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Trading Activities
 12 Months Ended
Dec. 31, 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.
The General Partner estimates that, at any given time, approximately 16.2% to 50.0% 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, 2019 and 2018 were 2,694 and 3,115, respectively. The monthly average number of metals forward contracts traded during the years ended December 31, 2019 and 2018 were 357 and 347, respectively. The monthly average notional value of currency forward contracts traded during the years ended December 31, 2019 and 2018 were $79,625,357 and $96,190,765, 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, 2019 and 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/
    
December 31, 2019
  
Recognized
 
Condition
 
Condition
 
Instruments
 
Pledged*
  
    Net Amount    
 
Assets
        
Futures
    $1,455,308    $(805,108)    $650,200    $
 -
      $-         $650,200   
Forwards
   227,718   (227,718)   -       -   -        -       
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Total assets
    $1,683,026    $(1,032,826)    $650,200    $ -    $-         $650,200   
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Liabilities
        
Futures
    $(805,108)    $805,108    $-        $-    $-         $-       
Forwards
   (489,107)   227,718   (261,389)   -   261,389    -       
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Total liabilities
    $(1,294,215)    $1,032,826    $(261,389)    $-    $261,389     $-       
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
Net fair value
          $650,200  * 
        
 
 
 
 
     
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
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.
 
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, 2019 and 2018, respectively.
 
   
    December 31, 2019    
 
Assets
  
Futures Contracts
  
Commodity
    $563,455  
Equity
   498,738  
Currencies
   195,187  
Interest rates
   197,928  
  
 
 
 
Total unrealized appreciation on open futures contracts
   1,455,308  
  
 
 
 
Liabilities
  
Futures Contracts
  
Commodity
   (223,403) 
Equity
   (133,469) 
Currencies
   (59,373) 
Interest rates
   (388,863) 
  
 
 
 
Total unrealized depreciation on open futures contracts
   (805,108) 
  
 
 
 
Net unrealized appreciation on open futures contracts
    $650,200 * 
  
 
 
 
Assets
  
Forward Contracts
  
Commodity
    $123,549  
Currencies
   104,169  
  
 
 
 
Total unrealized appreciation on open forward contracts
   227,718  
  
 
 
 
Liabilities
  
Forward Contracts
  
Commodity
   (235,526) 
Currencies
   (253,581) 
  
 
 
 
Total unrealized depreciation on open forward contracts
   (489,107) 
  
 
 
 
Net unrealized depreciation on open forward contracts
    $(261,389) ** 
  
 
 
 
 
*
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 trading gains and losses, by market sector, on derivative instruments for the years ended December 31, 2019, 2018 and 2017, respectively.
 
Sector
  
2019
  
2018
  
2017
 
Commodity
    $(2,345,990)    $(1,138,112)    $(1,213,211) 
Equity
       3,037,444    (720,406)       11,348,033  
Currencies
   (564,548)   (482,851)   (4,000,339) 
Interest rates
   5,190,562        (1,679,140)   (3,345,527) 
  
 
 
  
 
 
  
 
 
 
Total
    $5,317,468  ***    $(4,020,509) ***    $2,788,956  *** 
  
 
 
  
 
 
  
 
 
 
***       This amount is in “Total trading results” in the Statements of Income and Expenses.