Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements

Schedule of fair value hierarchy for assets and liabilities measured at fair value on a recurring basis

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2019:

Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	401,807	$	—	$	—	$	401,807
Forward currency contracts		—		(69,073)		—		(69,073)
Swap contracts		—		3,037,439		—		3,037,439
Cash and cash equivalents
U.S. money market fund		576,180		—		—		576,180
Securities owned
U.S. Government-sponsored enterprises		—		31,644,430		—		31,644,430
U.S. Government securities		—		13,431,977		—		13,431,977
U.S. Exchange-traded funds		5,004,400		—		—		5,004,400
Total	$	5,982,387	$	48,044,773	$	—	$	54,027,160

The gross presentation of the fair value of the Partnership’s derivatives by contract type is shown in Note 11. See the consolidated condensed schedule of investments for detail by sector.

The following table presents the Partnership’s fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2018:

Assets	Level 1		Level 2		Level 3		Total
Equity in brokers' trading accounts
U.S. and foreign futures contracts	$	1,727,541	$	—	$	—	$	1,727,541
Forward currency contracts		—		(41,428)		—		(41,428)
Swap contracts		—		1,933,109		—		1,933,109
Cash and cash equivalents
U.S. money market fund		2,518,703		—		—		2,518,703
Securities owned
U.S. Government-sponsored enterprises		—		41,635,179		—		41,635,179
U.S. Government securities		—		14,752,579		—		14,752,579
U.S. Exchange-traded funds		4,348,700		—		—		4,348,700
Total	$	8,594,944	$	58,279,439	$	—	$	66,874,383