective Permitted Commodity SECOR Master Fund 31.2% $ 19,624,189 $ 1,289,132 Portfolio Monthly Generally, a limited partner in SECOR Master Fund and Blackwater Master Fund (prior to its termination on September 30, 2015) may withdraw all or part of its capital contributions and undistributed profits, if any, from SECOR Master Fund and Blackwater Master Fund as of the Redemption Date after a request has been made to the General Partner at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner elects to redeem and informs SECOR Master Fund and Blackwater Master Fund. However, a limited partner may request a withdrawal as of the end of any day if such request is received by the General Partner at least three days in advance of the proposed withdrawal day. SECOR Master Fund and Blackwater Master did not pay any management or incentive fees related to Spectrum Technical’s investment in the funds. These fees were accrued and paid by Spectrum Technical. The General Partner reimbursed SECOR Master Fund and Blackwater Master Fund (prior to its termination on September 30, 2015) for all brokerage related fees borne by SECOR Master Fund and Blackwater Master Fund on behalf of Spectrum Technical’s investment. As of December 31, 2016, Spectrum Technical owned approximately 50.9% of SECOR Master Fund. Prior to December 31, 2017 (termination of operations for Spectrum Technical), the performance of Spectrum Technical was directly affected by the performance of SECOR Master Fund and (prior to its termination on September 30, 2015) Blackwater Master Fund, respectively. The tables below represent summarized income statement information for SECOR Master Fund for the years ended December 31, 2017 and 2016, respectively, to meet the requirements of Regulation S-X 3-09: December 31, 2017 Investment Income Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master Fund $ 208,058 $ 18,180 $ (2,107,396 ) $ (2,089,216 ) December 31, 2016 Investment Income Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master Fund $ 92,036 $ (245,725 ) $ 2,459,009 $ 2,213,284 |
Trading Advisors
Trading Advisors | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Trading Advisors | 4. Trading Advisors: Ceres retains on behalf of Tactical Currency, Spectrum Select and Spectrum Strategic, and retained on behalf of Spectrum Technical, certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission, to make all trading decisions for the respective Partnerships. The trading advisors for each Partnership as of the close of business on December 31, 2017 were as follows: Tactical Currency Cambridge Spectrum Select EMC Capital Advisors, LLC (“EMC”) Graham Capital Management, L.P. (“Graham”) Spectrum Strategic Aventis Effective December 31, 2017, the General Partner terminated the management agreements by and among Spectrum Technical and the General Partner and each of Aspect, Campbell, FORT and SECOR. Spectrum Technical terminated operations effective December 31, 2017. Effective December 31, 2017, the General Partner terminated the management agreement by and among PGR, the General Partner and Spectrum Strategic, pursuant to which PGR traded a portion of Spectrum Strategic’s assets. Consequently, PGR ceased all Futures Interest trading on behalf of Spectrum Strategic. Effective December 31, 2017, the General Partner terminated the management agreement among Spectrum Select, the General Partner and Rabar Market Research, Inc. (“Rabar”), pursuant to which Rabar traded a portion of Spectrum Select’s assets. Consequently, Rabar ceased all Futures Interest trading on behalf of Spectrum Select. Effective June 30, 2016, the General Partner terminated the management agreement among Spectrum Select, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of Spectrum Select’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of Spectrum Select. Effective June 1, 2016, Spectrum Technical entered into a management agreement by and among the Partnership, the General Partner, and FORT, a Delaware limited partnership, pursuant to which FORT served as a trading advisor to Spectrum Technical and managed the portion of Spectrum Technical’s assets allocated to it. Effective July 1, 2016, a portion of the Spectrum Technical’s assets were allocated to FORT and traded pursuant to the Global Contrarian Program. Effective March 31, 2016, Ceres terminated the management agreement with Winton Capital Management Limited (“Winton”) pursuant to which Winton ceased trading the assets of Spectrum Technical, fully liquidated all commodity interest positions in Spectrum Technical, and converted all currency balances in Spectrum Technical to U.S. dollars. Effective January 31, 2016, Ceres terminated the advisory agreement among the General Partner, Blenheim and BHM I, LLC, pursuant to which Blenheim traded BHM I, LLC’s (and, indirectly, Spectrum Strategic’s) assets in Futures Interests. Consequently, Blenheim ceased all Futures Interest trading on behalf of BHM I, LLC (and, indirectly, Spectrum Strategic). Effective September 30, 2015, Spectrum Technical fully redeemed its investment in Blackwater Master Fund. In addition, Blackwater no longer acts as a commodity trading advisor to Spectrum Technical. Compensation to the trading advisors by the Partnerships consists of a management fee and an incentive fee as follows: Management Fee. The management fee for Spectrum Select is accrued at a rate of 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Select’s net assets allocated to Graham on the first day of each month and 1/12th of 1% (a 1% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. Prior to its termination on December 31, 2017, Rabar received a management fee from Spectrum Select equal to 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to Rabar on the first day of each month. Prior to January 1, 2016, the management fee paid by Spectrum Select to EMC was accrued at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Select’s net assets allocated to EMC on the first day of each month. The management fee payable by Spectrum Select to Altis prior to its termination on June 30, 2016 was 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Select’s net assets allocated to Altis on the first day of each month. The management fee for Spectrum Strategic is accrued at a rate of 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Strategic’s net assets allocated to Aventis on the first day of each month. Prior to its termination on December 31, 2017, PGR received a management fee from Spectrum Strategic equal to 1/12th of 1% (a 1% annual rate) per month of Spectrum Strategic’s net assets allocated to PGR on the first day of each month. Prior to its termination on January 31, 2016, Blenheim was paid a monthly management fee from Spectrum Strategic at a rate of 1/12th of 2% (a 2% annual rate) per month of Spectrum Strategic’s net assets allocated to Blenheim on the first day of each month. Additionally, Spectrum Strategic directly paid BHM I, LLC for management fees related to Blenheim until Blenheim’s termination effective January 31, 2016. Prior to December 31, 2017 (termination of operations for Spectrum Technical), the management fee for Spectrum Technical was accrued at a rate of 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Aspect and Campbell on the first day of each month. The management fee paid to FORT was earned at a rate of 1/12th of 1.25% (a 1.25% annual rate) per month of Spectrum Technical’s net assets allocated to FORT on the first day of each month. Effective January 1, 2016 until its termination from Spectrum Technical effective December 31, 2017, SECOR received a management fee from Spectrum Technical equal to 1/12th of 1.75% (a 1.75% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to January 1, 2016, the management fee payable by Spectrum Technical to SECOR was equal to 1/12th of 2% (a 2% annual rate) per month of Spectrum Technical’s net assets allocated to SECOR on the first day of each month. Prior to its termination on March 31, 2016, Winton received a management fee from Spectrum Technical equal to 1/12th of 1.5% (a 1.5% annual rate) per month of Spectrum Technical’s net assets allocated to Winton on the first day of each month. Prior to its termination on September 30, 2015, Blackwater received a management fee from Spectrum Technical equal to 1/12th of 0.75% (a 0.75% annual rate) per month of Spectrum Technical’s net assets allocated to Blackwater on the first day of each month. Incentive Fee. Spectrum Select pays a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to EMC and Graham as of the end of each calendar month. Prior to its termination on December 31, 2017, Rabar was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Rabar as of the end of each calendar month. Prior to its termination on June 30, 2016, Altis was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Select’s net assets allocated to Altis as of the end of each calendar month. Spectrum Strategic pays a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Aventis as of the end of each calendar quarter. Prior to its termination effective December 31, 2017, PGR was eligible to receive a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to PGR as of the end of each calendar year. Prior to Blenheim’s termination effective January 31, 2016, Blenheim was eligible to receive from BHM I, LLC a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Strategic’s net assets allocated to Blenheim as of the end of each calendar quarter. Prior to December 31, 2017 (termination of operations for Spectrum Technical), Spectrum Technical paid a monthly incentive fee equal to 20% of trading profits experienced with respect to Spectrum Technical’s net assets allocated to Aspect and Campbell as of the end of each calendar month, a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to SECOR as of the end of each calendar quarter and a yearly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to FORT as of the end of each calendar year. Prior to its termination on March 31, 2016, Winton was eligible to receive a monthly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Winton as of the end of each calendar month. Prior to its termination on September 30, 2015, Blackwater was eligible to receive a quarterly incentive fee equal to 20% of the trading profits experienced with respect to Spectrum Technical’s net assets allocated to Blackwater as of the end of each calendar quarter. Trading profits represent the amount by which profits from Futures Interests trading exceed losses after ongoing selling agent fees, General Partner fees and management fees, as applicable, are deducted. When a trading advisor for any of Tactical Currency, Spectrum Select or Spectrum Strategic experiences losses with respect to its allocation of net assets as of the end of the applicable period, the trading advisor must recover such losses before it is eligible for an incentive fee in the future. Prior to their respective terminations as trading advisors effective December 31, 2017, the trading advisors for Spectrum Technical also had to recover any possible losses experienced to have been eligible for an incentive fee. The cumulative trading losses for the trading advisors for Tactical Currency, Spectrum Select and Spectrum Strategic are adjusted on a pro-rated |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 5. Financial Instruments: Tactical Currency, Spectrum Select and Spectrum Strategic trades, and Spectrum Technical (prior to its termination on December 31, 2017) traded, 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 respective 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 respective Statements of Income and Expenses. The Partnerships’ contracts are accounted for on a trade-date basis. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. In general, the risks associated with off-exchange-traded non-exchange-traded Tactical Currency, Spectrum Select and Spectrum Strategic have, and Spectrum Technical had, credit risk and concentration risk, as MS&Co., an MS&Co. affiliate or JPMorgan are or were the counterparties or brokers with respect to the Partnerships’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnerships’ counterparty is or was an exchange or clearing organization. Exchange-traded futures and exchange-traded forward contracts are or were fair valued on a daily basis, with variations in value settled on a daily basis. With respect to each Partnership’s non-exchange-traded non-exchange-traded off-exchange-traded The General Partner monitors and attempts to mitigate Tactical Currency’s, Spectrum Select’s, and Spectrum Strategic’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 each respective 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 Tactical Currency’s, Spectrum Select’s and Spectrum Strategic’s futures and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions. Prior to its termination effective December 31, 2017, Spectrum Technical was also subject to such monitoring by the General Partner. The futures and forwards traded by the Partnerships, along with the U.S. Treasury bills held by the Partnerships, 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 Partnerships’ open positions, and consequently in their 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 Tactical Currency’s and Spectrum Strategic’s investments in the affiliated underlying funds expose the respective Partnerships to various types of risks that are associated with Futures Interests trading and the markets in which the affiliated underlying funds invest. The significant types of financial risks to which the affiliated underlying funds are exposed are market risk, liquidity risk, and counterparty credit risk as described above. Prior to its termination effective December 31, 2017, Spectrum Technical was exposed to the various types of risks that are associated with Futures Interests trading and the markets in which SECOR Master Fund invested in. In the ordinary course of business, Tactical Currency, Spectrum Select, Spectrum Strategic and their underlying funds, if applicable, enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. Prior to its termination effective December 31, 2017, Spectrum Technical also entered into such contracts and agreements. The Partnerships’ and the underlying funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnerships or the underlying funds. The Partnerships and the underlying funds consider the risk of any future obligation relating to these indemnifications to be remote. |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2017 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 6. Trading Activities: Tactical Currency’s, Spectrum Select’s and Spectrum Strategic’s objective is to profit from speculative trading in Futures Interests. Prior to its termination of operations effective December 31, 2017, Spectrum Technical had the same objective. Therefore, the trading advisors for Tactical Currency, Spectrum Select and Spectrum Strategic will take, and the trading advisors for Spectrum Technical took, speculative positions in Futures Interests where they feel or felt that the best profit opportunities exist for their respective 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. 100% of Tactical Currency’s contracts, held indirectly through its investment in Cambridge Master Fund, are traded over-the-counter. The General Partner estimates that, at any given time, approximately 13.8% to 33.3% of Spectrum Select’s contracts are traded over-the-counter. None of Spectrum Strategic’s contracts held indirectly through its investment in the Funds are traded over-the-counter, over-the-counter The General Partner estimates that prior to its termination of operations effective December 31, 2017, approximately 23.5% to 49.7% of Spectrum Technical’s contracts held both directly and indirectly through its investment in SECOR Master Fund were traded over-the-counter. All of the Futures Interests owned by Spectrum Select are held for trading purposes. The monthly average number of futures contracts traded by Spectrum Select during the years ended December 31, 2017 and 2016 were 4,357 and 6,303, respectively. The monthly average number of metals forward contracts traded by Spectrum Select during the years ended December 31, 2017 and 2016 were 519 and 965, respectively. The monthly average notional value of currency forward contracts traded by Spectrum Select during the years ended December 31, 2017 and 2016 were $137,886,860 and $117,997,719, respectively. All of the commodity interests owned by Spectrum Technical were held for trading purposes. The monthly average number of futures contracts traded directly by Spectrum Technical during the years ended December 31, 2017 and 2016 were 2,561 and 3,074, respectively. The monthly average number of metals forward contracts traded directly by Spectrum Technical during the years ended December 31, 2017 and 2016 were 136 and 393, respectively. The monthly average notional value of currency forward contracts traded directly by Spectrum Technical during the years ended December 31, 2017 and 2016 were $128,414,860 and $302,187,265, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2017 (termination of operations for Spectrum Technical) and 2016, respectively. Spectrum Select Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2017 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 2,377,628 $ (639,577 ) $ 1,738,051 $ - $ - $ 1,738,051 Forwards 1,275,513 (789,082 ) 486,431 - - 486,431 Total assets $ 3,653,141 $ (1,428,659 ) $ 2,224,482 $ - $ - $ 2,224,482 Liabilities Futures $ (639,577 ) $ 639,577 $ - $ - $ - $ - Forwards (789,082 ) 789,082 - - - - Total liabilities $ (1,428,659 ) $ 1,428,659 $ - $ - $ - $ - Net fair value $ 2,224,482 * Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2016 Recognized Condition Condition Instruments Pledged* 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 Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s non-exchange Spectrum Technical (Partnership in Liquidation) Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2017 Recognized Condition Condition Instruments Pledged* Net Amount Assets Forwards $ 812,258 $ (775,086) $ 37,172 $ - $ - $ 37,172 Total assets $ 812,258 $ (775,086) $ 37,172 $ - $ - $ 37,172 Liabilities Forwards $ (775,086) $ 775,086 $ - $ - $ - $ - Total liabilities $ (775,086) $ 775,086 $ - $ - $ - $ - Net fair value $ 37,172 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2016 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,051,049 $ (756,615) $ 294,434 $ - $ - $ 294,434 Forwards 665,811 (665,811) - - - - Total assets $ 1,716,860 $ (1,422,426) $ 294,434 $ - $ - $ 294,434 Liabilities Futures $ (756,615) $ 756,615 $ - $ - $ - $ - Forwards (730,361) 665,811 (64,550) - - (64,550) Total liabilities $ (1,486,976) $ 1,422,426 $ (64,550) $ - $ - $ (64,550) Net fair value $ 229,884 * * In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s non-exchange The following tables indicate the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2017 (termination of operations for Spectrum Technical) and 2016, respectively. Spectrum Select December 31, 2017 Assets Futures Contracts Commodity $ 1,273,423 Equity 489,126 Currencies 196,144 Interest rates 418,935 Total unrealized appreciation on open futures contracts 2,377,628 Liabilities Futures Contracts Commodity (187,625) Equity (107,968) Currencies (3,001) Interest rates (340,983) Total unrealized depreciation on open futures contracts (639,577) Net unrealized appreciation on open futures contracts $ 1,738,051 * Assets Forward Contracts Commodity $ 897,185 Currencies 378,328 Total unrealized appreciation on open forward contracts 1,275,513 Liabilities Forward Contracts Commodity (385,217) Currencies (403,865) Total unrealized depreciation on open forward contracts (789,082) Net unrealized appreciation on open forward contracts $ 486,431 ** * This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s 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 Spectrum Select’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition. Spectrum Technical (Partnership in Liquidation) December 31, 2017 Assets Forward Contracts Commodity $ 160,614 Currencies 651,644 Total unrealized appreciation on open forward contracts 812,258 Liabilities Forward Contracts Commodity (129,671) Currencies (645,415) Total unrealized depreciation on open forward contracts (775,086) Net unrealized appreciation on open forward contracts $ 37,172 * * This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition. December 31, 2016 Assets Futures Contracts Commodity $ 323,692 Equity 348,618 Currencies 24,345 Interest rates 354,394 Total unrealized appreciation on open futures contracts 1,051,049 Liabilities Futures Contracts Commodity (226,494) Equity (140,355) Currencies (144,708) Interest rates (245,058) Total unrealized depreciation on open futures contracts (756,615) Net unrealized appreciation on open futures contracts $ 294,434 * Assets Forward Contracts Commodity $ 58,919 Currencies 606,892 Total unrealized appreciation on open forward contracts 665,811 Liabilities Forward Contracts Commodity (293,032) Currencies (437,329) Total unrealized depreciation on open forward contracts (730,361) Net unrealized depreciation on open forward contracts $ (64,550) ** * This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition. The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2017 (termination of operations for Spectrum Technical), 2016 and 2015, respectively. Spectrum Select Sector 2017 2016 2015 Commodity $ (1,213,211) $ (6,068,586) $ (1,071,073) Equity 11,348,033 (2,859,526) (2,848,607) Currencies (4,000,339) (701,495) 2,577,114 Interest rates (3,345,527) 966,204 (132,336) Total $ 2,788,956 * $ (8,663,403) * $ (1,474,902) * Spectrum Technical (Partnership in Liquidation) Sector 2017 2016 2015 Commodity $ (474,670) $ (3,763,856) $ 5,162,412 Equity 3,849,458 1,904,910 (769,729) Currencies (1,468,047) (409,677) 1,503,142 Interest rates (1,283,840) 1,151,677 344,021 Total $ 622,901 * $ (1,116,946) * $ 6,239,846 * * This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 7. 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 Tactical Currency, Spectrum Select and Spectrum Strategic considers, and Spectrum Technical considered, prices for commodity futures, 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 There were no direct investments held by Tactical Currency and Spectrum Strategic as of December 31, 2017 and 2016. For Tactical Currency’s investment in Cambridge Master Fund, see Note 5 of the attached Cambridge Master Fund’s financial statements for the determination of the fair value of Cambridge Master Fund’s investments and related disclosures, including the fair value hierarchy. The following tables present information about Spectrum Select’s and Spectrum Technical’s assets and liabilities measured at fair value as of December 31, 2017 (termination of operations) and 2016: Spectrum Select December 31, 2017* Total Level 1 Level 2 Level 3 Assets Futures $ 2,377,628 $ 2,377,628 $ - $ - Forwards 1,275,513 - 1,275,513 - Total assets $ 3,653,141 $ 2,377,628 $ 1,275,513 $ - Liabilities Futures $ 639,577 $ 639,577 $ - $ - Forwards 789,082 - 789,082 - Total liabilities $ 1,428,659 $ 639,577 $ 789,082 $ - 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 $ - * $370,551 of assets and $534,709 of liabilities were transferred from Level 1 to Level 2 during the year ended December 31, 2017. The General Partner believes that for London Metal Exchange contracts, the inputs are derived from an exchange and not actively quoted prices, which is more representative of a Level 2 security. Spectrum Technical (Partnership in Liquidation) December 31, 2017* Total Level 1 Level 2 Level 3 Assets Forwards $ 812,258 $ - $ 812,258 $ - Total assets $ 812,258 $ - $ 812,258 $ - Liabilities Forwards $ 775,086 $ - $ 775,086 $ - Total liabilities $ 775,086 $ - $ 775,086 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 1,051,049 $ 1,051,049 $ - $ - Forwards 665,811 58,919 606,892 - Total assets $ 1,716,860 $ 1,109,968 $ 606,892 $ - Liabilities Futures $ 756,615 $ 756,615 $ - $ - Forwards 730,361 293,032 437,329 - Total liabilities $ 1,486,976 $ 1,049,647 $ 437,329 $ - * $58,919 of assets and $293,032 of liabilities were transferred from Level 1 to Level 2 during the year ended December 31, 2017. The General Partner believes that for London Metal Exchange contracts, the inputs are derived from an exchange and not actively quoted prices, which is more representative of a Level 2 security. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Financial Highlights | 8. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2017 (termination of operations for Spectrum Technical), 2016 and 2015 are as follows: Tactical Currency 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 0.12 $ (0.52) $ 2.16 Net investment loss (0.41) (0.56) (0.73) Net increase (decrease) for the year (0.29) (1.08) 1.43 Net asset value per Unit, beginning of year 8.84 9.92 8.49 Net asset value per Unit, end of year $ 8.55 $ 8.84 $ 9.92 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.5)% (5.8)% (8.0)% Operating expenses before incentive fees 5.2 % 5.2 % 5.1 % Incentive fees - % 0.8 % 2.9 % Operating expenses after incentive fees 5.2 % 6.0 % 8.0 % Total return: Total return before incentive fees (3.3)% (10.1)% 19.9 % Incentive fees - % (0.8)% (3.1)% Total return after incentive fees (3.3)% (10.9)% 16.8 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** 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 year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Tactical Currency and include income and expenses allocated from its investment in Cambridge Master Fund, as applicable. Spectrum Select 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 1.42 $ (2.96) $ (0.51) Net investment loss (1.14) (1.43) (1.74) Net increase (decrease) for the year 0.28 (4.39) (2.25) Net asset value per Unit, beginning of year 23.54 27.93 30.18 Net asset value per Unit, end of year $ 23.82 $ 23.54 $ 27.93 Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.0)% (5.5)% (5.8)% Operating expenses before incentive fees 5.7 % 5.7 % 5.8 % Incentive fees - % - % - % Operating expenses after incentive fees 5.7 % 5.7 % 5.8 % Total return: Total return before incentive fees 1.2 % (15.7)% (7.5) % Incentive fees - % - % - % Total return after incentive fees 1.2 % (15.7) % (7.5)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** 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 year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Select. Spectrum Strategic 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (0.32) $ (0.05) $ (1.51) Net investment loss (0.47) (0.57) (0.57) Net increase (decrease) for the year (0.79) (0.62) (2.08) Net asset value per Unit, beginning of year 10.92 11.54 13.62 Net asset value per Unit, end of year $ 10.13 $ 10.92 $ 11.54 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.6)% (5.1)% (4.7)% Operating expenses before incentive fees 5.2 % 5.2 % 4.7 % Incentive fees - % - % - % Operating expenses after incentive fees 5.2 % 5.2 % 4.7 % Total return: Total return before incentive fees (7.2)% (5.4)% (15.3) % Incentive fees - % - % - % Total return after incentive fees (7.2)% (5.4)% (15.3)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** 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 year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Strategic and does not include income and expenses related to its investment in the Funds. Spectrum Technical (Partnership in Liquidation) 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 0.17 $ (0.31) $ 1.13 Net investment loss (0.85) (1.05) (1.25) Net increase (decrease) for the year (0.68) (1.36) (0.12) Net asset value per Unit, beginning of year 17.59 18.95 19.07 Net asset value per Unit, end of year 16.91 *** 17.59 18.95 Liquidation redemption per Unit at December 31, 2017 (16.91) - - Ending net asset value per Unit $ - $ 17.59 $ 18.95 Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.3)% (5.7)% (6.5)% Operating expenses before incentive fees 6.0 % 5.6 % 5.6 % Incentive fees 0.0 % 0.3 % 0.9 % Operating expenses after incentive fees 6.0 % 5.9 % 6.5 % Total return: Total return before incentive fees (3.9)% (6.9)% 0.3 % Incentive fees 0.0 % (0.3)% (0.9)% Total return after incentive fees (3.9)% (7.2)% (0.6)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** Interest income less total expenses. *** Calculated based on pre-liquidation The above ratios and total return may vary for individual investors based on the timing of capital transactions during the year. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital of Spectrum Technical and include income and expenses allocated from its investment in SECOR Master Fund and Blackwater Master Fund, as applicable. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that, other than that described below, there were no subsequent events requiring adjustment to or disclosure in each respective Partnership’s financial statements. Effective on January 1, 2018, Tactical Currency allocated a portion of its assets to P/E Global LLC (“P/E Global”), which will be managed and traded by P/E Global pursuant to its FX Standard Strategy – MS Program. Effective on January 1, 2018, Tactical Currency also allocated a portion of its assets to Greenwave Capital Management LLC (“Greenwave”), which will be managed and traded by Greenwave pursuant to the Greenwave Flagship Plus Program at a trading level of up to 2.0 times the portion of Tactical Currency’s assets allocated to Greenwave. Effective January 1, 2018, the monthly management fee paid by Tactical Currency to Cambridge was reduced to 1/12 of 1.0% (1.0% per year) of the beginning of the month net assets allocated to Cambridge. Effective January 1, 2018, Tactical Currency will pay Cambridge an incentive fee of 15% of new trading profits annually rather than quarterly. Effective January 1, 2018, the General Partner fee paid by Tactical Currency to Ceres was reduced to 1/12 of 0.75% (0.75% per year) of the beginning of the month net assets. Tactical Currency will also pay brokerage, administrative, operating, offering and organizational expenses and its indirect pro-rata As of January 1, 2018, Tactical Currency began offering two classes of limited partnership interests: Class A Units and Class Z Units, each of which will be referred to as a “Class.” All units issued prior to January 1, 2018 were deemed “Class A Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Effective on February 1, 2018, Tactical Currency allocated a portion of its assets to AE Capital PTY Limited, which is invested in CMF AE Capital Master Fund LLC and traded pursuant to the AE Systematic FX Fund Program. |
Basis of Presentation and Sum17
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | a. Use of Estimates The liquidation basis of accounting requires Spectrum Technical to record its assets and liabilities at values expected to be received or paid in liquidation. The change in basis of accounting from the going concern basis to the liquidation basis did not have a material effect on Spectrum Technical’s carrying value of assets and liabilities or its results of operations. All carrying values, including net unrealized appreciation or depreciation on open contracts which are carried at fair value, are expected to be realized by the General Partner during liquidation. Also, the liquidation basis of accounting requires the financial statements to include a statement of net assets or a statement of changes in net assets available to partners. The Statements of Changes in Partners’ Capital for Spectrum Technical (included herein) present the same information and thus the financial statements include a statement of net assets available to partners of Spectrum Technical for the year ended December 31, 2017. |
Profit Allocation | b. Profit Allocation The General Partner and each limited partner of Spectrum Technical shared in the profits and losses of Spectrum Technical in proportion to the amount of partnership interest owned by each, except that no limited partner was liable for the obligations of Spectrum Technical in excess of its capital contributions and profits, if any, net of distributions or redemptions and losses, if any. |
Statement of Cash Flows | Statement of Cash Flows Statement of Cash Flows |
Partnerships' Investments | Partnerships’ Investments first-in, first-out |
Restricted and Unrestricted Cash | Restricted and Unrestricted Cash |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation. |
Income Taxes | Income Taxes. Income Taxes “more-likely-than-not” more-likely-than-not |
Revenue Recognition | Revenue Recognition. 4-week 4-week |
General Partner Fees | i. General Partner Fees The General Partner directly pays or reimburses (and indirectly through the underlying funds, as applicable) Tactical Currency, Spectrum Select and Spectrum Strategic or paid or reimbursed Spectrum Technical, for all fees and costs charged or incurred by MS&Co., the General Partner and/or their affiliates or any other entity acting as a commodity broker for the respective Partnership. |
Ongoing Placement Agent Fees | Ongoing Placement Agent Fees. |
Equity in Trading Account | k. Equity in Trading Account. Tactical Currency, Spectrum Select and Spectrum Strategic, in their normal course of business, enter into various contracts with MS&Co. acting as their commodity broker. Prior to its termination of operations on December 31, 2017, Spectrum Technical also entered into various contracts with MS&Co. acting as its commodity broker. Pursuant to brokerage agreements with MS&Co., to the extent that such trading results in unrealized gains or losses, these amounts are offset for Tactical Currency, Spectrum Select and Spectrum Strategic and are reported on a net basis in the respective Partnership’s Statements of Financial Condition. Prior to its termination of operations effective December 31, 2017, Spectrum Technical was also subject to the offsetting of unrealized gains or losses and net basis reporting. The Partnerships have offset their unrealized gains or losses recognized on forward contracts executed with the same counterparty in their respective Statements of Financial Condition as allowable under the terms of their master netting agreements with MS&Co. and JPMorgan, as applicable, as the counterparty on such contracts. Tactical Currency, Spectrum Select and Spectrum Strategic has, and Spectrum Technical had, consistently applied their right to offset. |
Investment Company Status | Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” |
Redemptions | Redemptions. |
Distributions | Distributions. pro-rata |
Dissolution of the Partnerships | Dissolution of the Partnerships. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit. “Financial Services—Investment Companies.” |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds | Summarized information for Spectrum Strategic’s investment in, and operations of BHM I, LLC, PGR Master Fund and MB Master Fund, as of and for the years ended December 31, 2017 and 2016, is as follows: % of Spectrum Spectrum Strategic’s Strategic’s Fair Pro-rata Net Management Incentive Investment Redemptions December 31, 2017 Partners’ Capital Value Income (Loss) Fees Fees Objective Permitted Commodity PGR Master Fund -% $ - $ (550,138) $ - $ - Portfolio Monthly Commodity MB Master Fund 75.8 7,762,120 (8,306) - - Portfolio Monthly % of Spectrum Spectrum Strategic’s Strategic’s Fair Pro-rata Management Incentive Investment Redemptions December 31, 2016 Partners’ Capital Value Income (Loss) Fees Fees Objective Permitted Commodity BHM I, LLC (a) -% $ - $ (335,552) $ 6,470 $ - Portfolio Monthly Commodity PGR Master Fund 50.8 8,039,156 (904,136) - - Portfolio Monthly Commodity MB Master Fund 57.1 9,035,960 1,259,981 - - Portfolio Monthly |
Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds | The tables below represent summarized Income Statement information for PGR Master Fund and MB Master Fund for the years ended December 31, 2017 (termination of operations for PGR Master Fund) and 2016, respectively, and for BHM I, LLC for the period from January 1, 2016 through January 31, 2016 (termination of operations of BHM I, LLC) to meet the requirements of Regulation S-X 3-09: Investment Net Total Trading Net Income December 31, 2017 Income Investment Loss Results (Loss) PGR Master Fund $ 67,897 $ (22,270) $ (1,220,018) $ (1,242,288) MB Master Fund 813,095 (523,086) (106,303) (629,389) Investment Net Total Trading Net Income December 31, 2016 Income Investment Loss Results (Loss) BHM I, LLC $ 1,632 $ (170,710) $ (6,343,252) $ (6,513,962) PGR Master Fund 37,912 (36,071) (1,707,510) (1,743,581) MB Master Fund 277,605 (2,314,063) 16,332,842 14,018,779 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds | Summarized information for Spectrum Technical’s investment in, and operations of SECOR Master Fund as of and for the years ended December 31, 2017 (termination of operations of Spectrum Technical) and 2016 is shown in the following tables: % of Spectrum Spectrum Technical’s Technical’s Pro-rata Liquidation Fair Net Income Investment Redemptions December 31, 2017 Partners’ Capital Value (Loss) Objective Permitted Commodity SECOR Master Fund 0.0% $ - $ (1,644,854) Portfolio Monthly Spectrum % of Technical’s Spectrum Pro-rata Technical’s Fair Net Income Investment Redemptions December 31, 2016 Partners’ Capital Value (Loss) Objective Permitted Commodity SECOR Master Fund 31.2% $ 19,624,189 $ 1,289,132 Portfolio Monthly |
Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds | The tables below represent summarized income statement information for SECOR Master Fund for the years ended December 31, 2017 and 2016, respectively, to meet the requirements of Regulation S-X 3-09: December 31, 2017 Investment Income Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master Fund $ 208,058 $ 18,180 $ (2,107,396 ) $ (2,089,216 ) December 31, 2016 Investment Income Net Investment Income (Loss) Total Trading Results Net Income (Loss) SECOR Master Fund $ 92,036 $ (245,725 ) $ 2,459,009 $ 2,213,284 |
Assets, Liabilities and Partners' Capital of Funds | Summarized information reflecting the total assets, liabilities and partners’ capital of SECOR Master Fund as of December 31, 2017 and 2016, is shown in the following tables: December 31, 2017 Total Assets Total Liabilities Total Partners’ Capital SECOR Master Fund $ 22,831,484 $ 18,066,303 $ 4,765,181 December 31, 2016 Total Assets Total Liabilities Total Partners’ Capital SECOR Master Fund $ 39,231,542 $ 679,104 $ 38,552,438 |
Trading Activities (Tables)
Trading Activities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Offsetting of Derivative Assets and Liabilities | The following tables summarize the gross and net amounts recognized relating to assets and liabilities of Spectrum Select’s and Spectrum Technical’s derivatives and their offsetting subject to master netting or similar arrangements as of December 31, 2017 (termination of operations for Spectrum Technical) and 2016, respectively. Spectrum Select Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2017 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 2,377,628 $ (639,577 ) $ 1,738,051 $ - $ - $ 1,738,051 Forwards 1,275,513 (789,082 ) 486,431 - - 486,431 Total assets $ 3,653,141 $ (1,428,659 ) $ 2,224,482 $ - $ - $ 2,224,482 Liabilities Futures $ (639,577 ) $ 639,577 $ - $ - $ - $ - Forwards (789,082 ) 789,082 - - - - Total liabilities $ (1,428,659 ) $ 1,428,659 $ - $ - $ - $ - Net fair value $ 2,224,482 * Gross Amounts Offset in the Amounts Presented in the Gross Amounts Not Offset in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2016 Recognized Condition Condition Instruments Pledged* 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 Spectrum Select, MS&Co., Spectrum Select’s commodity futures broker and the sole counterparty to Spectrum Select’s non-exchange |
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | The following tables indicate the gross fair values of Spectrum Select’s and Spectrum Technical’s derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2017 (termination of operations for Spectrum Technical) and 2016, respectively. Spectrum Select December 31, 2017 Assets Futures Contracts Commodity $ 1,273,423 Equity 489,126 Currencies 196,144 Interest rates 418,935 Total unrealized appreciation on open futures contracts 2,377,628 Liabilities Futures Contracts Commodity (187,625) Equity (107,968) Currencies (3,001) Interest rates (340,983) Total unrealized depreciation on open futures contracts (639,577) Net unrealized appreciation on open futures contracts $ 1,738,051 * Assets Forward Contracts Commodity $ 897,185 Currencies 378,328 Total unrealized appreciation on open forward contracts 1,275,513 Liabilities Forward Contracts Commodity (385,217) Currencies (403,865) Total unrealized depreciation on open forward contracts (789,082) Net unrealized appreciation on open forward contracts $ 486,431 ** * This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Select’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Select’s 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 Spectrum Select’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Select’s Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following tables indicate the trading gains and losses, by market sector, on Spectrum Select’s and Spectrum Technical’s derivative instruments for the years ended December 31, 2017 (termination of operations for Spectrum Technical), 2016 and 2015, respectively. Spectrum Select Sector 2017 2016 2015 Commodity $ (1,213,211) $ (6,068,586) $ (1,071,073) Equity 11,348,033 (2,859,526) (2,848,607) Currencies (4,000,339) (701,495) 2,577,114 Interest rates (3,345,527) 966,204 (132,336) Total $ 2,788,956 * $ (8,663,403) * $ (1,474,902) * |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |
Offsetting of Derivative Assets and Liabilities | Spectrum Technical (Partnership in Liquidation) Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2017 Recognized Condition Condition Instruments Pledged* Net Amount Assets Forwards $ 812,258 $ (775,086) $ 37,172 $ - $ - $ 37,172 Total assets $ 812,258 $ (775,086) $ 37,172 $ - $ - $ 37,172 Liabilities Forwards $ (775,086) $ 775,086 $ - $ - $ - $ - Total liabilities $ (775,086) $ 775,086 $ - $ - $ - $ - Net fair value $ 37,172 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Statements of Statements of Cash Collateral Gross Amounts Financial Financial Financial Received/ December 31, 2016 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,051,049 $ (756,615) $ 294,434 $ - $ - $ 294,434 Forwards 665,811 (665,811) - - - - Total assets $ 1,716,860 $ (1,422,426) $ 294,434 $ - $ - $ 294,434 Liabilities Futures $ (756,615) $ 756,615 $ - $ - $ - $ - Forwards (730,361) 665,811 (64,550) - - (64,550) Total liabilities $ (1,486,976) $ 1,422,426 $ (64,550) $ - $ - $ (64,550) Net fair value $ 229,884 * * In the event of default by Spectrum Technical, MS&Co., Spectrum Technical’s commodity futures broker and the sole counterparty to Spectrum Technical’s non-exchange |
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | Spectrum Technical (Partnership in Liquidation) December 31, 2017 Assets Forward Contracts Commodity $ 160,614 Currencies 651,644 Total unrealized appreciation on open forward contracts 812,258 Liabilities Forward Contracts Commodity (129,671) Currencies (645,415) Total unrealized depreciation on open forward contracts (775,086) Net unrealized appreciation on open forward contracts $ 37,172 * * This amount is in “Net unrealized appreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition. December 31, 2016 Assets Futures Contracts Commodity $ 323,692 Equity 348,618 Currencies 24,345 Interest rates 354,394 Total unrealized appreciation on open futures contracts 1,051,049 Liabilities Futures Contracts Commodity (226,494) Equity (140,355) Currencies (144,708) Interest rates (245,058) Total unrealized depreciation on open futures contracts (756,615) Net unrealized appreciation on open futures contracts $ 294,434 * Assets Forward Contracts Commodity $ 58,919 Currencies 606,892 Total unrealized appreciation on open forward contracts 665,811 Liabilities Forward Contracts Commodity (293,032) Currencies (437,329) Total unrealized depreciation on open forward contracts (730,361) Net unrealized depreciation on open forward contracts $ (64,550) ** * This amount is in “Net unrealized appreciation on open futures contracts” in Spectrum Technical’s Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in Spectrum Technical’s Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | Spectrum Technical (Partnership in Liquidation) Sector 2017 2016 2015 Commodity $ (474,670) $ (3,763,856) $ 5,162,412 Equity 3,849,458 1,904,910 (769,729) Currencies (1,468,047) (409,677) 1,503,142 Interest rates (1,283,840) 1,151,677 344,021 Total $ 622,901 * $ (1,116,946) * $ 6,239,846 * * This amount is included in “Total trading results” in the respective Partnership’s Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Assets and Liabilities Measured at Fair Value | The following tables present information about Spectrum Select’s and Spectrum Technical’s assets and liabilities measured at fair value as of December 31, 2017 (termination of operations) and 2016: Spectrum Select December 31, 2017* Total Level 1 Level 2 Level 3 Assets Futures $ 2,377,628 $ 2,377,628 $ - $ - Forwards 1,275,513 - 1,275,513 - Total assets $ 3,653,141 $ 2,377,628 $ 1,275,513 $ - Liabilities Futures $ 639,577 $ 639,577 $ - $ - Forwards 789,082 - 789,082 - Total liabilities $ 1,428,659 $ 639,577 $ 789,082 $ - 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 $ - * $370,551 of assets and $534,709 of liabilities were transferred from Level 1 to Level 2 during the year ended December 31, 2017. The General Partner believes that for London Metal Exchange contracts, the inputs are derived from an exchange and not actively quoted prices, which is more representative of a Level 2 security. |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |
Summary of Assets and Liabilities Measured at Fair Value | Spectrum Technical (Partnership in Liquidation) December 31, 2017* Total Level 1 Level 2 Level 3 Assets Forwards $ 812,258 $ - $ 812,258 $ - Total assets $ 812,258 $ - $ 812,258 $ - Liabilities Forwards $ 775,086 $ - $ 775,086 $ - Total liabilities $ 775,086 $ - $ 775,086 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Assets Futures $ 1,051,049 $ 1,051,049 $ - $ - Forwards 665,811 58,919 606,892 - Total assets $ 1,716,860 $ 1,109,968 $ 606,892 $ - Liabilities Futures $ 756,615 $ 756,615 $ - $ - Forwards 730,361 293,032 437,329 - Total liabilities $ 1,486,976 $ 1,049,647 $ 437,329 $ - * $58,919 of assets and $293,032 of liabilities were transferred from Level 1 to Level 2 during the year ended December 31, 2017. The General Partner believes that for London Metal Exchange contracts, the inputs are derived from an exchange and not actively quoted prices, which is more representative of a Level 2 security. |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Highlights for the Limited Partner Class | Spectrum Select 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 1.42 $ (2.96) $ (0.51) Net investment loss (1.14) (1.43) (1.74) Net increase (decrease) for the year 0.28 (4.39) (2.25) Net asset value per Unit, beginning of year 23.54 27.93 30.18 Net asset value per Unit, end of year $ 23.82 $ 23.54 $ 27.93 Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.0)% (5.5)% (5.8)% Operating expenses before incentive fees 5.7 % 5.7 % 5.8 % Incentive fees - % - % - % Operating expenses after incentive fees 5.7 % 5.7 % 5.8 % Total return: Total return before incentive fees 1.2 % (15.7)% (7.5) % Incentive fees - % - % - % Total return after incentive fees 1.2 % (15.7) % (7.5)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** Interest income less total expenses. |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |
Financial Highlights for the Limited Partner Class | Spectrum Strategic 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (0.32) $ (0.05) $ (1.51) Net investment loss (0.47) (0.57) (0.57) Net increase (decrease) for the year (0.79) (0.62) (2.08) Net asset value per Unit, beginning of year 10.92 11.54 13.62 Net asset value per Unit, end of year $ 10.13 $ 10.92 $ 11.54 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.6)% (5.1)% (4.7)% Operating expenses before incentive fees 5.2 % 5.2 % 4.7 % Incentive fees - % - % - % Operating expenses after incentive fees 5.2 % 5.2 % 4.7 % Total return: Total return before incentive fees (7.2)% (5.4)% (15.3) % Incentive fees - % - % - % Total return after incentive fees (7.2)% (5.4)% (15.3)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** Interest income less total expenses. |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |
Financial Highlights for the Limited Partner Class | Spectrum Technical (Partnership in Liquidation) 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 0.17 $ (0.31) $ 1.13 Net investment loss (0.85) (1.05) (1.25) Net increase (decrease) for the year (0.68) (1.36) (0.12) Net asset value per Unit, beginning of year 17.59 18.95 19.07 Net asset value per Unit, end of year 16.91 *** 17.59 18.95 Liquidation redemption per Unit at December 31, 2017 (16.91) - - Ending net asset value per Unit $ - $ 17.59 $ 18.95 Ratios to Average Limited Partners’ Capital: Net investment loss ** (5.3)% (5.7)% (6.5)% Operating expenses before incentive fees 6.0 % 5.6 % 5.6 % Incentive fees 0.0 % 0.3 % 0.9 % Operating expenses after incentive fees 6.0 % 5.9 % 6.5 % Total return: Total return before incentive fees (3.9)% (6.9)% 0.3 % Incentive fees 0.0 % (0.3)% (0.9)% Total return after incentive fees (3.9)% (7.2)% (0.6)% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** Interest income less total expenses. *** Calculated based on pre-liquidation |
Ceres Tactical Currency L.P. [Member] | |
Financial Highlights for the Limited Partner Class | Financial highlights for the limited partner class as a whole for the years ended December 31, 2017 (termination of operations for Spectrum Technical), 2016 and 2015 are as follows: Tactical Currency 2017 2016 2015 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ 0.12 $ (0.52) $ 2.16 Net investment loss (0.41) (0.56) (0.73) Net increase (decrease) for the year (0.29) (1.08) 1.43 Net asset value per Unit, beginning of year 8.84 9.92 8.49 Net asset value per Unit, end of year $ 8.55 $ 8.84 $ 9.92 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.5)% (5.8)% (8.0)% Operating expenses before incentive fees 5.2 % 5.2 % 5.1 % Incentive fees - % 0.8 % 2.9 % Operating expenses after incentive fees 5.2 % 6.0 % 8.0 % Total return: Total return before incentive fees (3.3)% (10.1)% 19.9 % Incentive fees - % (0.8)% (3.1)% Total return after incentive fees (3.3)% (10.9)% 16.8 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the year. 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. ** Interest income less total expenses. |
Organization - Additional Infor
Organization - Additional Information (Detail) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Net asset value per Unit | $ 23.82 | $ 23.54 | |
Ceres Tactical Currency L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Net asset value per Unit | 8.55 | 8.84 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Net asset value per Unit | 10.13 | 10.92 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Net asset value per Unit | $ 17.59 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Net asset value per Unit | [1] | $ 0 | |
General Partner [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Required interest in the equity of each Partnership | 1.00% | ||
General Partner [Member] | Ceres Tactical Currency L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Required interest in the equity of each Partnership | 1.00% | ||
General Partner [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Required interest in the equity of each Partnership | 1.00% | ||
General Partner [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Required interest in the equity of each Partnership | 1.00% | ||
[1] | Presented on a liquidation basis of accounting. |
Basis of Presentation and Sum23
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Restricted cash | $ 8,683,095 | $ 11,918,100 | |
Cash denominated in foreign currencies | 977,236 | 992,914 | |
Cash denominated in foreign currencies, proceeds | 1,024,772 | ||
Cash denominated in foreign currencies, cost | 984,412 | ||
Provision for income tax | 0 | ||
Uncertain tax position | $ 0 | ||
Percentage basis of funds on deposit for interest income recognition | 100.00% | ||
Partnership assets percentage not deposited as margin credit for interest income | 80.00% | ||
Annualized general partner administrative fee | 2.00% | ||
Monthly general partner administrative fee | 0.1667% | ||
Monthly ongoing placement agent fee | 0.1667% | ||
Annualized ongoing placement agent fee | 2.00% | ||
Limited partners unit that can be redeemed | 100.00% | ||
Distributions | $ 0 | ||
Earliest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,014 | ||
Latest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,017 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Restricted cash | 6,959,456 | ||
Cash denominated in foreign currencies | 205,801 | ||
Cash denominated in foreign currencies, proceeds | $ 205,128 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Restricted cash | [1] | $ 33,804 | |
Cash denominated in foreign currencies | 0 | ||
Cash denominated in foreign currencies, proceeds | 0 | ||
Provision for income tax | 0 | ||
Uncertain tax position | $ 0 | ||
Percentage basis of funds on deposit for interest income recognition | 100.00% | ||
Partnership assets percentage not deposited as margin credit for interest income | 80.00% | ||
Annualized general partner administrative fee | 2.00% | ||
Monthly general partner administrative fee | 0.1667% | ||
Monthly ongoing placement agent fee | 0.1667% | ||
Annualized ongoing placement agent fee | 2.00% | ||
Limited partners unit that can be redeemed | 100.00% | ||
Distributions | $ 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Earliest Tax Year [Member] | Liquidation Basis of Accounting [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,014 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Latest Tax Year [Member] | Liquidation Basis of Accounting [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,017 | ||
Ceres Tactical Currency L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Provision for income tax | $ 0 | ||
Uncertain tax position | $ 0 | ||
Percentage basis of funds on deposit for interest income recognition | 100.00% | ||
Partnership assets percentage not deposited as margin credit for interest income | 80.00% | ||
Annualized general partner administrative fee | 1.60% | ||
Monthly ongoing placement agent fee | 0.1667% | ||
Annualized ongoing placement agent fee | 2.00% | ||
Limited partners unit that can be redeemed | 100.00% | ||
Distributions | $ 0 | ||
Ceres Tactical Currency L.P. [Member] | Earliest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,014 | ||
Ceres Tactical Currency L.P. [Member] | Latest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,017 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Provision for income tax | $ 0 | ||
Uncertain tax position | $ 0 | ||
Percentage basis of funds on deposit for interest income recognition | 100.00% | ||
Partnership assets percentage not deposited as margin credit for interest income | 80.00% | ||
Annualized general partner administrative fee | 2.00% | ||
Monthly general partner administrative fee | 0.1667% | ||
Monthly ongoing placement agent fee | 0.1667% | ||
Annualized ongoing placement agent fee | 2.00% | ||
Limited partners unit that can be redeemed | 100.00% | ||
Distributions | $ 0 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Earliest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,014 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Latest Tax Year [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Open tax year | 2,017 | ||
[1] | Presented on a liquidation basis of accounting. |
Investments - Additional Inform
Investments - Additional Information (Detail) - TradingVehicle | Jan. 01, 2015 | Dec. 01, 2011 | Dec. 31, 2017 | Dec. 31, 2016 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater Master Fund [Member] | ||||
Investment [Line Items] | ||||
Number of trading vehicles | 1 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | ||||
Investment [Line Items] | ||||
Number of trading vehicles | 1 | |||
Percentage owned by partnership | 50.90% | |||
Ceres Tactical Currency L.P. [Member] | Cambridge Master Fund [Member] | ||||
Investment [Line Items] | ||||
Number of trading vehicles | 1 | |||
Leverage applied to assets | 200.00% | |||
Percentage owned by partnership | 22.90% | 16.30% | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund L.P. [Member] | ||||
Investment [Line Items] | ||||
Percentage owned by partnership | 9.00% | 7.50% | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund L.P. [Member] | ||||
Investment [Line Items] | ||||
Percentage owned by partnership | 45.50% |
Investment in the Funds - Partn
Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Investment Holdings [Line Items] | ||||
Net income (loss) | $ 201,394 | $ (13,018,121) | $ (7,794,865) | |
Management Fees | 853,195 | $ 1,278,401 | 1,923,032 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 107.88% | |||
Fair Value | 7,762,120 | $ 17,075,116 | ||
Net income (loss) | (1,141,948) | (1,061,918) | (5,141,684) | |
Management Fees | $ 148,845 | $ 238,151 | 177,872 | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 50.79% | |||
Fair Value | $ 8,039,156 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | MB Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 75.80% | 57.09% | ||
Fair Value | $ 7,762,120 | $ 9,035,960 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Investment in Funds [Member] | Morgan Stanley Smith Barney BHM I, LLC [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | (335,552) | |||
Management Fees | 6,470 | |||
Incentive Fees | 0 | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Investment in Funds [Member] | PGR Master Fund L.P. [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | (550,138) | (904,136) | ||
Incentive Fees | $ 0 | 0 | ||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Investment in Funds [Member] | MB Master Fund L.P. [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | $ (8,306) | 1,259,981 | ||
Incentive Fees | $ 0 | 0 | ||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | (5,630,138) | (316,579) | ||
Management Fees | 1,244,716 | 1,581,367 | ||
Incentive Fees | $ 208,244 | $ 899,082 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | [1] | $ (2,073,635) | ||
Management Fees | [1] | $ 839,197 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 31.20% | |||
Fair Value | $ 19,624,189 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR Master Fund [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 0.00% | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Investment in Funds [Member] | SECOR Master Fund [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | $ 1,289,132 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Investment in Funds [Member] | SECOR Master Fund [Member] | Commodity [Member] | Liquidation Basis of Accounting [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | $ (1,644,854) | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
[1] | Presented on a liquidation basis of accounting. |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for Funds (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment Holdings [Line Items] | |||
Net Investment Loss | $ (2,587,562) | $ (4,354,718) | $ (6,319,963) |
Total Trading Results | 2,788,956 | (8,663,403) | (1,474,902) |
Net income (loss) | 201,394 | (13,018,121) | $ (7,794,865) |
Morgan Stanley Smith Barney BHM I, LLC [Member] | |||
Investment Holdings [Line Items] | |||
Investment Income | 1,632 | ||
Net Investment Loss | (170,710) | ||
Total Trading Results | (6,343,252) | ||
Net income (loss) | (6,513,962) | ||
PGR Master Fund L.P. [Member] | |||
Investment Holdings [Line Items] | |||
Investment Income | 67,897 | 37,912 | |
Net Investment Loss | (22,270) | (36,071) | |
Total Trading Results | (1,220,018) | (1,707,510) | |
Net income (loss) | (1,242,288) | (1,743,581) | |
MB Master Fund L.P. [Member] | |||
Investment Holdings [Line Items] | |||
Investment Income | 813,095 | 277,605 | |
Net Investment Loss | (523,086) | (2,314,063) | |
Total Trading Results | (106,303) | 16,332,842 | |
Net income (loss) | (629,389) | 14,018,779 | |
SECOR Master Fund [Member] | |||
Investment Holdings [Line Items] | |||
Investment Income | 208,058 | 92,036 | |
Net Investment Loss | 18,180 | (245,725) | |
Total Trading Results | (2,107,396) | 2,459,009 | |
Net income (loss) | $ (2,089,216) | $ 2,213,284 |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Investment Holdings [Line Items] | ||||
Total Assets | $ 48,241,893 | $ 62,974,449 | ||
Total Liabilities | 1,743,680 | 2,984,051 | ||
Total Partners' Capital | 46,498,213 | 59,990,398 | $ 92,853,450 | $ 117,882,791 |
SECOR Master Fund [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 22,831,484 | 39,231,542 | ||
Total Liabilities | 18,066,303 | 679,104 | ||
Total Partners' Capital | $ 4,765,181 | $ 38,552,438 |
Trading Advisors - Additional I
Trading Advisors - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |
Jan. 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2015 | |
EMC [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Trading advisor name | EMC Capital Advisors, LLC ("EMC") | |||||
Management fee, monthly basis | 0.0833% | 0.1667% | ||||
Management fee, annual basis | 1.00% | 2.00% | ||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Graham [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Trading advisor name | Graham Capital Management, L.P. ("Graham") | |||||
Management fee, monthly basis | 0.1458% | |||||
Management fee, annual basis | 1.75% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Rabar [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1667% | |||||
Management fee, annual basis | 2.00% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Altis [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1042% | |||||
Management fee, annual basis | 1.25% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Ceres Tactical Currency L.P. [Member] | Cambridge [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Trading advisor name | Cambridge | |||||
Management fee, monthly basis | 0.125% | |||||
Management fee, annual basis | 1.50% | |||||
Incentive fee, quarterly trading profits basis | 15.00% | |||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Aventis [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Trading advisor name | Aventis | |||||
Management fee, monthly basis | 0.1042% | |||||
Management fee, annual basis | 1.25% | |||||
Incentive fee, quarterly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | PGR [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.0833% | |||||
Management fee, annual basis | 1.00% | |||||
Incentive fee, yearly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Blenheim [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1667% | |||||
Management fee, annual basis | 2.00% | |||||
Incentive fee, quarterly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Blackwater [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.0625% | |||||
Management fee, annual basis | 0.75% | |||||
Incentive fee, quarterly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Winton [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.125% | |||||
Management fee, annual basis | 1.50% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Aspect [Member] | Liquidation Basis of Accounting [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.125% | |||||
Management fee, annual basis | 1.50% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Campbell [Member] | Liquidation Basis of Accounting [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.125% | |||||
Management fee, annual basis | 1.50% | |||||
Incentive fee, monthly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1667% | |||||
Management fee, annual basis | 2.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | SECOR [Member] | Liquidation Basis of Accounting [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1458% | |||||
Management fee, annual basis | 1.75% | |||||
Incentive fee, quarterly trading profits basis | 20.00% | |||||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | FORT [Member] | Liquidation Basis of Accounting [Member] | ||||||
Schedule Of Trading Advisors [Line Items] | ||||||
Management fee, monthly basis | 0.1042% | |||||
Management fee, annual basis | 1.25% | |||||
Incentive fee, yearly trading profits basis | 20.00% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 4,357 | 6,303 |
Forward Contracts [Member] | Commodity [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 519 | 965 |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Average notional value of derivative | $ | $ 137,886,860 | $ 117,997,719 |
Off Exchange Traded [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 13.80% | |
Off Exchange Traded [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 33.30% | |
Ceres Tactical Currency L.P. [Member] | Cambridge Master Fund [Member] | Off Exchange Traded [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 100.00% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 3,074 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 393 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Average notional value of derivative | $ | $ 302,187,265 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 2,561 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | Forward Contracts [Member] | Commodity [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 136 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Average notional value of derivative | $ | $ 128,414,860 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | SECOR Master Fund [Member] | Off Exchange Traded [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 23.50% | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | SECOR Master Fund [Member] | Off Exchange Traded [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 49.70% | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Off Exchange Traded [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 0.00% | |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | Off Exchange Traded [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 0.00% |
Trading Activities - Offsetting
Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | $ 3,653,141 | $ 3,272,429 | |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,428,659) | (1,897,018) | |
Amounts Presented in the Statements of Financial Condition, Assets | 2,224,482 | 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 | 2,224,482 | 1,375,411 | |
Gross Amounts Recognized, Liabilities | (1,428,659) | (1,944,889) | |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,428,659 | 1,897,018 | |
Amounts Presented in the Statements of Financial Condition, Liabilities | (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 | (47,871) | ||
Net fair value | 2,224,482 | 1,327,540 | |
Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 2,377,628 | 2,203,401 | |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (639,577) | (827,990) | |
Amounts Presented in the Statements of Financial Condition, Assets | 1,738,051 | 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 | 1,738,051 | 1,375,411 | |
Gross Amounts Recognized, Liabilities | (639,577) | (827,990) | |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 639,577 | 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 | 1,275,513 | 1,069,028 | |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (789,082) | (1,069,028) | |
Amounts Presented in the Statements of Financial Condition, Assets | 486,431 | ||
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 | 486,431 | ||
Gross Amounts Recognized, Liabilities | (789,082) | (1,116,899) | |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 789,082 | 1,069,028 | |
Amounts Presented in the Statements of Financial Condition, Liabilities | (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 | (47,871) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 1,716,860 | ||
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,422,426) | ||
Amounts Presented in the Statements of Financial Condition, Assets | 294,434 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets | 0 | ||
Net Amount, Assets | 294,434 | ||
Gross Amounts Recognized, Liabilities | (1,486,976) | ||
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,422,426 | ||
Amounts Presented in the Statements of Financial Condition, Liabilities | (64,550) | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 0 | ||
Net Amount, Liabilities | (64,550) | ||
Net fair value | 229,884 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 812,258 | ||
Gross Amounts Offset in the Statements of Financial Condition, Assets | (775,086) | ||
Amounts Presented in the Statements of Financial Condition, Assets | 37,172 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets | 0 | ||
Net Amount, Assets | 37,172 | ||
Gross Amounts Recognized, Liabilities | (775,086) | ||
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 775,086 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 0 | ||
Net fair value | 37,172 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 1,051,049 | ||
Gross Amounts Offset in the Statements of Financial Condition, Assets | (756,615) | ||
Amounts Presented in the Statements of Financial Condition, Assets | 294,434 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets | 0 | ||
Net Amount, Assets | 294,434 | ||
Gross Amounts Recognized, Liabilities | (756,615) | ||
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 756,615 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 812,258 | ||
Gross Amounts Offset in the Statements of Financial Condition, Assets | (775,086) | ||
Amounts Presented in the Statements of Financial Condition, Assets | 37,172 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets | 0 | ||
Net Amount, Assets | 37,172 | ||
Gross Amounts Recognized, Liabilities | (775,086) | ||
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 775,086 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 0 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Gross Amounts Recognized, Assets | 665,811 | ||
Gross Amounts Offset in the Statements of Financial Condition, Assets | (665,811) | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Assets | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Assets | 0 | ||
Gross Amounts Recognized, Liabilities | (730,361) | ||
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 665,811 | ||
Amounts Presented in the Statements of Financial Condition, Liabilities | (64,550) | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Financial Instruments, Liabilities | 0 | ||
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 0 | ||
Net Amount, Liabilities | $ (64,550) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Amounts Presented in the Statements of Financial Condition, Assets | [1] | $ 37,172 | |
[1] | Presented on a liquidation basis of accounting. |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 2,377,628 | $ 2,203,401 |
Total unrealized depreciation on open contracts | (639,577) | (827,990) |
Net unrealized appreciation (depreciation) on open contracts | 1,738,051 | 1,375,411 |
Futures Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,273,423 | 864,337 |
Total unrealized depreciation on open contracts | (187,625) | (385,917) |
Futures Contracts [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 489,126 | 696,575 |
Total unrealized depreciation on open contracts | (107,968) | (263,755) |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 196,144 | 202,478 |
Total unrealized depreciation on open contracts | (3,001) | (55,806) |
Futures Contracts [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 418,935 | 440,011 |
Total unrealized depreciation on open contracts | (340,983) | (122,512) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,275,513 | 1,069,028 |
Total unrealized depreciation on open contracts | (789,082) | (1,116,899) |
Net unrealized appreciation (depreciation) on open contracts | 486,431 | (47,871) |
Forward Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 897,185 | 370,551 |
Total unrealized depreciation on open contracts | (385,217) | (534,709) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 378,328 | 698,477 |
Total unrealized depreciation on open contracts | (403,865) | (582,190) |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,051,049 | |
Total unrealized depreciation on open contracts | (756,615) | |
Net unrealized appreciation (depreciation) on open contracts | 294,434 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 323,692 | |
Total unrealized depreciation on open contracts | (226,494) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 348,618 | |
Total unrealized depreciation on open contracts | (140,355) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 24,345 | |
Total unrealized depreciation on open contracts | (144,708) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 354,394 | |
Total unrealized depreciation on open contracts | (245,058) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 665,811 | |
Total unrealized depreciation on open contracts | (730,361) | |
Net unrealized appreciation (depreciation) on open contracts | (64,550) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 812,258 | |
Total unrealized depreciation on open contracts | (775,086) | |
Net unrealized appreciation (depreciation) on open contracts | 37,172 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 58,919 | |
Total unrealized depreciation on open contracts | (293,032) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Commodity [Member] | Liquidation Basis of Accounting [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 160,614 | |
Total unrealized depreciation on open contracts | (129,671) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 606,892 | |
Total unrealized depreciation on open contracts | $ (437,329) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Currencies [Member] | Liquidation Basis of Accounting [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 651,644 | |
Total unrealized depreciation on open contracts | $ (645,415) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses by Market Sector on Derivative Instruments Traded (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Total trading results | $ 2,788,956 | $ (8,663,403) | $ (1,474,902) |
Commodity [Member] | |||
Derivative [Line Items] | |||
Total trading results | (1,213,211) | (6,068,586) | (1,071,073) |
Equity [Member] | |||
Derivative [Line Items] | |||
Total trading results | 11,348,033 | (2,859,526) | (2,848,607) |
Currencies [Member] | |||
Derivative [Line Items] | |||
Total trading results | (4,000,339) | (701,495) | 2,577,114 |
Interest Rates [Member] | |||
Derivative [Line Items] | |||
Total trading results | (3,345,527) | 966,204 | (132,336) |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | |||
Derivative [Line Items] | |||
Total trading results | (1,116,946) | 6,239,846 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Total trading results | 622,901 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | |||
Derivative [Line Items] | |||
Total trading results | (3,763,856) | 5,162,412 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Commodity [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Total trading results | (474,670) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member] | |||
Derivative [Line Items] | |||
Total trading results | 1,904,910 | (769,729) | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Equity [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Total trading results | 3,849,458 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | |||
Derivative [Line Items] | |||
Total trading results | (409,677) | 1,503,142 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Currencies [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Total trading results | (1,468,047) | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rates [Member] | |||
Derivative [Line Items] | |||
Total trading results | $ 1,151,677 | $ 344,021 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Interest Rates [Member] | Liquidation Basis of Accounting [Member] | |||
Derivative [Line Items] | |||
Total trading results | $ (1,283,840) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Level 3 [Member] - DerivativeInstrument | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | 0 |
Ceres Tactical Currency L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | 0 |
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | 0 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | |
Liquidation Basis of Accounting [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 3,653,141 | $ 16,267,180 |
Total liabilities | 1,428,659 | 1,944,889 |
Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,377,628 | 2,203,401 |
Total liabilities | 639,577 | 827,990 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,994,751 | |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,275,513 | 1,069,028 |
Total liabilities | 789,082 | 1,116,899 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,377,628 | 2,573,952 |
Total liabilities | 639,577 | 1,362,699 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,377,628 | 2,203,401 |
Total liabilities | 639,577 | 827,990 |
Level 1 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 370,551 | |
Total liabilities | 534,709 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,275,513 | 13,693,228 |
Total liabilities | 789,082 | 582,190 |
Level 2 [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,994,751 | |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,275,513 | 698,477 |
Total liabilities | 789,082 | 582,190 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,716,860 | |
Total liabilities | 1,486,976 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 812,258 | |
Total liabilities | 775,086 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,051,049 | |
Total liabilities | 756,615 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 665,811 | |
Total liabilities | 730,361 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 812,258 | |
Total liabilities | 775,086 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,109,968 | |
Total liabilities | 1,049,647 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,051,049 | |
Total liabilities | 756,615 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 1 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 58,919 | |
Total liabilities | 293,032 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 606,892 | |
Total liabilities | 437,329 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 2 [Member] | Liquidation Basis of Accounting [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 812,258 | |
Total liabilities | 775,086 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 606,892 | |
Total liabilities | $ 437,329 | |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Level 2 [Member] | Forward Contracts [Member] | Liquidation Basis of Accounting [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 812,258 | |
Total liabilities | $ 775,086 |
Fair Value Measurements - Sum35
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) | Dec. 31, 2017USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Transfers of assets between Level 1 and Level 2 | $ 370,551 |
Transfers of liabilities between Level 1 and Level 2 | 534,709 |
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Transfers of assets between Level 1 and Level 2 | 58,919 |
Transfers of liabilities between Level 1 and Level 2 | $ 293,032 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for the Limited Partner Class (Detail) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of year | $ 23.54 | |||
Net asset value per Unit, end of year | 23.82 | $ 23.54 | ||
Ceres Tactical Currency L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of year | 8.84 | |||
Net asset value per Unit, end of year | 8.55 | 8.84 | ||
Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of year | 10.92 | |||
Net asset value per Unit, end of year | 10.13 | 10.92 | ||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, beginning of year | 17.59 | |||
Net asset value per Unit, end of year | 17.59 | |||
Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net asset value per Unit, end of year | [1] | 0 | ||
Limited Partners [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | 1.42 | (2.96) | $ (0.51) | |
Net investment loss | (1.14) | (1.43) | (1.74) | |
Net increase (decrease) for the year | 0.28 | (4.39) | (2.25) | |
Net asset value per Unit, beginning of year | 23.54 | 27.93 | 30.18 | |
Net asset value per Unit, end of year | $ 23.82 | $ 23.54 | $ 27.93 | |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (5.00%) | (5.50%) | (5.80%) | |
Operating expenses before incentive fees | 5.70% | 5.70% | 5.80% | |
Operating expenses after incentive fees | 5.70% | 5.70% | 5.80% | |
Total return: | ||||
Total return before incentive fees | 1.20% | (15.70%) | (7.50%) | |
Total return after incentive fees | 1.20% | (15.70%) | (7.50%) | |
Limited Partners [Member] | Ceres Tactical Currency L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | $ 0.12 | $ (0.52) | $ 2.16 | |
Net investment loss | (0.41) | (0.56) | (0.73) | |
Net increase (decrease) for the year | (0.29) | (1.08) | 1.43 | |
Net asset value per Unit, beginning of year | 8.84 | 9.92 | 8.49 | |
Net asset value per Unit, end of year | $ 8.55 | $ 8.84 | $ 9.92 | |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (4.50%) | (5.80%) | (8.00%) | |
Operating expenses before incentive fees | 5.20% | 5.20% | 5.10% | |
Incentive fees | 0.80% | 2.90% | ||
Operating expenses after incentive fees | 5.20% | 6.00% | 8.00% | |
Total return: | ||||
Total return before incentive fees | (3.30%) | (10.10%) | 19.90% | |
Incentive fees | (0.80%) | (2.90%) | ||
Incentive fees | (0.80%) | (3.10%) | ||
Total return after incentive fees | (3.30%) | (10.90%) | 16.80% | |
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Strategic L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | $ (0.32) | $ (0.05) | $ (1.51) | |
Net investment loss | (0.47) | (0.57) | (0.57) | |
Net increase (decrease) for the year | (0.79) | (0.62) | (2.08) | |
Net asset value per Unit, beginning of year | 10.92 | 11.54 | 13.62 | |
Net asset value per Unit, end of year | $ 10.13 | $ 10.92 | $ 11.54 | |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (4.60%) | (5.10%) | (4.70%) | |
Operating expenses before incentive fees | 5.20% | 5.20% | 4.70% | |
Operating expenses after incentive fees | 5.20% | 5.20% | 4.70% | |
Total return: | ||||
Total return before incentive fees | (7.20%) | (5.40%) | (15.30%) | |
Total return after incentive fees | (7.20%) | (5.40%) | (15.30%) | |
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | $ (0.31) | $ 1.13 | ||
Net investment loss | (1.05) | (1.25) | ||
Net increase (decrease) for the year | (1.36) | (0.12) | ||
Net asset value per Unit, beginning of year | $ 17.59 | 18.95 | 19.07 | |
Net asset value per Unit, end of year | 17.59 | 18.95 | ||
Net asset value per Unit, end of year | $ 17.59 | $ 18.95 | ||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (5.70%) | (6.50%) | ||
Operating expenses before incentive fees | 5.60% | 5.60% | ||
Incentive fees | 0.30% | 0.90% | ||
Operating expenses after incentive fees | 5.90% | 6.50% | ||
Total return: | ||||
Total return before incentive fees | (6.90%) | 0.30% | ||
Incentive fees | (0.30%) | (0.90%) | ||
Total return after incentive fees | (7.20%) | (0.60%) | ||
Limited Partners [Member] | Morgan Stanley Smith Barney Spectrum Technical L.P. [Member] | Liquidation Basis of Accounting [Member] | ||||
Per Unit Performance (for a unit outstanding throughout the year): | ||||
Net realized and unrealized gains (losses) | 0.17 | |||
Net investment loss | (0.85) | |||
Net increase (decrease) for the year | (0.68) | |||
Net asset value per Unit, beginning of year | 17.59 | |||
Net asset value per Unit, end of year | 16.91 | |||
Liquidation redemption per Unit at December 31, 2017 | $ (16.91) | |||
Net asset value per Unit, end of year | $ 17.59 | |||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (5.30%) | |||
Operating expenses before incentive fees | 6.00% | |||
Incentive fees | 0.00% | |||
Operating expenses after incentive fees | 6.00% | |||
Total return: | ||||
Total return before incentive fees | (3.90%) | |||
Incentive fees | (0.00%) | |||
Total return after incentive fees | (3.90%) | |||
[1] | Presented on a liquidation basis of accounting. |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Class | Jan. 01, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | ||
Monthly general partner administrative fee | 0.1667% | |
Annualized general partner administrative fee | 2.00% | |
Ceres Tactical Currency L.P. [Member] | ||
Subsequent Event [Line Items] | ||
Annualized general partner administrative fee | 1.60% | |
Ceres Tactical Currency L.P. [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Monthly general partner administrative fee | 0.0833% | |
Annualized general partner administrative fee | 0.75% | |
Percentage of fees threshold, company | 0.85% | |
Percentage of fees threshold, general partner | 0.85% | |
Number of classes of limited partnership interests | 2 | |
Ceres Tactical Currency L.P. [Member] | Greenwave [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Leverage applied to assets | 200.00% | |
Ceres Tactical Currency L.P. [Member] | Cambridge [Member] | ||
Subsequent Event [Line Items] | ||
Management fee, monthly basis | 0.125% | |
Management fee, annual basis | 1.50% | |
Ceres Tactical Currency L.P. [Member] | Cambridge [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Management fee, monthly basis | 0.0833% | |
Management fee, annual basis | 1.00% | |
Incentive fees as a percentage of trading profits annually | 15.00% |