Trading Activities (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of gross and net amounts recognized relating to assets and liabilities of partnership's derivative instruments and transactions eligible for offset subject to master netting agreements or similar agreements

The following tables summarize the gross and net amounts recognized relating to the assets and liabilities of the Partnership’s derivative instruments and transactions eligible for offset subject to master netting agreements or similar arrangements as of December 31, 2025 and 2024, respectively.


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
December 31, 2025	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	3,755,084		$	(2,073,749	)	$	1,681,335		$	-	$	-	$	1,681,335
Forwards		3,754,836			(2,100,950	)		1,653,886			-		-		1,653,886

		7,509,920			(4,174,699	)		3,335,221			-		-		3,335,221
JPMorgan
Forwards		86,286			(86,286	)		-			-		-		-

Total assets	$	7,596,206		$	(4,260,985	)	$	3,335,221		$	-	$	-	$	3,335,221

Liabilities
MS&Co.
Futures	$	(2,073,749	)	$	2,073,749		$	-		$	-	$	-	$	-
Forwards		(2,100,950	)		2,100,950			-			-		-		-

		(4,174,699	)		4,174,699			-			-		-		-
JPMorgan
Forwards		(139,576	)		86,286			(53,290	)		-		53,290		-

Total liabilities	$	(4,314,275	)	$	4,260,985		$	(53,290	)	$	-	$	53,290	$	-

Net fair value														$	3,335,221	*


				Gross Amounts Offset in the Consolidated			Amounts Presented in the Consolidated			Gross Amounts Not Offset in the Consolidated Statements of Financial Condition
December 31, 2024	Gross Amounts Recognized			Statements of Financial Condition			Statements of Financial Condition			Financial Instruments		Cash Collateral Received/ Pledged*		Net Amount
Assets
MS&Co.
Futures	$	6,264,672		$	(3,995,402	)	$	2,269,270		$	-	$	-	$	2,269,270
Forwards		4,173,747			(2,328,677	)		1,845,070			-		-		1,845,070

		10,438,419			(6,324,079	)		4,114,340			-		-		4,114,340
JPMorgan
Forwards		74,339			(74,339	)		-			-		-		-

Total assets	$	10,512,758		$	(6,398,418	)	$	4,114,340		$	-	$	-	$	4,114,340

Liabilities
MS&Co.
Futures	$	(3,995,402	)	$	3,995,402		$	-		$	-	$	-	$	-
Forwards		(2,328,677	)		2,328,677			-			-		-		-

		(6,324,079	)		6,324,079			-			-		-		-
JPMorgan
Forwards		(246,982	)		74,339			(172,643	)		-		172,643		-

Total liabilities	$	(6,571,061	)	$	6,398,418		$	(172,643	)	$	-	$	172,643	$	-

Net fair value														$	4,114,340	*

In the event of default by the Partnership, MS&Co., the Partnership’s commodity futures broker and a counterparty to the Partnership’s non-exchange-traded contracts, as applicable, and JPM, as a counterparty to certain non-exchange traded contracts, has the right to offset the Partnership’s obligation with the Partnership’s cash and/or U.S. Treasury bills held by MS&Co. or JPM, as applicable, thereby minimizing MS&Co.’s and JPM’s risk of loss. In certain instances, a counterparty may not post collateral and as such, in the event of default by such counterparty, the Partnership is exposed to the amount shown in the Consolidated 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.

Summary of gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities

The following tables indicate the gross fair values of derivative instruments of futures and forward contracts as separate assets and liabilities as of December 31, 2025 and 2024, respectively.


	December 31, 2025
Assets
Futures Contracts
Currencies	$	343,064
Energy		183,950
Grains		479,342
Indices		482,753
Interest Rates U.S.		15,218
Interest Rates Non-U.S.		317,649
Livestock		95,478
Metals		1,631,622
Softs		206,008

Total unrealized appreciation on open futures contracts		3,755,084


Liabilities
Futures Contracts
Currencies		(59,181)
Energy		(166,449)
Grains		(563,482)
Indices		(256,475)
Interest Rates U.S.		(197,273)
Interest Rates Non-U.S.		(431,887)
Livestock		(8,668)
Metals		(89,460)
Softs		(300,874)

Total unrealized depreciation on open futures contracts		(2,073,749)

Net unrealized appreciation on open futures contracts	$	1,681,335	*


Assets
Forward Contracts
Currencies	$	1,189,681
Metals		2,651,441

Total unrealized appreciation on open forward contracts		3,841,122


Liabilities
Forward Contracts
Currencies		(901,297)
Metals		(1,339,229)

Total unrealized depreciation on open forward contracts		(2,240,526)

Net unrealized appreciation on open forward contracts	$	1,600,596	**

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

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


	December 31, 2024
Assets
Futures Contracts
Currencies	$	1,699,357
Energy		389,655
Grains		653,953
Indices		395,900
Interest Rates U.S.		335,383
Interest Rates Non-U.S.		973,618
Livestock		328,742
Metals		154,495
Softs		1,333,569

Total unrealized appreciation on open futures contracts		6,264,672


Liabilities
Futures Contracts
Currencies		(331,744)
Energy		(462,524)
Grains		(262,894)
Indices		(1,200,240)
Interest Rates U.S.		(53,000)
Interest Rates Non-U.S.		(867,400)
Livestock		(120,753)
Metals		(358,814)
Softs		(338,033)

Total unrealized depreciation on open futures contracts		(3,995,402)

Net unrealized appreciation on open futures contracts	$	2,269,270	*


Assets
Forward Contracts
Currencies	$	3,566,168
Metals		681,918

Total unrealized appreciation on open forward contracts		4,248,086


Liabilities
Forward Contracts
Currencies		(1,986,002)
Metals		(589,657)

Total unrealized depreciation on open forward contracts		(2,575,659)

Net unrealized appreciation on open forward contracts	$	1,672,427	**

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

**	This amount is in “Net unrealized appreciation on open forward contracts” in the Consolidated 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 for the years ended December 31, 2025, 2024 and 2023, respectively.


Sector	2025			2024			2023
Currencies	$	(4,419,877)		$	3,290,483		$	(4,518,431)
Energy		(6,168,018)			(4,355,744)			(100,763)
Grains		(734,477)			2,184,698			(1,074,796)
Indices		5,707,750			5,040,789			2,380,229
Interest Rates U.S.		(4,842,644)			(416,157)			73,432
Interest Rates Non-U.S.		(6,238,184)			(2,821,417)			(3,909,061)
Livestock		1,797,086			(1,223,546)			298,085
Metals		11,313,161			(2,672,437)			(3,128,072)
Softs		206,856			9,368,261			1,171,254

Total	$	(3,378,347)	***	$	8,394,930	***	$	(8,808,123)	***

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