Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | POTOMAC FUTURES FUND LP | |
Entity Central Index Key | 0001043565 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Address, State or Province | NY | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 26,173.5968 | |
Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 22.3230 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Equity in trading account: | ||
Unrestricted cash | $ 28,760,889 | $ 13,460,371 |
Restricted cash | 9,851,055 | 3,230,953 |
Net unrealized appreciation on open contracts | 334,452 | 766,141 |
Total equity in trading account | 38,946,396 | 17,457,465 |
Receivable from General Partner | 0 | 15,849 |
Interest receivable | 55,517 | 26,847 |
Total assets | 39,001,913 | 17,500,161 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 39,076 | 0 |
Accrued expenses: | ||
Ongoing selling agent fees | 64,189 | 28,781 |
Management fees | 48,273 | 21,661 |
General Partner fees | 28,964 | 14,441 |
Professional fees | 280,162 | 142,206 |
Redemptions payable to Limited Partners | 304,078 | 104,315 |
Total liabilities | 764,742 | 311,404 |
Partners' Capital: | ||
Total partners' capital (net asset value) | 38,237,171 | 17,188,757 |
Total liabilities and partners' capital | 39,001,913 | 17,500,161 |
Forward Contracts [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 334,452 | 479,523 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 0 | 0 |
Futures [Member] | ||
Equity in trading account: | ||
Net unrealized appreciation on open contracts | 0 | 286,618 |
Liabilities: | ||
Net unrealized depreciation on open contracts | 39,076 | 0 |
Class A [Member] | ||
Partners' Capital: | ||
Limited Partners, | 37,791,882 | 16,975,265 |
Total partners' capital (net asset value) | $ 37,791,882 | $ 16,975,265 |
Net asset value per Redeemable Unit | $ 1,432.19 | $ 1,230.07 |
Class Z [Member] | ||
Partners' Capital: | ||
General Partner, Class Z, 412.4990 and 246.4190 Redeemable Units outstanding at September 30, 2019 and December 31, 2018, respectivel | $ 422,429 | $ 213,492 |
Limited Partners, | 22,860 | 0 |
Total partners' capital (net asset value) | $ 445,289 | $ 213,492 |
Net asset value per Redeemable Unit | $ 1,024.07 | $ 866.38 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Sep. 30, 2019 | Dec. 31, 2018 |
Class A [Member] | ||
Limited Partners Redeemable Units outstanding | 26,387.5128 | 13,800.2198 |
Class Z [Member] | ||
General Partner Redeemable Units outstanding | 412.4990 | 246.4190 |
Limited Partners Redeemable Units outstanding | 22.3230 | 0 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Sep. 30, 2019USD ($)Derivative | Dec. 31, 2018USD ($)Derivative | ||
Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation on open contracts | $ (39,076) | $ 286,618 | ||
Percentage of Partners' Capital | (0.10%) | 1.67% | ||
Total unrealized appreciation on open contracts | $ 852,080 | $ 561,881 | ||
Total unrealized depreciation on open contracts | (891,156) | (275,263) | ||
Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ 71,820 | $ 157,988 | ||
Percentage of Partners' Capital | 0.19% | 0.92% | ||
Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ (110,896) | $ 128,630 | ||
Percentage of Partners' Capital | (0.29%) | 0.75% | ||
Metals [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 63,540 | $ 23,908 | ||
Total unrealized depreciation on open contracts | $ (75,143) | $ (400) | ||
Metals [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 31 | 8 | ||
Investment, Fair Value | $ (11,603) | $ 19,310 | ||
Percentage of Partners' Capital | (0.03%) | 0.11% | ||
Metals [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 7 | |||
Investment, Fair Value | $ 4,198 | |||
Percentage of Partners' Capital | 0.02% | |||
Energy [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 151,258 | $ 63,201 | ||
Total unrealized depreciation on open contracts | $ (30,394) | $ (83,350) | ||
Energy [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 15 | 11 | ||
Investment, Fair Value | $ (27,320) | $ (82,600) | ||
Percentage of Partners' Capital | (0.07%) | (0.48%) | ||
Energy [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 72 | 12 | ||
Investment, Fair Value | $ 148,184 | $ 62,451 | ||
Percentage of Partners' Capital | 0.38% | 0.36% | ||
Grains [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 30,658 | $ 67,071 | ||
Total unrealized depreciation on open contracts | $ (64,197) | $ (930) | ||
Grains [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 39 | 1 | ||
Investment, Fair Value | $ 519 | $ (80) | ||
Percentage of Partners' Capital | [1] | 0.00% | 0.00% | |
Grains [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 134 | 167 | ||
Investment, Fair Value | $ (34,058) | $ 66,221 | ||
Percentage of Partners' Capital | (0.09%) | 0.39% | ||
Indices [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 228,839 | $ 67,303 | ||
Total unrealized depreciation on open contracts | $ (88,017) | $ (67,877) | ||
Indices [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 364 | 16 | ||
Investment, Fair Value | $ 161,355 | $ (13,698) | ||
Percentage of Partners' Capital | 0.43% | (0.08%) | ||
Indices [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 48 | 89 | ||
Investment, Fair Value | $ (20,533) | $ 13,124 | ||
Percentage of Partners' Capital | (0.05%) | 0.08% | ||
Interest Rates U.S. [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 13,548 | $ 40,484 | ||
Total unrealized depreciation on open contracts | $ (130,740) | $ (112,616) | ||
Interest Rates U.S. [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 212 | 98 | ||
Investment, Fair Value | $ (105,693) | $ 40,140 | ||
Percentage of Partners' Capital | (0.27%) | 0.23% | ||
Interest Rates U.S. [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 73 | 134 | ||
Investment, Fair Value | $ (11,499) | $ (112,272) | ||
Percentage of Partners' Capital | (0.03%) | (0.65%) | ||
Interest Rates Non-U.S. [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 279,976 | $ 191,985 | ||
Total unrealized depreciation on open contracts | $ (394,929) | $ (8,061) | ||
Interest Rates Non-U.S. [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,312 | 974 | ||
Investment, Fair Value | $ (9,870) | $ 184,406 | ||
Percentage of Partners' Capital | (0.03%) | 1.07% | ||
Interest Rates Non-U.S. [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 276 | 10 | ||
Investment, Fair Value | $ (105,083) | $ (482) | ||
Percentage of Partners' Capital | (0.27%) | 0.00% | [1] | |
Livestock [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 70,490 | $ 30 | ||
Total unrealized depreciation on open contracts | $ (42,750) | $ (1,043) | ||
Livestock [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 20 | |||
Investment, Fair Value | $ 70,490 | |||
Percentage of Partners' Capital | 0.18% | |||
Livestock [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 9 | 3 | ||
Investment, Fair Value | $ (42,750) | $ (1,013) | ||
Percentage of Partners' Capital | (0.11%) | (0.01%) | ||
Softs [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 13,771 | $ 107,899 | ||
Total unrealized depreciation on open contracts | $ (64,986) | $ (986) | ||
Softs [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 36 | 10 | ||
Investment, Fair Value | $ (6,058) | $ 10,510 | ||
Percentage of Partners' Capital | (0.02%) | 0.07% | ||
Softs [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 75 | 77 | ||
Investment, Fair Value | $ (45,157) | $ 96,403 | ||
Percentage of Partners' Capital | (0.12%) | 0.56% | ||
Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation on open contracts | $ 334,452 | $ 479,523 | ||
Percentage of Partners' Capital | 0.87% | 2.79% | ||
Total unrealized appreciation on open contracts | $ 1,956,687 | $ 1,333,455 | ||
Total unrealized depreciation on open contracts | (1,622,235) | (853,932) | ||
Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | 317,029 | 171,195 | ||
Total unrealized depreciation on open contracts | (303,247) | (126,750) | ||
Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Notional | 200,667,914 | 74,536,326 | ||
Total unrealized appreciation on open contracts | 1,639,658 | 1,162,260 | ||
Notional | 146,947,707 | 51,277,538 | ||
Total unrealized depreciation on open contracts | $ (1,318,988) | $ (727,182) | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | 5.11% | 7.76% | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 195 | 60 | ||
Percentage of Partners' Capital | 0.83% | 1.00% | ||
Unrealized Appreciation [Member] | Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | 4.28% | 6.76% | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | (4.24%) | (4.97%) | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 137 | 42 | ||
Percentage of Partners' Capital | (0.79%) | (0.74%) | ||
Unrealized Depreciation [Member] | Forward Contracts [Member] | Currencies [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | (3.45%) | (4.23%) | ||
[1] | Due to rounding. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Investment Income: | |||||
Interest income | $ 185,970 | $ 79,538 | $ 572,565 | $ 231,359 | |
Total investment income | 185,970 | 79,538 | 572,565 | 231,359 | |
Expenses: | |||||
Clearing fees related to direct investments | 57,075 | 18,173 | 177,475 | 57,087 | |
Ongoing selling agent fees | 196,023 | 93,122 | 568,386 | 300,543 | |
Management fees | 147,416 | 70,170 | 428,691 | 226,368 | |
General Partner fees | 88,449 | 46,780 | 257,214 | 150,911 | |
Professional fees | 35,770 | 69,260 | 177,095 | 210,250 | |
Total expenses | 524,733 | 297,505 | 1,608,861 | 945,159 | |
Expenses borne by the General Partner | (15,391) | (45,830) | (66,547) | (134,327) | |
Net expenses | 509,342 | 251,675 | 1,542,314 | 810,832 | |
Net investment loss | (323,372) | (172,137) | (969,749) | (579,473) | |
Net gains (losses) on trading of commodity interests: | |||||
Net realized gains (losses) on closed contracts | 3,415,772 | 138,647 | 7,186,427 | (842,312) | |
Net change in unrealized gains (losses) on open contracts | (584,693) | (179,909) | (471,332) | (76,688) | |
Total trading results | 2,831,079 | (41,262) | 6,715,095 | (919,000) | |
Net income (loss) | 2,507,707 | (213,399) | 5,745,346 | (1,498,473) | |
Class A [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ 2,477,575 | $ (212,122) | $ 5,667,589 | $ (1,488,360) | |
Net income (loss) per Redeemable Unit | [1] | $ 90.17 | $ (13.80) | $ 202.12 | $ (95.55) |
Weighted average Redeemable Units outstanding | 27,000.4485 | 14,683.8965 | 28,425.7895 | 15,338.3711 | |
Class Z [Member] | |||||
Net gains (losses) on trading of commodity interests: | |||||
Net income (loss) | $ 30,132 | $ (1,277) | $ 77,757 | $ (10,113) | |
Net income (loss) per Redeemable Unit | [1] | $ 69.29 | $ (5.18) | $ 157.69 | $ (52.70) |
Weighted average Redeemable Units outstanding | 434.8220 | 246.4190 | 505.1829 | 252.0029 | |
[1] | Represents the change in net asset value per Redeemable Unit during the period. |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | Limited Partners [Member] | General Partner [Member] | Class A [Member] | Class A [Member]Limited Partners [Member] | Class A [Member]General Partner [Member] | Class Z [Member] | Class Z [Member]Limited Partners [Member] | Class Z [Member]General Partner [Member] |
Partners' Capital, beginning of period at Dec. 31, 2017 | $ 22,263,377 | $ 21,985,171 | $ 278,206 | ||||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2017 | 16,480.3018 | 16,183.6278 | 296.6740 | ||||||
Subscriptions | $ 50,000 | $ 50,000 | |||||||
Subscriptions, Redeemable Units | 38.2040 | 38.2040 | |||||||
Redemptions | $ (2,491,132) | $ (50,000) | $ (2,491,132) | $ (50,000) | |||||
Redemptions, Redeemable Units | (1,925.1750) | (50.2550) | (1,925.1750) | (50.2550) | |||||
Net income (loss) | $ (1,498,473) | $ (1,488,360) | $ (10,113) | ||||||
Partners' Capital, end of period at Sep. 30, 2018 | $ 18,273,772 | $ 18,055,679 | $ 218,093 | ||||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2018 | 14,543.0758 | 14,296.6568 | 246.4190 | ||||||
Partners' Capital, beginning of period at Jun. 30, 2018 | $ 19,266,900 | $ 19,047,530 | $ 219,370 | ||||||
Partners' Capital, Redeemable Units, beginning of period at Jun. 30, 2018 | 15,165.3988 | 14,918.9798 | 246.4190 | ||||||
Redemptions | $ (779,729) | $ (779,729) | |||||||
Redemptions, Redeemable Units | (622.3230) | (622.3230) | |||||||
Net income (loss) | $ (213,399) | $ (212,122) | $ (1,277) | ||||||
Partners' Capital, end of period at Sep. 30, 2018 | $ 18,273,772 | $ 18,055,679 | $ 218,093 | ||||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2018 | 14,543.0758 | 14,296.6568 | 246.4190 | ||||||
Partners' Capital, beginning of period at Dec. 31, 2018 | $ 17,188,757 | $ 16,975,265 | $ 213,492 | ||||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2018 | 14,046.6388 | 13,800.2198 | 246.4190 | ||||||
Subscriptions | $ 20,389,371 | $ 269,705 | $ 20,370,031 | $ 0 | $ 19,340 | $ 269,705 | |||
Subscriptions, Redeemable Units | 16,581.0830 | 311.3000 | 16,558.7600 | 0 | 22.3230 | 311.3000 | |||
Redemptions | $ (5,221,003) | $ (135,005) | $ (5,221,003) | $ 0 | $ (135,005) | ||||
Redemptions, Redeemable Units | (3,971.4670) | (145.2200) | (3,971.4670) | 0 | (145.2200) | ||||
Net income (loss) | $ 5,745,346 | $ 5,667,589 | $ 77,757 | ||||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 38,237,171 | $ 37,791,882 | $ 445,289 | ||||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2019 | 26,822.3348 | 26,387.5128 | 434.8220 | ||||||
Partners' Capital, beginning of period at Jun. 30, 2019 | $ 37,443,938 | $ 37,028,781 | $ 415,157 | ||||||
Partners' Capital, Redeemable Units, beginning of period at Jun. 30, 2019 | 28,026.6728 | 27,591.8508 | 434.8220 | ||||||
Redemptions | $ (1,714,474) | $ (1,714,474) | |||||||
Redemptions, Redeemable Units | (1,204.3380) | (1,204.3380) | |||||||
Net income (loss) | $ 2,507,707 | $ 2,477,575 | $ 30,132 | ||||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 38,237,171 | $ 37,791,882 | $ 445,289 | ||||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2019 | 26,822.3348 | 26,387.5128 | 434.8220 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Potomac Futures Fund L.P. (the “Partnership”) is a limited partnership organized on March 14, 1997 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of a diversified portfolio of commodity interests including futures, option, swap and forward contracts. The sectors traded include currencies, energy, grains, indices, U.S. and non-U.S. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership. The General Partner is a wholly-owned During the reporting periods ended September 30, 2019 and 2018, the Partnership’s commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior reporting periods included in this report, the Partnership deposited a portion of its cash in non-trading As of March 22, 2016, the Partnership began offering two classes of limited partnership interests, Class A Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to February 29, 2016 were deemed “Class A Redeemable Units.” The rights, liabilities, risks, and fees associated with investment in Class A Redeemable Units were not changed. Class A Redeemable Units and Class Z Redeemable Units will each be referred to as a “Class” and collectively referred to as the “Classes.” Class A Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions, and non-U.S. As of July 17, 2017, the Advisor commenced trading the Partnership’s assets directly pursuant to the Campbell Managed Futures Portfolio, a proprietary, systematic trading program. The General Partner is not aware of any material changes to the trading program other than as discussed above during the fiscal quarter ended September 30, 2019. The Partnership’s trading of futures, forward, swap and option contracts, if applicable, on commodities are done primarily on U.S. and foreign commodity exchanges. The Partnership engages in such trading through commodity brokerage accounts maintained with MS&Co. The Partnership has entered into a foreign exchange brokerage account agreement and a futures brokerage account agreement with MS&Co. The Partnership pays MS&Co. (or will reimburse MS&Co., if previously paid) its allocable share of all trading fees for the clearing and, where applicable, execution of transactions as well as exchange, user, give-up, The Partnership has also entered into a selling agent agreement with Morgan Stanley Wealth Management (as amended, the “Selling Agreement”). Pursuant to the Selling Agreement, Morgan Stanley Wealth Management receives a monthly ongoing selling agent fee equal to 2.0% per year of the Partnership’s adjusted month-end Effective January 1, 2019, the General Partner fee was reduced to 1/12 of 0.90% (0.90% per year) of month-end Effective January 1, 2017, the General Partner instituted a cap on the Partnership’s operating expenses such that the General Partner will be responsible for any such expenses to the extent they exceed 0.50% of the Partnership’s net assets in any calendar year. In July 2015, the General Partner delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a Master Services Agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2019, the results of its operations and the changes in partners’ capital for the three and nine months ended September 30, 2019 and 2018. These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. These financial statements should be read together with the financial statements and notes included in the Partnership’s Annual Report on Form 10-K 10-K”) Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investments. All commodity interests of the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests for the Partnership are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. The Partnership’s investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses for the Partnership are realized when contracts are liquidated and are determined using the first-in, first-out The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s Statements of Income and Expenses. Partnership’s Cash. Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2019 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 102.09 $ 72.62 $ (2.14) $ 236.06 $ 167.57 $ (57.98) Net investment loss (11.92) (3.33) (11.66) (33.94) (9.88) (37.57) Increase (decrease) for the period 90.17 69.29 (13.80) 202.12 157.69 (95.55) Net asset value per Redeemable Unit, beginning of period 1,342.02 954.78 1,276.73 1,230.07 866.38 1,358.48 Net asset value per Redeemable Unit, end of period $ 1,432.19 $ 1,024.07 $ 1,262.93 $ 1,432.19 $ 1,024.07 $ 1,262.93 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.4) % (1.3) % (3.7) % (3.5) (1.4) % (3.9) % Operating expenses before expenses borne by the General Partner and incentive fees 5.3 % 3.2 % 6.4 % 5.5 3.4 % 6.3 % Expenses borne by the General Partner (0.2) % (0.2) % (1.0) % (0.4) (0.4) % (0.9) % Incentive fees - % - % - % - - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.4 % 5.1 3.0 % 5.4 % Total return: Total return before incentive fees 6.7 % 7.3 % (1.1) % 16.4 18.2 % (7.0) % Incentive fees - % - % - % - - % - % Total return after incentive fees 6.7 % 7.3 % (1.1) % 16.4 18.2 % (7.0) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (other than incentive fees). *** Interest income less total expenses. The above ratios and total return may vary for individual investors based on the timing of capital transactions during the period. |
Trading Activities
Trading Activities | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 4. Trading Activities: The Partnership was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The Partnership’s results of trading activities are shown on the Statements of Income and Expenses. The futures brokerage account agreements with MS&Co. give the Partnership the legal right to net unrealized gains and losses on open futures and forward contracts. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures and forward contracts in the Statements of Financial Condition as the criteria under ASC 210-20, “Balance Sheet,” Trading and transaction fees are based on the number of trades executed by the Advisor. All clearing fees paid to MS&Co. are directly charged to the Partnership. All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded by the Partnership during the three months ended September 30, 2019 and 2018 were 2,885 and 1,286, respectively. The monthly average number of futures contracts traded by the Partnership during the nine months ended September 30, 2019 and 2018 were 3,305 and 1,327, respectively. The monthly average number of metals forward contracts traded by the Partnership during the three months ended September 30, 2019 and 2018 were 567 and 145, respectively. The monthly average number of metals forward contracts traded by the Partnership during the nine months ended September 30, 2019 and 2018 were 475 and 152, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the three months ended September 30, 2019 and 2018 were $642,832,216 and $154,752,785, respectively. The monthly average notional values of currency forward contracts traded by the Partnership during the nine months ended September 30, 2019 and 2018 were $660,522,968 and $159,450,559, respectively. The following tables summarize the gross and net amounts relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Gross Amounts Recognized Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Pledged * Assets Futures $ 852,080 $ (852,080) $ - $ - $ - $ - Forwards 1,956,687 (1,622,235) 334,452 - - 334,452 Total assets $ 2,808,767 $ (2,474,315) $ 334,452 $ - $ - $ 334,452 Liabilities Futures $ (891,156) $ 852,080 $ (39,076) $ - $ - $ (39,076) Forwards (1,622,235) 1,622,235 - - - - Total liabilities $ (2,513,391) $ 2,474,315 $ (39,076) $ - $ - $ (39,076) Net fair value $ 295,376 * December 31, 2018 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 Financial Instruments Cash Collateral Received/ Pledged * Assets Futures $ 561,881 $ (275,263) $ 286,618 $ - $ - $ 286,618 Forwards 1,333,455 (853,932) 479,523 - - 479,523 Total assets $ 1,895,336 $ (1,129,195) $ 766,141 $ - $ - $ 766,141 Liabilities Futures $ (275,263) $ 275,263 $ - $ - $ - $ - Forwards (853,932) 853,932 - - - - Total liabilities $ (1,129,195) $ 1,129,195 $ - $ - $ - $ - Net fair value $ 766,141 * * 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 The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities for the Partnership as of September 30, 2019 and December 31, 2018, respectively. Assets September 30, 2019 Futures Contracts Energy $ 151,258 Grains 30,658 Indices 228,839 Interest Rates U.S. 13,548 Interest Rates Non-U.S. 279,976 Livestock 70,490 Metals 63,540 Softs 13,771 Total unrealized appreciation on open futures contracts 852,080 Liabilities Futures Contracts Energy (30,394) Grains (64,197) Indices (88,017) Interest Rates U.S. (130,740) Interest Rates Non-U.S. (394,929) Livestock (42,750) Metals (75,143) Softs (64,986) Total unrealized depreciation on open futures contracts (891,156) Net unrealized depreciation on open futures contracts $ (39,076) * Assets Forward Contracts Currencies $ 1,639,658 Metals 317,029 Total unrealized appreciation on open forward contracts 1,956,687 Liabilities Forward Contracts Currencies (1,318,988) Metals (303,247) Total unrealized depreciation on open forward contracts (1,622,235) Net unrealized appreciation on open forward contracts $ 334,452 ** * This amount is in “Net unrealized depreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. Assets December 31, 2018 Futures Contracts Energy $ 63,201 Grains 67,071 Indices 67,303 Interest Rates U.S. 40,484 Interest Rates Non-U.S. 191,985 Livestock 30 Metals 23,908 Softs 107,899 Total unrealized appreciation on open futures contracts 561,881 Liabilities Futures Contracts Energy (83,350 ) Grains (930 ) Indices (67,877 ) Interest Rates U.S. (112,616 ) Interest Rates Non-U.S. (8,061 ) Livestock (1,043 ) Metals (400 ) Softs (986 ) Total unrealized depreciation on open futures contracts (275,263 ) Net unrealized appreciation on open futures contracts $ 286,618 * Assets Forward Contracts Currencies $ 1,162,260 Metals 171,195 Total unrealized appreciation on open forward contracts 1,333,455 Liabilities Forward Contracts Currencies (727,182 ) Metals (126,750 ) Total unrealized depreciation on open forward contracts (853,932 ) Net unrealized appreciation on open forward contracts $ 479,523 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2019 and 2018, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2019 2018 2019 2018 Currencies $ 571,646 $ 108,024 $ (199,808) $ 158,726 Energy (359,241) (51,507) (806,982) 497,103 Grains 275,381 (78,802) (146,016) (392,429) Indices 574,526 151,656 2,499,518 (908,695) Interest Rates U.S. (103,624) 88,921 818,595 459,146 Interest Rates Non-U.S. 1,658,146 (286,967) 4,942,050 (289,000) Livestock 40,638 (46,175) 151,390 (130,268) Metals 62,463 (64,712) (509,993) (523,795) Softs 111,144 138,300 (33,659) 210,212 Total $ 2,831,079 * $ (41,262) * $ 6,715,095 * $ (919,000) * * This amount is in “Total trading results” in the Partnership’s Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Partnership’s Fair Value Measurements. The fair value of exchange-traded futures, option and forward contracts is determined by the various exchanges, and reflects the settlement price for each contract as of the close of business on the last business day of the reporting period. The fair value of foreign currency forward contracts is extrapolated on a forward basis from the spot prices quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period from various exchanges. The fair value of non-exchange-traded The Partnership considers prices for commodity futures, exchange-traded swap and option contracts to be based on unadjusted quoted prices in active markets for identical assets and liabilities (Level 1). The values of U.S. Treasury bills, non-exchange-traded September 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 852,080 $ 852,080 $ - $ - Forwards 1,956,687 - 1,956,687 - Total assets $ 2,808,767 $ 852,080 $ 1,956,687 $ - Liabilities Futures $ 891,156 $ 891,156 $ - $ - Forwards 1,622,235 - 1,622,235 - Total liabilities $ 2,513,391 $ 891,156 $ 1,622,235 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 561,881 $ 561,881 $ - $ - Forwards 1,333,455 - 1,333,455 - Total assets $ 1,895,336 $ 561,881 $ 1,333,455 $ - Liabilities Futures $ 275,263 $ 275,263 $ - $ - Forwards 853,932 - 853,932 - Total liabilities $ 1,129,195 $ 275,263 $ 853,932 $ - |
Financial Instrument Risks
Financial Instrument Risks | 9 Months Ended |
Sep. 30, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 6. Financial Instrument Risks: In the normal course of business, the Partnership is party to financial instruments with off-balance-sheet over-the-counter Futures Contracts. Forward Foreign Currency Contracts. London Metals Exchange Forward Contracts. Market risk is the potential for changes in the value of the financial instruments that are traded by the Partnership due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. The Partnership’s market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are or were traded. The Partnership is exposed to market risk equal to the value of the futures and forward contracts purchased and unlimited liability on such contracts sold short. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. The risk of loss in the event of a counterparty default for the Partnership is typically limited to the amounts recognized in the Statements of Financial Condition and is not, for the Partnership, represented by the contract or notional amounts of the instruments. The risk of loss for the Partnership is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership has credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate is the sole counterparty or broker with respect to the Partnership’s assets. Credit risk with respect to exchange-traded instruments for the Partnership is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s counterparty is an exchange or clearing organization. The General Partner monitors and attempts to mitigate the Partnership’s risk exposure on a daily basis through financial, credit and risk management monitoring systems, and accordingly believes that it has effective procedures for evaluating and limiting the credit and market risks to which the Partnership may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk-adjusted The risk to the limited partners that have purchased Redeemable Units is limited to the amount of their share of the Partnership’s net assets and undistributed profits. This limited liability is a result of the organization of the Partnership as a limited partnership under New York law. The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s business, these instruments may not be held to maturity. In the ordinary course of business, the Partnership enters into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership. The Partnership considers the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7. Subsequent Events: The General Partner evaluates events that occur after the balance sheet date but before and up until financial statements are available to be issued. The General Partner has assessed the subsequent events through the date the financial statements were issued and has determined that there were no subsequent events requiring adjustment to or disclosure in the financial statements. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates. |
Profit Allocation | Profit Allocation. |
Statement of Cash Flows | Statement of Cash Flows. “Statement of Cash Flows.” |
Partnership's Investments | Partnership’s Investments. All commodity interests of the Partnership, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The commodity interests for the Partnership are recorded on the trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. The Partnership’s investments in commodity interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses for the Partnership are realized when contracts are liquidated and are determined using the first-in, first-out The Partnership does not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations from changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s Statements of Income and Expenses. |
Partnership's Cash | Partnership’s Cash. |
Income Taxes | Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not |
Investment Company Status | Investment Company Status. 2013-08, “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” |
Net Income (Loss) per Redeemable Unit | Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investment Company [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner class as a whole for the three and nine months ended September 30, 2019 and 2018 were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Per Redeemable Unit Performance (for a unit oustanding throughout the period): * Net realized and unrealized gains (losses) $ 102.09 $ 72.62 $ (2.14) $ 236.06 $ 167.57 $ (57.98) Net investment loss (11.92) (3.33) (11.66) (33.94) (9.88) (37.57) Increase (decrease) for the period 90.17 69.29 (13.80) 202.12 157.69 (95.55) Net asset value per Redeemable Unit, beginning of period 1,342.02 954.78 1,276.73 1,230.07 866.38 1,358.48 Net asset value per Redeemable Unit, end of period $ 1,432.19 $ 1,024.07 $ 1,262.93 $ 1,432.19 $ 1,024.07 $ 1,262.93 Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Class A Class Z Class A Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.4) % (1.3) % (3.7) % (3.5) (1.4) % (3.9) % Operating expenses before expenses borne by the General Partner and incentive fees 5.3 % 3.2 % 6.4 % 5.5 3.4 % 6.3 % Expenses borne by the General Partner (0.2) % (0.2) % (1.0) % (0.4) (0.4) % (0.9) % Incentive fees - % - % - % - - % - % Operating expenses after expenses borne by the General Partner and incentive fees 5.1 % 3.0 % 5.4 % 5.1 3.0 % 5.4 % Total return: Total return before incentive fees 6.7 % 7.3 % (1.1) % 16.4 18.2 % (7.0) % Incentive fees - % - % - % - - % - % Total return after incentive fees 6.7 % 7.3 % (1.1) % 16.4 18.2 % (7.0) % * Net investment loss per Redeemable Unit is calculated by dividing the interest income less total expenses by the average number of Redeemable Units outstanding during the period. The net realized and unrealized gains (losses) per Redeemable Unit is a balancing amount necessary to reconcile the change in net asset value per Redeemable Unit with the other per unit information. ** Annualized (other than incentive fees). *** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Brokers and Dealers [Abstract] | |
Summary of Valuation of Investments | The following tables summarize the gross and net amounts relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of September 30, 2019 and December 31, 2018, respectively. September 30, 2019 Gross Amounts Recognized Gross Amounts Offset in the Statements of Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Cash Collateral Pledged * Assets Futures $ 852,080 $ (852,080) $ - $ - $ - $ - Forwards 1,956,687 (1,622,235) 334,452 - - 334,452 Total assets $ 2,808,767 $ (2,474,315) $ 334,452 $ - $ - $ 334,452 Liabilities Futures $ (891,156) $ 852,080 $ (39,076) $ - $ - $ (39,076) Forwards (1,622,235) 1,622,235 - - - - Total liabilities $ (2,513,391) $ 2,474,315 $ (39,076) $ - $ - $ (39,076) Net fair value $ 295,376 * December 31, 2018 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 Financial Instruments Cash Collateral Received/ Pledged * Assets Futures $ 561,881 $ (275,263) $ 286,618 $ - $ - $ 286,618 Forwards 1,333,455 (853,932) 479,523 - - 479,523 Total assets $ 1,895,336 $ (1,129,195) $ 766,141 $ - $ - $ 766,141 Liabilities Futures $ (275,263) $ 275,263 $ - $ - $ - $ - Forwards (853,932) 853,932 - - - - Total liabilities $ (1,129,195) $ 1,129,195 $ - $ - $ - $ - Net fair value $ 766,141 * * 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 |
Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities | The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities for the Partnership as of September 30, 2019 and December 31, 2018, respectively. Assets September 30, 2019 Futures Contracts Energy $ 151,258 Grains 30,658 Indices 228,839 Interest Rates U.S. 13,548 Interest Rates Non-U.S. 279,976 Livestock 70,490 Metals 63,540 Softs 13,771 Total unrealized appreciation on open futures contracts 852,080 Liabilities Futures Contracts Energy (30,394) Grains (64,197) Indices (88,017) Interest Rates U.S. (130,740) Interest Rates Non-U.S. (394,929) Livestock (42,750) Metals (75,143) Softs (64,986) Total unrealized depreciation on open futures contracts (891,156) Net unrealized depreciation on open futures contracts $ (39,076) * Assets Forward Contracts Currencies $ 1,639,658 Metals 317,029 Total unrealized appreciation on open forward contracts 1,956,687 Liabilities Forward Contracts Currencies (1,318,988) Metals (303,247) Total unrealized depreciation on open forward contracts (1,622,235) Net unrealized appreciation on open forward contracts $ 334,452 ** * This amount is in “Net unrealized depreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. Assets December 31, 2018 Futures Contracts Energy $ 63,201 Grains 67,071 Indices 67,303 Interest Rates U.S. 40,484 Interest Rates Non-U.S. 191,985 Livestock 30 Metals 23,908 Softs 107,899 Total unrealized appreciation on open futures contracts 561,881 Liabilities Futures Contracts Energy (83,350 ) Grains (930 ) Indices (67,877 ) Interest Rates U.S. (112,616 ) Interest Rates Non-U.S. (8,061 ) Livestock (1,043 ) Metals (400 ) Softs (986 ) Total unrealized depreciation on open futures contracts (275,263 ) Net unrealized appreciation on open futures contracts $ 286,618 * Assets Forward Contracts Currencies $ 1,162,260 Metals 171,195 Total unrealized appreciation on open forward contracts 1,333,455 Liabilities Forward Contracts Currencies (727,182 ) Metals (126,750 ) Total unrealized depreciation on open forward contracts (853,932 ) Net unrealized appreciation on open forward contracts $ 479,523 ** * This amount is in “Net unrealized appreciation on open futures contracts” in the Partnership’s Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Partnership’s Statements of Financial Condition. |
Trading Gains and Losses, by Market Sector, on Derivative Instruments | The following table indicates the trading gains and losses, by market sector, on derivative instruments for the three and nine months ended September 30, 2019 and 2018, respectively. Three Months Ended September 30, Nine Months Ended September 30, Sector 2019 2018 2019 2018 Currencies $ 571,646 $ 108,024 $ (199,808) $ 158,726 Energy (359,241) (51,507) (806,982) 497,103 Grains 275,381 (78,802) (146,016) (392,429) Indices 574,526 151,656 2,499,518 (908,695) Interest Rates U.S. (103,624) 88,921 818,595 459,146 Interest Rates Non-U.S. 1,658,146 (286,967) 4,942,050 (289,000) Livestock 40,638 (46,175) 151,390 (130,268) Metals 62,463 (64,712) (509,993) (523,795) Softs 111,144 138,300 (33,659) 210,212 Total $ 2,831,079 * $ (41,262) * $ 6,715,095 * $ (919,000) * * This amount is in “Total trading results” in the Partnership’s Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | September 30, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 852,080 $ 852,080 $ - $ - Forwards 1,956,687 - 1,956,687 - Total assets $ 2,808,767 $ 852,080 $ 1,956,687 $ - Liabilities Futures $ 891,156 $ 891,156 $ - $ - Forwards 1,622,235 - 1,622,235 - Total liabilities $ 2,513,391 $ 891,156 $ 1,622,235 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 561,881 $ 561,881 $ - $ - Forwards 1,333,455 - 1,333,455 - Total assets $ 1,895,336 $ 561,881 $ 1,333,455 $ - Liabilities Futures $ 275,263 $ 275,263 $ - $ - Forwards 853,932 - 853,932 - Total liabilities $ 1,129,195 $ 275,263 $ 853,932 $ - |
Organization - Additional Infor
Organization - Additional Information (Detail) - $ / shares | Jan. 01, 2019 | Jan. 01, 2017 | Sep. 30, 2019 | Jul. 01, 2016 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Percentage of General Partner fee | 0.90% | |||
Morgan Stanley Wealth Management [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Ongoing selling agent fee | 2.00% | |||
Class Z [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Redeemable units per share | $ 1,000 | |||
Minimum [Member] | General Partner [Member] | ||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||||
Percentage of expenses to net assets to be covered by General Partner | 0.50% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Cash held for margin requirements | $ 9,851,055 | $ 3,230,953 |
Cash denominated in foreign currencies | 170,530 | 380,451 |
Cost of foreign currencies | 170,554 | $ 379,908 |
Uncertain tax position | $ 0 | |
Open tax year | 2015 2016 2017 2018 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Class A [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net asset value per Redeemable Unit, beginning of period | $ 1,230.07 | |||
Net asset value per Redeemable Unit, end of period | $ 1,432.19 | 1,432.19 | ||
Class A [Member] | Limited Partners [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | 102.09 | $ (2.14) | 236.06 | $ (57.98) |
Net investment loss | (11.92) | (11.66) | (33.94) | (37.57) |
Increase (decrease) for the period | 90.17 | (13.80) | 202.12 | (95.55) |
Net asset value per Redeemable Unit, beginning of period | 1,342.02 | 1,276.73 | 1,230.07 | 1,358.48 |
Net asset value per Redeemable Unit, end of period | $ 1,432.19 | $ 1,262.93 | $ 1,432.19 | $ 1,262.93 |
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (3.40%) | (3.70%) | (3.50%) | (3.90%) |
Operating expenses before expenses borne by the General Partner and incentive fees | 5.30% | 6.40% | 5.50% | 6.30% |
Expenses borne by the General Partner | (0.20%) | (1.00%) | (0.20%) | (0.90%) |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Operating expenses after expenses borne by the General Partner and incentive fees | 5.10% | 5.40% | 5.30% | 5.40% |
Total return: | ||||
Total return before incentive fees | 6.70% | (1.10%) | 16.40% | (7.00%) |
Incentive fees | 0.00% | 0.00% | 0.00% | 0.00% |
Total return after incentive fees | 6.70% | (1.10%) | 16.40% | (7.00%) |
Class Z [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net asset value per Redeemable Unit, beginning of period | $ 866.38 | |||
Net asset value per Redeemable Unit, end of period | $ 1,024.07 | 1,024.07 | ||
Class Z [Member] | Limited Partners [Member] | ||||
Per Redeemable Unit Performance (for a unit outstanding throughout the period): | ||||
Net realized and unrealized gains (losses) | 72.62 | 167.57 | ||
Net investment loss | (3.33) | (9.88) | ||
Increase (decrease) for the period | 69.29 | 157.69 | ||
Net asset value per Redeemable Unit, beginning of period | 954.78 | 866.38 | ||
Net asset value per Redeemable Unit, end of period | $ 1,024.07 | $ 1,024.07 | ||
Ratios to Average Limited Partners' Capital: | ||||
Net investment loss | (1.30%) | (1.40%) | ||
Operating expenses before expenses borne by the General Partner and incentive fees | 3.20% | 3.40% | ||
Expenses borne by the General Partner | (0.20%) | (0.20%) | ||
Incentive fees | 0.00% | 0.00% | ||
Operating expenses after expenses borne by the General Partner and incentive fees | 3.00% | 3.20% | ||
Total return: | ||||
Total return before incentive fees | 7.30% | 18.20% | ||
Incentive fees | 0.00% | 0.00% | ||
Total return after incentive fees | 7.30% | 18.20% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Monthly average number of futures contracts traded | 2,885 | 3,305 | ||
Monthly average number of metals forward contracts traded | 567 | 475 | ||
Forward Contracts [Member] | Currencies [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average notional values of currency forward contracts | $ | $ 642,832,216 | $ 660,522,968 | ||
CMF Campbell Master Fund L.P. [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Monthly average number of futures contracts traded | 1,286 | 1,327 | ||
Monthly average number of metals forward contracts traded | 145 | 152 | ||
CMF Campbell Master Fund L.P. [Member] | Forward Contracts [Member] | Currencies [Member] | ||||
Trading Activity, Gains and Losses, Net [Line Items] | ||||
Average notional values of currency forward contracts | $ | $ 154,752,785 | $ 159,450,559 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Investments (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 2,808,767 | $ 1,895,336 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (2,474,315) | (1,129,195) |
Amounts Presented in the Statements of Financial Condition, Assets | 334,452 | 766,141 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 334,452 | 766,141 |
Gross Amounts Recognized, Liabilities | (2,513,391) | (1,129,195) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 2,474,315 | 1,129,195 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (39,076) | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | (39,076) | 0 |
Net fair value | 295,376 | 766,141 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 852,080 | 561,881 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (852,080) | (275,263) |
Amounts Presented in the Statements of Financial Condition, Assets | 0 | 286,618 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 0 | 286,618 |
Gross Amounts Recognized, Liabilities | (891,156) | (275,263) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 852,080 | 275,263 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (39,076) | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | (39,076) | 0 |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 1,956,687 | 1,333,455 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,622,235) | (853,932) |
Amounts Presented in the Statements of Financial Condition, Assets | 334,452 | 479,523 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 334,452 | 479,523 |
Gross Amounts Recognized, Liabilities | (1,622,235) | (853,932) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,622,235 | 853,932 |
Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | 0 |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 0 | 0 |
Net Amount, Liabilities | $ 0 | $ 0 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts as Separate Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | $ 852,080 | $ 561,881 |
Total unrealized depreciation on open contracts | (891,156) | (275,263) |
Net unrealized appreciation (depreciation) on open contracts | (39,076) | 286,618 |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 151,258 | 63,201 |
Total unrealized depreciation on open contracts | (30,394) | (83,350) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 30,658 | 67,071 |
Total unrealized depreciation on open contracts | (64,197) | (930) |
Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 228,839 | 67,303 |
Total unrealized depreciation on open contracts | (88,017) | (67,877) |
Futures [Member] | Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 13,548 | 40,484 |
Total unrealized depreciation on open contracts | (130,740) | (112,616) |
Futures [Member] | Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 279,976 | 191,985 |
Total unrealized depreciation on open contracts | (394,929) | (8,061) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 70,490 | 30 |
Total unrealized depreciation on open contracts | (42,750) | (1,043) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 63,540 | 23,908 |
Total unrealized depreciation on open contracts | (75,143) | (400) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 13,771 | 107,899 |
Total unrealized depreciation on open contracts | (64,986) | (986) |
Forward Contracts [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,956,687 | 1,333,455 |
Total unrealized depreciation on open contracts | (1,622,235) | (853,932) |
Net unrealized appreciation (depreciation) on open contracts | 334,452 | 479,523 |
Forward Contracts [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 317,029 | 171,195 |
Total unrealized depreciation on open contracts | (303,247) | (126,750) |
Forward Contracts [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,639,658 | 1,162,260 |
Total unrealized depreciation on open contracts | $ (1,318,988) | $ (727,182) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - CMF Campbell Master Fund L.P. [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Derivative [Line Items] | ||||
Trading gains and losses | $ 2,831,079 | $ (41,262) | $ 6,715,095 | $ (919,000) |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 571,646 | 108,024 | (199,808) | 158,726 |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (359,241) | (51,507) | (806,982) | 497,103 |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 275,381 | (78,802) | (146,016) | (392,429) |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 574,526 | 151,656 | 2,499,518 | (908,695) |
Interest Rates U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (103,624) | 88,921 | 818,595 | 459,146 |
Interest Rates Non-U.S. [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 1,658,146 | (286,967) | 4,942,050 | (289,000) |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 40,638 | (46,175) | 151,390 | (130,268) |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 62,463 | (64,712) | (509,993) | (523,795) |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | $ 111,144 | $ 138,300 | $ (33,659) | $ 210,212 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 2,808,767 | $ 1,895,336 |
Derivative liabilities | 2,513,391 | 1,129,195 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 852,080 | 561,881 |
Derivative liabilities | 891,156 | 275,263 |
Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,956,687 | 1,333,455 |
Derivative liabilities | 1,622,235 | 853,932 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 852,080 | 561,881 |
Derivative liabilities | 891,156 | 275,263 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 852,080 | 561,881 |
Derivative liabilities | 891,156 | 275,263 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,956,687 | 1,333,455 |
Derivative liabilities | 1,622,235 | 853,932 |
Level 2 [Member] | Forward Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,956,687 | 1,333,455 |
Derivative liabilities | $ 1,622,235 | $ 853,932 |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2019 | |
Concentration Risk [Line Items] | |
Financial instruments maturity period | 1 year |
Credit Concentration Risk [Member] | Partnership's Contracts [Member] | Over the Counter [Member] | Minimum [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 49.10% |
Credit Concentration Risk [Member] | Partnership's Contracts [Member] | Over the Counter [Member] | Maximum [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage | 64.70% |