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 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 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.