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

December 31, 2018	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	851,529	$	(757,896)	$	93,633	$	-	$	-	$	93,633
Total assets	$	851,529	$	(757,896)	$	93,633	$	-	$	-	$	93,633
Liabilities
Futures	$	(757,896)	$	757,896	$	-	$	-	$	-	$	-
Total liabilities	$	(757,896)	$	757,896	$	-	$	-	$	-	$	-
Net Fair Value											$	93,633	*
December 31, 2017	Gross Amounts Recognized		Gross Amounts Offset in the Statements of Financial Condition		Amounts Presented in the Statements of Financial Condition		Gross Amounts Not Offset in the Statements of Financial Condition
							Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	710,148	$	(522,665)	$	187,483	$	-	$	-	$	187,483
Total assets	$	710,148	$	(522,665)	$	187,483	$	-	$	-	$	187,483
Liabilities
Futures	$	(522,665)	$	522,665	$	-	$	-	$	-	$	-
Total liabilities	$	(522,665)	$	522,665	$	-	$	-	$	-	$	-
Net Fair Value											$	187,483	*

* 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, Forward and Option Contracts Traded

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

	December 31, 2018
Assets
Futures Contracts
Currencies	$	117,929
Energy		84,783
Grains		59,786
Indices		188,979
Interest Rates U.S.		110,603
Interest Rates Non-U.S.		239,824
Livestock		6,430
Metals		23,688
Softs		19,507
Total unrealized appreciation on open futures contracts		851,529
Liabilities
Futures Contracts
Currencies		(148,721	)
Energy		(103,128	)
Grains		(116,823	)
Indices		(101,999	)
Interest Rates U.S.		(100,422	)
Interest Rates Non-U.S.		(127,847	)
Livestock		(2,880	)
Metals		(5,835	)
Softs		(50,241	)
Total unrealized depreciation on open futures contracts		(757,896	)
Net unrealized appreciation on open futures contracts	$	93,633	*

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

	December 31, 2017
Assets
Futures Contracts
Currencies	$	94,211
Energy		214,439
Grains		69,673
Indices		62,560
Interest Rates U.S.		14,844
Interest Rates Non-U.S.		16,572
Livestock		144,163
Metals		50,653
Softs		43,033
Total unrealized appreciation on open futures contracts		710,148
Liabilities
Futures Contracts
Currencies		(60,036	)
Energy		(39,440	)
Grains		(17,591	)
Indices		(147,661	)
Interest Rates U.S.		(5,813	)
Interest Rates Non-U.S.		(22,410	)
Livestock		(138,305	)
Metals		(40,050	)
Softs		(51,359	)
Total unrealized depreciation on open futures contracts		(522,665	)
Net unrealized appreciation on open futures contracts	$	187,483	*
Assets
Options Purchased
Energy	$	43,000
Softs		8,625
Total options purchased	$	51,625	**
Liabilities
Options Written
Energy	$	(23,000	)
Total options written	$	(23,000	)***

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

** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition.

*** This amount is in “Options written, at fair value” 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	$	(522,483	)	$	205,969		$	219,420
Energy		(118,612	)		(471,773	)		1,020,372
Grains		(194,106	)		(803,721	)		(81,019	)
Indices		517,449			497,548			(152,017	)
Interest Rates U.S.		220,851			(254,500	)		(1,253,337	)
Interest Rates Non-U.S.		322,348			29,826			1,238,890
Livestock		(105,180	)		(29,930	)		(54,052	)
Metals		170,796			(1,540	)		(454,501	)
Softs		14,669			(342,697	)		(261,639	)
Total	$	305,732	****	$	(1,170,818	)****	$	222,117	****

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