Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Cover [Abstract] | |
Document Type | 10-K/A |
Amendment Flag | true |
Document Annual Report | true |
Document Transition Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-54028 |
Entity Registrant Name | MILLBURN MULTI-MARKETS FUND L.P. |
Entity Central Index Key | 0001468910 |
Entity Tax Identification Number | 26-4038497 |
Entity Incorporation, State or Country Code | DE |
Entity Address, Address Line One | c/o MILLBURN RIDGEFIELD CORPORATION |
Entity Address, Address Line Two | 55 West 46th Street |
Entity Address, Address Line Three | 31st Floor |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10036 |
City Area Code | (212) |
Local Phone Number | 332-7300 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction | false |
Entity Shell Company | false |
Auditor Firm ID | 34 |
Auditor Location | PCAOB |
Auditor Name | Deloitte & Touche LLP |
Entity Public Float | $ | $ 0 |
Entity Common Stock, Shares Outstanding | shares | 0 |
Documents Incorporated by Reference [Text Block] | Documents Incorporated by Reference Registrant’s Financial Statements for the years ended December 31 , 2023 and 2022 and Report of Independent Registered Public Accounting Firm, the annual report to security holders for the fiscal year ended December 31, 2023, is incorporated by reference into Part II Item 8 and Part IV hereof and filed as an exhibit herewith. |
Amendment Description | EXPLANATORY NOTE This Form 10-K/A (Amendment No. 2) (“Form 10-K/A”) is being filed by Millburn Multi-Markets Fund L.P. (the “Partnership”) to amend the Partnership’s disclosure in Item 8, Financial Statements and Supplementary Data (including Exhibit 13.1) to the Form 10-K for the year ended December 31, 2023 that was originally filed with the Securities and Exchange Commission on March 29, 2024 (the “Original Form 10-K”). These financial statements in the Original Form 10-K inadvertently omitted the auditor’s letterhead on the audit report of Deloitte & Touche LLP, the Partnership’s independent registered public accounting firm. Except as required to reflect the item described above, no attempt has been made in this Form 10-K/A to modify or update disclosures in the Original Form 10-K. This Form 10-K/A does not reflect events occurring after the filing of the Original Form 10-K or modify or update any related disclosures. Information not affected by the amendment is unchanged and reflects the disclosure made at the time of the filing of the Original Form 10-K with the Securities and Exchange Commission on March 29, 2024. Accordingly, this Form 10-K/A should be read in conjunction with the Original Form 10-K and the Partnership’s filings made with the Securities and Exchange Commission subsequent to the filing of the Original Form 10-K. |
Statement of Financial Conditio
Statement of Financial Condition - USD ($) | Dec. 31, 2023 | Mar. 01, 2023 | Dec. 31, 2022 | |
ASSETS | ||||
Trading L.P. (the “Master Fund”) | $ 123,929,777 | $ 143,276,896 | ||
Due from the Master Fund | 153,125 | 484,354 | ||
Cash and cash equivalents | 36,455 | 400,119 | ||
Total assets | 124,119,357 | 144,161,369 | ||
LIABILITIES: | ||||
Capital contributions received in advance | 36,368 | 400,000 | ||
Capital withdrawals payable to Limited Partners | 153,125 | 484,354 | ||
Other liabilities | 87 | 119 | ||
Total liabilities | 189,580 | 884,473 | ||
PARTNERS’ CAPITAL: | ||||
General Partner | 3,063,996 | 3,216,369 | ||
Total limited partners | 120,865,781 | 140,060,527 | ||
Total partners’ capital | 123,929,777 | 143,276,896 | ||
TOTAL | 124,119,357 | 144,161,369 | ||
Series A [Member] | ||||
PARTNERS’ CAPITAL: | ||||
Total limited partners | $ 105,476,328 | $ 119,302,999 | ||
Net Asset Value Per Unit Outstanding | $ 1,210.16 | $ 1,318.83 | ||
Series B [Member] | ||||
PARTNERS’ CAPITAL: | ||||
Total limited partners | $ 7,114,188 | $ 7,896,417 | ||
Net Asset Value Per Unit Outstanding | $ 1,513.26 | $ 1,616.59 | ||
Series C [Member] | ||||
PARTNERS’ CAPITAL: | ||||
Total limited partners | $ 3,625,396 | $ 4,456,048 | ||
Net Asset Value Per Unit Outstanding | $ 1,543.97 | $ 1,649.39 | ||
Series D [Member] | ||||
PARTNERS’ CAPITAL: | ||||
Total limited partners | $ 4,559,744 | $ 8,405,063 | ||
Net Asset Value Per Unit Outstanding | $ 1,416.78 | $ 1,524.86 | ||
Series E [Member] | ||||
PARTNERS’ CAPITAL: | ||||
Total limited partners | $ 90,125 | |||
Net Asset Value Per Unit Outstanding | $ 969.81 | [1] | $ 1,000 | |
[1] Series E had a beginning unit value of $ 1,000.00 as of March 1, 2023 |
Statement of Financial Condit_2
Statement of Financial Condition (Parenthetical) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 87,158.9000 | 90,460.9714 |
Series B [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 4,701.2201 | 4,884.6100 |
Series C [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 2,348.1019 | 2,701.6303 |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 3,218.3931 | 5,512.0257 |
Series E [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited Partners' Capital Account, Units Outstanding | 92.9304 | 0 |
Statement of Operations
Statement of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
NET INVESTMENT INCOME (LOSS) | |||
Interest income | $ 2,534 | $ 550 | |
Interest income, net (allocated from the Master Fund) | 5,819,348 | 1,970,494 | |
Total investment income | 5,821,882 | 1,971,044 | |
EXPENSES: | |||
Management fees (allocated from the Master Fund) (see note 4) | 2,279,482 | 2,385,044 | |
Brokerage commissions (allocated from the Master Fund) | 551,553 | 591,054 | |
Selling commissions (allocated from the Master Fund) (see note 4) | 2,284,856 | 2,365,854 | |
Operating expenses (allocated from the Master Fund) (see note 5) | 557,936 | 513,281 | |
Custody fees and other expenses (allocated from the Master Fund) | 24,105 | 24,150 | |
Total expenses | 5,697,932 | 5,879,383 | |
Net investment income (loss) | 123,950 | (3,908,339) | |
REALIZED AND UNREALIZED GAINS (LOSSES) ALLOCATED FROM THE MASTER FUND | |||
Futures and forward currency contracts | (3,170,570) | 18,820,497 | |
Foreign exchange transaction | (231,455) | (7,077) | |
Net change in unrealized: | |||
Futures and forward currency contracts | (8,631,839) | 6,522,911 | |
Foreign exchange translation | 68,605 | (48,211) | |
Realized | (67,858) | (161,518) | |
Net change in unrealized | 758,891 | (647,623) | |
Net realized and unrealized gains (losses) allocated from the Master Fund | (11,274,226) | 24,478,979 | |
NET INCOME (LOSS) | (11,150,276) | 20,570,640 | |
LESS PROFIT SHARE TO GENERAL PARTNER | 9,225 | 1,865,305 | |
NET INCOME (LOSS) AFTER PROFIT SHARE | $ (11,159,501) | $ 18,705,335 | |
Series A [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | $ (108.67) | $ 171.04 | |
Series B [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | (103.33) | 220.88 | |
Series C [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | (105.42) | 225.36 | |
Series D [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | (108.08) | $ 191.30 | |
Series E [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | [1] | $ (30.19) | |
[1] Series E commenced on March 1, 2023 |
Statement of Changes in Partner
Statement of Changes in Partners' Capital - USD ($) | General Partners [Member] | Limited Partners Series A [Member] | Limited Partners Series B [Member] | Limited Partners Series C [Member] | Limited Partners Series D [Member] | Limited Partners Series E [Member] | Total |
PARTNERS’ CAPITAL at Dec. 31, 2021 | $ 2,667,014 | $ 105,051,882 | $ 6,954,675 | $ 3,469,370 | $ 9,933,216 | $ 128,076,157 | |
Beginning balance, shares at Dec. 31, 2021 | 91,525.4967 | 4,982.8851 | 2,436.2995 | 7,448.6560 | |||
Capital contributions | $ 4,600,000 | $ 40,000 | $ 1,335,000 | $ 375,000 | 6,350,000 | ||
Capital contributions, units | 3,626.7250 | 29.4878 | 865.3567 | 253.6190 | |||
Capital withdrawals | $ (5,840,576) | $ (193,838) | $ (862,576) | $ (2,957,606) | (9,854,596) | ||
Capital withdrawals, units | (4,691.2503) | (127.7629) | (600.0259) | (2,190.2493) | |||
Net income (loss) | 549,355 | $ 16,829,785 | $ 1,279,333 | $ 608,020 | $ 1,304,147 | 20,570,640 | |
Profit share | $ (1,338,092) | $ (183,753) | $ (93,766) | $ (249,694) | (1,865,305) | ||
Net Asset Value per Unit | $ 1,318.83 | $ 1,616.59 | $ 1,649.39 | $ 1,524.86 | |||
PARTNERS’ CAPITAL at Dec. 31, 2022 | 3,216,369 | $ 119,302,999 | $ 7,896,417 | $ 4,456,048 | $ 8,405,063 | 143,276,896 | |
Ending balance, shares at Dec. 31, 2022 | 90,460.9714 | 4,884.6100 | 2,701.6303 | 5,512.0257 | |||
Capital contributions | $ 600,000 | $ 200,000 | $ 120,000 | $ 199,000 | $ 92,387 | 1,211,387 | |
Capital contributions, units | 469.0455 | 131.9684 | 78.8599 | 141.5264 | 92.9304 | ||
Capital withdrawals | $ (4,708,529) | $ (491,051) | $ (726,538) | $ (3,472,887) | (9,399,005) | ||
Capital withdrawals, units | (3,771.1169) | (315.3583) | (432.3883) | (2,435.1590) | |||
Net income (loss) | (152,373) | $ (9,715,252) | $ (490,542) | $ (218,415) | $ (571,432) | $ (2,262) | (11,150,276) |
Profit share | $ (2,890) | $ (636) | $ (5,699) | (9,225) | |||
Net Asset Value per Unit | $ 1,210.16 | $ 1,513.26 | $ 1,543.97 | $ 1,416.78 | $ 969.81 | ||
PARTNERS’ CAPITAL at Dec. 31, 2023 | $ 3,063,996 | $ 105,476,328 | $ 7,114,188 | $ 3,625,396 | $ 4,559,744 | $ 90,125 | $ 123,929,777 |
Ending balance, shares at Dec. 31, 2023 | 87,158.9000 | 4,701.2201 | 2,348.1019 | 3,218.3931 | 92.9304 |
Statement of Financial Highligh
Statement of Financial Highlights - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,318.83 | $ 1,147.79 |
Net investment loss | (2.80) | (39.65) |
Total trading and investing gains | (105.84) | 225.32 |
Net income (loss) before profit share allocation from the Master Fund | (108.64) | 185.67 |
Less: profit share allocation from the Master Fund | 0.03 | 14.63 |
Net income (loss) after profit share allocation from the Master Fund | (108.67) | 171.04 |
NET ASSET VALUE PER UNIT — End of period | $ 1,210.16 | $ 1,318.83 |
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (8.24%) | 16.06% |
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0 | $ 1.16 |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (8.24%) | 14.90% |
RATIOS TO AVERAGE NET ASSET VALUE: | ||
Expenses | 4.61% | 4.58% |
Profit share allocation from the Master Fund | $ 0 | $ 1.16 |
Total expenses | 4.61% | 5.74% |
Net investment income (loss) | 0.22% | (3.16%) |
Series B [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,616.59 | $ 1,395.71 |
Net investment loss | 27.68 | (17.83) |
Total trading and investing gains | (130.88) | 276.02 |
Net income (loss) before profit share allocation from the Master Fund | (103.20) | 258.19 |
Less: profit share allocation from the Master Fund | 0.13 | 37.31 |
Net income (loss) after profit share allocation from the Master Fund | (103.33) | 220.88 |
NET ASSET VALUE PER UNIT — End of period | $ 1,513.26 | $ 1,616.59 |
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (6.38%) | 18.27% |
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0.01 | $ 2.44 |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (6.39%) | 15.83% |
RATIOS TO AVERAGE NET ASSET VALUE: | ||
Expenses | 2.61% | 2.60% |
Profit share allocation from the Master Fund | $ 0.01 | $ 2.44 |
Total expenses | 2.62% | 5.04% |
Net investment income (loss) | 1.78% | (1.16%) |
Series C [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,649.39 | $ 1,424.03 |
Net investment loss | 28.08 | (16.48) |
Total trading and investing gains | (131.29) | 279.42 |
Net income (loss) before profit share allocation from the Master Fund | (103.21) | 262.94 |
Less: profit share allocation from the Master Fund | 2.21 | 37.58 |
Net income (loss) after profit share allocation from the Master Fund | (105.42) | 225.36 |
NET ASSET VALUE PER UNIT — End of period | $ 1,543.97 | $ 1,649.39 |
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (6.25%) | 18.23% |
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0.14 | $ 2.40 |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (6.39%) | 15.83% |
RATIOS TO AVERAGE NET ASSET VALUE: | ||
Expenses | 2.61% | 2.60% |
Profit share allocation from the Master Fund | $ 0.14 | $ 2.40 |
Total expenses | 2.75% | 5% |
Net investment income (loss) | 1.77% | (1.05%) |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,524.86 | $ 1,333.56 |
Net investment loss | 13.24 | (28.72) |
Total trading and investing gains | (121.32) | 262.01 |
Net income (loss) before profit share allocation from the Master Fund | (108.08) | 233.29 |
Less: profit share allocation from the Master Fund | 41.99 | |
Net income (loss) after profit share allocation from the Master Fund | (108.08) | 191.30 |
NET ASSET VALUE PER UNIT — End of period | $ 1,416.78 | $ 1,524.86 |
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (7.09%) | 17.26% |
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 2.91 | |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (7.09%) | 14.35% |
RATIOS TO AVERAGE NET ASSET VALUE: | ||
Expenses | 3.34% | 3.37% |
Profit share allocation from the Master Fund | $ 2.91 | |
Total expenses | 3.34% | 6.28% |
Net investment income (loss) | 0.91% | (1.99%) |
Series E [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,000 | |
Net investment loss | 37.67 | |
Total trading and investing gains | (67.86) | |
Net income (loss) before profit share allocation from the Master Fund | (30.19) | |
Net income (loss) after profit share allocation from the Master Fund | (30.19) | |
NET ASSET VALUE PER UNIT — End of period | $ 969.81 | $ 1,000 |
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (3.02%) | |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | (3.02%) | |
RATIOS TO AVERAGE NET ASSET VALUE: | ||
Expenses | 0.87% | |
Total expenses | 0.87% | |
Net investment income (loss) | 3.80% |
Statements of Financial Conditi
Statements of Financial Condition - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Net unrealized appreciation on open futures and forward currency contracts | $ 22,685,702 | |
CASH AND CASH EQUIVALENTS | $ 36,455 | 400,119 |
Total assets | 124,119,357 | 144,161,369 |
Capital withdrawals payable to Limited Partners | 153,125 | 484,354 |
Total liabilities | 189,580 | 884,473 |
PARTNERS’ CAPITAL | 123,929,777 | 143,276,896 |
TOTAL | 124,119,357 | 144,161,369 |
Millburn Multi Markets Trading L P [Member] | ||
Investments in U.S. Treasury notes — at fair value (amortized cost $82,787,620 and $89,349,095) | 82,759,250 | 88,701,332 |
Net unrealized appreciation on open futures and forward currency contracts | 388,051 | 22,685,702 |
Due from brokers, net | 6,533,080 | 20,495,996 |
Cash denominated in foreign currencies (cost $3,016,827 and $4,434) | 3,078,059 | 4,701 |
Total equity in trading accounts | 92,758,440 | 131,887,731 |
INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $308,685,279 and $309,961,675) | 309,001,616 | 308,402,203 |
CASH AND CASH EQUIVALENTS | 18,967,049 | 33,987,736 |
ACCRUED INTEREST RECEIVABLE | 2,684,345 | 2,250,451 |
OTHER ASSETS | 187 | 219 |
Total assets | 423,411,637 | 476,528,340 |
Net unrealized depreciation on open futures and forward currency contracts | 4,923,631 | |
Cash overdrafts denominated in foreign currencies (cost $0 and $5,261,847) | 5,438,253 | |
Subscriptions received in advance | 130,000 | 575,000 |
Capital withdrawals payable to Limited Partners | 2,364,950 | 1,287,624 |
Capital withdrawal payable to General Partner | 257,741 | 12,464,726 |
Management fee payable | 390,360 | 451,041 |
Selling commissions payable | 178,816 | 206,886 |
Accrued expenses | 232,073 | 346,648 |
Commissions and other trading fees on open futures contracts | 34,086 | 37,972 |
Total liabilities | 8,511,657 | 20,808,150 |
PARTNERS’ CAPITAL | 414,899,980 | 455,720,190 |
TOTAL | $ 423,411,637 | $ 476,528,340 |
Statements of Financial Condi_2
Statements of Financial Condition (Parenthetical) - Millburn Multi Markets Trading L P [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in U.S Treasury notes, amortized cost | $ 82,787,620 | $ 89,349,095 |
Cash denominated in foreign currencies, cost | 3,016,827 | 4,434 |
Investments in U.S Treasury notes, amortized cost | 308,685,279 | 309,961,675 |
Cash denominated in foreign currencies, cost | $ 0 | $ 5,261,847 |
Condensed Schedule of Investmen
Condensed Schedule of Investments - Millburn Multi Markets Trading L P [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (1.09%) | 4.98% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (4,535,580) | $ 22,685,702 |
U S Treasury Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 25.39% | 16.98% |
Investment Owned, Balance, Principal Amount | $ 105,680,000 | $ 77,590,000 |
Investment Owned, at Fair Value | $ 105,345,622 | $ 77,385,416 |
U S Treasury Notes 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 24.23% | 26.35% |
Investment Owned, Balance, Principal Amount | $ 101,530,000 | $ 121,340,000 |
Investment Owned, at Fair Value | $ 100,544,445 | $ 120,074,462 |
U S Treasury Notes 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 23.59% | 18.94% |
Investment Owned, Balance, Principal Amount | $ 99,490,000 | $ 87,490,000 |
Investment Owned, at Fair Value | $ 97,867,458 | $ 86,293,848 |
U S Treasury Notes 3 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 21.21% | 24.87% |
Investment Owned, Balance, Principal Amount | $ 90,020,000 | $ 115,300,000 |
Investment Owned, at Fair Value | $ 88,003,341 | $ 113,349,809 |
US Treasury Notes Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 94.42% | 87.14% |
Investment Owned, at Fair Value | $ 391,760,866 | $ 397,103,535 |
Exchange Traded Futures Contracts Currencies [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0.01% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (13,413) | $ 51,834 |
Exchange Traded Futures Contracts Currencies [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.04%) | 0% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (183,361) | $ (19,221) |
Exchange Traded Futures Contracts Energies [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.47%) | 0.91% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (1,954,311) | $ 4,130,190 |
Exchange Traded Futures Contracts Energies [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.27%) | 0.66% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (1,108,380) | $ 2,993,111 |
Exchange Traded Futures Contracts Interest Rates [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.56% | (0.04%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 2,304,253 | $ (183,318) |
Exchange Traded Futures Contracts Grains [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.09% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 400,196 | |
Exchange Traded Futures Contracts Grains [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.07% | (0.02%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 309,433 | $ (100,750) |
Two Year U S Treasury Note [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.06% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 275,407 | |
Thirty Year U S Treasury Bond [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.01% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 46,531 | |
Other Interest Rates [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 2.86% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 13,022,545 | |
Interest Rate Contract [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.88%) | 2.93% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (3,643,573) | $ 13,344,483 |
Exchange Traded Futures Contracts Livestock [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (10,480) | $ (25,990) |
Exchange Traded Futures Contracts Livestock [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 4,330 | |
Exchange Traded Futures Contracts Metals [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.48% | 0.17% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 1,975,894 | $ 788,340 |
Exchange Traded Futures Contracts Metals [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.49%) | (0.15%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (2,048,679) | $ (650,216) |
Exchange Traded Futures Contracts Softs [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.01%) | (0.02%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (51,788) | $ (89,566) |
Exchange Traded Futures Contracts Softs [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.14% | (0.01%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 599,335 | $ (35,000) |
Exchange Traded Futures Contracts Stock Indices [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.13% | (0.06%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 558,003 | $ (262,708) |
Exchange Traded Futures Contracts Stock Indices [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.08% | 0.03% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 340,579 | $ 139,034 |
Future [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.70%) | 4.50% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (2,922,158) | $ 20,480,419 |
Future [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.69% | 1.06% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 2,808,158 | $ 4,808,978 |
Future [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (1.39%) | 3.44% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (5,730,316) | $ 15,671,441 |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.39%) | 0.48% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (1,613,422) | $ 2,205,283 |
Forward Contracts [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 2.24% | 1.06% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 9,297,400 | $ 4,825,541 |
Forward Contracts [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (2.63%) | (0.58%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (10,910,822) | $ (2,620,258) |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (Parenthetical) - Millburn Multi Markets Trading L P [Member] | 12 Months Ended | |
Dec. 31, 2022 USD ($) contract | Dec. 31, 2023 USD ($) | |
Schedule of Investments [Line Items] | ||
Investment Owned, Cost | $ | $ 399,310,770 | $ 391,472,899 |
U S Treasury Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2% | 2.75% |
Investment Maturity Date | Feb. 15, 2023 | Feb. 15, 2024 |
U S Treasury Notes 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 1.75% | 2.50% |
Investment Maturity Date | May 15, 2023 | May 15, 2024 |
U S Treasury Notes 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.50% | 2.375% |
Investment Maturity Date | Aug. 15, 2023 | Aug. 15, 2024 |
U S Treasury Notes 3 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.75% | 2.25% |
Investment Maturity Date | Nov. 15, 2023 | Nov. 15, 2024 |
Two Year U S Treasury Note [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment term | 2 years | |
Investment Owned, Balance, Contracts | 779 | |
Thirty Year U S Treasury Bond [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment term | 30 years | |
Investment Owned, Balance, Contracts | 260 |
Statement of Operations_2
Statement of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENT INCOME — Interest income, net | $ 2,534 | $ 550 |
EXPENSES: | ||
Management fees | 2,279,482 | 2,385,044 |
Selling commissions | 2,284,856 | 2,365,854 |
Custody fees and other expenses | 24,105 | 24,150 |
Total expenses | 5,697,932 | 5,879,383 |
Net investment income (loss) | 123,950 | (3,908,339) |
REALIZED AND UNREALIZED GAINS (LOSSES): | ||
Futures and forward currency contracts | (3,170,570) | 18,820,497 |
Foreign exchange transaction | 68,605 | (48,211) |
Net change in unrealized: | ||
Futures and forward currency contracts | (8,631,839) | 6,522,911 |
Foreign exchange translation | (231,455) | (7,077) |
Realized | (67,858) | (161,518) |
Net change in unrealized | 758,891 | (647,623) |
NET INCOME | (11,150,276) | 20,570,640 |
LESS PROFIT SHARE TO GENERAL PARTNER | 9,225 | 1,865,305 |
Millburn Multi Markets Trading L P [Member] | ||
INVESTMENT INCOME — Interest income, net | 19,349,529 | 6,386,783 |
EXPENSES: | ||
Brokerage commissions | 1,826,847 | 1,892,321 |
Management fees | 5,053,634 | 4,995,736 |
Selling commissions | 2,284,878 | 2,365,876 |
Operating expenses | 1,181,989 | 1,091,861 |
Custody fees and other expenses | 79,703 | 78,035 |
Total expenses | 10,427,051 | 10,423,829 |
Net investment income (loss) | 8,922,478 | (4,037,046) |
REALIZED AND UNREALIZED GAINS (LOSSES): | ||
Futures and forward currency contracts | (9,226,084) | 58,401,712 |
Foreign exchange transaction | (771,586) | (22,039) |
Net change in unrealized: | ||
Futures and forward currency contracts | (27,221,282) | 23,635,904 |
Foreign exchange translation | 237,371 | (145,863) |
Realized | (221,890) | (525,149) |
Net change in unrealized | 2,495,202 | (2,114,651) |
Total net realized and unrealized gains (losses) | (34,708,269) | 79,229,914 |
NET INCOME | (25,785,791) | 75,192,868 |
LESS PROFIT SHARE TO GENERAL PARTNER | 280,525 | 12,498,758 |
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER | $ (26,066,316) | $ 62,694,110 |
Statement of Change in Partners
Statement of Change in Partners' Capital - USD ($) | Limited Partners [Member] Millburn Multi Markets Trading L P [Member] | New Profit Memo Account [Member] Millburn Multi Markets Trading L P [Member] | General Partners [Member] Millburn Multi Markets Trading L P [Member] | General Partners [Member] | Total [Member] Millburn Multi Markets Trading L P [Member] | Millburn Multi Markets Trading L P [Member] | Total |
PARTNERS’ CAPITAL at Dec. 31, 2021 | $ 398,976,730 | $ 1,035,802 | $ 2,667,014 | $ 400,012,532 | $ 128,076,157 | ||
Contributions | 52,542,600 | 52,542,600 | |||||
Withdrawals | (59,563,084) | (12,464,726) | (72,027,810) | ||||
Net income before profit share | 75,010,570 | $ (34,032) | 216,330 | 549,355 | 75,192,868 | 20,570,640 | |
General Partner’s allocation - profit share | (12,498,758) | 12,498,758 | |||||
Account to General Partner | (12,464,726) | 12,464,726 | |||||
PARTNERS’ CAPITAL at Dec. 31, 2022 | 454,468,058 | 1,252,132 | 3,216,369 | 455,720,190 | $ 455,720,190 | 143,276,896 | |
Contributions | 136,115,716 | 136,115,716 | |||||
Withdrawals | (150,892,394) | (257,741) | (151,150,135) | ||||
Net income before profit share | (25,706,995) | (22,784) | (56,012) | (152,373) | (25,785,791) | (11,150,276) | |
General Partner’s allocation - profit share | (280,525) | 280,525 | |||||
Account to General Partner | $ (257,741) | 257,741 | |||||
PARTNERS’ CAPITAL at Dec. 31, 2023 | $ 413,703,860 | $ 1,196,120 | $ 3,063,996 | $ 414,899,980 | $ 414,899,980 | $ 123,929,777 |
Statement of Financial Highli_2
Statement of Financial Highlights | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Tracking Partner [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total return before General Partner profit share allocation | (6.13%) | 18.53% | |
Tracking Partner [Member] | Millburn Multi Markets Trading L P [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Less: General Partner profit share allocation | 2.45% | ||
Total return after General Partner profit share allocation | (6.13%) | 16.08% | |
Ratios to average net asset value: | |||
Expenses | [1],[2] | 2.33% | 2.35% |
General Partner profit share allocation | 2.45% | ||
Total expenses | [2] | 2.33% | 4.80% |
Net investment income (loss) | [1],[2] | 2.07% | (0.94%) |
Limited Partner [Member] | Millburn Multi Markets Trading L P [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total return before General Partner profit share allocation | (6.00%) | 17.69% | |
Less: General Partner profit share allocation | 0.06% | 2.85% | |
Total return after General Partner profit share allocation | (6.06%) | 14.84% | |
Ratios to average net asset value: | |||
Expenses | [1],[2] | 2.37% | 2.37% |
General Partner profit share allocation | 0.06% | 2.85% | |
Total expenses | [2] | 2.43% | 5.22% |
Net investment income (loss) | [1],[2] | 2.03% | (0.95%) |
[1] Excludes General Partner profit share allocation. Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1). |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2023 | |
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 and on March 1, 2023, the Partnership offered Series E (collectively, the “Series”) and may offer additional series in the future. A Limited Partner may redeem some or all of its Units as of the end of any month on 15 days’ prior written notice. |
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. 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 (see Note 4) and the General Partner share in the profits and losses of the Partnership which are determined before management fees, selling commissions (see Note 2) and profit share allocations on the basis of their proportionate interests of Partnership capital (see 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, 2023 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States (“U.S.”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report. Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership’s income and expenses. 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, 2020 to 2023, 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 includes cash held at First Republic Bank , which became part of JP Morgan Chase Bank, N.A. effective May 1, 2023. Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less. Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership’s underlying investments held within the Master Fund are included in the attached Master Fund’s financial statements. |
Millburn Multi Markets Trading L P [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers. 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 — Cash includes cash held at First Republic Bank , which became part of JP Morgan Chase Bank, N.A. effective May 1, 2023 . Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less. Cash Denominated in Foreign Currencies — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition. Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. dollars at the exchange rate prevailing when such transactions occurred. Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.146 % per month of net asset value ( 1.75 % per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2023 and 2022 were as follows: Management Fees 2023 2022 US Feeder $ 2,279,482 $ 2,385,044 Cayman Feeder 2,576,924 2,415,817 Other (1) 197,228 194,875 Total $ 5,053,634 $ 4,995,736 (1) Direct investors in the Partnership Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2 % per annum. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2 % per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. and Cayman Feeder investors. For the years ended December 31, 2023 and 2022, selling commissions were as follows: Selling Commissions 2023 2022 U.S. Feeder $ 2,284,856 $ 2,365,854 Cayman Feeder 22 22 Total $ 2,284,878 $ 2,365,876 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”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary 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, 2023 and 2022, 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 years ended December 31, 2023 and 2022, operating expenses were as follows: Operating Expenses 2023 2022 Partnership $ 621,779 $ 584,173 U.S. Feeder 369,156 330,536 Cayman Feeder 191,054 177,152 Total $ 1,181,989 $ 1,091,861 Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable share of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes. Income Taxes (Topic 740) 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, 2020 to 2023, the General Partner has determined that no reserves for uncertain tax positions were required. Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition. Fair Value of Financial Instruments — T he fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurement (Topic 820) of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments — The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations. The General Partner of the Partnership does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Derivative Contracts — Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange - traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy. 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, six months, nine months and twelve 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. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2023 and 2022 in valuing the Partnership’s investments at fair value. As of and during the years ended December 31, 2023 and 2022, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2023 Level 1 Level 2 Total U.S. Treasury notes (1) $ 391,760,866 $ - $ 391,760,866 Short-Term Money Market Fund* 18,717,049 - 18,717,049 Exchange-traded futures contracts Currencies ( 196,774 ) - ( 196,774 ) Energies ( 3,062,691 ) - ( 3,062,691 ) Grains 309,433 - 309,433 Interest rates ( 1,339,320 ) - ( 1,339,320 ) Livestock ( 6,150 ) - ( 6,150 ) Metals ( 72,785 ) - ( 72,785 ) Softs 547,547 - 547,547 Stock indices 898,582 - 898,582 Total exchange-traded futures contracts ( 2,922,158 ) - ( 2,922,158 ) Over-the-counter forward currency contracts - ( 1,613,422 ) ( 1,613,422 ) Total futures and forward currency contracts (2) ( 2,922,158 ) ( 1,613,422 ) ( 4,535,580 ) Total financial assets and liabilities at fair value $ 407,555,757 $ ( 1,613,422 ) $ 405,942,335 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 82,759,250 Investments in U.S. Treasury notes 309,001,616 Total investments in U.S. Treasury notes $ 391,760,866 (2) Net unrealized appreciation on open futures and forward currency contracts $ 388,051 Net unrealized depreciation on open futures and forward currency contracts ( 4,923,631 ) Total net unrealized depreciation on open futures and forward currency contracts $ ( 4,535,580 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2022 Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock ( 25,990 ) - ( 25,990 ) Metals 138,124 - 138,124 Softs ( 124,566 ) - ( 124,566 ) Stock indices ( 123,674 ) - ( 123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
INVESTORS IN MILLBURN MULTI-MAR
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 12 Months Ended |
Dec. 31, 2023 | |
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 3. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. During the years ended December 31, 2023 and 2022, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2023 and 2022, the Partnership’s investment in the Master Fund represents 29.87 % and 31.44 %, respectively, of total partners’ capital of the Master Fund. As the Partnership’s sole investing activity during the years ended December 31, 2023 and 2022 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 limited 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] | |
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, 2023 and 2022, respective ownership percentages of the Partnership are detailed below : 2023 2022 U.S. Feeder 29.87 % 31.44 % Cayman Feeder 54.29 53.11 Total 84.16 % 84.55 % The remaining interests are held by direct investors in the Partnership. The capital withdrawals payable at December 31, 2023 and 2022 were $ 2,622,691 and $ 13,752,350 , respectively, detailed below. 2023 2022 Direct investors (1) $ 257,741 $ 13,267,996 U.S. Feeder 153,125 484,354 Cayman Feeder 2,211,825 - Total $ 2,622,691 $ 13,752,350 (1) Includes profit share to the General Partner of $ 257,741 at December 31, 2023. Includes profit share to the General Partner of $ 12,464,726 and a limited partner redemption of $ 803,270 , totaling $ 13,267,996 at December 31, 2022. During February 2020, the Cayman Feeder created a new GBP share class. As the Cayman Feeder determines its net asset value in U.S. dollars and the GBP share class’s functional currency is British Pound Sterling, an investment in the GBP share class involves exchange-rate risk. It’s the Master Fund’s general practice to enter into a one-month forward currency contract at the beginning of each month for the purpose of hedging the GBP share class’ beginning of month exposure to U.S. dollars. Hedging the Cayman Feeder’s GBP share class exposure to U.S. dollars takes place at the Master Fund level. In the event of mid-month investor subscriptions or redemptions, the Master Fund may increase or decrease its hedge by entering into one or more additional forward currency contracts. The Master Fund may or may not adjust the hedge during a month for profits and losses. All gains and losses and all expenses of such currency hedging will be allocated at the Master Fund level to the Class GBP Shares. |
MANAGEMENT FEES, SELLING COMMIS
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure 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 0.146 % per month of net asset value ( 1.75 % 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, 2023 and 2022, the Partnership incurred Partnership-level management fees of $ 2,279,482 and $ 2,385,044 , 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; 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; and 4) Series E Units are not subject to a management fee or any fees payable to Selling Agents and the General Partner will not receive a profit share with respect to Series E Units. For the years ended December 31, 2023 and 2022, there were no Platform Fees. Selling Commissions were as follows: Selling Commissions 2023 2022 Series A Units $ 2,238,938 $ 2,301,259 Series D Units 45,918 64,595 $ 2,284,856 $ 2,365,854 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, 2023 | |
Disclosure 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 year ended December 31, 2023, the Partnership incurred Partnership-level administrative expenses of $ 369,156 and a pro-rata share of master expenses of $ 188,780 , totaling $ 557,936 . For the year ended December 31, 2022, the Partnership incurred Partnership-level administrative expenses of $ 330,536 and a pro-rata share of master expenses of $ 182,745 , totaling $ 513,281 . These amounts are included in the Statements of Operations under “Operating expenses.” |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
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 $ 44,786,673 and $ 37,114,394 at December 31, 2023 and 2022, 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), Goldman Sachs & Co., and BofA Securities, 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. 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, 2023 and 2022 , by settlement currency type, denominated in U.S. Dollars, is detailed below: As of December 31, 2023 2022 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ ( 150,030 ) 3.31 % $ 534,449 2.36 % Brazilian real 53,254 ( 1.17 ) ( 10,546 ) ( 0.05 ) British pound 134,306 ( 2.96 ) 356,161 1.57 Canadian dollar 49,802 ( 1.10 ) 537,280 2.37 Euro ( 552,639 ) 12.18 10,606,521 46.75 Hong Kong dollar ( 6,530 ) 0.14 ( 25,054 ) ( 0.11 ) Japanese yen 26,731 ( 0.59 ) 955,351 4.21 Korean won 306,931 ( 6.77 ) 66,306 0.29 Malaysian ringgit ( 13,231 ) 0.29 ( 709 ) ( 0.00 ) Norwegian krone - - 138,796 0.61 Polish zloty - - 107,021 0.47 Singapore dollar 35,680 ( 0.79 ) 14,625 0.06 South African rand ( 693 ) 0.02 ( 5,501 ) ( 0.02 ) Swedish krona - - 101,832 0.45 Thai baht ( 14,623 ) 0.32 69,304 0.31 U.S. dollar ( 4,404,538 ) 97.12 9,239,866 40.73 Total $ ( 4,535,580 ) 100.00 % $ 22,685,702 100.00 % The Derivatives and Hedging (Topic 815) 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, 2023 and 2022, by market sector: Agricultural (grains, livestock and softs) — The Partnership’s primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors. Currencies — Exchange rate risk is a principal market exposure of the Partnership. The Partnership’s currency exposure is to exchange rate fluctuations that disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Partnership trades in a large number of currencies including cross-rates — e.g., positions between two currencies other than the U.S. dollar. Energies — T he Partnership’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. Interest Rates — Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries may materially impact the Partnership’s profitability. The Partnership’s primary interest rate exposure is to interest rate fluctuations in countries or regions including Australia, Canada, Japan, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other countries. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future. Metals — The Partnership’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, palladium, platinum, silver, tin and zinc. Stock Indices — The Partnership’s equity exposure, through stock index futures, is to equity price risk in the major industrialized countries as well as other countries. The Derivatives and Hedging (Topic 815) 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 guidance. 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, 2023 and 2022. 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, 2023 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 27,753 $ ( 41,166 ) $ 14,145 $ ( 197,506 ) $ ( 196,774 ) Energies - ( 1,954,311 ) 235,427 ( 1,343,807 ) ( 3,062,691 ) Grains - - 593,133 ( 283,700 ) 309,433 Interest rates 2,570,886 ( 266,633 ) 321,540 ( 3,965,113 ) ( 1,339,320 ) Livestock - ( 10,480 ) 4,330 - ( 6,150 ) Metals 2,220,102 ( 244,208 ) 254,665 ( 2,303,344 ) ( 72,785 ) Softs - ( 51,788 ) 617,612 ( 18,277 ) 547,547 Stock indices 753,414 ( 195,411 ) 387,967 ( 47,388 ) 898,582 Total futures contracts 5,572,155 ( 2,763,997 ) 2,428,819 ( 8,159,135 ) ( 2,922,158 ) Forward currency contracts 9,695,517 ( 398,117 ) 409,647 ( 11,320,469 ) ( 1,613,422 ) Total futures and forward currency contracts $ 15,267,672 $ ( 3,162,114 ) $ 2,838,466 $ ( 19,479,604 ) $ ( 4,535,580 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2022 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 97,003 $ ( 45,169 ) $ 55 $ ( 19,276 ) $ 32,613 Energies 4,273,340 ( 143,150 ) 2,997,981 ( 4,870 ) 7,123,301 Grains 563,235 ( 163,039 ) - ( 100,750 ) 299,446 Interest rates - ( 183,318 ) 13,678,900 ( 334,417 ) 13,161,165 Livestock 830 ( 26,820 ) - - ( 25,990 ) Metals 1,351,092 ( 562,752 ) 542,450 ( 1,192,666 ) 138,124 Softs 336 ( 89,902 ) 49,611 ( 84,611 ) ( 124,566 ) Stock indices 105,622 ( 368,330 ) 483,041 ( 344,007 ) ( 123,674 ) Total futures contracts 6,391,458 ( 1,582,480 ) 17,752,038 ( 2,080,597 ) 20,480,419 Forward currency contracts 7,099,705 ( 2,274,164 ) 1,339,549 ( 3,959,807 ) 2,205,283 Total futures and forward currency contracts $ 13,491,163 $ ( 3,856,644 ) $ 19,091,587 $ ( 6,040,404 ) $ 22,685,702 The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2023 and 2022 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, 2023 and 2022 Sector 2023 2022 Futures contracts: Currencies $ 856,989 $ 2,668,075 Energies ( 17,234,199 ) 33,572,540 Grains ( 42,933 ) ( 4,343,620 ) Interest rates ( 19,049,633 ) 22,456,018 Livestock 156,200 90,780 Metals ( 1,843,149 ) ( 2,825,535 ) Softs ( 325,387 ) 107,783 Stock indices 5,263,962 16,632,265 Total futures contracts ( 32,218,150 ) 68,358,307 Forward currency contracts ( 4,229,216 ) 13,679,309 Total futures and forward currency contracts $ ( 36,447,366 ) $ 82,037,616 For the years ended December 31, 2023 and 2022, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below: 2023 2022 Average bought 61,854 62,165 Average sold 60,740 63,168 Average notional $ 3,520,000,000 $ 3,706,000,000 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, 2023 and 2022. Offsetting of derivative assets and liabilities at December 31, 2023 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statements of the Statements of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 1,439,086 $ ( 1,051,035 ) $ 388,051 Total assets $ 1,439,086 $ ( 1,051,035 ) $ 388,051 Gross amounts Net amounts of offset in the liabilities presented in Gross amounts of Statement of the Statement of Liabilities recognized liabilities Financial Condition Financial Condition Futures contracts Counterparty J $ 618,432 $ ( 385,761 ) $ 232,671 Counterparty L 9,253,665 ( 6,176,127 ) 3,077,538 Total futures contracts 9,872,097 ( 6,561,888 ) 3,310,209 Forward currency contracts Counterparty G 4,860,154 ( 4,122,044 ) 738,110 Counterparty K 6,858,432 ( 5,983,120 ) 875,312 Total forward contracts 11,718,586 ( 10,105,164 ) 1,613,422 Total liabilities $ 21,590,683 $ ( 16,667,052 ) $ 4,923,631 (Continued) Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 388,051 $ - $ ( 388,051 ) $ - Total $ 388,051 $ - $ ( 388,051 ) $ - Amounts Not Offset in the Statement of Financial Condition Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty J $ 232,671 $ - $ 232,671 $ - Counterparty L 3,077,538 - 3,077,538 - Counterparty G 738,110 - 738,110 - Counterparty K 875,312 - 875,312 - Total $ 4,923,631 $ - $ 4,923,631 $ - (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 Statements 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, 2023. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2023. (Concluded) Offsetting of derivative assets and liabilities at December 31, 2022 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statements of the Statements of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 2,201,296 $ ( 739,360 ) $ 1,461,936 Counterparty J 918,116 ( 400,150 ) 517,966 Counterparty L 21,024,084 ( 2,523,567 ) 18,500,517 Total futures contracts 24,143,496 ( 3,663,077 ) 20,480,419 Forward currency contracts Counterparty G 2,976,865 ( 2,194,130 ) 782,735 Counterparty K 5,462,389 ( 4,039,841 ) 1,422,548 Total forward contracts 8,439,254 ( 6,233,971 ) 2,205,283 Total assets $ 32,582,750 $ ( 9,897,048 ) $ 22,685,702 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,461,936 $ - $ ( 1,461,936 ) $ - Counterparty J 517,966 - ( 517,966 ) - Counterparty L 18,500,517 - ( 18,500,517 ) - Counterparty G 782,735 - - 782,735 Counterparty K 1,422,548 - - 1,422,548 Total $ 22,685,702 $ - $ ( 20,480,419 ) $ 2,205,283 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements 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, 2022. |
INDEMNIFICATIONS
INDEMNIFICATIONS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | |
ADMINISTRATOR AGREEMENT | 8. ADMINISTRATOR AGREEMENT The Partnership and the Master Fund 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. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2023 | |
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 1.75 % ( 1.75 % 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, 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 1.75 % ( 1.75 % 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, and profit share allocation arrangements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS The General Partner has performed its evaluation of subsequent events through March 18, 2024, the date the financial statements were issued. Based on such evaluation, no 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 The General Partner has performed its evaluation of subsequent events through March 18, 2024, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements. |
PROFIT SHARE ALLOCATION
PROFIT SHARE ALLOCATION | 12 Months Ended |
Dec. 31, 2023 | |
Millburn Multi Markets Trading L P [Member] | |
PROFIT SHARE ALLOCATION | 4. PROFIT SHARE ALLOCATION The General Partner’s profit share is 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, 2023 and 2022 were as follows: Profit Share 2023 2022 U.S. Feeder $ 9,225 $ 1,865,305 Cayman Feeder 255,953 9,853,870 Other (1) 15,347 779,583 Total $ 280,525 $ 12,498,758 (1) Direct investors in the Partnership |
DUE FROM_TO BROKERS
DUE FROM/TO BROKERS | 12 Months Ended |
Dec. 31, 2023 | |
Millburn Multi Markets Trading L P [Member] | |
DUE FROM/TO BROKERS | 5. DUE FROM/TO BROKERS At December 31, 2023 and 2022, 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 brokers balance also includes cash held as collateral at Bank of America, N.A. |
TRADING ACTIVITIES
TRADING ACTIVITIES | 12 Months Ended |
Dec. 31, 2023 | |
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. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Basis of Presentation | Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted (“U.S. GAAP”) in the United States (“U.S.”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . |
Investment | Investment — The investment in the Master Fund is reported at fair value in the Partnership’s Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund’s valuation policies and reported at the time of the Partnership’s valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership’s investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership’s investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund’s financial statements included in Section II of this annual report. |
Income Taxes | Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership’s income and expenses. 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, 2020 to 2023, 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 — Cash includes cash held at First Republic Bank , which became part of JP Morgan Chase Bank, N.A. effective May 1, 2023. Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less. |
Estimates | Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership’s underlying investments held within the Master Fund are included in the attached Master Fund’s financial statements. |
Millburn Multi Markets Trading L P [Member] | |
Basis of Presentation | Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”). The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . |
Investment | Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers. 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 Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable share of the Partnership’s income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes. Income Taxes (Topic 740) 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, 2020 to 2023, the General Partner has determined that no reserves for uncertain tax positions were required. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash includes cash held at First Republic Bank , which became part of JP Morgan Chase Bank, N.A. effective May 1, 2023 . Cash equivalents includes investments in Dreyfus Treasury Securities Cash Management, a short term U.S. government securities money market fund, that is readily convertible to cash and has an original maturity of 90 days or less. |
Cash Denominated in Foreign Currencies | Cash Denominated in Foreign Currencies — Includes foreign currency cash held at the Partnership’s trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition. |
Foreign Currency Translation | Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. dollars at the exchange rate prevailing when such transactions occurred. |
Management Fees | Management Fees — The Agreement provides that the Partnership shall charge the limited partners’ capital accounts and pay the General Partner management fees at a fixed rate of 0.146 % per month of net asset value ( 1.75 % per annum) of limited partnership interests. The General Partner retains the right to charge less than the annual management fee rate except as specified in the Agreement. Management fees for the years ended December 31, 2023 and 2022 were as follows: Management Fees 2023 2022 US Feeder $ 2,279,482 $ 2,385,044 Cayman Feeder 2,576,924 2,415,817 Other (1) 197,228 194,875 Total $ 5,053,634 $ 4,995,736 (1) Direct investors in the Partnership |
Selling Commissions | Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2 % per annum. On March 1, 2012, the Cayman Feeder began offering shares that are subject to selling commissions of 2 % per annum. These selling commissions are charged at the Partnership level but are allocated only to the applicable U.S. and Cayman Feeder investors. For the years ended December 31, 2023 and 2022, selling commissions were as follows: Selling Commissions 2023 2022 U.S. Feeder $ 2,284,856 $ 2,365,854 Cayman Feeder 22 22 Total $ 2,284,878 $ 2,365,876 |
Operating Expenses | 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”). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary 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, 2023 and 2022, 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 years ended December 31, 2023 and 2022, operating expenses were as follows: Operating Expenses 2023 2022 Partnership $ 621,779 $ 584,173 U.S. Feeder 369,156 330,536 Cayman Feeder 191,054 177,152 Total $ 1,181,989 $ 1,091,861 |
Estimates | Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. |
Right of Offset | Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — T he fair value of the Partnership’s assets and liabilities which qualify as financial instruments under the Fair Value Measurement (Topic 820) of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments — The Partnership’s cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations. The General Partner of the Partnership does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Derivative Contracts — Derivative contracts can be exchange-traded or over-the-counter (“OTC”). Exchange - traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy. 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, six months, nine months and twelve 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. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2023 and 2022 in valuing the Partnership’s investments at fair value. As of and during the years ended December 31, 2023 and 2022, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2023 Level 1 Level 2 Total U.S. Treasury notes (1) $ 391,760,866 $ - $ 391,760,866 Short-Term Money Market Fund* 18,717,049 - 18,717,049 Exchange-traded futures contracts Currencies ( 196,774 ) - ( 196,774 ) Energies ( 3,062,691 ) - ( 3,062,691 ) Grains 309,433 - 309,433 Interest rates ( 1,339,320 ) - ( 1,339,320 ) Livestock ( 6,150 ) - ( 6,150 ) Metals ( 72,785 ) - ( 72,785 ) Softs 547,547 - 547,547 Stock indices 898,582 - 898,582 Total exchange-traded futures contracts ( 2,922,158 ) - ( 2,922,158 ) Over-the-counter forward currency contracts - ( 1,613,422 ) ( 1,613,422 ) Total futures and forward currency contracts (2) ( 2,922,158 ) ( 1,613,422 ) ( 4,535,580 ) Total financial assets and liabilities at fair value $ 407,555,757 $ ( 1,613,422 ) $ 405,942,335 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 82,759,250 Investments in U.S. Treasury notes 309,001,616 Total investments in U.S. Treasury notes $ 391,760,866 (2) Net unrealized appreciation on open futures and forward currency contracts $ 388,051 Net unrealized depreciation on open futures and forward currency contracts ( 4,923,631 ) Total net unrealized depreciation on open futures and forward currency contracts $ ( 4,535,580 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2022 Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock ( 25,990 ) - ( 25,990 ) Metals 138,124 - 138,124 Softs ( 124,566 ) - ( 124,566 ) Stock indices ( 123,674 ) - ( 123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * 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, 2023 | |
Schedule of management fees | Management Fees 2023 2022 US Feeder $ 2,279,482 $ 2,385,044 Cayman Feeder 2,576,924 2,415,817 Other (1) 197,228 194,875 Total $ 5,053,634 $ 4,995,736 (1) Direct investors in the Partnership |
Schedule of selling commissions | Selling Commissions 2023 2022 U.S. Feeder $ 2,284,856 $ 2,365,854 Cayman Feeder 22 22 Total $ 2,284,878 $ 2,365,876 |
Schedule of operating expenses | Operating Expenses 2023 2022 Partnership $ 621,779 $ 584,173 U.S. Feeder 369,156 330,536 Cayman Feeder 191,054 177,152 Total $ 1,181,989 $ 1,091,861 |
Schedule of financial assets and liabilities at fair value | The following table represents the Partnership’s investments by hierarchical level as of December 31, 2023 and 2022 in valuing the Partnership’s investments at fair value. As of and during the years ended December 31, 2023 and 2022, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2023 Level 1 Level 2 Total U.S. Treasury notes (1) $ 391,760,866 $ - $ 391,760,866 Short-Term Money Market Fund* 18,717,049 - 18,717,049 Exchange-traded futures contracts Currencies ( 196,774 ) - ( 196,774 ) Energies ( 3,062,691 ) - ( 3,062,691 ) Grains 309,433 - 309,433 Interest rates ( 1,339,320 ) - ( 1,339,320 ) Livestock ( 6,150 ) - ( 6,150 ) Metals ( 72,785 ) - ( 72,785 ) Softs 547,547 - 547,547 Stock indices 898,582 - 898,582 Total exchange-traded futures contracts ( 2,922,158 ) - ( 2,922,158 ) Over-the-counter forward currency contracts - ( 1,613,422 ) ( 1,613,422 ) Total futures and forward currency contracts (2) ( 2,922,158 ) ( 1,613,422 ) ( 4,535,580 ) Total financial assets and liabilities at fair value $ 407,555,757 $ ( 1,613,422 ) $ 405,942,335 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 82,759,250 Investments in U.S. Treasury notes 309,001,616 Total investments in U.S. Treasury notes $ 391,760,866 (2) Net unrealized appreciation on open futures and forward currency contracts $ 388,051 Net unrealized depreciation on open futures and forward currency contracts ( 4,923,631 ) Total net unrealized depreciation on open futures and forward currency contracts $ ( 4,535,580 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2022 Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock ( 25,990 ) - ( 25,990 ) Metals 138,124 - 138,124 Softs ( 124,566 ) - ( 124,566 ) Stock indices ( 123,674 ) - ( 123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
INVESTORS IN MILLBURN MULTI-M_2
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Tables) - Millburn Multi Markets Trading L P [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Schedule of ownership percentages | 2023 2022 U.S. Feeder 29.87 % 31.44 % Cayman Feeder 54.29 53.11 Total 84.16 % 84.55 % |
Schedule of capital withdrawals payable | 2023 2022 Direct investors (1) $ 257,741 $ 13,267,996 U.S. Feeder 153,125 484,354 Cayman Feeder 2,211,825 - Total $ 2,622,691 $ 13,752,350 (1) Includes profit share to the General Partner of $ 257,741 at December 31, 2023. Includes profit share to the General Partner of $ 12,464,726 and a limited partner redemption of $ 803,270 , totaling $ 13,267,996 at December 31, 2022. |
MANAGEMENT FEES, SELLING COMM_2
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Management Fees Selling Commissions Platform Fees And Profit Share [Abstract] | |
Schedule of selling commissions | Selling Commissions 2023 2022 Series A Units $ 2,238,938 $ 2,301,259 Series D Units 45,918 64,595 $ 2,284,856 $ 2,365,854 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) - Millburn Multi Markets Trading L P [Member] | 12 Months Ended |
Dec. 31, 2023 | |
Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type | As of December 31, 2023 2022 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ ( 150,030 ) 3.31 % $ 534,449 2.36 % Brazilian real 53,254 ( 1.17 ) ( 10,546 ) ( 0.05 ) British pound 134,306 ( 2.96 ) 356,161 1.57 Canadian dollar 49,802 ( 1.10 ) 537,280 2.37 Euro ( 552,639 ) 12.18 10,606,521 46.75 Hong Kong dollar ( 6,530 ) 0.14 ( 25,054 ) ( 0.11 ) Japanese yen 26,731 ( 0.59 ) 955,351 4.21 Korean won 306,931 ( 6.77 ) 66,306 0.29 Malaysian ringgit ( 13,231 ) 0.29 ( 709 ) ( 0.00 ) Norwegian krone - - 138,796 0.61 Polish zloty - - 107,021 0.47 Singapore dollar 35,680 ( 0.79 ) 14,625 0.06 South African rand ( 693 ) 0.02 ( 5,501 ) ( 0.02 ) Swedish krona - - 101,832 0.45 Thai baht ( 14,623 ) 0.32 69,304 0.31 U.S. dollar ( 4,404,538 ) 97.12 9,239,866 40.73 Total $ ( 4,535,580 ) 100.00 % $ 22,685,702 100.00 % |
Schedule of fair value of futures and forward currency contracts | Fair Value of Futures and Forward Currency Contracts at December 31, 2023 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 27,753 $ ( 41,166 ) $ 14,145 $ ( 197,506 ) $ ( 196,774 ) Energies - ( 1,954,311 ) 235,427 ( 1,343,807 ) ( 3,062,691 ) Grains - - 593,133 ( 283,700 ) 309,433 Interest rates 2,570,886 ( 266,633 ) 321,540 ( 3,965,113 ) ( 1,339,320 ) Livestock - ( 10,480 ) 4,330 - ( 6,150 ) Metals 2,220,102 ( 244,208 ) 254,665 ( 2,303,344 ) ( 72,785 ) Softs - ( 51,788 ) 617,612 ( 18,277 ) 547,547 Stock indices 753,414 ( 195,411 ) 387,967 ( 47,388 ) 898,582 Total futures contracts 5,572,155 ( 2,763,997 ) 2,428,819 ( 8,159,135 ) ( 2,922,158 ) Forward currency contracts 9,695,517 ( 398,117 ) 409,647 ( 11,320,469 ) ( 1,613,422 ) Total futures and forward currency contracts $ 15,267,672 $ ( 3,162,114 ) $ 2,838,466 $ ( 19,479,604 ) $ ( 4,535,580 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2022 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 97,003 $ ( 45,169 ) $ 55 $ ( 19,276 ) $ 32,613 Energies 4,273,340 ( 143,150 ) 2,997,981 ( 4,870 ) 7,123,301 Grains 563,235 ( 163,039 ) - ( 100,750 ) 299,446 Interest rates - ( 183,318 ) 13,678,900 ( 334,417 ) 13,161,165 Livestock 830 ( 26,820 ) - - ( 25,990 ) Metals 1,351,092 ( 562,752 ) 542,450 ( 1,192,666 ) 138,124 Softs 336 ( 89,902 ) 49,611 ( 84,611 ) ( 124,566 ) Stock indices 105,622 ( 368,330 ) 483,041 ( 344,007 ) ( 123,674 ) Total futures contracts 6,391,458 ( 1,582,480 ) 17,752,038 ( 2,080,597 ) 20,480,419 Forward currency contracts 7,099,705 ( 2,274,164 ) 1,339,549 ( 3,959,807 ) 2,205,283 Total futures and forward currency contracts $ 13,491,163 $ ( 3,856,644 ) $ 19,091,587 $ ( 6,040,404 ) $ 22,685,702 |
Schedule of trading gains (losses) of futures and forward currency contracts | Sector 2023 2022 Futures contracts: Currencies $ 856,989 $ 2,668,075 Energies ( 17,234,199 ) 33,572,540 Grains ( 42,933 ) ( 4,343,620 ) Interest rates ( 19,049,633 ) 22,456,018 Livestock 156,200 90,780 Metals ( 1,843,149 ) ( 2,825,535 ) Softs ( 325,387 ) 107,783 Stock indices 5,263,962 16,632,265 Total futures contracts ( 32,218,150 ) 68,358,307 Forward currency contracts ( 4,229,216 ) 13,679,309 Total futures and forward currency contracts $ ( 36,447,366 ) $ 82,037,616 |
Schedule of monthly average future and forward currency contracts | 2023 2022 Average bought 61,854 62,165 Average sold 60,740 63,168 Average notional $ 3,520,000,000 $ 3,706,000,000 |
Schedule of offsetting Derivative Assets And Liabilities | The following tables summarize the valuation of the Partnership’s investments as of December 31, 2023 and 2022. Offsetting of derivative assets and liabilities at December 31, 2023 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statements of the Statements of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 1,439,086 $ ( 1,051,035 ) $ 388,051 Total assets $ 1,439,086 $ ( 1,051,035 ) $ 388,051 Gross amounts Net amounts of offset in the liabilities presented in Gross amounts of Statement of the Statement of Liabilities recognized liabilities Financial Condition Financial Condition Futures contracts Counterparty J $ 618,432 $ ( 385,761 ) $ 232,671 Counterparty L 9,253,665 ( 6,176,127 ) 3,077,538 Total futures contracts 9,872,097 ( 6,561,888 ) 3,310,209 Forward currency contracts Counterparty G 4,860,154 ( 4,122,044 ) 738,110 Counterparty K 6,858,432 ( 5,983,120 ) 875,312 Total forward contracts 11,718,586 ( 10,105,164 ) 1,613,422 Total liabilities $ 21,590,683 $ ( 16,667,052 ) $ 4,923,631 (Continued) Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 388,051 $ - $ ( 388,051 ) $ - Total $ 388,051 $ - $ ( 388,051 ) $ - Amounts Not Offset in the Statement of Financial Condition Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty J $ 232,671 $ - $ 232,671 $ - Counterparty L 3,077,538 - 3,077,538 - Counterparty G 738,110 - 738,110 - Counterparty K 875,312 - 875,312 - Total $ 4,923,631 $ - $ 4,923,631 $ - (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 Statements 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, 2023. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2023. (Concluded) Offsetting of derivative assets and liabilities at December 31, 2022 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statements of the Statements of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 2,201,296 $ ( 739,360 ) $ 1,461,936 Counterparty J 918,116 ( 400,150 ) 517,966 Counterparty L 21,024,084 ( 2,523,567 ) 18,500,517 Total futures contracts 24,143,496 ( 3,663,077 ) 20,480,419 Forward currency contracts Counterparty G 2,976,865 ( 2,194,130 ) 782,735 Counterparty K 5,462,389 ( 4,039,841 ) 1,422,548 Total forward contracts 8,439,254 ( 6,233,971 ) 2,205,283 Total assets $ 32,582,750 $ ( 9,897,048 ) $ 22,685,702 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 1,461,936 $ - $ ( 1,461,936 ) $ - Counterparty J 517,966 - ( 517,966 ) - Counterparty L 18,500,517 - ( 18,500,517 ) - Counterparty G 782,735 - - 782,735 Counterparty K 1,422,548 - - 1,422,548 Total $ 22,685,702 $ - $ ( 20,480,419 ) $ 2,205,283 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements 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, 2022. |
PROFIT SHARE ALLOCATION (Tables
PROFIT SHARE ALLOCATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Millburn Multi Markets Trading L P [Member] | |
Schedule of interests are held by direct investors in the Master Fund | Profit Share 2023 2022 U.S. Feeder $ 9,225 $ 1,865,305 Cayman Feeder 255,953 9,853,870 Other (1) 15,347 779,583 Total $ 280,525 $ 12,498,758 (1) Direct investors in the Partnership |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Management fee, per month | 0.146% | |
Management fee, per annum | 1.75% | |
Partnership [Member] | ||
Partnership Percentage | 1% | |
Millburn Multi Markets Trading L P [Member] | ||
Management fee, per month | 0.146% | |
Management fee, per annum | 1.75% | |
Platform fee, per annum | 2% | |
Income tax expense | $ 0 | |
Uncertain tax position | $ 0 | |
Millburn Multi Markets Trading L P [Member] | US Feeder [Member] | ||
Partnership Percentage | 0.50% | 0.50% |
Millburn Multi Markets Trading L P [Member] | Partnership [Member] | ||
Partnership Percentage | 0.25% |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Management Fees) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Management Fees | $ 5,053,634 | $ 4,995,736 |
US Feeder [Member] | ||
Management Fees | 2,279,482 | 2,385,044 |
Cayman Feeder [Member] | ||
Management Fees | 2,576,924 | 2,415,817 |
Other [Member] | ||
Management Fees | $ 197,228 | $ 194,875 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Selling Commissions) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Sales Commissions | $ 2,284,856 | $ 2,365,854 |
Millburn Multi Markets Trading L P [Member] | ||
Sales Commissions | 2,284,878 | 2,365,876 |
Millburn Multi Markets Trading L P [Member] | US Feeder [Member] | ||
Sales Commissions | 2,284,856 | 2,365,854 |
Millburn Multi Markets Trading L P [Member] | Cayman Feeder [Member] | ||
Sales Commissions | $ 22 | $ 22 |
SUMMARY OF SIGNIFICANT ACCOUN_7
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Operating Expenses) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses | $ 1,181,989 | $ 1,091,861 |
Partnerships [Member] | ||
Operating expenses | 621,779 | 584,173 |
US Feeder [Member] | ||
Operating expenses | 369,156 | 330,536 |
Cayman Feeder [Member] | ||
Operating expenses | $ 191,054 | $ 177,152 |
SUMMARY OF SIGNIFICANT ACCOUN_8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total futures and forward currency contracts | $ (4,535,580) | $ 22,685,702 |
Total financial assets and liabilities at fair value | 405,942,335 | 453,526,973 |
Investments in U.S. Treasury notes held in equity trading accounts as collateral | 82,759,250 | 88,701,332 |
Investments in U.S. Treasury notes | 309,001,616 | 308,402,203 |
Financial Instruments, Owned, at Fair Value | 391,760,866 | 397,103,535 |
Net unrealized appreciation on open futures and forward currency contracts | 388,051 | 22,685,702 |
Net unrealized depreciation on open futures and forward currency contracts | (4,923,631) | |
Unrealized Gain (Loss) on Derivatives | (4,535,580) | 22,685,702 |
Future [Member] | Exchange Traded [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total exchange-traded futures contracts | (2,922,158) | 20,480,419 |
Forward Contracts [Member] | Over-the-Counter [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Over-the-counter forward currency contracts | (1,613,422) | 2,205,283 |
Currencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (196,774) | 32,613 |
Energies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (3,062,691) | 7,123,301 |
Grains [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 309,433 | 299,446 |
Interest Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (1,339,320) | 13,161,165 |
Livestock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (6,150) | (25,990) |
Metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (72,785) | 138,124 |
Softs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 547,547 | (124,566) |
Stock Indices [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 898,582 | (123,674) |
US Treasury Notes Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 391,760,866 | 397,103,535 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 18,717,049 | 33,737,736 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total futures and forward currency contracts | (2,922,158) | 20,480,419 |
Total financial assets and liabilities at fair value | 407,555,757 | 451,321,690 |
Fair Value, Inputs, Level 1 [Member] | Future [Member] | Exchange Traded [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total exchange-traded futures contracts | (2,922,158) | 20,480,419 |
Fair Value, Inputs, Level 1 [Member] | Currencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (196,774) | 32,613 |
Fair Value, Inputs, Level 1 [Member] | Energies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (3,062,691) | 7,123,301 |
Fair Value, Inputs, Level 1 [Member] | Grains [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 309,433 | 299,446 |
Fair Value, Inputs, Level 1 [Member] | Interest Rates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (1,339,320) | 13,161,165 |
Fair Value, Inputs, Level 1 [Member] | Livestock [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (6,150) | (25,990) |
Fair Value, Inputs, Level 1 [Member] | Metals [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | (72,785) | 138,124 |
Fair Value, Inputs, Level 1 [Member] | Softs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 547,547 | (124,566) |
Fair Value, Inputs, Level 1 [Member] | Stock Indices [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 898,582 | (123,674) |
Fair Value, Inputs, Level 1 [Member] | US Treasury Notes Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 391,760,866 | 397,103,535 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment Owned, at Fair Value | 18,717,049 | 33,737,736 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total futures and forward currency contracts | (1,613,422) | 2,205,283 |
Total financial assets and liabilities at fair value | (1,613,422) | 2,205,283 |
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | Over-the-Counter [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Over-the-counter forward currency contracts | $ (1,613,422) | $ 2,205,283 |
INVESTORS IN MILLBURN MULTI-M_3
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Narrative) (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Partnerships investment | 29.87% | 31.44% |
INVESTORS IN MILLBURN MULTI-M_4
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Ownership Percentages of Partnership) (Details) - Millburn Multi Markets Trading L P [Member] | Dec. 31, 2023 | Dec. 31, 2022 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 84.16% | 84.55% |
US Feeder [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 29.87% | 31.44% |
Cayman Feeder [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 54.29% | 53.11% |
INVESTORS IN MILLBURN MULTI-M_5
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Capital Withdrawals Payable) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Capital withdrawals payable | $ 2,622,691 | $ 13,752,350 |
Limited Partners [Member] | ||
Capital withdrawals payable | 803,270 | |
General Partners [Member] | ||
Capital withdrawals payable | 257,741 | 12,464,726 |
Direct Investor [Member] | ||
Capital withdrawals payable | 257,741 | 13,267,996 |
US Feeder [Member] | ||
Capital withdrawals payable | 153,125 | $ 484,354 |
Cayman Feeder [Member] | ||
Capital withdrawals payable | $ 2,211,825 |
MANAGEMENT FEES, SELLING COMM_3
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Management fee, per month | 0.146% | |
Management fee, per annum | 1.75% | |
Profit share percentage | 20% | |
Management fees | $ 2,279,482 | $ 2,385,044 |
Millburn Multi Markets Trading L P [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Management fee, per month | 0.146% | |
Management fee, per annum | 1.75% | |
Management fees | $ 5,053,634 | $ 4,995,736 |
Platform fee, per annum | 2% | |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Platform fee, per month | 2% | |
Platform fee, per annum | 2% | |
Selling commissions, per month | 2% | |
Selling commissions, per annum | 2% | |
Series B [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Platform fee, per month | 0.25% | |
Platform fee, per annum | 0.25% | |
Selling commissions, per month | 0.75% | |
Selling commissions, per annum | 0.75% |
MANAGEMENT FEES, SELLING COMM_4
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Sales Commissions | $ 2,284,856 | $ 2,365,854 |
Millburn Multi Markets Trading L P [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Sales Commissions | 2,284,878 | 2,365,876 |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Sales Commissions | 2,238,938 | 2,301,259 |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Sales Commissions | $ 45,918 | $ 64,595 |
OPERATING EXPENSES (Narrative)
OPERATING EXPENSES (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating expenses | $ 557,936 | $ 513,281 |
Partnership [Member] | ||
Partnership percentage | 1% | |
Operating expenses | $ 369,156 | 330,536 |
Master expenses | $ 188,780 | $ 182,745 |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Millburn Multi Markets Trading L P [Member] | ||
Credit risk | $ 44,786,673 | $ 37,114,394 |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (4,535,580) | $ 22,685,702 |
Percent of Total | 100% | 100% |
Australian Dollar [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (150,030) | $ 534,449 |
Percent of Total | 3.31% | 2.36% |
Brazilian real [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 53,254 | $ (10,546) |
Percent of Total | (1.17%) | (0.05%) |
British Pound [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 134,306 | $ 356,161 |
Percent of Total | (2.96%) | 1.57% |
Canadian Dollar [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 49,802 | $ 537,280 |
Percent of Total | (1.10%) | 2.37% |
Euro [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (552,639) | $ 10,606,521 |
Percent of Total | 12.18% | 46.75% |
Hong Kong Dollar [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (6,530) | $ (25,054) |
Percent of Total | 0.14% | (0.11%) |
Japanese Yen [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 26,731 | $ 955,351 |
Percent of Total | (0.59%) | 4.21% |
Korean Won [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 306,931 | $ 66,306 |
Percent of Total | (6.77%) | 0.29% |
Malaysian Ringgit [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (13,231) | $ (709) |
Percent of Total | 0.29% | 0% |
Norwegian Krone [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 138,796 | |
Percent of Total | 0.61% | |
Polish Zloty [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 107,021 | |
Percent of Total | 0.47% | |
Singapore Dollar [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 35,680 | $ 14,625 |
Percent of Total | (0.79%) | 0.06% |
South African Rand [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (693) | $ (5,501) |
Percent of Total | 0.02% | (0.02%) |
Swedish Krona [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 101,832 | |
Percent of Total | 0.45% | |
Thai Baht [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (14,623) | $ 69,304 |
Percent of Total | 0.32% | 0.31% |
US Dollar [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (4,404,538) | $ 9,239,866 |
Percent of Total | 97.12% | 40.73% |
DERIVATIVE INSTRUMENTS (Sched_2
DERIVATIVE INSTRUMENTS (Schedule Of Fair Value Of Futures And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (4,535,580) | $ 22,685,702 |
Exchange Traded Futures Contracts Currencies [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (196,774) | 32,613 |
Exchange Traded Futures Contracts Energies [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (3,062,691) | 7,123,301 |
Exchange Traded Futures Contracts Grains [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 309,433 | 299,446 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,339,320) | 13,161,165 |
Exchange Traded Futures Contracts Livestock [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (6,150) | (25,990) |
Exchange Traded Futures Contracts Metals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (72,785) | 138,124 |
Exchange Traded Futures Contracts Softs [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 547,547 | (124,566) |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 898,582 | (123,674) |
Future [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,922,158) | 20,480,419 |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,613,422) | 2,205,283 |
Futures And Forward Currency Contracts Gains [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 15,267,672 | 13,491,163 |
Futures And Forward Currency Contracts Gains [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,838,466 | 19,091,587 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Currencies [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 27,753 | 97,003 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Currencies [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 14,145 | 55 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Energies [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4,273,340 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Energies [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 235,427 | 2,997,981 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Grains [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 563,235 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Grains [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 593,133 | |
Futures And Forward Currency Contracts Gains [Member] | Interest Rate Contract [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,570,886 | |
Futures And Forward Currency Contracts Gains [Member] | Interest Rate Contract [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 321,540 | 13,678,900 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Livestock [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 830 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Livestock [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4,330 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Metals [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,220,102 | 1,351,092 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Metals [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 254,665 | 542,450 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Softs [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 336 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Softs [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 617,612 | 49,611 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 753,414 | 105,622 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 387,967 | 483,041 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 5,572,155 | 6,391,458 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,428,819 | 17,752,038 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 9,695,517 | 7,099,705 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 409,647 | 1,339,549 |
Futures And Forward Currency Contracts Losses [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (3,162,114) | (3,856,644) |
Futures And Forward Currency Contracts Losses [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (19,479,604) | (6,040,404) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Currencies [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (41,166) | (45,169) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Currencies [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (197,506) | (19,276) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Energies [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,954,311) | (143,150) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Energies [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,343,807) | (4,870) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Grains [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (163,039) | |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Grains [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (283,700) | (100,750) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rate Contract [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (266,633) | (183,318) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rate Contract [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (3,965,113) | (334,417) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Livestock [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (10,480) | (26,820) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Metals [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (244,208) | (562,752) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Metals [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,303,344) | (1,192,666) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Softs [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (51,788) | (89,902) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Softs [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (18,277) | (84,611) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (195,411) | (368,330) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (47,388) | (344,007) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,763,997) | (1,582,480) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (8,159,135) | (2,080,597) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (398,117) | (2,274,164) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (11,320,469) | $ (3,959,807) |
DERIVATIVE INSTRUMENTS (Sched_3
DERIVATIVE INSTRUMENTS (Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | $ (36,447,366) | $ 82,037,616 |
Exchange Traded Futures Contracts Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 856,989 | 2,668,075 |
Exchange Traded Futures Contracts Energies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (17,234,199) | 33,572,540 |
Exchange Traded Futures Contracts Grains [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (42,933) | (4,343,620) |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (19,049,633) | 22,456,018 |
Exchange Traded Futures Contracts Livestock [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 156,200 | 90,780 |
Exchange Traded Futures Contracts Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (1,843,149) | (2,825,535) |
Exchange Traded Futures Contracts Softs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (325,387) | 107,783 |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 5,263,962 | 16,632,265 |
Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (32,218,150) | 68,358,307 |
Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | $ (4,229,216) | $ 13,679,309 |
DERIVATIVE INSTRUMENTS (Sched_4
DERIVATIVE INSTRUMENTS (Schedule Of Monthly Average Future And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] | 12 Months Ended | |
Dec. 31, 2023 USD ($) contract | Dec. 31, 2022 USD ($) contract | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Average bought | 61,854 | 62,165 |
Average sold | 60,740 | 63,168 |
Average notional | $ | $ 3,520,000,000 | $ 3,706,000,000 |
DERIVATIVE INSTRUMENTS (Sched_5
DERIVATIVE INSTRUMENTS (Schedule Of Offsetting Derivative Assets And Liabilities) (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | $ 32,582,750 | |
Gross amounts offset in the Statement of Financial Condition | (9,897,048) | |
Net amounts of assets presented in the Statements of Financial Condition | 22,685,702 | |
Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized liabilities | $ 21,590,683 | |
Gross amounts offset in the Statement of Financial Condition | (16,667,052) | |
Net amounts of assets presented in the Statements of Financial Condition | 388,051 | 22,685,702 |
Net amounts of liabilities presented in the Statements of Financial Condition | $ 4,923,631 | |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Net Unrealized Depreciation On Open Futures And Forward Currency Contracts | |
Collateral Received | $ (388,051) | (20,480,419) |
Collateral pledged | 4,923,631 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 2,205,283 | |
Future [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 1,439,086 | 24,143,496 |
Gross amounts of recognized liabilities | 9,872,097 | |
Gross amounts offset in the Statement of Financial Condition | (1,051,035) | (3,663,077) |
Gross amounts offset in the Statement of Financial Condition | (6,561,888) | |
Net amounts of assets presented in the Statements of Financial Condition | 388,051 | 20,480,419 |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,310,209 | |
Forward Contracts [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 8,439,254 | |
Gross amounts of recognized liabilities | 11,718,586 | |
Gross amounts offset in the Statement of Financial Condition | (6,233,971) | |
Gross amounts offset in the Statement of Financial Condition | (10,105,164) | |
Net amounts of assets presented in the Statements of Financial Condition | 2,205,283 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 1,613,422 | |
Counterparty C [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 388,051 | 1,461,936 |
Collateral Received | (388,051) | (1,461,936) |
Counterparty C [Member] | Future [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 1,439,086 | 2,201,296 |
Gross amounts offset in the Statement of Financial Condition | (1,051,035) | (739,360) |
Net amounts of assets presented in the Statements of Financial Condition | 388,051 | 1,461,936 |
Counterparty J [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 517,966 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 232,671 | |
Collateral Received | (517,966) | |
Collateral pledged | 232,671 | |
Counterparty J [Member] | Future [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 918,116 | |
Gross amounts of recognized liabilities | 618,432 | |
Gross amounts offset in the Statement of Financial Condition | (400,150) | |
Gross amounts offset in the Statement of Financial Condition | (385,761) | |
Net amounts of assets presented in the Statements of Financial Condition | 517,966 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 232,671 | |
Counterparty L [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 18,500,517 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,077,538 | |
Collateral Received | (18,500,517) | |
Collateral pledged | 3,077,538 | |
Counterparty L [Member] | Future [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 21,024,084 | |
Gross amounts of recognized liabilities | 9,253,665 | |
Gross amounts offset in the Statement of Financial Condition | (2,523,567) | |
Gross amounts offset in the Statement of Financial Condition | (6,176,127) | |
Net amounts of assets presented in the Statements of Financial Condition | 18,500,517 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,077,538 | |
Counterparty G [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 782,735 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 738,110 | |
Collateral pledged | 738,110 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 782,735 | |
Counterparty G [Member] | Forward Contracts [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 2,976,865 | |
Gross amounts of recognized liabilities | 4,860,154 | |
Gross amounts offset in the Statement of Financial Condition | (2,194,130) | |
Gross amounts offset in the Statement of Financial Condition | (4,122,044) | |
Net amounts of assets presented in the Statements of Financial Condition | 782,735 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 738,110 | |
Counterparty K [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 1,422,548 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 875,312 | |
Collateral pledged | 875,312 | |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 1,422,548 | |
Counterparty K [Member] | Forward Contracts [Member] | Millburn Multi Markets Trading L P [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 5,462,389 | |
Gross amounts of recognized liabilities | 6,858,432 | |
Gross amounts offset in the Statement of Financial Condition | (4,039,841) | |
Gross amounts offset in the Statement of Financial Condition | (5,983,120) | |
Net amounts of assets presented in the Statements of Financial Condition | $ 1,422,548 | |
Net amounts of liabilities presented in the Statements of Financial Condition | $ 875,312 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Monthly management fees percent | 0.14583% |
Millburn Multi Markets Trading L P [Member] | |
Monthly management fees percent | 0.14583% |
Management fees percent | 1.75% |
Trading profit percent | 20% |
Return monthly management fees percent | 0.14583% |
Return management fees percent | 1.75% |
Return trading profit percent | 20% |
PROFIT SHARE ALLOCATION (Narrat
PROFIT SHARE ALLOCATION (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Millburn Multi Markets Trading L P [Member] | ||
Trading Profit | 0% | 30% |
PROFIT SHARE ALLOCATION (Detail
PROFIT SHARE ALLOCATION (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total profit share | $ 280,525 | $ 12,498,758 |
US Feeder [Member] | ||
Total profit share | 9,225 | 1,865,305 |
Cayman Feeder [Member] | ||
Total profit share | 255,953 | 9,853,870 |
Financial Asset Portfolio Other [Member] | ||
Total profit share | $ 15,347 | $ 779,583 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arrangements [Line Items] | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |