Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 15, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Millburn Multi-Markets Fund L.P. | ||
Entity Central Index Key | 0001468910 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Incorporation State Country Code | DE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity File Number | 000-54028 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Small Business | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund") | $ 191,189,357 | $ 159,519,606 |
Due from the Master Fund | 736,814 | 659,683 |
Cash and cash equivalents | 2,864,000 | 2,480,000 |
Total assets | 194,790,171 | 162,659,289 |
LIABILITIES: | ||
Capital contributions received in advance | 2,864,000 | 2,480,000 |
Capital withdrawal payable to Limited Partners | 736,814 | 659,683 |
Total liabilities | 3,600,814 | 3,139,683 |
PARTNERS' CAPITAL: | ||
General Partner | 3,122,595 | 2,788,913 |
Total limited partners | 188,066,762 | 156,730,693 |
Total partners' capital | 191,189,357 | 159,519,606 |
TOTAL | 194,790,171 | 162,659,289 |
Series A [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 166,972,241 | $ 144,621,713 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ 1,263.51 | $ 1,191.29 |
Series B [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 10,343,480 | $ 9,305,965 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ 1,476.27 | $ 1,369.64 |
Series C [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 4,831,807 | $ 2,008,278 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ 1,506.23 | $ 1,397.43 |
Series D [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 5,919,234 | $ 794,737 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ 1,432.49 | $ 1,338.27 |
Millburn Multi-Markets Trading L.P. [Member] | ||
ASSETS | ||
Investments in U.S. Treasury notes - at fair value (amortized cost $99,692,940 and $72,751,039) | $ 99,835,520 | $ 72,705,286 |
Net unrealized appreciation on open futures and forward currency contracts | 5,430,488 | 15,031,193 |
Due from brokers | 20,430,870 | 18,741,601 |
Cash denominated in foreign currencies (cost $31,152,549 and $14,722,589) | 31,566,671 | 14,704,063 |
Total equity in trading accounts | 157,263,549 | 121,182,143 |
INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $440,349,793 and $336,217,865) | 440,688,034 | 336,146,438 |
Cash and cash equivalents | 53,997,893 | 51,632,381 |
ACCRUED INTEREST RECEIVABLE | 2,333,434 | 823,388 |
DUE FROM MILLBURN MULTI-MARKETS LTD. | 100 | 196 |
TOTAL | 654,283,010 | 509,784,546 |
LIABILITIES: | ||
Net unrealized depreciation on open futures and forward currency contracts | 5,818,429 | 362,196 |
Cash overdrafts denominated in foreign currencies (cost $0 and $168,198) | 178,969 | |
Subscriptions in advance | 1,565,000 | |
Capital withdrawal payable to Limited Partners | 736,814 | 28,284,302 |
Capital withdrawal payable to General Partner | 9,224,590 | 4,993,975 |
Management fee payable | 798,199 | 630,458 |
Selling commissions payable | 283,920 | 244,651 |
Accrued expenses | 254,637 | 228,272 |
Due to brokers | 4,479,776 | |
Commissions and other trading fees on open futures contracts | 119,320 | 37,349 |
Total liabilities | 23,280,685 | 34,960,172 |
PARTNERS' CAPITAL: | ||
Total partners' capital | 631,002,325 | 474,824,374 |
TOTAL | $ 654,283,010 | $ 509,784,546 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Series A [Member] | ||
Limited partners, units outstanding | 132,149.4067 | 121,399.2481 |
Series B [Member] | ||
Limited partners, units outstanding | 7,006.4813 | 6,794.4628 |
Series C [Member] | ||
Limited partners, units outstanding | 3,207.8856 | 1,437.1195 |
Series D [Member] | ||
Limited partners, units outstanding | 4,132.1394 | 593.8529 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Investments in U.S Treasury notes, amortized cost | $ 99,692,940 | $ 72,751,039 |
Cash denominated in foreign currencies, cost | 31,152,549 | 14,722,589 |
Investments in U.S Treasury notes, amortized cost | 440,349,793 | 336,217,865 |
Cash denominated in foreign currencies, cost | $ 0 | $ 168,198 |
Condensed Schedule of Investmen
Condensed Schedule of Investments (Futures And Forward Currency Contracts) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | (0.06%) | 3.09% |
Net Unrealized Appreciation (Depreciation) | $ (387,941) | $ 14,668,997 |
Energies [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.16% | (0.02%) |
Net Unrealized Appreciation (Depreciation) | $ 1,041,056 | $ (81,910) |
Energies [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.07% | 2.30% |
Net Unrealized Appreciation (Depreciation) | $ 447,160 | $ 10,972,521 |
Grains [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.02% | (0.02%) |
Net Unrealized Appreciation (Depreciation) | $ 97,048 | $ (87,600) |
Grains [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | (0.17%) | 0.20% |
Net Unrealized Appreciation (Depreciation) | $ (1,053,425) | $ 952,339 |
Second Year U S Treasury Note [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ 11,242 | |
Five Year U S Treasury Note [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ 1,312 | |
Other interest rates [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.04% | 1.48% |
Net Unrealized Appreciation (Depreciation) | $ (274,802) | $ 6,999,457 |
Other interest rates [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.35% | |
Net Unrealized Appreciation (Depreciation) | $ 2,235,084 | |
Interest Rates [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.04% | 1.48% |
Net Unrealized Appreciation (Depreciation) | $ (262,248) | $ 7,014,770 |
Interest Rates [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.35% | (0.97%) |
Net Unrealized Appreciation (Depreciation) | $ 2,250,318 | $ (4,612,428) |
Livestock [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ (560) | |
Livestock [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ 1,620 | |
Metals [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.30% | (0.48%) |
Net Unrealized Appreciation (Depreciation) | $ 1,850,831 | $ (2,299,124) |
Metals [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | (0.07%) | 0.43% |
Net Unrealized Appreciation (Depreciation) | $ (432,195) | $ 2,019,609 |
Softs [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 1.00% | 0.00% |
Net Unrealized Appreciation (Depreciation) | $ 78,535 | $ 1,987 |
Softs [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | (0.01%) | 0.07% |
Net Unrealized Appreciation (Depreciation) | $ (90,206) | $ 325,370 |
Stock Indices [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.05% | (0.07%) |
Net Unrealized Appreciation (Depreciation) | $ 334,857 | $ (314,716) |
Stock Indices [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.19% | (0.11%) |
Net Unrealized Appreciation (Depreciation) | $ 1,169,317 | $ (541,383) |
Futures Contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.86% | 2.81% |
Net Unrealized Appreciation (Depreciation) | $ 5,430,488 | $ 13,351,055 |
Futures Contracts [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.50% | 0.89% |
Net Unrealized Appreciation (Depreciation) | $ 3,139,519 | $ 4,233,407 |
Futures Contracts [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.36% | 1.92% |
Net Unrealized Appreciation (Depreciation) | $ 2,290,969 | $ 9,117,648 |
Ten Year U.S. Treasury Note [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ 15,234 | |
Total long forward currency contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.92% | 0.28% |
Net Unrealized Appreciation (Depreciation) | $ (5,818,429) | $ 1,317,942 |
Total long forward currency contracts [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 2.22% | 0.58% |
Net Unrealized Appreciation (Depreciation) | $ 13,991,397 | $ 2,734,043 |
Total long forward currency contracts [Member] | Short futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | (3.14%) | (0.30%) |
Net Unrealized Appreciation (Depreciation) | $ (19,809,826) | $ (1,416,101) |
Thirty Year U S Treasury Bond [Member] | Long futures contracts [Member] | ||
Investment Holdings [Line Items] | ||
Net Unrealized Appreciation (Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation (Depreciation) | $ 15,313 |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Futures And Forward Currency Contracts) (Parenthetical) - Long Contracts [Member] - Contract | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Second Year U S Treasury Note [Member] | ||
Investment Holdings [Line Items] | ||
Investment term | 2 years | |
Contracts | 300 | |
Investment settlement date | Mar. 31, 2020 | |
Five Year U S Treasury Note [Member] | ||
Investment Holdings [Line Items] | ||
Investment term | 5 years | |
Contracts | 612 | |
Investment settlement date | Mar. 31, 2020 | |
Ten Year U.S. Treasury Note [Member] | ||
Investment Holdings [Line Items] | ||
Investment term | 10 years | |
Contracts | 773 | |
Investment settlement date | Mar. 31, 2020 | |
Thirty Year U S Treasury Bond [Member] | ||
Investment Holdings [Line Items] | ||
Investment term | 30 years | |
Contracts | 28 | |
Investment settlement date | Mar. 31, 2019 |
Condensed Schedule of Investm_3
Condensed Schedule of Investments (U.S. Treasury Notes) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Holdings [Line Items] | ||
Fair Value as a % of Partners' Capital | (0.06%) | 3.09% |
U.S. Treasury notes, 1.375%, 02/15/2020 [Member[ | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 178,740,000 | |
Fair Value as a % of Partners' Capital | 28.32% | |
Fair Value | $ 178,698,108 | |
U.S. Treasury notes, 1.500%, 05/15/2020 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 184,140,000 | |
Fair Value as a % of Partners' Capital | 29.17% | |
Fair Value | $ 184,089,649 | |
U.S. Treasury notes, 1.500%, 08/15/2020 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 177,840,000 | |
Fair Value as a % of Partners' Capital | 28.17% | |
Fair Value | $ 177,735,797 | |
US Treasury Notes [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value as a % of Partners' Capital | 85.66% | 86.11% |
Fair Value | $ 540,523,554 | $ 408,851,724 |
U.S. Treasury notes, 0.750%, 02/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 101,240,000 | |
Fair Value as a % of Partners' Capital | 21.28% | |
Fair Value | $ 101,030,401 | |
U.S. Treasury notes, 0.875%, 05/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 105,540,000 | |
Fair Value as a % of Partners' Capital | 22.10% | |
Fair Value | $ 104,931,908 | |
U.S. Treasury notes, 0.750%, 08/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 99,940,000 | |
Fair Value as a % of Partners' Capital | 20.81% | |
Fair Value | $ 98,827,387 | |
U.S. Treasury notes, 1.000%, 11/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 105,540,000 | |
Fair Value as a % of Partners' Capital | 21.92% | |
Fair Value | $ 104,062,028 |
Condensed Schedule of Investm_4
Condensed Schedule of Investments (U.S. Treasury Notes) (Parenthetical) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
US Treasury Notes [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost of U.S. Treasury Notes | $ 540,042,733 | $ 408,968,904 |
U.S. Treasury notes, 1.375%, 02/15/2020 [Member[ | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.375% | |
Investment Maturity Date | Feb. 15, 2020 | |
U.S. Treasury notes, 1.500%, 05/15/2020 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.50% | |
Investment Maturity Date | Feb. 15, 2020 | |
U.S. Treasury notes, 1.500%, 08/15/2020 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.50% | |
Investment Maturity Date | May 15, 2020 | |
U.S. Treasury notes, 0.750%, 02/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.75% | |
Investment Maturity Date | Feb. 15, 2019 | |
U.S. Treasury notes, 0.875%, 05/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.875% | |
Investment Maturity Date | May 15, 2019 | |
U.S. Treasury notes, 0.750%, 08/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.75% | |
Investment Maturity Date | Aug. 15, 2019 | |
U.S. Treasury notes, 1.000%, 11/15/2019 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.00% | |
Investment Maturity Date | Nov. 15, 2019 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
INVESTMENT INCOME - Interest income | ||
Income — interest income (allocated from the Master Fund) | $ 3,798,503 | $ 2,732,462 |
Expenses: | ||
Management fees (see note 4) | 3,415,443 | 3,220,274 |
Brokerage commissions (allocated from the Master Fund) | 917,967 | 584,765 |
Selling commissions and platform fees (see note 4) | 3,083,970 | 2,939,263 |
Operating expenses (see note 5) | 578,293 | 590,508 |
Custody fees and other expenses (allocated from the Master Fund) | 29,669 | 27,562 |
Total expenses | 8,025,342 | 7,362,372 |
Net investment loss | (4,226,839) | (4,629,910) |
Net realized gains (losses) on closed positions: | ||
Futures and forward currency contracts | 23,000,241 | 1,802,699 |
Foreign exchange translation | (167,733) | 109,599 |
Net change in unrealized: | ||
Futures and forward currency contracts | (5,321,011) | 6,841,321 |
Foreign exchange translation | 133,981 | (213,944) |
Realized | 28,729 | (35,164) |
Net change in unrealized | 182,394 | 170,692 |
Net realized and unrealized gains allocated from the Master Fund | 17,856,601 | 8,675,203 |
NET INCOME | 13,629,762 | 4,045,293 |
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 2,664,064 | 1,075,724 |
NET INCOME AFTER PROFIT SHARE | 10,965,698 | 2,969,569 |
Millburn Multi-Markets Trading L.P. [Member] | ||
INVESTMENT INCOME - Interest income | ||
Income — interest income (allocated from the Master Fund) | 12,584,791 | 9,261,155 |
Expenses: | ||
Management fees (see note 4) | 3,054,092 | 1,976,433 |
Brokerage commissions (allocated from the Master Fund) | 8,522,450 | 8,130,927 |
Selling commissions and platform fees (see note 4) | 3,095,156 | 2,955,747 |
Operating expenses (see note 5) | 1,135,541 | 1,158,094 |
Custody fees and other expenses (allocated from the Master Fund) | 98,119 | 94,847 |
Total expenses | 15,905,358 | 14,316,048 |
Net investment loss | (3,320,567) | (5,054,893) |
Net realized gains (losses) on closed positions: | ||
Futures and forward currency contracts | 72,332,240 | 7,998,609 |
Foreign exchange translation | (557,191) | 313,161 |
Net change in unrealized: | ||
Futures and forward currency contracts | (15,056,938) | 24,237,075 |
Foreign exchange translation | 443,419 | (724,751) |
Realized | 100,553 | (120,524) |
Net change in unrealized | 598,001 | 578,410 |
Net realized and unrealized gains allocated from the Master Fund | 57,860,084 | 32,281,980 |
NET INCOME | 54,539,517 | 27,227,087 |
LESS PROFIT SHARE TO GENERAL PARTNER | 9,214,564 | 4,975,303 |
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER | $ 45,324,953 | $ 22,251,784 |
Statements of Changes in Partne
Statements of Changes in Partners' Capital - USD ($) | General Partner [Member]Millburn Multi-Markets Trading L.P. [Member] | General Partner [Member] | Limited Partner [Member]Series A [Member] | Limited Partner [Member]Series B [Member] | Limited Partner [Member]Series C [Member] | Limited Partner [Member]Series D [Member] | Limited Partner [Member]Millburn Multi-Markets Trading L.P. [Member] | New Profit Memo Account [Member]Millburn Multi-Markets Trading L.P. [Member] | Millburn Multi-Markets Trading L.P. [Member] | Total |
PARTNERS' CAPITAL at Dec. 31, 2017 | $ 872,493 | $ 2,597,268 | $ 163,192,225 | $ 9,255,157 | $ 5,310,547 | $ 49,228 | $ 507,755,056 | $ 508,627,549 | $ 180,404,425 | |
PARTNERS' CAPITAL, units at Dec. 31, 2017 | 140,430.1803 | 7,036.0325 | 3,956.9329 | 37.5601 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Capital contributions | $ 4,251,000 | $ 903,657 | $ 999,000 | $ 679,526 | 128,863,012 | 128,863,012 | 6,833,183 | |||
Capital contributions, units | 3,819.6169 | 698.0114 | 771.0349 | 556.2928 | ||||||
Capital withdrawals | (4,993,975) | $ (24,976,787) | $ (1,230,726) | $ (4,480,058) | (184,899,299) | (189,893,274) | (30,687,571) | |||
Capital withdrawals, units | (22,601.8260) | (983.5380) | (3,461.2940) | |||||||
Transfers between Series | $ (277,846) | $ 54,207 | $ 223,639 | |||||||
Transfers between Series, units | (248.7231) | 43.9569 | 170.4457 | |||||||
Net income (loss) | 66,681 | 191,645 | $ 3,366,112 | $ 424,630 | $ (19,380) | $ 82,286 | 27,141,734 | 18,672 | 27,227,087 | 4,045,293 |
Profit share | (932,991) | (100,960) | (25,470) | (16,303) | (1,075,724) | |||||
General Partner's allocation - profit share | (4,975,303) | 4,975,303 | ||||||||
Transfer of New Profit Memo Account to General Partner | 4,993,975 | (4,993,975) | ||||||||
PARTNERS' CAPITAL at Dec. 31, 2018 | 939,174 | 2,788,913 | $ 144,621,713 | $ 9,305,965 | $ 2,008,278 | $ 794,737 | 473,885,200 | 474,824,374 | 159,519,606 | |
PARTNERS' CAPITAL, units at Dec. 31, 2018 | 121,399.2481 | 6,794.4628 | 1,437.1195 | 593.8529 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net Asset Value per Unit - End of period | $ 1,191.29 | $ 1,369.64 | $ 1,397.43 | $ 1,338.27 | ||||||
Capital contributions | $ 24,245,369 | $ 1,017,500 | $ 3,026,843 | $ 4,810,150 | 199,073,445 | 199,073,445 | 33,099,862 | |||
Capital contributions, units | 19,958.3203 | 732.3428 | 2,063.5082 | 3,553.2974 | ||||||
Capital withdrawals | (9,224,590) | $ (11,221,354) | $ (751,777) | $ (422,678) | (88,210,421) | (97,435,011) | (12,395,809) | |||
Capital withdrawals, units | (9,208.1617) | (534.8900) | (292.7421) | |||||||
Transfers between Series | (4,000) | $ (11,221,354) | $ (751,777) | $ (422,678) | 4,000 | (12,395,809) | ||||
Transfers between Series, units | (9,208.1617) | (534.8900) | (292.7421) | |||||||
Net income (loss) | 114,217 | $ 333,682 | $ 11,664,001 | $ 937,753 | $ 274,513 | $ 419,813 | 54,415,274 | 10,026 | 54,539,517 | 13,629,762 |
Profit share | (2,337,488) | (187,464) | (55,149) | (83,963) | (2,664,064) | |||||
General Partner's allocation - profit share | (9,214,564) | 9,214,564 | ||||||||
Transfer of New Profit Memo Account to General Partner | 9,224,590 | (9,224,590) | ||||||||
PARTNERS' CAPITAL at Dec. 31, 2019 | $ 1,049,391 | $ 3,122,595 | $ 166,972,241 | $ 10,343,480 | $ 4,831,807 | $ 5,919,234 | $ 629,952,934 | $ 631,002,325 | $ 191,189,357 | |
PARTNERS' CAPITAL, units at Dec. 31, 2019 | 132,149.4067 | 7,006.4813 | 3,207.8856 | 4,132.1394 | ||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||||||||
Net Asset Value per Unit - End of period | $ 1,263.51 | $ 1,476.27 | $ 1,506.23 | $ 1,432.49 |
Statements of Financial Highlig
Statements of Financial Highlights - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Limited Partner [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||||
Total return before General Partner profit share allocation | 9.92% | 5.54% | ||
Less: General Partner profit share allocation | 1.94% | 1.13% | ||
Total return after General Partner profit share allocation | 7.98% | 4.41% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [1] | 2.68% | 2.50% | |
General Partner profit share allocation | 1.94% | 1.13% | ||
Total expenses | 4.62% | 3.63% | ||
Net investment loss | [1],[2] | (0.48%) | (0.81%) | |
Tracking Partner [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||||
Total return before General Partner profit share allocation | 9.81% | 5.36% | ||
Less: General Partner profit share allocation | 1.62% | 0.91% | ||
Total return after General Partner profit share allocation | 8.19% | 4.45% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [1] | 2.79% | 2.61% | |
General Partner profit share allocation | 1.62% | 0.91% | ||
Total expenses | 4.41% | 3.52% | ||
Net investment loss | [1],[2] | (0.58%) | (0.94%) | |
Series A [Member] | Limited Partner [Member] | ||||
NET ASSET VALUE PER UNIT - Beginning of period | $ 1,191.29 | $ 1,162.09 | ||
Net investment loss | [3] | (32.83) | (34.26) | |
Total trading and investing gains | [3] | 123.69 | 70.56 | |
Net income before profit share allocation from the Master Fund | 90.86 | 36.30 | ||
Less profit share allocation from the Master Fund | [3],[4] | 18.64 | 7.10 | |
Net income after profit share allocation from the Master Fund | 72.22 | 29.20 | ||
NET ASSET VALUE PER UNIT - End of year | $ 1,263.51 | $ 1,191.29 | ||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.59% | 3.15% | ||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | [4] | 1.53% | 0.64% | [5] |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 6.06% | 2.51% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [6] | 4.91% | 4.75% | |
Profit share allocation from Master Fund | [4] | 1.53% | 0.64% | [5] |
Total expenses | 6.44% | 5.39% | ||
Net investment loss | [6],[7] | (2.70%) | (3.07%) | |
Series B [Member] | Limited Partner [Member] | ||||
NET ASSET VALUE PER UNIT - Beginning of period | $ 1,369.64 | $ 1,315.39 | ||
Net investment loss | [3] | (9.75) | (13.55) | |
Total trading and investing gains | [3] | 143 | 82 | |
Net income before profit share allocation from the Master Fund | 133.25 | 68.45 | ||
Less profit share allocation from the Master Fund | [3],[4] | 26.62 | 14.20 | |
Net income after profit share allocation from the Master Fund | 106.63 | 54.25 | ||
NET ASSET VALUE PER UNIT - End of year | $ 1,476.27 | $ 1,369.64 | ||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 9.68% | 5.23% | ||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | [4] | 1.89% | 1.11% | [5] |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.79% | 4.12% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [6] | 2.90% | 2.74% | |
Profit share allocation from Master Fund | [4] | 1.89% | 1.11% | [5] |
Total expenses | 4.79% | 3.85% | ||
Net investment loss | [6],[7] | (0.69%) | (1.06%) | |
Series C [Member] | Limited Partner [Member] | ||||
NET ASSET VALUE PER UNIT - Beginning of period | $ 1,397.43 | $ 1,342.09 | ||
Net investment loss | [3] | (10.55) | (15.01) | |
Total trading and investing gains | [3] | 147.07 | 78.58 | |
Net income before profit share allocation from the Master Fund | 136.52 | 63.57 | ||
Less profit share allocation from the Master Fund | [3],[4] | 27.72 | 8.23 | |
Net income after profit share allocation from the Master Fund | 108.8 | 55.34 | ||
NET ASSET VALUE PER UNIT - End of year | $ 1,506.23 | $ 1,397.43 | ||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 9.71% | 4.76% | ||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | [4] | 1.92% | 0.64% | [5] |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.79% | 4.12% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [6] | 2.92% | 2.74% | |
Profit share allocation from Master Fund | [4] | 1.92% | 0.64% | [5] |
Total expenses | 4.84% | 3.38% | ||
Net investment loss | [6],[7] | (0.73%) | (1.16%) | |
Series D [Member] | Limited Partner [Member] | ||||
NET ASSET VALUE PER UNIT - Beginning of period | $ 1,338.27 | $ 1,310.65 | ||
Net investment loss | [3] | (20.62) | (21.14) | |
Total trading and investing gains | [3] | 144.52 | 88.99 | |
Net income before profit share allocation from the Master Fund | 123.90 | 67.85 | ||
Less profit share allocation from the Master Fund | [3],[4] | 29.68 | 40.23 | |
Net income after profit share allocation from the Master Fund | 94.22 | 27.62 | ||
NET ASSET VALUE PER UNIT - End of year | $ 1,432.49 | $ 1,338.27 | ||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 9.19% | 5.29% | ||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | [4] | 2.15% | 318.00% | [5] |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.04% | 2.11% | ||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||
Expenses | [6] | 3.67% | 3.53% | |
Profit share allocation from Master Fund | [4] | 2.15% | 3.18% | [5] |
Total expenses | 5.82% | 6.71% | ||
Net investment loss | [6],[7] | (1.50%) | (1.67%) | |
[1] | Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1). | |||
[2] | Excludes General Partner profit share allocation. | |||
[3] | The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. | |||
[4] | Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity. | |||
[5] | The timing of capital contributions to the Series D during March through September 2018 resulted in gross dollar profits and a related profit share for the Series prior to the percentage rate of return turning positive for these Units. This resulted in a larger profit share ratio for the Series D compared with the other Series in 2018. | |||
[6] | Includes the Partnership's proportionate share of income and expense allocated from the Master Fund. | |||
[7] | Excludes profit share allocation from the Master Fund. |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
ORGANIZATION | 1. ORGANIZATION Millburn Multi-Markets Fund L.P. (the "Partnership") is a limited partnership organized on September 8, 2008, under the Delaware Revised Uniform Limited Partnership Act and commenced operations on August 1, 2009. The Limited Partnership Agreement (the "Agreement") was amended and restated as of August 27, 2010. The Partnership is a "feeder-fund" and pools partners' capital contributions for investment in Millburn Multi-Markets Trading L.P. ("Master Fund"). The Master Fund is a limited partnership organized during September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Master Fund engages in the trading and investing in futures and forward currency contracts. Millburn Ridgefield Corporation (the "General Partner") is the General Partner of the Partnership and the Master Fund (collectively, the "Funds") and manages the business of the Funds. The financial statements of the Master Fund, including the Condensed Schedules of Investments, are included in Section II of this Annual report and should be read in conjunction with the Partnership's financial statements. The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017, the Partnership offered Series D (collectively, the "Series") and may offer additional series in the future. |
Millburn Multi-Markets Trading L.P. [Member] | |
ORGANIZATION | 1. ORGANIZATION Millburn Multi-Markets Trading L.P. (the "Partnership") is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the "Cayman Feeder"), and Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the "U.S. Feeder"). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. The Cayman Feeder and U.S. Feeder commenced operations on July 1, 2008, and August 1, 2009, respectively. All feeder fees and expenses will be charged at the master level. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States ("U.S.") government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades. The Limited Partnership Agreement (the "Agreement") provides that subject to certain limitations, Millburn Ridgefield Corporation (the "General Partner") shall conduct and manage the business of the Partnership. The General Partner has the right to make all investment decisions regarding the Partnership, authorize the payments of distributions to partners, enter into customer agreements with brokers and take such other actions, as it deems necessary or desirable, to manage the business of the Partnership. The limited partners, special limited partners, New Profit Memo Account (Note 4) and the General Partner share in the profits and losses of the Partnership which are determined before management fees, selling commissions (Note 2) and profit share allocations on the basis of their proportionate interests of Partnership capital (Note 4). The General Partner and special limited partners are charged none or lower management fees than limited partners in accordance with the Agreement. No limited partner or special limited partner shall be liable for Partnership obligations in excess of their capital contribution plus profits allocated to their capital accounts, if any. Subject to certain conditions, a partner has the right to redeem all or a portion of its partnership capital as of any month-end upon fifteen days' prior written notice to the General Partner. In its sole discretion, the General Partner may permit redemptions on shorter notice or as of a date other than month-end. Redemptions will be made as of the last day of the month for an amount equal to the Net Asset Value of the portion of a partner's capital being redeemed. A redeeming partner shall receive such redeemed capital less the redemption fee, if any. The General Partner, subject to Commodity Futures Trading Commission requirements, may, at its discretion, sell additional limited partnership interests to investors desiring to become limited partners. The Partnership will dissolve in the event of certain conditions set forth in the Agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies Investment Income Taxes The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2016 to 2019, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Cash and Cash Equivalents Estimates Fair Value of Financial Instruments |
Millburn Multi-Markets Trading L.P. [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies Investments Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership's trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. Cash and Cash Equivalents Foreign Currency Cash Foreign Currency Translation Management Fees Management Fees 2019 2018 US Feeder $ 3,415,443 $ 3,220,274 Cayman Feeder 4,977,566 4,771,129 Other (1) 129,441 139,524 Total $ 8,522,450 $ 8,130,927 (1) Direct investors in the Partnership Selling Commissions Selling Commissions 2019 2018 U.S. Feeder $ 3,083,970 $ 2,939,263 Cayman Feeder 11,186 16,484 Total $ 3,095,156 $ 2,955,747 Operating Expenses The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. For the years ended December 31, 2019 and 2018, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the year ended December 31, 2019 and 2018, operating expenses were as follows: Operating Expenses 2019 2018 Partnership $ 648,908 $ 632,495 U.S. Feeder 378,968 401,328 Cayman Feeder 107,665 124,271 Total $ 1,135,541 $ 1,158,094 Income Taxes — The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2016 to 2019, the General Partner has determined that no reserves for uncertain tax positions were required. Estimates Right of Offset Fair Value of Financial Instruments Level 1 Level 2 Level 3 In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments Derivative Contracts OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money ("forward points") and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. During the years ended December 31, 2019 and 2018, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership's investments by hierarchical level as of December 31, 2019 and 2018 in valuing the Partnership's investments at fair value. At December 31, 2019 and 2018, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2019 Level 1 Level 2 Total U.S. Treasury notes (1) $ 540,523,554 $ - $ 540,523,554 Short-Term Money Market Fund* 53,739,414 - 53,739,414 Exchange-traded futures contracts Energies 1,488,216 - 1,488,216 Grains (956,377 ) - (956,377 ) Interest rates 1,988,070 - 1,988,070 Livestock (560 ) - (560 ) Metals 1,418,636 - 1,418,636 Softs (11,671 ) - (11,671 ) Stock indices 1,504,174 - 1,504,174 Total exchange-traded futures contracts 5,430,488 - 5,430,488 Over-the-counter forward currency contracts - (5,818,429 ) (5,818,429 ) Total futures and forward currency contracts (2) 5,430,488 (5,818,429 ) (387,941 ) Total financial assets and liabilities at fair value $ 599,693,456 $ (5,818,429 ) $ 593,875,027 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 99,835,520 Investments in U.S. Treasury notes 440,688,034 Total investments in U.S. Treasury notes $ 540,523,554 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,430,488 Net unrealized depreciation on open futures and forward currency contracts (5,818,429 ) Total net unrealized depreciation on open futures and forward currency contracts $ (387,941 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2018 Level 1 Level 2 Total U.S. Treasury notes (1) $ 408,851,724 $ - $ 408,851,724 Short-Term Money Market Fund* 51,382,381 - 51,382,381 Exchange-traded futures contracts Energies 10,890,611 - 10,890,611 Grains 864,739 - 864,739 Interest rates 2,402,342 - 2,402,342 Livestock 1,620 - 1,620 Metals (279,515 ) - (279,515 ) Softs 327,357 - 327,357 Stock indices (856,099 ) - (856,099 ) Total exchange-traded futures contracts 13,351,055 - 13,351,055 Over-the-counter forward currency contracts - 1,317,942 1,317,942 Total futures and forward currency contracts (2) 13,351,055 1,317,942 14,668,997 Total financial assets and liabilities at fair value $ 473,585,160 $ 1,317,942 $ 474,903,102 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,705,286 Investments in U.S. Treasury notes 336,146,438 Total investments in U.S. Treasury notes $ 408,851,724 (2) Net unrealized appreciation on open futures and forward currency contracts $ 15,031,193 Net unrealized depreciation on open futures and forward currency contracts (362,196 ) Total net unrealized appreciation on open futures and forward currency contracts $ 14,668,997 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Investment_Investors in millbur
Investment/Investors in millburn multi-markets trading L.P | 12 Months Ended |
Dec. 31, 2019 | |
INVESTMENT/INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P | 3. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. During the years ended December 31, 2019 and 2018, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2019 and 2018, the Partnership's investment in the Master Fund represents 30.30% and 33.60%, respectively, of total partners' capital of the Master Fund. As the Partnership's sole investing activity during the years ended December 31, 2019 and 2018 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership's allocated amount of each item of income and expense from the Master Fund. The Partnership may make additional contributions to or redemptions from its investment in the Master Fund on a monthly basis subject to approval of the General Partner of the Master Fund. The General Partner of the Master Fund may have different management fee and profit share allocation agreements for the partners of the Partnership as disclosed in the Master Fund's financial statements included in Section II of this annual report. |
Millburn Multi-Markets Trading L.P. [Member] | |
INVESTMENT/INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P | 9. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2019 and 2018, respective ownership percentages of the Partnership are detailed below: 2019 2018 U.S. Feeder 30.30 % 33.60 % Cayman Feeder 60.29 55.54 Total 90.59 % 89.14 % The remaining interests are held by direct investors in the Partnership. The capital withdrawals payable at December 31, 2019 and 2018 were $9,961,404 and $33,278,277, respectively, detailed below. 2019 2018 Direct investors (1) $ 9,224,590 $ 5,018,975 U.S. Feeder 736,814 659,683 Cayman Feeder - 27,599,619 Total $ 9,961,404 $ 33,278,277 (1) Includes profit share to the General Partner of $9,224,590 at December 31, 2019. Includes profit share to the General Partner of $4,993,975 and a limited partner redemption of $25,000, totaling $5,018,975 at December 31, 2018. |
Management Fees, Selling Commis
Management Fees, Selling Commissions, Platform Fees And Profit Share | 12 Months Ended |
Dec. 31, 2019 | |
Management Fees, Selling Commissions, Platform Fees And Profit Share [Abstract] | |
Management Fees, Selling Commissions, Platform Fees And Profit Share | 4. MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE Each Series of Units are allocated management fees at a fixed rate of 0.167% per month of net asset value (2% per annum) of a limited partner's interest and a 20% profit share. Such management fees and profit share are allocated to the limited partners of the Partnership but charged at the Master Fund level. For the years ended December 31, 2019 and 2018, the Partnership incurred Partnership-level management fees of $3,415,443 and $3,220,274, respectively. These amounts are included in the Statements of Operations under "Management fees." The management fee and profit share are described in more detail in the Master Fund's financial statements included in Section II of this annual report. The original terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% (0.25% per annum) based on the month end net asset value of such Series investment and are for those investors participating in asset-based or fixed fee registered investment adviser ("RIA") platforms; and 3) Series C Units which are subject to the management fees and profit share allocable to the General Partner and are for those investors participating in asset-based or fixed fee RIA platforms not subject to the Platform Fee. The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units and Series C Units, each have the same terms, are subject to management fees and profit share allocable to the General Partner and are not subject to any fees payable to Selling Agents; and 3) Series D Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 0.75% (0.75% per annum) based on the month-end Net Asset Value of such Series investment. For the years ended December 31, 2019 and 2018, there were no Platform Fees. Selling Commissions were as follows: Selling Commissions 2019 2018 Series A Units $ 3,054,665 $ 2,935,404 Series D Units 29,305 3,859 $ 3,083,970 $ 2,939,263 Amounts were charged at the Master Fund level and allocated to applicable Partnership investors only. No amounts were allocated to Series B and Series C Units. |
Operating Expenses
Operating Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Operating Expenses [Abstract] | |
OPERATING EXPENSES | 5. OPERATING EXPENSES Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership's average month-end net asset value. For the years ended December 31, 2019 and 2018, the Partnership incurred Partnership-level administrative and operating expenses of $378,968 and $401,328, respectively. These amounts are included in the Statements of Operations under "Operating expenses." |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
DERIVATIVE INSTRUMENTS | 6. DERIVATIVE INSTRUMENTS The Partnership's investment in the Master Fund is subject to the market and credit risk of financial instruments which include exchange-traded futures contracts and over-the-counter forward currency contracts. The Partnership bears the risk of loss only to the extent of the fair value of its investment in the Master Fund. Millburn Ridgefield Corporation, as the General Partner of the Funds, has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The limited partners bear the risk of loss only to the extent of the fair value of their respective investments. |
Millburn Multi-Markets Trading L.P. [Member] | |
DERIVATIVE INSTRUMENTS | 7. DERIVATIVE INSTRUMENTS The Partnership is party to derivative financial instruments in the normal course of its business. These financial instruments include futures and forward currency contracts which may be traded on an exchange or OTC. The Partnership records its derivative activities on a mark-to-market basis as described in Note 2. For OTC contracts, the Partnership enters into master netting agreements with its counterparties. Therefore, assets represent the Partnership's unrealized gains, less unrealized losses for OTC contracts in which the Partnership has a master netting agreement. Similarly, liabilities represent net amounts owed to counterparties on OTC contracts. Futures contracts are agreements to buy or sell an underlying asset or index for a set price in the future. Initial margin deposits are made upon entering into futures contracts and can be either in cash or treasury securities. Open futures contracts are revalued on a daily basis to reflect the market value of the contracts at the end of each trading day. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. The Partnership bears the market risk that arises from changes in the value of these financial instruments. Forward currency contracts entered into by the Partnership represent a firm commitment to buy or sell an underlying currency at a specified value and point in time based upon an agreed or contracted quantity. The ultimate gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date. Each of these financial instruments is subject to various risks similar to those related to the underlying financial instruments including market risk, credit risk, concentration risk and sovereign risk. Market risk is the potential change in the value of the instruments traded by the Partnership due to market changes including interest and foreign exchange rate movements and fluctuations in futures or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward currency contracts and the Partnership's satisfaction of its obligations related to such market value changes may exceed the amount recognized in the Statements of Financial Condition. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership's risk of loss due to counterparty nonperformance. The Partnership's exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $55,480,494 and $35,418,108 at December 31, 2019 and 2018, respectively. The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will in fact succeed in doing so. The General Partner's market risk control procedures include diversification of the Partnership's portfolio and continuously monitoring the portfolio's open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership's assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership's trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), SG Americas Securities, LLC., and BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc, collectively the "Futures Clearing Brokers". For all forward currency transactions, the Partnership utilizes two prime brokers, Deutsche Bank AG, and Bank of America, N.A. In addition, the Partnership clears trades through Morgan Stanley & Co., LLC ("MS"), utilizing MS as a swap dealer. The Partnership ceased utilizing MS as a swap dealer during October 2018. The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership's functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2019 and 2018, by settlement currency type, denominated in U.S. Dollars, is detailed below: As of December 31, 2019 2018 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ 113,405 (29.23 )% $ 781,325 5.33 % Brazilian real 20 (0.01 ) - - British pound (137,801 ) 35.52 (203,259 ) (1.39 ) Canadian dollar 182,285 (46.99 ) 21,819 0.15 Euro 1,775,867 (457.77 ) 5,148,929 35.10 Hong Kong dollar 162,175 (41.80 ) (172,499 ) (1.18 ) Japanese yen (885,850 ) 228.35 392,543 2.68 Korean won 765,900 (197.43 ) (180 ) - Malaysian ringgit (29,911 ) 7.71 48,869 0.33 Norwegian krone (423,000 ) 109.04 244,618 1.67 Polish zloty 264,515 (68.18 ) (42,562 ) (0.29 ) Singapore dollar 2,740 (0.71 ) (11,181 ) (0.08 ) South African rand 87,305 (22.50 ) 42,646 0.29 Swedish krona 112,125 (28.90 ) 107,384 0.73 Taiwan dollar (4,145 ) 1.07 - - Thai baht (3,188 ) 0.82 (844 ) (0.01 ) U.S. dollar (2,370,383 ) 611.01 8,311,389 56.67 Total $ (387,941 ) 100.00 % $ 14,668,997 100.00 % The Derivatives and Hedging topic of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The Partnership's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership's open positions and the liquidity of the markets in which it trades. The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2019 and 2018, by market sector: Agricultural (grains, livestock and softs) Currencies Energies Interest Rates Metals Stock Indices The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as "Net unrealized appreciation on open futures and forward currency contracts" or "Net unrealized depreciation on open futures and forward currency contracts," respectively. The Partnership's policy regarding fair value measurement is discussed in Note 2. Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging Topic of the Codification. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership's trading gains and losses in the Statements of Operations. The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2019 and 2018. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition. Fair Value of Futures and Forward Currency Contracts at December 31, 2019 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 1,656,534 $ (615,478 ) $ 454,900 $ (7,740 ) $ 1,488,216 Grains 108,438 (11,390 ) 27,625 (1,081,050 ) (956,377 ) Interest rates 100,513 (362,761 ) 2,831,719 (581,401 ) 1,988,070 Livestock 220 (780 ) - - (560 ) Metals 3,111,912 (1,261,081 ) 1,384,686 (1,816,881 ) 1,418,636 Softs 85,545 (7,010 ) 51,203 (141,409 ) (11,671 ) Stock indices 1,842,192 (1,507,335 ) 1,346,994 (177,677 ) 1,504,174 Total futures contracts 6,905,354 (3,765,835 ) 6,097,127 (3,806,158 ) 5,430,488 Forward currency contracts 16,640,916 (2,649,519 ) 2,433,081 (22,242,907 ) (5,818,429 ) Total futures and forward currency contracts $ 23,546,270 $ (6,415,354 ) $ 8,530,208 $ (26,049,065 ) $ (387,941 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2018 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ - $ (81,910 ) $ 11,259,709 $ (287,188 ) $ 10,890,611 Grains 2,660 (90,260 ) 963,418 (11,079 ) 864,739 Interest rates 7,566,927 (552,157 ) 198 (4,612,626 ) 2,402,342 Livestock - - 8,600 (6,980 ) 1,620 Metals 405,566 (2,704,690 ) 3,218,169 (1,198,560 ) (279,515 ) Softs 1,987 - 403,806 (78,436 ) 327,357 Stock indices 337,899 (652,615 ) 250,827 (792,210 ) (856,099 ) Total futures contracts 8,315,039 (4,081,632 ) 16,104,727 (6,987,079 ) 13,351,055 Forward currency contracts 6,399,109 (3,665,066 ) 6,859,413 (8,275,514 ) 1,317,942 Total futures and forward currency contracts $ 14,714,148 $ (7,746,698 ) $ 22,964,140 $ (15,262,593 ) $ 14,668,997 The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2019 and 2018 as "Net realized gains on closed positions: Futures and forward currency contracts" and "Net change in unrealized: Futures and forward currency contracts." These trading gains and losses are detailed below: Trading gains (losses) of futures and forward currency contracts for the years ended December 31, 2019 and 2018 Sector 2019 2018 Futures contracts: Energies $ (18,872,478 ) $ 51,336,111 Grains 5,709,589 5,171,725 Interest rates 38,105,109 17,439,821 Livestock (130,000 ) (22,630 ) Metals (689,005 ) (8,764,531 ) Softs (2,319,947 ) 915,202 Stock indices 50,352,316 (37,577,174 ) Total futures contracts 72,155,584 28,498,524 Forward currency contracts (14,880,282 ) 3,737,160 Total futures and forward currency contracts $ 57,275,302 $ 32,235,684 For the years ended December 31, 2019 and 2018, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below: 2019 2018 Average bought 87,028 55,477 Average sold 88,251 55,961 Average notional $ 9,596,000,000 $ 4,775,000,000 The Customer Agreement between the Partnership, the Futures Clearing Brokers and the FX Prime Brokers gives the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under ASC 210-20, "Balance Sheet," were met. The following tables summarize the valuation of the Partnership's investments as of December 31, 2019 and 2018. Offsetting of derivative assets and liabilities at December 31, 2019 Gross amounts Net amounts of Gross amounts of offset in the assets presented in recognized Statement of the Statement of Assets assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,717,018 $ (1,875,962 ) $ 1,841,056 Counterparty I 8,233,113 (4,958,504 ) 3,274,609 Counterparty J 1,052,350 (737,527 ) 314,823 Total assets $ 13,002,481 $ (7,571,993 ) $ 5,430,488 Gross amounts Net amounts of Gross amounts of offset in the liabilities presented in recognized Statement of the Statement of Liabilities liabilities Financial Condition Financial Condition Forward currency contracts Counterparty G $ 13,703,550 $ (9,104,039 ) $ 4,599,511 Counterparty K 11,188,876 (9,969,958 ) 1,218,918 Total liabilities $ 24,892,426 $ (19,073,997 ) $ 5,818,429 Amounts Not Offset in the Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,841,056 $ - $ (1,841,056 ) $ - Counterparty I 3,274,609 - (3,274,609 ) - Counterparty J 314,823 - (314,823 ) - Total $ 5,430,488 $ - $ (5,430,488 ) $ - Amounts Not Offset in the Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty G $ 4,599,511 $ - $ (4,599,511 ) $ - Counterparty K 1,218,918 - (1,218,918 ) - Total $ 5,818,429 $ - $ (5,818,429 ) - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019. Offsetting of derivative assets and liabilities at December 31, 2018 Gross amounts Net amounts of Gross amounts of offset in the assets presented in recognized Statement of the Statement of Assets assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,628,567 $ (2,236,487 ) $ 1,392,080 Counterparty I 16,443,433 (7,459,780 ) 8,983,653 Counterparty J 4,347,766 (1,372,444 ) 2,975,322 Total futures contracts 24,419,766 (11,068,711 ) 13,351,055 Forward currency contracts Counterparty G 5,528,657 (3,848,519 ) 1,680,138 Total assets $ 29,948,423 $ (14,917,230 ) $ 15,031,193 Gross amounts Net amounts of Gross amounts of offset in the liabilities presented in recognized Statement of the Statement of Liabilities liabilities Financial Condition Financial Condition Forward currency contracts Counterparty K $ 8,092,061 $ (7,729,865 ) $ 362,196 Total liabilities $ 8,092,061 $ (7,729,865 ) $ 362,196 Amounts Not Offset in the Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,392,080 $ - $ (1,392,080 ) $ - Counterparty I 8,983,653 - (8,983,653 ) - Counterparty J 2,975,322 - (2,975,322 ) - Counterparty G 1,680,138 - - 1,680,138 Total $ 15,031,193 $ - $ (13,351,055 ) $ 1,680,138 Amounts Not Offset in the Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty K $ 362,196 $ - $ 362,196 $ - Total $ 362,196 $ - $ 362,196 - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018. |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2019 | |
Indemnifications [Abstract] | |
INDEMNIFICATIONS | 7. INDEMNIFICATIONS In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote. |
Administrator Agreement
Administrator Agreement | 12 Months Ended |
Dec. 31, 2019 | |
ADMINISTRATOR AGREEMENT | 8. ADMINISTRATOR AGREEMENT The Partnership and the Master Fund (collectively, the "Funds") have engaged SS&C (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and calculation of the Funds' Net Asset Value. |
Millburn Multi-Markets Trading L.P. [Member] | |
ADMINISTRATOR AGREEMENT | 3. ADMINISTRATOR AGREEMENT The Partnership, U.S. Feeder, and Cayman Feeder (collectively, the "Funds") have engaged SS&C (USA) Inc. (the "Administrator") to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds' net asset value. |
Profit Share Allocation
Profit Share Allocation | 12 Months Ended |
Dec. 31, 2019 | |
Millburn Multi-Markets Trading L.P. [Member] | |
PROFIT SHARE ALLOCATION | 4. PROFIT SHARE ALLOCATION The General Partner's profit share equal to between 0% and 30% of Trading Profits at the end of each year is charged to the limited partners' capital accounts. New Trading Profits include realized and unrealized trading profits (losses), interest income, brokerage fees, trading-related expenses and administrative expenses. For limited partners' withdrawals during the year, the profit share calculation shall be computed as though the withdrawal date was at year-end. Profit share attributable to interests redeemed during a year is tentatively credited to an account maintained for bookkeeping purposes called the New Profit Memo Account. Because limited partners may purchase their partnership interests at different times, they may recognize different amounts of Trading Profits. Each limited partner pays a profit share only on Trading Profits applicable to its partnership interest. Profit share will be determined based on the Trading Profits of each limited partners' investment in the Partnership as a whole rather than on the Trading Profits of each capital contribution made by a limited partner. Any profit share charged is added to the General Partner's capital account to the extent that net taxable capital gains are allocated to the General Partner and the remainder, if any, of such profit share is added to the New Profit Memo Account. The General Partner may not make any withdrawal from the balance in the New Profit Memo Account. If, at the end of a subsequent year, net taxable gains are allocated to the General Partner in excess of such year's profit share, a corresponding amount is transferred from the New Profit Memo Account to the General Partner's capital account. Profit share allocation for the years ended December 31, 2019 and 2018 were as follows: Profit Share 2019 2018 US Feeder $ 2,664,064 $ 1,075,724 Cayman Feeder 6,447,171 3,831,276 Other (1) 103,329 68,303 Total $ 9,214,564 $ 4,975,303 (1) Direct investors in the Partnership |
Due From_to Brokers
Due From/to Brokers | 12 Months Ended |
Dec. 31, 2019 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Due From/to Brokers | 5. DUE FROM/TO BROKERS At December 31, 2019 and 2018, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A. |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2019 | |
Millburn Multi-Markets Trading L.P. [Member] | |
TRADING ACTIVITIES | 6. TRADING ACTIVITIES The Partnership conducts its futures trading with various futures commission merchants ("FCMs") on futures exchanges and its forward currency trading with various banks or dealers ("Dealers") in the interbank markets. Substantially all assets included in the Partnership's equity in trading accounts and certain liability accounts, as discussed below, were held as collateral by such FCMs in either U.S. regulated segregated accounts (for futures contracts traded on U.S. exchanges) or non-U.S. secured accounts (for futures contracts traded on non-U.S. exchanges) as required by U.S. Commodity Futures Trading Commission's regulations, or held as collateral by the counterparty Dealers. Liabilities in the Statements of Financial Condition that are components of "Total equity in trading accounts" include net unrealized depreciation on open futures and forward currency contracts, cash denominated in foreign currencies and due to brokers, if any. The Partnership enters into contracts with various institutions that contain a variety of indemnifications. The Partnership's maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2019 | |
FINANCIAL HIGHLIGHTS | 9. FINANCIAL HIGHLIGHTS The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner's capital account may vary from these ratios based on the timing of capital transactions. An individual partner's returns may vary from these returns based on the timing of capital transactions. |
Millburn Multi-Markets Trading L.P. [Member] | |
FINANCIAL HIGHLIGHTS | 8. FINANCIAL HIGHLIGHTS The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% per annum) and 20% of Trading Profits and 2) limited partners' capital taken as a whole. The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner's capital account may vary from these ratios based on the timing of capital transactions and differences in individual partner's management fee, selling commission, platform fee and profit share allocation arrangements. Returns are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% per annum) and 20% of Trading Profits and 2) limited partners' capital taken as a whole. An individual partner's returns may vary from these returns based on the timing of capital transactions and differences in individual partners' management fee, selling commission, platform fee and profit share allocation arrangements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS During the period from January 1, 2020 to March 20, 2020, contributions of $12,210,400 were made to the Partnership and withdrawals of $1,007,834 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 20, 2020, the date the financial statements were issued. Based on such evaluation, no further events were discovered that required adjustment to or disclosure in the financial statements. |
Millburn Multi-Markets Trading L.P. [Member] | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS During the period from January 1, 2020 to March 20, 2020, contributions of $221,314,400 were made to the Partnership and withdrawals of $5,138,002 were made from the Partnership. The General Partner has performed its evaluation of subsequent events through March 20, 2020, the date the financial statements were issued. Based on such evaluation, no further events were discovered that required adjustment to or disclosure in the financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation | Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies |
Investments | Investment |
Income Taxes | Income Taxes The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2016 to 2019, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Estimates | Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Millburn Multi-Markets Trading L.P. [Member] | |
Basis of Presentation | Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies |
Investments | Investments Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership's trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. |
Income Taxes | Income Taxes — The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2016 to 2019, the General Partner has determined that no reserves for uncertain tax positions were required. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Foreign Currency Cash | Foreign Currency Cash |
Foreign Currency Translation | Foreign Currency Translation |
Management Fees | Management Fees Management Fees 2019 2018 US Feeder $ 3,415,443 $ 3,220,274 Cayman Feeder 4,977,566 4,771,129 Other (1) 129,441 139,524 Total $ 8,522,450 $ 8,130,927 (1) Direct investors in the Partnership |
Selling Commissions | Selling Commissions Selling Commissions 2019 2018 U.S. Feeder $ 3,083,970 $ 2,939,263 Cayman Feeder 11,186 16,484 Total $ 3,095,156 $ 2,955,747 |
Operating Expenses | Operating Expenses The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. For the years ended December 31, 2019 and 2018, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the year ended December 31, 2019 and 2018, operating expenses were as follows: Operating Expenses 2019 2018 Partnership $ 648,908 $ 632,495 U.S. Feeder 378,968 401,328 Cayman Feeder 107,665 124,271 Total $ 1,135,541 $ 1,158,094 |
Estimates | Estimates |
Right of Offset | Right of Offset |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Level 1 Level 2 Level 3 In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments Derivative Contracts OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money ("forward points") and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. During the years ended December 31, 2019 and 2018, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership's investments by hierarchical level as of December 31, 2019 and 2018 in valuing the Partnership's investments at fair value. At December 31, 2019 and 2018, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2019 Level 1 Level 2 Total U.S. Treasury notes (1) $ 540,523,554 $ - $ 540,523,554 Short-Term Money Market Fund* 53,739,414 - 53,739,414 Exchange-traded futures contracts Energies 1,488,216 - 1,488,216 Grains (956,377 ) - (956,377 ) Interest rates 1,988,070 - 1,988,070 Livestock (560 ) - (560 ) Metals 1,418,636 - 1,418,636 Softs (11,671 ) - (11,671 ) Stock indices 1,504,174 - 1,504,174 Total exchange-traded futures contracts 5,430,488 - 5,430,488 Over-the-counter forward currency contracts - (5,818,429 ) (5,818,429 ) Total futures and forward currency contracts (2) 5,430,488 (5,818,429 ) (387,941 ) Total financial assets and liabilities at fair value $ 599,693,456 $ (5,818,429 ) $ 593,875,027 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 99,835,520 Investments in U.S. Treasury notes 440,688,034 Total investments in U.S. Treasury notes $ 540,523,554 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,430,488 Net unrealized depreciation on open futures and forward currency contracts (5,818,429 ) Total net unrealized depreciation on open futures and forward currency contracts $ (387,941 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2018 Level 1 Level 2 Total U.S. Treasury notes (1) $ 408,851,724 $ - $ 408,851,724 Short-Term Money Market Fund* 51,382,381 - 51,382,381 Exchange-traded futures contracts Energies 10,890,611 - 10,890,611 Grains 864,739 - 864,739 Interest rates 2,402,342 - 2,402,342 Livestock 1,620 - 1,620 Metals (279,515 ) - (279,515 ) Softs 327,357 - 327,357 Stock indices (856,099 ) - (856,099 ) Total exchange-traded futures contracts 13,351,055 - 13,351,055 Over-the-counter forward currency contracts - 1,317,942 1,317,942 Total futures and forward currency contracts (2) 13,351,055 1,317,942 14,668,997 Total financial assets and liabilities at fair value $ 473,585,160 $ 1,317,942 $ 474,903,102 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,705,286 Investments in U.S. Treasury notes 336,146,438 Total investments in U.S. Treasury notes $ 408,851,724 (2) Net unrealized appreciation on open futures and forward currency contracts $ 15,031,193 Net unrealized depreciation on open futures and forward currency contracts (362,196 ) Total net unrealized appreciation on open futures and forward currency contracts $ 14,668,997 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of management fees | Management Fees 2019 2018 US Feeder $ 3,415,443 $ 3,220,274 Cayman Feeder 4,977,566 4,771,129 Other (1) 129,441 139,524 Total $ 8,522,450 $ 8,130,927 (1) Direct investors in the Partnership |
Schedule of selling commissions | Selling Commissions 2019 2018 U.S. Feeder $ 3,083,970 $ 2,939,263 Cayman Feeder 11,186 16,484 Total $ 3,095,156 $ 2,955,747 |
Schedule of operating expenses | Operating Expenses 2019 2018 Partnership $ 648,908 $ 632,495 U.S. Feeder 378,968 401,328 Cayman Feeder 107,665 124,271 Total $ 1,135,541 $ 1,158,094 |
Schedule of financial assets and liabilities at fair value | Financial assets and liabilities at fair value as of December 31, 2019 Level 1 Level 2 Total U.S. Treasury notes (1) $ 540,523,554 $ - $ 540,523,554 Short-Term Money Market Fund* 53,739,414 - 53,739,414 Exchange-traded futures contracts Energies 1,488,216 - 1,488,216 Grains (956,377 ) - (956,377 ) Interest rates 1,988,070 - 1,988,070 Livestock (560 ) - (560 ) Metals 1,418,636 - 1,418,636 Softs (11,671 ) - (11,671 ) Stock indices 1,504,174 - 1,504,174 Total exchange-traded futures contracts 5,430,488 - 5,430,488 Over-the-counter forward currency contracts - (5,818,429 ) (5,818,429 ) Total futures and forward currency contracts (2) 5,430,488 (5,818,429 ) (387,941 ) Total financial assets and liabilities at fair value $ 599,693,456 $ (5,818,429 ) $ 593,875,027 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 99,835,520 Investments in U.S. Treasury notes 440,688,034 Total investments in U.S. Treasury notes $ 540,523,554 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,430,488 Net unrealized depreciation on open futures and forward currency contracts (5,818,429 ) Total net unrealized depreciation on open futures and forward currency contracts $ (387,941 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2018 Level 1 Level 2 Total U.S. Treasury notes (1) $ 408,851,724 $ - $ 408,851,724 Short-Term Money Market Fund* 51,382,381 - 51,382,381 Exchange-traded futures contracts Energies 10,890,611 - 10,890,611 Grains 864,739 - 864,739 Interest rates 2,402,342 - 2,402,342 Livestock 1,620 - 1,620 Metals (279,515 ) - (279,515 ) Softs 327,357 - 327,357 Stock indices (856,099 ) - (856,099 ) Total exchange-traded futures contracts 13,351,055 - 13,351,055 Over-the-counter forward currency contracts - 1,317,942 1,317,942 Total futures and forward currency contracts (2) 13,351,055 1,317,942 14,668,997 Total financial assets and liabilities at fair value $ 473,585,160 $ 1,317,942 $ 474,903,102 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,705,286 Investments in U.S. Treasury notes 336,146,438 Total investments in U.S. Treasury notes $ 408,851,724 (2) Net unrealized appreciation on open futures and forward currency contracts $ 15,031,193 Net unrealized depreciation on open futures and forward currency contracts (362,196 ) Total net unrealized appreciation on open futures and forward currency contracts $ 14,668,997 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Investment_Investors In Millb_2
Investment/Investors In Millburn Multi-Markets Trading L.P (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of interests are held by direct investors in the Master Fund | 2019 2018 U.S. Feeder 30.30 % 33.60 % Cayman Feeder 60.29 55.54 Total 90.59 % 89.14 % |
Schedule of capital withdrawals payable | 2019 2018 Direct investors (1) $ 9,224,590 $ 5,018,975 U.S. Feeder 736,814 659,683 Cayman Feeder - 27,599,619 Total $ 9,961,404 $ 33,278,277 (1) Includes profit share to the General Partner of $9,224,590 at December 31, 2019. Includes profit share to the General Partner of $4,993,975 and a limited partner redemption of $25,000, totaling $5,018,975 at December 31, 2018. |
Management Fees, Selling Comm_2
Management Fees, Selling Commissions, Platform Fees And Profit Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Management Fees, Selling Commissions, Platform Fees And Profit Share [Abstract] | |
Schedule of selling commissions and platform fees | Selling Commissions 2019 2018 Series A Units $ 3,054,665 $ 2,935,404 Series D Units 29,305 3,859 $ 3,083,970 $ 2,939,263 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type | As of December 31, 2019 2018 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ 113,405 (29.23 )% $ 781,325 5.33 % Brazilian real 20 (0.01 ) - - British pound (137,801 ) 35.52 (203,259 ) (1.39 ) Canadian dollar 182,285 (46.99 ) 21,819 0.15 Euro 1,775,867 (457.77 ) 5,148,929 35.10 Hong Kong dollar 162,175 (41.80 ) (172,499 ) (1.18 ) Japanese yen (885,850 ) 228.35 392,543 2.68 Korean won 765,900 (197.43 ) (180 ) - Malaysian ringgit (29,911 ) 7.71 48,869 0.33 Norwegian krone (423,000 ) 109.04 244,618 1.67 Polish zloty 264,515 (68.18 ) (42,562 ) (0.29 ) Singapore dollar 2,740 (0.71 ) (11,181 ) (0.08 ) South African rand 87,305 (22.50 ) 42,646 0.29 Swedish krona 112,125 (28.90 ) 107,384 0.73 Taiwan dollar (4,145 ) 1.07 - - Thai baht (3,188 ) 0.82 (844 ) (0.01 ) U.S. dollar (2,370,383 ) 611.01 8,311,389 56.67 Total $ (387,941 ) 100.00 % $ 14,668,997 100.00 % |
Schedule of fair value of futures and forward currency contracts | Fair Value of Futures and Forward Currency Contracts at December 31, 2019 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 1,656,534 $ (615,478 ) $ 454,900 $ (7,740 ) $ 1,488,216 Grains 108,438 (11,390 ) 27,625 (1,081,050 ) (956,377 ) Interest rates 100,513 (362,761 ) 2,831,719 (581,401 ) 1,988,070 Livestock 220 (780 ) - - (560 ) Metals 3,111,912 (1,261,081 ) 1,384,686 (1,816,881 ) 1,418,636 Softs 85,545 (7,010 ) 51,203 (141,409 ) (11,671 ) Stock indices 1,842,192 (1,507,335 ) 1,346,994 (177,677 ) 1,504,174 Total futures contracts 6,905,354 (3,765,835 ) 6,097,127 (3,806,158 ) 5,430,488 Forward currency contracts 16,640,916 (2,649,519 ) 2,433,081 (22,242,907 ) (5,818,429 ) Total futures and forward currency contracts $ 23,546,270 $ (6,415,354 ) $ 8,530,208 $ (26,049,065 ) $ (387,941 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2018 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ - $ (81,910 ) $ 11,259,709 $ (287,188 ) $ 10,890,611 Grains 2,660 (90,260 ) 963,418 (11,079 ) 864,739 Interest rates 7,566,927 (552,157 ) 198 (4,612,626 ) 2,402,342 Livestock - - 8,600 (6,980 ) 1,620 Metals 405,566 (2,704,690 ) 3,218,169 (1,198,560 ) (279,515 ) Softs 1,987 - 403,806 (78,436 ) 327,357 Stock indices 337,899 (652,615 ) 250,827 (792,210 ) (856,099 ) Total futures contracts 8,315,039 (4,081,632 ) 16,104,727 (6,987,079 ) 13,351,055 Forward currency contracts 6,399,109 (3,665,066 ) 6,859,413 (8,275,514 ) 1,317,942 Total futures and forward currency contracts $ 14,714,148 $ (7,746,698 ) $ 22,964,140 $ (15,262,593 ) $ 14,668,997 |
Schedule of trading gains (losses) of futures and forward currency contracts | Trading gains (losses) of futures and forward currency contracts for the years ended December 31, 2019 and 2018 Sector 2019 2018 Futures contracts: Energies $ (18,872,478 ) $ 51,336,111 Grains 5,709,589 5,171,725 Interest rates 38,105,109 17,439,821 Livestock (130,000 ) (22,630 ) Metals (689,005 ) (8,764,531 ) Softs (2,319,947 ) 915,202 Stock indices 50,352,316 (37,577,174 ) Total futures contracts 72,155,584 28,498,524 Forward currency contracts (14,880,282 ) 3,737,160 Total futures and forward currency contracts $ 57,275,302 $ 32,235,684 |
Schedule of monthly average future and forward currency contracts | 2019 2018 Average bought 87,028 55,477 Average sold 88,251 55,961 Average notional $ 9,596,000,000 $ 4,775,000,000 |
Schedule of offsetting Derivative Assets And Liabilities | The following tables summarize the valuation of the Partnership's investments as of December 31, 2019 and 2018. Offsetting of derivative assets and liabilities at December 31, 2019 Gross amounts Net amounts of Gross amounts of offset in the assets presented in recognized Statement of the Statement of Assets assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,717,018 $ (1,875,962 ) $ 1,841,056 Counterparty I 8,233,113 (4,958,504 ) 3,274,609 Counterparty J 1,052,350 (737,527 ) 314,823 Total assets $ 13,002,481 $ (7,571,993 ) $ 5,430,488 Gross amounts Net amounts of Gross amounts of offset in the liabilities presented in recognized Statement of the Statement of Liabilities liabilities Financial Condition Financial Condition Forward currency contracts Counterparty G $ 13,703,550 $ (9,104,039 ) $ 4,599,511 Counterparty K 11,188,876 (9,969,958 ) 1,218,918 Total liabilities $ 24,892,426 $ (19,073,997 ) $ 5,818,429 Amounts Not Offset in the Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,841,056 $ - $ (1,841,056 ) $ - Counterparty I 3,274,609 - (3,274,609 ) - Counterparty J 314,823 - (314,823 ) - Total $ 5,430,488 $ - $ (5,430,488 ) $ - Amounts Not Offset in the Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty G $ 4,599,511 $ - $ (4,599,511 ) $ - Counterparty K 1,218,918 - (1,218,918 ) - Total $ 5,818,429 $ - $ (5,818,429 ) - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019. Offsetting of derivative assets and liabilities at December 31, 2018 Gross amounts Net amounts of Gross amounts of offset in the assets presented in recognized Statement of the Statement of Assets assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,628,567 $ (2,236,487 ) $ 1,392,080 Counterparty I 16,443,433 (7,459,780 ) 8,983,653 Counterparty J 4,347,766 (1,372,444 ) 2,975,322 Total futures contracts 24,419,766 (11,068,711 ) 13,351,055 Forward currency contracts Counterparty G 5,528,657 (3,848,519 ) 1,680,138 Total assets $ 29,948,423 $ (14,917,230 ) $ 15,031,193 Gross amounts Net amounts of Gross amounts of offset in the liabilities presented in recognized Statement of the Statement of Liabilities liabilities Financial Condition Financial Condition Forward currency contracts Counterparty K $ 8,092,061 $ (7,729,865 ) $ 362,196 Total liabilities $ 8,092,061 $ (7,729,865 ) $ 362,196 Amounts Not Offset in the Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,392,080 $ - $ (1,392,080 ) $ - Counterparty I 8,983,653 - (8,983,653 ) - Counterparty J 2,975,322 - (2,975,322 ) - Counterparty G 1,680,138 - - 1,680,138 Total $ 15,031,193 $ - $ (13,351,055 ) $ 1,680,138 Amounts Not Offset in the Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty K $ 362,196 $ - $ 362,196 $ - Total $ 362,196 $ - $ 362,196 - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018. |
Profit Share Allocation (Tables
Profit Share Allocation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Schedule of profit share allocation | Profit Share 2019 2018 US Feeder $ 2,664,064 $ 1,075,724 Cayman Feeder 6,447,171 3,831,276 Other (1) 103,329 68,303 Total $ 9,214,564 $ 4,975,303 (1) Direct investors in the Partnership |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Summary Of Significant Accounting Policies [Line Items] | |||
Management Fees | $ 8,522,450 | $ 8,130,927 | |
U S Feeder [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Management Fees | 3,415,443 | 3,220,274 | |
Cayman Feeder [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Management Fees | 4,977,566 | 4,771,129 | |
Other [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Management Fees | [1] | $ 129,441 | $ 139,524 |
[1] | Direct investors in the Partnership |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | $ 3,083,970 | $ 2,939,263 |
Millburn Multi Markets Trading L P [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 3,095,156 | 2,955,747 |
Millburn Multi Markets Trading L P [Member] | Cayman Feeder [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 11,186 | 16,484 |
Millburn Multi Markets Trading L P [Member] | U S Feeder [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | $ 3,083,970 | $ 2,939,263 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Expenses | $ 8,025,342 | $ 7,362,372 |
Partnership Interest [Member] | ||
Operating Expenses | 1,135,541 | 1,158,094 |
Partnership Interest [Member] | Partnership [Member] | ||
Operating Expenses | 648,908 | 632,495 |
Partnership Interest [Member] | U S Feeder [Member] | ||
Operating Expenses | 378,968 | 401,328 |
Partnership Interest [Member] | Cayman Feeder [Member] | ||
Operating Expenses | $ 107,665 | $ 124,271 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details 3) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Total net unrealized depreciation on open futures and forward currency contracts | $ (5,321,011) | $ 6,841,321 | |
Millburn Multi Markets Trading L P [Member] | |||
Total futures and forward currency contracts | (387,941) | 14,668,997 | |
Total financial assets and liabilities at fair value | 593,875,027 | 474,903,102 | |
Investments in U.S. Treasury notes held in equity trading accounts as collateral | 99,835,520 | 72,705,286 | |
Investments in U.S. Treasury notes | 440,688,034 | 336,146,438 | |
Total investments in U.S. Treasury notes | 540,523,554 | 408,851,724 | |
Net unrealized appreciation on open futures and forward currency contracts | 5,430,488 | 15,031,193 | |
Net unrealized depreciation on open futures and forward currency contracts | (5,818,429) | (362,196) | |
Total net unrealized depreciation on open futures and forward currency contracts | (387,941) | 14,668,997 | |
Millburn Multi Markets Trading L P [Member] | US Treasury Notes [Member] | |||
Investment owned | 540,523,554 | 408,851,724 | |
Millburn Multi Markets Trading L P [Member] | Short-Term Money Market Funds [Member] | |||
Investment owned | [1] | 53,739,414 | 51,382,381 |
Millburn Multi Markets Trading L P [Member] | Total long forward currency contracts [Member] | Over the Counter [Member] | |||
Over-the-counter forward currency contracts | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 5,430,488 | 13,351,055 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | |||
Over-the-counter forward currency contracts | |||
Total futures and forward currency contracts | 5,430,488 | 13,351,055 | |
Total financial assets and liabilities at fair value | 599,693,456 | 473,585,160 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | US Treasury Notes [Member] | |||
Investment owned | 540,523,554 | 408,851,724 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Short-Term Money Market Funds [Member] | |||
Investment owned | [1] | 53,739,414 | 51,382,381 |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Total long forward currency contracts [Member] | Over the Counter [Member] | |||
Over-the-counter forward currency contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 5,430,488 | 13,351,055 | |
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | |||
Over-the-counter forward currency contracts | 1,317,942 | ||
Total futures and forward currency contracts | (5,818,429) | ||
Total financial assets and liabilities at fair value | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | US Treasury Notes [Member] | |||
Investment owned | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Short-Term Money Market Funds [Member] | |||
Investment owned | [1] | ||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Total long forward currency contracts [Member] | Over the Counter [Member] | |||
Over-the-counter forward currency contracts | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Over-the-counter forward currency contracts | |||
Millburn Multi Markets Trading L P [Member] | Energies [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,488,216 | 10,890,611 | |
Millburn Multi Markets Trading L P [Member] | Energies [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,488,216 | 10,890,611 | |
Millburn Multi Markets Trading L P [Member] | Energies [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Grains [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (956,377) | 864,739 | |
Millburn Multi Markets Trading L P [Member] | Grains [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (956,377) | 864,739 | |
Millburn Multi Markets Trading L P [Member] | Grains [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Stock Indices [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,504,174 | (856,099) | |
Millburn Multi Markets Trading L P [Member] | Stock Indices [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,504,174 | (856,099) | |
Millburn Multi Markets Trading L P [Member] | Stock Indices [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,988,070 | 2,402,342 | |
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,988,070 | 2,402,342 | |
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Softs [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (11,671) | 327,357 | |
Millburn Multi Markets Trading L P [Member] | Softs [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (11,671) | 327,357 | |
Millburn Multi Markets Trading L P [Member] | Softs [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Livestock [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (560) | 1,620 | |
Millburn Multi Markets Trading L P [Member] | Livestock [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | (560) | 1,620 | |
Millburn Multi Markets Trading L P [Member] | Livestock [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Metals [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,418,636 | (279,515) | |
Millburn Multi Markets Trading L P [Member] | Metals [Member] | Level 1 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | 1,418,636 | (279,515) | |
Millburn Multi Markets Trading L P [Member] | Metals [Member] | Level 2 [Member] | Futures Contracts [Member] | Exchange Traded [Member] | |||
Total exchange-traded futures contracts | |||
[1] | The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |
Management fee, per month | 0.167% |
Management fee, per annum | 2.00% |
Millburn Multi-Markets Trading L.P. [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Management fee, per month | 0.167% |
Millburn Multi-Markets Trading L.P. [Member] | U S Feeder [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Selling commissions | 2.00% |
Cash equivalents, at carrying value | $ 765 |
Description of operating expenses | Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. |
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Selling commissions | 2.00% |
Platform fee | 0.25% |
Cash equivalents, at carrying value | $ 7,714 |
Description of operating expenses | The Partnership bears expenses including, but not limited to, periodic legal, accounting and filing fees up to an amount equal to 1/4 of 1% per annum of average Partners' Capital of the Partnership (the "Expense Cap"). |
Investment in Millburn Multi-Ma
Investment in Millburn Multi-Markets Trading L.P. (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Millburn Multi Markets Fund L P [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the master fund | 33.60% | 30.30% |
Investors In Millburn Multi-Mar
Investors In Millburn Multi-Markets Trading L.P. (Details) - Millburn Multi-Markets Trading L.P. [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 90.59% | 89.14% |
U.S. Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 30.30% | 33.60% |
Cayman Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 60.29% | 55.54% |
Investors In Millburn Multi-M_2
Investors In Millburn Multi-Markets Trading L.P. (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Capital withdrawals payable | $ 9,961,404 | $ 33,278,277 | |
Direct investors [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital withdrawals payable | [1] | 9,224,590 | 5,018,975 |
U.S. Feeder [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital withdrawals payable | 736,814 | 659,683 | |
Cayman Feeder [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Capital withdrawals payable | $ 27,599,619 | ||
[1] | Includes profit share to the General Partner of $9,224,590 at December 31, 2019. Includes profit share to the General Partner of $4,993,975 and a limited partner redemption of $25,000, totaling $5,018,975 at December 31, 2018. |
Investors In Millburn Multi-M_3
Investors In Millburn Multi-Markets Trading L.P. (Details Textual) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | $ 9,961,404 | $ 33,278,277 |
Capital withdrawal payable to General Partner | $ 9,224,590 | 4,993,975 |
Limited partner redemption | 5,018,975 | |
Direct Investor [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | $ 25,000 |
Management Fees, Selling Comm_3
Management Fees, Selling Commissions, Platform Fees and Profit Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Selling Commissions | $ 3,083,970 | $ 2,939,263 |
Series A [Member] | ||
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Selling Commissions | 3,054,665 | 2,935,404 |
Series D [Member] | ||
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Selling Commissions | $ 29,305 | $ 3,859 |
Management Fees, Selling Comm_4
Management Fees, Selling Commissions, Platform Fees and Profit Share (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Management fee, per month | 0.167% | |
Management fee, per annum | 2.00% | |
Profit share percentage | 20.00% | |
Management fees | $ 3,415,443 | $ 3,220,274 |
Series A [Member] | ||
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Selling commissions, per month | 0.167% | |
Selling commissions | 2.00% | |
Series B [Member] | ||
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Platform fee | 0.25% | |
Series D [Member] | ||
ManagementFeeSellingCommissionPlatformFeesAndProfitShareAbstractLineItems [Line Items] | ||
Selling commissions | 0.75% |
Operating Expenses (Details)
Operating Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Expenses And Administration Fee [Line Items] | ||
Paid expenses incurred in connection with the organization of the Partnership | $ 578,293 | $ 590,508 |
Partnership [Member] | ||
Operating Expenses And Administration Fee [Line Items] | ||
Paid expenses incurred in connection with the organization of the Partnership | $ 378,968 | $ 401,328 |
Profit Share Allocation (Detail
Profit Share Allocation (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
General Partner's allocation - profit share | $ 9,214,564 | $ 4,975,303 | |
U S Feeder [Member] | |||
General Partner's allocation - profit share | 2,664,064 | 1,075,724 | |
Cayman Feeder [Member] | |||
General Partner's allocation - profit share | 6,447,171 | 3,831,276 | |
Financial Asset Portfolio Other [Member] | |||
General Partner's allocation - profit share | [1] | $ 103,329 | $ 68,303 |
[1] | Direct investors in the Partnership |
Derivative Instruments (Details
Derivative Instruments (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (387,941) | $ 14,668,997 |
Percent of Total | 100.00% | 100.00% |
Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 113,405 | $ 781,325 |
Percent of Total | (29.23%) | 5.33% |
Brazilian real [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 20 | |
Percent of Total | (0.01%) | |
British Pound [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (137,801) | $ (203,259) |
Percent of Total | 35.52% | (1.39%) |
Canadian Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 182,285 | $ 21,819 |
Percent of Total | (46.99%) | 0.15% |
Euro [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 1,775,867 | $ 5,148,929 |
Percent of Total | (457.77%) | 35.10% |
Hong Kong Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 162,175 | $ (172,499) |
Percent of Total | (41.80%) | (1.18%) |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (885,850) | $ 392,543 |
Percent of Total | 228.35% | 2.68% |
Korean Won [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 765,900 | $ (180) |
Percent of Total | (197.43%) | |
Malaysian Ringgit [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (29,911) | $ 48,869 |
Percent of Total | 7.71% | 0.33% |
Norwegian Krone [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (423,000) | $ 244,618 |
Percent of Total | 109.04% | 1.67% |
Polish Zloty [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 264,515 | $ (42,562) |
Percent of Total | (68.18%) | (0.29%) |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 2,740 | $ (11,181) |
Percent of Total | (0.71%) | (0.08%) |
South African Rand [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 87,305 | $ 42,646 |
Percent of Total | (22.50%) | 0.29% |
Swedish Krona [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 112,125 | $ 107,384 |
Percent of Total | (28.90%) | 0.73% |
Thai Baht [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (3,188) | $ (844) |
Percent of Total | 0.82% | (0.01%) |
U.S. Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (2,370,383) | $ 8,311,389 |
Percent of Total | 611.01% | 56.67% |
Taiwan dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (4,145) | |
Percent of Total | 1.07% |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | $ (387,941) | $ 14,668,997 |
Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,488,216 | 10,890,611 |
Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (956,377) | 864,739 |
Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,988,070 | 2,402,342 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (560) | 1,620 |
Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,418,636 | (279,515) |
Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (11,671) | 327,357 |
Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,504,174 | (856,099) |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 5,430,488 | 13,351,055 |
Total long forward currency contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (5,818,429) | 1,317,942 |
Futures and Forward Currency Contracts Gains [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 23,546,270 | 14,714,148 |
Futures and Forward Currency Contracts Gains [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 8,530,208 | 22,964,140 |
Futures and Forward Currency Contracts Gains [Member] | Energies [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,656,534 | |
Futures and Forward Currency Contracts Gains [Member] | Energies [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 454,900 | 11,259,709 |
Futures and Forward Currency Contracts Gains [Member] | Grains [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 108,438 | 2,660 |
Futures and Forward Currency Contracts Gains [Member] | Grains [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 27,625 | 963,418 |
Futures and Forward Currency Contracts Gains [Member] | Interest Rates [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 100,513 | 7,566,927 |
Futures and Forward Currency Contracts Gains [Member] | Interest Rates [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 2,831,719 | 198 |
Futures and Forward Currency Contracts Gains [Member] | Livestock [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 220 | |
Futures and Forward Currency Contracts Gains [Member] | Livestock [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 8,600 | |
Futures and Forward Currency Contracts Gains [Member] | Metals [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 3,111,912 | 405,566 |
Futures and Forward Currency Contracts Gains [Member] | Metals [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,384,686 | 3,218,169 |
Futures and Forward Currency Contracts Gains [Member] | Softs [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 85,545 | 1,987 |
Futures and Forward Currency Contracts Gains [Member] | Softs [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 51,203 | 403,806 |
Futures and Forward Currency Contracts Gains [Member] | Stock Indices [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,842,192 | 337,899 |
Futures and Forward Currency Contracts Gains [Member] | Stock Indices [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,346,994 | 250,827 |
Futures and Forward Currency Contracts Gains [Member] | Futures Contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 6,905,354 | 8,315,039 |
Futures and Forward Currency Contracts Gains [Member] | Futures Contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 6,097,127 | 16,104,727 |
Futures and Forward Currency Contracts Gains [Member] | Total long forward currency contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 16,640,916 | 6,399,109 |
Futures and Forward Currency Contracts Gains [Member] | Total long forward currency contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 2,433,081 | 6,859,413 |
Futures And Forward Currency Contracts Losses [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (6,415,354) | (7,746,698) |
Futures And Forward Currency Contracts Losses [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (26,049,065) | (15,262,593) |
Futures And Forward Currency Contracts Losses [Member] | Energies [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (615,478) | (81,910) |
Futures And Forward Currency Contracts Losses [Member] | Energies [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (7,740) | (287,188) |
Futures And Forward Currency Contracts Losses [Member] | Grains [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (11,390) | (90,260) |
Futures And Forward Currency Contracts Losses [Member] | Grains [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,081,050) | (11,079) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rates [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (362,761) | (552,157) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rates [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (581,401) | (4,612,626) |
Futures And Forward Currency Contracts Losses [Member] | Livestock [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (780) | |
Futures And Forward Currency Contracts Losses [Member] | Livestock [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (6,980) | |
Futures And Forward Currency Contracts Losses [Member] | Metals [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,261,081) | (2,704,690) |
Futures And Forward Currency Contracts Losses [Member] | Metals [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,816,881) | (1,198,560) |
Futures And Forward Currency Contracts Losses [Member] | Softs [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (7,010) | |
Futures And Forward Currency Contracts Losses [Member] | Softs [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (141,409) | (78,436) |
Futures And Forward Currency Contracts Losses [Member] | Stock Indices [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,507,335) | (652,615) |
Futures And Forward Currency Contracts Losses [Member] | Stock Indices [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (177,677) | (792,210) |
Futures And Forward Currency Contracts Losses [Member] | Futures Contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (3,765,835) | (4,081,632) |
Futures And Forward Currency Contracts Losses [Member] | Futures Contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (3,806,158) | (6,987,079) |
Futures And Forward Currency Contracts Losses [Member] | Total long forward currency contracts [Member] | Long [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (2,649,519) | (3,665,066) |
Futures And Forward Currency Contracts Losses [Member] | Total long forward currency contracts [Member] | Short [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | $ (22,242,907) | $ (8,275,514) |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ 57,275,302 | $ 32,235,684 |
Energies [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (18,872,478) | 51,336,111 |
Grains [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 5,709,589 | 5,171,725 |
Interest Rates [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 38,105,109 | 17,439,821 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (130,000) | (22,630) |
Metals [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (689,005) | (8,764,531) |
Softs [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (2,319,947) | 915,202 |
Stock Indices [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 50,352,316 | (37,577,174) |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 72,155,584 | 28,498,524 |
Forward currency contracts [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ (14,880,282) | $ 3,737,160 |
Derivative Instruments (Detai_4
Derivative Instruments (Details 3) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended | |
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | |
Average bought | 87,028 | 55,477 |
Average sold | 88,251 | 55,961 |
Average notional | $ | $ 9,596,000,000 | $ 4,775,000,000 |
Derivative Instruments (Detai_5
Derivative Instruments (Details 4) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |||
Offsetting Liabilities [Line Items] | |||||
Net amounts of liabilities presented in the Statement of Financial Condition | $ 5,818,429 | $ 362,196 | |||
Net amounts of Assets presented in the Statement of Financial Condition | 5,430,488 | 15,031,193 | |||
Financial Instruments | |||||
Collateral Pledged | [1],[2] | (5,818,429) | 362,196 | ||
Collateral Received | [1],[2] | (5,430,488) | (13,351,055) | ||
Net Amount | [3] | 1,680,138 | [4] | ||
Futures Contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 13,002,481 | 24,419,766 | |||
Gross amounts offset in the Statement of Financial Condition | (7,571,993) | (11,068,711) | |||
Net amounts of Assets presented in the Statement of Financial Condition | 5,430,488 | 13,351,055 | |||
Forward currency contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 29,948,423 | ||||
Gross amounts of recognized liabilities | 24,892,426 | 8,092,061 | |||
Gross amounts offset in the Statement of Financial Condition | (19,073,997) | (14,917,230) | |||
Net amounts of liabilities presented in the Statement of Financial Condition | 5,818,429 | 362,196 | |||
Net amounts of Assets presented in the Statement of Financial Condition | 15,031,193 | ||||
Counterparty C [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Net amounts of Assets presented in the Statement of Financial Condition | 1,841,056 | 1,392,080 | |||
Financial Instruments | |||||
Collateral Received | [1],[2] | (1,841,056) | (1,392,080) | ||
Net Amount | [5] | [4] | |||
Counterparty C [Member] | Futures Contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 3,717,018 | 3,628,567 | |||
Gross amounts offset in the Statement of Financial Condition | (1,875,962) | (2,236,487) | |||
Net amounts of Assets presented in the Statement of Financial Condition | 1,841,056 | 1,392,080 | [1],[2] | ||
Counterparty I [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Net amounts of Assets presented in the Statement of Financial Condition | 3,274,609 | 8,983,653 | |||
Financial Instruments | |||||
Collateral Received | [1],[2] | (3,274,609) | (8,983,653) | ||
Net Amount | [5] | [4] | |||
Counterparty I [Member] | Futures Contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 8,233,113 | 16,443,433 | |||
Gross amounts offset in the Statement of Financial Condition | (4,958,504) | (7,459,780) | |||
Net amounts of Assets presented in the Statement of Financial Condition | 3,274,609 | 8,983,653 | [1],[2] | ||
Counterparty J [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Net amounts of Assets presented in the Statement of Financial Condition | 314,823 | 2,975,322 | |||
Financial Instruments | |||||
Collateral Received | [1],[2] | (314,823) | (2,975,322) | ||
Net Amount | [5] | [4] | |||
Counterparty J [Member] | Futures Contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 1,052,350 | 4,347,766 | |||
Gross amounts offset in the Statement of Financial Condition | (737,527) | (1,372,444) | |||
Net amounts of Assets presented in the Statement of Financial Condition | 314,823 | 2,975,322 | [1],[2] | ||
Counterparty G [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Net amounts of liabilities presented in the Statement of Financial Condition | 4,599,511 | ||||
Net amounts of Assets presented in the Statement of Financial Condition | 1,680,138 | ||||
Financial Instruments | |||||
Collateral Pledged | [1],[2] | (4,599,511) | |||
Collateral Received | [1],[2] | ||||
Net Amount | [3] | 1,680,138 | [4] | ||
Counterparty G [Member] | Forward currency contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized assets | 5,528,657 | ||||
Gross amounts of recognized liabilities | 13,703,550 | ||||
Gross amounts offset in the Statement of Financial Condition | (9,104,039) | (3,848,519) | |||
Net amounts of liabilities presented in the Statement of Financial Condition | 4,599,511 | ||||
Net amounts of Assets presented in the Statement of Financial Condition | 1,680,138 | ||||
Counterparty K [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Net amounts of liabilities presented in the Statement of Financial Condition | 1,218,918 | 362,196 | |||
Financial Instruments | |||||
Collateral Pledged | [1],[2] | (1,218,918) | 362,196 | ||
Net Amount | [3] | [6] | |||
Counterparty K [Member] | Forward currency contracts [Member] | |||||
Offsetting Liabilities [Line Items] | |||||
Gross amounts of recognized liabilities | 11,188,876 | 8,092,061 | |||
Gross amounts offset in the Statement of Financial Condition | (9,969,958) | (7,729,865) | |||
Net amounts of liabilities presented in the Statement of Financial Condition | $ 1,218,918 | $ 362,196 | |||
[1] | Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. | ||||
[2] | Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. | ||||
[3] | Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2019 | ||||
[4] | Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2018. | ||||
[5] | Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2019. | ||||
[6] | Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2018. |
Derivative Instruments (Detai_6
Derivative Instruments (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments (Textual) | ||
Credit risk | $ 55,480,494 | $ 35,418,108 |
Fair Value (Details)
Fair Value (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total net unrealized depreciation on open futures and forward currency contracts | $ (5,321,011) | $ 6,841,321 | |
Millburn Multi Markets Trading L P [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total futures and forward currency contracts | (387,941) | 14,668,997 | |
Total financial assets and liabilities at fair value | 593,875,027 | 474,903,102 | |
Investments in U.S. Treasury notes held in equity trading accounts as collateral | 99,835,520 | 72,705,286 | |
Investments in U.S. Treasury notes held | 440,688,034 | 336,146,438 | |
Total investments in U.S. Treasury notes | 540,523,554 | 408,851,724 | |
Net unrealized appreciation on open futures and forward currency contracts | 5,430,488 | 15,031,193 | |
Net unrealized depreciation on open futures and forward currency contracts | (5,818,429) | (362,196) | |
Total net unrealized depreciation on open futures and forward currency contracts | (387,941) | 14,668,997 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 5,430,488 | 13,351,055 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Energies [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,488,216 | 10,890,611 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Grains [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (956,377) | 864,739 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Interest Rates [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,988,070 | 2,402,342 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Livestock [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (560) | 1,620 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Metals [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,418,636 | (279,515) | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Softs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (11,671) | 327,357 | |
Millburn Multi Markets Trading L P [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Stock Indices [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,504,174 | (856,099) | |
Millburn Multi Markets Trading L P [Member] | Over the Counter [Member] | Total long forward currency contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Over-the-counter forward currency contracts | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Over-the-counter forward currency contracts | |||
Total futures and forward currency contracts | 5,430,488 | 13,351,055 | |
Total financial assets and liabilities at fair value | 599,693,456 | 473,585,160 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 5,430,488 | 13,351,055 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Energies [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,488,216 | 10,890,611 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Grains [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (956,377) | 864,739 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Interest Rates [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,988,070 | 2,402,342 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Livestock [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (560) | 1,620 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Metals [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,418,636 | (279,515) | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Softs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | (11,671) | 327,357 | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Stock Indices [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | 1,504,174 | (856,099) | |
Millburn Multi Markets Trading L P [Member] | Level 1 [Member] | Over the Counter [Member] | Total long forward currency contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Over-the-counter forward currency contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Over-the-counter forward currency contracts | 1,317,942 | ||
Total futures and forward currency contracts | (5,818,429) | ||
Total financial assets and liabilities at fair value | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Over-the-counter forward currency contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Energies [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Grains [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Interest Rates [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Livestock [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Metals [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Softs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Exchange Traded [Member] | Futures Contracts [Member] | Stock Indices [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total exchange-traded futures contracts | |||
Millburn Multi Markets Trading L P [Member] | Level 2 [Member] | Over the Counter [Member] | Total long forward currency contracts [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Over-the-counter forward currency contracts | (5,818,429) | 1,317,942 | |
Millburn Multi Markets Trading L P [Member] | US Treasury Notes [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | 540,523,554 | 408,851,724 | |
Millburn Multi Markets Trading L P [Member] | US Treasury Notes [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | 540,523,554 | 408,851,724 | |
Millburn Multi Markets Trading L P [Member] | US Treasury Notes [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | |||
Millburn Multi Markets Trading L P [Member] | Short-Term Money Market Funds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | [1] | 53,739,414 | 51,382,381 |
Millburn Multi Markets Trading L P [Member] | Short-Term Money Market Funds [Member] | Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | [1] | 53,739,414 | 51,382,381 |
Millburn Multi Markets Trading L P [Member] | Short-Term Money Market Funds [Member] | Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment owned | [1] | ||
[1] | The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Financial Highlights (Details)
Financial Highlights (Details) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Management fee percentage per annum | 2.00% |
Trading profits percent included in computing ratios to average capital | 20.00% |
Monthly management fee charges description | 1/12 of 2.00% (2.00% per annum) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Subsequent Event [Line Items] | |||
Contributions | $ 33,099,862 | $ 6,833,183 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | $ 12,210,400 | ||
Withdrawals | 1,007,834 | ||
Millburn Multi-Markets Trading L.P. [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | $ 199,073,445 | $ 128,863,012 | |
Millburn Multi-Markets Trading L.P. [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | 221,314,400 | ||
Withdrawals | $ 5,138,002 |