Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | CERES TACTICAL GLOBAL L.P. | |
Trading Symbol | ck0001097396 | |
Entity Central Index Key | 0001097396 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 4,139,830.051 | |
Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 11,332.515 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Investment in the Fund(s)(1), at fair value | [1] | $ 24,939,721 | $ 1,492,447 |
Redemptions receivable from the Fund(s) | 706,634 | 276,352 | |
Equity in trading accounts: | |||
Unrestricted cash | 11,880,574 | 3,462,890 | |
Restricted cash | 440,386 | 118,195 | |
Net unrealized appreciation on open futures contracts | 49,295 | ||
Total equity in trading accounts | 12,370,255 | 3,581,085 | |
Expense reimbursement | 29,314 | 15,047 | |
Interest receivable | 24,849 | 7,851 | |
Total assets | 38,070,773 | 5,372,782 | |
Liabilities: | |||
Net unrealized depreciation on open futures contracts | 10,645 | ||
Accrued expenses: | |||
Ongoing placement agent fees | 8,623 | ||
General Partner fees | 23,920 | 3,279 | |
Management fees | 31,773 | 3,999 | |
Incentive fees | 172,502 | 18,653 | |
Professional fees | 50,157 | 85,695 | |
Redemptions payable to Limited Partners | 614,221 | 84,066 | |
Total liabilities | 892,573 | 214,960 | |
Partners' Capital: | |||
Total partners' capital (net asset value) | 37,178,200 | 5,157,822 | |
Total liabilities and partners' capital | 38,070,773 | 5,372,782 | |
Futures Contracts [Member] | |||
Liabilities: | |||
Net unrealized depreciation on open futures contracts | 10,645 | ||
Class A [Member] | |||
Partners' Capital: | |||
Limited Partners | 36,560,860 | 5,085,280 | |
Total partners' capital (net asset value) | $ 36,560,860 | $ 5,085,280 | |
Net asset value per Unit: | $ 8.65 | $ 8.71 | |
Class Z [Member] | |||
Partners' Capital: | |||
General Partner, Class Z, 46,897.450 and 7,027.337 Units outstanding at March 31, 2019 and December 31, 2018, respectively | $ 483,257 | $ 72,542 | |
Limited Partners | 134,083 | ||
Total partners' capital (net asset value) | $ 617,340 | $ 72,542 | |
Net asset value per Unit: | $ 10.30 | $ 10.32 | |
[1] | Defined in Note 1. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class A [Member] | ||
Limited Partners, Units outstanding | 4,225,006.433 | 583,751.985 |
Class Z [Member] | ||
General Partner, Units outstanding | 46,897.450 | 7,027.337 |
Limited Partners, Units outstanding | 13,013.446 | 0 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Mar. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | |
Schedule of Investments [Line Items] | |||
Fair Value | [1] | $ 24,939,721 | $ 1,492,447 |
% of Partners' Capital | 67.08% | 28.94% | |
CMF AE Capital Master Fund LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 4,199,630 | $ 1,492,447 | |
% of Partners' Capital | 11.29% | 28.94% | |
CMF ADG Master Fund LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 10,962,961 | ||
% of Partners' Capital | 29.49% | ||
SECOR Master Fund LP [Member] | |||
Schedule of Investments [Line Items] | |||
Fair Value | $ 9,777,130 | ||
% of Partners' Capital | 26.30% | ||
Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 49,295 | $ (10,645) | |
% of Partners' Capital | 0.13% | (0.21%) | |
Contracts Purchased [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 2,400 | ||
% of Partners' Capital | 0.05% | ||
Contracts Purchased [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 2 | ||
Net unrealized appreciation (depreciation) on open contracts | $ 2,400 | ||
% of Partners' Capital | 0.05% | ||
Contracts Sold [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 49,295 | $ (13,045) | |
% of Partners' Capital | 0.13% | (0.26%) | |
Contracts Sold [Member] | Currencies [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 148 | 57 | |
Net unrealized appreciation (depreciation) on open contracts | $ 67,779 | $ (13,045) | |
% of Partners' Capital | 0.18% | (0.26%) | |
Contracts Sold [Member] | Indices [Member] | Futures Contracts [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Contract | 14 | ||
Net unrealized appreciation (depreciation) on open contracts | $ (18,484) | ||
% of Partners' Capital | (0.05%) | ||
[1] | Defined in Note 1. |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Investment Income: | |||
Interest income | $ 64,293 | $ 9,094 | |
Interest income allocated from the Funds | 135,096 | 7,855 | |
Total investment income | 199,389 | 16,949 | |
Expenses: | |||
Expenses allocated from the Funds | 78,854 | 2,276 | |
Clearing fees related to direct investments | 14,606 | 5,077 | |
Ongoing placement agent fees | 190,782 | 31,757 | |
General Partner fees | 72,761 | 11,909 | |
Management fees | 100,675 | 14,814 | |
Incentive fees | 172,502 | ||
Professional fees | 74,399 | 46,569 | |
Total expenses | 704,579 | 112,402 | |
Expenses borne by the General Partner | (85,712) | (40,426) | |
Net expenses | 618,867 | 71,976 | |
Net investment loss | (419,478) | (55,027) | |
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net realized gains (losses) on closed contracts | (207,793) | (81,479) | |
Net realized gains (losses) on closed contracts allocated from the Funds | (346,123) | 13,157 | |
Net change in unrealized gains (losses) on open contracts | 60,065 | 45,250 | |
Net change in unrealized gains (losses) on open contracts allocated from the Funds | 673,680 | 92,107 | |
Total trading results | 179,829 | 69,035 | |
Net income (loss) | (239,649) | 14,008 | |
Class A [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net income (loss) | $ (239,099) | $ 14,008 | |
Net income (loss) per Unit: | [1] | $ (0.06) | $ 0.02 |
Weighted average number of Units outstanding: | 4,368,661.946 | 738,216.857 | |
Class Z [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Funds: | |||
Net income (loss) | $ (550) | ||
Net income (loss) per Unit: | [1] | $ (0.02) | |
Weighted average number of Units outstanding: | 62,642.865 | ||
[1] | Represents the change in net asset value per Unit during the period. |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | Total | General Partner [Member] | Limited Partners [Member] | Class A [Member] | Class A [Member]Limited Partners [Member] | Class Z [Member] | Class Z [Member]General Partner [Member] | Class Z [Member]Limited Partners [Member] |
Partners' Capital, beginning of period at Dec. 31, 2017 | $ 6,433,098 | $ 6,433,098 | ||||||
Redemptions | $ (299,562) | $ (299,562) | ||||||
Net income (loss) | 14,008 | 14,008 | ||||||
Partners' Capital, end of period at Mar. 31, 2018 | $ 6,147,544 | $ 6,147,544 | ||||||
Partners' Capital, Units, beginning of period at Dec. 31, 2017 | 752,427.863 | 752,427.863 | ||||||
Redemptions (in units) | (34,766.600) | (34,766.600) | ||||||
Partners' Capital, Units, end of period at Mar. 31, 2018 | 717,661.263 | 717,661.263 | ||||||
Partners' Capital, beginning of period at Dec. 31, 2018 | $ 5,157,822 | $ 5,085,280 | $ 72,542 | |||||
Subscriptions | $ 411,459 | $ 33,930,319 | $ 33,753,729 | $ 411,459 | $ 176,590 | |||
Redemptions | $ (2,081,751) | $ (2,039,050) | $ (42,701) | |||||
Net income (loss) | (239,649) | (239,099) | (550) | |||||
Partners' Capital, end of period at Mar. 31, 2019 | $ 37,178,200 | $ 36,560,860 | $ 617,340 | |||||
Partners' Capital, Units, beginning of period at Dec. 31, 2018 | 590,779.322 | 583,751.985 | 7,027.337 | |||||
Subscriptions (in units) | 39,870.113 | 3,892,396.052 | 3,875,284.653 | 39,870.113 | 17,111.399 | |||
Redemptions (in units) | (238,128.158) | (234,030.205) | (4,097.953) | |||||
Partners' Capital, Units, end of period at Mar. 31, 2019 | 4,284,917.329 | 4,225,006.433 | 59,910.896 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Global L.P. (the “Partnership”) is a Delaware limited partnership organized in 1999 to engage primarily in the speculative trading of futures contracts, options on futures and forward contracts, and forward contracts on physical commodities and other commodity interests, including, but not limited to, foreign currencies, financial instruments, metals, energy, and agricultural products (collectively, “Futures Interests”) (refer to Note 4, “Financial Instruments”). The Futures Interests that are traded by the Partnership, either directly, through individually managed accounts, or indirectly, through its investment in the Funds (as defined below), are volatile and involve a high degree of market risk. The General Partner (as defined below) may also determine to invest up to all of the Partnership’s assets in United States (“U.S.”) Treasury bills and/or money market mutual funds, including money market mutual funds managed by Morgan Stanley or its affiliates. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (“Ceres” or the “General Partner”) and commodity pool operator of the Partnership, and as the commodity pool operator and general partner or trading manager (in such capacity, the “Trading Manager”) of each Fund (as defined below). Ceres is a wholly-owned subsidiary of Morgan Stanley Domestic Holdings, Inc. (“MSD Holdings”). MSD Holdings is ultimately owned by Morgan Stanley. Morgan Stanley is a publicly held company whose shares are listed on the New York Stock Exchange. Morgan Stanley is engaged in various financial services and other businesses. As of March 31, 2019, all trading decisions were made for the Partnership by AE Capital PTY Limited (“AE Capital”), P/E Global LLC (“P/E Global”), Greenwave Capital Management LLC (“Greenwave”), SECOR Capital Advisors, LP (“SECOR”) and ADG Capital Management LLP (“ADG”) (each a “Trading Advisor” and collectively, the “Trading Advisors”), each of which is a registered commodity trading advisor. On January 1, 2019, the Partnership allocated a portion of its assets to Willowbridge Associates Inc. (“Willowbridge”). On January 31, 2019, the Partnership fully redeemed its investment in CMF Willowbridge Master Fund L.P. Also, effective January 31, 2019, Willowbridge ceased to act as a commodity trading advisor to the Partnership. Effective October 1, 2018, the Partnership, the General Partner, Cambridge Strategy (Asset Management) Limited (“Cambridge”) and Mesirow Financial International UK Limited (“Mesirow”) entered into a novation, assignment and assumption agreement, dated September 28, 2018, pursuant to which Cambridge transferred all of its future rights, obligations, and liabilities under that certain amended and restated management agreement, by and among the General Partner, the Partnership and Cambridge, dated as of October 22, 2012, as previously amended as of October 23, 2012, October 1, 2013 and January 1, 2018 (collectively, the “Initial Advisory Agreement”), to Mesirow. From October 1, 2018 until its termination effective December 31, 2018, Mesirow had undertaken to perform the Initial Advisory Agreement and be bound by its terms in every way as if it were the original party to it in place of Cambridge. References herein to a “Trading Advisor” or the “Trading Advisors” may also include, as relevant, Willowbridge, Cambridge and Mesirow. Each Trading Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each Trading Advisor either directly, through individually managed accounts in the Partnership’s name, or indirectly, through its investments in the Funds. The Trading Advisors are not affiliated with one another, the General Partner or MS&Co., and are not responsible for the organization or operation of the Partnership. P/E Global directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to P/E Global’s FX Strategy Standard – MS Program. Greenwave directly trades a portion of the Partnership’s assets allocated to it through a managed account in the name of the Partnership pursuant to Greenwave’s Flagship Plus Program. During the reporting periods ended March 31, 2019 and 2018, the Partnership’s and the Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. JPMorgan Chase Bank, N.A. (“JPMorgan”) may also act as a foreign exchange forward or swap contract counterparty for the Partnership/Funds. The Partnership/Funds deposited a portion of their cash in non-trading bank accounts at JPMorgan. Effective October 10, 2018, the Partnership changed its name from Ceres Tactical Currency L.P. to Ceres Tactical Global L.P. CMF AE Capital Master Fund LLC (“AE Capital Master”), SECOR Master Fund L.P. (“SECOR Master”) and CMF ADG Master Fund LLC (“ADG Master”) have, and (prior to their terminations), Willowbridge Master and Cambridge Master Fund L.P. (“Cambridge Master”) had, entered into a futures brokerage account agreement and a foreign exchange prime brokerage agreement with MS&Co. AE Capital Master, SECOR Master and ADG Master are collectively referred to as the “Funds”. References herein to Funds may also include, as relevant, Willowbridge Master and Cambridge Master. The Partnership has also entered into a futures brokerage account agreement and a foreign exchange prime brokerage agreement with MS&Co. Pursuant to these agreements, the Partnership, directly or through its investment in the Funds, 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, clearing, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). Effective July 12, 2017, Cambridge Master entered into certain agreements with JPMorgan in connection with trading in forward foreign currency contracts on behalf of the Partnership. These agreements include a foreign exchange and bullion authorization agreement (“FX Agreement”), an International Swap Dealers Association, Inc. master agreement (“Master Agreement”), a schedule to the Master Agreement, a 2016 credit support annex for variation margin to the schedule and an institutional account agreement. On October 10, 2018, Cambridge, Mesirow, Cambridge Master and JPMorgan entered into an amendment and assignment agreement, dated October 10, 2018 (the “Assignment Agreement”), effective as of October 1, 2018, to the FX Agreement, pursuant to which Cambridge assigned to Mesirow all of its rights, liabilities, duties and obligations under and in respect of the FX Agreement, Mesirow accepted such assignment and assumed all rights, liabilities, duties and obligations under and in respect of the FX Agreement, and JPMorgan consented to such assignment and assumption. Pursuant to the Assignment Agreement, all references to Cambridge were replaced by references to Mesirow, and all references to “Investment Manager” are deemed to refer to Mesirow. On October 10, 2018, Cambridge Master and JPMorgan entered into an amendment, dated as of October 10, 2018 (the “ISDA Amendment”), effective as of October 1, 2018, to the schedule to the Master Agreement, dated as of July 12, 2017, between Cambridge Master and JPMorgan. Pursuant to the ISDA Amendment, all references to Cambridge were replaced by references to Mesirow. As of January 1, 2018, units of limited partnership interest (“Unit(s)”) of the Partnership are being offered in two classes (each, a “Class” or collectively, the “Classes”): Class A Units and Class Z Units. Class A Units and Class Z Units are identical, except that Class Z Units are not subject to the monthly ongoing placement agent fee. All Units issued prior to January 1, 2018 were deemed “Class A Units.” The rights, liabilities, risks, and fees associated with investment in the Class A Units were not changed. Class Z Units are offered to limited partners who receive advisory services from Morgan Stanley Wealth Management and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class Z Units were first issued on April 1, 2018. 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 General Partner pays or reimburses the Partnership, from the General Partner fee it receives from the Partnership, the ordinary administrative expenses of the Partnership, to the extent these expenses exceed 0.85% annually of the net assets of the Partnership. This includes the expenses related to the engagement of the Administrator. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 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 March 31, 2019, and the results of its operations and changes in partners’ capital for the three months ended March 31, 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 (the “Form 10-K”) filed with the Securities and Exchange Commission (the “SEC”) for the year ended December 31, 2018. The December 31, 2018 information has been derived from the audited financial statements as of and for the year ended December 31, 2018. 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 . The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material. Profit Allocation . The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions, redemptions and losses, if any. Statement of Cash Flows . The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “ Statement of Cash Flows. ” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2019 and 2018, the Partnership carried no debt and all the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements. Partnership’s Investment in the Funds. The Partnership carries its investment in AE Capital Master, SECOR Master, ADG Master, and prior to its termination, carried its investment in Cambridge Master based on the Partnership’s (1) respective net contribution to each Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of each Fund. Prior to its termination on January 31, 2019, the Partnership carried its investment in Willowbridge Master based on Willowbridge Master’s net asset value per Unit as calculated by Willowbridge Master. The valuation of the Funds’ investments, including the classification within the fair value hierarchy of the investments held by the Funds, are described in Note 5, “Fair Value Measurements.” Partnership’s/Funds’ Derivative Investments . All Futures Interests held by the Partnership/Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Net unrealized gains or losses on open contracts are included as a component of “equity in trading account” in the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s/Funds’ Statements of Income and Expenses. The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses. Partnership’s Cash . The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At March 31, 2019 and December 31, 2018, the amount of cash held for margin requirements was $440,386 and $118,195, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(97,022) (proceeds of $97,201) and $(13,519) (proceeds of $13,573) as of March 31, 2019 and December 31, 2018, respectively. Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “ Income Taxes, ” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2015 through 2018 tax years remain subject to examination by U.S. federal and most state tax authorities. Investment Company Status . Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “ Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements ” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses. Net Income (Loss) per Unit . Net income (loss) per Unit is calculated in accordance with ASC 946, “ Financial Services — Investment Companies.” See Note 3, “Financial Highlights.” 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 for the year ended December 31, 2018. |
Financial Highlights
Financial Highlights | 3 Months Ended |
Mar. 31, 2019 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Class A Class Z Class A Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.04 $ 0.04 $ 0.09 Net investment loss (0.10 ) (0.06 ) (0.07 ) Net increase (decrease) for the period (0.06 ) (0.02 ) 0.02 Net asset value per Unit, beginning of period 8.71 10.32 8.55 Net asset value per Unit, end of period $ 8.65 $ 10.30 $ 8.57 Three Months Ended March 31, 2019 2018 Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.1 ) % (1.2 ) % (3.5 ) % Operating expenses 5.7 % 3.7 % 7.2 % Expenses borne by the General Partner (0.9 ) % (0.9 ) % (2.6 ) % Incentive fees 0.4 % 0.5 % - % Total expenses 5.2 % 3.3 % 4.6 % Total return: Total return before incentive fees (0.2 ) % 0.3 % 0.2 % Incentive fees (0.5 ) % (0.5 ) % - % Total return after incentive fees (0.7 ) % (0.2 ) % 0.2 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees if applicable). *** 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. Additionally, these ratios are calculated for the limited partner Classes using the limited partners’ share of income, expenses and average limited partners’ capital of the Partnership, and include the income and expenses allocated from the Funds. |
Trading Activities
Trading Activities | 3 Months Ended |
Mar. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Trading Activities | 4. Trading Activities: The Partnership’s objective is to profit from speculative trading in Futures Interests. Therefore, the Trading Advisors 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. With regard to foreign currency forward trades, each notional quantity amount has been converted to an equivalent contract based upon an industry convention. All of the Futures Interests owned directly by the Partnership are held for trading purposes. All of the Futures Interests owned by the Funds are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended March 31, 2019 and 2018 was 125 and 55, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended March 31, 2019 and 2018 was 11 and 0, respectively. The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2019 and December 31, 2018, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Cash Collateral Amounts Financial Financial Financial Received/ March 31, 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 73,601 $ (24,306 ) $ 49,295 $ - $ - $ 49,295 Total assets $ 73,601 $ (24,306 ) $ 49,295 $ - $ - $ 49,295 Liabilities Futures $ (24,306 ) $ 24,306 $ - $ - $ - $ - Total liabilities $ (24,306 ) $ 24,306 $ - $ - $ - $ - Net fair value $ 49,295 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Cash Collateral Amounts Financial Financial Financial Received/ December 31, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 15,181 $ (15,181 ) $ - $ - $ - $ - Total assets $ 15,181 $ (15,181 ) $ - $ - $ - $ - Liabilities Futures $ (25,826 ) $ 15,181 $ (10,645 ) $ - $ 10,645 $ - Total liabilities $ (25,826 ) $ 15,181 $ (10,645 ) $ - $ 10,645 $ - Net fair value $ - * * 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 in 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. The following tables indicate the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2019 and December 31, 2018, respectively. March 31, 2019 Assets Futures Contracts Currencies $ 73,601 Total unrealized appreciation on open futures contracts 73,601 Liabilities Futures Contracts Currencies (5,822 ) Indices (18,484 ) Total unrealized depreciation on open futures contracts (24,306 ) Net unrealized appreciation on open futures contracts $ 49,295* * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 15,181 Total unrealized appreciation on open futures contracts 15,181 Liabilities Futures Contracts Currencies (25,826 ) Total unrealized depreciation on open futures contracts (25,826 ) Net unrealized depreciation on open futures contracts $ (10,645 )* * This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three months ended March 31, 2019 and 2018, respectively. Three Months Ended March 31, Sector 2019 2018 Currencies $ (50,134 ) $ (23,518 ) Energy 1,116 (11 ) Indices (59,428 ) (7,390 ) Interest Rates U.S. (29,364 ) 4,994 Interest Rates Non-U.S. (397 ) (7,920 ) Metals (9,521 ) (2,384 ) Total $ (147,728 )** $ (36,229 )** ** This amount is in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements: Partnership’s and the Funds’ Fair Value Measurements. Fair value is defined as the value that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to fair values derived from unobservable inputs (Level 3). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The fair value of exchange-traded futures, options and forward contracts is determined by the various futures 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 foreign currency option contracts is calculated by applying an industry standard model application for options valuation of foreign currency options, using as input the spot prices, interest rates, and option implied volatilities quoted as of approximately 3:00 P.M. (E.T.) on the last business day of the reporting period. U.S. Treasury bills are valued at the last available bid price received from independent pricing services as of the close of the last business day of the reporting period. The Partnership and the Funds consider prices for commodity futures, 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 forward, swap and certain option contracts for which market quotations are not readily available are priced by pricing services that derive fair values for those assets and liabilities from observable inputs (Level 2). As of March 31, 2019 and December 31, 2018 and for the periods ended March 31, 2019 and 2018, the Partnership and the Funds did not hold any derivative instruments that were priced at fair value using unobservable inputs through the application of the General Partner’s assumptions and internal valuation pricing models (Level 3). March 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 73,601 $ 73,601 $ - $ - Total assets $ 73,601 $ 73,601 $ - $ - Liabilities Futures $ 24,306 $ 24,306 $ - $ - Total liabilities $ 24,306 $ 24,306 $ - $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 15,181 $ 15,181 $ - $ - Total assets $ 15,181 $ 15,181 $ - $ - Liabilities Futures $ 25,826 $ 25,826 $ - $ - Total liabilities $ 25,826 $ 25,826 $ - $ - |
Investment in the Funds
Investment in the Funds | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Investments [Abstract] | |
Investment in the Funds | 6. Investment in the Funds: On or about February 1, 2018, the Partnership allocated a portion of its assets to AE Capital for trading through investment in AE Capital Master, a Delaware limited liability company. AE Capital Master permits accounts managed by AE Capital using its AE Systematic FX Fund Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of AE Capital Master. Individual and pooled accounts currently managed by AE Capital, including the Partnership, are permitted to be members of AE Capital Master. The Trading Manager and AE Capital believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. On or about January 1, 2019, the Partnership allocated a portion of its assets to SECOR for trading through investment in SECOR Master, a Delaware limited partnership. SECOR Master permits accounts managed by SECOR using a variation of the program traded by SECOR Alpha Master Fund L.P., a proprietary, systematic trading program, to invest together in one trading vehicle. The General Partner is also the general partner of SECOR Master. Individual and pooled accounts currently managed by SECOR, including the Partnership, are permitted to be limited partners of SECOR Master. The General Partner and SECOR believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. The General Partner and SECOR have agreed that SECOR will trade the Partnership’s assets allocated to SECOR at a level that is 1.5 times the leverage applied to the assets of SECOR Alpha Master Fund L.P. On or about February 1, 2019, the Partnership allocated a portion of its assets to ADG for trading through investment in ADG Master, a Delaware limited liability company. ADG Master permits accounts managed by ADG using ADG Systematic Macro Fund’s strategy, a proprietary, discretionary trading program, to invest together in one trading vehicle. The General Partner is also the trading manager of ADG Master. Individual and pooled accounts currently managed by ADG, including the Partnership, are permitted to be members of ADG Master. The Trading Manager and ADG believe that trading through this master/feeder structure promotes efficiency and economy in the trading process. On or about January 1, 2019, the Partnership allocated a portion of its assets to Willowbridge for trading through investment in Willowbridge Master, a New York limited partnership. Effective the close of business on January 31, 2019, the Partnership fully redeemed its investment in Willowbridge Master. On November 1, 2012, the Partnership allocated a portion of its assets to Cambridge for trading through investment in Cambridge Master, a limited partnership organized under the partnership laws of the State of Delaware. The Partnership fully redeemed its investment in Cambridge Master on December 31, 2018. The General Partner is not aware of any material changes to any of the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2019. The Funds’ and the Partnership’s trading of Futures Interests is done primarily on U.S. and foreign commodity exchanges. The Funds and the Partnership engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in a Fund withdraws all or part of its capital contribution and undistributed profits, if any, from the Fund as of the end of any month (the “Redemption Date”) after a request has been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the limited partner/member elects to redeem and informs the Fund. However, for each Fund a limited partner/member may request a withdrawal as of the end of any day if such request is received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal day. Management fees, ongoing placement agent fees, General Partner fees and incentive fees are charged at the Partnership level. Clearing fees are borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Clearing fees are also borne by the Partnership directly. Professional fees are borne by the Funds and allocated to the Partnership and also charged directly at the Partnership level. The General Partner reimburses the Partnership for clearing fees and professional fees to the extent that these fees exceed 0.85 At March 31, 2019, the Partnership owned approximately 22.4 23.1 36.9 7.6 Summarized information reflecting the total assets, liabilities and partners’/members’ capital of the Funds is shown in the following tables: March 31, 2019 Total Assets Total Liabilities Total Capital AE Capital Master $ 18,810,537 $ 111,558 $ 18,698,979 SECOR Master 42,956,875 645,175 42,311,700 ADG Master 30,746,424 1,075,711 29,670,713 December 31, 2018 Total Assets Total Liabilities Total Capital Cambridge Master $ 21,433,817 $ 4,151,814 $ 17,282,003 AE Capital Master 19,758,302 99,954 19,658,348 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) AE Capital Master $ 86,493 $ (895,582 ) $ (809,089 ) SECOR Master (47,181 ) 3,326,837 3,279,656 Willowbridge Master (a) 220,431 (759,939 ) (539,508 ) ADG Master (b) 68,144 (249,709 ) (181,565 ) For the three months ended March 31, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 85,288 $ 2,010,327 $ 2,095,615 AE Capital Master (c) 38,714 (155,473 ) (116,759 ) (a) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (b) From February 1, 2019, commencement of operations for ADG Master, through March 31, 2019. (c) From February 1, 2018, commencement of operations for AE Capital Master, through March 31, 2018. Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata share of the results of operations of the Funds is shown in the following tables: March 31, 2019 For the three months ended March 31, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted AE Capital Master 11.29 % $ 4,199,630 $ (156,015 ) $ 3,136 $ 3,320 $ (162,471 ) Commodity Portfolio Monthly SECOR Master 26.30 % 9,777,130 723,966 48,827 3,490 671,649 Commodity Portfolio Monthly Willowbridge Master (a) - % - (45,751 ) 9,757 589 (56,097 ) Commodity Portfolio Monthly ADG Master (b) 29.49 % 10,962,961 (59,547 ) 4,975 4,760 (69,282 ) Commodity Portfolio Monthly Total $ 24,939,721 $ 462,653 $ 66,695 $ 12,159 $ 383,799 December 31, 2018 For the three months ended March 31, 2018 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Cambridge Master - % $ - $ 123,789 $ 309 $ 487 $ 122,993 Commodity Portfolio Monthly AE Capital Master (c) 28.94 % 1,492,447 (10,670 ) 324 1,156 (12,150 ) Commodity Portfolio Monthly Total $ 1,492,447 $ 113,119 $ 633 $ 1,643 $ 110,843 (a) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (b) From February 1, 2019, the date the Partnership invested into ADG Master, through March 31, 2019. (c) From February 1, 2018, the date the Partnership invested into AE Capital Master, through March 31, 2018. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 7. Financial Instruments: The Partnership and the Funds trade Futures Interests. Futures and forwards represent contracts for delayed delivery of an instrument at a specified date and price. Futures Interests are open commitments until the settlement date, at which time they are realized. They are valued at fair value, generally on a daily basis, and the unrealized gains and losses on open contracts (the difference between contract trade price and market price) are reported in the Statements of Financial Condition as a net unrealized appreciation or depreciation on open futures contracts or net unrealized appreciation or depreciation on open forward contracts. The resulting net change in unrealized gains and losses is reflected in “Net change in unrealized gains (losses) on open contracts” and “Net change in unrealized gains (losses) on open contracts allocated from the Funds” from one period to the next in the Statements of Income and Expenses. The Partnership’s/Funds’ contracts are accounted for on a trade-date basis. Gains or losses are realized when contracts are liquidated and are determined using the first-in, first-out method. Risk arises from changes in the value of these contracts and the potential inability of counterparties to perform under the terms of the contracts. There are numerous factors which may significantly influence the fair value of these contracts, including interest rate volatility. The fair value of an exchange-traded contract is based on the settlement price quoted by the exchange on the day with respect to which fair value is being determined. If an exchange-traded contract could not have been liquidated on such day due to the operation of daily limits or other rules of the exchange, the settlement price will be equal to the settlement price on the first subsequent day on which the contract could be liquidated. In general, the risks associated with non-exchange traded contracts are greater than those associated with exchange-traded contracts because of the greater risk of default by the counterparty to a non-exchange traded contract. The Partnership and the Funds have credit risk associated with counterparty nonperformance. As of the date of the financial statements, the credit risk associated with the instruments in which the Partnership and the Funds trade is limited to the unrealized gain (loss) amounts reflected in the Partnership’s/Funds’ Statements of Financial Condition. The net unrealized gains (losses) on open contracts are further disclosed gross by type of contract and corresponding fair value level in Note 5, “Fair Value Measurements.” The Partnership also has credit risk because MS&Co. acts as the commodity futures broker, or the counterparty, with respect to most of the Partnership’s assets. Exchange-traded futures and exchange-traded forward contracts are fair valued on a daily basis, with variations in value settled on a daily basis. With respect to the Partnership’s non-exchange traded forward currency contracts and forward currency option contracts, there are no daily settlements of variation in value, nor is there any requirement that an amount equal to the net unrealized gains (losses) on such contracts be segregated. However, the Partnership is required to meet margin requirements equal to the net unrealized loss on open forward currency contracts in the Partnership’s accounts with the counterparty, which is accomplished by daily maintenance of the cash balance in a custody account held at MS&Co., for the benefit of MS&Co. With respect to those non-exchange traded forward currency contracts, the Partnership is at risk to the ability of MS&Co., the sole counterparty on all such contracts, to perform. The Partnership has a netting agreement with the counterparty. The primary terms are based on industry standard master netting agreements. This agreement, which seeks to reduce both the Partnership’s and the counterparty’s exposure on non-exchange traded forward currency contracts, should materially decrease the Partnership’s credit risk in the event of MS&Co.’s bankruptcy or insolvency. The General Partner monitors and attempts to mitigate the Partnership’s/Funds’ 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/Funds may be subject. These monitoring systems generally allow the General Partner to statistically analyze actual trading results with risk adjusted performance indicators and correlation statistics. In addition, online monitoring systems provide account analysis of futures and forward contracts by sector, margin requirements, gain and loss transactions and collateral positions. The U.S. Treasury bills and Futures Interests traded by the Partnership and the Funds involve varying degrees of related market risk. Market risk is often dependent upon changes in the level or volatility of interest rates, exchange rates, and prices of financial instruments and commodities, factors that result in frequent changes in the fair value of the Partnership’s open positions, and consequently in its earnings, whether realized or unrealized, and cash flow. Gains and losses on open positions of exchange-traded futures, exchange-traded forward, and exchange-traded futures-styled option contracts are settled daily through variation margin. Gains and losses on non-exchange traded forward currency contracts are settled upon termination of the contract. Gains and losses on non-exchange traded forward currency option contracts are settled on an agreed-upon settlement date. In the ordinary course of business, the Partnership and the Funds enter into contracts and agreements that contain various representations and warranties and which provide general indemnifications. The Partnership’s/Funds’ maximum exposure under these arrangements cannot be determined, as this could include future claims that have not yet been made against the Partnership/Funds. The Partnership and the Funds consider the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. 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, other than that described below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. Effective April 3, 2019, the General Partner terminated AE Capital as an Advisor to the Partnership. For the interim period from April 4, 2019 through April 30, 2019, the Partnership’s assets previously allocated to AE Capital were not charged a management fee and was credited with interest income at a rate equal to the monthly average of the 4-Week U.S. Treasury bill discount rate. On April 30, 2019, the Partnership fully redeemed its investment in AE Capital Master. The assets previously allocated to AE Capital were reallocated to the other commodity trading advisors in the Partnership. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates . The preparation of financial statements and accompanying notes in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the General Partner to make estimates and assumptions that affect the reported amounts of assets and liabilities, income and expenses, and related disclosures of contingent assets and liabilities in the financial statements and accompanying notes. As a result, actual results could differ from these estimates, and those differences could be material. |
Profit Allocation | Profit Allocation . The General Partner and each limited partner of the Partnership share in the profits and losses of the Partnership in proportion to the amount of Partnership interest owned by each, except that no limited partner is liable for obligations of the Partnership in excess of its capital contributions and profits, if any, net of distributions, redemptions and losses, if any. |
Statement of Cash Flows | Statement of Cash Flows . The Partnership has not provided a Statement of Cash Flows, as permitted by Accounting Standards Codification (“ASC”) 230, “ Statement of Cash Flows. ” The Statements of Changes in Partners’ Capital is included herein, and as of and for the periods ended March 31, 2019 and 2018, the Partnership carried no debt and all the Partnership’s investments were carried at fair value and classified as Level 1 and Level 2 measurements. |
Partnership's Investment in the Funds | Partnership’s Investment in the Funds. The Partnership carries its investment in AE Capital Master, SECOR Master, ADG Master, and prior to its termination, carried its investment in Cambridge Master based on the Partnership’s (1) respective net contribution to each Fund and (2) its respective allocated share of the undistributed profits and losses, including realized gains or losses and net change in unrealized gains or losses, of each Fund. Prior to its termination on January 31, 2019, the Partnership carried its investment in Willowbridge Master based on Willowbridge Master’s net asset value per Unit as calculated by Willowbridge Master. The valuation of the Funds’ investments, including the classification within the fair value hierarchy of the investments held by the Funds, are described in Note 5, “Fair Value Measurements.” |
Partnership's/Funds' Derivative Investments | Partnership’s/Funds’ Derivative Investments . All Futures Interests held by the Partnership/Funds, including derivative financial instruments and derivative commodity instruments, are held for trading purposes. The Futures Interests are recorded on trade date and open contracts are recorded at fair value (as described in Note 5, “Fair Value Measurements”) at the measurement date. Investments in Futures Interests denominated in foreign currencies are translated into U.S. dollars at the exchange rates prevailing at the measurement date. Gains or losses are realized when contracts are liquidated. Net unrealized gains or losses on open contracts are included as a component of “equity in trading account” in the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains or losses and net change in unrealized gains or losses are included in the Partnership’s/Funds’ Statements of Income and Expenses. The Partnership and the Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments from fluctuations due to changes in market prices of investments held. Such fluctuations are included in total trading results in the Partnership’s/Funds’ Statements of Income and Expenses. |
Partnership's Cash | Partnership’s Cash . The Partnership’s restricted cash is equal to the cash portion of assets on deposit to meet margin requirements, as determined by the exchange or counterparty, and required by MS&Co. At March 31, 2019 and December 31, 2018, the amount of cash held for margin requirements was $440,386 and $118,195, respectively. Cash that is not classified as restricted cash is therefore classified as unrestricted cash. Restricted and unrestricted cash includes cash denominated in foreign currencies of $(97,022) (proceeds of $97,201) and $(13,519) (proceeds of $13,573) as of March 31, 2019 and December 31, 2018, respectively. |
Income Taxes | Income Taxes. Income taxes have not been recorded as each partner is individually liable for the taxes, if any, on its share of the Partnership’s income and expenses. The Partnership follows the guidance of ASC 740, “ Income Taxes, ” which prescribes a recognition threshold and measurement attribute for financial statement recognition and measurement of tax positions taken or expected to be taken in the course of preparing the Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained “when challenged” or “when examined” by the applicable tax authority. Tax positions determined not to meet the more-likely-than-not threshold would be recorded as a tax benefit or liability in the Partnership’s Statements of Financial Condition for the current year. If a tax position does not meet the minimum statutory threshold to avoid the incurring of penalties, an expense for the amount of the statutory penalty and interest, if applicable, shall be recognized in the Statements of Income and Expenses in the period in which the position is claimed or expected to be claimed. The General Partner has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. The Partnership files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The 2015 through 2018 tax years remain subject to examination by U.S. federal and most state tax authorities. |
Investment Company Status | Investment Company Status . Effective January 1, 2014, the Partnership adopted Accounting Standards Update 2013-08, “ Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements ” and based on the General Partner’s assessment, the Partnership has been deemed to be an investment company since inception. Accordingly, the Partnership follows the investment company accounting and reporting guidance of Topic 946 and reflects its investments at fair value with unrealized gains and losses resulting from changes in fair value reflected in the Statements of Income and Expenses. |
Net Income (Loss) per Unit | Net Income (Loss) per Unit . Net income (loss) per Unit is calculated in accordance with ASC 946, “ Financial Services — Investment Companies.” See Note 3, “Financial Highlights.” |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investment Company [Abstract] | |
Financial Highlights for Limited Partner Class | Financial highlights for the limited partner Classes as a whole for the three months ended March 31, 2019 and 2018 were as follows: Three Months Ended March 31, 2019 2018 Class A Class Z Class A Per Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 0.04 $ 0.04 $ 0.09 Net investment loss (0.10 ) (0.06 ) (0.07 ) Net increase (decrease) for the period (0.06 ) (0.02 ) 0.02 Net asset value per Unit, beginning of period 8.71 10.32 8.55 Net asset value per Unit, end of period $ 8.65 $ 10.30 $ 8.57 Three Months Ended March 31, 2019 2018 Class A Class Z Class A Ratios to Average Limited Partners’ Capital: ** Net investment loss *** (3.1 ) % (1.2 ) % (3.5 ) % Operating expenses 5.7 % 3.7 % 7.2 % Expenses borne by the General Partner (0.9 ) % (0.9 ) % (2.6 ) % Incentive fees 0.4 % 0.5 % - % Total expenses 5.2 % 3.3 % 4.6 % Total return: Total return before incentive fees (0.2 ) % 0.3 % 0.2 % Incentive fees (0.5 ) % (0.5 ) % - % Total return after incentive fees (0.7 ) % (0.2 ) % 0.2 % * Net investment loss per Unit is calculated by dividing the interest income less total expenses by the average number of Units outstanding during the period. The net realized and unrealized gains (losses) per Unit is a balancing amount necessary to reconcile the change in net asset value per Unit with the other per unit information. ** Annualized (except for incentive fees if applicable). *** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Offsetting of Derivative Assets and Liabilities | The following tables summarize the gross and net amounts recognized relating to assets and liabilities of the Partnership’s derivatives and their offsetting subject to master netting arrangements or similar agreements as of March 31, 2019 and December 31, 2018, respectively. Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Cash Collateral Amounts Financial Financial Financial Received/ March 31, 2019 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 73,601 $ (24,306 ) $ 49,295 $ - $ - $ 49,295 Total assets $ 73,601 $ (24,306 ) $ 49,295 $ - $ - $ 49,295 Liabilities Futures $ (24,306 ) $ 24,306 $ - $ - $ - $ - Total liabilities $ (24,306 ) $ 24,306 $ - $ - $ - $ - Net fair value $ 49,295 * Gross Amounts Amounts Gross Amounts Not Offset in the Offset in the Presented in the Statements of Financial Condition Gross Statements of Statements of Cash Collateral Amounts Financial Financial Financial Received/ December 31, 2018 Recognized Condition Condition Instruments Pledged* Net Amount Assets Futures $ 15,181 $ (15,181 ) $ - $ - $ - $ - Total assets $ 15,181 $ (15,181 ) $ - $ - $ - $ - Liabilities Futures $ (25,826 ) $ 15,181 $ (10,645 ) $ - $ 10,645 $ - Total liabilities $ (25,826 ) $ 15,181 $ (10,645 ) $ - $ 10,645 $ - Net fair value $ - * * 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 in 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. |
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 contracts held directly by the Partnership as separate assets and liabilities as of March 31, 2019 and December 31, 2018, respectively. March 31, 2019 Assets Futures Contracts Currencies $ 73,601 Total unrealized appreciation on open futures contracts 73,601 Liabilities Futures Contracts Currencies (5,822 ) Indices (18,484 ) Total unrealized depreciation on open futures contracts (24,306 ) Net unrealized appreciation on open futures contracts $ 49,295* * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 15,181 Total unrealized appreciation on open futures contracts 15,181 Liabilities Futures Contracts Currencies (25,826 ) Total unrealized depreciation on open futures contracts (25,826 ) Net unrealized depreciation on open futures contracts $ (10,645 )* * This amount is in “Net unrealized depreciation on open futures contracts” in the 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 traded directly by the Partnership for the three months ended March 31, 2019 and 2018, respectively. Three Months Ended March 31, Sector 2019 2018 Currencies $ (50,134 ) $ (23,518 ) Energy 1,116 (11 ) Indices (59,428 ) (7,390 ) Interest Rates U.S. (29,364 ) 4,994 Interest Rates Non-U.S. (397 ) (7,920 ) Metals (9,521 ) (2,384 ) Total $ (147,728 )** $ (36,229 )** ** This amount is in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | March 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 73,601 $ 73,601 $ - $ - Total assets $ 73,601 $ 73,601 $ - $ - Liabilities Futures $ 24,306 $ 24,306 $ - $ - Total liabilities $ 24,306 $ 24,306 $ - $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 15,181 $ 15,181 $ - $ - Total assets $ 15,181 $ 15,181 $ - $ - Liabilities Futures $ 25,826 $ 25,826 $ - $ - Total liabilities $ 25,826 $ 25,826 $ - $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Investments [Abstract] | |
Assets, Liabilities and Partners'/ Members' Capital of the Funds | Summarized information reflecting the total assets, liabilities and partners’/members’ capital of the Funds is shown in the following tables: March 31, 2019 Total Assets Total Liabilities Total Capital AE Capital Master $ 18,810,537 $ 111,558 $ 18,698,979 SECOR Master 42,956,875 645,175 42,311,700 ADG Master 30,746,424 1,075,711 29,670,713 December 31, 2018 Total Assets Total Liabilities Total Capital Cambridge Master $ 21,433,817 $ 4,151,814 $ 17,282,003 AE Capital Master 19,758,302 99,954 19,658,348 |
Net Investment Income (Loss), Trading Results and Net Income (Loss) for th Funds | Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of the Funds is shown in the following tables: For the three months ended March 31, 2019 Net Investment Total Trading Net Income Income (Loss) Results (Loss) AE Capital Master $ 86,493 $ (895,582 ) $ (809,089 ) SECOR Master (47,181 ) 3,326,837 3,279,656 Willowbridge Master (a) 220,431 (759,939 ) (539,508 ) ADG Master (b) 68,144 (249,709 ) (181,565 ) For the three months ended March 31, 2018 Net Investment Total Trading Net Income Income (Loss) Results (Loss) Cambridge Master $ 85,288 $ 2,010,327 $ 2,095,615 AE Capital Master (c) 38,714 (155,473 ) (116,759 ) (a) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (b) From February 1, 2019, commencement of operations for ADG Master, through March 31, 2019. (c) From February 1, 2018, commencement of operations for AE Capital Master, through March 31, 2018. |
Partnership's Investments in and Partnership's Pro-rata Share of Results of Operations of the Funds | Summarized information reflecting the Partnership’s investment in and the Partnership’s pro-rata share of the results of operations of the Funds is shown in the following tables: March 31, 2019 For the three months ended March 31, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted AE Capital Master 11.29 % $ 4,199,630 $ (156,015 ) $ 3,136 $ 3,320 $ (162,471 ) Commodity Portfolio Monthly SECOR Master 26.30 % 9,777,130 723,966 48,827 3,490 671,649 Commodity Portfolio Monthly Willowbridge Master (a) - % - (45,751 ) 9,757 589 (56,097 ) Commodity Portfolio Monthly ADG Master (b) 29.49 % 10,962,961 (59,547 ) 4,975 4,760 (69,282 ) Commodity Portfolio Monthly Total $ 24,939,721 $ 462,653 $ 66,695 $ 12,159 $ 383,799 December 31, 2018 For the three months ended March 31, 2018 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Cambridge Master - % $ - $ 123,789 $ 309 $ 487 $ 122,993 Commodity Portfolio Monthly AE Capital Master (c) 28.94 % 1,492,447 (10,670 ) 324 1,156 (12,150 ) Commodity Portfolio Monthly Total $ 1,492,447 $ 113,119 $ 633 $ 1,643 $ 110,843 (a) From January 1, 2019, the date the Partnership invested into Willowbridge Master, through January 31, 2019, the date the Partnership fully redeemed its investment in Willowbridge Master. (b) From February 1, 2019, the date the Partnership invested into ADG Master, through March 31, 2019. (c) From February 1, 2018, the date the Partnership invested into AE Capital Master, through March 31, 2018. |
Organization - Additional Infor
Organization - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
General Partner [Member] | Minimum [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Percentage of expenses to net assets to be covered by General Partner | 0.85% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Restricted cash | $ 440,386 | $ 118,195 |
Cash denominated in foreign currencies | (97,022) | (13,519) |
Cash denominated in foreign currencies, proceeds | $ 97,201 | $ 13,573 |
Open tax year | 2015 2016 2017 2018 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Class A [Member] | ||
Per Unit Performance (for a unit outstanding throughout the year): | ||
Net asset value per Unit, beginning of period | $ 8.71 | |
Net asset value per Unit, end of period | 8.65 | |
Class A [Member] | Limited Partners [Member] | ||
Per Unit Performance (for a unit outstanding throughout the year): | ||
Net realized and unrealized gains (losses) | 0.04 | $ 0.09 |
Net investment loss | (0.10) | (0.07) |
Net increase (decrease) for the period | (0.06) | 0.02 |
Net asset value per Unit, beginning of period | 8.71 | 8.55 |
Net asset value per Unit, end of period | $ 8.65 | $ 8.57 |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (3.10%) | (3.50%) |
Operating expenses | 5.70% | 7.20% |
Expenses borne by the General Partner | (0.90%) | (2.60%) |
Incentive fees | 0.50% | |
Total expenses | 5.20% | 4.60% |
Total return: | ||
Total return before incentive fees | (0.20%) | 0.20% |
Incentive fees | (0.50%) | |
Total return after incentive fees | (0.70%) | 0.20% |
Class Z [Member] | ||
Per Unit Performance (for a unit outstanding throughout the year): | ||
Net asset value per Unit, beginning of period | $ 10.32 | |
Net asset value per Unit, end of period | 10.30 | |
Class Z [Member] | Limited Partners [Member] | ||
Per Unit Performance (for a unit outstanding throughout the year): | ||
Net realized and unrealized gains (losses) | 0.04 | |
Net investment loss | (0.06) | |
Net increase (decrease) for the period | (0.02) | |
Net asset value per Unit, beginning of period | 10.32 | |
Net asset value per Unit, end of period | $ 10.30 | |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (1.20%) | |
Operating expenses | 3.70% | |
Expenses borne by the General Partner | (0.90%) | |
Incentive fees | 0.50% | |
Total expenses | 3.30% | |
Total return: | ||
Total return before incentive fees | 0.30% | |
Incentive fees | (0.50%) | |
Total return after incentive fees | (0.20%) |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) - Contract | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 125 | 55 |
Option Contracts [Member] | ||
Derivative [Line Items] | ||
Average number of derivative contracts traded | 11 | 0 |
Trading Activities - Offsetting
Trading Activities - Offsetting of Derivative Assets and Liabilities (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 73,601 | $ 15,181 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (24,306) | (15,181) |
Amounts Presented in the Statements of Financial Condition, Assets | 49,295 | |
Net Amount, Assets | 49,295 | |
Gross Amounts Recognized, Liabilities | (24,306) | (25,826) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 24,306 | 15,181 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (10,645) | |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | 10,645 | |
Net fair value | 49,295 | |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Amounts Presented in the Statements of Financial Condition, Liabilities | (10,645) | |
Futures Contracts [Member] | MS&Co. [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 73,601 | 15,181 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (24,306) | (15,181) |
Amounts Presented in the Statements of Financial Condition, Assets | 49,295 | |
Net Amount, Assets | 49,295 | |
Gross Amounts Recognized, Liabilities | (24,306) | (25,826) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | $ 24,306 | 15,181 |
Amounts Presented in the Statements of Financial Condition, Liabilities | (10,645) | |
Gross Amounts Not Offset in the Statements of Financial Condition, Cash Collateral Received/ Pledged, Liabilities | $ 10,645 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Forward Contracts Traded (Detail) - Futures Contracts [Member] - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total unrealized appreciation on open futures contracts | $ 73,601 | $ 15,181 |
Total unrealized depreciation on open futures contracts | (24,306) | (25,826) |
Net unrealized depreciation on open futures contracts | 49,295 | (10,645) |
Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open futures contracts | 73,601 | 15,181 |
Total unrealized depreciation on open futures contracts | (5,822) | $ (25,826) |
Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized depreciation on open futures contracts | $ (18,484) |
Trading Activities - Schedule o
Trading Activities - Schedule of Trading Gains and Losses by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Total trading results | $ (147,728) | $ (36,229) |
Currencies [Member] | ||
Derivative [Line Items] | ||
Total trading results | (50,134) | (23,518) |
Energy [Member] | ||
Derivative [Line Items] | ||
Total trading results | 1,116 | (11) |
Indices [Member] | ||
Derivative [Line Items] | ||
Total trading results | (59,428) | (7,390) |
Interest Rates U.S. [Member] | ||
Derivative [Line Items] | ||
Total trading results | (29,364) | 4,994 |
Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Total trading results | (397) | (7,920) |
Metals [Member] | ||
Derivative [Line Items] | ||
Total trading results | $ (9,521) | $ (2,384) |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 73,601 | $ 15,181 |
Total liabilities | 24,306 | 25,826 |
Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 73,601 | 15,181 |
Total liabilities | 24,306 | 25,826 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 73,601 | 15,181 |
Total liabilities | 24,306 | 25,826 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 73,601 | 15,181 |
Total liabilities | $ 24,306 | $ 25,826 |
Investment in the Funds - Addit
Investment in the Funds - Additional Information (Detail) - TradingVehicle | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Minimum [Member] | General Partner [Member] | ||
Investment [Line Items] | ||
Percentage of expenses to net assets to be covered by General Partner | 0.85% | |
Mesirow Financial International UK Limited [Member] | Maximum [Member] | ||
Investment [Line Items] | ||
Leverage applied to assets | 150.00% | |
CMF AE Capital Master Fund LLC [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 22.40% | 7.60% |
Cambridge Master Fund L.P. [Member] | ||
Investment [Line Items] | ||
Number of trading vehicles | 1 | |
SECOR Master Fund LP [Member] | ||
Investment [Line Items] | ||
Number of trading vehicles | 1 | |
Percentage owned by partnership | 23.10% | |
SECOR Master Fund LP [Member] | Maximum [Member] | ||
Investment [Line Items] | ||
Leverage applied to assets | 150.00% | |
CMF ADG Master Fund LLC [Member] | ||
Investment [Line Items] | ||
Number of trading vehicles | 1 | |
Percentage owned by partnership | 36.90% |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners'/ Members' Capital of the Funds (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||||
Total Assets | $ 38,070,773 | $ 5,372,782 | ||
Total Liabilities | 892,573 | 214,960 | ||
Total Capital | 37,178,200 | 5,157,822 | $ 6,147,544 | $ 6,433,098 |
Cambridge Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 21,433,817 | |||
Total Liabilities | 4,151,814 | |||
Total Capital | 17,282,003 | |||
CMF AE Capital Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 18,810,537 | 19,758,302 | ||
Total Liabilities | 111,558 | 99,954 | ||
Total Capital | 18,698,979 | $ 19,658,348 | ||
SECOR Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 42,956,875 | |||
Total Liabilities | 645,175 | |||
Total Capital | 42,311,700 | |||
CMF ADG Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 30,746,424 | |||
Total Liabilities | 1,075,711 | |||
Total Capital | $ 29,670,713 |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) for the Funds (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | $ (419,478) | $ (55,027) |
Total Trading Results | 179,829 | 69,035 |
Net income (loss) | (239,649) | 14,008 |
Cambridge Master Fund L.P. [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 85,288 | |
Total Trading Results | 2,010,327 | |
Net income (loss) | 2,095,615 | |
CMF AE Capital Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 86,493 | 38,714 |
Total Trading Results | (895,582) | (155,473) |
Net income (loss) | (809,089) | $ (116,759) |
SECOR Master Fund LP [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | (47,181) | |
Total Trading Results | 3,326,837 | |
Net income (loss) | 3,279,656 | |
Willowbridge Master Fund LP [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 220,431 | |
Total Trading Results | (759,939) | |
Net income (loss) | (539,508) | |
CMF ADG Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 68,144 | |
Total Trading Results | (249,709) | |
Net income (loss) | $ (181,565) |
Investment in the Funds - Partn
Investment in the Funds - Partnership's Investments in and Partnership's Pro-rata Share of Results of Operations of the Funds (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 67.08% | 28.94% | ||
Fair Value | [1] | $ 24,939,721 | $ 1,492,447 | |
Expenses, Clearing Fees | 14,606 | $ 5,077 | ||
Expenses, Professional fees | 74,399 | 46,569 | ||
Net income (loss) | $ (239,649) | 14,008 | ||
Cambridge Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | 2,095,615 | |||
CMF AE Capital Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 11.29% | 28.94% | ||
Fair Value | $ 4,199,630 | $ 1,492,447 | ||
Net income (loss) | $ (809,089) | (116,759) | ||
SECOR Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 26.30% | |||
Fair Value | $ 9,777,130 | |||
Net income (loss) | 3,279,656 | |||
Willowbridge Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Net income (loss) | $ (539,508) | |||
CMF ADG Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 29.49% | |||
Fair Value | $ 10,962,961 | |||
Net income (loss) | (181,565) | |||
Investment in Funds [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | 462,653 | 113,119 | ||
Expenses, Clearing Fees | 66,695 | 633 | ||
Expenses, Professional fees | 12,159 | 1,643 | ||
Net income (loss) | 383,799 | 110,843 | ||
Investment in Funds [Member] | Commodity [Member] | Cambridge Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | 123,789 | |||
Expenses, Clearing Fees | 309 | |||
Expenses, Professional fees | 487 | |||
Net income (loss) | $ 122,993 | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Investment in Funds [Member] | Commodity [Member] | CMF AE Capital Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | (156,015) | $ (10,670) | ||
Expenses, Clearing Fees | 3,136 | 324 | ||
Expenses, Professional fees | 3,320 | 1,156 | ||
Net income (loss) | $ (162,471) | $ (12,150) | ||
Investment Objective | Commodity Portfolio | Commodity Portfolio | ||
Redemptions Permitted | Monthly | Monthly | ||
Investment in Funds [Member] | Commodity [Member] | SECOR Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | $ 723,966 | |||
Expenses, Clearing Fees | 48,827 | |||
Expenses, Professional fees | 3,490 | |||
Net income (loss) | $ 671,649 | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Investment in Funds [Member] | Commodity [Member] | Willowbridge Master Fund LP [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | $ (45,751) | |||
Expenses, Clearing Fees | 9,757 | |||
Expenses, Professional fees | 589 | |||
Net income (loss) | $ (56,097) | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Investment in Funds [Member] | Commodity [Member] | CMF ADG Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | $ (59,547) | |||
Expenses, Clearing Fees | 4,975 | |||
Expenses, Professional fees | 4,760 | |||
Net income (loss) | $ (69,282) | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
[1] | Defined in Note 1. |