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 COMMODITY L.P. | |
Entity Central Index Key | 0001325676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Trading Symbol | ck0001325676 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 79,563.4117 | |
Class D [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 600.0580 | |
Class Z [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 99.2020 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets: | |||
Investment in the Fund, at fair value | [1] | $ 5,489,732 | |
Redemptions receivable from the Fund | $ 3,792,429 | 21,653 | |
Equity in trading account: | |||
Unrestricted cash | 100,243,252 | 46,452,179 | |
Restricted cash | 6,043,987 | 7,608,136 | |
Net unrealized appreciation on open contracts | 720,425 | 1,757,511 | |
Options purchased, at fair value (premiums paid $1,449,670 and $555,793 at March 31, 2019 and December 31, 2018, respectively) | 1,148,815 | 305,214 | |
Total equity in trading account | 108,156,479 | 56,123,040 | |
Interest receivable | 210,815 | 94,727 | |
Total assets | 112,159,723 | 61,729,152 | |
Liabilities: | |||
Net unrealized depreciation on open forward contracts | 0 | 364,117 | |
Options written, at fair value (premiums received $1,115,308 and $506,194 at March 31, 2019 and December 31, 2018, respectively) | 1,168,287 | 409,571 | |
Accrued expenses: | |||
Ongoing selling agent fees | 181,658 | 99,660 | |
Management fees | 162,680 | 82,317 | |
General Partner fees | 69,133 | 50,530 | |
Incentive Fees | 389,896 | 957,011 | |
Professional fees | 196,534 | 220,343 | |
Redemptions payable to Limited Partners | 540,520 | 1,326,737 | |
Total liabilities | 2,708,708 | 3,510,286 | |
Partners' Capital: | |||
Total partners' capital (net asset value) | 109,451,015 | 58,218,866 | |
Total liabilities and partners' capital | 112,159,723 | 61,729,152 | |
Forwards [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open contracts | 198,263 | 0 | |
Liabilities: | |||
Net unrealized depreciation on open forward contracts | 0 | 364,117 | |
Futures [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open contracts | 522,162 | 1,757,511 | |
Class Z [Member] | |||
Partners' Capital: | |||
General Partner | 1,486,204 | 755,325 | |
Limited Partners | 104,085 | ||
Total partners' capital (net asset value) | $ 1,590,289 | $ 755,325 | |
Net asset value per Redeemable Unit | $ 1,049.22 | $ 1,013.83 | |
Class A [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 107,234,232 | $ 56,857,034 | |
Total partners' capital (net asset value) | $ 107,234,232 | $ 56,857,034 | |
Net asset value per Redeemable Unit | $ 1,339.30 | $ 1,300.66 | |
Class D [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 626,494 | $ 606,507 | |
Total partners' capital (net asset value) | $ 626,494 | $ 606,507 | |
Net asset value per Redeemable Unit | $ 1,044.06 | $ 1,010.75 | |
[1] | Defined in Note 1. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Options purchased, premiums paid | $ 1,449,670 | $ 555,793 |
Options written, premiums received | $ 1,115,308 | $ 506,194 |
Class Z [Member] | ||
General Partner Redeemable Units outstanding | 1,416.4870 | 745.0230 |
Limited Partners Redeemable Units outstanding | 99.2020 | 0 |
Class A [Member] | ||
Limited Partners Redeemable Units outstanding | 80,067.2267 | 43,713.9067 |
Class D [Member] | ||
Limited Partners Redeemable Units outstanding | 600.0580 | 600.0580 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Mar. 31, 2019USD ($)Derivative | Dec. 31, 2018USD ($)Derivative | |
Schedule of Investments [Line Items] | |||
Investment, Fair Value | [1] | $ 5,489,732 | |
Percentage of Partners' Capital | 9.43% | ||
Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 522,162 | $ 1,757,511 | |
Total unrealized appreciation on open contracts | 5,937,283 | 6,579,887 | |
Total unrealized depreciation on open contracts | $ (5,415,121) | $ (4,822,376) | |
Percentage of Partners' Capital | 0.48% | 3.02% | |
Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | $ 2,591,164 | $ (3,725,151) | |
Percentage of Partners' Capital | 2.37% | (6.40%) | |
Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | $ 1,148,815 | $ 305,214 | |
Percentage of Partners' Capital | 1.05% | 0.52% | |
Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | $ (2,069,002) | $ 5,482,662 | |
Percentage of Partners' Capital | (1.89%) | 9.42% | |
Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | $ (1,168,287) | $ (409,571) | |
Percentage of Partners' Capital | (1.07%) | (0.70%) | |
Metals [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 73,697 | $ 125,934 | |
Total unrealized depreciation on open contracts | $ (103,664) | $ (295,124) | |
Metals [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 91 | 132 | |
Investment, Fair Value | $ (33,909) | $ (17,816) | |
Percentage of Partners' Capital | (0.03%) | (0.03%) | |
Metals [Member] | Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 134 | 127 | |
Investment, Fair Value | $ 3,942 | $ (151,374) | |
Percentage of Partners' Capital | 0.00% | (0.26%) | |
Currencies [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 14,578 | ||
Total unrealized depreciation on open contracts | $ (1,159) | ||
Currencies [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 35 | ||
Investment, Fair Value | $ 13,419 | ||
Percentage of Partners' Capital | 0.02% | ||
Energy [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 4,382,299 | $ 5,628,038 | |
Total unrealized depreciation on open contracts | $ (4,076,242) | $ (3,938,643) | |
Energy [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 14,441 | 1,827 | |
Investment, Fair Value | $ 2,552,169 | $ (3,537,375) | |
Percentage of Partners' Capital | 2.33% | (6.08%) | |
Energy [Member] | Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 10,352 | 2,168 | |
Investment, Fair Value | $ (2,246,112) | $ 5,226,770 | |
Percentage of Partners' Capital | (2.05%) | 8.98% | |
Grains [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 518,524 | $ 157,540 | |
Total unrealized depreciation on open contracts | $ (327,442) | $ (66,943) | |
Grains [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 741 | 269 | |
Investment, Fair Value | $ (311,176) | $ (34,732) | |
Percentage of Partners' Capital | (0.28%) | (0.06%) | |
Grains [Member] | Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 925 | 306 | |
Investment, Fair Value | $ 502,258 | $ 125,329 | |
Percentage of Partners' Capital | 0.46% | 0.22% | |
Livestock [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 468,513 | $ 317,100 | |
Total unrealized depreciation on open contracts | $ (182,230) | $ (252,835) | |
Livestock [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 95 | 424 | |
Investment, Fair Value | $ 338,510 | $ (133,210) | |
Percentage of Partners' Capital | 0.31% | (0.22%) | |
Livestock [Member] | Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 130 | 501 | |
Investment, Fair Value | $ (52,227) | $ 197,475 | |
Percentage of Partners' Capital | (0.05%) | 0.34% | |
Softs [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 494,250 | $ 336,697 | |
Total unrealized depreciation on open contracts | $ (725,543) | $ (267,672) | |
Softs [Member] | Contracts Purchased [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 984 | 284 | |
Investment, Fair Value | $ 45,570 | $ (15,437) | |
Percentage of Partners' Capital | 0.04% | (0.03%) | |
Softs [Member] | Contracts Sold [Member] | Futures [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 807 | 367 | |
Investment, Fair Value | $ (276,863) | $ 84,462 | |
Percentage of Partners' Capital | (0.25%) | 0.14% | |
Forwards [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized appreciation (depreciation) on open contracts | $ 198,263 | $ (364,117) | |
Total unrealized appreciation on open contracts | 1,430,879 | 2,203,511 | |
Total unrealized depreciation on open contracts | $ (1,232,616) | $ (2,567,628) | |
Percentage of Partners' Capital | 0.18% | (0.63%) | |
Forwards [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Total unrealized appreciation on open contracts | $ 1,430,879 | $ 2,203,511 | |
Total unrealized depreciation on open contracts | $ (1,232,616) | (2,567,628) | |
CMF Harbour Square Master Fund LLC [Member] | |||
Schedule of Investments [Line Items] | |||
Investment, Fair Value | $ 5,489,732 | ||
Percentage of Partners' Capital | 9.43% | ||
Assets [Member] | Forwards [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | 1.31% | 3.78% | |
Assets [Member] | Forwards [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 590 | 677 | |
Percentage of Partners' Capital | 1.31% | 3.78% | |
Calls [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 215 | 244 | |
Investment, Fair Value | $ 825,700 | $ 37,084 | |
Percentage of Partners' Capital | 0.75% | 0.06% | |
Calls [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 219 | 141 | |
Investment, Fair Value | $ (844,147) | $ (13,833) | |
Percentage of Partners' Capital | (0.78%) | (0.02%) | |
Calls [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 390 | ||
Investment, Fair Value | $ 25,362 | ||
Percentage of Partners' Capital | 0.02% | ||
Calls [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 44 | ||
Investment, Fair Value | $ (34,760) | ||
Percentage of Partners' Capital | (0.06%) | ||
Calls [Member] | Grains [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 204 | 110 | |
Investment, Fair Value | $ 5,100 | $ 27,500 | |
Percentage of Partners' Capital | 0.00% | 0.05% | |
Calls [Member] | Livestock [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 62 | 18 | |
Investment, Fair Value | $ (27,490) | $ (17,820) | |
Percentage of Partners' Capital | (0.03%) | (0.03%) | |
Calls [Member] | Softs [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 135 | ||
Investment, Fair Value | $ 117,341 | ||
Percentage of Partners' Capital | 0.11% | ||
Calls [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 27 | ||
Investment, Fair Value | $ (44,820) | ||
Percentage of Partners' Capital | (0.08%) | ||
Puts [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 58 | 94 | |
Investment, Fair Value | $ 41,500 | $ 185,370 | |
Percentage of Partners' Capital | 0.04% | 0.32% | |
Puts [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 70 | 117 | |
Investment, Fair Value | $ (199,660) | $ (225,236) | |
Percentage of Partners' Capital | (0.18%) | (0.39%) | |
Puts [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 24 | 36 | |
Investment, Fair Value | $ 9,252 | $ 35,640 | |
Percentage of Partners' Capital | 0.01% | 0.06% | |
Puts [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 97 | ||
Investment, Fair Value | $ (11,737) | ||
Percentage of Partners' Capital | (0.01%) | ||
Puts [Member] | Grains [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 50 | ||
Investment, Fair Value | $ (47,813) | ||
Percentage of Partners' Capital | (0.04%) | ||
Puts [Member] | Livestock [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 683 | 62 | |
Investment, Fair Value | $ 117,840 | $ 19,620 | |
Percentage of Partners' Capital | 0.11% | 0.03% | |
Puts [Member] | Softs [Member] | Contracts Purchased [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 25 | ||
Investment, Fair Value | $ 6,720 | ||
Percentage of Partners' Capital | 0.01% | ||
Puts [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 24 | 104 | |
Investment, Fair Value | $ (37,440) | $ (73,102) | |
Percentage of Partners' Capital | (0.03%) | (0.12%) | |
Liabilities [Member] | Forwards [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of Partners' Capital | (1.13%) | (4.41%) | |
Liabilities [Member] | Forwards [Member] | Metals [Member] | |||
Schedule of Investments [Line Items] | |||
Number of Contracts | Derivative | 507 | 774 | |
Percentage of Partners' Capital | (1.13%) | (4.41%) | |
[1] | Defined in Note 1. |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Abstract] | ||
Options purchased, premium paid | $ 1,449,670 | $ 555,793 |
Options written, premium received | $ 1,115,308 | $ 506,194 |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Investment Income: | |||
Interest income | $ 563,889 | $ 134,258 | |
Interest income allocated from the Fund(s) | 26,412 | 94,973 | |
Total investment income | 590,301 | 229,231 | |
Expenses: | |||
Expenses allocated from the Fund(s) | 37,222 | 77,543 | |
Clearing fees related to direct investments | 335,728 | 134,447 | |
Ongoing selling agent fees | 543,210 | 340,551 | |
Management fees | 404,775 | 260,270 | |
General Partner fees | 206,598 | 171,464 | |
Incentive fees | 371,860 | 73,901 | |
Professional fees | 114,960 | 90,656 | |
Total expenses | 2,014,353 | 1,148,832 | |
Net investment loss | (1,424,052) | (919,601) | |
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||
Net realized gains (losses) on closed contracts | 5,392,699 | 575,189 | |
Net realized gains (losses) on closed contracts allocated from the Fund(s) | 112,982 | 720,944 | |
Net change in unrealized gains (losses) on open contracts | (874,702) | 32,466 | |
Net change in unrealized gains (losses) on open contracts allocated from the Fund(s) | 2,570 | 304,053 | |
Total trading results | 4,633,549 | 1,632,652 | |
Net income (loss) | 3,209,497 | 713,051 | |
Class A [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||
Net income (loss) | $ 3,135,296 | $ 701,120 | |
Net income (loss) per Redeemable Unit | [1] | $ 38.64 | $ 13.17 |
Weighted average Redeemable Units outstanding | 81,675.3130 | 52,993.0067 | |
Class D [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||
Net income (loss) | $ 19,987 | ||
Net income (loss) per Redeemable Unit | [1] | $ 33.31 | $ 0 |
Weighted average Redeemable Units outstanding | 600.0580 | 0 | |
Class Z [Member] | |||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||
Net income (loss) | $ 54,214 | $ 11,931 | |
Net income (loss) per Redeemable Unit | [1] | $ 35.39 | $ 14.99 |
Weighted average Redeemable Units outstanding | 1,482.6217 | 795.9520 | |
[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 | Class A [Member] | Class D [Member] | Class Z [Member] | General Partner [Member] | General Partner [Member]Class Z [Member] | Limited Partners [Member] | Limited Partners [Member]Class A [Member] | Limited Partners [Member]Class Z [Member] |
Partners' Capital, beginning of period at Dec. 31, 2017 | $ 69,715,774 | $ 68,946,282 | $ 769,492 | ||||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2017 | 55,271.3097 | 54,475.3577 | 795.9520 | ||||||
Redemptions | $ (50,000) | $ (50,000) | $ (4,400,107) | $ (4,400,107) | |||||
Redemptions, Redeemable Units | (50.9290) | (50.9290) | (3,453.3910) | (3,453.3910) | |||||
Net income (loss) | $ 713,051 | $ 701,120 | $ 11,931 | ||||||
Partners' Capital, end of period at Mar. 31, 2018 | $ 65,978,718 | $ 65,247,295 | $ 731,423 | ||||||
Partners' Capital, Redeemable Units, end of period at Mar. 31, 2018 | 51,766.9897 | 51,021.9667 | 745.0230 | ||||||
Partners' Capital, beginning of period at Dec. 31, 2018 | $ 58,218,866 | $ 56,857,034 | $ 606,507 | $ 755,325 | |||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2018 | 45,058.9877 | 43,713.9067 | 600.0580 | 745.0230 | |||||
Subscriptions | $ 680,750 | $ 680,750 | $ 51,142,913 | $ 51,042,913 | $ 100,000 | ||||
Subscriptions, Redeemable Units | 671.4640 | 671.4640 | 39,345.9440 | 39,246.7420 | 99.2020 | ||||
Redemptions | $ (3,801,011) | $ (3,801,011) | |||||||
Redemptions, Redeemable Units | (2,893.4220) | (2,893.4220) | |||||||
Net income (loss) | $ 3,209,497 | $ 3,135,296 | $ 19,987 | $ 54,214 | |||||
Partners' Capital, end of period at Mar. 31, 2019 | $ 109,451,015 | $ 107,234,232 | $ 626,494 | $ 1,590,289 | |||||
Partners' Capital, Redeemable Units, end of period at Mar. 31, 2019 | 82,182.9737 | 80,067.2267 | 600.0580 | 1,515.6890 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization: Ceres Tactical Commodity L.P. (the “Partnership”) is a limited partnership organized on April 20, 2005 under the partnership laws of the State of New York to engage, directly and indirectly, in the speculative trading of commodity interests on U.S. and international futures, options on futures and forward markets. The Partnership may also engage, directly or indirectly, in swap transactions and other derivative transactions with the approval of the General Partner (as defined below). Initially, the Partnership’s investment strategy focused on energy and energy-related investments. While the Partnership is expected to continue to have significant exposure to energy and energy-related markets, such trading will no longer be the Partnership’s primary focus. Therefore, the Partnership’s past trading performance will not necessarily be indicative of future results. The sectors traded include energy, grains, livestock, metals and softs. The commodity interests that are traded by the Partnership, directly or indirectly through its investment in the Funds (as defined below) are volatile and involve a high degree of market risk. The General Partner may also determine to invest up to all of the Partnership’s assets (directly or indirectly through its investment in the Funds) 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. During the initial offering period, the Partnership sold 11,925 redeemable units of limited partnership interest (“Redeemable Units”). The Partnership commenced trading on September 6, 2005. The Partnership privately and continuously offers Redeemable Units to qualified investors. There is no maximum number of Redeemable Units that may be sold by the Partnership. Ceres Managed Futures LLC, a Delaware limited liability company, acts as the general partner (the “General Partner”) and commodity pool operator of the Partnership and was the trading manager (the “Trading Manager”) of Harbour Square Master (as defined below). The General Partner 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 June 13, 2018, the Partnership began offering three classes of limited partnership interests, Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units. All Redeemable Units issued prior to October 31, 2016 were deemed “Class A Redeemable Units.” Class Z Redeemable Units were first issued on January 1, 2017. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units were not changed. Class D Redeemable Units were first issued on July 1, 2018. The rights, liabilities, risks and fees associated with investment in the Class A Redeemable Units and Class Z Redeemable Units were not changed. Class A Redeemable Units, Class D 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 and Class D Redeemable Units are available to taxable U.S. individuals and institutions, U.S. tax exempt individuals and institutions and non-U.S. investors. Class Z Redeemable Units are offered to limited partners who receive advisory services from Morgan Stanley Smith Barney LLC (doing business as Morgan Stanley Wealth Management) (“Morgan Stanley Wealth Management”) and may also be offered to certain employees of Morgan Stanley and/or its subsidiaries (and their family members). Class A Redeemable Units, Class D Redeemable Units and Class Z Redeemable Units are identical, except that Class A Redeemable Units are subject to a monthly ongoing selling agent fee equal to 1/12 of 2.00% (a 2.00% annual rate) of the net assets of Class A as of the end of each month, which differs from the Class D monthly ongoing selling agent fee of 1/12 of 0.75% (a 0.75% annual rate) of the net assets of Class D as of the end of each month. Class Z Redeemable Units are not subject to a monthly ongoing selling agent fee. During the reporting periods ended March 31, 2019 and 2018, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. During prior periods included in this report, the Partnership/Funds also deposited a portion of their cash in non-trading bank accounts at JPMorgan Chase Bank, N.A. As of March 31, 2019, all trading decisions are made for the Partnership by Millburn Ridgefield Corporation (“Millburn”), Ospraie Management, LLC (“Ospraie”), Aquantum GmbH (“Aquantum”) and Pan Capital Management L.P. (“Pan”) (each, an “Advisor” and, collectively, the “Advisors”), each, a registered commodity trading advisor. Effective November 30, 2018, Aventis Asset Management, LLC (“Aventis”) ceased to act as a commodity trading advisor to the Partnership. Effective March 31, 2019, Harbour Square Capital Management LLC (“Harbour Square”) ceased to act as a commodity trading advisor to the Partnership. Each Advisor is allocated a portion of the Partnership’s assets to manage. The Partnership invests the portion of its assets allocated to each of the Advisors either directly, through individually managed accounts, or indirectly through its investment in the Funds. References herein to the “Advisors” may also include, as relevant, Harbour Square and Aventis. The Advisors are not affiliated with one another, are not affiliated with the General Partner and MS&Co. and are not responsible for the organization or operation of the Partnership. Millburn, Ospraie and Aquantum directly trade the Partnership’s assets allocated to each Advisor through managed accounts in the name of the Partnership pursuant to Millburn’s Commodity Program, Ospraie’s Commodity Program and Aquantum’s Commodity Spread Program, respectively. Effective January 1 , 2019 , Pan directly trades the Partnership’s assets allocated to it pursuant to Pan’s Energy Trading Program. The Partnership has entered, and (prior to their respective terminations) CMF Harbour Square Master Fund LLC (“Harbour Square Master”) and MB Master Fund L.P. (“MB Master”) had entered, into futures brokerage account agreements with MS&Co. Harbour Square Master and MB Master are collectively referred to as the “Funds.” The Partnership, directly and 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, the execution of transactions as well as exchange, user, give-up, floor brokerage and National Futures Association fees (collectively, the “clearing fees”). The Partnership has entered into a selling agreeme The General Partner fees, management fees, incentive fees and professional fees of the Partnership are allocated proportionally to each Class based on the net asset value of each Class. 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 | 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 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. Profit Allocation. 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.” Partnership’s Investment in the Funds. Partnership’s/Funds’ Derivative Investments. The P artnership/Funds do not isolate the portion of the results of operations arising from the effect of changes in foreign exchange rates on investments due to fluctuations from 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 18,992 141,947 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,” 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” Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit for each Class is calculated in accordance with ASC 946, “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 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. There were no Class D limited partner Redeemable Units held prior to July 1, 2018. There were no Class Z limited partner Redeemable Units held prior to February 1, 2019. Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Class A Class D Class Z** Class A Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 55.85 $ 43.48 $ 46.48 $ 30.40 Net investment loss (17.21) (10.17) (5.30) (17.23) Increase (decrease) for the period 38.64 33.31 41.18 13.17 Net asset value per Redeemable Unit, beginning of period 1,300.66 1,010.75 1,008.04 1,265.64 Net asset value per Redeemable Unit, end of period $ 1,339.30 $ 1,044.06 $ 1,049.22 $ 1,278.81 Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Class A Class D Class Z** Class A Ratios to Average Limited Partners’ Capital:*** Net investment loss**** (4.3) % (3.0) % (2.1) % (5.2) % Operating expenses 6.2 % 4.8 % 4.1 % 6.5 % Incentive fees 0.3 % 0.3 % 0.2 % 0.1 % Total expenses 6.5 % 5.1 % 4.3 % 6.6 % Total return: Total return before incentive fees 3.3 % 3.6 % 4.3 % 1.1 % Incentive fees (0.3) % (0.3) % (0.2) % (0.1) % Total return after incentive fees 3.0 % 3.3 % 4.1 % 1.0 % * 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. ** For the period from February 1, 2019 to March 31, 2019. *** Annualized (except for 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. Additionally, these ratios are calculated for the limited partner Classes using the limited partners’ share of income, expenses and average 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 was formed for the purpose of trading contracts in a variety of commodity interests, including derivative financial instruments and derivative commodity interests. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses. The Partnership also invests certain of its assets through a “master/feeder” structure. The Partnership’s pro-rata share of the results of the Funds’ trading activities is shown in the Partnership’s Statements of Income and Expenses. The futures brokerage account agreements with MS&Co. give the Partnership and the Funds, respectively, the legal right to net unrealized gains and losses on open futures and forward contracts in their respective Statements of Financial Condition. The Partnership and the Funds net, for financial reporting purposes, the unrealized gains and losses on open futures and open forward contracts in their respective Statements of Financial Condition, as the criteria under ASC 210-20, “Balance Sheet,” have been met. All of the commodity interests owned directly by the Partnership are held for trading purposes. All of the commodity 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 were 26,535 and 4,231, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended March 31, 2019 and 2018 were 1,509 and 365, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended March 31, 2019 and 2018 were 2,038 and 765, respectively. Trading and transaction fees are based on the number of trades executed by the Advisors and the Partnership’s respective percentage ownership of each Fund. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees are borne by the Funds for indirect trading and allocated to the Funds’ limited partners/members, including the Partnership. 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 $ 5,937,283 $ (5,415,121 ) $ 522,162 $ - $ - $ 522,162 Forwards 1,430,879 (1,232,616 ) 198,263 - - 198,263 Total assets $ 7,368,162 $ (6,647,737 ) $ 720,425 $ - $ - $ 720,425 Liabilities Futures $ (5,415,121 ) $ 5,415,121 $ - $ - $ - $ - Forwards (1,232,616 ) 1,232,616 - - - - Total liabilities $ (6,647,737 ) $ 6,647,737 $ - $ - $ - $ - Net fair value $ 720,425 * 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 $ 6,579,887 $ (4,822,376 ) $ 1,757,511 $ - $ - $ 1,757,511 Forwards 2,203,511 (2,203,511 ) - - - - Total assets $ 8,783,398 $ (7,025,887 ) $ 1,757,511 $ - $ - $ 1,757,511 Liabilities Futures $ (4,822,376 ) $ 4,822,376 $ - $ - $ - $ - Forwards (2,567,628 ) 2,203,511 (364,117 ) - 364,117 - Total liabilities $ (7,390,004 ) $ 7,025,887 $ (364,117 ) $ - $ 364,117 $ - Net fair value $ 1,757,511 * * 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, forward and option 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 Energy $ 4,382,299 Grains 518,524 Livestock 468,513 Metals 73,697 Softs 494,250 Total unrealized appreciation on open futures contracts 5,937,283 Liabilities Futures Contracts Energy (4,076,242 ) Grains (327,442 ) Livestock (182,230 ) Metals (103,664 ) Softs (725,543 ) Total unrealized depreciation on open futures contracts (5,415,121 ) Net unrealized appreciation on open futures contracts $ 522,162 * Assets Forward Contracts Metals $ 1,430,879 Total unrealized appreciation on open forward contracts 1,430,879 Liabilities Forward Contracts Metals (1,232,616 ) Total unrealized depreciation on open forward contracts (1,232,616 ) Net unrealized appreciation on open forward contracts $ 198,263 ** Assets Options Purchased Energy $ 34,614 Grains 5,100 Livestock 117,840 Metals 867,200 Softs 124,061 Total options purchased $ 1,148,815 *** Liabilities Options Written Energy $ (11,737 ) Grains (47,813 ) Livestock (27,490 ) Metals (1,043,807 ) Softs (37,440 ) Total options written $ (1,168,287 )**** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 14,578 Energy 5,628,038 Grains 157,540 Livestock 317,100 Metals 125,934 Softs 336,697 Total unrealized appreciation on open futures contracts 6,579,887 Liabilities Futures Contracts Currencies (1,159 ) Energy (3,938,643 ) Grains (66,943 ) Livestock (252,835 ) Metals (295,124 ) Softs (267,672 ) Total unrealized depreciation on open futures contracts (4,822,376 ) Net unrealized appreciation on open futures contracts $ 1,757,511 * Assets Forward Contracts Metals $ 2,203,511 Total unrealized appreciation on open forward contracts 2,203,511 Liabilities Forward Contracts Metals (2,567,628 ) Total unrealized depreciation on open forward contracts (2,567,628 ) Net unrealized depreciation on open forward contracts $ (364,117 )** Assets Options Purchased Energy $ 35,640 Grains 27,500 Livestock 19,620 Metals 222,454 Total options purchased $ 305,214 *** Liabilities Options Written Energy $ (34,760 ) Livestock (17,820 ) Metals (239,069 ) Softs (117,922 ) Total options written $ (409,571 )**** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” 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. Three Months Ended March 31 , Sector 2019 2018 Currencies $ 83,307 $ 27,529 Energy 2,107,903 594,738 Grains 172,807 156,577 Interest Rates Non-U.S. - 17,430 Livestock 1,419,642 183,019 Metals 864,560 (10,377 ) Softs (130,222 ) (361,261 ) Total $ 4,517,997 ***** $ 607,655 ***** ***** This amount is included 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. 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 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 $ 5,937,283 $ 5,937,283 $ - $ - Forwards 1,430,879 - 1,430,879 - Options purchased 1,148,815 1,148,815 - - Total assets $ 8,516,977 $ 7,086,098 $ 1,430,879 $ - Liabilities Futures $ 5,415,121 $ 5,415,121 $ - $ - Forwards 1,232,616 - 1,232,616 - Options written 1,168,287 1,168,287 - - Total liabilities $ 7,816,024 $ 6,583,408 $ 1,232,616 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 6,579,887 $ 6,579,887 $ - $ - Forwards 2,203,511 - 2,203,511 - Options purchased 305,214 305,214 - - Total assets $ 9,088,612 $ 6,885,101 $ 2,203,511 $ - Liabilities Futures $ 4,822,376 $ 4,822,376 $ - $ - Forwards 2,567,628 - 2,567,628 - Options written 409,571 409,571 - - Total liabilities $ 7,799,575 $ 5,231,947 $ 2,567,628 $ - |
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 February 1, 2013, the Partnership allocated substantially all of its capital to MB Master, a limited partnership organized under the partnership laws of the State of Delaware. Effective November 30, 2018, the Partnership fully redeemed its investment in MB Master. On January 1, 2018, the Partnership allocated a portion of its assets to Harbour Square Master, a limited liability company organized under the limited liability company laws of the State of Delaware. Harbour Square Master permitted accounts managed by Harbour Square using Harbour Square’s Discretionary Energy Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. Effective March 31, 2019, the Partnership fully redeemed its investment in Harbour Square Master. The General Partner is not aware of any material changes to the trading programs discussed above or in Note 1, “Organization” during the fiscal quarter ended March 31, 2019. The Partnership’s/Funds’ trading of futures, forward, swap and option contracts, if applicable, on commodities is done primarily on U.S. commodity exchanges and foreign commodity exchanges. The Partnership/Funds engage in such trading through commodity brokerage accounts maintained with MS&Co. Generally, a limited partner/member in the Funds withdrew all or part of its capital contribution and undistributed profits, if any, from the Funds as of the end of any month (the “Redemption Date”) after a request had been made to the General Partner/Trading Manager at least three days in advance of the Redemption Date. Such withdrawals were classified as a liability when the limited partner/member elected to redeem and informed the Funds. However, a limited partner/member could have requested a withdrawal as of the end of any day if such request was received by the General Partner/Trading Manager at least three days in advance of the proposed withdrawal date. Management fees, General Partner fees, ongoing selling agent fees and incentive fees are charged at the Partnership level. All clearing fees paid to MS&Co. are borne directly by the Partnership for its direct trading. In addition, clearing fees were borne by the Funds and allocated to the Funds’ limited partners/members, including the Partnership. Professional fees were borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. As of the close of business on March 31, 2019, the Partnership did not have ownership in any of the Funds. At December 31, 2018, the Partnership owned approximately 68.7% of Harbour Square Master. The performance of the Partnership was directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds was approximately the same as they would be if the Partnership traded directly and redemption rights were not affected. Summarized information reflecting the total assets, liabilities and members’ capital of Harbour Square Master is shown in the following tables: March 31, 2019 Total Assets Total Liabilities Total Capital Harbour Square Master $ 5,311,909 $ 5,311,909 $ - December 31, 2018 Total Assets Total Liabilities Total Capital Harbour Square Master $ 10,504,910 $ 2,532,233 $ 7,972,677 Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of Harbour Square Master is shown in the following tables: For the three months ended March 31, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) Harbour Square Master $ (14,678 ) $ 160,848 $ 146,170 For the three months ended March 31, 2018 Net Investment Total Trading Income (Loss) Results Net Income (Loss) MB Master $ 5,533 $ 1,022,312 $ 1,027,845 Harbour Square Master 65,272 866,131 931,403 Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata March 31, 2019 For the three months ended March 31, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Fund Capital Value (Loss) Fees Fees (Loss) Objective Permitted Harbour Square Master - % $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 Commodity Portfolio Monthly Total $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 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 MB Master (a) - % $ - $ 523,746 $ 49,218 $ 8,398 $ 466,130 Commodity Portfolio Monthly Harbour Square Master 9.43 % 5,489,732 596,224 9,231 10,696 576,297 Commodity Portfolio Monthly Total $ 5,489,732 $ 1,119,970 $ 58,449 $ 19,094 $ 1,042,427 (a) The Partnership fully redeemed its investment in MB Master as of November 30, 2018. |
Financial Instrument Risks
Financial Instrument Risks | 3 Months Ended |
Mar. 31, 2019 | |
Investments, All Other Investments [Abstract] | |
Financial Instrument Risks | 7. Financial Instrument Risks: In the normal course of business, the Partnership and the Funds are parties to financial instruments with off-balance-sheet risk, including derivative financial instruments and derivative commodity instruments. These financial instruments may include forwards, futures, options and swaps, whose values are based upon an underlying asset, index, or reference rate, and generally represent future commitments to exchange currencies or cash balances, to purchase or sell other financial instruments at specific terms at specified future dates, or, in the case of derivative commodity instruments, to have a reasonable possibility to be settled in cash, through physical delivery or with another financial instrument. These instruments may be traded on an exchange, a swap execution facility or over-the-counter (“OTC”). Exchange-traded instruments include futures and certain standardized forward, swap and option contracts. Specific market movements of commodities or futures contracts underlying an option cannot accurately be predicted. The purchaser of an option may lose the entire premium paid for the option. The writer or seller of an option has unlimited risk. Certain swap contracts may also be traded on a swap execution facility or OTC. OTC contracts are negotiated between contracting parties and also include certain forward and option contracts. Each of these instruments is subject to various risks similar to those related to the underlying financial instruments, including market and credit risk. In general, the risks associated with OTC contracts are greater than those associated with exchange-traded instruments because of the greater risk of default by the counterparty to an OTC contract. None of the Partnership’s/Funds’ contracts are traded OTC, although contracts may be traded OTC in the future. Futures Contracts. The Partnership and the Funds trade futures contracts. A futures contract is a firm commitment to buy or sell a specified quantity of investments, currency or a standardized amount of a deliverable grade commodity, at a specified price on a specified future date, unless the contract is closed before the delivery date or the delivery quantity is something where physical delivery cannot occur (such as the S&P 500 Index), whereby such contract is settled in cash. Payments (“variation margin”) may be made or received by the Partnership and the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Funds. When the contract is closed, the Partnership and the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in futures contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Net realized gains (losses) and net change in unrealized gains (losses) on futures contracts are included in the Partnership’s/Funds’ Statements of Income and Expenses. London Metals Exchange Forward Contracts. Metal contracts traded on the London Metals Exchange (“LME”) represent a firm commitment to buy or sell a specified quantity of aluminum, copper, lead, nickel, tin or zinc. LME contracts traded by the Partnership and the Funds are cash settled based on prompt dates published by the LME. Variation margin may be made or received by the Partnership and the Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership and the Funds. A contract is considered offset when all long positions have been matched with a like number of short positions settling on the same prompt date. When the contract is closed at the prompt date, the Partnership and the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Transactions in LME contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the broker, directly with the LME. Net realized gains (losses) and net change in unrealized gains (losses) on metal contracts are included in the Partnership’s/Funds’ Statements of Income and Expenses. Options. The Partnership and the Funds may purchase and write (sell) both exchange-listed and OTC options on commodities or financial instruments. An option is a contract allowing, but not requiring, its holder to buy (call) or sell (put) a specific or standard commodity or financial instrument at a specified price during a specified time period. The option premium is the total price paid or received for the option contract. When the Partnership/Funds write an option, the premium received is recorded as a liability in the Partnership’s/Funds’ Statements of Financial Condition and marked-to-market daily. When the Partnership/Funds purchase an option, the premium paid is recorded as an asset in the Partnership’s/Funds’ Statements of Financial Condition and marked-to-market daily. Net realized gains (losses) and net change in unrealized gains (losses) on option contracts are included in the Partnership’s/Funds’ Statements of Income and Expenses. As both a buyer and seller of options, the Partnership/Funds pay or receive a premium at the outset and then bear the risk of unfavorable changes in the price of the contract underlying the option. Written options expose the Partnership/Funds to potentially unlimited liability; for purchased options, the risk of loss is limited to the premiums paid. Certain written put options permit cash settlement and do not require the option holder to own the reference asset. The Partnership/Funds do not consider these contracts to be guarantees. Futures-Style Options . The Partnership and the Funds may trade futures-style option contracts. Unlike traditional option contracts, the premiums for futures-style option contracts are not received or paid upon the onset of the trade. The premiums are recognized and received or paid as part of the sales price when the contract is closed. Similar to a futures contract, variation margin for the futures-style option contract may be made or received by the Partnership/Funds each business day, depending on the daily fluctuations in the value of the underlying contracts, and are recorded as unrealized gains or losses by the Partnership/Funds. Transactions in futures-style option contracts require participants to make both initial margin deposits of cash or other assets and variation margin deposits, through the futures broker, directly with the exchange on which the contracts are traded. Futures-style option contracts are presented as part of “Net unrealized appreciation on open futures contracts” or “Net unrealized depreciation on open futures contracts,” as applicable, in the Partnership’s/Funds’ Statements of Financial Condition. Net realized gains (losses) and net change in unrealized gains (losses) on futures-style option contracts are included in the Partnership’s/Funds’ Statements of Income and Expenses. Market risk is the potential for changes in the value of the financial instruments traded by the Partnership/Funds due to market changes, including interest and foreign exchange rate movements and fluctuations in commodity or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The Partnership and the Funds are exposed to market risk equal to the value of the futures and forward contracts held 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 Partnership’s/Funds’ risk of loss in the event of a counterparty default is typically limited to the amounts recognized in the Statements of Financial Condition and is not represented by the contract or notional amounts of the instruments. The Partnership’s/Funds’ risk of loss is reduced through the use of legally enforceable master netting agreements with counterparties that permit the Partnership/Funds to offset unrealized gains and losses and other assets and liabilities with such counterparties upon the occurrence of certain events. The Partnership/Funds have credit risk and concentration risk, as MS&Co. or an MS&Co. affiliate are counterparties or brokers with respect to the Partnership’s/Funds’ assets. Credit risk with respect to exchange-traded instruments is reduced to the extent that, through MS&Co. or an MS&Co. affiliate, the Partnership’s/Funds’ counterparty is an exchange or clearing organization. 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, forward and option contracts by sector, margin requirements, gain and loss transactions and collateral positions. The majority of these financial instruments mature within one 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. In the ordinary course of business, the Partnership/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/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 disclosed below, there were no subsequent events requiring adjustment to or disclosure in the financial statements. On April 1, 2019, the Partnership allocated a portion of its assets to Northlander Commodity Advisors LLP (“Northlander”), which is invested in CMF NL Master Fund LLC and is traded by Northlander pursuant to Northlander’s Commodity Program. |
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. |
Profit Allocation | Profit Allocation. |
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.” |
Partnership's Investment in the Funds | Partnership’s Investment in the Funds. |
Partnership's/Funds' Derivative Investments | Partnership’s/Funds’ Derivative Investments. |
Partnership's Cash | Partnership’s Cash 18,992 141,947 |
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,” |
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” |
Net Income (Loss) per Redeemable Unit. | Net Income (Loss) per Redeemable Unit. Net income (loss) per Redeemable Unit for each Class is calculated in accordance with ASC 946, “Financial Services – Investment Companies.” |
Financial Highlights (Tables)
Financial Highlights (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investment Company [Abstract] | |
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. There were no Class D limited partner Redeemable Units held prior to July 1, 2018. There were no Class Z limited partner Redeemable Units held prior to February 1, 2019. Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Class A Class D Class Z** Class A Per Redeemable Unit Performance (for a unit outstanding throughout the period):* Net realized and unrealized gains (losses) $ 55.85 $ 43.48 $ 46.48 $ 30.40 Net investment loss (17.21) (10.17) (5.30) (17.23) Increase (decrease) for the period 38.64 33.31 41.18 13.17 Net asset value per Redeemable Unit, beginning of period 1,300.66 1,010.75 1,008.04 1,265.64 Net asset value per Redeemable Unit, end of period $ 1,339.30 $ 1,044.06 $ 1,049.22 $ 1,278.81 Three Months Ended Three Months Ended March 31, 2019 March 31, 2018 Class A Class D Class Z** Class A Ratios to Average Limited Partners’ Capital:*** Net investment loss**** (4.3) % (3.0) % (2.1) % (5.2) % Operating expenses 6.2 % 4.8 % 4.1 % 6.5 % Incentive fees 0.3 % 0.3 % 0.2 % 0.1 % Total expenses 6.5 % 5.1 % 4.3 % 6.6 % Total return: Total return before incentive fees 3.3 % 3.6 % 4.3 % 1.1 % Incentive fees (0.3) % (0.3) % (0.2) % (0.1) % Total return after incentive fees 3.0 % 3.3 % 4.1 % 1.0 % * 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. ** For the period from February 1, 2019 to March 31, 2019. *** Annualized (except for incentive fees). **** Interest income less total expenses. |
Trading Activities (Tables)
Trading Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Brokers and Dealers [Abstract] | |
Summary of Valuation of Investments | 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 $ 5,937,283 $ (5,415,121 ) $ 522,162 $ - $ - $ 522,162 Forwards 1,430,879 (1,232,616 ) 198,263 - - 198,263 Total assets $ 7,368,162 $ (6,647,737 ) $ 720,425 $ - $ - $ 720,425 Liabilities Futures $ (5,415,121 ) $ 5,415,121 $ - $ - $ - $ - Forwards (1,232,616 ) 1,232,616 - - - - Total liabilities $ (6,647,737 ) $ 6,647,737 $ - $ - $ - $ - Net fair value $ 720,425 * 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 $ 6,579,887 $ (4,822,376 ) $ 1,757,511 $ - $ - $ 1,757,511 Forwards 2,203,511 (2,203,511 ) - - - - Total assets $ 8,783,398 $ (7,025,887 ) $ 1,757,511 $ - $ - $ 1,757,511 Liabilities Futures $ (4,822,376 ) $ 4,822,376 $ - $ - $ - $ - Forwards (2,567,628 ) 2,203,511 (364,117 ) - 364,117 - Total liabilities $ (7,390,004 ) $ 7,025,887 $ (364,117 ) $ - $ 364,117 $ - Net fair value $ 1,757,511 * * 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 Option Contracts, as Separate Assets and Liabilities | The following tables indicate the gross fair values of derivative instruments of futures, forward and option 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 Energy $ 4,382,299 Grains 518,524 Livestock 468,513 Metals 73,697 Softs 494,250 Total unrealized appreciation on open futures contracts 5,937,283 Liabilities Futures Contracts Energy (4,076,242 ) Grains (327,442 ) Livestock (182,230 ) Metals (103,664 ) Softs (725,543 ) Total unrealized depreciation on open futures contracts (5,415,121 ) Net unrealized appreciation on open futures contracts $ 522,162 * Assets Forward Contracts Metals $ 1,430,879 Total unrealized appreciation on open forward contracts 1,430,879 Liabilities Forward Contracts Metals (1,232,616 ) Total unrealized depreciation on open forward contracts (1,232,616 ) Net unrealized appreciation on open forward contracts $ 198,263 ** Assets Options Purchased Energy $ 34,614 Grains 5,100 Livestock 117,840 Metals 867,200 Softs 124,061 Total options purchased $ 1,148,815 *** Liabilities Options Written Energy $ (11,737 ) Grains (47,813 ) Livestock (27,490 ) Metals (1,043,807 ) Softs (37,440 ) Total options written $ (1,168,287 )**** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized appreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” in the Statements of Financial Condition. December 31, 2018 Assets Futures Contracts Currencies $ 14,578 Energy 5,628,038 Grains 157,540 Livestock 317,100 Metals 125,934 Softs 336,697 Total unrealized appreciation on open futures contracts 6,579,887 Liabilities Futures Contracts Currencies (1,159 ) Energy (3,938,643 ) Grains (66,943 ) Livestock (252,835 ) Metals (295,124 ) Softs (267,672 ) Total unrealized depreciation on open futures contracts (4,822,376 ) Net unrealized appreciation on open futures contracts $ 1,757,511 * Assets Forward Contracts Metals $ 2,203,511 Total unrealized appreciation on open forward contracts 2,203,511 Liabilities Forward Contracts Metals (2,567,628 ) Total unrealized depreciation on open forward contracts (2,567,628 ) Net unrealized depreciation on open forward contracts $ (364,117 )** Assets Options Purchased Energy $ 35,640 Grains 27,500 Livestock 19,620 Metals 222,454 Total options purchased $ 305,214 *** Liabilities Options Written Energy $ (34,760 ) Livestock (17,820 ) Metals (239,069 ) Softs (117,922 ) Total options written $ (409,571 )**** * This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition. ** This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition. *** This amount is in “Options purchased, at fair value” in the Statements of Financial Condition. **** This amount is in “Options written, at fair value” 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. Three Months Ended March 31 , Sector 2019 2018 Currencies $ 83,307 $ 27,529 Energy 2,107,903 594,738 Grains 172,807 156,577 Interest Rates Non-U.S. - 17,430 Livestock 1,419,642 183,019 Metals 864,560 (10,377 ) Softs (130,222 ) (361,261 ) Total $ 4,517,997 ***** $ 607,655 ***** ***** This amount is included 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 $ 5,937,283 $ 5,937,283 $ - $ - Forwards 1,430,879 - 1,430,879 - Options purchased 1,148,815 1,148,815 - - Total assets $ 8,516,977 $ 7,086,098 $ 1,430,879 $ - Liabilities Futures $ 5,415,121 $ 5,415,121 $ - $ - Forwards 1,232,616 - 1,232,616 - Options written 1,168,287 1,168,287 - - Total liabilities $ 7,816,024 $ 6,583,408 $ 1,232,616 $ - December 31, 2018 Total Level 1 Level 2 Level 3 Assets Futures $ 6,579,887 $ 6,579,887 $ - $ - Forwards 2,203,511 - 2,203,511 - Options purchased 305,214 305,214 - - Total assets $ 9,088,612 $ 6,885,101 $ 2,203,511 $ - Liabilities Futures $ 4,822,376 $ 4,822,376 $ - $ - Forwards 2,567,628 - 2,567,628 - Options written 409,571 409,571 - - Total liabilities $ 7,799,575 $ 5,231,947 $ 2,567,628 $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Schedule of Investments [Abstract] | |
Assets, Liabilities and Partners' Capital of Funds | Summarized information reflecting the total assets, liabilities and members’ capital of Harbour Square Master is shown in the following tables: March 31, 2019 Total Assets Total Liabilities Total Capital Harbour Square Master $ 5,311,909 $ 5,311,909 $ - December 31, 2018 Total Assets Total Liabilities Total Capital Harbour Square Master $ 10,504,910 $ 2,532,233 $ 7,972,677 |
Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds | Summarized information reflecting the net investment income (loss), total trading results and net income (loss) of Harbour Square Master is shown in the following tables: For the three months ended March 31, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) Harbour Square Master $ (14,678 ) $ 160,848 $ 146,170 For the three months ended March 31, 2018 Net Investment Total Trading Income (Loss) Results Net Income (Loss) MB Master $ 5,533 $ 1,022,312 $ 1,027,845 Harbour Square Master 65,272 866,131 931,403 |
Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds | Summarized information reflecting the Partnership’s investments 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 Fund Capital Value (Loss) Fees Fees (Loss) Objective Permitted Harbour Square Master - % $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 Commodity Portfolio Monthly Total $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 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 MB Master (a) - % $ - $ 523,746 $ 49,218 $ 8,398 $ 466,130 Commodity Portfolio Monthly Harbour Square Master 9.43 % 5,489,732 596,224 9,231 10,696 576,297 Commodity Portfolio Monthly Total $ 5,489,732 $ 1,119,970 $ 58,449 $ 19,094 $ 1,042,427 (a) The Partnership fully redeemed its investment in MB Master as of November 30, 2018. |
Organization - Additional Infor
Organization - Additional Information (Detail) - shares | Sep. 06, 2005 | Mar. 31, 2019 |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Number of units sold during initial offering period | 11,925 | |
Morgan Stanley Wealth Management [Member] | Class A [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ongoing selling agent fee | 2.00% | |
Ongoing selling agent fee, monthly percentage | 0.1667% | |
Morgan Stanley Wealth Management [Member] | Class D [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ongoing selling agent fee | 0.75% | |
Ongoing selling agent fee, monthly percentage | 0.0625% |
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] | ||
Cash denominated in foreign currencies | $ (21,447) | $ (142,547) |
Cash denominated in foreign currencies, proceeds | 18,992 | 141,947 |
Uncertain tax position | $ 0 | |
Open tax year | 2015 2016 2017 2018 | |
Restricted cash held for margin | $ 6,043,987 | $ 7,608,136 |
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 Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net asset value per Redeemable Unit, beginning of period | $ 1,300.66 | |
Net asset value per Redeemable Unit, end of period | 1,339.30 | |
Class D [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net asset value per Redeemable Unit, beginning of period | 1,010.75 | |
Net asset value per Redeemable Unit, end of period | 1,044.06 | |
Class Z [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net asset value per Redeemable Unit, beginning of period | 1,013.83 | |
Net asset value per Redeemable Unit, end of period | 1,049.22 | |
Limited Partners [Member] | Class A [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net realized and unrealized gains (losses) | 55.85 | $ 30.40 |
Net investment loss | (17.21) | (17.23) |
Increase (decrease) for the period | 38.64 | 13.17 |
Net asset value per Redeemable Unit, beginning of period | 1,300.66 | 1,265.64 |
Net asset value per Redeemable Unit, end of period | $ 1,339.30 | $ 1,278.81 |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (4.30%) | (5.20%) |
Operating expenses | 6.20% | 6.50% |
Incentive fees | 0.30% | 0.10% |
Total expenses | 6.50% | 6.60% |
Total return: | ||
Total return before incentive fees | 3.30% | 1.10% |
Incentive fees | (0.30%) | (0.10%) |
Total return after incentive fees | 3.00% | 1.00% |
Limited Partners [Member] | Class D [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net realized and unrealized gains (losses) | $ 43.48 | |
Net investment loss | (10.17) | |
Increase (decrease) for the period | 33.31 | |
Net asset value per Redeemable Unit, beginning of period | 1,010.75 | |
Net asset value per Redeemable Unit, end of period | $ 1,044.06 | |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (3.00%) | |
Operating expenses | 4.80% | |
Incentive fees | 0.30% | |
Total expenses | 5.10% | |
Total return: | ||
Total return before incentive fees | 3.60% | |
Incentive fees | (0.30%) | |
Total return after incentive fees | 3.30% | |
Limited Partners [Member] | Class Z [Member] | ||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | ||
Net realized and unrealized gains (losses) | $ 46.48 | |
Net investment loss | (5.30) | |
Increase (decrease) for the period | 41.18 | |
Net asset value per Redeemable Unit, beginning of period | 1,008.04 | |
Net asset value per Redeemable Unit, end of period | $ 1,049.22 | |
Ratios to Average Limited Partners' Capital: | ||
Net investment loss | (2.10%) | |
Operating expenses | 4.10% | |
Incentive fees | 0.20% | |
Total expenses | 4.30% | |
Total return: | ||
Total return before incentive fees | 4.30% | |
Incentive fees | (0.20%) | |
Total return after incentive fees | 4.10% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2019USD ($)Contract | Mar. 31, 2018Contract | |
Derivative [Line Items] | ||
Direct investments | $ | $ 0 | |
Futures [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 26,535 | 4,231 |
Option [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 2,038 | 765 |
Forwards [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Monthly average number of derivative contracts traded | 1,509 | 365 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Investments (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 7,368,162 | $ 8,783,398 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (6,647,737) | (7,025,887) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 720,425 | 1,757,511 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 720,425 | 1,757,511 |
Gross Amounts Recognized, Liabilities | (6,647,737) | (7,390,004) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 6,647,737 | 7,025,887 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | (364,117) |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 0 | 364,117 |
Net Amount, Liabilities | 0 | 0 |
Net fair value | 720,425 | 1,757,511 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 5,937,283 | 6,579,887 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (5,415,121) | (4,822,376) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 522,162 | 1,757,511 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 522,162 | 1,757,511 |
Gross Amounts Recognized, Liabilities | (5,415,121) | (4,822,376) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 5,415,121 | 4,822,376 |
Net 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 |
Forwards [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 1,430,879 | 2,203,511 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,232,616) | (2,203,511) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 198,263 | 0 |
Financial Instruments, Assets | 0 | 0 |
Collateral Received/Pledged, Assets | 0 | 0 |
Net Amount, Assets | 198,263 | 0 |
Gross Amounts Recognized, Liabilities | (1,232,616) | (2,567,628) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,232,616 | 2,203,511 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | 0 | (364,117) |
Financial Instruments, Liabilities | 0 | 0 |
Collateral Received/Pledged, Liabilities | 0 | 364,117 |
Net Amount, Liabilities | $ 0 | $ 0 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts, as Separate Assets and Liabilities (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total options purchased | $ 1,148,815 | $ 305,214 |
Total options written | (1,168,287) | (409,571) |
Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,430,879 | 2,203,511 |
Total unrealized depreciation on open contracts | (1,232,616) | (2,567,628) |
Net unrealized appreciation on open futures contracts | 198,263 | (364,117) |
Energy [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 34,614 | 35,640 |
Total options written | (11,737) | (34,760) |
Grains [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 5,100 | 27,500 |
Total options written | (47,813) | |
Livestock [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 117,840 | 19,620 |
Total options written | (27,490) | (17,820) |
Metals [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 867,200 | 222,454 |
Total options written | (1,043,807) | (239,069) |
Metals [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,430,879 | 2,203,511 |
Total unrealized depreciation on open contracts | (1,232,616) | (2,567,628) |
Softs [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 124,061 | |
Total options written | (37,440) | (117,922) |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 5,937,283 | 6,579,887 |
Total unrealized depreciation on open contracts | (5,415,121) | (4,822,376) |
Net unrealized appreciation on open futures contracts | 522,162 | 1,757,511 |
Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 14,578 | |
Total unrealized depreciation on open contracts | (1,159) | |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 4,382,299 | 5,628,038 |
Total unrealized depreciation on open contracts | (4,076,242) | (3,938,643) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 518,524 | 157,540 |
Total unrealized depreciation on open contracts | (327,442) | (66,943) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 468,513 | 317,100 |
Total unrealized depreciation on open contracts | (182,230) | (252,835) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 73,697 | 125,934 |
Total unrealized depreciation on open contracts | (103,664) | (295,124) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 494,250 | 336,697 |
Total unrealized depreciation on open contracts | $ (725,543) | $ (267,672) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Trading gains and losses | $ 4,517,997 | $ 607,655 |
Currencies [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 83,307 | 27,529 |
Energy [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 2,107,903 | 594,738 |
Grains [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 172,807 | 156,577 |
Interest Rates Non-U.S. [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 0 | 17,430 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 1,419,642 | 183,019 |
Metals [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | 864,560 | (10,377) |
Softs [Member] | ||
Derivative [Line Items] | ||
Trading gains and losses | $ (130,222) | $ (361,261) |
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] | ||
Derivative assets | $ 8,516,977 | $ 9,088,612 |
Derivative liabilities | 7,816,024 | 7,799,575 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,937,283 | 6,579,887 |
Derivative liabilities | 5,415,121 | 4,822,376 |
Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,430,879 | 2,203,511 |
Derivative liabilities | 1,232,616 | 2,567,628 |
Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,148,815 | 305,214 |
Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 1,168,287 | 409,571 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 7,086,098 | 6,885,101 |
Derivative liabilities | 6,583,408 | 5,231,947 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 5,937,283 | 6,579,887 |
Derivative liabilities | 5,415,121 | 4,822,376 |
Level 1 [Member] | Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,148,815 | 305,214 |
Level 1 [Member] | Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 1,168,287 | 409,571 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,430,879 | 2,203,511 |
Derivative liabilities | 1,232,616 | 2,567,628 |
Level 2 [Member] | Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,430,879 | 2,203,511 |
Derivative liabilities | $ 1,232,616 | $ 2,567,628 |
Investment in the Funds - Addit
Investment in the Funds - Additional Information (Detail) - CMF Harbour Square Master Fund LLC [Member] | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Investment [Line Items] | ||
Percentage owned by partnership | 68.70% | |
Maximum [Member] | ||
Investment [Line Items] | ||
Leverage applied to assets | 150.00% |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Investment Holdings [Line Items] | ||||
Total Assets | $ 112,159,723 | $ 61,729,152 | ||
Total Liabilities | 2,708,708 | 3,510,286 | ||
Total Capital | 109,451,015 | 58,218,866 | $ 65,978,718 | $ 69,715,774 |
CMF Harbour Square Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Total Assets | 5,311,909 | 10,504,910 | ||
Total Liabilities | $ 5,311,909 | 2,532,233 | ||
Total Capital | $ 7,972,677 |
Investment in the Funds - Net I
Investment in the Funds - Net Investment Income (Loss), Trading Results and Net Income (Loss) of Funds (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | $ (1,424,052) | $ (919,601) |
Net income (loss) | 3,209,497 | 713,051 |
MB Master Fund L.P. [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | 5,533 | |
Total Trading Results | 1,022,312 | |
Net income (loss) | 1,027,845 | |
CMF Harbour Square Master Fund LLC [Member] | ||
Investment Holdings [Line Items] | ||
Net Investment Income (Loss) | (14,678) | 65,272 |
Total Trading Results | 160,848 | 866,131 |
Net income (loss) | $ 146,170 | $ 931,403 |
Investment in the Funds - Partn
Investment in the Funds - Partnership's Investments in, and Partnership's Pro Rata Share of Results of Operations of Funds (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 9.43% | |||
Fair Value | [1] | $ 5,489,732 | ||
Expenses, Clearing Fees | $ 543,210 | $ 340,551 | ||
Net income (loss) | 3,209,497 | 713,051 | ||
MB Master Fund L.P. [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | 1,022,312 | |||
Net income (loss) | 1,027,845 | |||
CMF Harbour Square Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 9.43% | |||
Fair Value | $ 5,489,732 | |||
Income (Loss) | 160,848 | 866,131 | ||
Net income (loss) | 146,170 | 931,403 | ||
Investment In Funds [Member] | ||||
Investment Holdings [Line Items] | ||||
Fair Value | $ 5,489,732 | |||
Income (Loss) | 141,964 | 1,119,970 | ||
Expenses, Clearing Fees | 7,656 | 58,449 | ||
Expenses, Professional Fees | 29,566 | 19,094 | ||
Net income (loss) | 104,742 | 1,042,427 | ||
Investment In Funds [Member] | MB Master Fund L.P. [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
Income (Loss) | 523,746 | |||
Expenses, Clearing Fees | 49,218 | |||
Expenses, Professional Fees | 8,398 | |||
Net income (loss) | $ 466,130 | |||
Investment Objective | Commodity Portfolio | |||
Redemptions Permitted | Monthly | |||
Investment In Funds [Member] | CMF Harbour Square Master Fund LLC [Member] | Commodity [Member] | ||||
Investment Holdings [Line Items] | ||||
% of Partners' Capital | 9.43% | |||
Fair Value | $ 5,489,732 | |||
Income (Loss) | 141,964 | $ 596,224 | ||
Expenses, Clearing Fees | 7,656 | 9,231 | ||
Expenses, Professional Fees | 29,566 | 10,696 | ||
Net income (loss) | $ 104,742 | $ 576,297 | ||
Investment Objective | Commodity Portfolio | Commodity Portfolio | ||
Redemptions Permitted | Monthly | Monthly | ||
[1] | Defined in Note 1. |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Financial instruments maturity period | 1 year |