10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended:   June 30, 2019

Or

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Commission File Number: 000-50725

NESTOR PARTNERS

(Exact name of registrant as specified in its charter)

NEW JERSEY	22-2149317
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

c/o MILLBURN RIDGEFIELD CORPORATION

55 West 46th Street, 31st Floor

New York, NY 10036

(Address of principal executive offices) (Zip code)

Registrant's telephone number, including area code:  (212) 332-7300

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☒           No  ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☒           No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a  smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐	Smaller reporting company ☒
	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Yes  ☐           No  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐No☒

PART 1. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Nestor Partners
Financial statements
For the three and six months ended June 30, 2019 and 2018 (unaudited)
Statements of Financial Condition (a)	1
Condensed Schedules of Investments (a)	2
Statements of Operations (b)	6
Statements of Changes in Partners' Capital (c)	8
Statements of Financial Highlights (b)	9
Notes to the Financial Statements	10
(a) At June 30, 2019 (unaudited) and December 31, 2018
(b) For the three and six months ended June 30, 2019 and 2018 (unaudited)
(c) For the six months ended June 30, 2019 and 2018 (unaudited)

Nestor Partners
Statements of Financial Condition
		June 30, 2019 (unaudited)		December 31, 2018
ASSETS
EQUITY IN TRADING ACCOUNTS:
Investments in U.S. Treasury notes − at fair value
(amortized cost $17,970,207 and $20,474,790)	$	18,013,112	$	20,462,519
Net unrealized appreciation on open futures and forward
currency contracts		984,470		3,809,427
Due from brokers, net		5,672,983		5,872,525
Cash denominated in foreign currencies (cost $6,354,099
and $5,579,987)		6,400,820		5,571,859
Total equity in trading accounts		31,071,385		35,716,330
INVESTMENTS IN U.S. TREASURY NOTES − at fair value
(amortized cost $111,868,081 and $117,981,296)		112,103,936		117,954,423
CASH AND CASH EQUIVALENTS		14,750,058		14,604,941
ACCRUED INTEREST RECEIVABLE		368,424		278,874
TOTAL	$	158,293,803	$	168,554,568
LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES:
Capital contributions received in advance	$	1,100,000	$	125,000
Net unrealized depreciation on open forward
currency contracts		1,132,651		300,633
Accrued brokerage fees		264,670		301,842
Due to brokers, net		570,219		888,453
Cash denominated in foreign currencies (cost $0
and $84,933)		-		89,349
Accrued expenses		141,953		41,425
Capital withdrawals payable to Limited Partners		1,464,207		1,674,107
Capital withdrawals payable to General Partner		-		212,143
Accrued profit share		226,771		-
Total liabilities		4,900,471		3,632,952
PARTNERS' CAPITAL		153,393,332		164,921,616
TOTAL	$	158,293,803	$	168,554,568
See notes to financial statements (unaudited)

1

Nestor Partners
Condensed Schedule of Investments
June 30, 2019 (UNAUDITED)
Futures and Forward Currency Contracts	Net Unrealized Appreciation/ (Depreciation) as a % of Partners' Capital			Net Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Energies	0.17	%	$	263,258
Grains	(0.01)			(18,380)
Interest rates	0.19			293,122
Metals	0.04			64,493
Stock indices	0.17			264,822
Total long futures contracts	0.56			867,315
Short futures contracts:
Energies	0.09			144,084
Grains	0.09			134,433
Interest rates	(0.39)			(598,216)
Livestock	0.01			15,270
Metals	0.03			44,264
Softs	(0.05)			(71,290)
Stock indices	(0.09)			(137,228)
Total short futures contracts	(0.31)			(468,683)
TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	0.25			398,632
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	1.97			3,016,556
Total short forward currency contracts	(2.32)			(3,563,369)
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	(0.35)			(546,813)
TOTAL	(0.10)	%	$	(148,181)
				(Continued)

2

Nestor Partners
Condensed Schedule of Investments
June 30, 2019 (UNAUDITED)
	U.S. TREASURY NOTES
	Face Amount	Description	Fair Value as a % of Partners' Capital			Fair Value
$	30,670,000	U.S. Treasury notes, 0.750%,  08/15/2019	19.96	%	$	30,619,084
	34,570,000	U.S. Treasury notes, 1.000%,  11/15/2019	22.45			34,430,910
	34,670,000	U.S. Treasury notes, 1.375%,  02/15/2020	22.51			34,526,444
	30,670,000	U.S. Treasury notes, 1.500%, 05/15/2020	19.91			30,540,610
		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $129,838,288)	84.83	%	$	130,117,048
	See notes to financial statements (unaudited)					(Concluded)

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Nestor Partners
Condensed Schedule of Investments
December 31, 2018
Futures and Forward Currency Contracts	Net Unrealized Appreciation/ (Depreciation) as a % of Partners' Capital			Net Unrealized Appreciation/ (Depreciation)
FUTURES CONTRACTS
Long futures contracts:
Energies	(0.04)	%	$	(59,830)
Grains	(0.01)			(18,510)
Interest rates:
30 Year U.S. Treasury Bond (26 contracts, settlement date March 2019)	0.01			11,469
Other	0.69			1,134,495
Total interest rates	0.70			1,145,964
Metals	(0.31)			(510,086)
Stock indices	(0.05)			(90,666)
Total long futures contracts	0.29			466,872
Short futures contracts:
Energies	2.03			3,350,803
Grains	0.15			251,578
Interest rates	(0.66)			(1,090,436)
Livestock	0.00			810
Metals	0.24			396,897
Softs	0.05			76,581
Stock indices	(0.14)			(225,371)
Total short futures contracts	1.67			2,760,862
TOTAL INVESTMENTS IN FUTURES CONTRACTS − Net	1.96			3,227,734
FORWARD CURRENCY CONTRACTS
Total long forward currency contracts	0.50			820,193
Total short forward currency contracts	(0.33)			(539,133)
TOTAL INVESTMENTS IN FORWARD CURRENCY
CONTRACTS − Net	0.17			281,060
TOTAL	2.13	%	$	3,508,794
				(Continued)

4

Nestor Partners
Condensed Schedule of Investments
December 31, 2018
	U.S. TREASURY NOTES
	Face Amount	Description	Fair Value as a % of Partners' Capital			Fair Value
$	33,270,000	U.S. Treasury notes, 0.750%,  02/15/2019	20.14	%	$	33,201,120
	35,970,000	U.S. Treasury notes, 0.875%,  05/15/2019	21.68			35,762,751
	34,170,000	U.S. Treasury notes, 0.750%,  08/15/2019	20.49			33,789,592
	36,170,000	U.S. Treasury notes, 1.000%,  11/15/2019	21.62			35,663,479
		TOTAL INVESTMENTS IN U.S. TREASURY
		NOTES (amortized cost $138,456,086)	83.93	%	$	138,416,942
	See notes to financial statements (unaudited)					(Concluded)

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Nestor Partners
Statements of Operations (UNAUDITED)
		For the three months ended
		June 30, 2019		June 30, 2018
INVESTMENT INCOME:
Interest income	$	951,636	$	602,687
EXPENSES:
Brokerage fees		996,197		955,616
Administrative expenses		70,000		70,000
Custody fees and other expenses		7,302		7,167
Total expenses		1,073,499		1,032,783
NET INVESTMENT LOSS		(121,863)		(430,096)
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		1,024,485		3,072,046
Foreign exchange translation		(65,717)		(14,038)
Net change in unrealized:
Futures and forward currency contracts		(633,051)		271,023
Foreign exchange translation		108,866		(177,636)
Net gains (losses) from U.S. Treasury notes:
Realized		3,025		(3,868)
Net change in unrealized		195,324		97,646
Total net realized and unrealized gains		632,932		3,245,173
NET INCOME		511,069		2,815,077
LESS PROFIT SHARE TO GENERAL PARTNER		12,890		5,227
NET INCOME AFTER PROFIT SHARE TO
GENERAL PARTNER	$	498,179	$	2,809,850
See notes to financial statements (unaudited)				(Continued)

6

Nestor Partners
Statements of Operations (UNAUDITED)
		For the six months ended
		June 30, 2019		June 30, 2018
INVESTMENT INCOME:
Interest income	$	1,860,159	$	1,098,925
EXPENSES:
Brokerage fees		1,995,149		1,918,996
Administrative expenses		140,000		140,000
Custody fees and other expenses		14,737		14,528
Total expenses		2,149,886		2,073,524
NET INVESTMENT LOSS		(289,727)		(974,599)
NET REALIZED AND UNREALIZED GAINS (LOSSES):
Net realized gains (losses) on closed positions:
Futures and forward currency contracts		6,614,075		(12,572,706)
Foreign exchange translation		(101,787)		293,697
Net change in unrealized:
Futures and forward currency contracts		(3,656,975)		6,777,059
Foreign exchange translation		59,265		(322,465)
Net gains (losses) from U.S. Treasury notes:
Realized		11,269		(14,185)
Net change in unrealized		317,904		85,469
Total net realized and unrealized gains (losses)		3,243,751		(5,753,131)
NET INCOME (LOSS)		2,954,024		(6,727,730)
LESS PROFIT SHARE TO GENERAL PARTNER		230,607		7,624
NET INCOME (LOSS) AFTER PROFIT SHARE TO
GENERAL PARTNER	$	2,723,417	$	(6,735,354)
See notes to financial statements (unaudited)				(Concluded)

7

Nestor Partners
Statements of Changes in Partners' Capital (UNAUDITED)
For the six months ended June 30, 2019:
		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS' CAPITAL-
January 1, 2019	$	96,830,015	$	65,627,045	$	-	$	2,464,556	$	164,921,616
Contributions		2,617,000		-		3,836		-		2,620,836
Withdrawals		(11,798,367)		(5,074,170)		-		-		(16,872,537)
Net income (loss)		1,150,972		1,728,196		(13)		74,869		2,954,024
General Partner's allocation:
New Profit-Accrued		(230,607)		-		-		-		(230,607)
PARTNERS' CAPITAL-
June 30, 2019	$	88,569,013	$	62,281,071	$	3,823	$	2,539,425	$	153,393,332
For the six months ended June 30, 2018:
		Limited Partners		Special Limited Partners		New Profit Memo Account		General Partner		Total
PARTNERS' CAPITAL-
January 1, 2018	$	99,284,720	$	65,663,388	$	-	$	2,367,160	$	167,315,268
Contributions		5,932,750		-		-		-		5,932,750
Withdrawals		(6,348,393)		(268,329)		-		-		(6,616,722)
Net loss		(4,618,186)		(2,040,226)		-		(69,318)		(6,727,730)
General Partner's allocation:
New Profit-Accrued		(7,624)		-		-		-		(7,624)
PARTNERS' CAPITAL-
June 30, 2018	$	94,243,267	$	63,354,833	$	-	$	2,297,842	$	159,895,942
See notes to financial statements (unaudited)

8

Nestor Partners
Statements of Financial Highlights (UNAUDITED)
For the three months ended June 30, 2019 and 2018	Limited Partners				Special Limited Partners
	2019		2018		2019		2018
Ratios to average capital:
Net investment income (loss) (a)	(1.50)	%	(2.31)	%	1.40	%	0.68	%
Total expenses (a)	3.89	%	3.83	%	0.98	%	0.83	%
Profit share allocation (b)	0.01	%	0.01	%	0.00	%	0.00	%
Total expenses and profit share allocation	3.90	%	3.84	%	0.98	%	0.83	%
Total return before profit share allocation (b)	0.08	%	1.48	%	0.83	%	2.23	%
Less: profit share allocation (b)	0.01	%	0.01	%	0.00	%	0.00	%
Total return after profit share allocation	0.07	%	1.47	%	0.83	%	2.23	%
(a) annualized
(b) not annualized

For the six months ended June 30, 2019 and 2018	Limited Partners				Special Limited Partners
	2019		2018		2019		2018
Ratios to average capital:
Net investment income (loss) (a)	(1.56)	%	(2.43)	%	1.36	%	0.54	%
Total expenses (a)	3.88	%	3.81	%	0.95	%	0.84	%
Profit share allocation (b)	0.24	%	0.01	%	0.00	%	0.00	%
Total expenses and profit share allocation	4.12	%	3.82	%	0.95	%	0.84	%
Total return before profit share allocation (b)	1.35	%	(4.53)	%	2.86	%	(3.11)	%
Less: profit share allocation (b)	0.24	%	0.01	%	0.00	%	0.00	%
Total return after profit share allocation	1.11	%	(4.54)	%	2.86	%	(3.11)	%
(a) annualized
(b) not annualized
See notes to financial statements (unaudited)

9

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Nestor Partners’ (the “Partnership”) financial condition at June 30, 2019(unaudited) and December 31, 2018  (audited) and the results of its operations for the three and six months ended June 30, 2019 and 2018 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2018. The December 31, 2018 information has been derived from the audited financial statements as of December 31, 2018.

The preparation of financial statements in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States of America (the “U.S.”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Partnership enters into contracts that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. The Partnership does not anticipate recognizing any loss related to these arrangements.

The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2015 to 2018, Millburn Ridgefield Corporation (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.   

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2018.

2. FAIR VALUE

The Fair Value Measurements and Disclosures topic of the Codification defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments – The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The General Partner does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

Derivative Contracts – Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model

10

selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

During the three and six months ended June 30, 2019 and 2018, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Partnership’s investments by hierarchical level as of June 30, 2019 and December 31, 2018 in valuing the Partnership’s investments at fair value. At June 30, 2019 and December 31, 2018, the Partnership held no assets or liabilities in Level 3.

Financial assets at fair value as of June 30, 2019
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	130,117,048	$	-	$	130,117,048
Short-Term Money Market Fund*		14,500,058		-		14,500,058
Exchange-Traded Futures Contracts
Energies		407,342		-		407,342
Grains		116,053		-		116,053
Interest rates		(305,094)		-		(305,094)
Livestock		15,270		-		15,270
Metals		108,757		-		108,757
Softs		(71,290)		-		(71,290)
Stock indices		127,594		-		127,594
Total exchange-traded futures contracts		398,632		-		398,632
Over-the-Counter Forward Currency Contracts		-		(546,813)		(546,813)
Total futures and forward currency contracts (2)		398,632		(546,813)		(148,181)
Total financial assets and liabilities at fair value	$	145,015,738	$	(546,813)	$	144,468,925
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	18,013,112
Investments in U.S. Treasury notes						112,103,936
Total investments in U.S. Treasury notes					$	130,117,048
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	984,470
Net unrealized depreciation on open futures and forward currency contracts						(1,132,651)
Total net unrealized depreciation on open futures and forward currency contracts					$	(148,181)
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Financial assets and liabilities at fair value as of December 31, 2018
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	138,416,942	$	-	$	138,416,942
Short-Term Money Market Fund*		14,354,941		-		14,354,941
Exchange-Traded Futures Contracts
Energies		3,290,973		-		3,290,973
Grains		233,068		-		233,068
Interest rates		55,528		-		55,528
Livestock		810		-		810
Metals		(113,189)		-		(113,189)
Softs		76,581		-		76,581
Stock indices		(316,037)		-		(316,037)
Total exchange-traded futures contracts		3,227,734		-		3,227,734
Over-the-Counter Forward Currency Contracts		-		281,060		281,060
Total futures and forward currency contracts (2)		3,227,734		281,060		3,508,794
Total financial assets and liabilities at fair value	$	155,999,617	$	281,060	$	156,280,677
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	20,462,519
Investments in U.S. Treasury notes						117,954,423
Total investments in U.S. Treasury notes					$	138,416,942
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,809,427
Net unrealized depreciation on open futures and forward currency contracts						(300,633)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,508,794
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

3. DERIVATIVE INSTRUMENTS

The Derivatives and Hedging topic of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions, and the liquidity of the markets in which it trades.

The Partnership engages in the speculative trading of futures and forward contracts on currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Partnership at June 30, 2019, by market sector:

Agricultural (grains, livestock and softs) – The Partnership’s primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors.

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Currencies – Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Partnership’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries, may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in countries or regions, including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future.

Metals – The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock indices – The Partnership’s equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in an asset position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts.” Fair values of futures and forward currency contracts in a liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Partnership’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading gains and losses in the Statements of Operations.

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The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at June 30, 2019 and December 31, 2018. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at June 30, 2019
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	300,317	$	(37,059)	$	252,801	$	(108,717)	$	407,342
Grains		-		(18,380)		140,435		(6,002)		116,053
Interest rates		404,750		(111,628)		33,358		(631,574)		(305,094)
Livestock		-		-		15,950		(680)		15,270
Metals		180,044		(115,551)		263,329		(219,065)		108,757
Softs		-		-		16,494		(87,784)		(71,290)
Stock indices		384,014		(119,192)		155,482		(292,710)		127,594
Total futures contracts		1,269,125		(401,810)		877,849		(1,346,532)		398,632
Forward currency contracts		3,525,005		(508,449)		480,914		(4,044,283)		(546,813)
Total futures and
forward currency contracts	$	4,794,130	$	(910,259)	$	1,358,763	$	(5,390,815)	$	(148,181)
Fair Value of Futures and Forward Currency Contracts at December 31, 2018
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	-	$	(59,830)	$	3,439,881	$	(89,078)	$	3,290,973
Grains		480		(18,990)		254,628		(3,050)		233,068
Interest rates		1,324,780		(178,816)		73		(1,090,509)		55,528
Livestock		-		-		1,960		(1,150)		810
Metals		33,972		(544,058)		657,517		(260,620)		(113,189)
Softs		-		-		83,680		(7,099)		76,581
Stock indices		72,509		(163,175)		83,422		(308,793)		(316,037)
Total futures contracts		1,431,741		(964,869)		4,521,161		(1,760,299)		3,227,734
Forward currency contracts		1,791,331		(971,138)		2,070,787		(2,609,920)		281,060
Total futures and
forward currency contracts	$	3,223,072	$	(1,936,007)	$	6,591,948	$	(4,370,219)	$	3,508,794

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The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three and six months ended June 30, 2019 and 2018 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three and six months ended June 30, 2019 and 2018

Sector	Three months ended: June 30, 2019		Three months ended: June 30, 2018		Six months ended: June 30, 2019		Six months ended: June 30, 2018
Futures contracts:
Energies	$	(1,049,986)	$	5,305,285	$	(4,340,484)	$	5,731,903
Grains		903,414		1,157,489		1,324,165		681,431
Interest rates		907,085		(161,290)		7,780,770		1,300,539
Livestock		215,360		(37,000)		210,410		5,400
Metals		65,420		(1,046,913)		(473,715)		(1,325,946)
Softs		(144,759)		168,860		(79,753)		417,170
Stock indices		(183,135)		(2,291,608)		536,551		(11,576,036)
Total futures contracts		713,399		3,094,823		4,957,944		(4,765,539)
Forward currency contracts		(321,965)		248,246		(2,000,844)		(1,030,108)
Total futures and
forward currency contracts	$	391,434	$	3,343,069	$	2,957,100	$	(5,795,647)

The following table presents average notional value by sector of open futures and forward currency contracts for the six months ended June 30, 2019 and 2018 in U.S. dollars. The Partnership’s average net asset value for the six months ended June 30, 2019 and 2018 was approximately $161,000,000 and $160,000,000, respectively.

Average notional value by sector of futures and forward currency contracts for the six months ended June 30, 2019 and 2018
		2019				2018
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	8,715,389	$	21,243,773	$	45,268,330	$	2,886,503
Grains		2,708,704		8,729,568		1,295,134		14,315,181
Interest rates		211,918,524		117,938,548		382,142,617		23,455,673
Livestock		340,200		617,817		85,380		598,587
Metals		642,773		11,524,551		7,276,954		14,306,967
Softs		248,158		3,406,558		1,345,202		1,993,993
Stock indices		59,655,173		43,560,034		125,874,370		19,996,957
Total futures contracts		284,228,921		207,020,849		563,287,987		77,553,861
Forward currency contracts		37,789,022		65,408,187		34,674,657		113,078,974
Total futures and
forward currency contracts	$	322,017,943	$	272,429,036	$	597,962,644	$	190,632,835

Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at June 30, 2019 and 2018. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the General Partner believes it is a more meaningful representation of notional values of the Partnership’s open interest rate positions.

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The customer agreements between the Partnership, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), SG Americas Securities, LLC., and BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), and the swap dealer, Morgan Stanley & Co., LLC (“MS”), give the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under FASB Accounting Standards Codification Topic 210, “Balance Sheet,”were met. 

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of June 30, 2019 and December 31, 2018.

Offsetting derivative assets and liabilities at June 30, 2019
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty I	$	1,098,573	$	(612,048)	$	486,525
Counterparty J		680,101		(510,660)		169,441
Total futures contracts		1,778,674		(1,122,708)		655,966
Forward currency contracts
Counterparty G		2,187,065		(1,858,561)		328,504
Total assets	$	3,965,739	$	(2,981,269)	$	984,470
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	625,634	$	(368,300)	$	257,334
Total futures contracts		625,634		(368,300)		257,334
Forward currency contracts
Counterparty K		2,694,171		(1,818,854)		875,317
Total liabilities	$	3,319,805	$	(2,187,154)	$	1,132,651

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				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty G	$	328,504	$	-	$	-	$	328,504
Counterparty I		486,525		-		(486,525)		-
Counterparty J		169,441		-		(169,441)		-
Total	$	984,470	$	-	$	(655,966)	$	328,504
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty C	$	257,334	$	-	$	(257,334)	$	-
Counterparty K		875,317		-		(875,317)		-
Total	$	1,132,651	$	-	$	(1,132,651)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of June 30, 2019.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of June 30, 2019.

Offsetting derivative assets and liabilities at December 31, 2018
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	1,839,982	$	(486,687)	$	1,353,295
Counterparty I		2,527,506		(1,885,461)		642,045
Counterparty J		1,585,414		(353,020)		1,232,394
Total futures contracts		5,952,902		(2,725,168)		3,227,734
Forward currency contracts
Counterparty G		1,702,480		(1,120,787)		581,693
Total assets	$	7,655,382	$	(3,845,955)	$	3,809,427
						(Continued)

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Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Forward currency contracts
Counterparty K	$	2,460,271	$	(2,159,638)	$	300,633
Total liabilities	$	2,460,271	$	(2,159,638)	$	300,633
						(Concluded)

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	1,353,295	$	-	$	(1,353,295)	$	-
Counterparty G		581,693		-		-		581,693
Counterparty I		642,045		-		(642,045)		-
Counterparty J		1,232,394		-		(1,232,394)		-
Total	$	3,809,427	$	-	$	(3,227,734)	$	581,693
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty K	$	300,633	$	-	$	(300,633)	$	-
Total	$	300,633	$	-	$	(300,633)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018.

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CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Partnership enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Partnership’s forward currency trading activities are cleared through DB,  BA and prior to October 2018,MS. The Partnership’s concentration of credit risk associated with DB, BA or MS nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB, BA and MS. The amount of such credit risk was $13,005,050 and $10,370,454 at June 30, 2019 and December 31, 2018, respectively.

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and six months ended June 30, 2019 and 2018. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo Account as defined in the Partnership’s Agreement of Limited Partnership.

	Three months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Reversal of profit share (1)		(217,717)		(2,397)
Profit share accrued		226,771		7,624
Total profit share	$	12,890	$	5,227
	Six months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Profit share accrued		226,771		7,624
Total profit share	$	230,607	$	7,624
(1) on April 1st

5. RELATED PARTY TRANSACTIONS

Limited partnership interests (“Interests”) sold through selling agents engaged by the General Partner are generally subject to a 2.5% redemption charge for redemptions made prior to the end of the twelfth month following their sale. All redemption charges will be paid to the General Partner. At June 30, 2019 and December 31, 2018,  $0 was owed to the General Partner.

6. SUBSEQUENT EVENTS

During the period from July 1, 2019 to August 13, 2019, contributions of $1,480,000 were made to the Partnership and withdrawals of $869,400 were made from the Partnership. The General Partner has performed its evaluation of subsequent events from July 1, 2019 to August 13, 2019, the date this form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the financial statements.

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ITEM 2.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Reference is made to Item 1, "Financial Statements." The information contained therein is essential to, and should be read in connection with, the following analysis.

OPERATIONAL OVERVIEW

Due to the nature of the Partnership's business, its results of operations depend on the General Partner's ability to recognize and capitalize on trends and other profit opportunities in different sectors of the global capital and commodity markets. The General Partner's investment and trading methods are confidential so that substantially the only information that can be furnished regarding the Partnership's results of operations is contained in the performance record of its trading. Unlike operating businesses, general economic or seasonal conditions do not directly affect the profit potential of the Partnership and its past performance is not necessarily indicative of future results. The General Partner believes, however, that there are certain market conditions, for example, markets with strong price trends, in which the Partnership has a better likelihood of being profitable than in others.

LIQUIDITY AND CAPITAL RESOURCES

Interests may be offered for sale as of the beginning, and may be redeemed as of the end, of each month.

The amount of capital raised for the Partnership should not have a significant impact on its operations, as the Partnership has no significant capital expenditure or working capital requirements other than for monies to pay trading losses, brokerage commissions and charges. Within broad ranges of capitalization, the General Partner’s trading positions should increase or decrease in approximate proportion to the size of the Partnership.

The Partnership raises additional capital only through the sale of interests and capital is increased through trading profits (if any). The Partnership does not engage in borrowing.

The Partnership trades futures, forward, and spot contracts on interest rate instruments, agricultural commodities, currencies, metals, energy and stock indices, and forward contracts on currencies, and may trade options on the foregoing and swaps thereon. Risk arises from changes in the value of these contracts (market risk) and the potential inability of counterparties or brokers to perform under the terms of their contracts (credit risk). Market risk is generally measured by the face amount of the futures positions acquired and the volatility of the markets traded. The credit risk from counterparty non-performance associated with these instruments is the net unrealized gain, if any, on these positions plus the value of the margin or collateral held by the counterparty. The risks associated with exchange-traded contracts are generally perceived to be less than those associated with OTC transactions because exchanges typically (but not universally) provide clearinghouse arrangements in which the collective credit (in some cases limited in amount, in some cases not) of the members of the exchange is pledged to support the financial integrity of the exchange. In most OTC transactions, on the other hand, traders must rely (typically but not universally) solely on the credit of their respective individual counterparties. Margins which may be subject to loss in the event of a default are generally required in exchange trading and counterparties may require margin or collateral in the OTC markets.

The General Partner has procedures in place to control market risk, although there can be no assurance that they will, in fact, succeed in doing so. These procedures primarily focus on (1) real time monitoring of open positions; (2) diversifying positions among various markets; (3) limiting the assets committed as margin or collateral, generally within a range of 5% to 35% of an account’s net assets, though the amount may at any time be higher; and (4) prohibiting pyramiding - that is, using unrealized profits in a particular market as margin for additional positions in the same market. The General Partner attempts to control credit risk by causing the Partnership to deal exclusively with large, well-capitalized financial institutions as brokers and counterparties.

The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures, forward, and spot contracts or the Partnership’s satisfaction of the obligations may exceed the amount recognized in the Statements of Financial Condition of the Partnership.

Due to the nature of the Partnership’s business, substantially all its assets are represented by cash, cash equivalents, and U.S. government obligations while the Partnership maintains its market exposure through open futures, forward, and spot currency contract positions.

The Partnership’s futures contracts are settled by offset and are cleared by the exchange clearinghouse function. Open futures positions are marked to market each trading day and the Partnership’s trading accounts are debited or credited accordingly. Options on futures contracts are settled either by offset or by exercise. If an option on a future is exercised, the Partnership is assigned a position in the underlying future which is then settled by offset. The Partnership’s spot and forward currency transactions conducted in the interbank market are settled by netting offsetting positions or payment obligations and by cash payments.

The value of the Partnership’s cash and financial instruments is not materially affected by inflation. Changes in interest rates, which are often associated with inflation, could cause the value of certain of the Partnership’s debt securities to decline, but only to a limited extent. More importantly, changes in interest rates could cause periods of strong up or down market price trends during which the Partnership’s profit

20

potential generally increases. However, inflation can also give rise to markets which have numerous short price trends followed by rapid reversals, markets in which the Partnership is likely to suffer losses.

The Partnership’s assets are generally held as cash or cash equivalents, including U.S. government securities or securities issued by federal agencies (or, to a limited extent, foreign government securities in connection with trading on non-U.S. exchanges), other Commodity Futures Trading Commission authorized investments or bank held or certain other money market instruments (e.g., bankers acceptances and Eurodollar or other time deposits), which are used to margin the Partnership’s futures, forward, and spot currency positions and withdrawn, as necessary, to pay redemptions and expenses. Other than potential market-imposed limitations on liquidity, due, for example, to limited open interest in certain futures markets or to daily price fluctuation limits, which are inherent in the Partnership’s futures, forward and spot trading, the Partnership’s assets are highly liquid and are expected to remain so.

During its operations for the three and six months ended June 30, 2019, the Partnership experienced no meaningful periods of illiquidity in any of the numerous markets traded by the General Partner.

CRITICAL ACCOUNTING ESTIMATES

The Partnership records its transactions in futures, forward and spot contracts, including related income and expenses, on a trade date basis. Open futures contracts traded on an exchange are valued at fair value, which is based on the closing settlement price on the exchange where the futures contract is traded by the Partnership on the day with respect to which net assets are being determined. Open spot currency contracts are valued based on the current Spot Price. Open forward currency contracts are recorded at fair value, based on pricing models that consider the Spot Price and Forward Point. Spot Prices and Forward Points for open forward currency contracts are generally based on the median of the average midpoint of bid/ask quotations at the last minute ending at 3:00 P.M. New York time provided by widely used quotation service providers on the day with respect to which net assets are being determined. Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of Months to Maturity, then identifying the Forward Month Contracts. Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. The General Partner will also compare the calculated price to the forward currency prices provided by dealers to determine whether the calculated price is fair and reasonable.

RESULTS OF OPERATIONS

Due to the nature of the Partnership’s trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. 

Periods ended June 30, 2019
Month Ended:				Total Partners' Capital
June 30, 2019			$	153,393,332
March 31, 2019				161,840,570
December 31, 2018				164,921,616
		Three Months ended		Six Months ended
Change in Partners' Capital	$	(8,447,238)	$	(11,528,284)
Percent Change		(5.22)%		(6.99)%

THREE MONTHS ENDED JUNE 30, 2019

The decrease in the Partnership’s net assets of $8,447,238 was attributable to withdrawals of $10,951,253, which were partially offset by contributions of $2,005,836 and net income after profit share of $498,179.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the three months ended June 30, 2019increased $40,581 relative to the corresponding period in 2018.  The increase was due to an increase in futures trading volume of the Partnership during the three months endedJune 30, 2019, relative to the corresponding period in 2018.

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Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended June 30, 2019 increased $348,949 relative to the corresponding period in 2018. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the three months ended June 30, 2019 relative to the corresponding period in 2018.

During the three months ended June 30, 2019, the Partnership experienced net realized and unrealized gains of $632,932 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $996,197, administrative expenses of $70,000, custody fees and other expenses of $7,302 and an accrued profit share to the General Partner of $12,890 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $951,636, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $498,179. An analysis of the trading gain (loss) by sector is as follows:

Sector	% Gain (Loss)
Currencies		(0.23)	%
Energies		(0.65)	%
Grains		0.54	%
Interest rates		0.59	%
Livestock		0.14	%
Metals		0.02	%
Softs		(0.09)	%
Stock indices		(0.03)	%
Trading Gain		0.29	%

SIX MONTHS ENDED JUNE 30, 2019

The decrease in the Partnership’s net assets of $11,528,284 was attributable to withdrawals of $16,872,537, which were partially offset by contributions of $2,620,836 and net income after profit share of $2,723,417.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the six months ended June 30, 2019 increased $76,153 relative to the corresponding period in 2018.  The increase was due to an increase in futures trading volume of the Partnershipduring the six months ended June 30, 2019, relative to the corresponding period in 2018.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the six months ended June 30, 2019 increased $761,234, relative to the corresponding period in 2018. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the six months ended June 30, 2019 relative to the corresponding period in 2018.

During the six months ended June 30, 2019,  the Partnership experienced net realized and unrealized gains of $3,243,751 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $1,995,149, administrative expenses of $140,000, custody fees and other expenses of $14,737 and an accrued profit share to the General Partner of $230,607 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $1,860,159, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $2,723,417. An analysis of the trading gain (loss) by sector is as follows:

Sector	% Gain (Loss)
Currencies		(1.29)	%
Energies		(2.66)	%
Grains		0.78	%
Interest rates		4.87	%
Livestock		0.11	%
Metals		(0.32)	%
Softs		(0.06)	%
Stock indices		0.44	%
Trading Gain		1.87	%

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MANAGEMENT DISCUSSION –2019

Three months ended June 30, 2019

The Partnership was nearly flat for the quarter as profits from trading interest rate, grain and livestock futures only slightly outpaced losses from trading energy and soft commodity futures and currency forwards. Trading of stock index and metal futures were essentially flat.

The economic outlook, which had improved significantly in April, deteriorated quickly and sharply beginning in early May after Presidents Trump and Xi Jinping unexpectedly dashed hopes that a trade deal was close to being signed and instead ramped up the trade confrontation to the level of a trade war. This development, continuing Brexit uncertainty, and disappointing economic data during May and June out of the U.S., China, Europe, and several large emerging economies pushed organizations such as the International Monetary Fund, World Bank and Organization for Economic Co-operation and Development to cut their 2019 global growth forecasts. The escalating U.S.-Iran conflict, including tanker attacks in the Strait of Hormuz and the shooting down of an American drone, further clouded the economic outlook. In response, the Federal Reserve (the “Fed”), the European Central Bank, and the Bank of Japan suggested that they were prepared to loosen their monetary policy positions if circumstances warranted. Indeed, a number of other central banks, including the People’s Bank of China, did cut official interest rates, reducedreserve requirements and/or took other actions to support flagging growth. Also, market participants seemed to expect at least a ceasefire on the trade front emerging from the Osaka G-20 meeting between Presidents Trump and Xi Jinping at the end of June.

Against this background it is not surprising that equity prices vacillated widely and that trading of equity futures finished the quarter nearly flat after being profitable in April, quite unprofitable in May and profitable again in June. Overall, long positions in Dutch, French, British, Australian, Canadian, Thai and Singaporean equity futures were profitable. A short position in Korean futures and trading of South African futures were also profitable. Short volatility index trades registered gains too. On the other hand, long positions in U.S., Chinese, Hong Kong, Taiwanese, German and Swedish equity futures were unprofitable, especially in May. Trading of EAFE, EURO STOXX 50, and Japanese equity futures were unprofitable as well.  

The combination of trade uncertainties, chaotic Brexit discussions, slowing growth, dormant inflation and actual and prospective central bank policy easing led to increased demand for government notes and bonds. For example, yields on Italian 10-year bonds, which had been supported in the run-up to European elections by the wrangling between Italy’s coalition government and the European Commission over mounting debt levels, dropped markedly from near 2.7% at the end of May to about 2.15% at the end of June. Consequently, long positions in Italian interest rate futures were quite profitable. Long positions in French and U.K. bond futures and in Eurodollar futures added to the gains. A short Japanese government bond position and trading of U.S. long bond and 2-year note futures were also profitable. Conversely, short positions in German, Australian and Canadian note and bond futures, a short position in U.S. 10-year note futures, and long positions in short-term euribor and sterling rate futures produced partially offsetting losses.

Although trade disputes and the African swine fever depressed grain prices for most of 2019, extreme weather in the U.S. during May and June, which delayed planting of and may hinder the development and/or harvesting of corn and soybean crops, pushed grain prices up sharply during the second half of the quarter. Consequently, long corn and soybean trades were profitable later in the period. Trading of livestock futures was profitable as well.

Energy prices were quite volatile during the quarter. For the first four months of 2019 energy prices were underpinned by news that the U.S. would end waivers on Iranian crude oil exports, by the continued Organization of the Petroleum Exporting Countries effort to curtail production, and by the impact of the Libyan crisis on production. However, as the economic outlook deteriorated and as U.S. shale production pushed U.S. crude inventories to 2 year highs, crude oil prices fell over 20% from the 2019 highs reached in late April to 5 month lows in mid-June. Thereafter, the heightened U.S.-Iran tensions pushed prices sharply higher once again. A long Brent crude oil position was unprofitable, especially in May. Trading of WTI crude oil and of London gas oil was also unprofitable. A long RBOB gasoline trade was profitable, especially after a U.S. east coast refinery fire in June reduced supplies for the immediate future. A short natural gas trade was also profitable as gas supplies remain ample.

Currency trading was also volatile and unprofitable during the quarter. Early on the U.S. dollar was supported by solid growth, safe haven demand and high relative interest rates. Political uncertainties in Europe, the U.K., Sweden, India, and Australia also underpinned the U.S. currency. Later in the period, however, worries that growth was slowing caused U.S. market interest rates to decline and prompted the Fed to indicate that it would ease policy if necessary, depressing the U.S. currency. The resolution of the aforementioned political doubts in a favorable way also led to some U.S. dollar sales. Long U.S. dollar trades versus the Australian and New Zealand dollars, the euro and Japanese yen, and short dollar positions against the pound sterling and Brazilian real posted losses. On the other hand, short U.S. dollar trades against the Canadian dollar, Indian rupee, Russian ruble and Turkish lira, and long U.S. dollar positions versus the Swiss, Swedish and Korean currencies produced partially offsetting profits.

Finally, trading of cotton futures was marginally unprofitable and trading of metal futures was marginally profitable. 

23

Three months ended March 31, 2019

After a quarter of significant economic and political uncertainty that tended to mute position sizes, the Partnership was profitable in the first quarter of 2019 as gains from trading interest rate and, to a lesser extent, equity futures outpaced losses from trading energy futures and currency forwards. Trading of non-energy commodities was essentially flat.

An unexpectedly dovish pivot by global central banks—especially the Federal Reserve (the “Fed”) and European Central Bank, indications of slowing growth globally, slackening inflation pressures in Europe, China and the U.S. and persistent uncertainties around Brexit and U.S.-China trade negotiations supported demand for government fixed income investments. Against this backdrop, long positions in German, French, Italian, British, and Australian interest rate futures were profitable. A long position in the U.S. bond futures added to the sector gains. On the other hand, short positions in U.S. 2-, 5-, and 10-year note futures, short–term Eurodollar futures and Canadian futures resulted in partially offsetting losses. 

Equity markets were buffeted by opposing forces during the quarter. On the one hand, there were positive influences from a more accommodative global monetary policy environment and from supportive fiscal policy initiatives in China. On the other hand, there were negative influences from global growth worries, trade tensions and Brexit uncertainty. Despite these opposing conditions, global equity markets rebounded from the sharp selloff that occurred during the fourth quarter of 2018. While there were broad losses from short equity futures positions in January, the Partnership’s trading strategy did subsequently swing to widespread long stock index futures positions as the quarter progressed, and the sector registered a fractional profit overall for the quarter. Long positions in U.S., Chinese, Hong Kong, emerging market, and EAFE index futures were profitable. A short VIX trade also posted a gain. On the other hand, short positions in German, French, Spanish, British, Japanese, Australian, Singaporean, South African, Korean and the EURO STOXX index futures registered partially offsetting losses.

Energy prices, which had plunged during the fourth quarter of 2018, continued a rebound that began after Christmas and short energy futures positions were unprofitable, particularly in January. Energy prices were supported by the production cuts that were previously announced by the Organization of the Petroleum Exporting Countries (“OPEC”) and were running above target in early 2019 and by tightening sanctions on Venezuelan and Iranian exports. While long energy futures positions did produce profits later in the quarter, the sector was still unprofitable overall. Trading of Brent crude, WTI crude, heating oil and London gas oil were each unprofitable, while trading of RBOB gasoline and natural gas were flat.

The U.S. dollar traded in a volatile manner within a narrow 2% range during the quarter. Trading results were mixed and unprofitable. Short positions in the euro, Swiss franc, British pound, Australian dollar and Canadian dollar versus the U.S. dollar were unprofitable. Long Korean won, Brazilian real, Colombian peso, Turkish lira and Russian ruble trades against the U.S. dollar and trading of the yen and Chilean peso were also unprofitable. Meanwhile, long Indian rupee and Mexican peso positions and a short Swedish krona trade against the U.S. unit produced partially offsetting gains, as did trading of the euro against other European currencies. 

Ample supplies weighed on grain prices and the profits from short corn and wheat trades slightly outweighed slight losses from trading soybeans and soy meal. The small profit from a short coffee position marginally outdistanced the loss from a short sugar trade.

Small losses from short gold, copper and nickel positions were fractionally greater than the gain from a short silver trade.

Periods ended June 30, 2018
Month Ended:				Total Partners' Capital
June 30, 2018			$	159,895,942
March 31, 2018				156,882,914
December 31, 2017				167,315,268
		Three Months ended		Six Months ended
Change in Partners' Capital	$	3,013,028	$	(7,419,326)
Percent Change		1.92%		(4.43)%

THREE MONTHS ENDED JUNE 30, 2018

The increase in the Partnership’s net assets of $3,013,028 was attributable to net income after profit share of $2,809,850 and contributions of $2,260,000, which were partially offset by withdrawals of $2,056,822.

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the three months ended June 30, 2018 decreased $56,385 relative to the corresponding period in 2017. The

24

decrease was due to a decrease in average net assets of the Partnership and a reduction in the fee rate charged to Limited Partners during the three months ended June 30, 2018, relative to the corresponding period in 2017.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the three months ended June 30, 2018 increased $302,296 relative to the corresponding period in 2017. This increase was due predominantly to an increase in short-term U.S.Treasury yields during the three months ended June 30, 2018 relative to the corresponding period in 2017.

During the three months ended June 30, 2018, the Partnership experienced net realized and unrealized gains of $3,245,173 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $955,616, administrative expenses of $70,000, custody fees and other expenses of $7,167 and an accrued profit share to the General Partner of $5,227 were incurred. The Partnership’s gains achieved from trading operations, in addition to interest income of $602,687, were partially offset by the Partnership expenses resulting in net income after profit share to the General Partner of $2,809,850. An analysis of the trading gain (loss) by sector is as follows: 

Sector	% Gain (Loss)
Currencies		0.15	%
Energies		3.39	%
Grains		0.73	%
Interest rates		(0.15)	%
Livestock		(0.03)	%
Metals		(0.66)	%
Softs		0.12	%
Stock indices		(1.43)	%
Trading Gain		2.12	%

SIX MONTHS ENDED JUNE 30, 2018

The decrease in the Partnership’s net assets of $7,419,326 was attributable to net loss after profit share of $6,735,354 and withdrawals of $6,616,722, which were partially offset by contributions of $5,932,750.  

Brokerage fees are calculated on the net asset value on the last day of each month and are affected by trading performance, contributions and withdrawals. Brokerage fees for the six months ended June 30, 2018 decreased $54,936 relative to the corresponding period in 2017. The decrease was due to a decrease in average net assets of the Partnership and a reduction in the fee rate charged to Limited Partners during the six months ended June 30, 2018, relative to the corresponding period in 2017.

Interest income is derived from cash and U.S. Treasury instruments held at the Partnership’s brokers and custodian. Interest income for the six months ended June 30, 2018 increased $566,564 relative to the corresponding period in 2017. This increase was due predominantly to an increase in short-term U.S. Treasury yields during the six months ended June 30, 2018 relative to the corresponding period in 2017.

During the six months ended June 30, 2018, the Partnership experienced net realized and unrealized losses of $5,753,131 from its trading operations (including foreign exchange translations and U.S. Treasury notes). Brokerage fees of $1,918,996, administrative expenses of $140,000, custody fees and other expenses of $14,528 and accrued profit share to the General Partner of $7,624 were incurred. Interest income of $1,098,925 partially offset the Partnership expenses resulting in net loss after profit share to the General Partner of $6,735,354. An analysis of the trading gain (loss) by sector is as follows:

25

Sector	% Gain (Loss)
Currencies		(0.68)	%
Energies		3.67	%
Grains		0.40	%
Interest rates		0.86	%
Livestock		(0.04)	%
Metals		(0.88)	%
Softs		0.22	%
Stock indices		(7.01)	%
Trading Loss		(3.46)	%

MANAGEMENT DISCUSSION –2018

Three months ended June 30, 2018

The Partnership was profitable during the quarter as gains from trading energy and grain futures, and to a lesser extent, currency forwards and soft commodity futures, outweighed losses from trading stock index, metal and interest rate futures. 

Global markets were rattled during the quarter by deepening and accelerating trade tensions between the U.S. on the one hand, and China, the European Union (“E.U.”), Canada and Mexico on the other; by divergent monetary policy trajectories among major central banks; by a strengthening U.S. dollar; by the Organization of the Petroleum Exporting Countries (“OPEC”) supply developments; and by numerous national political and geopolitical events.

With the OPEC/non-OPEC production control agreement, the U.S. decision to pull out of the Joint Comprehensive Plan of Action agreement with Iran, the implosion of the Venezuelan economy, Libyan production difficulties, and declining U.S. inventories all negatively impacting energy supplies, crude prices rose to four year highs during the quarter, with Brent crude climbing to nearly $80 per barrel on May 23 and WTI crude touching above $74 per barrel on June 29. Late in the period, OPEC and Russia announced a relaxation of their production restraint agreement, but the stated production increase disappointed market expectations, particularly in light of future potential supply cuts from Iran, Venezuela and Libya. For the quarter, long positions in Brent crude, WTI crude, London gas oil, heating oil and RBOB gasoline were profitable. Meanwhile, a short natural gas trade was slightly unprofitable, particularly in May.

A likely reduction in demand due to increased tariffs on grain combined with ample global supplies produced marked grain price decreases. Hence, short soybean and corn trades were profitable, most pronounced in June.

During the second quarter, the U.S. dollar advanced solidly with most of the gain occurring from mid-April to end-May when it rose about six per cent as measured by the Bloomberg dollar index. At first, the more hawkish stance by the Federal Reserve (“Fed”) relative to other major central banks underpinned the dollar advance. Next, capital flight from emerging markets, and then increased demand in the wake of the European political uncertainties, boosted the U.S. currency.

Long U.S. dollar trades versus the currencies of Brazil, Korea, Turkey, India, Israel, Chile, Sweden and the euro were profitable, with most of the larger gains coming in May. On the other hand, trading the U.S. dollar relative to the yen, Mexican peso, Canadian dollar, British pound, New Zealand dollar, South African rand, Australian dollar, Norwegian kroner, Russian ruble, and Swiss franc generated partially offsetting losses. Trading the euro versus a few other European currencies also produced small losses, especially during the political stresses in May.

A short coffee position was profitable, while other soft commodities were about flat.

Global trade tensions, tightening credit, a stronger U.S. dollar, and a slowing manufacturing sector in China buffeted metal prices. Consequently, trading of aluminum, copper, other industrial metals and silver was unprofitable.

Synchronized global growth underpinned equity markets early in the quarter. Later however, increasing trade tensions, a rising U.S. dollar, political uncertainties in Europe and emerging markets and worries about future global growth spooked market participants and triggered some spirited selling. Long positions in German, Chinese, Hong Kong, and Japanese equity futures, countries whose economies are heavily trade-dependent, were particularly unprofitable. Trading of Korean, emerging market, Spanish and large cap U.S. stock index futures also registered losses. On the other hand, long positions in French, Dutch, British, Canadian, Australian and NASDAQ equity futures produced partially offsetting gains.

The interest rate sector registered a slight loss, although futures prices and yields experienced wide swings during the quarter. The yield on U.S. 10-yr notes rose from 2.74% on March 30 to hit a 4-year high of 3.11% on May 17 due to solid global growth, incipient signs of increasing

26

inflation and wages, especially in the U.S., and expectations of further Fed official rate increases.  As interest rates rose broadly, prices of interest rate futures declined and long positions in U.S., European, British, Canadian, Australian and Japanese interest rate futures were unprofitable.  Subsequently, however, these rising interest rates, a rising U.S. dollar, trade frictions and political uncertainties sparked tumult in emerging markets, including Turkey, Brazil Argentina, Mexico and Indonesia, triggering growth concerns and capital flight. In addition, there were worries that political turmoil in Italy and Spain could spread and impede European growth. Hence, a flight to safety drove interest rates sharply off their highs (except in Italy where rates shot up), and produced profits on long interest rates futures positions. The yield on the U.S. 10-yr note plunged to near 2.75% on May 28 before recovering to about 2.85% near quarter-end. Overall, losses on long positions in U.S., Canadian, Australian, and Italian notes and bonds—particularly in April and early May—slightly outweighed the gains on long positions in German, French and British notes and bonds in late May and June. A long Eurodollar futures trade was also unprofitable.

Three months ended March 31, 2018

The Partnership was unprofitable during the quarter almost entirely due to losses from trading global stock index futures. Elsewhere, profits from trading interest rate, energy, soft commodity and livestock futures were largely offset by losses from trading currency forwards, grain and metal futures.

Against a background of synchronized global growth and expanding corporate profits, stocks reached overbought levels during the sharp price run-up in early 2018. Subsequently, equity markets were weighed down by a series of worries including: reports suggesting an acceleration of U.S. wages and inflation combined with increased fiscal deficit spending could prompt the Federal Reserve (the “Fed”) to raise interest rates faster and further than previously anticipated; increased equity market volatility globally as the “central bank put” was removed from market psychology; the rising threat of a trade war; a first quarter slowdown in global growth momentum; and unsettled political conditions in the U.S., Germany and the U.K. Importantly, the tech sector, which has led the equity rally of recent years, was negatively impacted by the Facebook data breach, by the influence of the first autonomous car fatalities on the stock prices of Uber, Nvidia, and Tesla, by Moody’s downgrade of Tesla and by President Trump’s tweets about Amazon. As a result, equity markets fell sharply in volatile trading from their late January highs to the end of March. For example, the S&P 500 and EAFE equity indices fell nearly 10% from those peaks. Short VIX trades were the largest contributor to the Partnership’s equity sector losses during the quarter as this market saw an historic spike in prices caused by the sudden February selloff in equity markets, the increase in volatility, and the resulting liquidation of two short volatility exchange traded notes. Long positions in European, British, Japanese, Australian, Canadian, and U.S. equity futures also generated losses. There were also losses from countertrend short positions in U.S. equity futures that were triggered by short term trading systems during the rapid equity price gains in January. On the other hand, long positions in Chinese, Hong Kong and Taiwanese stock futures were slightly profitable.

Interest rate futures were buffeted by conflicting forces during the quarter. At the start of the year, signs of strengthening global growth, evidence of rising wages and inflation in the U.S., and indications that major central banks, including the Fed, the European Central Bank (the “ECB”), and Bank of Japan, were pulling back on monetary accommodation led to rising interest rates and falling prices of interest rate futures. Later in the quarter, however, the threat of a trade war, increased equity market volatility globally, subdued actual inflation statistics, and a first quarter slowdown in global growth momentum generated solid demand for government securities, contributing to rising futures prices. Strong demand from central banks, pension funds and insurance related buyers for high quality government debt with attractive yields added to the price rallies.  Meanwhile, in Japan, the February reappointment of Haruhiko Kuroda to a second term as Bank of Japan Governor underpinned demand for Japanese government bonds. Ultimately, long positions in German, French, Italian, Canadian and Japanese interest rate futures were profitable. Trading of U.S. interest rate futures, though mixed, was also profitable. Long U.S. 2- and 5-year note trades were unprofitable in January, while a long 10-year note position was profitable in March. Also, a short euro-dollar trade was quite profitable in January as rates rose, while a long euro-dollar trade posted a small gain in March as rates declined. Meanwhile trading of British interest rate futures was fractionally negative.

Energy prices were volatile during the quarter, but energy trading was marginally profitable. For example, Brent crude prices climbed over $70 per barrel in January as the Organization of the Petroleum Exporting Countries (“OPEC”)/non-OPEC production control agreement and rising global demand continued to drag down inventories. A weaker U.S. dollar early in 2018 also boosted energy prices. Then prices plunged to under $63/barrel in mid-February due to the depressive impacts from the shale revolution and some worries about a slowing in global growth. From then to quarter end the price ratcheted up above $70 per barrel again in response to rising geopolitical anxiety. The hawkish appointments by President Trump of Mike Pompeo as U.S. Secretary of State and John Bolton as National Security Advisor heightened concern about the continuation of the 2015 Iran Nuclear Deal, and hence, about supplies of Iranian oil to the global market. For the quarter, the profits on long positions in Brent and WTI crude slightly outweighed the losses on long positions in RBOB gasoline, heating oil, and London gas oil. A short natural gas position was also slightly negative as unusually severe winter weather underpinned natural gas prices.

A short sugar trade was profitable as prices declined as world sugar production hit record highs in the wake surging supplies from India and Thailand. A short coffee position was also profitable. Meanwhile, a short cocoa trade produced a partially offsetting loss as dry weather in western Africa and demand increases from Europe and Asia supported prices.

Currency trading was unprofitable during the quarter. The U.S. dollar index, after falling about 4% during January, was range-bound thereafter. Long U.S. dollar positions against the currencies of Japan, Switzerland, Australia, New Zealand and Norway posted losses as the U.S. dollar displayed surprising weakness in January. Deterioration in the political environment in the U.S. and relatively stronger growth abroad weighed on the U.S. dollar even as interest rates rose in America. Later in the quarter as the U.S. dollar bounced off its lows, short U.S. dollar trades against the Swedish krona, Turkish lira and Brazilian real posted small losses. A cut in the official interest rate by Brazil’s central bank, a

27

persistently negative official short term rate in Sweden, and worsening inflation and trade balance data from Turkey also influenced these losses. Trading the Canadian dollar was also unprofitable. On the other hand, long positions in the Mexican peso, Columbian peso and euro were profitable as the U.S. dollar weakened early in the quarter. A short British pound trade was also profitable due to Brexit concerns.

Early in the period, drought concerns in Argentina and the U.S. pushed grain prices higher despite the persistence of large inventories. However, later in the quarter, worries about a trade war with China weighed heavily on grain prices. Overall, losses on short soybean, corn and wheat trades early on and from long soybean and corn trades late in the period fractionally outdistanced the profits from a long soybean meal trade in January and February and a short wheat trade in March.

Metal trading was marginally negative for the quarter as losses from trading copper and aluminum outweighed the profit from a short silver position.

OFF-BALANCE SHEET ARRANGEMENTS

The Partnership does not engage in off-balance sheet arrangements with other entities.

CONTRACTUAL OBLIGATIONS

The Partnership does not enter into any contractual obligations or commercial commitments to make future payments of a type that would be typical for an operating company or that would affect its liquidity or capital resources. The Partnership’s sole business is trading futures, forward currency, spot, option and swap contracts, both long (contracts to buy) and short (contacts to sell). All such contracts are settled by offset, not delivery. Substantially all such contracts are for settlement within four months of the trade date and substantially all such contracts are held by the Partnership for less than four months before being offset or rolled over into new contracts with similar maturities. The financial statements present a Condensed Schedule of Investments setting forth the Partnership’s open futures and forward currency contracts, both long and short, at June 30, 2019.

ITEM 3.   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not required.

ITEM 4.   CONTROLS AND PROCEDURES

The General Partner, with the participation of its principal executive officers and principal financial officer, has evaluated the effectiveness of the design and operation of its disclosure controls and procedures with respect to the Partnership as of the end of the period covered by this quarterly report, and, based on its evaluation, has concluded that these disclosure controls and procedures are effective. There were no changes in the General Partner's internal controls over financial reporting during the quarter ended June 30, 2019 that have materially affected, or are reasonably likely to materially affect, the General Partner's internal controls over financial reporting with respect to the Partnership.

PART II.  OTHER INFORMATION

ITEM 1.  Legal Proceedings

None.

ITEM 1A. Risk Factors

Not required.

ITEM 2.  Unregistered Sales of Equity Securities and Use of Proceeds

(a)  Pursuant to the Partnership's Agreement of Limited Partnership, the Partnership may sell interests at the beginning of each calendar month.  On April 1, 2019, May 1, 2019 and June 1, 2019, the Partnership sold Interests to new and existing limited partners of $308,367, $715,469 and $982,000, respectively. There were no underwriting discounts or commissions in connection with the sales of the Interests described above.

Each of the foregoing Interests were offered and sold only to “accredited investors” as defined in Rule 501(a) under the Securities Act of 1933 as amended (the “1933 Act”), in reliance on the exemption from registration provided by Rule 506(b) under the 1933 Act.

(b)  Pursuant to the Partnership’s Agreement of Limited Partnership, Limited Partners may redeem their Interests at the end of each calendar month at the then current month-end net asset value. The redemption of Interests has no impact on the value of Interests that remain outstanding, and Interests are not reissued once redeemed.

28

The following table summarizes Interests redeemed during the three months ended June 30, 2019:
Date of Withdrawal	Limited Partners	Special Limited Partners	Total
April 30, 2019	$               (817,768)	$            (396,069)	$                    (1,213,837)
May 31, 2019	(8,260,352)	(12,857)	(8,273,209)
June 30, 2019	(937,207)	(527,000)	(1,464,207)
Total	$          (10,015,327)	$            (935,926)	$                  (10,951,253)

ITEM 3.  Defaults Upon Senior Securities

None.

ITEM 4.  Mine Safety Disclosures

Not Applicable.

ITEM 5.  Other Information

None.

ITEM 6.  Exhibits

The following exhibits are included herewith:

31.01	Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.02	Rule 13(a)-14(a)/15(d)-14(a) Certification of Co-Chief Executive Officer
31.03	Rule 13(a)-14(a)/15(d)-14(a) Certification of Chief Financial Officer
32.01	Section 1350 Certification of Co-Chief Executive Officer
32.02	Section 1350 Certification of Co-Chief Executive Officer
32.03	Section 1350 Certification of Chief Financial Officer
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

29

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:	Millburn Ridgefield Corporation,	/s/ Michael W. Carter
	General Partner	Michael W. Carter
		Vice-President
Date: August 13, 2019		(Principal Accounting Officer)

30

EX-31.1

EXHIBIT 31.01

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Barry Goodman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Barry Goodman
Barry Goodman
Co-Chief Executive Officer
Millburn Ridgefield Corporation
General Partner, Nestor Partners
August 13, 2019

EX-31.2

EXHIBIT 31.02

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CO-CHIEF EXECUTIVE OFFICER

I, Grant N. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Grant N. Smith
Grant N. Smith
Co-Chief Executive Officer
Millburn Ridgefield Corporation
General Partner, Nestor Partners
August 13, 2019

EX-31.3

EXHIBIT 31.03

RULE 13(a)-14(a)/15(d)-14(a)

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Gregg Buckbinder, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Nestor Partners;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

By:	/s/ Gregg Buckbinder
Gregg Buckbinder
President and Chief Financial Officer
Millburn Ridgefield Corporation
General Partner, Nestor Partners
August 13, 2019

EX-32.1

Exhibit 32.01

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Barry Goodman, certify that (i) the Quarterly Report of Nestor Partners (the “Partnership”) on Form 10-Q for the period ending June 30,  2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

By:    /s/ Barry Goodman

Barry Goodman

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner, Nestor Partners

August 13, 2019

EX-32.2

Exhibit 32.02

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Grant N. Smith, certify that (i) the Quarterly Report of Nestor Partners (the “Partnership”) on Form 10-Q for the period ending June 30,  2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

By:   /s/  Grant N. Smith

Grant N. Smith

Co-Chief Executive Officer

Millburn Ridgefield Corporation

General Partner, Nestor Partners

August 13, 2019

EX-32.3

Exhibit 32.03

CERTIFICATION PURSUANT TO SECTION 1350 OF CHAPTER 63 OF TITLE 18 OF THE UNITED STATES CODE

I, Gregg Buckbinder, certify that (i) the Quarterly Report of Nestor Partners (the “Partnership”) on Form 10-Q for the period ending June 30,  2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and (ii) the information contained in such Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Partnership.

By:   /s/ Gregg Buckbinder 

Gregg Buckbinder

President and Chief Financial Officer

Millburn Ridgefield Corporation

General Partner, Nestor Partners

August 13, 2019

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2019 shares
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2019
Entity Registrant Name	NESTOR PARTNERS
Entity Central Index Key	0000888471
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	0
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	false

XML

Statements Of Financial Condition - USD ($)	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Investments in U.S. Treasury notes − at fair value (amortized cost $17,970,207 and $20,474,790)	$ 18,013,112	$ 20,462,519
Net unrealized appreciation on open futures and forward currency contracts	984,470	3,809,427
Due from brokers	5,672,983	5,872,525
Cash denominated in foreign currencies (cost $6,354,099 and $5,579,987)	6,400,820	5,571,859
Total equity in trading accounts	31,071,385	35,716,330
INVESTMENTS IN U.S. TREASURY NOTES − at fair value (amortized cost $111,868,081 and $117,981,296)	112,103,936	117,954,423
CASH AND CASH EQUIVALENTS	14,750,058	14,604,941
ACCRUED INTEREST RECEIVABLE	368,424	278,874
TOTAL	158,293,803	168,554,568
LIABILITIES AND PARTNERS' CAPITAL
Capital contributions received in advance	1,100,000	125,000
Net unrealized depreciation on open forward currency contracts	1,132,651	300,633
Accrued brokerage fees	264,670	301,842
Due to brokers	570,219	888,453
Cash denominated in foreign currencies (cost $0 and $84,933)		89,349
Accrued expenses	141,953	41,425
Capital withdrawals payable to Limited Partners	1,464,207	1,674,107
Capital withdrawals payable to General Partner		212,143
Accrued profit share	226,771
Total liabilities	4,900,471	3,632,952
PARTNERS' CAPITAL	153,393,332	164,921,616
TOTAL	$ 158,293,803	$ 168,554,568

XML

Statements Of Financial Condition (Parenthetical) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Statements Of Financial Condition [Abstract]
Investments in U.S. Treasury notes, amortized cost	$ 17,970,207	$ 20,474,790
Cash denominated in foreign currencies, cost	6,354,099	5,579,987
INVESTMENTS IN U.S. TREASURY NOTES, amortized cost	111,868,081	117,981,296
Cash denominated in foreign currencies, cost	$ 0	$ 84,933

XML

Condensed Schedule Of Investments (Futures And Forward Currency Contracts) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.10%)	2.13%
Net Unrealized Appreciation/(Depreciation)	$ (148,181)	$ 3,508,794
Futures Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.25%	1.96%
Net Unrealized Appreciation/(Depreciation)	$ 398,632	$ 3,227,734
Forward Currency Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.35%)	0.17%
Net Unrealized Appreciation/(Depreciation)	$ (546,813)	$ 281,060
Long Contracts [Member] | Futures Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.56%	0.29%
Net Unrealized Appreciation/(Depreciation)	$ 867,315	$ 466,872
Long Contracts [Member] | Energies [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.17%	(0.04%)
Net Unrealized Appreciation/(Depreciation)	$ 263,258	$ (59,830)
Long Contracts [Member] | Grains [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.01%)	(0.01%)
Net Unrealized Appreciation/(Depreciation)	$ (18,380)	$ (18,510)
Long Contracts [Member] | Interest Rates [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.19%	0.70%
Net Unrealized Appreciation/(Depreciation)	$ 293,122	$ 1,145,964
Long Contracts [Member] | 30 Year U.S. Treasury Bond [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital		0.01%
Net Unrealized Appreciation/(Depreciation)		$ 11,469
Long Contracts [Member] | Other [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital		0.69%
Net Unrealized Appreciation/(Depreciation)		$ 1,134,495
Long Contracts [Member] | Metals [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.04%	(0.31%)
Net Unrealized Appreciation/(Depreciation)	$ 64,493	$ (510,086)
Long Contracts [Member] | Stock Indices [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.17%	(0.05%)
Net Unrealized Appreciation/(Depreciation)	$ 264,822	$ (90,666)
Long Contracts [Member] | Forward Currency Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	1.97%	0.50%
Net Unrealized Appreciation/(Depreciation)	$ 3,016,556	$ 820,193
Short Contracts [Member] | Futures Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.31%)	1.67%
Net Unrealized Appreciation/(Depreciation)	$ (468,683)	$ 2,760,862
Short Contracts [Member] | Energies [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.09%	2.03%
Net Unrealized Appreciation/(Depreciation)	$ 144,084	$ 3,350,803
Short Contracts [Member] | Grains [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.09%	0.15%
Net Unrealized Appreciation/(Depreciation)	$ 134,433	$ 251,578
Short Contracts [Member] | Interest Rates [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.39%)	(0.66%)
Net Unrealized Appreciation/(Depreciation)	$ (598,216)	$ (1,090,436)
Short Contracts [Member] | Livestock [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.01%	0.00%
Net Unrealized Appreciation/(Depreciation)	$ 15,270	$ 810
Short Contracts [Member] | Metals [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	0.03%	0.24%
Net Unrealized Appreciation/(Depreciation)	$ 44,264	$ 396,897
Short Contracts [Member] | Softs [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.05%)	0.05%
Net Unrealized Appreciation/(Depreciation)	$ (71,290)	$ 76,581
Short Contracts [Member] | Stock Indices [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(0.09%)	(0.14%)
Net Unrealized Appreciation/(Depreciation)	$ (137,228)	$ (225,371)
Short Contracts [Member] | Forward Currency Contracts [Member]
Summary of Investment Holdings [Line Items]
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital	(2.32%)	(0.33%)
Net Unrealized Appreciation/(Depreciation)	$ (3,563,369)	$ (539,133)

XML

Condensed Schedule Of Investments (Futures And Forward Currency Contracts) (Parenthetical) - Long Contracts [Member] - 30 Year U.S. Treasury Bond [Member]	12 Months Ended
	Dec. 31, 2018 contract
Summary of Investment Holdings [Line Items]
Investment Term	30 years
Contracts	26
Investment settlement date	Mar. 01, 2019

XML

Condensed Schedule Of Investments (U.S. Treasury Notes) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Summary of Investment Holdings [Line Items]
Fair Value as a % of Partners' Capital	(0.10%)	2.13%
U.S. Treasury notes, 0.750%, 02/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Face Amount		$ 33,270,000
Fair Value as a % of Partners' Capital		20.14%
Fair Value		$ 33,201,120
U.S. Treasury notes, 0.875%, 05/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Face Amount		$ 35,970,000
Fair Value as a % of Partners' Capital		21.68%
Fair Value		$ 35,762,751
U.S. Treasury notes, 0.750%, 08/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Face Amount	$ 30,670,000	$ 34,170,000
Fair Value as a % of Partners' Capital	19.96%	20.49%
Fair Value	$ 30,619,084	$ 33,789,592
U.S. Treasury notes, 1.000%, 11/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Face Amount	$ 34,570,000	$ 36,170,000
Fair Value as a % of Partners' Capital	22.45%	21.62%
Fair Value	$ 34,430,910	$ 35,663,479
U.S. Treasury notes, 1.375%, 02/15/2020 [Member]
Summary of Investment Holdings [Line Items]
Face Amount	$ 34,670,000
Fair Value as a % of Partners' Capital	22.51%
Fair Value	$ 34,526,444
U.S. Treasury notes, 1.500%, 05/15/2020 [Member]
Summary of Investment Holdings [Line Items]
Face Amount	$ 30,670,000
Fair Value as a % of Partners' Capital	19.91%
Fair Value	$ 30,540,610
U.S. Treasury Notes [Member]
Summary of Investment Holdings [Line Items]
Fair Value as a % of Partners' Capital	84.83%	83.93%
Fair Value	$ 130,117,048	$ 138,416,942

XML

Condensed Schedule Of Investments (U.S. Treasury Notes) (Parenthetical) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
U.S. Treasury notes, 0.750%, 02/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate		0.75%
Investment Maturity Date		Feb. 15, 2019
U.S. Treasury notes, 0.875%, 05/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate		0.875%
Investment Maturity Date		May 15, 2019
U.S. Treasury notes, 0.750%, 08/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate	0.75%	0.75%
Investment Maturity Date	Aug. 15, 2019	Aug. 15, 2019
U.S. Treasury notes, 1.000%, 11/15/2019 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate	1.00%	1.00%
Investment Maturity Date	Nov. 15, 2019	Nov. 15, 2019
U.S. Treasury notes, 1.375%, 02/15/2020 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate	1.375%
Investment Maturity Date	Feb. 15, 2020
U.S. Treasury notes, 1.500%, 05/15/2020 [Member]
Summary of Investment Holdings [Line Items]
Investment Interest Rate	1.50%
Investment Maturity Date	May 15, 2020
U.S. Treasury Notes [Member]
Summary of Investment Holdings [Line Items]
Amortized Cost of U.S. Treasury Notes	$ 129,838,288	$ 138,456,086

XML

Statements Of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
INVESTMENT INCOME:
Interest income	$ 951,636	$ 602,687	$ 1,860,159	$ 1,098,925
EXPENSES:
Brokerage fees	996,197	955,616	1,995,149	1,918,996
Administrative expenses	70,000	70,000	140,000	140,000
Custody fees and other expenses	7,302	7,167	14,737	14,528
Total expenses	1,073,499	1,032,783	2,149,886	2,073,524
NET INVESTMENT LOSS	(121,863)	(430,096)	(289,727)	(974,599)
Net realized gains (losses) on closed positions:
Futures and forward currency contracts	1,024,485	3,072,046	6,614,075	(12,572,706)
Foreign exchange translation	(65,717)	(14,038)	(101,787)	293,697
Net change in unrealized:
Futures and forward currency contracts	(633,051)	271,023	(3,656,975)	6,777,059
Foreign exchange translation	108,866	(177,636)	59,265	(322,465)
Net gains (losses) from U.S. Treasury notes:
Realized	3,025	(3,868)	11,269	(14,185)
Net change in unrealized	195,324	97,646	317,904	85,469
Total net realized and unrealized gains (losses)	632,932	3,245,173	3,243,751	(5,753,131)
NET INCOME (LOSS)	511,069	2,815,077	2,954,024	(6,727,730)
LESS PROFIT SHARE TO GENERAL PARTNER	12,890	5,227	230,607	7,624
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER	$ 498,179	$ 2,809,850	$ 2,723,417	$ (6,735,354)

XML

Statements Of Changes In Partners' Capital - USD ($)	Limited Partners [Member]	Special Limited Partners [Member]	New Profit Memo Account [Member]	General Partner [Member]	Total
PARTNERS' CAPITAL at Dec. 31, 2017	$ 99,284,720	$ 65,663,388		$ 2,367,160	$ 167,315,268
Contributions	5,932,750				5,932,750
Withdrawals	(6,348,393)	(268,329)			(6,616,722)
Net income (loss)	(4,618,186)	(2,040,226)		(69,318)	(6,727,730)
General Partner's allocation:
New Profit-Accrued	(7,624)				(7,624)
PARTNERS' CAPITAL at Jun. 30, 2018	94,243,267	63,354,833		2,297,842	159,895,942
PARTNERS' CAPITAL at Dec. 31, 2018	96,830,015	65,627,045		2,464,556	164,921,616
Contributions	2,617,000		3,836		2,620,836
Withdrawals	(11,798,367)	(5,074,170)			(16,872,537)
Net income (loss)	1,150,972	1,728,196	(13)	74,869	2,954,024
General Partner's allocation:
New Profit-Accrued	(230,607)				(230,607)
PARTNERS' CAPITAL at Jun. 30, 2019	$ 88,569,013	$ 62,281,071	$ 3,823	$ 2,539,425	$ 153,393,332

XML

Statements Of Financial Highlights		3 Months Ended		6 Months Ended
		Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Limited Partners [Member]
Ratios to average capital:
Net investment gain (loss)	[1]	(1.50%)	(2.31%)	(1.56%)	(2.43%)
Total expenses	[1]	3.89%	3.83%	3.88%	3.81%
Profit share allocation	[2]	0.01%	0.01%	0.24%	0.01%
Total expenses and profit share allocation		3.90%	3.84%	4.12%	3.82%
Total return before profit share allocation	[2]	0.08%	1.48%	1.35%	(4.53%)
Less: profit share allocation	[2]	0.01%	0.01%	0.24%	0.01%
Total return after profit share allocation		0.07%	1.47%	1.11%	(4.54%)
Special Limited Partners [Member]
Ratios to average capital:
Net investment gain (loss)	[1]	1.40%	0.68%	1.36%	0.54%
Total expenses	[1]	0.98%	0.83%	0.95%	0.84%
Profit share allocation	[2]	0.00%	0.00%	0.00%	0.00%
Total expenses and profit share allocation		0.98%	0.83%	0.95%	0.84%
Total return before profit share allocation	[2]	0.83%	2.23%	2.86%	(3.11%)
Less: profit share allocation	[2]	0.00%	0.00%	0.00%	0.00%
Total return after profit share allocation		0.83%	2.23%	2.86%	(3.11%)

[1] Annualized

[2] Not Annualized

XML

Basis Of Presentation And Summary Of Significant Accounting Policies

6 Months Ended

Jun. 30, 2019

Summary Of Significant Accounting Policies [Abstract]

Basis Of Presentation And Summary Of Significant Accounting Policies

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Nestor Partners’ (the “Partnership”) financial condition at June 30, 2019(unaudited) and December 31, 2018 (audited) and the results of its operations for the three and six months ended June 30, 2019 and 2018 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership's annual report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2018. The December 31, 2018 information has been derived from the audited financial statements as of December 31, 2018.

The preparation of financial statements in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States of America (the “U.S.”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

The Partnership enters into contracts that contain a variety of indemnification provisions. The Partnership’s maximum exposure under these arrangements is unknown. The Partnership does not anticipate recognizing any loss related to these arrangements.

The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open taxyears,  2015 to 2018, Millburn Ridgefield Corporation (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.   

There have been no material changes with respect to the Partnership's critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2018.

XML

Fair Value

6 Months Ended

Jun. 30, 2019

Fair Value [Abstract]

Fair Value

2. FAIR VALUE

The Fair Value Measurements and Disclosures topic of the Codification defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and

Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.

In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts.

Cash Instruments – The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations and an investment in a quoted short-term U.S. government securities money market fund. The General Partner does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price.

Derivative Contracts – Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy.

Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price, plus the financing cost or benefit (“Forward Point”). Forward Points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy.

During the three and six months ended June 30, 2019 and 2018, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Partnership’s investments by hierarchical level as of June 30, 2019 and December 31, 2018 in valuing the Partnership’s investments at fair value. At June 30, 2019 and December 31, 2018, the Partnership held no assets or liabilities in Level 3.

Financial assets at fair value as of June 30, 2019
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	130,117,048	$	-	$	130,117,048
Short-Term Money Market Fund*		14,500,058		-		14,500,058
Exchange-Traded Futures Contracts
Energies		407,342		-		407,342
Grains		116,053		-		116,053
Interest rates		(305,094)		-		(305,094)
Livestock		15,270		-		15,270
Metals		108,757		-		108,757
Softs		(71,290)		-		(71,290)
Stock indices		127,594		-		127,594
Total exchange-traded futures contracts		398,632		-		398,632
Over-the-Counter Forward Currency Contracts		-		(546,813)		(546,813)
Total futures and forward currency contracts (2)		398,632		(546,813)		(148,181)
Total financial assets and liabilities at fair value	$	145,015,738	$	(546,813)	$	144,468,925
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	18,013,112
Investments in U.S. Treasury notes						112,103,936
Total investments in U.S. Treasury notes					$	130,117,048
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	984,470
Net unrealized depreciation on open futures and forward currency contracts						(1,132,651)
Total net unrealized depreciation on open futures and forward currency contracts					$	(148,181)
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

Financial assets and liabilities at fair value as of December 31, 2018
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	138,416,942	$	-	$	138,416,942
Short-Term Money Market Fund*		14,354,941		-		14,354,941
Exchange-Traded Futures Contracts
Energies		3,290,973		-		3,290,973
Grains		233,068		-		233,068
Interest rates		55,528		-		55,528
Livestock		810		-		810
Metals		(113,189)		-		(113,189)
Softs		76,581		-		76,581
Stock indices		(316,037)		-		(316,037)
Total exchange-traded futures contracts		3,227,734		-		3,227,734
Over-the-Counter Forward Currency Contracts		-		281,060		281,060
Total futures and forward currency contracts (2)		3,227,734		281,060		3,508,794
Total financial assets and liabilities at fair value	$	155,999,617	$	281,060	$	156,280,677
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	20,462,519
Investments in U.S. Treasury notes						117,954,423
Total investments in U.S. Treasury notes					$	138,416,942
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,809,427
Net unrealized depreciation on open futures and forward currency contracts						(300,633)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,508,794
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Derivative Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments [Abstract]

Derivative Instruments

3. DERIVATIVE INSTRUMENTS

The Derivatives and Hedging topic of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative agreements.

The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions, and the liquidity of the markets in which it trades.

The Partnership engages in the speculative trading of futures and forward contracts on currencies, energies, grains, interest rates, livestock, metals, softs and stock indices. The following were the primary trading risk exposures of the Partnership at June 30, 2019, by market sector:

Agricultural (grains, livestock and softs) – The Partnership’s primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors.

Currencies – Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations, primarily fluctuations which disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes, as well as political and general economic conditions. The Partnership trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar.

Energies – The Partnership’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market.

Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country, as well as relative interest rate movements between countries, may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in countries or regions, including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other nations. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future.

Metals – The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc.

Stock indices – The Partnership’s equity exposure, through stock index futures, is to equity price risk in the major industrialized countries, as well as other countries.

The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair values of futures and forward currency contracts in an asset position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts.” Fair values of futures and forward currency contracts in a liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Partnership’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein.

Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading gains and losses in the Statements of Operations.

The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at June 30, 2019 and December 31, 2018. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition.

Fair Value of Futures and Forward Currency Contracts at June 30, 2019
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	300,317	$	(37,059)	$	252,801	$	(108,717)	$	407,342
Grains		-		(18,380)		140,435		(6,002)		116,053
Interest rates		404,750		(111,628)		33,358		(631,574)		(305,094)
Livestock		-		-		15,950		(680)		15,270
Metals		180,044		(115,551)		263,329		(219,065)		108,757
Softs		-		-		16,494		(87,784)		(71,290)
Stock indices		384,014		(119,192)		155,482		(292,710)		127,594
Total futures contracts		1,269,125		(401,810)		877,849		(1,346,532)		398,632
Forward currency contracts		3,525,005		(508,449)		480,914		(4,044,283)		(546,813)
Total futures and
forward currency contracts	$	4,794,130	$	(910,259)	$	1,358,763	$	(5,390,815)	$	(148,181)
Fair Value of Futures and Forward Currency Contracts at December 31, 2018
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	-	$	(59,830)	$	3,439,881	$	(89,078)	$	3,290,973
Grains		480		(18,990)		254,628		(3,050)		233,068
Interest rates		1,324,780		(178,816)		73		(1,090,509)		55,528
Livestock		-		-		1,960		(1,150)		810
Metals		33,972		(544,058)		657,517		(260,620)		(113,189)
Softs		-		-		83,680		(7,099)		76,581
Stock indices		72,509		(163,175)		83,422		(308,793)		(316,037)
Total futures contracts		1,431,741		(964,869)		4,521,161		(1,760,299)		3,227,734
Forward currency contracts		1,791,331		(971,138)		2,070,787		(2,609,920)		281,060
Total futures and
forward currency contracts	$	3,223,072	$	(1,936,007)	$	6,591,948	$	(4,370,219)	$	3,508,794

The effect of trading futures and forward currency contracts is represented on the Statements of Operations for the three and six months ended June 30, 2019 and 2018 as “Net realized gains (losses) on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below.

Trading gains (losses) of futures and forward currency contracts for the three and six months ended June 30, 2019 and 2018

Sector	Three months ended: June 30, 2019		Three months ended: June 30, 2018		Six months ended: June 30, 2019		Six months ended: June 30, 2018
Futures contracts:
Energies	$	(1,049,986)	$	5,305,285	$	(4,340,484)	$	5,731,903
Grains		903,414		1,157,489		1,324,165		681,431
Interest rates		907,085		(161,290)		7,780,770		1,300,539
Livestock		215,360		(37,000)		210,410		5,400
Metals		65,420		(1,046,913)		(473,715)		(1,325,946)
Softs		(144,759)		168,860		(79,753)		417,170
Stock indices		(183,135)		(2,291,608)		536,551		(11,576,036)
Total futures contracts		713,399		3,094,823		4,957,944		(4,765,539)
Forward currency contracts		(321,965)		248,246		(2,000,844)		(1,030,108)
Total futures and
forward currency contracts	$	391,434	$	3,343,069	$	2,957,100	$	(5,795,647)

The following table presents average notional value by sector of open futures and forward currency contracts for the six months ended June 30, 2019 and 2018 in U.S. dollars. The Partnership’s average net asset value for the six months ended June 30, 2019 and 2018 was approximately $161,000,000 and $160,000,000, respectively.

Average notional value by sector of futures and forward currency contracts for the six months ended June 30, 2019 and 2018
		2019				2018
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	8,715,389	$	21,243,773	$	45,268,330	$	2,886,503
Grains		2,708,704		8,729,568		1,295,134		14,315,181
Interest rates		211,918,524		117,938,548		382,142,617		23,455,673
Livestock		340,200		617,817		85,380		598,587
Metals		642,773		11,524,551		7,276,954		14,306,967
Softs		248,158		3,406,558		1,345,202		1,993,993
Stock indices		59,655,173		43,560,034		125,874,370		19,996,957
Total futures contracts		284,228,921		207,020,849		563,287,987		77,553,861
Forward currency contracts		37,789,022		65,408,187		34,674,657		113,078,974
Total futures and
forward currency contracts	$	322,017,943	$	272,429,036	$	597,962,644	$	190,632,835

Notional values in the interest rate sector were calculated by converting the notional value in local currency of open interest rate futures positions with maturities less than 10 years to 10-year equivalent fixed income instruments and translated to U.S. dollars at June 30, 2019 and 2018. The 10-year note is often used as a benchmark for many types of fixed-income instruments and the General Partner believes it is a more meaningful representation of notional values of the Partnership’s open interest rate positions.

The customer agreements between the Partnership, the futures clearing brokers, including Deutsche Bank Securities Inc. (a wholly-owned subsidiary of Deutsche Bank AG), SG Americas Securities, LLC., and BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), and the swap dealer, Morgan Stanley & Co., LLC (“MS”), give the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under FASB Accounting Standards Codification Topic 210, “Balance Sheet,” were met. 

The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of June 30, 2019 and December 31, 2018.

Offsetting derivative assets and liabilities at June 30, 2019
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty I	$	1,098,573	$	(612,048)	$	486,525
Counterparty J		680,101		(510,660)		169,441
Total futures contracts		1,778,674		(1,122,708)		655,966
Forward currency contracts
Counterparty G		2,187,065		(1,858,561)		328,504
Total assets	$	3,965,739	$	(2,981,269)	$	984,470
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	625,634	$	(368,300)	$	257,334
Total futures contracts		625,634		(368,300)		257,334
Forward currency contracts
Counterparty K		2,694,171		(1,818,854)		875,317
Total liabilities	$	3,319,805	$	(2,187,154)	$	1,132,651

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty G	$	328,504	$	-	$	-	$	328,504
Counterparty I		486,525		-		(486,525)		-
Counterparty J		169,441		-		(169,441)		-
Total	$	984,470	$	-	$	(655,966)	$	328,504
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty C	$	257,334	$	-	$	(257,334)	$	-
Counterparty K		875,317		-		(875,317)		-
Total	$	1,132,651	$	-	$	(1,132,651)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of June 30, 2019.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of June 30, 2019.

Offsetting derivative assets and liabilities at December 31, 2018
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	1,839,982	$	(486,687)	$	1,353,295
Counterparty I		2,527,506		(1,885,461)		642,045
Counterparty J		1,585,414		(353,020)		1,232,394
Total futures contracts		5,952,902		(2,725,168)		3,227,734
Forward currency contracts
Counterparty G		1,702,480		(1,120,787)		581,693
Total assets	$	7,655,382	$	(3,845,955)	$	3,809,427
						(Continued)
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Forward currency contracts
Counterparty K	$	2,460,271	$	(2,159,638)	$	300,633
Total liabilities	$	2,460,271	$	(2,159,638)	$	300,633
						(Concluded)

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	1,353,295	$	-	$	(1,353,295)	$	-
Counterparty G		581,693		-		-		581,693
Counterparty I		642,045		-		(642,045)		-
Counterparty J		1,232,394		-		(1,232,394)		-
Total	$	3,809,427	$	-	$	(3,227,734)	$	581,693
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty K	$	300,633	$	-	$	(300,633)	$	-
Total	$	300,633	$	-	$	(300,633)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018.

CONCENTRATION OF CREDIT RISK

Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as a counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange.

The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Partnership enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes.

The Partnership’s forward currency trading activities are cleared through DB, BA and prior to October 2018, MS. The Partnership’s concentration of credit risk associated with DB, BA or MS nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB, BA and MS. The amount of such credit risk was $13,005,050 and $10,370,454 at June 30, 2019 and December 31, 2018, respectively.

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Profit Share

6 Months Ended

Jun. 30, 2019

Profit Share [Abstract]

Profit Share

4. PROFIT SHARE

The following table indicates the total profit share earned and accrued during the three and six months ended June 30, 2019 and 2018. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo Account as defined in the Partnership’s Agreement of Limited Partnership.

	Three months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Reversal of profit share (1)		(217,717)		(2,397)
Profit share accrued		226,771		7,624
Total profit share	$	12,890	$	5,227
	Six months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Profit share accrued		226,771		7,624
Total profit share	$	230,607	$	7,624
(1) on April 1st

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Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions [Abstract]

Related Party Transactions

5. RELATED PARTY TRANSACTIONS

Limited partnership interests (“Interests”) sold through selling agents engaged by the General Partner are generally subject to a 2.5% redemption charge for redemptions made prior to the end of the twelfth month following their sale. All redemption charges will be paid to the General Partner. At June 30, 2019 and December 31, 2018,  $0 was owed to the General Partner.

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Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

6. SUBSEQUENT EVENTS

During the period from July 1, 2019 to August 13, 2019, contributions of $1,480,000 were made to the Partnership and withdrawals of $869,400 were made from the Partnership. The General Partner has performed its evaluation of subsequent events from July 1, 2019 to August 13, 2019, the date this form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the financial statements.

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Basis Of Presentation And Summary Of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2019

Summary Of Significant Accounting Policies [Abstract]

Basis Of Accounting, Policy

The preparation of financial statements in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States of America (the “U.S.”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates.

Income Tax Uncertainties, Policy

The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open taxyears,  2015 to 2018, Millburn Ridgefield Corporation (the “General Partner”) has determined that no reserves for uncertain tax positions were required.

Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies.   

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Fair Value (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value [Abstract]

Schedule Of Financial Assets And Liabilities At Fair Value

Financial assets at fair value as of June 30, 2019
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	130,117,048	$	-	$	130,117,048
Short-Term Money Market Fund*		14,500,058		-		14,500,058
Exchange-Traded Futures Contracts
Energies		407,342		-		407,342
Grains		116,053		-		116,053
Interest rates		(305,094)		-		(305,094)
Livestock		15,270		-		15,270
Metals		108,757		-		108,757
Softs		(71,290)		-		(71,290)
Stock indices		127,594		-		127,594
Total exchange-traded futures contracts		398,632		-		398,632
Over-the-Counter Forward Currency Contracts		-		(546,813)		(546,813)
Total futures and forward currency contracts (2)		398,632		(546,813)		(148,181)
Total financial assets and liabilities at fair value	$	145,015,738	$	(546,813)	$	144,468,925
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	18,013,112
Investments in U.S. Treasury notes						112,103,936
Total investments in U.S. Treasury notes					$	130,117,048
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	984,470
Net unrealized depreciation on open futures and forward currency contracts						(1,132,651)
Total net unrealized depreciation on open futures and forward currency contracts					$	(148,181)
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

Financial assets and liabilities at fair value as of December 31, 2018
		Level 1		Level 2		Total
U.S. Treasury Notes (1)	$	138,416,942	$	-	$	138,416,942
Short-Term Money Market Fund*		14,354,941		-		14,354,941
Exchange-Traded Futures Contracts
Energies		3,290,973		-		3,290,973
Grains		233,068		-		233,068
Interest rates		55,528		-		55,528
Livestock		810		-		810
Metals		(113,189)		-		(113,189)
Softs		76,581		-		76,581
Stock indices		(316,037)		-		(316,037)
Total exchange-traded futures contracts		3,227,734		-		3,227,734
Over-the-Counter Forward Currency Contracts		-		281,060		281,060
Total futures and forward currency contracts (2)		3,227,734		281,060		3,508,794
Total financial assets and liabilities at fair value	$	155,999,617	$	281,060	$	156,280,677
Per line item in Statements of Financial Condition
(1)
Investments in U.S. Treasury notes held in equity trading accounts as collateral					$	20,462,519
Investments in U.S. Treasury notes						117,954,423
Total investments in U.S. Treasury notes					$	138,416,942
(2)
Net unrealized appreciation on open futures and forward currency contracts					$	3,809,427
Net unrealized depreciation on open futures and forward currency contracts						(300,633)
Total net unrealized appreciation on open futures and forward currency contracts					$	3,508,794
*The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.

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Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments [Abstract]

Schedule Of Fair Value Of Futures And Forward Currency Contracts

Fair Value of Futures and Forward Currency Contracts at June 30, 2019
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	300,317	$	(37,059)	$	252,801	$	(108,717)	$	407,342
Grains		-		(18,380)		140,435		(6,002)		116,053
Interest rates		404,750		(111,628)		33,358		(631,574)		(305,094)
Livestock		-		-		15,950		(680)		15,270
Metals		180,044		(115,551)		263,329		(219,065)		108,757
Softs		-		-		16,494		(87,784)		(71,290)
Stock indices		384,014		(119,192)		155,482		(292,710)		127,594
Total futures contracts		1,269,125		(401,810)		877,849		(1,346,532)		398,632
Forward currency contracts		3,525,005		(508,449)		480,914		(4,044,283)		(546,813)
Total futures and
forward currency contracts	$	4,794,130	$	(910,259)	$	1,358,763	$	(5,390,815)	$	(148,181)
Fair Value of Futures and Forward Currency Contracts at December 31, 2018
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	-	$	(59,830)	$	3,439,881	$	(89,078)	$	3,290,973
Grains		480		(18,990)		254,628		(3,050)		233,068
Interest rates		1,324,780		(178,816)		73		(1,090,509)		55,528
Livestock		-		-		1,960		(1,150)		810
Metals		33,972		(544,058)		657,517		(260,620)		(113,189)
Softs		-		-		83,680		(7,099)		76,581
Stock indices		72,509		(163,175)		83,422		(308,793)		(316,037)
Total futures contracts		1,431,741		(964,869)		4,521,161		(1,760,299)		3,227,734
Forward currency contracts		1,791,331		(971,138)		2,070,787		(2,609,920)		281,060
Total futures and
forward currency contracts	$	3,223,072	$	(1,936,007)	$	6,591,948	$	(4,370,219)	$	3,508,794

Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts

Trading gains (losses) of futures and forward currency contracts for the three and six months ended June 30, 2019 and 2018

Sector	Three months ended: June 30, 2019		Three months ended: June 30, 2018		Six months ended: June 30, 2019		Six months ended: June 30, 2018
Futures contracts:
Energies	$	(1,049,986)	$	5,305,285	$	(4,340,484)	$	5,731,903
Grains		903,414		1,157,489		1,324,165		681,431
Interest rates		907,085		(161,290)		7,780,770		1,300,539
Livestock		215,360		(37,000)		210,410		5,400
Metals		65,420		(1,046,913)		(473,715)		(1,325,946)
Softs		(144,759)		168,860		(79,753)		417,170
Stock indices		(183,135)		(2,291,608)		536,551		(11,576,036)
Total futures contracts		713,399		3,094,823		4,957,944		(4,765,539)
Forward currency contracts		(321,965)		248,246		(2,000,844)		(1,030,108)
Total futures and
forward currency contracts	$	391,434	$	3,343,069	$	2,957,100	$	(5,795,647)

Schedule Of Average Notional Value By Sector Of Futures And Forward Currency Contracts

Average notional value by sector of futures and forward currency contracts for the six months ended June 30, 2019 and 2018
		2019				2018
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	8,715,389	$	21,243,773	$	45,268,330	$	2,886,503
Grains		2,708,704		8,729,568		1,295,134		14,315,181
Interest rates		211,918,524		117,938,548		382,142,617		23,455,673
Livestock		340,200		617,817		85,380		598,587
Metals		642,773		11,524,551		7,276,954		14,306,967
Softs		248,158		3,406,558		1,345,202		1,993,993
Stock indices		59,655,173		43,560,034		125,874,370		19,996,957
Total futures contracts		284,228,921		207,020,849		563,287,987		77,553,861
Forward currency contracts		37,789,022		65,408,187		34,674,657		113,078,974
Total futures and
forward currency contracts	$	322,017,943	$	272,429,036	$	597,962,644	$	190,632,835

Offsetting Of Derivative Assets And Liabilities

Offsetting derivative assets and liabilities at June 30, 2019
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty I	$	1,098,573	$	(612,048)	$	486,525
Counterparty J		680,101		(510,660)		169,441
Total futures contracts		1,778,674		(1,122,708)		655,966
Forward currency contracts
Counterparty G		2,187,065		(1,858,561)		328,504
Total assets	$	3,965,739	$	(2,981,269)	$	984,470
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	625,634	$	(368,300)	$	257,334
Total futures contracts		625,634		(368,300)		257,334
Forward currency contracts
Counterparty K		2,694,171		(1,818,854)		875,317
Total liabilities	$	3,319,805	$	(2,187,154)	$	1,132,651

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty G	$	328,504	$	-	$	-	$	328,504
Counterparty I		486,525		-		(486,525)		-
Counterparty J		169,441		-		(169,441)		-
Total	$	984,470	$	-	$	(655,966)	$	328,504
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty C	$	257,334	$	-	$	(257,334)	$	-
Counterparty K		875,317		-		(875,317)		-
Total	$	1,132,651	$	-	$	(1,132,651)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of June 30, 2019.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of June 30, 2019.

Offsetting derivative assets and liabilities at December 31, 2018
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	1,839,982	$	(486,687)	$	1,353,295
Counterparty I		2,527,506		(1,885,461)		642,045
Counterparty J		1,585,414		(353,020)		1,232,394
Total futures contracts		5,952,902		(2,725,168)		3,227,734
Forward currency contracts
Counterparty G		1,702,480		(1,120,787)		581,693
Total assets	$	7,655,382	$	(3,845,955)	$	3,809,427
						(Continued)
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Forward currency contracts
Counterparty K	$	2,460,271	$	(2,159,638)	$	300,633
Total liabilities	$	2,460,271	$	(2,159,638)	$	300,633
						(Concluded)

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	1,353,295	$	-	$	(1,353,295)	$	-
Counterparty G		581,693		-		-		581,693
Counterparty I		642,045		-		(642,045)		-
Counterparty J		1,232,394		-		(1,232,394)		-
Total	$	3,809,427	$	-	$	(3,227,734)	$	581,693
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty K	$	300,633	$	-	$	(300,633)	$	-
Total	$	300,633	$	-	$	(300,633)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018.

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Profit Share (Tables)

6 Months Ended

Jun. 30, 2019

Profit Share [Abstract]

Schedule Of Profit Share Earned And Accrued

	Three months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Reversal of profit share (1)		(217,717)		(2,397)
Profit share accrued		226,771		7,624
Total profit share	$	12,890	$	5,227
	Six months ended:
	June 30,		June 30,
	2019		2018
Profit share earned	$	3,836	$	-
Profit share accrued		226,771		7,624
Total profit share	$	230,607	$	7,624
(1) on April 1st

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Basis Of Presentation And Summary Of Significant Accounting Policies (Narrative) (Details)	6 Months Ended
	Jun. 30, 2019
Tax Year 2015 [Member]
Partnership's open tax years	2015
Tax Year 2016 [Member]
Partnership's open tax years	2016
Tax Year 2017 [Member]
Partnership's open tax years	2017
Tax Year 2018 [Member]
Partnership's open tax years	2018

XML

Fair Value (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Investments in U.S. Treasury notes held in equity trading accounts as collateral	$ 18,013,112	$ 20,462,519
Investments in U.S. Treasury notes	112,103,936	117,954,423
Total investments in U.S. Treasury notes	130,117,048	138,416,942
Short-term Money Market Fund	14,500,058	14,354,941
Net unrealized appreciation on open futures and forward currency contracts	984,470	3,809,427
Net unrealized depreciation on open futures and forward currency contracts	(1,132,651)	(300,633)
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(148,181)	3,508,794
Total financial assets at fair value	144,468,925	156,280,677
Futures Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	398,632	3,227,734
Energies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	407,342	3,290,973
Grains [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	116,053	233,068
Interest Rates [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(305,094)	55,528
Livestock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	15,270	810
Metals [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	108,757	(113,189)
Softs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(71,290)	76,581
Stock Indices [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	127,594	(316,037)
Forward Currency Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(546,813)	281,060
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total investments in U.S. Treasury notes	130,117,048	138,416,942
Short-term Money Market Fund	14,500,058	14,354,941
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	398,632	3,227,734
Total financial assets at fair value	145,015,738	155,999,617
Level 1 [Member] | Futures Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	398,632	3,227,734
Level 1 [Member] | Energies [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	407,342	3,290,973
Level 1 [Member] | Grains [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	116,053	233,068
Level 1 [Member] | Interest Rates [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(305,094)	55,528
Level 1 [Member] | Livestock [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	15,270	810
Level 1 [Member] | Metals [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	108,757	(113,189)
Level 1 [Member] | Softs [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(71,290)	76,581
Level 1 [Member] | Stock Indices [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	127,594	(316,037)
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	(546,813)	281,060
Total financial assets at fair value	(546,813)	281,060
Level 2 [Member] | Forward Currency Contracts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total net unrealized appreciation (depreciation) on open futures and forward currency contracts	$ (546,813)	$ 281,060

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Derivative Instruments (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Partnership's average net asset value	$ 161,000,000	$ 160,000,000
Open interest rate futures, maturity	10 years	10 years
Concentration of credit risk	$ 13,005,050		$ 10,370,454
Maximum [Member]
Derivative [Line Items]
Open interest rate futures, maturity	10 years	10 years

XML

Derivative Instruments (Schedule Of Fair Value Of Futures And Forward Currency Contracts) (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	$ (148,181)	$ 3,508,794
Futures Contracts [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	398,632	3,227,734
Energies [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	407,342	3,290,973
Grains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	116,053	233,068
Interest Rates [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(305,094)	55,528
Livestock [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	15,270	810
Metals [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	108,757	(113,189)
Softs [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(71,290)	76,581
Stock Indices [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	127,594	(316,037)
Forward Currency Contracts [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(546,813)	281,060
Long Positions [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	4,794,130	3,223,072
Long Positions [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(910,259)	(1,936,007)
Long Positions [Member] | Futures Contracts [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	1,269,125	1,431,741
Long Positions [Member] | Futures Contracts [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(401,810)	(964,869)
Long Positions [Member] | Energies [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	300,317
Long Positions [Member] | Energies [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(37,059)	(59,830)
Long Positions [Member] | Grains [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value		480
Long Positions [Member] | Grains [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(18,380)	(18,990)
Long Positions [Member] | Interest Rates [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	404,750	1,324,780
Long Positions [Member] | Interest Rates [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(111,628)	(178,816)
Long Positions [Member] | Metals [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	180,044	33,972
Long Positions [Member] | Metals [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(115,551)	(544,058)
Long Positions [Member] | Stock Indices [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	384,014	72,509
Long Positions [Member] | Stock Indices [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(119,192)	(163,175)
Long Positions [Member] | Forward Currency Contracts [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	3,525,005	1,791,331
Long Positions [Member] | Forward Currency Contracts [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(508,449)	(971,138)
Short Positions [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	1,358,763	6,591,948
Short Positions [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(5,390,815)	(4,370,219)
Short Positions [Member] | Futures Contracts [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	877,849	4,521,161
Short Positions [Member] | Futures Contracts [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(1,346,532)	(1,760,299)
Short Positions [Member] | Energies [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	252,801	3,439,881
Short Positions [Member] | Energies [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(108,717)	(89,078)
Short Positions [Member] | Grains [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	140,435	254,628
Short Positions [Member] | Grains [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(6,002)	(3,050)
Short Positions [Member] | Interest Rates [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	33,358	73
Short Positions [Member] | Interest Rates [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(631,574)	(1,090,509)
Short Positions [Member] | Livestock [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	15,950	1,960
Short Positions [Member] | Livestock [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(680)	(1,150)
Short Positions [Member] | Metals [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	263,329	657,517
Short Positions [Member] | Metals [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(219,065)	(260,620)
Short Positions [Member] | Softs [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	16,494	83,680
Short Positions [Member] | Softs [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(87,784)	(7,099)
Short Positions [Member] | Stock Indices [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	155,482	83,422
Short Positions [Member] | Stock Indices [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	(292,710)	(308,793)
Short Positions [Member] | Forward Currency Contracts [Member] | Gains [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	480,914	2,070,787
Short Positions [Member] | Forward Currency Contracts [Member] | Losses [Member]
Derivative [Line Items]
Futures and forward currency contracts, Fair Value	$ (4,044,283)	$ (2,609,920)

XML

Derivative Instruments (Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	$ 391,434	$ 3,343,069	$ 2,957,100	$ (5,795,647)
Futures Contracts [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	713,399	3,094,823	4,957,944	(4,765,539)
Energies [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(1,049,986)	5,305,285	(4,340,484)	5,731,903
Grains [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	903,414	1,157,489	1,324,165	681,431
Interest Rates [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	907,085	(161,290)	7,780,770	1,300,539
Livestock [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	215,360	(37,000)	210,410	5,400
Metals [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	65,420	(1,046,913)	(473,715)	(1,325,946)
Softs [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(144,759)	168,860	(79,753)	417,170
Stock Indices [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	(183,135)	(2,291,608)	536,551	(11,576,036)
Forward Currency Contracts [Member]
Derivative [Line Items]
Trading gains (losses) of futures and forward currency contracts	$ (321,965)	$ 248,246	$ (2,000,844)	$ (1,030,108)

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Derivative Instruments (Schedule Of Average Notional Value By Sector Of Futures And Forward Currency Contracts) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Long Positions [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	$ 322,017,943	$ 597,962,644
Long Positions [Member] | Futures Contracts [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	284,228,921	563,287,987
Long Positions [Member] | Energies [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	8,715,389	45,268,330
Long Positions [Member] | Grains [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	2,708,704	1,295,134
Long Positions [Member] | Interest Rates [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	211,918,524	382,142,617
Long Positions [Member] | Livestock [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	340,200	85,380
Long Positions [Member] | Metals [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	642,773	7,276,954
Long Positions [Member] | Softs [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	248,158	1,345,202
Long Positions [Member] | Stock Indices [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	59,655,173	125,874,370
Long Positions [Member] | Forward Currency Contracts [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	37,789,022	34,674,657
Short Positions [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	272,429,036	190,632,835
Short Positions [Member] | Futures Contracts [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	207,020,849	77,553,861
Short Positions [Member] | Energies [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	21,243,773	2,886,503
Short Positions [Member] | Grains [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	8,729,568	14,315,181
Short Positions [Member] | Interest Rates [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	117,938,548	23,455,673
Short Positions [Member] | Livestock [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	617,817	598,587
Short Positions [Member] | Metals [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	11,524,551	14,306,967
Short Positions [Member] | Softs [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	3,406,558	1,993,993
Short Positions [Member] | Stock Indices [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	43,560,034	19,996,957
Short Positions [Member] | Forward Currency Contracts [Member]
Derivative [Line Items]
Average notional amount of futures and forward currency contracts	$ 65,408,187	$ 113,078,974

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Derivative Instruments (Offsetting Derivative Assets) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Offsetting Assets [Line Items]
Gross amounts of recognized assets	$ 3,965,739	$ 7,655,382
Gross amounts offset in the Statement of Financial Condition	(2,981,269)	(3,845,955)
Net amounts of assets presented in the Statement of Financial Condition	984,470	3,809,427
Financial Instruments
Collateral Received	(655,966)	(3,227,734)
Net Amount	$ 328,504	$ 581,693
Collateral disclosed as a percentage of net assets, maximum allowed	100.00%	100.00%
Counterparty C [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the Statement of Financial Condition		$ 1,353,295
Financial Instruments
Collateral Received		(1,353,295)
Net Amount
Counterparty G [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the Statement of Financial Condition	$ 328,504	581,693
Financial Instruments
Net Amount	328,504	581,693
Counterparty I [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the Statement of Financial Condition	486,525	642,045
Financial Instruments
Collateral Received	(486,525)	(642,045)
Net Amount
Counterparty J [Member]
Offsetting Assets [Line Items]
Net amounts of assets presented in the Statement of Financial Condition	169,441	1,232,394
Financial Instruments
Collateral Received	(169,441)	(1,232,394)
Net Amount
Futures Contracts [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,778,674	5,952,902
Gross amounts offset in the Statement of Financial Condition	(1,122,708)	(2,725,168)
Net amounts of assets presented in the Statement of Financial Condition	655,966	3,227,734
Futures Contracts [Member] | Counterparty C [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets		1,839,982
Gross amounts offset in the Statement of Financial Condition		(486,687)
Net amounts of assets presented in the Statement of Financial Condition		1,353,295
Futures Contracts [Member] | Counterparty I [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	1,098,573	2,527,506
Gross amounts offset in the Statement of Financial Condition	(612,048)	(1,885,461)
Net amounts of assets presented in the Statement of Financial Condition	486,525	642,045
Futures Contracts [Member] | Counterparty J [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	680,101	1,585,414
Gross amounts offset in the Statement of Financial Condition	(510,660)	(353,020)
Net amounts of assets presented in the Statement of Financial Condition	169,441	1,232,394
Forward Currency Contracts [Member] | Counterparty G [Member]
Offsetting Assets [Line Items]
Gross amounts of recognized assets	2,187,065	1,702,480
Gross amounts offset in the Statement of Financial Condition	(1,858,561)	(1,120,787)
Net amounts of assets presented in the Statement of Financial Condition	$ 328,504	$ 581,693

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Derivative Instruments (Offsetting Derivative Liabilities) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	$ 3,319,805	$ 2,460,271
Gross amounts offset in the Statement of Financial Condition	(2,187,154)	(2,159,638)
Net amounts of liabilities presented in the Statement of Financial Condition	1,132,651	300,633
Financial Instruments
Collateral Pledged	(1,132,651)	(300,633)
Net Amount
Collateral disclosed as a percentage of net assets, maximum allowed	100.00%	100.00%
Counterparty C [Member]
Offsetting Liabilities [Line Items]
Net amounts of liabilities presented in the Statement of Financial Condition	$ 257,334
Financial Instruments
Collateral Pledged	(257,334)
Net Amount
Counterparty K [Member]
Offsetting Liabilities [Line Items]
Net amounts of liabilities presented in the Statement of Financial Condition	875,317	$ 300,633
Financial Instruments
Collateral Pledged	(875,317)	(300,633)
Net Amount
Futures Contracts [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	625,634
Gross amounts offset in the Statement of Financial Condition	(368,300)
Net amounts of liabilities presented in the Statement of Financial Condition	257,334
Futures Contracts [Member] | Counterparty C [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	625,634
Gross amounts offset in the Statement of Financial Condition	(368,300)
Net amounts of liabilities presented in the Statement of Financial Condition	257,334
Forward Currency Contracts [Member] | Counterparty K [Member]
Offsetting Liabilities [Line Items]
Gross amounts of recognized liabilities	2,694,171	2,460,271
Gross amounts offset in the Statement of Financial Condition	(1,818,854)	(2,159,638)
Net amounts of liabilities presented in the Statement of Financial Condition	$ 875,317	$ 300,633

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Profit Share (Schedule Of Profit Share Earned And Accrued) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Profit Share [Abstract]
Profit share earned	$ 3,836		$ 3,836
Reversal of profit share	(217,717)	$ (2,397)
Profit share accrued	226,771	7,624	226,771	$ 7,624
Total profit share	$ 12,890	$ 5,227	$ 230,607	$ 7,624

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Related Party Transactions (Narrative) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Redemption amount owed to general partner	$ 0	$ 0
General Partner [Member]
Related Party Transaction [Line Items]
Redemption charge for redemptions, percentage	2.50%

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Subsequent Events (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 13, 2019	Jun. 30, 2019	Jun. 30, 2018
Subsequent Event [Line Items]
Contributions		$ 2,620,836	$ 5,932,750
Subsequent Event [Member]
Subsequent Event [Line Items]
Contributions	$ 1,480,000
Withdrawals	$ 869,400