Trading Activities (Tables)

12 Months Ended

Dec. 31, 2018

Brokers and Dealers [Abstract]

Summary of Valuation of Investments

The following table summarizes 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 December 31, 2018.

				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
Futures	$	6,579,887		$	(4,822,376	)	$	1,757,511		$	-	$	-	$	1,757,511
Forwards		2,203,511			(2,203,511	)		-			-		-		-
Total assets	$	8,783,398		$	(7,025,887	)	$	1,757,511		$	-	$	-	$	1,757,511
Liabilities
Futures	$	(4,822,376	)	$	4,822,376		$	-		$	-	$	-	$	-
Forwards		(2,567,628	)		2,203,511			(364,117	)		-		-		(364,117)
Total liabilities	$	(7,390,004	)	$	7,025,887		$	(364,117	)	$	-	$	-	$	(364,117)
Net fair value														$	1,393,394	*

*    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 Option Contracts, as Separate Assets and Liabilities

The following table indicates the gross fair values of derivative instruments of futures, forward and option contracts held directly by the Partnership as separate assets and liabilities as of December 31, 2018. As of December 31, 2017, no derivative instruments were held directly by the Partnership.

	December 31,
	2018
Assets
Futures Contracts
Currencies	$	14,578
Energy		5,628,038
Grains		157,540
Livestock		317,100
Metals		125,934
Softs		336,697
Total unrealized appreciation on open futures contracts		6,579,887
Liabilities
Futures Contracts
Currencies		(1,159	)
Energy		(3,938,643	)
Grains		(66,943	)
Livestock		(252,835	)
Metals		(295,124	)
Softs		(267,672	)
Total unrealized depreciation on open futures contracts		(4,822,376	)
Net unrealized appreciation on open futures contracts	$	1,757,511		*
Assets
Forward Contracts
Metals	$	2,203,511
Total unrealized appreciation on open forward contracts		2,203,511
Liabilities
Forward Contracts
Metals		(2,567,628	)
Total unrealized depreciation on open forward contracts		(2,567,628	)
Net unrealized depreciation on open forward contracts	$	(364,117	)	**
Assets
Options Purchased
Energy	$	35,640
Grains		27,500
Livestock		19,620
Metals		222,454
Total options purchased	$	305,214		***
Liabilities
Options Written
Energy	$	(34,760	)
Livestock		(17,820	)
Metals		(239,069	)
Softs		(117,922	)
Total options written	$	(409,571	)	****

* 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.

*** 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

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the year ended December 31, 2018. During the years ended December 31, 2017 and 2016, no derivative instruments were traded directly by the Partnership.

Sector	2018
Currencies	$	(361,231)
Energy		5,468,819
Grains		147,389
Interest Rates Non-U.S.		17,430
Livestock		570,324
Metals		(865,848)
Softs		1,148,562
Total	$	6,125,445	*****

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