Trading Activities (Tables)

12 Months Ended

Dec. 31, 2018

Brokers and Dealers [Abstract]

Offsetting of Derivative Assets and Liabilities

The following table summarizes the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of December 31, 2018.

			Gross Amounts   Offset in the		Amounts   Presented in the		Gross Amounts Not Offset in the   Statements of Financial Condition
December 31, 2018	Gross Amounts   Recognized		Statements of   Financial Condition		Statements of Financial Condition		Financial Instruments		Cash Collateral     Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	15,181	$	(15,181)	$	–	$	–	$	–	$	–
Total assets	$	15,181	$	(15,181)	$	–	$	–	$	–	$	–
Liabilities
MS&Co.
Futures	$	(25,826)	$	15,181	$	(10,645)	$	–	$	–	$	(10,645)
Total liabilities	$	(25,826)	$	15,181	$	(10,645)	$	–	$	–	$	(10,645)
Net fair value											$	(10,645)	*

* In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities

The following table indicates the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2018. There were no direct investments held by the Partnership at December 31, 2017.

	December 31, 2018
Assets
Futures Contracts
Currencies	$	15,181
Total unrealized appreciation on open futures contracts		15,181
Liabilities
Futures Contracts
Currencies		(25,826	)
Total unrealized depreciation on open futures contracts		(25,826	)
Net unrealized depreciation on open futures contracts	$	(10,645	) *

* This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition.

Trading Gains and Losses, by Market Sector, on Derivative Instruments

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the year ended December 31, 2018. During the years ended December 31, 2017 and 2016, no derivative instruments were traded directly by the Partnership.

Sector	2018
Currencies	$	332,447
Energy		1,882
Indices		68,307
Interest Rates U.S.		17,489
Interest Rates Non-U.S.		(14,624)
Metals		(6,033)
Total	$	399,468	**

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