Derivative Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Derivative Instruments [Abstract]

Schedule Of Fair Value Of Futures And Forward Currency Contracts

Fair Value of Futures and Forward Currency Contracts at June 30, 2020
										Net Unrealized
		Fair Value - Long Positions				Fair Value - Short Positions				Gain (Loss) on
Sector		Gains		Losses		Gains		Losses		Open Positions
Futures contracts:
Energies	$	76,722	$	(27,070)	$	42,300	$	(98,680)	$	(6,728)
Grains		168,350		(1,650)		1,157		(38,591)		129,266
Interest rates		878,747		(57,224)		1,222		(285)		822,460
Livestock		820		(1,730)		-		(350)		(1,260)
Metals		539,751		(21,621)		2,820		(970,510)		(449,560)
Softs		6,919		(28,030)		-		(6,088)		(27,199)
Stock indices		313,320		(29,553)		126,994		(22,758)		388,003
Total futures contracts		1,984,629		(166,878)		174,493		(1,137,262)		854,982
Forward currency contracts		679,458		(1,663,793)		1,358,573		(566,723)		(192,485)
Total futures and
forward currency contracts	$	2,664,087	$	(1,830,671)	$	1,533,066	$	(1,703,985)	$	662,497
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

Trading gains (losses) of futures and forward currency contracts for the three and six months ended June 30, 2020 and 2019

Sector	Three months ended: June 30, 2020		Three months ended: June 30, 2019		Six months ended: June 30, 2020		Six months ended: June 30, 2019
Futures contracts:
Energies	$	(2,236,235)	$	(1,049,986)	$	4,989,304	$	(4,340,484)
Grains		280,667		903,414		819,571		1,324,165
Interest rates		1,860,198		907,085		(634,748)		7,780,770
Livestock		(18,890)		215,360		265,120		210,410
Metals		(366,924)		65,420		(426,901)		(473,715)
Softs		(257,006)		(144,759)		(255,472)		(79,753)
Stock indices		3,598,235		(183,135)		(28,814,853)		536,551
Total futures contracts		2,860,045		713,399		(24,057,979)		4,957,944
Forward currency contracts		674,114		(321,965)		1,579,805		(2,000,844)
Total futures and
forward currency contracts	$	3,534,159	$	391,434	$	(22,478,174)	$	2,957,100

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 six months ended June 30, 2020 and 2019
		2020				2019
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	10,894,122	$	7,052,201	$	8,715,389	$	21,243,773
Grains		2,915,933		4,807,045		2,708,704		8,729,568
Interest rates		145,964,175		72,365,293		211,918,524		117,938,548
Livestock		197,170		6,537		340,200		617,817
Metals		12,006,013		3,073,785		642,773		11,524,551
Softs		1,026,203		1,226,488		248,158		3,406,558
Stock indices		52,453,340		13,442,685		59,655,173		43,560,034
Total futures contracts		225,456,956		101,974,034		284,228,921		207,020,849
Forward currency contracts		28,940,539		28,569,448		37,789,022		65,408,187
Total futures and
forward currency contracts	$	254,397,495	$	130,543,482	$	322,017,943	$	272,429,036

Offsetting Of Derivative Assets And Liabilities

Offsetting derivative assets and liabilities at June 30, 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	$	598,639	$	(126,008)	$	472,631
Counterparty I		1,183,078		(1,038,518)		144,560
Counterparty J		377,405		(139,614)		237,791
Total assets	$	2,159,122	$	(1,304,140)	$	854,982
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	$	1,119,433	$	(1,090,449)	$	28,984
Counterparty K		1,111,083		(947,582)		163,501
Total liabilities	$	2,230,516	$	(2,038,031)	$	192,485

				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	$	472,631	$	-	$	(472,631)	$	-
Counterparty I		144,560		-		(144,560)		-
Counterparty J		237,791		-		(237,791)		-
Total	$	854,982	$	-	$	(854,982)	$	-
				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	$	28,984	$	-	$	(28,984)	$	-
Counterparty K		163,501		-		(163,501)		-
Total	$	192,485	$	-	$	(192,485)	$	-
(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 June 30, 2020.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of June 30, 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.