Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | CERES TACTICAL COMMODITY L.P. | |
Entity Central Index Key | 0001325676 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Address, State or Province | NY | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes | |
Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 55,912.8437 | |
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 | 183.5150 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets: | |||
Investment in the Funds, at fair value | [1] | $ 12,494,449 | $ 19,760,928 |
Redemptions receivable from the Funds | 36,278 | 2,050,873 | |
Equity in trading account: | |||
Unrestricted cash | 67,240,561 | 66,262,634 | |
Restricted cash | 7,822,549 | 5,558,690 | |
Net unrealized appreciation on open contracts | 2,546,027 | 3,360,288 | |
Options purchased, at fair value (premiums paid $2,640,517 and $804,127 at September 30, 2020 and December 31, 2019, respectively) | 2,920,247 | 308,284 | |
Total equity in trading account | 80,529,384 | 75,489,896 | |
Interest receivable | 4,939 | 91,128 | |
Total assets | 93,065,050 | 97,392,825 | |
Liabilities: | |||
Net unrealized depreciation on open contracts | 98,429 | ||
Options written, at fair value (premiums received $3,520,742 and $690,626 at September 30, 2020 and December 31, 2019, respectively) | 3,873,300 | 169,935 | |
Accrued expenses: | |||
Ongoing selling agent fees | 72,841 | 159,170 | |
Management fees | 114,420 | 121,136 | |
General Partner fees | 55,517 | 60,522 | |
Incentive fees | 1,848,894 | 814,167 | |
Professional fees | 192,822 | 227,842 | |
Redemptions payable to Limited Partners | 1,532,731 | 3,946,769 | |
Total liabilities | 7,788,954 | 5,499,541 | |
Partners' Capital: | |||
Total partners' capital (net asset value) | 85,276,096 | 91,893,284 | |
Total liabilities and partners' capital | 93,065,050 | 97,392,825 | |
Forwards [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open contracts | 255,669 | ||
Liabilities: | |||
Net unrealized depreciation on open contracts | 98,429 | ||
Futures [Member] | |||
Equity in trading account: | |||
Net unrealized appreciation on open contracts | 2,546,027 | 3,104,619 | |
Liabilities: | |||
Net unrealized depreciation on open contracts | 98,429 | ||
Class Z [Member] | |||
Partners' Capital: | |||
General Partner | 1,334,942 | 1,195,989 | |
Limited Partners | 131,477 | ||
Total partners' capital (net asset value) | $ 1,466,419 | $ 1,195,989 | |
Net asset value per Redeemable Unit | $ 1,193.24 | $ 1,069.04 | |
Class A [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 83,105,252 | $ 90,062,572 | |
Total partners' capital (net asset value) | $ 83,105,252 | $ 90,062,572 | |
Net asset value per Redeemable Unit | $ 1,481.33 | $ 1,344.11 | |
Class D [Member] | |||
Partners' Capital: | |||
Limited Partners | $ 704,425 | $ 634,723 | |
Total partners' capital (net asset value) | $ 704,425 | $ 634,723 | |
Net asset value per Redeemable Unit | $ 1,173.93 | $ 1,057.77 | |
[1] | Defined in Note 1. |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Options purchased, premiums paid | $ 2,640,517 | $ 804,127 |
Options written, premiums received | $ 3,520,742 | $ 690,626 |
Class Z [Member] | ||
General Partner Redeemable Units outstanding | 1,118.7550 | 1,118.7550 |
Limited Partners Redeemable Units outstanding | 110.1850 | 0 |
Class A [Member] | ||
Limited Partners Redeemable Units outstanding | 56,101.6647 | 67,005.2267 |
Class D [Member] | ||
Limited Partners Redeemable Units outstanding | 600.0580 | 600.0580 |
Condensed Schedule of Investmen
Condensed Schedule of Investments | Sep. 30, 2020USD ($)Derivative | Dec. 31, 2019USD ($)Derivative | ||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | [1] | $ 12,494,449 | $ 19,760,928 | |
Percentage of Partners' Capital | 14.65% | 21.50% | ||
Energy [Abstract] | ||||
Investment, Fair Value | [1] | $ 12,494,449 | $ 19,760,928 | |
Percentage of Partners' Capital | 14.65% | 21.50% | ||
Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation (depreciation) on open contracts | $ 2,546,027 | $ 3,104,619 | ||
Total unrealized appreciation on open contracts | 15,890,040 | 12,487,330 | ||
Total unrealized depreciation on open contracts | $ (13,344,013) | $ (9,382,711) | ||
Percentage of Partners' Capital | 2.99% | 3.38% | ||
Energy [Abstract] | ||||
Percentage of Partners' Capital | 2.99% | 3.38% | ||
Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ 12,393,755 | $ (7,151,983) | ||
Percentage of Partners' Capital | 14.53% | (7.78%) | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ 12,393,755 | $ (7,151,983) | ||
Percentage of Partners' Capital | 14.53% | (7.78%) | ||
Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ 2,920,247 | $ 308,284 | ||
Percentage of Partners' Capital | 3.42% | 0.34% | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ 2,920,247 | $ 308,284 | ||
Percentage of Partners' Capital | 3.42% | 0.34% | ||
Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ (9,847,728) | $ 10,256,602 | ||
Percentage of Partners' Capital | (11.54%) | 11.16% | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ (9,847,728) | $ 10,256,602 | ||
Percentage of Partners' Capital | (11.54%) | 11.16% | ||
Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ (3,873,300) | $ (169,935) | ||
Percentage of Partners' Capital | (4.54%) | (0.18%) | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ (3,873,300) | $ (169,935) | ||
Percentage of Partners' Capital | (4.54%) | (0.18%) | ||
Metals [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 77,619 | $ 320,318 | ||
Total unrealized depreciation on open contracts | $ (42,932) | $ (30,403) | ||
Metals [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 89 | 165 | ||
Investment, Fair Value | $ 34,474 | $ 285,840 | ||
Percentage of Partners' Capital | 0.04% | 0.31% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 89 | 165 | ||
Investment, Fair Value | $ 34,474 | $ 285,840 | ||
Percentage of Partners' Capital | 0.04% | 0.31% | ||
Metals [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 4 | 66 | ||
Investment, Fair Value | $ 213 | $ 4,075 | ||
Percentage of Partners' Capital | [2] | 0.00% | 0.00% | |
Energy [Abstract] | ||||
Number of Contracts | Derivative | 4 | 66 | ||
Investment, Fair Value | $ 213 | $ 4,075 | ||
Percentage of Partners' Capital | [2] | 0.00% | 0.00% | |
Currencies [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 499 | |||
Total unrealized depreciation on open contracts | $ (706) | |||
Currencies [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 4 | |||
Investment, Fair Value | $ (207) | |||
Percentage of Partners' Capital | [2] | 0.00% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 4 | |||
Investment, Fair Value | $ (207) | |||
Percentage of Partners' Capital | [2] | 0.00% | ||
Energy [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 14,336,659 | $ 11,219,295 | ||
Total unrealized depreciation on open contracts | $ (12,197,662) | $ (8,488,165) | ||
Energy [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 12,781 | |||
Investment, Fair Value | $ (7,621,903) | |||
Percentage of Partners' Capital | (8.29%) | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 12,781 | |||
Investment, Fair Value | $ (7,621,903) | |||
Percentage of Partners' Capital | (8.29%) | |||
Grains [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 673,698 | $ 282,619 | ||
Total unrealized depreciation on open contracts | $ (527,375) | $ (265,319) | ||
Grains [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 719 | 453 | ||
Investment, Fair Value | $ 597,549 | $ 274,002 | ||
Percentage of Partners' Capital | 0.70% | 0.30% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 719 | 453 | ||
Investment, Fair Value | $ 597,549 | $ 274,002 | ||
Percentage of Partners' Capital | 0.70% | 0.30% | ||
Grains [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 640 | 590 | ||
Investment, Fair Value | $ (451,226) | $ (256,702) | ||
Percentage of Partners' Capital | (0.53%) | (0.28%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 640 | 590 | ||
Investment, Fair Value | $ (451,226) | $ (256,702) | ||
Percentage of Partners' Capital | (0.53%) | (0.28%) | ||
Indices [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 558,058 | $ 322,626 | ||
Total unrealized depreciation on open contracts | $ (515,052) | $ (354,176) | ||
Indices [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 388 | 440 | ||
Investment, Fair Value | $ 53,653 | $ (354,176) | ||
Percentage of Partners' Capital | 0.06% | (0.39%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 388 | 440 | ||
Investment, Fair Value | $ 53,653 | $ (354,176) | ||
Percentage of Partners' Capital | 0.06% | (0.39%) | ||
Indices [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 419 | 380 | ||
Investment, Fair Value | $ (10,647) | $ 322,626 | ||
Percentage of Partners' Capital | (0.01%) | 0.35% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 419 | 380 | ||
Investment, Fair Value | $ (10,647) | $ 322,626 | ||
Percentage of Partners' Capital | (0.01%) | 0.35% | ||
Livestock [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 154,380 | $ 25,050 | ||
Total unrealized depreciation on open contracts | $ (28,652) | $ (3,800) | ||
Livestock [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 87 | 56 | ||
Investment, Fair Value | $ 141,100 | $ 10,540 | ||
Percentage of Partners' Capital | 0.17% | 0.01% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 87 | 56 | ||
Investment, Fair Value | $ 141,100 | $ 10,540 | ||
Percentage of Partners' Capital | 0.17% | 0.01% | ||
Livestock [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 120 | 54 | ||
Investment, Fair Value | $ (15,372) | $ 10,710 | ||
Percentage of Partners' Capital | (0.02%) | 0.01% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 120 | 54 | ||
Investment, Fair Value | $ (15,372) | $ 10,710 | ||
Percentage of Partners' Capital | (0.02%) | 0.01% | ||
Softs [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 89,127 | $ 317,422 | ||
Total unrealized depreciation on open contracts | $ (31,634) | $ (240,848) | ||
Softs [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 153 | 343 | ||
Investment, Fair Value | $ 23,916 | $ 253,714 | ||
Percentage of Partners' Capital | 0.03% | 0.28% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 153 | 343 | ||
Investment, Fair Value | $ 23,916 | $ 253,714 | ||
Percentage of Partners' Capital | 0.03% | 0.28% | ||
Softs [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 73 | 323 | ||
Investment, Fair Value | $ 33,577 | $ (177,140) | ||
Percentage of Partners' Capital | 0.04% | (0.19%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 73 | 323 | ||
Investment, Fair Value | $ 33,577 | $ (177,140) | ||
Percentage of Partners' Capital | 0.04% | (0.19%) | ||
NAT GAS [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,762 | |||
Investment, Fair Value | $ 6,305,040 | |||
Percentage of Partners' Capital | 7.39% | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 1,762 | |||
Investment, Fair Value | $ 6,305,040 | |||
Percentage of Partners' Capital | 7.39% | |||
NAT GAS [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,478 | 2,556 | ||
Investment, Fair Value | $ (5,604,430) | $ 5,386,190 | ||
Percentage of Partners' Capital | (6.57%) | 5.86% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 1,478 | 2,556 | ||
Investment, Fair Value | $ (5,604,430) | $ 5,386,190 | ||
Percentage of Partners' Capital | (6.57%) | 5.86% | ||
Other [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 7,526 | |||
Investment, Fair Value | $ 199,900 | |||
Percentage of Partners' Capital | 0.23% | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 7,526 | |||
Investment, Fair Value | $ 199,900 | |||
Percentage of Partners' Capital | 0.23% | |||
Other [Member] | Contracts Sold [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 7,073 | 10,416 | ||
Investment, Fair Value | $ (3,799,843) | $ 4,966,843 | ||
Percentage of Partners' Capital | (4.45%) | 5.41% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 7,073 | 10,416 | ||
Investment, Fair Value | $ (3,799,843) | $ 4,966,843 | ||
Percentage of Partners' Capital | (4.45%) | 5.41% | ||
HenryLDIFixFUT [Member] | Contracts Purchased [Member] | Futures [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 5,626 | |||
Investment, Fair Value | $ 5,038,330 | |||
Percentage of Partners' Capital | 5.91% | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 5,626 | |||
Investment, Fair Value | $ 5,038,330 | |||
Percentage of Partners' Capital | 5.91% | |||
Forwards [Member] | ||||
Schedule of Investments [Line Items] | ||||
Net unrealized appreciation (depreciation) on open contracts | $ (98,429) | $ 255,669 | ||
Total unrealized appreciation on open contracts | 1,256,367 | 3,736,333 | ||
Total unrealized depreciation on open contracts | $ (1,354,796) | $ (3,480,664) | ||
Percentage of Partners' Capital | (0.12%) | 0.28% | ||
Energy [Abstract] | ||||
Percentage of Partners' Capital | (0.12%) | 0.28% | ||
Forwards [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Total unrealized appreciation on open contracts | $ 1,256,367 | $ 3,736,333 | ||
Total unrealized depreciation on open contracts | (1,354,796) | (3,480,664) | ||
CMFNL Master Fund LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ 3,471,195 | $ 4,427,510 | ||
Percentage of Partners' Capital | 4.07% | 4.82% | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ 3,471,195 | $ 4,427,510 | ||
Percentage of Partners' Capital | 4.07% | 4.82% | ||
CMF Aquantum Master Fund LLC [Member] | ||||
Schedule of Investments [Line Items] | ||||
Investment, Fair Value | $ 9,023,254 | $ 15,333,418 | ||
Percentage of Partners' Capital | 10.58% | 16.68% | ||
Energy [Abstract] | ||||
Investment, Fair Value | $ 9,023,254 | $ 15,333,418 | ||
Percentage of Partners' Capital | 10.58% | 16.68% | ||
Assets [Member] | Forwards [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | 1.47% | 4.07% | ||
Energy [Abstract] | ||||
Percentage of Partners' Capital | 1.47% | 4.07% | ||
Assets [Member] | Forwards [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 579 | 658 | ||
Percentage of Partners' Capital | 1.47% | 4.07% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 579 | 658 | ||
Percentage of Partners' Capital | 1.47% | 4.07% | ||
Calls [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 205 | 131 | ||
Investment, Fair Value | $ 358,300 | $ 3,869 | ||
Percentage of Partners' Capital | 0.42% | 0.00% | [2] | |
Energy [Abstract] | ||||
Number of Contracts | Derivative | 205 | 131 | ||
Investment, Fair Value | $ 358,300 | $ 3,869 | ||
Percentage of Partners' Capital | 0.42% | 0.00% | [2] | |
Calls [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 202 | 120 | ||
Investment, Fair Value | $ (558,146) | $ (3,869) | ||
Percentage of Partners' Capital | (0.65%) | 0.00% | [2] | |
Energy [Abstract] | ||||
Number of Contracts | Derivative | 202 | 120 | ||
Investment, Fair Value | $ (558,146) | $ (3,869) | ||
Percentage of Partners' Capital | (0.65%) | 0.00% | [2] | |
Calls [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,307 | 950 | ||
Investment, Fair Value | $ 1,930,114 | $ 186,010 | ||
Percentage of Partners' Capital | 2.26% | 0.21% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 1,307 | 950 | ||
Investment, Fair Value | $ 1,930,114 | $ 186,010 | ||
Percentage of Partners' Capital | 2.26% | 0.21% | ||
Calls [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 1,495 | 1,094 | ||
Investment, Fair Value | $ (1,919,556) | $ (52,690) | ||
Percentage of Partners' Capital | (2.25%) | (0.06%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 1,495 | 1,094 | ||
Investment, Fair Value | $ (1,919,556) | $ (52,690) | ||
Percentage of Partners' Capital | (2.25%) | (0.06%) | ||
Calls [Member] | Grains [Member] | Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 18 | |||
Investment, Fair Value | $ 68,175 | |||
Percentage of Partners' Capital | 0.08% | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 18 | |||
Investment, Fair Value | $ 68,175 | |||
Percentage of Partners' Capital | 0.08% | |||
Calls [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 20 | |||
Investment, Fair Value | $ (17,696) | |||
Percentage of Partners' Capital | (0.02%) | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 20 | |||
Investment, Fair Value | $ (17,696) | |||
Percentage of Partners' Capital | (0.02%) | |||
Puts [Member] | Metals [Member] | Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 195 | 68 | ||
Investment, Fair Value | $ 264,898 | $ 77,010 | ||
Percentage of Partners' Capital | 0.31% | 0.08% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 195 | 68 | ||
Investment, Fair Value | $ 264,898 | $ 77,010 | ||
Percentage of Partners' Capital | 0.31% | 0.08% | ||
Puts [Member] | Metals [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 185 | 68 | ||
Investment, Fair Value | $ (205,353) | $ (77,010) | ||
Percentage of Partners' Capital | (0.24%) | (0.08%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 185 | 68 | ||
Investment, Fair Value | $ (205,353) | $ (77,010) | ||
Percentage of Partners' Capital | (0.24%) | (0.08%) | ||
Puts [Member] | Energy [Member] | Contracts Purchased [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 875 | 58 | ||
Investment, Fair Value | $ 298,760 | $ 41,395 | ||
Percentage of Partners' Capital | 0.35% | 0.05% | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 875 | 58 | ||
Investment, Fair Value | $ 298,760 | $ 41,395 | ||
Percentage of Partners' Capital | 0.35% | 0.05% | ||
Puts [Member] | Energy [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 873 | 57 | ||
Investment, Fair Value | $ (1,080,208) | $ (36,366) | ||
Percentage of Partners' Capital | (1.27%) | (0.04%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 873 | 57 | ||
Investment, Fair Value | $ (1,080,208) | $ (36,366) | ||
Percentage of Partners' Capital | (1.27%) | (0.04%) | ||
Puts [Member] | Softs [Member] | Contracts Sold [Member] | Option [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 66 | |||
Investment, Fair Value | $ (92,341) | |||
Percentage of Partners' Capital | (0.11%) | |||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 66 | |||
Investment, Fair Value | $ (92,341) | |||
Percentage of Partners' Capital | (0.11%) | |||
Liabilities [Member] | Forwards [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of Partners' Capital | (1.59%) | (3.79%) | ||
Energy [Abstract] | ||||
Percentage of Partners' Capital | (1.59%) | (3.79%) | ||
Liabilities [Member] | Forwards [Member] | Metals [Member] | ||||
Schedule of Investments [Line Items] | ||||
Number of Contracts | Derivative | 732 | 616 | ||
Percentage of Partners' Capital | (1.59%) | (3.79%) | ||
Energy [Abstract] | ||||
Number of Contracts | Derivative | 732 | 616 | ||
Percentage of Partners' Capital | (1.59%) | (3.79%) | ||
[1] | Defined in Note 1. | |||
[2] | Due to rounding. |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Abstract] | ||
Options purchased, premium paid | $ 2,640,517 | $ 804,127 |
Options written, premium received | $ 3,520,742 | $ 690,626 |
Statements of Income and Expens
Statements of Income and Expenses - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Investment Income: | |||||
Interest income | $ 16,175 | $ 351,017 | $ 222,256 | $ 1,431,960 | |
Interest income allocated from the Fund(s) | 2,651 | 129,557 | 59,589 | 222,329 | |
Total investment income | 18,826 | 480,574 | 281,845 | 1,654,289 | |
Expenses: | |||||
Expenses allocated from the Fund(s) | 42,466 | 128,345 | 237,421 | 250,145 | |
Clearing fees related to direct investments | 216,436 | 256,332 | 654,389 | 909,209 | |
Ongoing selling agent fees | 218,965 | 498,207 | 1,106,365 | 1,580,027 | |
Management fees | 343,655 | 376,803 | 1,035,499 | 1,185,208 | |
General Partner fees | 166,804 | 189,257 | 504,556 | 600,462 | |
Incentive fees | 1,251,629 | 31,949 | 2,278,045 | 319,262 | |
Professional fees | 101,148 | 101,497 | 247,839 | 328,643 | |
Total expenses | 2,341,103 | 1,582,390 | 6,064,114 | 5,172,956 | |
Net investment loss | (2,322,277) | (1,101,816) | (5,782,269) | (3,518,667) | |
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||||
Net realized gains (losses) on closed contracts | 4,810,682 | 3,384,845 | 14,958,682 | 10,808,601 | |
Net realized gains (losses) on closed contracts allocated from the Fund(s) | (22,288) | (2,816,167) | (171,577) | (2,287,210) | |
Net change in unrealized gains (losses) on open contracts | 3,964,519 | (1,659,790) | (1,018,750) | (3,633,307) | |
Net change in unrealized gains (losses) on open contracts allocated from the Fund(s) | 391,963 | (64,733) | 528,983 | (1,445,090) | |
Total trading results | 9,144,876 | (1,155,845) | 14,297,338 | 3,442,994 | |
Net income (loss) | 6,822,599 | (2,257,661) | 8,515,069 | (75,673) | |
Class A [Member] | |||||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||||
Net income (loss) | $ 6,655,157 | $ (2,224,256) | $ 8,298,197 | $ (108,709) | |
Net income (loss) per Redeemable Unit | [1] | $ 112.83 | $ (29.12) | $ 137.22 | $ (3.67) |
Weighted average Redeemable Units outstanding | 58,548.0084 | 75,803.5184 | 61,886.5275 | 79,022.6708 | |
Class D [Member] | |||||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||||
Net income (loss) | $ 54,072 | $ (11,749) | $ 69,702 | $ 4,031 | |
Net income (loss) per Redeemable Unit | [1] | $ 90.11 | $ (19.57) | $ 116.16 | $ 6.72 |
Weighted average Redeemable Units outstanding | 600.0580 | 600.0580 | 600.0580 | 600.0580 | |
Class Z [Member] | |||||
Net gains (losses) on trading of commodity interests and investment in the Fund(s): | |||||
Net income (loss) | $ 113,370 | $ (21,656) | $ 147,170 | $ 29,005 | |
Net income (loss) per Redeemable Unit | [1] | $ 93.71 | $ (17.78) | $ 124.20 | $ 12.52 |
Weighted average Redeemable Units outstanding | 1,214.8660 | 1,217.9570 | 1,167.8557 | 1,339.2599 | |
[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, 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 | $ 52,119,698 | $ 52,019,698 | $ 100,000 | ||||
Subscriptions, Redeemable Units | 671.4640 | 671.4640 | 40,074.3720 | 39,975.1700 | 99.2020 | ||||
Redemptions | $ (315,025) | $ (315,025) | $ (13,448,867) | $ (13,448,867) | |||||
Redemptions, Redeemable Units | (297.7320) | (297.7320) | (10,196.6440) | (10,196.6440) | |||||
Net income (loss) | $ (75,673) | $ (108,709) | $ 4,031 | $ 29,005 | |||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 97,179,749 | $ 95,319,156 | $ 610,538 | $ 1,250,055 | |||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2019 | 75,310.4477 | 73,492.4327 | 600.0580 | 1,217.9570 | |||||
Partners' Capital, beginning of period at Jun. 30, 2019 | $ 103,121,210 | $ 101,227,212 | $ 622,287 | $ 1,271,711 | |||||
Partners' Capital, Redeemable Units, beginning of period at Jun. 30, 2019 | 78,151.6757 | 76,333.6607 | 600.0580 | 1,217.9570 | |||||
Subscriptions | $ (3,683,800) | $ (3,683,800) | |||||||
Subscriptions, Redeemable Units | (2,841.2280) | (2,841.2280) | |||||||
Net income (loss) | $ (2,257,661) | $ (2,224,256) | $ (11,749) | $ (21,656) | |||||
Partners' Capital, end of period at Sep. 30, 2019 | $ 97,179,749 | $ 95,319,156 | $ 610,538 | $ 1,250,055 | |||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2019 | 75,310.4477 | 73,492.4327 | 600.0580 | 1,217.9570 | |||||
Partners' Capital, beginning of period at Dec. 31, 2019 | $ 91,893,284 | $ 90,062,572 | $ 634,723 | $ 1,195,989 | |||||
Partners' Capital, Redeemable Units, beginning of period at Dec. 31, 2019 | 68,724.0397 | 67,005.2267 | 600.0580 | 1,118.7550 | |||||
Subscriptions | $ 621,014 | $ 497,754 | $ 123,260 | ||||||
Subscriptions, Redeemable Units | 467.1250 | 356.9400 | 110.1850 | ||||||
Redemptions | $ (15,753,271) | $ (15,753,271) | |||||||
Redemptions, Redeemable Units | (11,260.5020) | (11,260.5020) | |||||||
Net income (loss) | $ 8,515,069 | $ 8,298,197 | $ 69,702 | $ 147,170 | |||||
Partners' Capital, end of period at Sep. 30, 2020 | $ 85,276,096 | $ 83,105,252 | $ 704,425 | $ 1,466,419 | |||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2020 | 57,930.6627 | 56,101.6647 | 600.0580 | 1,228.9400 | |||||
Partners' Capital, beginning of period at Jun. 30, 2020 | $ 83,591,795 | $ 81,638,393 | $ 650,353 | $ 1,303,049 | |||||
Partners' Capital, Redeemable Units, beginning of period at Jun. 30, 2020 | 61,440.5967 | 59,655.4467 | 600.0580 | 1,185.0920 | |||||
Subscriptions | $ 299,821 | $ 249,821 | $ 50,000 | ||||||
Subscriptions, Redeemable Units | 222.8670 | 179.0190 | 43.8480 | ||||||
Redemptions | $ (5,438,119) | $ (5,438,119) | |||||||
Redemptions, Redeemable Units | (3,732.8010) | (3,732.8010) | |||||||
Net income (loss) | $ 6,822,599 | $ 6,655,157 | $ 54,072 | $ 113,370 | |||||
Partners' Capital, end of period at Sep. 30, 2020 | $ 85,276,096 | $ 83,105,252 | $ 704,425 | $ 1,466,419 | |||||
Partners' Capital, Redeemable Units, end of period at Sep. 30, 2020 | 57,930.6627 | 56,101.6647 | 600.0580 | 1,228.9400 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
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 United States (“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 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 is the trading manager (the “Trading Manager”) of NL Master (as defined below) and Aquantum Master (as defined below). The General Partner was also the Trading Manager of Harbour Square Master (as defined below) prior to Harbour Square Master’s termination. 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 September 30, 2020, all trading decisions are made for the Partnership by Millburn Ridgefield Corporation (“Millburn”), Ospraie Management, LLC (“Ospraie”), Aquantum GmbH (“Aquantum”), Pan Capital Management L.P. (“Pan”), and Northlander Commodity Advisors LLP (“Northlander”) (each, an “Advisor” and, collectively, the “Advisors”), each, a registered commodity trading advisor. On March 31, 2019, the Partnership fully redeemed its investment in CMF Harbour Square Master Fund LLC (“Harbour Square Master”). Also 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. 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. 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. During the reporting periods ended September 30, 2020 and 2019, the Partnership’s/Funds’ commodity broker was Morgan Stanley & Co. LLC (“MS&Co.”), a registered futures commission merchant. Millburn, Ospraie and Pan 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 Pan’s Energy Trading Program, respectively. The Partnership, CMF NL Master Fund LLC (“NL Master”) and CMF Aquantum Master Fund LLC (“Aquantum Master”) have entered, and (prior to its termination) Harbour Square Master had entered, into futures brokerage account agreements with MS&Co. NL Master and Aquantum Master are collectively referred to as the “Funds.” References herein to the “Funds” may also include, as relevant, Harbour Square Master. 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, The Partnership has also entered into a selling agreement (as amended, the “Selling Agreement”) with Morgan Stanley Wealth Management. Pursuant to the Selling Agreement, the Partnership pays Morgan Stanley Wealth Management a monthly ongoing selling agent fee equal to (i) effective July 1, 2020, 1.0% per year of month-end month-end month-end 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. The General Partner has delegated certain administrative functions to SS&C Technologies, Inc., a Delaware corporation, currently doing business as SS&C GlobeOp (the “Administrator”). Pursuant to a master services agreement, the Administrator furnishes certain administrative, accounting, regulatory reporting, tax and other services as agreed from time to time. In addition, the Administrator maintains certain books and records of the Partnership. The cost of retaining the Administrator is allocated among the pools operated by the General Partner, including the Partnership. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | 2. Basis of Presentation and Summary of Significant Accounting Policies: The accompanying financial statements and accompanying notes are unaudited but, in the opinion of the General Partner, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the Partnership’s financial condition at September 30, 2020 and the results of its operations and changes in partners’ capital for the three and nine months ended September 30, 2020 and 2019. 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 Due to the nature of commodity trading, the results of operations for the interim periods presented should not be considered indicative of the results that may be expected for the entire year. Use of Estimates. Profit Allocation. Statement of Cash Flows. “Statement of Cash Flows.” Partnership’s Investment in the Funds. Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership/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 Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not Investment Company Status 2013-08 “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” There have been no material changes with respect to the Partnership’s critical accounting policies as reported in the Partnership’s Annual Report on Form 10-K |
Financial Highlights
Financial Highlights | 9 Months Ended |
Sep. 30, 2020 | |
Investment Company [Abstract] | |
Financial Highlights | 3. Financial Highlights: Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2020 and 2019 were as follows. There were no Class Z limited partner Redeemable Units held prior to February 1, 2019 or from the close of business on December 31, 2019 to January 31, 2020. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 151.61 $ 119.97 $ 120.56 $ (14.75) $ (11.51) $ (11.60) $ 228.90 $ 180.99 $ 182.77 $ 40.34 $ 31.24 $ 34.75 Net investment loss (38.78) (29.86) (26.85) (14.37) (8.06) (6.18) (91.68) (64.83) (56.07) (44.01) (24.52) (16.44) Increase (decrease) for the period 112.83 90.11 93.71 (29.12) (19.57) (17.78) 137.22 116.16 126.70 (3.67) 6.72 18.31 Net asset value per Redeemable Unit, beginning of period 1,368.50 1,083.82 1,099.53 1,326.11 1,037.04 1,044.13 1,344.11 1,057.77 1,066.54 1,300.66 1,010.75 1,008.04 Net asset value per Redeemable Unit, end of period $ 1,481.33 $ 1,173.93 $ 1,193.24 $ 1,296.99 $ 1,017.47 $ 1,026.35 $ 1,481.33 $ 1,173.93 $ 1,193.24 $ 1,296.99 $ 1,017.47 $ 1,026.35 Three Months Ended Three Months Ended Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Ratios to Average Limited Partners’ Capital: **** Net investment loss ***** (6.5) % (6.1) % (5.7) % (4.3) % (3.0) % (2.2) % (8.0) % (7.0) % (6.6) % (4.4) % (3.1) % (2.3) % Operating expenses 5.1 % 4.8 % 4.4 % 6.2 % 4.9 % 4.1 % 5.8 % 4.8 % 4.3 % 6.2 % 4.9 % 4.1 % Incentive fees 1.5 % 1.4 % 1.4 % 0.0 % ****** 0.0 % ****** 0.0 % ****** 2.6 % 2.6 % 2.5 % 0.3 % 0.3 % 0.2 % Total expenses 6.6 % 6.2 % 5.8 % 6.2 % 4.9 % 4.1 % 8.4 % 7.4 % 6.8 % 6.5 % 5.2 % 4.3 % Total return: Total return before incentive fees 9.8 % 9.8 % 9.9 % (2.2) % (1.9) % (1.7) % 12.9 % 13.7 % 14.4 % 0.0 % ****** 1.0 % 2.0 % Incentive fees (1.6) % (1.5) % (1.4) % (0.0) % ****** (0.0) % ****** (0.0) % ****** (2.7) % (2.7) % (2.5 ) % (0.3) % (0.3) % (0.2) % Total return after incentive fees 8.2 % 8.3 % 8.5 % (2.2 ) % (1.9) % (1.7) % 10.2 % 11.0 % 11.9 % (0.3) % 0.7 % 1.8 % * 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, 2020 to September 30, 2020. *** For the period from February 1, 2019 to September 30, 2019. **** Annualized (except for incentive fees). ***** Interest income less total expenses. ****** Due to rounding. 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 | 9 Months Ended |
Sep. 30, 2020 | |
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 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,” 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 September 30, 2020 and 2019 were 25,605 and 25,942, respectively. The monthly average number of futures contracts traded directly by the Partnership during the nine months ended September 30, 2020 and 2019 were 27,917 and 25,882, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended September 30, 2020 and 2019 were 1,415 and 1,484, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the nine months ended September 30, 2020 and 2019 were 1,403 and 1,446, respectively. The monthly average number of option contracts traded directly by the Partnership during the three months ended September 30, 2020 and 2019 were 3,010 and 2,671, respectively. The monthly average number of option contracts traded directly by the Partnership during the nine months ended September 30, 2020 and 2019 were 1,968 and 2,189, 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’ 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 September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 15,890,040 $ (13,344,013) $ 2,546,027 $ - $ - $ 2,546,027 Forwards 1,256,367 (1,256,367) - - - - Total assets $ 17,146,407 $ (14,600,380) $ 2,546,027 $ - $ - $ 2,546,027 Liabilities Futures $ (13,344,013) $ 13,344,013 $ - $ - $ - $ - Forwards (1,354,796) 1,256,367 (98,429) - 98,429 - Total liabilities $ (14,698,809) $ 14,600,380 $ (98,429) $ - $ 98,429 $ - Net fair value $ 2,546,027 * 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, 2019 Recognized Condition Condition Instruments Pledged * Net Amount Assets Futures $ 12,487,330 $ (9,382,711) $ 3,104,619 $ - $ - $ 3,104,619 Forwards 3,736,333 (3,480,664) 255,669 - - 255,669 Total assets $ 16,223,663 $ (12,863,375) $ 3,360,288 $ - $ - $ 3,360,288 Liabilities Futures $ (9,382,711) $ 9,382,711 $ - $ - $ - $ - Forwards (3,480,664) 3,480,664 - - - - Total liabilities $ (12,863,375) $ 12,863,375 $ - $ - $ - $ - Net fair value $ 3,360,288 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded The following tables indicate the gross fair values of derivative instruments of futures, forward and option contracts held directly by the Partnership as separate assets and liabilities as of September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Assets Futures Contracts Currencies $ 499 Energy 14,336,659 Grains 673,698 Indices 558,058 Livestock 154,380 Metals 77,619 Softs 89,127 Total unrealized appreciation on open futures contracts 15,890,040 Liabilities Futures Contracts Currencies (706) Energy (12,197,662) Grains (527,375) Indices (515,052) Livestock (28,652) Metals (42,932) Softs (31,634) Total unrealized depreciation on open futures contracts (13,344,013) Net unrealized appreciation on open futures contracts $ 2,546,027 * Assets Forward Contracts Metals $ 1,256,367 Total unrealized appreciation on open forward contracts 1,256,367 Liabilities Forward Contracts Metals (1,354,796) Total unrealized depreciation on open forward contracts (1,354,796) Net unrealized depreciation on open forward contracts $ (98,429) ** Assets Options Purchased Energy $ 2,228,874 Grains 68,175 Metals 623,198 Total options purchased $ 2,920,247 *** Liabilities Options Written Energy $ (2,999,764) Metals (763,499) Softs (110,037) Total options written $ (3,873,300) **** * 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. December 31, 2019 Assets Futures Contracts Energy $ 11,219,295 Grains 282,619 Indices 322,626 Livestock 25,050 Metals 320,318 Softs 317,422 Total unrealized appreciation on open futures contracts 12,487,330 Liabilities Futures Contracts Energy (8,488,165) Grains (265,319) Indices (354,176) Livestock (3,800) Metals (30,403) Softs (240,848) Total unrealized depreciation on open futures contracts (9,382,711) Net unrealized appreciation on open futures contracts $ 3,104,619 * Assets Forward Contracts Metals $ 3,736,333 Total unrealized appreciation on open forward contracts 3,736,333 Liabilities Forward Contracts Metals (3,480,664) Total unrealized depreciation on open forward contracts (3,480,664) Net unrealized appreciation on open forward contracts $ 255,669 ** Assets Options Purchased Energy $ 227,405 Metals 80,879 Total options purchased $ 308,284 *** Liabilities Options Written Energy $ (89,056) Metals (80,879) Total options written $ (169,935) **** * 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. The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, Sector 2020 2019 2020 2019 Currencies $ 242,234 $ (9,325) $ 19,300 $ 75,086 Energy 7,118,594 1,215,424 13,222,232 3,497,750 Grains (162,552) 402,136 137,215 669,220 Indices (6,420) 60,405 317,820 60,405 Livestock 223,308 362,248 (253,816) 1,755,893 Metals (96,525) (1,076,811) (814,125) (241,259) Softs 1,456,562 770,978 1,311,306 1,358,199 Total $ 8,775,201 ***** $ 1,725,055 ***** $ 13,939,932 ***** $ 7,175,294 ***** ***** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019 and for the periods ended September 30, 2020 and 2019, 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). September 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 15,890,040 $ 15,890,040 $ - $ - Forwards 1,256,367 - 1,256,367 - Options purchased 2,920,247 2,920,247 - - Total assets $ 20,066,654 $ 18,810,287 $ 1,256,367 $ - Liabilities Futures $ 13,344,013 $ 13,344,013 $ - $ - Forwards 1,354,796 - 1,354,796 - Options written 3,873,300 3,873,300 - - Total liabilities $ 18,572,109 $ 17,217,313 $ 1,354,796 $ - December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 12,487,330 $ 12,487,330 $ - $ - Forwards 3,736,333 - 3,736,333 - Options purchased 308,284 308,284 - - Total assets $ 16,531,947 $ 12,795,614 $ 3,736,333 $ - Liabilities Futures $ 9,382,711 $ 9,382,711 $ - $ - Forwards 3,480,664 - 3,480,664 - Options written 169,935 169,935 - - Total liabilities $ 13,033,310 $ 9,552,646 $ 3,480,664 $ - |
Investment in the Funds
Investment in the Funds | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Investments [Abstract] | |
Investment in the Funds | 6. Investment in the Funds: On April 1, 2019, the Partnership allocated a portion of its assets to NL Master, a limited liability company organized under the limited liability company laws of the State of Delaware. NL Master permits accounts managed by Northlander using Northlander’s Commodity Program, a proprietary, discretionary trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of NL Master. Individual and pooled accounts currently managed by Northlander, including the Partnership, are permitted to be members of NL Master. The Trading Manager and Northlander believe that trading through this master/feeder structure should promote efficiency and economy in the trading process. On December 1, 2018, the Partnership allocated a portion of its assets to Aquantum, which were managed and traded directly by Aquantum pursuant to Aquantum’s Commodity Spread Program through a trading account in the Partnership’s name from December 1, 2018 until May 31, 2019. Effective June 1, 2019, the assets allocated to Aquantum were transferred into Aquantum Master, a limited liability company organized under the limited liability company laws of the State of Delaware, through which they are managed and traded by Aquantum pursuant to the same strategy. Aquantum Master permits accounts managed by Aquantum using Aquantum’s Commodity Spread Program, a proprietary, systematic trading system, to invest together in one trading vehicle. The General Partner is also the trading manager of Aquantum Master. Individual and pooled accounts currently managed by Aquantum, including the Partnership, are permitted to be members of Aquantum Master. The Trading Manager and Aquantum believe that trading through this master/feeder structure should promote efficiency and economy in the trading process. 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 September 30, 2020. 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 member in the Funds may withdraw 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 has been made to the Trading Manager at least three days in advance of the Redemption Date. Such withdrawals are classified as a liability when the member elects to redeem and informs the Funds. However, a member may request a withdrawal as of the end of any day if such request is received by the 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 are borne by the Funds and allocated to the Funds’ members, including the Partnership. Professional fees are borne by the Funds and allocated to the Partnership, and also charged directly at the Partnership level. At September 30, 2020, the Partnership owned approximately 18.4% of NL Master and 49.3% of Aquantum Master. At December 31, 2019, the Partnership owned approximately 20.4% of NL Master and 43.1% of Aquantum Master. It is the Partnership’s intention to continue to invest in the Funds. The performance of the Partnership is directly affected by the performance of the Funds. Expenses to investors as a result of the investment in the Funds are approximately the same as they would be if the Partnership traded directly and redemption rights are not affected. Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables: September 30, 2020 Total Assets Total Liabilities Total Capital NL Master $ 19,157,017 $ 265,341 $ 18,891,676 Aquantum Master 18,400,197 80,292 18,319,905 December 31, 2019 Total Assets Total Liabilities Total Capital NL Master $ 22,919,671 $ 1,217,801 $ 21,701,870 Aquantum Master 37,857,547 2,327,205 35,530,342 Summarized information reflecting the net investment income (loss), total trading For the three months ended September 30, 2020 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ (22,163) $ (521,660) $ (543,823) Aquantum Master (72,581) 945,402 872,821 For the nine months ended September 30, 2020 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ (38,946) $ (1,839,823) $ (1,878,769) Aquantum Master (353,108) 1,405,725 1,052,617 For the three months ended September 30, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ 68,377 $ (2,613,327) $ (2,544,950) Aquantum Master (29,826) (4,900,506) (4,930,332) For the nine months ended September 30, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) Harbour Square Master (a) $ (14,678) $ 160,848 $ 146,170 NL Master (b) 115,912 (3,966,614) (3,850,702) Aquantum Master (c) (84,895) (6,009,377) (6,094,272) (a) From January 1, 2019 through March 31, 2019, the date Harbour Square Master terminated operations. (b) From April 1, 2019, commencement of operations for NL Master, through September 30, 2019. (c) From June 1, 2019, commencement of operations for Aquantum Master, through September 30, 2019. Summarized information reflecting the Partnership’s investments in and the Partnership’s pro-rata September 30, 2020 For the three months ended September 30, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.07% $ 3,471,195 $ (95,133) $ 1,880 $ 2,941 $ (99,954) Commodity Portfolio Monthly Aquantum Master 10.58% 9,023,254 467,459 29,274 8,371 429,814 Commodity Portfolio Monthly Total $ 12,494,449 $ 372,326 $ 31,154 $ 11,312 $ 329,860 September 30, 2020 For the nine months ended September 30, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.07% $ 3,471,195 $ (330,180) $ 10,540 $ 9,046 $ (349,766) Commodity Portfolio Monthly Aquantum Master 10.58% 9,023,254 747,175 192,994 24,841 529,340 Commodity Portfolio Monthly Total $ 12,494,449 $ 416,995 $ 203,534 $ 33,887 $ 179,574 December 31, 2019 For the three months ended September 30, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.82% $ 4,427,510 $ (538,825) $ 3,493 $ 6,196 $ (548,514) Commodity Portfolio Monthly Aquantum Master 16.68% 15,333,418 (2,212,518) 103,121 15,535 (2,331,174) Commodity Portfolio Monthly Total $ 19,760,928 $ (2,751,343) $ 106,614 $ 21,731 $ (2,879,688) December 31, 2019 For the nine months ended September 30, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Harbour Square Master (a) -% $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 Commodity Portfolio Monthly NL Master (b) 4.82% 4,427,510 (862,612) 13,479 11,766 (887,857) Commodity Portfolio Monthly Aquantum Master (c) 16.68% 15,333,418 (2,789,323) 163,305 24,373 (2,977,001) Commodity Portfolio Monthly Total $ 19,760,928 $ (3,509,971) $ 184,440 $ 65,705 $ (3,760,116) (a) From January 1, 2019 through March 31, 2019, the date the Partnership fully redeemed its investment in Harbour Square Master. (b) From April 1, 2019, the date the Partnership invested into NL Master, through September 30, 2019. (c) From June 1, 2019, the date the Partnership invested into Aquantum Master, through September 30, 2019. |
Financial Instrument Risks
Financial Instrument Risks | 9 Months Ended |
Sep. 30, 2020 | |
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 over-the-counter Futures Contracts. London Metal Exchange Forward Contracts. Options. marked-to-market marked-to-market 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 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 The General Partner/Trading Manager 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/Trading Manager to statistically analyze actual trading results with risk-adjusted The majority of these financial instruments mature within one year of the inception date. However, due to the nature of the Partnership’s/Funds’ business, these instruments may not be held to maturity. 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 General Partner/Trading Manager considers the risk of any future obligation relating to these indemnifications to be remote. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
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 November 1, 2020, the Partnership allocated a portion of its assets to Geosol Capital, LLC (“Geosol”), which is invested in CMF GSL Master Fund LLC and is traded by Geosol pursuant to Geosol’s U.S. Power and Natural Gas Program. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates. |
Profit Allocation | Profit Allocation. |
Statement of Cash Flows | Statement of Cash Flows. “Statement of Cash Flows.” |
Partnership's Investment in the Funds | Partnership’s Investment in the Funds. |
Partnership's/Funds' Derivative Investments | Partnership’s/Funds’ Derivative Investments. first-in, first-out The Partnership/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 | Partnership’s Cash |
Income Taxes | Income Taxes. “Income Taxes,” “more-likely-than-not” more-likely-than-not |
Investment Company Status | Investment Company Status 2013-08 “Financial Services—Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements” |
Net Income (Loss) per Redeemable Unit. | Net Income (Loss) per Redeemable Unit. “Financial Services – Investment Companies.” |
Financial Highlights (Tables)
Financial Highlights (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investment Company [Abstract] | |
Financial Highlights | Financial highlights for the limited partner Classes as a whole for the three and nine months ended September 30, 2020 and 2019 were as follows. There were no Class Z limited partner Redeemable Units held prior to February 1, 2019 or from the close of business on December 31, 2019 to January 31, 2020. Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Per Redeemable Unit Performance (for a unit outstanding throughout the period): * Net realized and unrealized gains (losses) $ 151.61 $ 119.97 $ 120.56 $ (14.75) $ (11.51) $ (11.60) $ 228.90 $ 180.99 $ 182.77 $ 40.34 $ 31.24 $ 34.75 Net investment loss (38.78) (29.86) (26.85) (14.37) (8.06) (6.18) (91.68) (64.83) (56.07) (44.01) (24.52) (16.44) Increase (decrease) for the period 112.83 90.11 93.71 (29.12) (19.57) (17.78) 137.22 116.16 126.70 (3.67) 6.72 18.31 Net asset value per Redeemable Unit, beginning of period 1,368.50 1,083.82 1,099.53 1,326.11 1,037.04 1,044.13 1,344.11 1,057.77 1,066.54 1,300.66 1,010.75 1,008.04 Net asset value per Redeemable Unit, end of period $ 1,481.33 $ 1,173.93 $ 1,193.24 $ 1,296.99 $ 1,017.47 $ 1,026.35 $ 1,481.33 $ 1,173.93 $ 1,193.24 $ 1,296.99 $ 1,017.47 $ 1,026.35 Three Months Ended Three Months Ended Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Class A Class D Class Z Class A Class D Class Z Class A Class D Class Z ** Class A Class D Class Z *** Ratios to Average Limited Partners’ Capital: **** Net investment loss ***** (6.5) % (6.1) % (5.7) % (4.3) % (3.0) % (2.2) % (8.0) % (7.0) % (6.6) % (4.4) % (3.1) % (2.3) % Operating expenses 5.1 % 4.8 % 4.4 % 6.2 % 4.9 % 4.1 % 5.8 % 4.8 % 4.3 % 6.2 % 4.9 % 4.1 % Incentive fees 1.5 % 1.4 % 1.4 % 0.0 % ****** 0.0 % ****** 0.0 % ****** 2.6 % 2.6 % 2.5 % 0.3 % 0.3 % 0.2 % Total expenses 6.6 % 6.2 % 5.8 % 6.2 % 4.9 % 4.1 % 8.4 % 7.4 % 6.8 % 6.5 % 5.2 % 4.3 % Total return: Total return before incentive fees 9.8 % 9.8 % 9.9 % (2.2) % (1.9) % (1.7) % 12.9 % 13.7 % 14.4 % 0.0 % ****** 1.0 % 2.0 % Incentive fees (1.6) % (1.5) % (1.4) % (0.0) % ****** (0.0) % ****** (0.0) % ****** (2.7) % (2.7) % (2.5 ) % (0.3) % (0.3) % (0.2) % Total return after incentive fees 8.2 % 8.3 % 8.5 % (2.2 ) % (1.9) % (1.7) % 10.2 % 11.0 % 11.9 % (0.3) % 0.7 % 1.8 % * 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, 2020 to September 30, 2020. *** For the period from February 1, 2019 to September 30, 2019. **** Annualized (except for incentive fees). ***** Interest income less total expenses. ****** Due to rounding. |
Trading Activities (Tables)
Trading Activities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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 September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 15,890,040 $ (13,344,013 ) $ 2,546,027 $ - $ - $ 2,546,027 Forwards 1,256,367 (1,256,367 ) - - - - Total assets $ 17,146,407 $ (14,600,380 ) $ 2,546,027 $ - $ - $ 2,546,027 Liabilities Futures $ (13,344,013 ) $ 13,344,013 $ - $ - $ - $ - Forwards (1,354,796 ) 1,256,367 (98,429 ) - 98,429 - Total liabilities $ (14,698,809 ) $ 14,600,380 $ (98,429 ) $ - $ 98,429 $ - Net fair value $ 2,546,027 * December 31, 2019 Gross Amounts Recognized Gross Amounts Offset in the Statements of Financial Condition Amounts Presented in the Statements of Financial Condition Gross Amounts Not Offset in the Statements of Financial Condition Net Amount Financial Instruments Cash Collateral Received/ Pledged* Assets Futures $ 12,487,330 $ (9,382,711 ) $ 3,104,619 $ - $ - $ 3,104,619 Forwards 3,736,333 (3,480,664 ) 255,669 - - 255,669 Total assets $ 16,223,663 $ (12,863,375 ) $ 3,360,288 $ - $ - $ 3,360,288 Liabilities Futures $ (9,382,711 ) $ 9,382,711 $ - $ - $ - $ - Forwards (3,480,664 ) 3,480,664 - - - - Total liabilities $ (12,863,375 ) $ 12,863,375 $ - $ - $ - $ - Net fair value $ 3,360,288 * * In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded |
Gross Fair Values of Derivative Instruments of Futures and 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 September 30, 2020 and December 31, 2019, respectively. September 30, 2020 Assets Futures Contracts Currencies $ 499 Energy 14,336,659 Grains 673,698 Indices 558,058 Livestock 154,380 Metals 77,619 Softs 89,127 Total unrealized appreciation on open futures contracts 15,890,040 Liabilities Futures Contracts Currencies (706) Energy (12,197,662) Grains (527,375) Indices (515,052) Livestock (28,652) Metals (42,932) Softs (31,634) Total unrealized depreciation on open futures contracts (13,344,013) Net unrealized appreciation on open futures contracts $ 2,546,027 * Assets Forward Contracts Metals $ 1,256,367 Total unrealized appreciation on open forward contracts 1,256,367 Liabilities Forward Contracts Metals (1,354,796) Total unrealized depreciation on open forward contracts (1,354,796) Net unrealized depreciation on open forward contracts $ (98,429) ** Assets Options Purchased Energy $ 2,228,874 Grains 68,175 Metals 623,198 Total options purchased $ 2,920,247 *** Liabilities Options Written Energy $ (2,999,764) Metals (763,499) Softs (110,037) Total options written $ (3,873,300) **** * 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. December 31, 2019 Assets Futures Contracts Energy $ 11,219,295 Grains 282,619 Indices 322,626 Livestock 25,050 Metals 320,318 Softs 317,422 Total unrealized appreciation on open futures contracts 12,487,330 Liabilities Futures Contracts Energy (8,488,165) Grains (265,319) Indices (354,176) Livestock (3,800) Metals (30,403) Softs (240,848) Total unrealized depreciation on open futures contracts (9,382,711) Net unrealized appreciation on open futures contracts $ 3,104,619 * Assets Forward Contracts Metals $ 3,736,333 Total unrealized appreciation on open forward contracts 3,736,333 Liabilities Forward Contracts Metals (3,480,664) Total unrealized depreciation on open forward contracts (3,480,664) Net unrealized appreciation on open forward contracts $ 255,669 ** Assets Options Purchased Energy $ 227,405 Metals 80,879 Total options purchased $ 308,284 *** Liabilities Options Written Energy $ (89,056) Metals (80,879) Total options written $ (169,935) **** * 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. |
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 and nine months ended September 30, 2020 and 2019. Three Months Ended September 30, Nine Months Ended September 30, Sector 2020 2019 2020 2019 Currencies $ 242,234 $ (9,325) $ 19,300 $ 75,086 Energy 7,118,594 1,215,424 13,222,232 3,497,750 Grains (162,552) 402,136 137,215 669,220 Indices (6,420) 60,405 317,820 60,405 Livestock 223,308 362,248 (253,816) 1,755,893 Metals (96,525) (1,076,811) (814,125) (241,259) Softs 1,456,562 770,978 1,311,306 1,358,199 Total $ 8,775,201 ***** $ 1,725,055 ***** $ 13,939,932 ***** $ 7,175,294 ***** ***** This amount is included in “Total trading results” in the Statements of Income and Expenses. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Derivative Instrument Fair Value Based on Hierarchy | September 30, 2020 Total Level 1 Level 2 Level 3 Assets Futures $ 15,890,040 $ 15,890,040 $ - $ - Forwards 1,256,367 - 1,256,367 - Options purchased 2,920,247 2,920,247 - - Total assets $ 20,066,654 $ 18,810,287 $ 1,256,367 $ - Liabilities Futures $ 13,344,013 $ 13,344,013 $ - $ - Forwards 1,354,796 - 1,354,796 - Options written 3,873,300 3,873,300 - - Total liabilities $ 18,572,109 $ 17,217,313 $ 1,354,796 $ - December 31, 2019 Total Level 1 Level 2 Level 3 Assets Futures $ 12,487,330 $ 12,487,330 $ - $ - Forwards 3,736,333 - 3,736,333 - Options purchased 308,284 308,284 - - Total assets $ 16,531,947 $ 12,795,614 $ 3,736,333 $ - Liabilities Futures $ 9,382,711 $ 9,382,711 $ - $ - Forwards 3,480,664 - 3,480,664 - Options written 169,935 169,935 - - Total liabilities $ 13,033,310 $ 9,552,646 $ 3,480,664 $ - |
Investment in the Funds (Tables
Investment in the Funds (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Investments [Abstract] | |
Assets, Liabilities and Partners' Capital of Funds | Summarized information reflecting the total assets, liabilities and members’ capital of the Funds is shown in the following tables: September 30, 2020 Total Assets Total Liabilities Total Capital NL Master $ 19,157,017 $ 265,341 $ 18,891,676 Aquantum Master 18,400,197 80,292 18,319,905 December 31, 2019 Total Assets Total Liabilities Total Capital NL Master $ 22,919,671 $ 1,217,801 $ 21,701,870 Aquantum Master 37,857,547 2,327,205 35,530,342 |
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 the Funds is shown in the following tables: For the three months ended September 30, 2020 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ (22,163) $ (521,660) $ (543,823) Aquantum Master (72,581) 945,402 872,821 For the nine months ended September 30, 2020 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ (38,946) $ (1,839,823) $ (1,878,769) Aquantum Master (353,108) 1,405,725 1,052,617 For the three months ended September 30, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) NL Master $ 68,377 $ (2,613,327) $ (2,544,950) Aquantum Master (29,826) (4,900,506) (4,930,332) For the nine months ended September 30, 2019 Net Investment Total Trading Income (Loss) Results Net Income (Loss) Harbour Square Master (a) $ (14,678) $ 160,848 $ 146,170 NL Master (b) 115,912 (3,966,614) (3,850,702) Aquantum Master (c) (84,895) (6,009,377) (6,094,272) (a) From January 1, 2019 through March 31, 2019, the date Harbour Square Master terminated operations. (b) From April 1, 2019, commencement of operations for NL Master, through September 30, 2019. (c) From June 1, 2019, commencement of operations for Aquantum Master, through September 30, 2019. |
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 September 30, 2020 For the three months ended September 30, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.07% $ 3,471,195 $ (95,133) $ 1,880 $ 2,941 $ (99,954) Commodity Portfolio Monthly Aquantum Master 10.58% 9,023,254 467,459 29,274 8,371 429,814 Commodity Portfolio Monthly Total $ 12,494,449 $ 372,326 $ 31,154 $ 11,312 $ 329,860 September 30, 2020 For the nine months ended September 30, 2020 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.07% $ 3,471,195 $ (330,180) $ 10,540 $ 9,046 $ (349,766) Commodity Portfolio Monthly Aquantum Master 10.58% 9,023,254 747,175 192,994 24,841 529,340 Commodity Portfolio Monthly Total $ 12,494,449 $ 416,995 $ 203,534 $ 33,887 $ 179,574 December 31, 2019 For the three months ended September 30, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted NL Master 4.82% $ 4,427,510 $ (538,825) $ 3,493 $ 6,196 $ (548,514) Commodity Portfolio Monthly Aquantum Master 16.68% 15,333,418 (2,212,518) 103,121 15,535 (2,331,174) Commodity Portfolio Monthly Total $ 19,760,928 $ (2,751,343) $ 106,614 $ 21,731 $ (2,879,688) December 31, 2019 For the nine months ended September 30, 2019 % of Expenses Net Partners’ Fair Income Clearing Professional Income Investment Redemptions Funds Capital Value (Loss) Fees Fees (Loss) Objective Permitted Harbour Square Master (a) -% $ - $ 141,964 $ 7,656 $ 29,566 $ 104,742 Commodity Portfolio Monthly NL Master (b) 4.82% 4,427,510 (862,612) 13,479 11,766 (887,857) Commodity Portfolio Monthly Aquantum Master (c) 16.68% 15,333,418 (2,789,323) 163,305 24,373 (2,977,001) Commodity Portfolio Monthly Total $ 19,760,928 $ (3,509,971) $ 184,440 $ 65,705 $ (3,760,116) (a) From January 1, 2019 through March 31, 2019, the date the Partnership fully redeemed its investment in Harbour Square Master. (b) From April 1, 2019, the date the Partnership invested into NL Master, through September 30, 2019. (c) From June 1, 2019, the date the Partnership invested into Aquantum Master, through September 30, 2019. |
Organization - Additional Infor
Organization - Additional Information (Detail) - shares | Sep. 06, 2006 | Jun. 30, 2020 | Sep. 30, 2020 |
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% | 1.00% | |
Morgan Stanley Wealth Management [Member] | Class D [Member] | |||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||
Ongoing selling agent fee | 0.75% |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Cash denominated in foreign currencies | $ 29,394 | $ 447,427 |
Cash denominated in foreign currencies, proceeds | 27,782 | 437,431 |
Uncertain tax position | $ 0 | |
Open tax year | 2016 2017 2018 2019 | |
Restricted cash held for margin | $ 7,822,549 | $ 5,558,690 |
Financial Highlights - Financia
Financial Highlights - Financial Highlights for Limited Partner Class (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Class A [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net asset value per Redeemable Unit, beginning of period | $ 1,344.11 | ||||
Net asset value per Redeemable Unit, end of period | $ 1,481.33 | 1,481.33 | |||
Class D [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net asset value per Redeemable Unit, beginning of period | 1,057.77 | ||||
Net asset value per Redeemable Unit, end of period | 1,173.93 | 1,173.93 | |||
Class Z [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net asset value per Redeemable Unit, beginning of period | 1,069.04 | ||||
Net asset value per Redeemable Unit, end of period | 1,193.24 | 1,193.24 | |||
Limited Partners [Member] | Class A [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net realized and unrealized gains (losses) | 151.61 | $ (14.75) | 228.90 | $ 40.34 | |
Net investment loss | (38.78) | (14.37) | (91.68) | (44.01) | |
Increase (decrease) for the period | 112.83 | (29.12) | 137.22 | (3.67) | |
Net asset value per Redeemable Unit, beginning of period | 1,368.50 | 1,326.11 | 1,344.11 | 1,300.66 | |
Net asset value per Redeemable Unit, end of period | $ 1,481.33 | $ 1,368.50 | $ 1,296.99 | $ 1,481.33 | $ 1,296.99 |
Ratios to Average Limited Partners' Capital: | |||||
Net investment loss | (6.50%) | (4.30%) | (8.00%) | (4.40%) | |
Operating expenses | 5.10% | 6.20% | 5.80% | 6.20% | |
Incentive fees | 1.50% | 0.00% | 2.60% | 0.30% | |
Total expenses | 6.60% | 6.20% | 8.40% | 6.50% | |
Total return: | |||||
Total return before incentive fees | 9.80% | (2.20%) | 12.90% | 0.00% | |
Incentive fees | (1.50%) | (0.00%) | (2.60%) | (0.30%) | |
Total return after incentive fees | 8.20% | (2.20%) | 10.20% | (0.30%) | |
Limited Partners [Member] | Class D [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net realized and unrealized gains (losses) | 119.97 | $ (11.51) | $ 180.99 | $ 31.24 | |
Net investment loss | (29.86) | (8.06) | (64.83) | (24.52) | |
Increase (decrease) for the period | 90.11 | (19.57) | 116.16 | 6.72 | |
Net asset value per Redeemable Unit, beginning of period | $ 1,173.93 | 1,083.82 | 1,037.04 | 1,057.77 | 1,010.75 |
Net asset value per Redeemable Unit, end of period | 1,173.93 | $ 1,173.93 | $ 1,017.47 | $ 1,173.93 | $ 1,017.47 |
Ratios to Average Limited Partners' Capital: | |||||
Net investment loss | (6.10%) | (3.00%) | (7.00%) | (3.10%) | |
Operating expenses | 4.80% | 4.90% | 4.80% | 4.90% | |
Incentive fees | 1.50% | 0.00% | 2.70% | 0.30% | |
Total expenses | 6.20% | 4.90% | 7.40% | 5.20% | |
Total return: | |||||
Total return before incentive fees | 9.80% | (1.90%) | 13.70% | 1.00% | |
Incentive fees | (1.50%) | (0.00%) | (2.70%) | (0.30%) | |
Total return after incentive fees | 8.30% | (1.90%) | 11.00% | 0.70% | |
Limited Partners [Member] | Class Z [Member] | |||||
Per Redeemable Unit Performance (for a unit outstanding throughout the year): | |||||
Net realized and unrealized gains (losses) | $ 120.56 | $ (11.60) | $ 182.77 | $ 34.75 | |
Net investment loss | (26.85) | (6.18) | (56.07) | (16.44) | |
Increase (decrease) for the period | 93.71 | (17.78) | 126.70 | 18.31 | |
Net asset value per Redeemable Unit, beginning of period | 1,193.24 | 1,099.53 | 1,044.13 | 1,066.54 | 1,008.04 |
Net asset value per Redeemable Unit, end of period | $ 1,193.24 | $ 1,193.24 | $ 1,026.35 | $ 1,193.24 | $ 1,026.35 |
Ratios to Average Limited Partners' Capital: | |||||
Net investment loss | (5.70%) | (2.20%) | (6.60%) | (2.30%) | |
Operating expenses | 4.40% | 4.10% | 4.30% | 4.10% | |
Incentive fees | 1.40% | 0.00% | 2.50% | 0.20% | |
Total expenses | 5.80% | 4.10% | 6.80% | 4.30% | |
Total return: | |||||
Total return before incentive fees | 9.90% | (1.70%) | 14.40% | 2.00% | |
Incentive fees | (1.40%) | (0.00%) | (2.50%) | (0.20%) | |
Total return after incentive fees | 8.50% | (1.70%) | 11.90% | 1.80% |
Trading Activities - Additional
Trading Activities - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019Contract | |
Derivative [Line Items] | ||||
Direct investments | $ | $ 0 | $ 0 | ||
Futures [Member] | ||||
Derivative [Line Items] | ||||
Monthly average number of derivative contracts traded | 25,605 | 25,942 | 27,917 | 25,882 |
Option [Member] | ||||
Derivative [Line Items] | ||||
Monthly average number of derivative contracts traded | 3,010 | 2,671 | 1,968 | 2,189 |
Forwards [Member] | Metals [Member] | ||||
Derivative [Line Items] | ||||
Monthly average number of derivative contracts traded | 1,415 | 1,484 | 1,403 | 1,446 |
Trading Activities - Summary of
Trading Activities - Summary of Valuation of Investments (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | $ 17,146,407 | $ 16,223,663 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (14,600,380) | (12,863,375) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 2,546,027 | 3,360,288 |
Net Amount, Assets | 2,546,027 | 3,360,288 |
Gross Amounts Recognized, Liabilities | (14,698,809) | (12,863,375) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 14,600,380 | 12,863,375 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | (98,429) | |
Collateral Received/Pledged, Liabilities | 98,429 | |
Net fair value | 2,546,027 | 3,360,288 |
Futures [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 15,890,040 | 12,487,330 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (13,344,013) | (9,382,711) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 2,546,027 | 3,104,619 |
Net Amount, Assets | 2,546,027 | 3,104,619 |
Gross Amounts Recognized, Liabilities | (13,344,013) | (9,382,711) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 13,344,013 | 9,382,711 |
Forwards [Member] | ||
Derivative [Line Items] | ||
Gross Amounts Recognized, Assets | 1,256,367 | 3,736,333 |
Gross Amounts Offset in the Statements of Financial Condition, Assets | (1,256,367) | (3,480,664) |
Net Amounts Presented in the Statements of Financial Condition, Assets | 255,669 | |
Net Amount, Assets | 255,669 | |
Gross Amounts Recognized, Liabilities | (1,354,796) | (3,480,664) |
Gross Amounts Offset in the Statements of Financial Condition, Liabilities | 1,256,367 | $ 3,480,664 |
Net Amounts Presented in the Statements of Financial Condition, Liabilities | (98,429) | |
Collateral Received/Pledged, Liabilities | $ 98,429 |
Trading Activities - Gross Fair
Trading Activities - Gross Fair Values of Derivative Instruments of Futures and Option Contracts, as Separate Assets and Liabilities (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Total options purchased | $ 2,920,247 | $ 308,284 |
Total options written | (3,873,300) | (169,935) |
Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,256,367 | 3,736,333 |
Total unrealized depreciation on open contracts | (1,354,796) | (3,480,664) |
Net unrealized appreciation (depreciation) on open futures contracts | (98,429) | 255,669 |
Energy [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 2,228,874 | 227,405 |
Total options written | (2,999,764) | (89,056) |
Grains [Member] | ||
Derivative [Line Items] | ||
Total options written | 68,175 | |
Metals [Member] | ||
Derivative [Line Items] | ||
Total options purchased | 623,198 | 80,879 |
Total options written | (763,499) | (80,879) |
Metals [Member] | Forwards [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 1,256,367 | 3,736,333 |
Total unrealized depreciation on open contracts | (1,354,796) | (3,480,664) |
Softs [Member] | ||
Derivative [Line Items] | ||
Total options purchased | (110,037) | |
Futures [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 15,890,040 | 12,487,330 |
Total unrealized depreciation on open contracts | (13,344,013) | (9,382,711) |
Net unrealized appreciation (depreciation) on open futures contracts | 2,546,027 | 3,104,619 |
Futures [Member] | Currencies [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 499 | |
Total unrealized depreciation on open contracts | (706) | |
Futures [Member] | Energy [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 14,336,659 | 11,219,295 |
Total unrealized depreciation on open contracts | (12,197,662) | (8,488,165) |
Futures [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 673,698 | 282,619 |
Total unrealized depreciation on open contracts | (527,375) | (265,319) |
Futures [Member] | Indices [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 558,058 | 322,626 |
Total unrealized depreciation on open contracts | (515,052) | (354,176) |
Futures [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 154,380 | 25,050 |
Total unrealized depreciation on open contracts | (28,652) | (3,800) |
Futures [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 77,619 | 320,318 |
Total unrealized depreciation on open contracts | (42,932) | (30,403) |
Futures [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Total unrealized appreciation on open contracts | 89,127 | 317,422 |
Total unrealized depreciation on open contracts | $ (31,634) | $ (240,848) |
Trading Activities - Trading Ga
Trading Activities - Trading Gains and Losses, by Market Sector, on Derivative Instruments (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Trading gains and losses | $ 8,775,201 | $ 1,725,055 | $ 13,939,932 | $ 7,175,294 |
Currencies [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 242,234 | (9,325) | 19,300 | 75,086 |
Energy [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 7,118,594 | 1,215,424 | 13,222,232 | 3,497,750 |
Grains [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (162,552) | 402,136 | 137,215 | 669,220 |
Indices [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (6,420) | 60,405 | 317,820 | 60,405 |
Livestock [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | 223,308 | 362,248 | (253,816) | 1,755,893 |
Metals [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | (96,525) | (1,076,811) | (814,125) | (241,259) |
Softs [Member] | ||||
Derivative [Line Items] | ||||
Trading gains and losses | $ 1,456,562 | $ 770,978 | $ 1,311,306 | $ 1,358,199 |
Fair Value Measurements - Deriv
Fair Value Measurements - Derivative Instrument Fair Value Based on Hierarchy (Detail) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | $ 20,066,654 | $ 16,531,947 |
Derivative liabilities | 18,572,109 | 13,033,310 |
Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 15,890,040 | 12,487,330 |
Derivative liabilities | 13,344,013 | 9,382,711 |
Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,256,367 | 3,736,333 |
Derivative liabilities | 1,354,796 | 3,480,664 |
Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,920,247 | 308,284 |
Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 3,873,300 | 169,935 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 18,810,287 | 12,795,614 |
Derivative liabilities | 17,217,313 | 9,552,646 |
Level 1 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 15,890,040 | 12,487,330 |
Derivative liabilities | 13,344,013 | 9,382,711 |
Level 1 [Member] | Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Level 1 [Member] | Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,920,247 | 308,284 |
Level 1 [Member] | Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 3,873,300 | 169,935 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,256,367 | 3,736,333 |
Derivative liabilities | 1,354,796 | 3,480,664 |
Level 2 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Level 2 [Member] | Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,256,367 | 3,736,333 |
Derivative liabilities | 1,354,796 | $ 3,480,664 |
Level 2 [Member] | Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Level 2 [Member] | Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | 0 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Level 3 [Member] | Futures [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Level 3 [Member] | Forwards [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Derivative liabilities | 0 | |
Level 3 [Member] | Option [Member] | Options Purchased [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | |
Level 3 [Member] | Option [Member] | Options written [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liabilities | $ 0 |
Investment in the Funds - Addit
Investment in the Funds - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
CMF NL Master Fund LL [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 18.40% | 20.40% |
CMF Aquantum Master Fund LL [Member] | ||
Investment [Line Items] | ||
Percentage owned by partnership | 49.30% | 43.10% |
Investment in the Funds - Asset
Investment in the Funds - Assets, Liabilities and Partners' Capital of Funds (Detail) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||||||
Total Assets | $ 93,065,050 | $ 97,392,825 | ||||
Total Liabilities | 7,788,954 | 5,499,541 | ||||
Total Capital | 85,276,096 | $ 83,591,795 | 91,893,284 | $ 97,179,749 | $ 103,121,210 | $ 58,218,866 |
CMF NL Master Fund LL [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Total Assets | 19,157,017 | 22,919,671 | ||||
Total Liabilities | 265,341 | 1,217,801 | ||||
Total Capital | 18,891,676 | 21,701,870 | ||||
CMF Aquantum Master Fund LL [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Total Assets | 18,400,197 | 37,857,547 | ||||
Total Liabilities | 80,292 | 2,327,205 | ||||
Total Capital | $ 18,319,905 | $ 35,530,342 |
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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | $ (2,322,277) | $ (1,101,816) | $ (5,782,269) | $ (3,518,667) |
Net income (loss) | 6,822,599 | (2,257,661) | 8,515,069 | (75,673) |
CMF Harbour Square Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | (14,678) | |||
Total Trading Results | 160,848 | |||
Net income (loss) | 146,170 | |||
CMF NL Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | (22,163) | 68,377 | (38,946) | 115,912 |
Total Trading Results | (521,660) | (2,613,327) | (1,839,823) | (3,966,614) |
Net income (loss) | (543,823) | (2,544,950) | (1,878,769) | (3,850,702) |
CMF Aquantum Master Fund LLC [Member] | ||||
Investment Holdings [Line Items] | ||||
Net Investment Income (Loss) | (72,581) | (29,826) | (353,108) | (84,895) |
Total Trading Results | 945,402 | (4,900,506) | 1,405,725 | (6,009,377) |
Net income (loss) | $ 872,821 | $ (4,930,332) | $ 1,052,617 | $ (6,094,272) |
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 | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | ||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 14.65% | 14.65% | 21.50% | |||
Fair Value | [1] | $ 12,494,449 | $ 12,494,449 | $ 19,760,928 | ||
Net income (loss) | $ 6,822,599 | $ (2,257,661) | $ 8,515,069 | $ (75,673) | ||
CMF Harbour Square Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Income (Loss) | 160,848 | |||||
Net income (loss) | 146,170 | |||||
CMFNL Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 4.07% | 4.07% | 4.82% | |||
Fair Value | $ 3,471,195 | $ 3,471,195 | $ 4,427,510 | |||
CMF Aquantum Master Fund LLC [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 10.58% | 10.58% | 16.68% | |||
Fair Value | $ 9,023,254 | $ 9,023,254 | $ 15,333,418 | |||
Investment In Funds [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Fair Value | 12,494,449 | 12,494,449 | $ 19,760,928 | |||
Income (Loss) | 372,326 | (2,751,343) | 416,995 | (3,509,971) | ||
Expenses, Clearing Fees | 31,154 | 106,614 | 203,534 | 184,440 | ||
Expenses, Professional Fees | 11,312 | 21,731 | 33,887 | 65,705 | ||
Net income (loss) | $ 329,860 | (2,879,688) | $ 179,574 | (3,760,116) | ||
Investment In Funds [Member] | CMF Harbour Square Master Fund LLC [Member] | Commodity [Member] | ||||||
Investment Holdings [Line Items] | ||||||
Income (Loss) | 141,964 | |||||
Expenses, Clearing Fees | 7,656 | |||||
Expenses, Professional Fees | 29,566 | |||||
Net income (loss) | $ 104,742 | |||||
Investment Objective | Commodity Portfolio | |||||
Redemptions Permitted | Monthly | |||||
Investment In Funds [Member] | CMFNL Master Fund LLC [Member] | Commodity [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 4.07% | 4.07% | 4.82% | |||
Fair Value | $ 3,471,195 | $ 3,471,195 | $ 4,427,510 | |||
Income (Loss) | (95,133) | (538,825) | (330,180) | $ (862,612) | ||
Expenses, Clearing Fees | 1,880 | 3,493 | 10,540 | 13,479 | ||
Expenses, Professional Fees | 2,941 | 6,196 | 9,046 | 11,766 | ||
Net income (loss) | $ (99,954) | $ (548,514) | $ (349,766) | $ (887,857) | ||
Investment Objective | Commodity Portfolio | Commodity Portfolio | Commodity Portfolio | Commodity Portfolio | ||
Redemptions Permitted | Monthly | Monthly | Monthly | Monthly | ||
Investment In Funds [Member] | CMF Aquantum Master Fund LLC [Member] | Commodity [Member] | ||||||
Investment Holdings [Line Items] | ||||||
% of Partners' Capital | 10.58% | 10.58% | 16.68% | |||
Fair Value | $ 9,023,254 | $ 9,023,254 | $ 15,333,418 | |||
Income (Loss) | 467,459 | $ (2,212,518) | 747,175 | $ (2,789,323) | ||
Expenses, Clearing Fees | 29,274 | 103,121 | 192,994 | 163,305 | ||
Expenses, Professional Fees | 8,371 | 15,535 | 24,841 | 24,373 | ||
Net income (loss) | $ 429,814 | $ (2,331,174) | $ 529,340 | $ (2,977,001) | ||
Investment Objective | Commodity Portfolio | Commodity Portfolio | Commodity Portfolio | Commodity Portfolio | ||
Redemptions Permitted | Monthly | Monthly | Monthly | Monthly | ||
[1] | Defined in Note 1. |
Financial Instrument Risks - Ad
Financial Instrument Risks - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020 | |
Risks and Uncertainties [Abstract] | |
Financial instruments maturity period | 1 year |