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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.