v3.25.2
Trading Activities (Tables)
 6 Months Ended
Jun. 30, 2025
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 June 30, 2025 and December 31, 2024, respectively.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
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
 
  
 
 
June 30, 2025
 
Financial
 Instruments 
 
  
 Cash Collateral 
Received/
Pledged*
  
 Net Amount 
 
Assets
  
      
 
      
 
      
 
      
  
      
  
      
Futures
  
 $
   2,568,558
 
 
 $
(1,927,946
) 
 
 $
640,612
 
 
 $
-  
 
  
 $
-  
 
  
 $
640,612 
 
Forwards
  
 
863,111
 
 
 
(863,111
) 
 
 
-  
 
 
 
-  
 
  
 
-  
 
  
 
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total assets
  
 $
3,431,669
 
 
 $
(2,791,057
) 
 
 $
  640,612
 
 
 $
-  
 
  
 $
-  
 
  
 $
640,612
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
      
 
      
 
      
 
      
  
      
  
      
Futures
  
 $
(1,927,946
) 
 
 $
   1,927,946
 
 
 $
-  
 
 
 $
-  
 
  
 $
-  
 
  
 $
-  
 
Forwards
  
 
(941,809
) 
 
 
863,111
 
 
 
(78,698
) 
 
 
-  
 
  
 
78,698
 
  
 
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 $
(2,869,755
) 
 
 $
2,791,057
 
 
 $
(78,698
) 
 
 $
-  
 
  
 $
  78,698
 
  
 $
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Net fair value
  
      
 
      
 
      
 
      
  
      
  
 $
    640,612 
* 
 
  
      
 
      
 
      
 
      
  
      
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
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
 
  
 
 
December 31, 2024
 
Financial
 Instruments 
 
  
 Cash Collateral 
Received/
Pledged*
  
 Net Amount 
 
Assets
  
      
 
      
 
      
 
      
  
      
  
      
Futures
  
 $
3,546,893
 
 
 $
(3,546,893
) 
 
 $
- 
 
 
 $
-  
 
  
 $
-  
 
  
 $
-  
 
Forwards
  
 
1,162,363
 
 
 
(1,162,363
) 
 
 
- 
 
 
 
-  
 
  
 
-  
 
  
 
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total assets
  
 $
   4,709,256
 
 
 $
(4,709,256
) 
 
 $
- 
 
 
 $
   -  
 
  
 $
-  
 
  
 $
      -  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Liabilities
  
      
 
      
 
      
 
      
  
      
  
      
Futures
  
 $
(3,747,830
) 
 
 $
3,546,893
 
 
 $
(200,937
) 
 
 $
-  
 
  
 $
  200,937
 
  
 $
-  
 
Forwards
  
 
(1,360,291
) 
 
 
1,162,363
 
 
 
  (197,928)
 
 
 
-  
 
  
 
197,928
 
  
 
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Total liabilities
  
 $
(5,108,121
) 
 
 $
   4,709,256
 
 
 $
(398,865
) 
 
 $
-  
 
  
 $
398,865
 
  
 $
-  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
  
 
 
 
Net fair value
  
      
 
      
 
      
 
      
  
      
  
 $
-  
* 
 
  
      
 
      
 
      
 
      
  
      
  
 
 
 
 
*
In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and the sole counterparty to the Partnership’s non-exchange-traded contracts, as applicable, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co., thereby minimizing MS&Co.’s risk of loss. In certain instances, MS&Co. may not post collateral and as such, in the event of default by MS&Co., the Partnership is exposed to the amount shown in the Statements of Financial Condition. In the case of exchange-traded contracts, the Partnership’s exposure to counterparty risk may be reduced since the exchange’s clearinghouse interposes its credit between buyer and seller and the clearinghouse’s guarantee funds may be available in the event of a default. In some instances, the actual collateral received and/or pledged may be more than the amount shown due to overcollateralization.
Gross Fair Values of Derivative Instruments of Futures, Forward 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 June 30, 2025 and December 31, 2024, respectively.
         
 
  
June 30,
2025
 
Assets
  
      
Futures Contracts
  
      
Energy
  
 $
542,972 
 
Grains
  
 
1,351,057 
 
Livestock
  
 
164,100 
 
Metals
  
 
236,999 
 
Softs
  
 
273,430 
 
 
  
 
 
 
Total unrealized appreciation on open futures contracts
  
 
2,568,558 
 
 
  
 
 
 
Liabilities
  
      
Futures Contracts
  
      
Energy
  
 
(1,213,315) 
 
Grains
  
 
(511,123) 
 
Livestock
  
 
(35,025) 
 
Metals
  
 
(65,267) 
 
Softs
  
 
(103,216) 
 
 
  
 
 
 
Total unrealized depreciation on open futures contracts
  
 
(1,927,946) 
 
 
  
 
 
 
Net unrealized appreciation on open futures contracts
  
 $
640,612 
* 
 
  
 
 
 
Assets
  
      
Forward Contracts
  
      
Metals
  
 $
863,111 
 
 
  
 
 
 
Total unrealized appreciation on open forward contracts
  
 
863,111 
 
 
  
 
 
 
Liabilities
  
 
 
 
Forward Contracts
  
      
Metals
  
 
(941,809) 
 
 
  
 
 
 
Total unrealized depreciation on open forward contracts
  
 
(941,809) 
 
 
  
 
 
 
Net unrealized depreciation on open forward contracts
  
 $
(78,698) 
** 
 
  
 
 
 
Assets
  
      
Options Purchased
  
 
 
 
Grains
  
 $
3,147,382 
 
Livestock
  
 
101,510 
 
Metals
  
 
48,662 
 
Softs
  
 
32,035 
 
 
  
 
 
 
Total options purchased
  
 $
3,329,589 
*** 
 
  
 
 
 
Liabilities
  
      
Options Written
  
      
Energy
  
 $
(21,640) 
 
Grains
  
 
(262,701) 
 
Livestock
  
 
(29,050) 
 
Metals
  
 
(246,682) 
 
Softs
  
 
(46,465) 
 
 
  
 
 
 
Total options written
  
 $
(606,538) 
**** 
 
  
 
 
 
 
*
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,
2024
 
Assets
  
      
Futures Contracts
  
      
Energy
  
 $
2,071,134 
 
Grains
  
 
586,692 
 
Livestock
  
 
64,240 
 
Metals
  
 
110,929 
 
Softs
  
 
713,898 
 
 
  
 
 
 
Total unrealized appreciation on open futures contracts
  
 
3,546,893 
 
 
  
 
 
 
Liabilities
  
      
Futures Contracts
  
      
Currencies
  
 
(12,919) 
 
Energy
  
 
(1,660,132) 
 
Grains
  
 
(1,164,930) 
 
Livestock
  
 
(52,820) 
 
Metals
  
 
(382,085) 
 
Softs
  
 
(474,944) 
 
 
  
 
 
 
Total unrealized depreciation on open futures contracts
  
 
(3,747,830) 
 
 
  
 
 
 
Net unrealized depreciation on open futures contracts
  
 $
(200,937)
 * 
 
  
 
 
 
Assets
  
      
Forward Contracts
  
      
Metals
  
 $
1,162,363 
 
 
  
 
 
 
Total unrealized appreciation on open forward contracts
  
 
1,162,363 
 
 
  
 
 
 
Liabilities
  
      
Forward Contracts
  
      
Metals
  
 
(1,360,291) 
 
 
  
 
 
 
Total unrealized depreciation on open forward contracts
  
 
(1,360,291) 
 
 
  
 
 
 
Net unrealized depreciation on open forward contracts
  
 $
(197,928) 
** 
 
  
 
 
 
Assets
  
      
Options Purchased
  
      
Energy
  
 $
3,650 
 
Grains
  
 
4,396,540 
 
Livestock
  
 
877,700 
 
Metals
  
 
34,897 
 
Softs
  
 
41,584 
 
 
  
 
 
 
Total options purchased
  
 $
5,354,371 
*** 
 
  
 
 
 
Liabilities
  
      
Options Written
  
      
Grains
  
 $
(2,680,452) 
 
Livestock
  
 
(176,040) 
 
Metals
  
 
(74,893) 
 
Softs
  
 
(350,330) 
 
 
  
 
 
 
Total options written
  
 $
  (3,281,715) 
**** 
 
  
 
 
 
 
*
This amount is in “Net unrealized depreciation on open futures contracts” in the Statements of Financial Condition.
**
This amount is in “Net unrealized depreciation on open forward contracts” in the Statements of Financial Condition.
***
This amount is in “Options purchased, at fair value” in the Statements of Financial Condition.
****
This amount is in “Options written, at fair value” in the Statements of Financial Condition.
 
Trading Gains and Losses, by Market Sector, on Derivative Instruments
The following table indicates the trading gains and losses, by market sector, on derivative instruments traded directly by the Partnership for the three and six months ended June 30, 2025 and 2024.
                                 
 
  
Three Months Ended June 30,
 
 
Six Months Ended June 30,
 
Sector
  
2025
 
 
2024
 
 
2025
 
 
2024
 
Currencies
  
 $
36,899 
 
 
 $
(42,841)
 
 
 $
69,047 
 
 
 $
(96,815)
 
Energy
  
 
(1,200,143)
 
 
 
(714,134)
 
 
 
(138,478)
 
 
 
2,645,970 
 
Grains
  
 
135,132 
 
 
 
388,217 
 
 
 
594,266 
 
 
 
4,082,801 
 
Livestock
  
 
100,201 
 
 
 
(420,922)
 
 
 
(450,486)
 
 
 
154,364 
 
Metals
  
 
714,051 
 
 
 
(144,388)
 
 
 
2,279,868 
 
 
 
(877,982)
 
Softs
  
 
224,628 
 
 
 
(1,353,201)
 
 
 
(318,414)
 
 
 
(3,683,284)
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
  
 $
10,768
 ***** 
 
 $
  (2,287,269)
 ***** 
 
 $
  2,035,803 
 ***** 
 
 $
2,225,054 
 ***** 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
*****
 This amount is included in “Total trading results” in the Statements of Income and Expenses.