Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 28, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | DWSF | ||
Entity Registrant Name | MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP | ||
Entity Central Index Key | 0000873799 | ||
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 Small Business | false | ||
Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 1,485,407.9540 | ||
Entity Public Float | $ 37,952,009 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Unrestricted cash (Note 2e) | $ 26,651,080 | $ 37,297,383 |
Restricted cash (Note 2e) | 5,568,405 | 8,683,095 |
Net unrealized appreciation on open contracts | 334,203 | 2,224,482 |
Total equity in trading account | 32,553,688 | 48,204,960 |
Cash at bank (Note 1) | 437 | |
Interest receivable (Note 2h) | 43,388 | 36,496 |
Total assets | 32,597,076 | 48,241,893 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 9,070 | |
Accrued expenses: | ||
Ongoing placement agent fees (Note 2j) | 55,831 | 77,782 |
General Partner fees (Note 2i) | 55,831 | 77,782 |
Management fees (Note 3) | 40,159 | 62,553 |
Redemptions payable to Limited Partners (Note 2m) | 438,118 | 1,525,563 |
Total liabilities | 599,009 | 1,743,680 |
Partners' Capital: | ||
General Partner | 410,340 | 617,398 |
Limited Partners | 31,587,727 | 45,880,815 |
Total partners' capital (net asset value) | 31,998,067 | 46,498,213 |
Total liabilities and partners' capital | $ 32,597,076 | $ 48,241,893 |
Net asset value per Unit | $ 20.45 | $ 23.82 |
Futures Contracts [Member] | ||
Assets: | ||
Net unrealized appreciation on open contracts | $ 334,203 | $ 1,738,051 |
Forward Contracts [Member] | ||
Assets: | ||
Net unrealized appreciation on open contracts | $ 486,431 | |
Liabilities: | ||
Net unrealized depreciation on open contracts | $ 9,070 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
General Partner, Units outstanding | 20,066.995 | 25,914.948 |
Limited Partners, Units outstanding | 1,544,696.436 | 1,925,780.666 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract |
Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | $ 1,456,716 | $ 2,377,628 |
Unrealized Depreciation on Open Contracts | (1,122,513) | (639,577) |
Net unrealized appreciation (depreciation) on open contracts | $ 334,203 | $ 1,738,051 |
% of Partners' Capital | 1.04% | 3.74% |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | $ 623,038 | $ 1,275,513 |
Unrealized Depreciation on Open Contracts | (632,108) | (789,082) |
Net unrealized appreciation (depreciation) on open contracts | $ (9,070) | $ 486,431 |
% of Partners' Capital | (0.03%) | 1.05% |
Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 1.98% | 1.70% |
Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 1.95% | 2.75% |
Commodity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | $ 508,863 | $ 1,273,423 |
Unrealized Depreciation on Open Contracts | (389,356) | (187,625) |
Commodity [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | 374,564 | 897,185 |
Unrealized Depreciation on Open Contracts | $ (230,751) | $ (385,217) |
Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 64 | 69 |
% of Partners' Capital | 0.72% | 0.83% |
Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 160 | 177 |
% of Partners' Capital | 1.17% | 1.94% |
Equity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | $ 248,473 | $ 489,126 |
Unrealized Depreciation on Open Contracts | (229,595) | (107,968) |
Currencies [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | 241,791 | 196,144 |
Unrealized Depreciation on Open Contracts | (78,105) | (3,001) |
Currencies [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Notional Amount | 15,499,028 | 40,275,705 |
Unrealized Appreciation on Open Contracts | 248,474 | 378,328 |
Notional Amount | 26,081,246 | 36,880,820 |
Unrealized Depreciation on Open Contracts | $ (401,357) | $ (403,865) |
Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 1.26% | 0.87% |
Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
% of Partners' Capital | 0.78% | 0.81% |
Interest Rates [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Unrealized Appreciation on Open Contracts | $ 457,589 | $ 418,935 |
Unrealized Depreciation on Open Contracts | (425,457) | (340,983) |
Long [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | $ 3,585 | $ 1,366,022 |
% of Partners' Capital | 0.01% | 2.94% |
Long [Member] | Commodity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 70 | 332 |
Net unrealized appreciation (depreciation) on open contracts | $ (206,109) | $ 1,018,011 |
% of Partners' Capital | (0.64%) | 2.19% |
Long [Member] | Equity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 39 | 374 |
Net unrealized appreciation (depreciation) on open contracts | $ (207,467) | $ 379,994 |
% of Partners' Capital | (0.65%) | 0.82% |
Long [Member] | Currencies [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 84 | 115 |
Net unrealized appreciation (depreciation) on open contracts | $ (29,347) | $ 126,683 |
% of Partners' Capital | (0.09%) | 0.27% |
Long [Member] | Interest Rates [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 664 | 875 |
Net unrealized appreciation (depreciation) on open contracts | $ 446,508 | $ (158,666) |
% of Partners' Capital | 1.39% | (0.34%) |
Short [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized appreciation (depreciation) on open contracts | $ 330,618 | $ 372,029 |
% of Partners' Capital | 1.03% | 0.80% |
Short [Member] | Commodity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 582 | 597 |
Net unrealized appreciation (depreciation) on open contracts | $ 325,616 | $ 67,787 |
% of Partners' Capital | 1.02% | 0.15% |
Short [Member] | Equity [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 109 | 38 |
Net unrealized appreciation (depreciation) on open contracts | $ 226,345 | $ 1,164 |
% of Partners' Capital | 0.71% | 0.00% |
Short [Member] | Currencies [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 264 | 101 |
Net unrealized appreciation (depreciation) on open contracts | $ 193,033 | $ 66,460 |
% of Partners' Capital | 0.60% | 0.14% |
Short [Member] | Interest Rates [Member] | Futures Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Number of Contracts | Contract | 429 | 1,257 |
Net unrealized appreciation (depreciation) on open contracts | $ (414,376) | $ 236,618 |
% of Partners' Capital | (1.30%) | 0.51% |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Investment Income: | ||||
Interest income | $ 517,771 | $ 335,653 | $ 149,929 | |
Expenses: | ||||
Ongoing placement agent fees (Note 2j) | 805,555 | 1,035,010 | 1,613,123 | |
General Partner fees (Note 2i) | 805,555 | 1,035,010 | 1,613,123 | |
Management fees (Note 3) | 585,430 | 853,195 | 1,278,401 | |
Total expenses | 2,196,540 | 2,923,215 | 4,504,647 | |
Net investment loss | (1,678,769) | (2,587,562) | (4,354,718) | |
Trading Results: | ||||
Net realized gains (losses) on investment | (2,133,762) | 1,931,048 | (8,560,404) | |
Net change in unrealized gains (losses) on investment | (1,886,747) | 857,908 | (102,999) | |
Total trading results | (4,020,509) | 2,788,956 | (8,663,403) | |
Net income (loss) | $ (5,699,278) | $ 201,394 | $ (13,018,121) | |
Net income (loss) per Unit (Note 7) | [1] | $ (3.37) | $ 0.28 | $ (4.39) |
Weighted average number of Units outstanding | 1,758,837.689 | 2,267,801.511 | 3,039,416.299 | |
[1] | Represents the change in net asset value per Unit |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | Limited Partners [Member] | General Partner [Member] |
Units of Partnership Interest, balance at Dec. 31, 2015 | 3,324,177.081 | ||
Redemptions - Redeemable Units | (765,107.018) | (10,232.452) | |
Units of Partnership Interest, balance at Dec. 31, 2016 | 2,548,837.611 | ||
Partners' Capital, balance at Dec. 31, 2015 | $ 92,853,450 | $ 91,783,172 | $ 1,070,278 |
Redemptions - General Partner | (270,000) | (270,000) | |
Redemptions - Limited Partners | (19,574,931) | (19,574,931) | |
Net income (loss) | (13,018,121) | (12,878,829) | (139,292) |
Partners' Capital, balance at Dec. 31, 2016 | $ 59,990,398 | $ 59,329,412 | $ 660,986 |
Redemptions - Redeemable Units | (594,972.800) | (2,169.197) | |
Units of Partnership Interest, balance at Dec. 31, 2017 | 1,951,695.614 | ||
Redemptions - General Partner | $ (50,000) | $ (50,000) | |
Redemptions - Limited Partners | (13,643,579) | $ (13,643,579) | |
Net income (loss) | 201,394 | 194,982 | 6,412 |
Partners' Capital, balance at Dec. 31, 2017 | $ 46,498,213 | $ 45,880,815 | $ 617,398 |
Redemptions - Redeemable Units | (381,084.230) | (5,847.953) | |
Units of Partnership Interest, balance at Dec. 31, 2018 | 1,564,763.431 | ||
Redemptions - General Partner | $ (149,883) | $ (149,883) | |
Redemptions - Limited Partners | (8,650,985) | $ (8,650,985) | |
Net income (loss) | (5,699,278) | (5,642,103) | (57,175) |
Partners' Capital, balance at Dec. 31, 2018 | $ 31,998,067 | $ 31,587,727 | $ 410,340 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Morgan Stanley Smith Barney Spectrum Select L.P. (the “Partnership”) is a Delaware limited partnership organized in 1991 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy and agricultural products (collectively, “Futures Interests”) (refer to Note 4, “Financial Instruments”). The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. The Partnership commenced trading operations on August 1, 1991. Prior to December 31, 2018, the Partnership was one of the Morgan Stanley Spectrum series of funds, comprised of the Partnership, Morgan Stanley Smith Barney Spectrum Strategic L.P., (prior to its termination on December 31, 2018), and prior to December 31, 2017, Ceres Tactical Global L.P. (formerly Ceres Tactical Currency L.P.) and Morgan Stanley Smith Barney Spectrum Technical L.P. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnership. As of January 1, 2017, Ceres became a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. Prior to January 1, 2017, Ceres was a wholly-owned subsidiary of Morgan Stanley Smith Barney Holdings LLC. During the periods covered by this report, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. MS&Co. also acts as the counterparty on all trading of foreign currency forward contracts. Morgan Stanley Smith Barney LLC, doing business as Morgan Stanley Wealth Management (“Morgan Stanley Wealth Management”), is a principal subsidiary of MSD Holdings. MS&Co. and its affiliates act as the custodians of the Partnership’s assets available for trading in Futures Interests. MS&Co. is a wholly-owned subsidiary of Morgan Stanley. During prior periods included in this report, the Partnership deposited a portion of its cash in a non-trading Ceres is required to maintain a 1% minimum interest in the equity of the Partnership. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership, including the expenses related to the engagement of the Administrator. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: a Use of Estimates b Profit Allocation c. Statement of Cash Flows. d. Partnership’s Investments. first-in, first-out e. Restricted and Unrestricted Cash. f. Foreign Currency Transactions and Translation. g. Income Taxes. “more-likely-than-not” more-likely-than-not h. Revenue Recognition. 4-week i. General Partner Fees The General Partner pays or reimburses the Partnership 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 Partnership. j. Ongoing Placement Agent Fees. k. Equity in Trading Account. The Partnership, in its normal course of business, enters 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 the Partnership and are reported on a net basis in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its 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. o. Dissolution of the Partnership. p. Net Income (Loss) per Unit. “Financial Services—Investment Companies.” |
Trading Advisors
Trading Advisors | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Trading Advisors | 3. Trading Advisors: Ceres, on behalf of the Partnership, has retained certain unaffiliated commodity trading advisors, which are registered with the Commodity Futures Trading Commission to make all trading decisions on behalf of the Partnership. As of December 31, 2018, the trading advisors to the Partnership were EMC Capital Management, Inc. (“EMC”) and Graham Capital Management, L.P. (“Graham”) (each individually, a “Trading Advisor”, or collectively, the “Trading Advisors”). Effective December 31, 2017, the General Partner terminated the management agreement among the Partnership, the General Partner and Rabar Market Research, Inc. (“Rabar”), pursuant to which Rabar traded a portion of the Partnership’s assets. Consequently, Rabar ceased all Futures Interest trading on behalf of the Partnership. Effective June 30, 2016, the General Partner terminated the management agreement among the Partnership, the General Partner and Altis Partners (Jersey) Limited (“Altis”), pursuant to which Altis traded a portion of the Partnership’s assets. Consequently, Altis ceased all Futures Interest trading on behalf of the Partnership. References herein to the Trading Advisor or the Trading Advisors may also include, as relevant, Rabar and Altis. Compensation to the Trading Advisors by the Partnership consists of a management fee and incentive fee as follows: Management Fee. Prior to its termination on December 31, 2017, Rabar received a management fee from the Partnership equal to 1/12th of 2% (a 2% annual rate) per month of the Partnership’s net assets allocated to Rabar on the first day of each month. The management fee payable by the Partnership to Altis prior to its termination on June 30, 2016 was 1/12th of 1.25% (a 1.25% annual rate) per month of the Partnership’s net assets allocated to Altis on the first day of each month. Incentive Fee. Trading profits represent the amount by which profits from trading in Futures Interests exceed losses after ongoing placement agent fees, General Partner fees and management fees, as applicable, are deducted. When a trading advisor 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. The cumulative trading losses are adjusted on a pro-rated |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 4. Financial Instruments: The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open futures or forward contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized gains (losses) on open contracts” in the respective Statements of Income and Expenses. The Partnership’s contracts are accounted for on a trade-date basis. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. In general, the risks associated with off-exchange-traded non-exchange-traded The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s non-exchange-traded non-exchange-traded non-exchange-traded The General Partner monitors and attempts to mitigate the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly, believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures, forward and option positions by sector, margin requirements, gain and loss transactions and collateral positions. The futures and forwards traded by the Partnership, along with U.S. Treasury bills held by the Partnership, involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently, in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on non-exchange-traded In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote. |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 5. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors will take 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. The General Partner estimates that at any given time approximately 16.9% to 39.7% of the Partnership’s contracts are traded over-the-counter. All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the years ended December 31, 2018 and 2017 were 3,115 and 4,357, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2018 and 2017 were 347 and 519, respectively. The monthly average notional value of currency forward contracts traded during the years ended December 31, 2018 and 2017 were $96,190,765 and $137,886,860, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar arrangements as of December 31, 2018 and 2017, respectively. 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, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,456,716 $ (1,122,513 ) $ 334,203 $ — $ — $ 334,203 Forwards 623,038 (623,038 ) — — — — Total assets $ 2,079,754 $ (1,745,551 ) $ 334,203 $ — $ — $ 334,203 Liabilities Futures $ (1,122,513 ) $ 1,122,513 $ — $ — $ — $ — Forwards (632,108 ) 623,038 (9,070 ) — — (9,070 ) Total liabilities $ (1,754,621 ) $ 1,745,551 $ (9,070 ) $ — $ — $ (9,070 ) Net fair value $ 325,133 * 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 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2018 and 2017, respectively. December 31, 2018 Assets Futures Contracts Commodity $ 508,863 Equity 248,473 Currencies 241,791 Interest rates 457,589 Total unrealized appreciation on open futures contracts 1,456,716 Liabilities Futures Contracts Commodity (389,356 ) Equity (229,595 ) Currencies (78,105 ) Interest rates (425,457 ) Total unrealized depreciation on open futures contracts (1,122,513 ) Net unrealized appreciation on open futures contracts $ 334,203 * Assets Forward Contracts Commodity $ 374,564 Currencies 248,474 Total unrealized appreciation on open forward contracts 623,038 Liabilities Forward Contracts Commodity (230,751 ) Currencies (401,357 ) Total unrealized depreciation on open forward contracts (632,108 ) Net unrealized depreciation on open forward contracts $ (9,070 )** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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 the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2018, 2017 and 2016, respectively. Sector 2018 2017 2016 Commodity $ (1,138,112 ) $ (1,213,211 ) $ (6,068,586 ) Equity (720,406 ) 11,348,033 (2,859,526 ) Currencies (482,851 ) (4,000,339 ) (701,495 ) Interest rates (1,679,140 ) (3,345,527 ) 966,204 Total $ (4,020,509 )* $ 2,788,956 * $ (8,663,403 )* * This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements: Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, forward and option contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded The Partnership considers 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 December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 1,456,716 $ 1,456,716 $ — $ — Forwards 623,038 — 623,038 — Total assets $ 2,079,754 $ 1,456,716 $ 623,038 $ — Liabilities Futures $ 1,122,513 $ 1,122,513 $ — $ — Forwards 632,108 — 632,108 — Total liabilities $ 1,754,621 $ 1,122,513 $ 632,108 $ — 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 $ — |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2018 | |
Investment Company [Abstract] | |
Financial Highlights | 7. Financial Highlights: Financial highlights for the limited partner class as a whole for the years ended December 31, 2018, 2017 and 2016 are as follows: 2018 2017 2016 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (2.42) $ 1.42 $ (2.96) Net investment loss (0.95) (1.14) (1.43) Net increase (decrease) for the year (3.37) 0.28 (4.39) Net asset value per Unit, beginning of year 23.82 23.54 27.93 Net asset value per Unit, end of year $ 20.45 $ 23.82 $ 23.54 2018 2017 2016 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.2)% (5.0)% (5.5)% Operating expenses before incentive fees 5.5 % 5.7 % 5.7 % Incentive fees - % - % - % Operating expenses after incentive fees 5.5 % 5.7 % 5.7 % Total return: Total return before incentive fees (14.1)% 1.2 % (15.7)% Incentive fees - % - % - % Total return after incentive fees (14.1)% 1.2 % (15.7)% * 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 the Partnership. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. 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 disclosed below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. Effective February 1, 2019, the monthly management fee paid by the Partnership to Graham was reduced to 1/12 of 1.35% (1.35% annual rate) of the Partnership’s net assets allocated to Graham on the first day of each month. Also effective February 1, 2019, the incentive paid by the Partnership to Graham was changed from monthly to annually and reduced to 18% of trading profits. Effective March 6, 2019, Maureen O’Toole resigned as a director of the General Partner. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | a Use of Estimates |
Profit Allocation | Profit Allocation |
Statement of Cash Flows | Statement of Cash Flows. |
Partnerships' Investments | Partnership’s 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. “more-likely-than-not” more-likely-than-not |
Revenue Recognition | Revenue Recognition. 4-week |
General Partner Fees | i. General Partner Fees The General Partner pays or reimburses the Partnership 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 Partnership. |
Ongoing Placement Agent Fees | Ongoing Placement Agent Fees. |
Equity in Trading Account | k. Equity in Trading Account. The Partnership, in its normal course of business, enters 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 the Partnership and are reported on a net basis in the Statements of Financial Condition. The Partnership has offset its unrealized gains or losses executed with the same counterparty as allowable under the terms of its master netting agreement with MS&Co., the counterparty on such contracts. The Partnership has consistently applied its 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. |
Dissolution of the Partnerships | Dissolution of the Partnership. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit. “Financial Services—Investment Companies.” |
Trading Activities (Tables)
Trading Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Brokers and Dealers [Abstract] | |
Offsetting of Derivative Assets and Liabilities | The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar arrangements as of December 31, 2018 and 2017, respectively. 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, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 1,456,716 $ (1,122,513 ) $ 334,203 $ — $ — $ 334,203 Forwards 623,038 (623,038 ) — — — — Total assets $ 2,079,754 $ (1,745,551 ) $ 334,203 $ — $ — $ 334,203 Liabilities Futures $ (1,122,513 ) $ 1,122,513 $ — $ — $ — $ — Forwards (632,108 ) 623,038 (9,070 ) — — (9,070 ) Total liabilities $ (1,754,621 ) $ 1,745,551 $ (9,070 ) $ — $ — $ (9,070 ) Net fair value $ 325,133 * 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 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 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded |
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2018 and 2017, respectively. December 31, 2018 Assets Futures Contracts Commodity $ 508,863 Equity 248,473 Currencies 241,791 Interest rates 457,589 Total unrealized appreciation on open futures contracts 1,456,716 Liabilities Futures Contracts Commodity (389,356 ) Equity (229,595 ) Currencies (78,105 ) Interest rates (425,457 ) Total unrealized depreciation on open futures contracts (1,122,513 ) Net unrealized appreciation on open futures contracts $ 334,203 * Assets Forward Contracts Commodity $ 374,564 Currencies 248,474 Total unrealized appreciation on open forward contracts 623,038 Liabilities Forward Contracts Commodity (230,751 ) Currencies (401,357 ) Total unrealized depreciation on open forward contracts (632,108 ) Net unrealized depreciation on open forward contracts $ (9,070 )** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. December 31, 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 the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following table indicates the trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2018, 2017 and 2016, respectively. Sector 2018 2017 2016 Commodity $ (1,138,112 ) $ (1,213,211 ) $ (6,068,586 ) Equity (720,406 ) 11,348,033 (2,859,526 ) Currencies (482,851 ) (4,000,339 ) (701,495 ) Interest rates (1,679,140 ) (3,345,527 ) 966,204 Total $ (4,020,509 )* $ 2,788,956 * $ (8,663,403 )* * This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value | As of and for the years ended December 31, 2018 and 2017, the Partnership did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 1,456,716 $ 1,456,716 $ — $ — Forwards 623,038 — 623,038 — Total assets $ 2,079,754 $ 1,456,716 $ 623,038 $ — Liabilities Futures $ 1,122,513 $ 1,122,513 $ — $ — Forwards 632,108 — 632,108 — Total liabilities $ 1,754,621 $ 1,122,513 $ 632,108 $ — 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 $ — |
Financial Highlights (Tables)
Financial Highlights (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investment Company [Abstract] | |
Financial Highlights for the Limited Partner Class | Financial highlights for the limited partner class as a whole for the years ended December 31, 2018, 2017 and 2016 are as follows: 2018 2017 2016 Per Unit Performance (for a unit outstanding throughout the year): * Net realized and unrealized gains (losses) $ (2.42) $ 1.42 $ (2.96) Net investment loss (0.95) (1.14) (1.43) Net increase (decrease) for the year (3.37) 0.28 (4.39) Net asset value per Unit, beginning of year 23.82 23.54 27.93 Net asset value per Unit, end of year $ 20.45 $ 23.82 $ 23.54 2018 2017 2016 Ratios to Average Limited Partners’ Capital: Net investment loss ** (4.2)% (5.0)% (5.5)% Operating expenses before incentive fees 5.5 % 5.7 % 5.7 % Incentive fees - % - % - % Operating expenses after incentive fees 5.5 % 5.7 % 5.7 % Total return: Total return before incentive fees (14.1)% 1.2 % (15.7)% Incentive fees - % - % - % Total return after incentive fees (14.1)% 1.2 % (15.7)% * 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) | Dec. 31, 2018 |
General Partner [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Required interest in the equity of each Partnership | 1.00% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Restricted cash | $ 5,568,405 | $ 8,683,095 |
Cash denominated in foreign currencies | 196,753 | 977,236 |
Cash denominated in foreign currencies, cost | 191,327 | $ 984,412 |
Provision for income tax | 0 | |
Uncertain tax position | $ 0 | |
Open tax year | 2015 2016 2017 2018 | |
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% | |
Monthly general partner administrative fee | 0.1667% | |
Annualized general partner administrative fee | 2.00% | |
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] | Liquidation Basis of Accounting [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Provision for income tax | 0 | |
Uncertain tax position | $ 0 | |
Open tax year | 2015 2016 2017 2018 | |
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 | |
Open tax year | 2015 2016 2017 2018 | |
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 | |
Open tax year | 2015 2016 2017 2018 |
Trading Advisors - Additional I
Trading Advisors - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
EMC [Member] | |||
Schedule Of Trading Advisors [Line Items] | |||
Management fee, monthly basis | 0.0833% | ||
Management fee, annual basis | 1.00% | ||
Incentive fee, monthly trading profits basis | 20.00% | ||
Graham [Member] | |||
Schedule Of Trading Advisors [Line Items] | |||
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% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 3,115 | 4,357 |
Forward Contracts [Member] | Commodity [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 347 | 519 |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Average notional value of derivative | $ | $ 96,190,765 | $ 137,886,860 |
Off Exchange Traded [Member] | Minimum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 16.90% | |
Off Exchange Traded [Member] | Maximum [Member] | ||
Derivative [Line Items] | ||
Percentage of total investments | 39.70% |
Trading Activities - Offsetting
Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 2,079,754 | $ 3,653,141 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,745,551) | (1,428,659) |
Amounts Presented in the Statements of Financial Condition, Assets | 334,203 | 2,224,482 |
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 | 334,203 | 2,224,482 |
Gross Amounts Recognized, Liabilities | (1,754,621) | (1,428,659) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,745,551 | 1,428,659 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (9,070) | |
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 | (9,070) | |
Net fair value | 325,133 | 2,224,482 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 1,456,716 | 2,377,628 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,122,513) | (639,577) |
Amounts Presented in the Statements of Financial Condition, Assets | 334,203 | 1,738,051 |
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 | 334,203 | 1,738,051 |
Gross Amounts Recognized, Liabilities | (1,122,513) | (639,577) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,122,513 | 639,577 |
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 | 623,038 | 1,275,513 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (623,038) | (789,082) |
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 | (632,108) | (789,082) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 623,038 | 789,082 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (9,070) | |
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 | $ (9,070) |
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, 2018 | Dec. 31, 2017 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 1,456,716 | $ 2,377,628 |
Total unrealized depreciation on open contracts | (1,122,513) | (639,577) |
Net unrealized appreciation (depreciation) on open contracts | 334,203 | 1,738,051 |
Futures Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 508,863 | 1,273,423 |
Total unrealized depreciation on open contracts | (389,356) | (187,625) |
Futures Contracts [Member] | Equity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 248,473 | 489,126 |
Total unrealized depreciation on open contracts | (229,595) | (107,968) |
Futures Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 241,791 | 196,144 |
Total unrealized depreciation on open contracts | (78,105) | (3,001) |
Futures Contracts [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 457,589 | 418,935 |
Total unrealized depreciation on open contracts | (425,457) | (340,983) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 623,038 | 1,275,513 |
Total unrealized depreciation on open contracts | (632,108) | (789,082) |
Net unrealized appreciation (depreciation) on open contracts | (9,070) | 486,431 |
Forward Contracts [Member] | Commodity [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 374,564 | 897,185 |
Total unrealized depreciation on open contracts | (230,751) | (385,217) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 248,474 | 378,328 |
Total unrealized depreciation on open contracts | $ (401,357) | $ (403,865) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total trading results | $ (4,020,509) | $ 2,788,956 | $ (8,663,403) |
Commodity [Member] | |||
Derivative [Line Items] | |||
Total trading results | (1,138,112) | (1,213,211) | (6,068,586) |
Equity [Member] | |||
Derivative [Line Items] | |||
Total trading results | (720,406) | 11,348,033 | (2,859,526) |
Currencies [Member] | |||
Derivative [Line Items] | |||
Total trading results | (482,851) | (4,000,339) | (701,495) |
Interest Rates [Member] | |||
Derivative [Line Items] | |||
Total trading results | $ (1,679,140) | $ (3,345,527) | $ 966,204 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments held | 0 | 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 2,079,754 | $ 3,653,141 |
Total liabilities | 1,754,621 | 1,428,659 |
Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,456,716 | 2,377,628 |
Total liabilities | 1,122,513 | 639,577 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 623,038 | 1,275,513 |
Total liabilities | 632,108 | 789,082 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,456,716 | 2,377,628 |
Total liabilities | 1,122,513 | 639,577 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,456,716 | 2,377,628 |
Total liabilities | 1,122,513 | 639,577 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 623,038 | 1,275,513 |
Total liabilities | 632,108 | 789,082 |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 623,038 | 1,275,513 |
Total liabilities | $ 632,108 | $ 789,082 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for the Limited Partner Class (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Per Unit Performance (for a unit outstanding throughout the year): | |||
Net asset value per Unit, beginning of year | $ 23.82 | ||
Net asset value per Unit, end of year | 20.45 | $ 23.82 | |
Limited Partners [Member] | |||
Per Unit Performance (for a unit outstanding throughout the year): | |||
Net realized and unrealized gains (losses) | (2.42) | 1.42 | $ (2.96) |
Net investment loss | (0.95) | (1.14) | (1.43) |
Net increase (decrease) for the year | (3.37) | 0.28 | (4.39) |
Net asset value per Unit, beginning of year | 23.82 | 23.54 | 27.93 |
Net asset value per Unit, end of year | $ 20.45 | $ 23.82 | $ 23.54 |
Ratios to Average Limited Partners' Capital: | |||
Net investment loss | (4.20%) | (5.00%) | (5.50%) |
Operating expenses before incentive fees | 5.50% | 5.70% | 5.70% |
Incentive fees | 0.00% | 0.00% | 0.00% |
Operating expenses after incentive fees | 5.50% | 5.70% | 5.70% |
Total return: | |||
Total return before incentive fees | (14.10%) | 1.20% | (15.70%) |
Incentive fees | (0.00%) | (0.00%) | (0.00%) |
Total return after incentive fees | (14.10%) | 1.20% | (15.70%) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Graham [Member] | Feb. 01, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||
Management fee, monthly basis | 0.1458% | |
Management fee, annual basis | 1.75% | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Management fee, monthly basis | 0.1125% | |
Management fee, annual basis | 18.00% |