Morgan Stanley Smith Barney Spectrum Select (DWSF) 10-Q 8 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Registrant Name	MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT LP
Entity Central Index Key	0000873799
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Address, State or Province	NY
Entity Common Stock, Shares Outstanding		1,347,327.817

Statements of Financial Conditi

Statements of Financial Condition - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Assets:
Unrestricted cash	$ 23,732,035	$ 26,651,080
Restricted cash	6,134,635	5,568,405
Net unrealized appreciation on open futures contracts	1,582,446	334,203
Total equity in trading account	31,449,116	32,553,688
Interest receivable	37,510	43,388
Total assets	31,486,626	32,597,076
Liabilities:
Net unrealized depreciation on open forward contracts	221,799	9,070
Accrued expenses:
Ongoing placement agent fees	50,867	55,831
General Partner fees	50,867	55,831
Management fees	30,330	40,159
Redemptions payable to General Partner	18,000
Redemptions payable to Limited Partners	490,178	438,118
Total liabilities	862,041	599,009
Partners' Capital:
General Partner	321,687	410,340
Limited Partners	30,302,898	31,587,727
Total partners' capital (net asset value)	30,624,585	31,998,067
Total liabilities and partners' capital	$ 31,486,626	$ 32,597,076
Net asset value per Unit	$ 21.95	$ 20.45

Statements of Financial Condi_2

Statements of Financial Condition (Parenthetical) - shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
General Partner, Units outstanding	14,657.688	20,066.995
Limited Partners, Units outstanding	1,380,744.569	1,544,696.436

Condensed Schedule of Investmen

Condensed Schedule of Investments	Jun. 30, 2019USD ($)Contract		Dec. 31, 2018USD ($)Contract
Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 2,035,075		$ 1,456,716
Unrealized Depreciation on Open Contracts	(452,629)		(1,122,513)
Net unrealized appreciation (depreciation) on open contracts	$ 1,582,446		$ 334,203
% of Partners' Capital	5.17%		1.04%
Forward Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 273,264		$ 623,038
Unrealized Depreciation on Open Contracts	(495,063)		(632,108)
Net unrealized appreciation (depreciation) on open contracts	$ (221,799)		$ (9,070)
% of Partners' Capital	(0.72%)		(0.03%)
Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(1.61%)		(1.98%)
Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.89%		1.95%
Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 370,058		$ 508,863
Unrealized Depreciation on Open Contracts	(256,373)		(389,356)
Commodity [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	224,472		374,564
Unrealized Depreciation on Open Contracts	$ (188,008)		$ (230,751)
Commodity [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	83		64
% of Partners' Capital	(0.61%)		(0.72%)
Commodity [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	113		160
% of Partners' Capital	0.73%		1.17%
Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 150,635		$ 248,473
Unrealized Depreciation on Open Contracts	(93,727)		(229,595)
Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	17,097		241,791
Unrealized Depreciation on Open Contracts	(96,026)		(78,105)
Currencies [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
Notional Amount	17,597,636		15,499,028
Unrealized Appreciation on Open Contracts	48,792		248,474
Notional Amount	37,638,724		26,081,246
Unrealized Depreciation on Open Contracts	$ (307,055)		$ (401,357)
Currencies [Member] | Total Unrealized Depreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	(1.00%)		(1.26%)
Currencies [Member] | Total Unrealized Appreciation on Open Contracts [Member] | Forward Contracts [Member]
Schedule of Investments [Line Items]
% of Partners' Capital	0.16%		0.78%
Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Unrealized Appreciation on Open Contracts	$ 1,497,285		$ 457,589
Unrealized Depreciation on Open Contracts	(6,503)		(425,457)
Long [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ 1,803,984		$ 3,585
% of Partners' Capital	5.89%		0.01%
Long [Member] | Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	65		70
Net unrealized appreciation (depreciation) on open contracts	$ 200,304		$ (206,109)
% of Partners' Capital	0.65%		(0.64%)
Long [Member] | Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	301		39
Net unrealized appreciation (depreciation) on open contracts	$ 106,621		$ (207,467)
% of Partners' Capital	0.35%		(0.65%)
Long [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	81		84
Net unrealized appreciation (depreciation) on open contracts	$ 5,719		$ (29,347)
% of Partners' Capital	0.02%		(0.09%)
Long [Member] | Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	1,521		664
Net unrealized appreciation (depreciation) on open contracts	$ 1,491,340		$ 446,508
% of Partners' Capital	4.87%		1.39%
Short [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Net unrealized appreciation (depreciation) on open contracts	$ (221,538)		$ 330,618
% of Partners' Capital	(0.72%)		1.03%
Short [Member] | Commodity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	342		582
Net unrealized appreciation (depreciation) on open contracts	$ (86,619)		$ 325,616
% of Partners' Capital	(0.28%)		1.02%
Short [Member] | Equity [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	40		109
Net unrealized appreciation (depreciation) on open contracts	$ (49,713)		$ 226,345
% of Partners' Capital	(0.16%)		0.71%
Short [Member] | Currencies [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	132		264
Net unrealized appreciation (depreciation) on open contracts	$ (84,648)		$ 193,033
% of Partners' Capital	(0.28%)		0.60%
Short [Member] | Interest Rates [Member] | Futures Contracts [Member]
Schedule of Investments [Line Items]
Number of Contracts | Contract	14		429
Net unrealized appreciation (depreciation) on open contracts	$ (558)		$ (414,376)
% of Partners' Capital	(0.00%)	[1]	(1.30%)
[1]	Due to rounding.

Statements of Income and Expens

Statements of Income and Expenses - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investment Income:
Interest income		$ 123,955	$ 129,661	$ 252,674	$ 256,213
Expenses:
General Partner fees		155,023	207,091	307,405	438,945
Ongoing placement agent fees		155,023	207,091	307,405	438,945
Management fees		92,748	150,150	190,017	319,074
Total expenses		402,794	564,332	804,827	1,196,964
Net investment loss		(278,839)	(434,671)	(552,153)	(940,751)
Trading Results:
Net realized gains (losses) on closed contracts		2,689,590	(1,181,190)	1,672,146	(110,897)
Net change in unrealized gains (losses) on open contracts		(788,683)	281,412	1,039,564	(1,716,529)
Total trading results		1,900,907	(899,778)	2,711,710	(1,827,426)
Net income (loss)		$ 1,622,068	$ (1,334,449)	$ 2,159,557	$ (2,768,177)
Net income (loss) per Unit	[1]	$ 1.11	$ (0.75)	$ 1.50	$ (1.55)
Weighted average number of Units outstanding		1,450,347.558	1,808,104.554	1,491,618.345	1,860,496.874
[1]	Represents the change in net asset value per Unit during the period.

Statements of Changes in Partne

Statements of Changes in Partners' Capital - USD ($)	Total	Limited Partners [Member]	General Partner [Member]
Partners' Capital, balance at Dec. 31, 2017	$ 46,498,213	$ 45,880,815	$ 617,398
Units of Partnership Interest, balance at Dec. 31, 2017	1,951,695.614
Redemptions - General Partner	$ (149,883)		$ (149,883)
Redemptions - Limited Partners	(5,181,172)	$ (5,181,172)
Redemptions - Redeemable Units		(221,961.479)	(5,847.953)
Net income (loss)	(2,768,177)	$ (2,747,634)	$ (20,543)
Partners' Capital, balance at Jun. 30, 2018	$ 38,398,981	37,952,009	446,972
Units of Partnership Interest, balance at Jun. 30, 2018	1,723,886.182
Partners' Capital, balance at Mar. 31, 2018	$ 42,809,538	42,347,546	461,992
Units of Partnership Interest, balance at Mar. 31, 2018	1,859,403.409
Redemptions - Limited Partners	$ (3,076,108)	$ (3,076,108)
Redemptions - Redeemable Units		(135,517.227)
Net income (loss)	(1,334,449)	$ (1,319,429)	(15,020)
Partners' Capital, balance at Jun. 30, 2018	$ 38,398,981	37,952,009	446,972
Units of Partnership Interest, balance at Jun. 30, 2018	1,723,886.182
Partners' Capital, balance at Dec. 31, 2018	$ 31,998,067	31,587,727	410,340
Units of Partnership Interest, balance at Dec. 31, 2018	1,564,763.431
Redemptions - General Partner	$ (118,000)		$ (118,000)
Redemptions - Limited Partners	(3,415,039)	$ (3,415,039)
Redemptions - Redeemable Units		(163,951.867)	(5,409.307)
Net income (loss)	2,159,557	$ 2,130,210	$ 29,347
Partners' Capital, balance at Jun. 30, 2019	$ 30,624,585	30,302,898	321,687
Units of Partnership Interest, balance at Jun. 30, 2019	1,395,402.257
Partners' Capital, balance at Mar. 31, 2019	$ 30,921,694	30,503,488	418,206
Units of Partnership Interest, balance at Mar. 31, 2019	1,483,683.173
Redemptions - General Partner	$ (118,000)		$ (118,000)
Redemptions - Limited Partners	(1,801,177)	$ (1,801,177)
Redemptions - Redeemable Units		(82,871.609)	(5,409.307)
Net income (loss)	1,622,068	$ 1,600,587	$ 21,481
Partners' Capital, balance at Jun. 30, 2019	$ 30,624,585	$ 30,302,898	$ 321,687
Units of Partnership Interest, balance at Jun. 30, 2019	1,395,402.257

Organization

Organization	6 Months Ended
	Jun. 30, 2019
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. Ceres is 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. As of June , , all trading decisions were made for the Partnership by EMC Capital Management, Inc. (“EMC”) and Graham Capital Management, L.P. (“Graham”) (each a “Trading Advisor” and, collectively, the “Trading Advisors”). During the reporting periods ended June , and , 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 Partnership deposited a portion of its cash in a non-trading account at JPMorgan Chase Bank N.A. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The General Partner pays or reimburses the Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership. This includes the expenses related to the engagement of the Administrator.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies: The financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at June 30, 2019, the results of its operations for the three and six months ended June 30, 2019 and 2018 and the changes in partners’ capital for the three and six months ended June 30, 2019 and 2018. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates Profit Allocation. Statement of Cash Flows “Statement of Cash Flows.” Partnership’s Investments first-in, first-out Partnership’s Cash Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Net Income (Loss) per Unit. “Financial Services – Investment Companies There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K

Financial Highlights

Financial Highlights	6 Months Ended
	Jun. 30, 2019
Investment Company [Abstract]
Financial Highlights	3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2019 and 2018 were as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 1.30 $ (0.51 ) $ 1.87 $ (1.05 ) Net investment loss (0.19 ) (0.24 ) (0.37 ) (0.50 ) Net increase (decrease) for the period 1.11 (0.75 ) 1.50 (1.55 ) Net asset value per Unit, beginning of period 20.84 23.02 20.45 23.82 Net asset value per Unit, end of period $ 21.95 $ 22.27 $ 21.95 $ 22.27 For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.6 )% (4.3 )% (3.6 )% (4.4 )% Operating expenses before incentive fees 5.2 % 5.6 % 5.3 % 5.6 % Incentive fees - % - % - % - % Total expenses 5.2 % 5.6 % 5.3 % 5.6 % Total return: Total return before incentive fees 5.3 % (3.3 )% 7.3 % (6.5 )% Incentive fees - % - % - % - % Total return after incentive fees 5.3 % (3.3 )% 7.3 % (6.5 )% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees, if applicable). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. Additionally, these ratios are calculated for the limited partner class using the limited partners’ share of income, expenses and average partners’ capital.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2019
Investments, All Other Investments [Abstract]
Financial Instruments	4. Financial Instruments: The Partnership trades Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized gain or loss on open futures or forward contracts. The resulting net change in unrealized gains and losses is reflected in the “Net change in unrealized gains (losses) on open contracts” in the Statements of Income and Expenses. The Partnership’s contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. In general, the risks associated with non-exchange-traded non-exchange-traded The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s non-exchange-traded non-exchange-traded non-exchange-traded The General Partner monitors and attempts to 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 the U.S. Treasury bills held by the Partnership, involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures and exchange-traded forward contracts are settled daily through variation margin. Gains and losses on non-exchange-traded In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote.

Trading Activities

Trading Activities	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Trading Activities	5. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, each Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures. All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended June 30, 2019 and 2018 were 3,078 and 2,967, respectively. The monthly average number of futures contracts traded during the six months ended June 30, 2019 and 2018 were 2,902, and 3,209. The monthly average number of metal forward contracts traded during the three months ended June 30, 2019 and 2018 were 354 and 415, respectively. The monthly average number of metal forward contracts traded during the six months ended June 30, 2019 and 2018 were 370 and 420, respectively. The monthly average notional value of currency forward contracts traded during the three months ended June 30, 2019 and 2018 were $87,358,805 and $89,299,031, respectively. The monthly average notional value of currency forward contracts traded during the six months ended June 30, 2019 and 2018 were $80,738,847 and $111,022,823, respectively. The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2019 and December 31, 2018, 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/ June 30, 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 2,035,075 $ (452,629 ) $ 1,582,446 $ - $ - $ 1,582,446 Forwards 273,264 (273,264 ) - - - - Total assets $ 2,308,339 $ (725,893 ) $ 1,582,446 $ - $ - $ 1,582,446 Liabilities Futures $ (452,629 ) $ 452,629 $ - $ - $ - $ - Forwards (495,063 ) 273,264 (221,799 ) - 221,799 - Total liabilities $ (947,692 ) $ 725,893 $ (221,799 ) $ - $ 221,799 $ - Net fair value $ 1,582,446 * 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 $ 334,203 * * 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 June 30, 2019 and December 31, 2018, respectively. June 30, 2019 Assets Futures Contracts Commodity $ 370,058 Equity 150,635 Currencies 17,097 Interest rates 1,497,285 Total unrealized appreciation on open futures contracts 2,035,075 Liabilities Futures Contracts Commodity (256,373 ) Equity (93,727 ) Currencies (96,026 ) Interest rates (6,503 ) Total unrealized depreciation on open futures contracts (452,629 ) Net unrealized appreciation on open futures contracts $ 1,582,446 * Assets Forward Contracts Commodity $ 224,472 Currencies 48,792 Total unrealized appreciation on open forward contracts 273,264 Liabilities Forward Contracts Commodity (188,008 ) Currencies (307,055 ) Total unrealized depreciation on open forward contracts (495,063 ) Net unrealized depreciation on open forward contracts $ (221,799 ) ** * 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, 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. The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2019 and 2018. Three Months Ended Six Months Ended June 30, June 30, Sector 2019 2018 2019 2018 Commodity $ (565,232 ) $ (225,973 ) $ (1,838,327 ) $ (838,355 ) Equity 120,114 (121,211 ) 702,465 (118,610 ) Currencies (465,769 ) (682,457 ) (886,590 ) (681,655 ) Interest rates 2,811,794 129,863 4,734,162 (188,806 ) Total $ 1,900,907 *** $ (899,778 ) *** $ 2,711,710 *** $ (1,827,426 ) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements: Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, forward and option contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Partnership considers prices for 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 forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of June 30, 2019 and December 31, 2018 and for the periods ended June 30, 2019 and 2018, 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). June 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,035,075 $ 2,035,075 $ - $ - Forwards 273,264 - 273,264 - Total assets $ 2,308,339 $ 2,035,075 $ 273,264 $ - Liabilities Futures $ 452,629 $ 452,629 $ - $ - Forwards 495,063 - 495,063 - Total liabilities $ 947,692 $ 452,629 $ 495,063 $ - 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 $ -

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
Profit Allocation	Profit Allocation.
Statement of Cash Flows	Statement of Cash Flows “Statement of Cash Flows.”
Partnerships' Investments	Partnership’s Investments first-in, first-out
Partnership's Cash	Partnership’s Cash
Investment Company Status	Investment Company Status 2013-08, Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements
Income Taxes	Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not
Net Income (Loss) per Unit	Net Income (Loss) per Unit. “Financial Services – Investment Companies

Financial Highlights (Tables)

Financial Highlights (Tables)	6 Months Ended
	Jun. 30, 2019
Investment Company [Abstract]
Financial Highlights for the Limited Partner Class	Financial highlights for the limited partner class as a whole for the three and six months ended June 30, 2019 and 2018 were as follows: For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 1.30 $ (0.51 ) $ 1.87 $ (1.05 ) Net investment loss (0.19 ) (0.24 ) (0.37 ) (0.50 ) Net increase (decrease) for the period 1.11 (0.75 ) 1.50 (1.55 ) Net asset value per Unit, beginning of period 20.84 23.02 20.45 23.82 Net asset value per Unit, end of period $ 21.95 $ 22.27 $ 21.95 $ 22.27 For the Three Months Ended For the Six Months Ended June 30, June 30, 2019 2018 2019 2018 Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.6 )% (4.3 )% (3.6 )% (4.4 )% Operating expenses before incentive fees 5.2 % 5.6 % 5.3 % 5.6 % Incentive fees - % - % - % - % Total expenses 5.2 % 5.6 % 5.3 % 5.6 % Total return: Total return before incentive fees 5.3 % (3.3 )% 7.3 % (6.5 )% Incentive fees - % - % - % - % Total return after incentive fees 5.3 % (3.3 )% 7.3 % (6.5 )% * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees, if applicable). *** Interest income less total expenses.

Trading Activities (Tables)

Trading Activities (Tables)	6 Months Ended
	Jun. 30, 2019
Brokers and Dealers [Abstract]
Offsetting of Derivative Assets and Liabilities	The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of June 30, 2019 and December 31, 2018, 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/ June 30, 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 2,035,075 $ (452,629 ) $ 1,582,446 $ - $ - $ 1,582,446 Forwards 273,264 (273,264 ) - - - - Total assets $ 2,308,339 $ (725,893 ) $ 1,582,446 $ - $ - $ 1,582,446 Liabilities Futures $ (452,629 ) $ 452,629 $ - $ - $ - $ - Forwards (495,063 ) 273,264 (221,799 ) - 221,799 - Total liabilities $ (947,692 ) $ 725,893 $ (221,799 ) $ - $ 221,799 $ - Net fair value $ 1,582,446 * 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 $ 334,203 * * 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 June 30, 2019 and December 31, 2018, respectively. June 30, 2019 Assets Futures Contracts Commodity $ 370,058 Equity 150,635 Currencies 17,097 Interest rates 1,497,285 Total unrealized appreciation on open futures contracts 2,035,075 Liabilities Futures Contracts Commodity (256,373 ) Equity (93,727 ) Currencies (96,026 ) Interest rates (6,503 ) Total unrealized depreciation on open futures contracts (452,629 ) Net unrealized appreciation on open futures contracts $ 1,582,446 * Assets Forward Contracts Commodity $ 224,472 Currencies 48,792 Total unrealized appreciation on open forward contracts 273,264 Liabilities Forward Contracts Commodity (188,008 ) Currencies (307,055 ) Total unrealized depreciation on open forward contracts (495,063 ) Net unrealized depreciation on open forward contracts $ (221,799 ) ** * 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, 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.
Trading Gains and Losses, by Market Sector, on Derivative Instruments	The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three and six months ended June 30, 2019 and 2018. Three Months Ended Six Months Ended June 30, June 30, Sector 2019 2018 2019 2018 Commodity $ (565,232 ) $ (225,973 ) $ (1,838,327 ) $ (838,355 ) Equity 120,114 (121,211 ) 702,465 (118,610 ) Currencies (465,769 ) (682,457 ) (886,590 ) (681,655 ) Interest rates 2,811,794 129,863 4,734,162 (188,806 ) Total $ 1,900,907 *** $ (899,778 ) *** $ 2,711,710 *** $ (1,827,426 ) *** *** This amount is included in “Total trading results” in the Statements of Income and Expenses.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Summary of Assets and Liabilities Measured at Fair Value	As of June 30, 2019 and December 31, 2018 and for the periods ended June 30, 2019 and 2018, 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). June 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 2,035,075 $ 2,035,075 $ - $ - Forwards 273,264 - 273,264 - Total assets $ 2,308,339 $ 2,035,075 $ 273,264 $ - Liabilities Futures $ 452,629 $ 452,629 $ - $ - Forwards 495,063 - 495,063 - Total liabilities $ 947,692 $ 452,629 $ 495,063 $ - 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 $ -

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Subsidiary of Limited Liability Company or Limited Partnership [Line Items]
Restricted cash	$ 6,134,635	$ 5,568,405
Cash denominated in foreign currencies	736,032	196,753
Cash denominated in foreign currencies, cost	726,556	$ 191,327
Provision for income tax	0
Uncertain tax position	$ 0
Open tax year	2015 2016 2017 2018

Financial Highlights - Financia

Financial Highlights - Financial Highlights for the Limited Partner Class (Detail) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Per Unit Performance (for a unit outstanding throughout the year):
Net asset value per Unit, beginning of year			$ 20.45
Net asset value per Unit, end of year	$ 21.95		21.95
Limited Partners [Member]
Per Unit Performance (for a unit outstanding throughout the year):
Net realized and unrealized gains (losses)	1.30	$ (0.51)	1.87	$ (1.05)
Net investment loss	(0.19)	(0.24)	(0.37)	(0.50)
Net increase (decrease) for the year	1.11	(0.75)	1.50	(1.55)
Net asset value per Unit, beginning of year	20.84	23.02	20.45	23.82
Net asset value per Unit, end of year	$ 21.95	$ 22.27	$ 21.95	$ 22.27
Ratios to Average Limited Partners' Capital:
Net investment loss	(3.60%)	(4.30%)	(3.60%)	(4.40%)
Operating expenses before incentive fees	5.20%	5.60%	5.30%	5.60%
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total expenses	5.20%	5.60%	5.30%	5.60%
Total return:
Total return before incentive fees	5.30%	(3.30%)	7.30%	(6.50%)
Incentive fees	0.00%	0.00%	0.00%	0.00%
Total return after incentive fees	5.30%	(3.30%)	7.30%	(6.50%)

Trading Activities - Additional

Trading Activities - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)Contract	Jun. 30, 2018USD ($)Contract	Jun. 30, 2019USD ($)Contract	Jun. 30, 2018USD ($)Contract
Futures Contracts [Member]
Derivative [Line Items]
Average number of derivative contracts traded	3,078	2,967	2,902	3,209
Forward Contracts [Member] | Commodity [Member] | Metals [Member]
Derivative [Line Items]
Average number of derivative contracts traded	354	415	370	420
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Average notional value of derivative | $	$ 87,358,805	$ 89,299,031	$ 80,738,847	$ 111,022,823

Trading Activities - Offsetting

Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Gross Amounts Recognized, Assets	$ 2,308,339	$ 2,079,754
Gross Amounts Offset in the Statements of Financial Condition, Assets	(725,893)	(1,745,551)
Amounts Presented in the Statements of Financial Condition, Assets	1,582,446	334,203
Net Amount, Assets	1,582,446	334,203
Gross Amounts Recognized, Liabilities	(947,692)	(1,754,621)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	725,893	1,745,551
Amounts Presented in the Statements of Financial Condition, Liabilities	(221,799)	(9,070)
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	221,799	9,070
Net fair value	1,582,446	334,203
Futures Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	2,035,075	1,456,716
Gross Amounts Offset in the Statements of Financial Condition, Assets	(452,629)	(1,122,513)
Amounts Presented in the Statements of Financial Condition, Assets	1,582,446	334,203
Net Amount, Assets	1,582,446	334,203
Gross Amounts Recognized, Liabilities	(452,629)	(1,122,513)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	452,629	1,122,513
Forward Contracts [Member]
Derivative [Line Items]
Gross Amounts Recognized, Assets	273,264	623,038
Gross Amounts Offset in the Statements of Financial Condition, Assets	(273,264)	(623,038)
Gross Amounts Recognized, Liabilities	(495,063)	(632,108)
Gross Amounts Offset in the Statements of Financial Condition, Liabilities	273,264	623,038
Amounts Presented in the Statements of Financial Condition, Liabilities	(221,799)	(9,070)
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities	$ 221,799	$ 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 ($)	Jun. 30, 2019	Dec. 31, 2018
Futures Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	$ 2,035,075	$ 1,456,716
Total unrealized depreciation on open contracts	(452,629)	(1,122,513)
Net unrealized appreciation (depreciation) on open contracts	1,582,446	334,203
Futures Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	370,058	508,863
Total unrealized depreciation on open contracts	(256,373)	(389,356)
Futures Contracts [Member] | Equity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	150,635	248,473
Total unrealized depreciation on open contracts	(93,727)	(229,595)
Futures Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	17,097	241,791
Total unrealized depreciation on open contracts	(96,026)	(78,105)
Futures Contracts [Member] | Interest Rates [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	1,497,285	457,589
Total unrealized depreciation on open contracts	(6,503)	(425,457)
Forward Contracts [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	273,264	623,038
Total unrealized depreciation on open contracts	(495,063)	(632,108)
Net unrealized appreciation (depreciation) on open contracts	(221,799)	(9,070)
Forward Contracts [Member] | Commodity [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	224,472	374,564
Total unrealized depreciation on open contracts	(188,008)	(230,751)
Forward Contracts [Member] | Currencies [Member]
Derivative [Line Items]
Total unrealized appreciation on open contracts	48,792	248,474
Total unrealized depreciation on open contracts	$ (307,055)	$ (401,357)

Trading Activities - Trading Ga

Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Total trading results	$ 1,900,907	$ (899,778)	$ 2,711,710	$ (1,827,426)
Commodity [Member]
Derivative [Line Items]
Total trading results	(565,232)	(225,973)	(1,838,327)	(838,355)
Equity [Member]
Derivative [Line Items]
Total trading results	120,114	(121,211)	702,465	(118,610)
Currencies [Member]
Derivative [Line Items]
Total trading results	(465,769)	(682,457)	(886,590)	(681,655)
Interest Rates [Member]
Derivative [Line Items]
Total trading results	$ 2,811,794	$ 129,863	$ 4,734,162	$ (188,806)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - DerivativeInstrument	Jun. 30, 2019	Dec. 31, 2018
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 ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 2,308,339	$ 2,079,754
Total liabilities	947,692	1,754,621
Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,035,075	1,456,716
Total liabilities	452,629	1,122,513
Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	273,264	623,038
Total liabilities	495,063	632,108
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,035,075	1,456,716
Total liabilities	452,629	1,122,513
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,035,075	1,456,716
Total liabilities	452,629	1,122,513
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	273,264	623,038
Total liabilities	495,063	632,108
Level 2 [Member] | Forward Contracts [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	273,264	623,038
Total liabilities	$ 495,063	$ 632,108