Trading Activities (Tables)

12 Months Ended

Dec. 31, 2018

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 or similar arrangements as of December 31, 2018 and 2017, respectively.

				Gross Amounts			Amounts		Gross Amounts Not Offset in the
				Offset in the			Presented in the		Statements of Financial Condition
	Gross			Statements of			Statements of				Cash Collateral
	Amounts			Financial			Financial		Financial		Received/
December 31, 2018	Recognized			Condition			Condition		Instruments		Pledged*		Net Amount
Assets
Forwards	$	137,302		$	(108,245	)	$	29,057	$	—	$	—	$	29,057
Total assets	$	137,302		$	(108,245	)	$	29,057	$	—	$	—	$	29,057
Liabilities
Forwards	$	(108,245	)	$	108,245		$	—	$	—	$	—	$	—
Total liabilities	$	(108,245	)	$	108,245		$	—	$	—	$	—	$	—
Net fair value													$	29,057	*
				Gross Amounts			Amounts		Gross Amounts Not Offset in the
				Offset in the			Presented in the		Statements of Financial Condition
	Gross			Statements of			Statements of				Cash Collateral
	Amounts			Financial			Financial		Financial		Received/
December 31, 2017	Recognized			Condition			Condition		Instruments		Pledged*		Net Amount
Assets
Futures	$	9,793,492		$	(4,789,432	)	$	5,004,060	$	—	$	—	$	5,004,060
Forwards		11,774,122			(10,900,848	)		873,274		—		—		873,274
Total assets	$	21,567,614		$	(15,690,280	)	$	5,877,334	$	—	$	—	$	5,877,334
Liabilities
Futures	$	(4,789,432	)	$	4,789,432		$	—	$	—	$	—	$	—
Forwards		(10,900,848	)		10,900,848			—		—		—		—
Total liabilities	$	(15,690,280	)	$	15,690,280		$	—	$	—	$	—	$	—
Net fair value													$	5,877,334	*

* 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 Traded

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2018 and 2017, respectively.

	December 31, 2018
Assets
Forward Contracts
Metals	$	137,302
Total unrealized appreciation on open forward contracts		137,302
Liabilities
Forward Contracts
Metals		(108,245	)
Total unrealized depreciation on open forward contracts		(108,245	)
Net unrealized appreciation on open forward contracts	$	29,057	*

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

	December 31, 2017
Assets
Futures Contracts
Energy	$	4,510,786
Grains		629,298
Indices		2,719,041
Interest Rates U.S.		71,430
Interest Rates Non-U.S.		641,412
Metals		666,037
Softs		555,488
Total unrealized appreciation on open futures contracts		9,793,492
Liabilities
Futures Contracts
Energy		(787,785	)
Grains		(29,437	)
Indices		(1,479,383	)
Interest Rates U.S.		(757,358	)
Interest Rates Non-U.S.		(1,322,106	)
Livestock		(27,290	)
Metals		(263,285	)
Softs		(122,788	)
Total unrealized depreciation on open futures contracts		(4,789,432	)
Net unrealized appreciation on open futures contracts	$	5,004,060	*
Assets
Forward Contracts
Currencies	$	8,187,150
Metals		3,586,972
Total unrealized appreciation on open forward contracts		11,774,122
Liabilities
Forward Contracts
Currencies		(7,330,639	)
Metals		(3,570,209	)
Total unrealized depreciation on open forward contracts		(10,900,848	)
Net unrealized appreciation on open forward contracts	$	873,274	**

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

** This amount is in “Net unrealized appreciation 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 directly by the Partnership for the years ended December 31, 2018, 2017 and 2016, respectively.

Sector	2018			2017			2016
Currencies	$	(3,364,175	)	$	(7,867,522	)	$	3,080,007
Energy		2,715,862			(106,263	)		(12,279,027	)
Grains		(3,115,089	)		(4,270,109	)		(210,422	)
Indices		(6,559,366	)		29,363,266			(6,694,075	)
Interest Rates U.S.		(2,158,832	)		(4,548,710	)		(4,607,629	)
Interest Rates Non-U.S.		(631,329	)		(7,142,822	)		4,717,308
Livestock		(155,263	)		(902,168	)		(1,279,792	)
Metals		(1,219,114	)		(404,789	)		(4,359,666	)
Softs		708,983			(233,585	)		(1,168,318	)
Total	$	(13,778,323	)***	$	3,887,298	***	$	(22,801,614	)***

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