Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives Instruments and their Offsetting Subject to Master Netting Arrangements or Similar Agreements

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of September 30, 2015, and December 31, 2014, respectively.

Offsetting of Derivative Assets and Liabilities as of September 30, 2015:

			Gross Amounts Offset in the		Amounts Presented in the			Gross Amounts not Offset in the   Statements of Financial Condition
	Gross Amounts   Recognized		Statements of   Financial Condition		Statements of   Financial Condition			Financial Instruments		Cash Collateral (Received)/ Pledged**		Net Amount
Assets
Futures	$	5,256,807	$	(1,610,752)	$	3,646,055	*	$	-	$	-	$	3,646,055
Forwards		1,071,027		(1,071,027)		-			-		-		-
Total assets		6,327,834		(2,681,779)		3,646,055			-		-		3,646,055
Liabilities
Futures		(1,610,752)		1,610,752		-			-		-		-
Forwards		(1,361,545)		1,071,027		(290,518)	*		-		-		(290,518)
Total liabilities		(2,972,297)		2,681,779		(290,518)			-		-		(290,518)
Net fair value												$	3,355,537	**

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

			Gross Amounts Offset in the		Amounts   Presented in the			Gross Amounts not Offset in the   Statements of Financial Condition
	Gross Amounts   Recognized		Statements of   Financial Condition		Statements of   Financial Condition			Financial Instruments		Cash Collateral   (Received)/ Pledged**		Net Amount
Assets
Futures	$	7,228,527	$	(1,519,724)	$	5,708,803	*	$	-	$	-	$	5,708,803
Forwards		2,346,025		(1,592,346)		753,679	*		-		-		753,679
Total assets		9,574,552		(3,112,070)		6,462,482			-		-		6,462,482
Liabilities
Futures		(1,519,724)		1,519,724		-			-		-		-
Forwards		(1,592,346)		1,592,346		-			-		-		-
Total liabilities		(3,112,070)		3,112,070		-			-		-		-
Net fair value												$	6,462,482	**

* Included as a component of “Net unrealized gain on open contracts” on the Statements of Financial Condition.

** In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Schedule of Effect of Trading Activities on the Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of September 30, 2015:

Futures and Forward Contracts	Long   Unrealized   Gain		Long   Unrealized   Loss		Short   Unrealized   Gain		Short   Unrealized   Loss		Net   Unrealized   Gain/(Loss)		Average number of contracts outstanding   for the period   (absolute quantity)
Commodity	$	397,873	$	(942,962)	$	2,696,799	$	(964,993)	$	1,186,717		3,661
Equity		50,292		(162,155)		203,229		(31,852)		59,514		852
Foreign currency		94,346		(341,695)		536,058		(305,155)		(16,446)		1,179
Interest rate		2,349,236		(70,752)		-		(152,732)		2,125,752		4,440
Net unrealized gain (loss) on open contracts	$	2,891,747	$	(1,517,564)	$	3,436,086	$	(1,454,732)	$	3,355,537

The effect of trading activities on the Statements of Financial Condition as of December 31, 2014:

Futures and Forward Contracts	Long   Unrealized   Gain		Long   Unrealized   Loss		Short   Unrealized   Gain		Short   Unrealized   Loss		Net Unrealized   Gain/(Loss)		Average number of contracts outstanding   for the year   (absolute quantity)
Commodity	$	282,336	$	(2,191,868)	$	4,475,726	$	(216,133)	$	2,350,061		4,302
Equity		515,619		(278,910)		7,778		(105,700)		138,787		1,107
Foreign currency		161,381		(109,346)		1,083,928		(92,427)		1,043,536		1,707
Interest rate		3,045,534		(116,781)		2,250		(905)		2,930,098		4,621
Net unrealized gain (loss) on open contracts	$	4,004,870	$	(2,696,905)	$	5,569,682	$	(415,165)	$	6,462,482

Schedule of Effect of Trading Activities on the Statements of Income and Expenses

The effect of trading activities on the Statements of Income and Expenses for the three and nine months ended September 30, 2015 included in Total Trading Results:

Type of Instrument	For the Three Months Ended     September 30, 2015		For the Nine Months Ended     September 30, 2015
Commodity	$	2,165,636	$	(4,110,606)
Equity		(3,442,268)		(1,424,424)
Foreign currency		482,957		3,172,201
Interest rate		2,449,800		2,690,760
Total	$	1,656,125	$	327,931

Line items on the Statements of Income and Expenses for the three and nine months ended September 30, 2015:

Trading Results	For the Three Months Ended     September 30, 2015		For the Nine Months Ended     September 30, 2015
Net realized	$	(4,865,629)	$	2,756,600
Net change in unrealized		6,521,754		(2,428,669)
Total Trading Results	$	1,656,125	$	327,931

The effect of trading activities on the Statements of Income and Expenses for the three and nine months ended September 30, 2014 included in Total Trading Results:

Type of Instrument	For the Three Months Ended     September 30, 2014		For the Nine Months Ended     September 30, 2014
Commodity	$	4,004,766	$	4,169,820
Equity		13,041		(1,899,782)
Foreign currency		4,508,660		1,527,221
Interest rate		1,113,909		2,536,244
Total	$	9,640,376	$	6,333,503

Line items on the Statements of Income and Expenses for the three and nine months ended September 30, 2014:

Trading Results	For the Three Months Ended     September 30, 2014		For the Nine Months Ended     September 30, 2014
Net realized	$	8,004,639	$	5,594,451
Net change in unrealized		1,635,737		739,052
Total Trading Results	$	9,640,376	$	6,333,503