Trading Activities

3 Months Ended

Mar. 31, 2020

Brokers and Dealers [Abstract]

Trading Activities

5. Trading Activities:

The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, each Trading Advisor for the Partnership will take speculative positions in Futures Interests where it feels the best profit opportunities exist for its trading strategies. As such, the average number of contracts outstanding in absolute quantities (the total of the open long and open short positions) has been presented as a part of the volume disclosure, as position direction is not an indicative factor in such volume disclosures.

All of the Futures Interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded during the three months ended March 31, 2020 and 2019 were 2,071 and 2,726, respectively. The monthly average number of metal forward contracts traded during the three months ended March 31, 2020 and 2019 were 397 and 386, respectively. The monthly average notional value of currency forward contracts traded during the three months ended March 31, 2020 and 2019 were $60,340,987 and $74,118,889, respectively.

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2020 and December 31, 2019, respectively.

	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				Net Amount
March 31, 2020							Financial     Instruments		Cash Collateral Received/       Pledged*
Assets
Futures	$	1,095,148	$	(240,506)	$	854,642	$	-	$	-	$	854,642
Forwards		1,340,048		(709,524)		630,524		-		-		630,524
Total assets	$	2,435,196	$	(950,030)	$	1,485,166	$	-	$	-	$	1,485,166
Liabilities
Futures	$	(240,506)	$	240,506	$	-	$	-	$	-	$	-
Forwards		(709,524)		709,524		-		-		-		-
Total liabilities	$	(950,030)	$	950,030	$	-	$	-	$	-	$	-
Net fair value											$	1,485,166	*

	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				Net Amount
December 31, 2019							Financial     Instruments		Cash Collateral Received/       Pledged*
Assets
Futures	$	1,455,308	$	(805,108)	$	650,200	$	-	$	-	$	650,200
Forwards		227,718		(227,718)		-		-		-		-
Total assets	$	1,683,026	$	(1,032,826)	$	650,200	$	-	$	-	$	650,200
Liabilities
Futures	$	(805,108)	$	805,108	$	-	$	-	$	-	$	-
Forwards		(489,107)		227,718		(261,389)		-		261,389		-
Total liabilities	$	(1,294,215)	$	1,032,826	$	(261,389)	$	-	$	261,389	$	-
Net fair value											$	650,200	*

* 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 on 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. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of March 31, 2020 and December 31, 2019, respectively.

	March 31, 2020
Assets
Futures Contracts
Commodity	$	464,203
Equity		106,502
Currencies		146,580
Interest rates		377,863
Total unrealized appreciation on open futures contracts		1,095,148
Liabilities
Futures Contracts
Commodity		(126,534)
Equity		(89,136)
Currencies		(613)
Interest rates		(24,223)
Total unrealized depreciation on open futures contracts		(240,506)
Net unrealized appreciation on open futures contracts	$	854,642	*
Assets
Forward Contracts
Commodity	$	1,127,084
Currencies		212,964
Total unrealized appreciation on open forward contracts		1,340,048
Liabilities
Forward Contracts
Commodity		(473,049)
Currencies		(236,475)
Total unrealized depreciation on open forward contracts		(709,524)
Net unrealized appreciation on open forward contracts	$	630,524	**

* 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.

	December 31, 2019
Assets
Futures Contracts
Commodity	$	563,455
Equity		498,738
Currencies		195,187
Interest rates		197,928
Total unrealized appreciation on open futures contracts		1,455,308
Liabilities
Futures Contracts
Commodity		(223,403)
Equity		(133,469)
Currencies		(59,373)
Interest rates		(388,863)
Total unrealized depreciation on open futures contracts		(805,108)
Net unrealized appreciation on open futures contracts	$	650,200	*
Assets
Forward Contracts
Commodity	$	123,549
Currencies		104,169
Total unrealized appreciation on open forward contracts		227,718
Liabilities
Forward Contracts
Commodity		(235,526)
Currencies		(253,581)
Total unrealized depreciation on open forward contracts		(489,107)
Net unrealized depreciation on open forward contracts	$	(261,389)	**

* 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.

The following table indicates the Partnership’s trading gains and losses, by market sector, on derivative instruments for the three months ended March 31, 2020 and 2019.

	Three Months Ended March 31,
Sector	2020			2019
Commodity	$	1,947,325		$	(1,273,095)
Equity		(6,022,671)			582,351
Currencies		375,743			(420,821)
Interest rates		3,436,407			1,922,368
Total	$	(263,196)	***	$	810,803	***

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