Trading Activities (Tables)

6 Months Ended

Jun. 30, 2020

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, 2020 and December 31, 2019, 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
June 30, 2020							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	761,303	$	(256,232)	$	505,071	$	-	$	-	$	505,071
Forwards		325,195		(325,195)		-		-		-		-
Total assets	$	1,086,498	$	(581,427)	$	505,071	$	-	$	-	$	505,071
Liabilities
Futures	$	(256,232)	$	256,232	$	-	$	-	$	-	$	-
Forwards		(388,988)		325,195		(63,793)		-		63,793		-
Total liabilities	$	(645,220)	$	581,427	$	(63,793)	$	-	$	63,793	$	-
Net fair value											$	505,071	*

			Gross Amounts		Amounts		Gross Amounts Not Offset in the
			Offset in the		Presented in the		Statements of Financial Condition
	Gross		Statements of		Statements of				Cash Collateral
	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	*

* 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. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

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, 2020 and December 31, 2019, respectively.

	June 30, 2020
Assets
Futures Contracts
Commodity	$	218,660
Equity		140,120
Currencies		11,007
Interest rates		391,516
Total unrealized appreciation on open futures contracts		761,303
Liabilities
Futures Contracts
Commodity		(85,614)
Equity		(105,504)
Currencies		(5,074)
Interest rates		(60,040)
Total unrealized depreciation on open futures contracts		(256,232)
Net unrealized appreciation on open futures contracts	$	505,071	*
Assets
Forward Contracts
Commodity		232,109
Currencies		93,086
Total unrealized appreciation on open forward contracts		325,195
Liabilities
Forward Contracts
Commodity		(275,556)
Currencies		(113,432)
Total unrealized depreciation on open forward contracts		(388,988)
Net unrealized depreciation on open forward contracts	$	(63,793)	**

* 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, 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.

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, 2020 and 2019.

	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2020			2019			2020			2019
Commodity	$	(262,418)		$	(565,232)		$	1,684,907		$	(1,838,327)
Equity		875,784			120,114			(5,146,887)			702,465
Currencies		(718,081)			(465,769)			(342,338)			(886,590)
Interest rates		329,687			2,811,794			3,766,094			4,734,162
Total	$	224,972	***	$	1,900,907	***	$	(38,224)	***	$	2,711,710	***

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