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Trading Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Brokers and Dealers [Abstract]  
Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives
The following tables summarize 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 September 30, 2024 and December 31, 2023, respectively.
 
September 30, 2024
   
Gross

Amounts

 Recognized 
  
 Gross Amounts 
Offset in the

Statements of
Financial
Condition
  
Net Amounts
Presented in the 

Statements of
Financial
Condition
  
Gross Amounts Not Offset in the

Statements of Financial Condition
   
Net
 Amount 
  
 
Financial
  Instruments  
   
 Cash Collateral 
Received/
Pledged*
Assets
               
Futures
     $ 2,505,988      $ (1,561,762 )     $ 944,226      $ -         $ -         $ 944,226   
Forwards
      868,867       (868,867 )      -         -          -          -    
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
  
Total assets
     $ 3,374,855      $ (2,430,629 )     $ 944,226      $ -         $ -         $ 944,226   
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
  
Liabilities
               
Futures
     $ (1,561,762 )     $ 1,561,762      $ -        $ -         $ -         $ -     
Forwards
      (1,189,917 )      868,867       (321,050 )      -          321,050        -     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
  
Total liabilities
     $ (2,751,679 )     $ 2,430,629      $ (321,050 )     $ -         $ 321,050       $ -     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
 
   
 
 
  
Net fair value
                 $ 944,226  * 
              
 
 
  
 
December 31, 2023
   
Gross

Amounts

 Recognized 
  
 Gross Amounts 
Offset in the

Statements of
Financial
Condition
  
Net Amounts
Presented in the 

Statements of
Financial
Condition
  
Gross Amounts Not Offset in the

Statements of Financial Condition
   
Net
 Amount 
  
 
Financial
  Instruments  
   
 Cash Collateral 
Received/
Pledged*
  
Assets
               
Futures
     $ 2,995,671      $ (2,625,198 )     $ 370,473      $ -         $ -         $ 370,473   
Forwards
      888,922       (888,922 )      -         -          -          -     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
  
Total assets
     $ 3,884,593      $ (3,514,120 )     $ 370,473      $ -         $ -         $ 370,473   
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
  
Liabilities
               
Futures
     $ (2,625,198 )     $ 2,625,198      $ -        $ -         $ -         $ -     
Forwards
      (1,226,688 )      888,922       (337,766 )      -          337,766        -     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
  
Total liabilities
     $ (3,851,886 )     $ 3,514,120      $ (337,766 )     $ -         $ 337,766       $ -     
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
   
 
 
     
 
 
  
Net fair value
                 $ 370,473  * 
              
 
 
  
 
*
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. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded
The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held by the Partnership as separate assets and liabilities as of September 30, 2024 and December 31, 2023, respectively.
 
    
September 30,

2024
  
Assets
   
Futures Contracts
         
Currencies
     $ 205,653    
Energy
      357,216    
Grains
      467,268    
Indices
      551,533    
Interest Rates U.S.
      17,312    
Interest Rates
Non-U.S.
      344,460    
Livestock
      15,090    
Metals
      408,689    
Softs
      138,767    
  
 
 
  
Total unrealized appreciation on open futures contracts
           2,505,988    
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (76,808)   
Energy
      (521,493)   
Grains
      (319,372)   
Indices
      (173,633)   
Interest Rates U.S.
      (79,021)   
Interest Rates
Non-U.S.
      (161,399)   
Livestock
      (5,900)   
Metals
      (60,460)   
Softs
      (163,676)   
  
 
 
  
Total unrealized depreciation on open futures contracts
      (1,561,762)   
  
 
 
  
Net unrealized appreciation on open futures contracts
     $ 944,226   * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
     $ 355,007    
Metals
      513,860    
  
 
 
  
Total unrealized appreciation on open forward contracts
      868,867    
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (434,138)   
Metals
      (755,779)   
  
 
 
  
Total unrealized depreciation on open forward contracts
      (1,189,917)   
  
 
 
  
Net unrealized depreciation on open forward contracts
     $ (321,050)  ** 
  
 
 
  
 
*
This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.
 
**
This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.
 
 
 
    
December 31,

2023
  
Assets
   
Futures Contracts
   
Currencies
     $ 146,769    
Energy
      482,993    
Grains
      236,801    
Indices
      733,965    
Interest Rates U.S.
      130,664    
Interest Rates
Non-U.S.
      559,490    
Livestock
      220    
Metals
      156,905    
Softs
      547,864    
  
 
 
  
Total unrealized appreciation on open futures contracts
          2,995,671    
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (239,168)   
Energy
      (996,165)   
Grains
      (184,709)   
Indices
      (245,853)   
Interest Rates U.S.
      (113,358)   
Interest Rates
Non-U.S.
      (672,519)   
Metals
      (126,095)   
Softs
      (47,331)   
  
 
 
  
Total unrealized depreciation on open futures contracts
      (2,625,198)   
  
 
 
  
Net unrealized appreciation on open futures contracts
     $ 370,473   * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
     $ 562,573    
Metals
      326,349    
  
 
 
  
Total unrealized appreciation on open forward contracts
      888,922    
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (691,946)   
Metals
      (534,742)   
  
 
 
  
Total unrealized depreciation on open forward contracts
      (1,226,688)   
  
 
 
  
Net unrealized depreciation on open forward contracts
     $ (337,766)  ** 
  
 
 
  
 
*
This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.
 
**
This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.
Trading Gains and Losses by Market Sector on Derivative Instruments Traded
 
The following table indicates the trading gains and losses, by market sector, on derivative instruments traded by the Partnership for the three and nine months ended September 30, 2024 and 2023, respectively.
 
    
Three Months Ended
September 30,
    
Nine Months Ended September 30,
  
Sector
   
2024
    
2023
    
2024
    
2023
  
Currencies
     $ (2,711,089)      $ 62,614       $ (1,131,121)      $ 666,420   
Energy
      (2,122,933)       3,069,231          (1,497,170)       (197,305)  
Grains
      (134,992)       2,780        1,022,622         (231,886)  
Indices
      (416,735)       (1,126,005)       664,891         219,406   
Interest Rates U.S.
      (656,570)       1,381,938        154,360         430,939   
Interest Rates
Non-U.S.
      (161,242)       30,132        300,340         (791,351)  
Livestock
      41,170        5,560        71,349         12,920   
Metals
      182,428          (1,002,155)       442,247           (1,000,442)  
Softs
      (76,995)       (6,493)       806,338         902,931   
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
     $   (6,056,958)  ***     $   2,417,602  ***     $ 833,856   ***     $ 11,632   *** 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
***
This amount is included in “Total trading results” in the Statements of Income and Expenses.