v3.26.1
Consolidated Statements of Financial Condition - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Investment in the Fund, at fair value [1] $ 21,712,514 $ 21,999,584
Redemptions receivable from the Fund 592,712 61,891
Equity in trading account:    
Unrestricted cash 164,875,772 163,847,518
Restricted cash 37,339,340 38,337,706
Foreign cash (cost $3,469,444 and $3,664,038 at June 30, 2026 and December 31, 2025, respectively) 3,406,882 3,677,300
Options purchased, at fair value (premiums paid $1,754,197 and $5,814,512 at June 30, 2026 and December 31, 2025, respectively) [2] 1,530,850 4,892,119
Total equity in trading account [3] 211,547,601 216,207,488
Interest receivable 552,130 563,725
Total assets 234,404,957 238,832,688
Liabilities:    
Options written, at fair value (premiums received $771,872 and $2,696,749 at at June 30, 2026 and December 31, 2025, respectively) 598,688 1,854,451
Accrued expenses:    
Ongoing selling agent fees 142,968 144,429
Management fees 189,517 181,206
General Partner fees 145,630 147,808
Incentive fees 189,637 72,771
Professional fees 384,569 300,705
Redemptions payable to General Partner 174,995 570,000
Redemptions payable to Limited Partners 884,153 3,778,167
Total liabilities 2,939,324 7,049,537
Partners' Capital    
Total partners' capital (net asset value) 231,465,633 231,783,151
Total liabilities and partners' capital 234,404,957 238,832,688
Class Z Redeemable Units [Member]    
Partners' Capital    
General Partner, Class Z, 1,642.6873 and 1,758.2473 Redeemable Units outstanding at June 30, 2026 and December 31, 2025, respectively 2,487,547 2,522,110
Limited Partners 2,059,334 2,697,276
Total partners' capital (net asset value) $ 4,546,881 $ 5,219,386
Net asset value per Redeemable Unit:    
Net asset value per Redeemable Unit $ 1,514.32 $ 1,434.45
Class A Redeemable Units [Member]    
Partners' Capital    
Limited Partners $ 226,918,752 $ 226,563,765
Total partners' capital (net asset value) $ 226,918,752 $ 226,563,765
Net asset value per Redeemable Unit:    
Net asset value per Redeemable Unit $ 3,547.61 $ 3,373.18
Futures Contracts [Member]    
Equity in trading account:    
Net unrealized appreciation on open contracts $ 4,394,757 $ 4,931,940
Forward Contracts [Member]    
Equity in trading account:    
Net unrealized appreciation on open contracts 0 520,905
Liabilities:    
Net unrealized depreciation on open forward contracts $ 229,167 $ 0
[1] Defined in Note 1.
[2] This amount is in “Options purchased, at fair value” in the Consolidated Statements of Financial Condition.
[3] As of June 30, 2026 and December 31, 2025, the amounts include $197,835,183 and $199,513,554, respectively, held in trading accounts with MS&Co.