Trading Activities (Tables)

3 Months Ended

Mar. 31, 2018

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 agreements or similar agreements as of March 31, 2018 and December 31, 2017, respectively.

	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition
												Cash Collateral Received/ Pledged*
										Financial Instruments
March 31, 2018														Net Amount
Assets
Futures	$	1,503,294		$	(1,005,209	)	$	498,085		$	—	$	—	$	498,085
Forwards		483,676			(483,676	)		—			—		—		—
Total assets	$	1,986,970		$	(1,488,885	)	$	498,085		$	—	$	—	$	498,085
Liabilities
Futures	$	(1,005,209	)	$	1,005,209		$	—		$	—	$	—	$	—
Forwards		(757,393	)		483,676			(273,717	)		—		—		(273,717	)
Total liabilities	$	(1,762,602	)	$	1,488,885		$	(273,717	)	$	—	$	—	$	(273,717	)
Net fair value														$	224,368	*
	Gross Amounts Recognized			Gross Amounts Offset in the Statements of Financial Condition			Amounts Presented in the Statements of Financial Condition			Gross Amounts Not Offset in the Statements of Financial Condition
												Cash Collateral Received/ Pledged*
										Financial Instruments
December 31, 2017														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 contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts 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 March 31, 2018 and December 31, 2017, respectively.

	March 31, 2018
Assets
Futures Contracts
Commodity	$	913,269
Equity		74,944
Currencies		100,428
Interest rates		414,653
Total unrealized appreciation on open futures contracts		1,503,294
Liabilities
Futures Contracts
Commodity		(120,777	)
Equity		(334,989	)
Currencies		(94,561	)
Interest rates		(454,882	)
Total unrealized depreciation on open futures contracts		(1,005,209	)
Net unrealized appreciation on open futures contracts	$	498,085	*
Assets
Forward Contracts
Commodity	$	371,139
Currencies		112,537
Total unrealized appreciation on open forward contracts		483,676
Liabilities
Forward Contracts
Commodity		(576,574	)
Currencies		(180,819	)
Total unrealized depreciation on open forward contracts		(757,393	)
Net unrealized depreciation on open forward contracts	$	(273,717	)**

* 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 Partnership’s trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2018 and 2017.

	Three Months Ended March 31,
Sector	2018			2017
Commodity	$	(612,382	)	$	(2,317,420	)
Equity		2,601			3,943,222
Currencies		802			(1,406,745	)
Interest rates		(318,669	)		(888,879	)
Total	$	(927,648	)***	$	(669,822	)***

*** This amount is in “Total trading results” in the Statements of Income and Expenses.