Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments [Abstract]

Schedule Of Fair Value Of Futures And Forward Currency Contracts

Fair Value of Futures and Forward Currency Contracts at September 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	$	12,007	$	(5,210)	$	52,520	$	(23,997)	$	35,320
Grains		207,685		(12,785)		3,762		(179,463)		19,199
Interest rates		904,356		(219,732)		725		(1,695)		683,654
Livestock		5,310		-		1,580		(9,540)		(2,650)
Metals		259,152		(262,251)		157,360		(123,204)		31,057
Softs		24,227		(5,291)		14,450		(120)		33,266
Stock indices		384,001		(229,842)		47,326		(11,514)		189,971
Total futures contracts		1,796,738		(735,111)		277,723		(349,533)		989,817
Forward currency contracts		1,329,342		(2,510,867)		3,236,869		(1,288,009)		767,335
Total futures and
forward currency contracts	$	3,126,080	$	(3,245,978)	$	3,514,592	$	(1,637,542)	$	1,757,152
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 nine months ended September 30, 2020 and 2019

Sector	Three months ended: September 30, 2020		Three months ended: September 30, 2019		Nine months ended: September 30, 2020		Nine months ended: September 30, 2019
Futures contracts:
Energies	$	593,366	$	(2,659,402)	$	5,582,670	$	(6,999,886)
Grains		(435,375)		642,858		384,196		1,967,023
Interest rates		(1,813,422)		460,188		(2,448,170)		8,240,958
Livestock		56,980		(165,430)		322,100		44,980
Metals		548,309		(237,875)		121,408		(711,590)
Softs		(3,277)		285,979		(258,749)		206,226
Stock indices		3,842,827		3,024,190		(24,972,026)		3,560,741
Total futures contracts		2,789,408		1,350,508		(21,268,571)		6,308,452
Forward currency contracts		2,040,739		387,831		3,620,544		(1,613,013)
Total futures and
forward currency contracts	$	4,830,147	$	1,738,339	$	(17,648,027)	$	4,695,439

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 nine months ended September 30, 2020 and 2019
		2020				2019
Sector		Long positions		Short positions		Long positions		Short positions
Futures contracts:
Energies	$	8,911,277	$	6,718,330	$	10,710,588	$	16,083,367
Grains		4,539,716		4,543,772		2,227,178		9,724,495
Interest rates		210,815,600		54,680,755		167,096,856		138,507,852
Livestock		155,158		139,923		320,490		717,053
Metals		13,333,707		2,316,727		2,054,703		9,688,499
Softs		1,190,563		1,040,801		186,119		3,815,158
Stock indices		56,641,598		11,141,806		62,999,353		39,500,771
Total futures contracts		295,587,619		80,582,114		245,595,287		218,037,195
Forward currency contracts		45,720,939		24,124,986		32,945,989		81,457,701
Total futures and
forward currency contracts	$	341,308,558	$	104,707,100	$	278,541,276	$	299,494,896

Offsetting Of Derivative Assets And Liabilities

Offsetting derivative assets and liabilities at September 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	$	663,463	$	(215,950)	$	447,513
Counterparty J		504,819		(100,298)		404,521
Counterparty L		896,320		(756,101)		140,219
Total futures contracts		2,064,602		(1,072,349)		992,253
Forward currency contracts
Counterparty G	$	2,131,073	$	(1,958,943)	$	172,130
Counterparty K		2,435,138		(1,839,933)		595,205
Total forward currency contracts		4,566,211		(3,798,876)		767,335
Total assets	$	6,630,813	$	(4,871,225)	$	1,759,588
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
Futures contracts
Counterparty I	$	12,295	$	(9,859)	$	2,436
Total liabilities	$	12,295	$	(9,859)	$	2,436

				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	$	447,513	$	-	$	(447,513)	$	-
Counterparty G		172,130		-		-		172,130
Counterparty J		404,521		-		(404,521)		-
Counterparty K		595,205		-		-		595,205
Counterparty L		140,219		-		(140,219)		-
Total	$	1,759,588	$	-	$	(992,253)	$	767,335
				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 I	$	2,436	$	-	$	(2,436)	$	-
Total	$	2,436	$	-	$	(2,436)	$	-
(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 September 30, 2020.
(4) Net amount represents the amounts owed by the Partnership to each counterparty as of September 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.