v3.26.1
Trading Activities
 6 Months Ended
Jun. 30, 2026
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 instruments. The results of the Partnership’s trading activities are shown in the Statements of Income and Expenses.
The Partnership’s customer agreement with MS&Co. and foreign exchange brokerage account agreements give the Partnership the legal right to net unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition. The Partnership nets, for financial reporting purposes, the unrealized gains and losses on open futures contracts and open forward contracts in the Statements of Financial Condition as the criteria under ASC
210-20,
“
Balance Sheet-Offsetting
,” have been met.
 
 
The Partnership’s trading of futures, forward and option contracts, as applicable, on commodities is done primarily on U.S. and foreign commodity exchanges. The Partnership engages in such trading through commodity brokerage accounts maintained with MS&Co.
All of the commodity interests owned by the Partnership are held for trading purposes. The monthly average number of futures contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 2,837 and 2,652, respectively. The monthly average number of futures contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 2,908 and 2,716, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were 302 and 299, respectively. The monthly average number of metals forward contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were 300 and 246, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the three months ended June 30, 2026 and 2025 were $111,818,285 and $68,617,298, respectively. The monthly average notional value of currency forward contracts traded directly by the Partnership during the six months ended June 30, 2026 and 2025 were $111,841,589 and $69,662,323, respectively.
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, 2026 and December 31, 2025, respectively.
 
          
Gross Amounts
    
Net 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/
     
Net
  
June 30, 2026
   
Recognized
    
Condition
    
Condition
    
Instruments
     
Pledged*
     
Amount
  
Assets
               
Futures
    $ 1,876,884     $ (1,170,481 )    $ 706,403     $ –       $ –       $ 706,403  
Forwards
      2,038,463       (2,038,463 )      –        –         –         –   
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Total assets
    $ 3,915,347     $ (3,208,944 )    $ 706,403     $ –       $ –       $ 706,403  
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Liabilities
               
Futures
    $ (1,170,481 )    $ 1,170,481     $ –      $ –       $ –       $ –   
Forwards
      (2,060,232 )      2,038,463       (21,769 )      –         21,769        –   
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Total liabilities
    $ (3,230,713 )    $ 3,208,944     $ (21,769 )    $ –       $ 21,769      $ –   
  
 
 
    
 
 
    
 
 
    
 
 
     
 
 
     
 
 
  
Net fair value
                $ 706,403 * 
              
 
 
  
 
          
Gross Amounts
    
Net 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/
     
Net
  
December 31, 2025
   
Recognized
    
Condition
    
Condition
     
Instruments
     
Pledged*
     
Amount
  
Assets
                
Futures
    $ 2,228,281     $ (1,559,755 )    $ 668,526      $ –       $ –       $ 668,526  
Forwards
      943,618       (770,789 )      172,829        –         –         172,829  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total assets
    $ 3,171,899     $ (2,330,544 )    $ 841,355      $ –       $ –       $ 841,355  
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities
                
Futures
    $ (1,559,755 )    $ 1,559,755     $ –       $ –       $ –       $ –   
Forwards
      (770,789 )      770,789       –         –         –         –   
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
    $ (2,330,544 )    $ 2,330,544     $ –       $ –       $ –       $ –   
  
 
 
    
 
 
    
 
 
     
 
 
     
 
 
     
 
 
  
Net fair value
                 $ 841,355 * 
               
 
 
  
 
*
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.
 
 
The following tables indicate the gross fair values of derivative instruments of futures and forward contracts held by the Partnership as separate assets and liabilities as of June 30, 2026 and December 31, 2025, respectively.
 
    
June 30,
  
    
2026
  
Assets
   
Futures Contracts
   
Currencies
    $ 499,492  
Energy
      160,164  
Grains
      219,227  
Indices
      565,148  
Interest Rates U.S.
      31,375  
Interest Rates
Non-U.S.
      153,360  
Livestock
      43,640  
Metals
      101,557  
Softs
      102,921  
  
 
 
  
Total unrealized appreciation on open futures contracts
      1,876,884  
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (13,645 ) 
Energy
      (243,051 ) 
Grains
      (139,751 ) 
Indices
      (447,182 ) 
Interest Rates U.S.
      (33,497 ) 
Interest Rates
Non-U.S.
      (83,334 ) 
Livestock
      (10,780 ) 
Metals
      (49,348 ) 
Softs
      (149,893 ) 
  
 
 
  
Total unrealized depreciation on open futures contracts
     
(1,170,481)
  
  
 
 
  
Net unrealized appreciation on open futures contracts
    $ 706,403 * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
    $ 953,663  
Metals
      1,084,800  
  
 
 
  
Total unrealized appreciation on open forward contracts
      2,038,463  
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (775,417 ) 
Metals
     
(1,284,815)
  
  
 
 
  
Total unrealized depreciation on open forward contracts
     
(2,060,232)
  
  
 
 
  
Net unrealized depreciation on open forward contracts
    $ (21,769 )** 
  
 
 
  
 
*
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.
 
 
    
December 31,
  
    
2025
  
Assets
   
Futures Contracts
   
Currencies
    $ 124,687  
Energy
      311,722  
Grains
      405,655  
Indices
      301,489  
Interest Rates U.S.
      189,782  
Interest Rates
Non-U.S.
      95,239  
Livestock
      47,987  
Metals
      621,742  
Softs
      129,978  
  
 
 
  
Total unrealized appreciation on open futures contracts
      2,228,281  
  
 
 
  
Liabilities
   
Futures Contracts
   
Currencies
      (103,420 ) 
Energy
      (442,082 ) 
Grains
      (145,990 ) 
Indices
      (400,538 ) 
Interest Rates U.S.
      (11,935 ) 
Interest Rates
Non-U.S.
      (172,733 ) 
Livestock
      (76,580 ) 
Metals
      (56,855 ) 
Softs
      (149,622 ) 
  
 
 
  
Total unrealized depreciation on open futures contracts
      (1,559,755 ) 
  
 
 
  
Net unrealized appreciation on open futures contracts
    $ 668,526 * 
  
 
 
  
Assets
   
Forward Contracts
   
Currencies
    $ 343,757  
Metals
      599,861  
  
 
 
  
Total unrealized appreciation on open forward contracts
      943,618  
  
 
 
  
Liabilities
   
Forward Contracts
   
Currencies
      (315,141 ) 
Metals
      (455,648 ) 
  
 
 
  
Total unrealized depreciation on open forward contracts
      (770,789 ) 
  
 
 
  
Net unrealized appreciation on open forward contracts
    $ 172,829 ** 
  
 
 
  
 
*
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.
 
 
The following table indicates the trading gains and losses, by market sector, on derivative instruments traded by the Partnership for the three and six months ended June 30, 2026 and 2025, respectively.
 
   
Three Months Ended
June 30,
    
Six Months Ended

June 30,
  
Sector
  
2026
    
2025
    
2026
    
2025
  
Currencies
     $ 1,797,151       $ (175,565)       $ 1,368,372       $ (783,975)  
Energy
     (427,168)       (715,822)       2,417,044       (1,216,059)  
Grains
     (132,832)       633,766       (1,220,640)       555,724  
Indices
     469,389       633,511       1,233,738       199,091  
Interest Rates U.S.
     41,484       (352,742)       269,196       (462,400)  
Interest Rates
Non-U.S.
     (150,305)       129,650       3,770       302,026  
Livestock
     277,703       130,688       337,401       208,678  
Metals
     (406,985)       23,965       19,290       806,310  
Softs
     (250,839)       256,249       (372,500)       (76,351)  
 
 
 
    
 
 
    
 
 
    
 
 
  
Total
     $ 1,217,598  ***      $ 563,700  ***      $ 4,055,671  ***      $ (466,956)  *** 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
***
This amount is included in “Total trading results” in the Statements of Income and Expenses.