Derivative Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Derivative Instruments [Abstract]

Schedule Of Fair Value Of Futures And Forward Currency Contracts

Fair Value of Futures and Forward Currency Contracts at March 31, 2020
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	-	$	-	$	931,892	$	(55,137)	$	876,755
Grains		81,318		(12,920)		528		(13,451)		55,475
Interest rates		862,548		(258,058)		-		-		604,490
Livestock		3,750		(1,130)		-		-		2,620
Metals		129,545		(1,493,292)		1,821,042		(101,812)		355,483
Softs		4,860		(4,250)		73,274		(3,303)		70,581
Stock indices		291,149		(24,597)		109,216		(59,466)		316,302
Total futures contracts		1,373,170		(1,794,247)		2,935,952		(233,169)		2,281,706
Forward currency contracts		1,930,809		(4,739,140)		6,515,667		(2,062,000)		1,645,336
Total futures and
forward currency contracts	$	3,303,979	$	(6,533,387)	$	9,451,619	$	(2,295,169)	$	3,927,042
Fair Value of Futures and Forward Currency Contracts at December 31, 2019
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	340,590	$	(106,604)	$	79,540	$	(1,390)	$	312,136
Grains		19,178		(2,420)		5,688		(210,225)		(187,779)
Interest rates		15,841		(74,086)		562,011		(109,203)		394,563
Livestock		-		(140)		-		-		(140)
Metals		643,619		(256,322)		286,283		(378,574)		295,006
Softs		15,605		(1,265)		6,852		(24,915)		(3,723)
Stock indices		360,698		(293,292)		250,607		(30,604)		287,409
Total futures contracts		1,395,531		(734,129)		1,190,981		(754,911)		1,097,472
Forward currency contracts		3,441,103		(547,890)		503,584		(4,592,861)		(1,196,064)
Total futures and
forward currency contracts	$	4,836,634	$	(1,282,019)	$	1,694,565	$	(5,347,772)	$	(98,592)

Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts

Sector	Three months ended: March 31, 2020		Three months ended: March 31, 2019
Futures contracts:
Energies	$	7,225,539	$	(3,290,498)
Grains		538,904		420,751
Interest rates		(2,494,946)		6,873,685
Livestock		284,010		(4,950)
Metals		(59,977)		(539,135)
Softs		1,534		65,006
Stock indices		(32,413,088)		719,686
Total futures contracts		(26,918,024)		4,244,545
Forward currency contracts		905,691		(1,678,879)
Total futures and
forward currency contracts	$	(26,012,333)	$	2,565,666

Schedule Of Average Notional Value By Sector Of Futures And Forward Currency Contracts

Average notional value by sector of futures and forward currency contracts for the three months ended March 31, 2020 and 2019
		2020				2019
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	13,493,572	$	8,451,385	$	8,306,253	$	23,567,196
Grains		1,962,864		5,938,694		3,417,256		9,120,410
Interest rates		100,109,094		108,167,176		271,415,198		97,171,043
Livestock		180,225		-		510,300		408,595
Metals		14,629,243		3,487,808		547,550		13,668,889
Softs		833,210		1,695,831		372,238		3,255,267
Stock indices		62,517,081		15,783,316		52,012,558		45,462,048
Total futures contracts		193,725,289		143,524,210		336,581,353		192,653,448
Forward currency contracts		15,884,893		40,802,386		22,157,493		82,948,064
Total futures and
forward currency contracts	$	209,610,182	$	184,326,596	$	358,738,846	$	275,601,512

Offsetting Of Derivative Assets And Liabilities

Offsetting derivative assets and liabilities at March 31, 2020
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	885,328	$	(183,579)	$	701,749
Counterparty I		2,799,749		(1,729,581)		1,070,168
Counterparty J		624,045		(114,256)		509,789
Total futures contracts		4,309,122		(2,027,416)		2,281,706
Forward currency contracts
Counterparty G		5,044,936		(3,251,863)		1,793,073
Total assets	$	9,354,058	$	(5,279,279)	$	4,074,779
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Forward currency contracts
Counterparty K	$	3,549,277	$	(3,401,540)	$	147,737
Total liabilities	$	3,549,277	$	(3,401,540)	$	147,737

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	701,749	$	-	$	(701,749)	$	-
Counterparty G		1,793,073		-		-		1,793,073
Counterparty I		1,070,168		-		(1,070,168)		-
Counterparty J		509,789		-		(509,789)		-
Total	$	4,074,779	$	-	$	(2,281,706)	$	1,793,073
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty K	$	147,737	$	-	$	(147,737)	$	-
Total	$	147,737	$	-	$	(147,737)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets and liabilities presented in the Statement of
Financial Condition for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of March 31, 2020.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of March 31, 2020.

Offsetting derivative assets and liabilities at December 31, 2019
Assets		Gross amounts of recognized assets		Gross amounts offset in the Statement of Financial Condition		Net amounts of assets presented in the Statement of Financial Condition
Futures contracts
Counterparty C	$	719,162	$	(343,980)	$	375,182
Counterparty I		1,247,715		(935,027)		312,688
Counterparty J		619,635		(210,033)		409,602
Total assets	$	2,586,512	$	(1,489,040)	$	1,097,472
						(Continued)
Liabilities		Gross amounts of recognized liabilities		Gross amounts offset in the Statement of Financial Condition		Net amounts of liabilities presented in the Statement of Financial Condition
Forward currency contracts
Counterparty G	$	2,882,795	$	(2,020,760)	$	862,035
Counterparty K		2,257,956		(1,923,927)		334,029
Total liabilities	$	5,140,751	$	(3,944,687)	$	1,196,064
						(Concluded)

				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Assets presented in the Statement of Financial Condition		Financial Instruments		Collateral Received(1)(2)		Net Amount(3)
Counterparty C	$	375,182	$	-	$	(375,182)	$	-
Counterparty I		312,688		-		(312,688)		-
Counterparty J		409,602		-		(409,602)		-
Total	$	1,097,472	$	-	$	(1,097,472)	$	-
				Amounts Not Offset in the Statement of Financial Condition
Counterparty		Net amounts of Liabilities presented in the Statement of Financial Condition		Financial Instruments		Collateral Pledged(1)(2)		Net Amount(4)
Counterparty G	$	862,035	$	-	$	(862,035)	$	-
Counterparty K		334,029		-		(334,029)		-
Total	$	1,196,064	$	-	$	(1,196,064)	$	-
(1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed
by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty.
(2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of assets presented in the Statement of Financial Condition
for each respective counterparty.
(3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019.