Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives and their Offsetting Subject to Master Netting Arrangements or Similar Agreements

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements as of September 30, 2015 and December 31, 2014, respectively.

Offsetting of Derivative Assets and Liabilities as of September 30, 2015:

	Gross		Gross Amounts Offset in the Statements of		Net Amounts Presented in the Statements of			Gross Amounts Not Offset in the Statements of Financial Condition
	Amounts Recognized		Financial Condition		Financial Condition			Financial   Instruments		Cash Collateral  (Received)/Pledged**		Net Amount
	$		$		$			$		$		$
Assets
Futures		408,200		(145,676)		262,524	*		-		-		262,524
Forwards		985,268		(905,222)		80,046	*		-		-		80,046
Total Assets		1,393,468		(1,050,898)		342,570			-		-		342,570
Liabilities
Futures		(145,676)		145,676		-			-		-		-
Forwards		(905,222)		905,222		-			-		-		-
Total Liabilities		(1,050,898)		1,050,898		-			-		-		-
Net Fair Value													342,570	**

Offsetting of Derivative Assets and Liabilities as of December 31, 2014:

	Gross		Gross Amounts Offset in the Statements of		Net Amounts Presented in the Statements of			Gross Amounts Not Offset in the Statements of Financial Condition
	Amounts Recognized		Financial Condition		Financial Condition			Financial Instruments		Cash Collateral (Received)/Pledged**		Net Amount
	$		$		$			$		$		$
Assets
Futures		873,317		(134,615)		738,702	*		-		-		738,702
Forwards		1,536,029		(981,488)		554,541	*		-		-		554,541
Total Assets		2,409,346		(1,116,103)		1,293,243			-		-		1,293,243
Liabilities
Futures		(134,615)		134,615		-			-		-		-
Forwards		(981,488)		981,488		-			-		-		-
Total Liabilities		(1,116,103)		1,116,103		-			-		-		-
Net Fair Value													1,293,243	**

* Included as a component of “Net unrealized gain on open contracts” on the Statements of Financial Condition.

** In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s off-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash held by MS&Co., thereby minimizing MS&Co.’s risk of loss. There is no collateral posted by MS&Co. and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown on the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee fund may be available in the event of a default.

Schedule of Effect of Trading Activities on Statements of Financial Condition

The effect of Trading Activities on the Statements of Financial Condition as of September 30, 2015:

Futures and Forward Contracts	Long  Unrealized  Gain		Long  Unrealized  Loss		Short  Unrealized  Gain		Short  Unrealized  Loss		Net Unrealized    Gain/(Loss)		Average number of contracts   outstanding   for the nine months (absolute quantity)
	$		$		$		$		$
Commodity		56,886		(88,877)		335,671		(117,204)		186,476		693
Equity		6,344		(51,759)		14,146		(11,475)		(42,744)		185
Foreign currency		85,744		(635,471)		708,310		(134,793)		23,790		281
Interest rate		186,039		(4,861)		328		(6,458)		175,048		574
Total net unrealized gain on open contracts		335,013		(780,968)		1,058,455		(269,930)		342,570

The effect of Trading Activities on the Statements of Financial Condition as of December 31, 2014:

Futures and Forward Contracts	Long  Unrealized  Gain		Long  Unrealized  Loss		Short  Unrealized  Gain		Short  Unrealized  Loss		Net Unrealized    Gain/(Loss)		Average number of contracts   outstanding   for the year (absolute quantity)
	$		$		$		$		$
Commodity		3,667		(117,406)		290,455		(24,367)		152,349		848
Equity		53,954		(46,233)		689		(4,261)		4,149		309
Foreign currency		68,076		(785,527)		1,356,424		(120,304)		518,669		429
Interest rate		625,971		(9,658)		10,110		(8,347)		618,076		977
Total net unrealized gain on open contracts		751,668		(958,824)		1,657,678		(157,279)		1,293,243

Schedule of Effect of Trading Activities on Statements of Income and Expenses

The effect of Trading Activities on the Statements of Income and Expenses for the three and nine months ended September 30, 2015 included in Total Trading Results:

	For the Three Months		For the Nine Months
	Ended September 30, 2015		Ended September 30, 2015
Type of Instrument	$		$
Commodity		915,609		(665,555)
Equity		(275,220)		111,624
Foreign currency		492,855		879,754
Interest rate		(106,853)		(324,746)
Total		1,026,391		1,077

Line items on the Statements of Income and Expenses for the three and nine months ended September 30, 2015:

	For the Three Months		For the Nine Months
	Ended September 30, 2015		Ended September 30, 2015
Trading Results	$		$
Net realized		(2,322,317)		(1,449,619)
Net change in unrealized		3,348,708		1,450,696
Total Trading Results		1,026,391		1,077

The effect of Trading Activities on the Statements of Income and Expenses for the three and nine months ended September 30, 2014 included in Total Trading Results:

	For the Three Months		For the Nine Months
	Ended September 30, 2014		Ended September 30, 2014
Type of Instrument	$		$
Commodity		1,088,449		(265,854)
Equity		72,377		(749,295)
Foreign currency		1,751,536		1,090,951
Interest rate		514,165		1,555,453
Total		3,426,527		1,631,255

Line items on the Statements of Income and Expenses for the three and nine months ended September 30, 2014:

	For the Three Months		For the Nine Months
	Ended September 30, 2014		Ended September 30, 2014
Trading Results	$		$
Net realized		2,215,029		743,754
Net change in unrealized		1,211,498		887,501
Total Trading Results		3,426,527		1,631,255