Trading Activities (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Gross and Net Amounts Recognized Relating to Assets and Liabilities of Partnership's Derivatives

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 agreements or similar arrangements as of June 30, 2019 and December 31, 2018, respectively.


			Gross Amounts Offset in the		Amounts Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
June 30, 2019	Gross Amounts Recognized		Statements of Financial Condition		Statements of Financial Condition		Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	848,894	$	(349,763)	$	499,131	$	-	$	-	$	499,131

Total assets	$	848,894	$	(349,763)	$	499,131	$	-	$	-	$	499,131

Liabilities
Futures	$	(349,763)	$	349,763	$	-	$	-	$	-	$	-

Total liabilities	$	(349,763)	$	349,763	$	-	$	-	$	-	$	-

Net fair value											$	499,131	*

			Gross Amounts Offset in the		Amounts Presented in the		Gross Amounts Not Offset in the Statements of Financial Condition
December 31, 2018	Gross Amounts Recognized		Statements of Financial Condition		Statements of Financial Condition		Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
Futures	$	851,529	$	(757,896)	$	93,633	$	-	$	-	$	93,633

Total assets	$	851,529	$	(757,896)	$	93,633	$	-	$	-	$	93,633

Liabilities
Futures	$	(757,896)	$	757,896	$	-	$	-	$	-	$	-

Total liabilities	$	(757,896)	$	757,896	$	-	$	-	$	-	$	-

Net fair value											$	93,633	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s

non-exchange-traded

contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default.

Gross Fair Values of Derivative Instruments of Futures, Forward and Option Contracts Traded

The following tables indicate the gross fair values of derivative instruments of futures contracts held directly by the Partnership as separate assets and liabilities as of June 30, 2019 and December 31, 2018, respectively.


	June 30, 2019
Assets
Futures Contracts
Currencies	$	301,101
Energy		78,059
Grains		38,636
Indices		82,301
Interest Rates U.S.		138,992
Interest Rates Non-U.S.		62,992
Livestock		10,680
Metals		74,831
Softs		61,302

Total unrealized appreciation on open futures contracts		848,894


Liabilities
Futures Contracts
Currencies		(33,773)
Energy		(27,854)
Grains		(56,025)
Indices		(61,499)
Interest Rates U.S.		(375)
Interest Rates Non-U.S.		(76,332)
Metals		(16,352)
Softs		(77,553)

Total unrealized depreciation on open futures contracts		(349,763)

Net unrealized appreciation on open futures contracts	$	499,131	*

This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.


	December 31, 2018
Assets
Futures Contracts
Currencies	$	117,929
Energy		84,783
Grains		59,786
Indices		188,979
Interest Rates U.S.		110,603
Interest Rates Non-U.S.		239,824
Livestock		6,430
Metals		23,688
Softs		19,507

Total unrealized appreciation on open futures contracts		851,529


Liabilities
Futures Contracts
Currencies		(148,721)
Energy		(103,128)
Grains		(116,823)
Indices		(101,999)
Interest Rates U.S.		(100,422)
Interest Rates Non-U.S.		(127,847)
Livestock		(2,880)
Metals		(5,835)
Softs		(50,241)

Total unrealized depreciation on open futures contracts		(757,896)

Net unrealized appreciation on open futures contracts	$	93,633	*

This amount is in “Net unrealized appreciation on open futures contracts” in the Statements of Financial Condition.

Trading Gains and Losses by Market Sector on Derivative Instruments Traded

The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2019 and 2018, respectively.


	Three Months Ended June 30,						Six Months Ended June 30,
Sector	2019			2018			2019			2018
Currencies	$	451,982		$	(223,200)		$	142,884		$	(658,126)
Energy		(75,495)			312,726			(254,745)			268,294
Grains		(339,517)			(195,610)			(479,898)			(115,042)
Indices		(83,348)			(84,470)			(383,332)			576,187
Interest Rates U.S.		676,046			24,399			959,180			(21,976)
Interest Rates Non-U.S.		314,482			(260,719)			400,364			36,419
Livestock		(25,370)			(61,830)			(77,380)			(53,910)
Metals		258,591			(61,510)			230,998			(93,815)
Softs		(140,189)			8,880			(208,728)			1,506

Total	$	1,037,182	**	$	(541,334)	**	$	329,343	**	$	(60,463)	**

This amount is included in “Total trading results” in the Statements of Income and Expenses.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

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+ Details

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