Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Amendment Flag | false |
Document Quarterly Report | true |
Document Transition Report | false |
Document Period End Date | Mar. 31, 2024 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2024 |
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 Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Statement of Financial Conditio
Statement of Financial Condition (unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 | |
ASSETS | |||
Trading L.P. (the “Master Fund”) | $ 128,587,660 | $ 123,929,777 | |
Due from the Master Fund | 463,047 | 153,125 | |
Cash and cash equivalents | 7,753 | 36,455 | |
Total assets | 129,058,460 | 124,119,357 | |
LIABILITIES: | |||
Capital contributions received in advance | 7,753 | 36,368 | |
Capital withdrawal payable to Limited Partners | 463,047 | 153,125 | |
Other liabilities | 87 | ||
Total liabilities | 470,800 | 189,580 | |
PARTNERS’ CAPITAL: | |||
General Partner | 3,305,202 | 3,063,996 | |
Total limited partners | 125,282,458 | 120,865,781 | |
Total partners’ capital | 128,587,660 | 123,929,777 | |
TOTAL | 129,058,460 | 124,119,357 | |
Series A [Member] | |||
PARTNERS’ CAPITAL: | |||
Total limited partners | $ 109,008,789 | $ 105,476,328 | |
Net Asset Value Per Unit Outstanding | $ 1,293.25 | $ 1,210.16 | |
Series B [Member] | |||
PARTNERS’ CAPITAL: | |||
Total limited partners | $ 7,565,032 | $ 7,114,188 | |
Net Asset Value Per Unit Outstanding | $ 1,622.92 | $ 1,513.26 | |
Series C [Member] | |||
PARTNERS’ CAPITAL: | |||
Total limited partners | $ 3,888,103 | $ 3,625,396 | |
Net Asset Value Per Unit Outstanding | $ 1,655.85 | $ 1,543.97 | |
Series D [Member] | |||
PARTNERS’ CAPITAL: | |||
Total limited partners | $ 4,630,028 | $ 4,559,744 | |
Net Asset Value Per Unit Outstanding | $ 1,518.79 | $ 1,416.78 | |
Series E [Member] | |||
PARTNERS’ CAPITAL: | |||
Total limited partners | $ 190,506 | $ 90,125 | |
Net Asset Value Per Unit Outstanding | [1] | $ 1,046.17 | $ 969.81 |
[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 (unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 | |
Series A [Member] | |||
Auction Market Preferred Securities, Stock Series [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 84,290.2715 | 87,158.9000 | |
Net Asset Value Per Unit Outstanding | $ 1,293.25 | $ 1,210.16 | |
Series B [Member] | |||
Auction Market Preferred Securities, Stock Series [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 4,661.3721 | 4,701.2201 | |
Net Asset Value Per Unit Outstanding | $ 1,622.92 | $ 1,513.26 | |
Series C [Member] | |||
Auction Market Preferred Securities, Stock Series [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 2,348.1019 | 2,348.1019 | |
Net Asset Value Per Unit Outstanding | $ 1,655.85 | $ 1,543.97 | |
Series D [Member] | |||
Auction Market Preferred Securities, Stock Series [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 3,048.4972 | 3,218.3931 | |
Net Asset Value Per Unit Outstanding | $ 1,518.79 | $ 1,416.78 | |
Series E [Member] | |||
Auction Market Preferred Securities, Stock Series [Line Items] | |||
Limited Partners' Capital Account, Units Outstanding | 182.0993 | 92.9304 | |
Net Asset Value Per Unit Outstanding | [1] | $ 1,046.17 | $ 969.81 |
[1] Series E had a beginning unit value of $ 1,000.00 as of March 1, 2023 |
Statement of Operations (unaudi
Statement of Operations (unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INVESTMENT INCOME: | |||
Interest income | $ 330 | $ 100 | |
Interest income, net (allocated from the Master Fund) | [1] | 1,619,199 | 1,199,666 |
Total interest income | 1,619,529 | 1,199,766 | |
EXPENSES: | |||
Brokerage commissions (allocated from the Master Fund) | [1] | 140,380 | 140,107 |
Management fees (allocated from the Master Fund) | [1] | 549,627 | 583,135 |
Selling commissions and platform fees (allocated from the Master Fund) | [1] | 554,641 | 579,627 |
Administrative and operating expenses (allocated from the Master Fund) | [1] | 131,676 | 133,899 |
Custody fees and other expenses (allocated from the Master Fund) | [1] | 5,663 | 6,103 |
Total expenses | 1,381,987 | 1,442,871 | |
NET INVESTMENT INCOME (LOSS) | 237,542 | (243,105) | |
REALIZED AND UNREALIZED GAINS (LOSSES) ALLOCATED FROM THE MASTER FUND | |||
Futures and forward currency contracts | 5,738,582 | (6,337,843) | |
Foreign exchange transaction | (12,565) | (127,897) | |
Net change in unrealized: | |||
Futures and forward currency contracts | 2,689,067 | (5,641,802) | |
Foreign exchange translation | (26,056) | 47,280 | |
Realized | (4,999) | (40,143) | |
Net change in unrealized | (112,583) | 474,657 | |
Net realized and unrealized gains (losses) allocated from the Master Fund | 8,271,446 | (11,625,748) | |
NET INCOME (LOSS) | 8,508,988 | (11,868,853) | |
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 16,675 | ||
NET INCOME (LOSS) AFTER PROFIT SHARE | $ 8,492,313 | $ (11,868,853) | |
Series A [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | $ 83.09 | $ (110.10) | |
Series B [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | 109.66 | (127.57) | |
Series C [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | 111.88 | (130.15) | |
Series D [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | 102.01 | (122.93) | |
Series E [Member] | |||
Net change in unrealized: | |||
NET INCOME (LOSS) PER UNIT OUTSTANDING | [2] | $ 76.36 | $ (58.17) |
[1] The Partnership’s proportionate share of income and expenses allocated from the Master Series E commenced on March 1, 2023 |
Statements of Changes in Partne
Statements of Changes in Partners' Capital (unaudited) - 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, 2022 | $ 3,216,369 | $ 119,302,999 | $ 7,896,417 | $ 4,456,048 | $ 8,405,063 | $ 143,276,896 | ||
Beginning balance, shares at Dec. 31, 2022 | 90,460.9714 | 4,884.6100 | 2,701.6303 | 5,512.0257 | ||||
Capital contributions | $ 400,000 | $ 56,101 | [1] | 456,101 | ||||
Capital contributions, units | 303.2982 | 56.1014 | [1] | |||||
Capital withdrawals | $ (295,248) | $ (163,724) | $ (167,951) | $ (756,739) | (1,383,662) | |||
Capital withdrawals, units | (243.0231) | (104.3014) | (106.9465) | (535.8625) | [1] | |||
Net Income (loss) before profit share | (240,810) | $ (9,991,809) | $ (614,702) | $ (346,158) | $ (672,111) | $ (3,263) | [1] | (11,868,853) |
Net Asset Value per Unit | $ 1,208.73 | $ 1,489.02 | $ 1,519.24 | $ 1,401.93 | $ 941.83 | [1] | ||
PARTNERS’ CAPITAL at Mar. 31, 2023 | 2,975,559 | $ 109,415,942 | $ 7,117,991 | $ 3,941,939 | $ 6,976,213 | $ 52,838 | [1] | 130,480,482 |
Ending balance, shares at Mar. 31, 2023 | 90,521.2465 | 4,780.3086 | 2,594.6838 | 4,976.1632 | 56.1014 | [1] | ||
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 | |
Beginning balance, shares at Dec. 31, 2023 | 87,158.9000 | 4,701.2201 | 2,348.1019 | 3,218.3931 | 92.9304 | |||
Capital contributions | $ 50,000 | $ 87,869 | 137,869 | |||||
Capital contributions, units | 34.4922 | 89.1689 | ||||||
Capital withdrawals | $ (3,597,104) | $ (64,670) | $ (310,525) | (3,972,299) | ||||
Capital withdrawals, units | (2,868.6285) | (39.8480) | (204.3881) | |||||
Net Income (loss) before profit share | 241,206 | $ 7,129,565 | $ 526,560 | $ 268,336 | $ 330,809 | $ 12,512 | 8,508,988 | |
Profit share | $ (11,046) | $ (5,629) | (16,675) | |||||
Net Asset Value per Unit | $ 1,293.25 | $ 1,622.92 | $ 1,655.85 | $ 1,518.79 | $ 1,046.17 | |||
PARTNERS’ CAPITAL at Mar. 31, 2024 | $ 3,305,202 | $ 109,008,789 | $ 7,565,032 | $ 3,888,103 | $ 4,630,028 | $ 190,506 | $ 128,587,660 | |
Ending balance, shares at Mar. 31, 2024 | 84,290.2715 | 4,661.3721 | 2,348.1019 | 3,048.4972 | 182.0993 | |||
[1] Series E had a beginning unit value of $ 1,000.00 as of March 1, 2023 |
Statement of Financial Highligh
Statement of Financial Highlights (unaudited) - $ / shares | 3 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Mar. 01, 2023 | |||
Series A [Member] | ||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||
NET ASSET VALUE PER UNIT — Beginning of period | $ 1,210.16 | $ 1,318.83 | ||||
Net investment income (loss) | 1.33 | (3.26) | ||||
Total trading and investing gains (losses) | 81.76 | (106.84) | ||||
Net income (loss) before profit share allocation from the Master Fund | 83.09 | (110.10) | ||||
Less: profit share allocation from the Master Fund | 0 | 0 | ||||
Net income (loss) from operations after profit share allocation from the Master Fund | 83.09 | (110.10) | ||||
NET ASSET VALUE PER UNIT — End of period | $ 1,293.25 | $ 1,208.73 | ||||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 6.87% | (8.35%) | ||||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0 | $ 0 | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 6.87% | (8.35%) | ||||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||||
Expenses | 4.62% | 4.57% | ||||
Profit share allocation from the Master Fund | $ 0 | $ 0 | ||||
Total expenses | 4.62% | 4.57% | ||||
Net investment income (loss) | 0.42% | (1.04%) | ||||
Net Asset Value Per Unit Outstanding | $ 1,293.25 | $ 1,210.16 | ||||
Series B [Member] | ||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||
NET ASSET VALUE PER UNIT — Beginning of period | 1,513.26 | $ 1,616.59 | ||||
Net investment income (loss) | 9.65 | 3.64 | ||||
Total trading and investing gains (losses) | 102.36 | (131.21) | ||||
Net income (loss) before profit share allocation from the Master Fund | 112.01 | (127.57) | ||||
Less: profit share allocation from the Master Fund | 2.35 | 0 | ||||
Net income (loss) from operations after profit share allocation from the Master Fund | 109.66 | (127.57) | ||||
NET ASSET VALUE PER UNIT — End of period | $ 1,622.92 | $ 1,489.02 | ||||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.40% | (7.89%) | ||||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0.15 | $ 0 | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.25% | (7.89%) | ||||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||||
Expenses | 2.62% | 2.58% | ||||
Profit share allocation from the Master Fund | $ 0.15 | $ 0 | ||||
Total expenses | 2.77% | 2.58% | ||||
Net investment income (loss) | 2.42% | 0.95% | ||||
Net Asset Value Per Unit Outstanding | $ 1,622.92 | 1,513.26 | ||||
Series C [Member] | ||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||
NET ASSET VALUE PER UNIT — Beginning of period | 1,543.97 | $ 1,649.39 | ||||
Net investment income (loss) | 9.85 | 3.71 | ||||
Total trading and investing gains (losses) | 104.43 | (133.86) | ||||
Net income (loss) before profit share allocation from the Master Fund | 114.28 | (130.15) | ||||
Less: profit share allocation from the Master Fund | 2.40 | 0 | ||||
Net income (loss) from operations after profit share allocation from the Master Fund | 111.88 | (130.15) | ||||
NET ASSET VALUE PER UNIT — End of period | $ 1,655.85 | $ 1,519.24 | ||||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.40% | (7.89%) | ||||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0.15 | $ 0 | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.25% | (7.89%) | ||||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||||
Expenses | 2.62% | 2.58% | ||||
Profit share allocation from the Master Fund | $ 0.15 | $ 0 | ||||
Total expenses | 2.77% | 2.58% | ||||
Net investment income (loss) | 2.42% | 0.95% | ||||
Net Asset Value Per Unit Outstanding | $ 1,655.85 | 1,543.97 | ||||
Series D [Member] | ||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||
NET ASSET VALUE PER UNIT — Beginning of period | 1,416.78 | $ 1,524.86 | ||||
Net investment income (loss) | 6.21 | 0.75 | ||||
Total trading and investing gains (losses) | 95.80 | (123.68) | ||||
Net income (loss) before profit share allocation from the Master Fund | 102.01 | (122.93) | ||||
Less: profit share allocation from the Master Fund | 0 | 0 | ||||
Net income (loss) from operations after profit share allocation from the Master Fund | 102.01 | (122.93) | ||||
NET ASSET VALUE PER UNIT — End of period | $ 1,518.79 | $ 1,401.93 | ||||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.20% | (8.06%) | ||||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0 | $ 0 | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.20% | (8.06%) | ||||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||||
Expenses | 3.37% | 3.32% | ||||
Profit share allocation from the Master Fund | $ 0 | $ 0 | ||||
Total expenses | 3.37% | 3.32% | ||||
Net investment income (loss) | 1.66% | 0.21% | ||||
Net Asset Value Per Unit Outstanding | $ 1,518.79 | 1,416.78 | ||||
Series E [Member] | ||||||
Auction Market Preferred Securities, Stock Series [Line Items] | ||||||
NET ASSET VALUE PER UNIT — Beginning of period | 969.81 | $ 1,000 | ||||
Net investment income (loss) | 10.73 | 2.50 | ||||
Total trading and investing gains (losses) | 65.63 | (60.67) | ||||
Net income (loss) before profit share allocation from the Master Fund | 76.36 | (58.17) | ||||
Less: profit share allocation from the Master Fund | 0 | 0 | ||||
Net income (loss) from operations after profit share allocation from the Master Fund | 76.36 | (58.17) | ||||
NET ASSET VALUE PER UNIT — End of period | $ 1,046.17 | $ 941.83 | ||||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.87% | (5.82%) | ||||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | $ 0 | $ 0 | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 7.87% | (5.82%) | ||||
RATIOS TO AVERAGE NET ASSET VALUE: | ||||||
Expenses | 0.86% | 0.84% | ||||
Profit share allocation from the Master Fund | $ 0 | $ 0 | ||||
Total expenses | 0.86% | 0.84% | ||||
Net investment income (loss) | 4.15% | 3.18% | ||||
Net Asset Value Per Unit Outstanding | $ 1,046.17 | [1] | $ 969.81 | [1] | $ 1,000 | |
[1] Series E had a beginning unit value of $ 1,000.00 as of March 1, 2023 |
Statements of Financial Conditi
Statements of Financial Condition (unaudited) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
EQUITY IN TRADING ACCOUNTS: | ||
CASH AND CASH EQUIVALENTS | $ 7,753 | $ 36,455 |
Total assets | 129,058,460 | 124,119,357 |
LIABILITIES: | ||
Capital withdrawal payable to Limited Partners | 463,047 | 153,125 |
Total liabilities | 470,800 | 189,580 |
PARTNERS’ CAPITAL | 128,587,660 | 123,929,777 |
TOTAL | 129,058,460 | 124,119,357 |
Millburn Multi Markets Trading L P [Member] | ||
EQUITY IN TRADING ACCOUNTS: | ||
Investments in U.S. Treasury notes — at fair value (amortized cost $75,214,890 and $82,787,620) | 75,195,719 | 82,759,250 |
Net unrealized appreciation on open futures and forward currency contracts | 4,824,033 | 388,051 |
Due from brokers, net | 3,656,522 | 6,533,080 |
Cash denominated in foreign currencies (cost $816,499 and $3,016,827) | 799,481 | 3,078,059 |
Total equity in trading accounts | 84,475,755 | 92,758,440 |
INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $332,319,510 and $308,685,279) | 332,244,209 | 309,001,616 |
CASH AND CASH EQUIVALENTS | 24,880,681 | 18,967,049 |
ACCRUED INTEREST RECEIVABLE | 2,888,289 | 2,684,345 |
OTHER ASSETS | 100 | 187 |
Total assets | 444,489,034 | 423,411,637 |
LIABILITIES: | ||
Net unrealized depreciation on open futures and forward currency contracts | 465,418 | 4,923,631 |
Cash overdrafts denominated in foreign currencies (cost $542,804 and $0) | 552,509 | |
Subscriptions received in advance | 250,000 | 130,000 |
Capital withdrawal payable to Limited Partners | 463,047 | 2,364,950 |
Capital withdrawal payable to General Partner | 257,741 | |
Management fee payable | 724,268 | 390,360 |
Selling commissions payable | 185,152 | 178,816 |
Accrued expenses | 513,454 | 232,073 |
Commissions and other trading fees on open futures contracts | 28,191 | 34,086 |
Accrued profit share | 707,001 | |
Total liabilities | 3,889,040 | 8,511,657 |
PARTNERS’ CAPITAL | 440,599,994 | 414,899,980 |
TOTAL | $ 444,489,034 | $ 423,411,637 |
Statements of Financial Condi_2
Statements of Financial Condition (unaudited) (Parenthetical) - Millburn Multi Markets Trading L P [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Investments in U.S Treasury notes, amortized cost | $ 75,214,890 | $ 82,787,620 |
Cash denominated in foreign currencies, cost | 816,499 | 3,016,827 |
Investments in U.S Treasury notes, amortized cost | 332,319,510 | 308,685,279 |
Cash denominated in foreign currencies, cost | $ 542,804 | $ 0 |
Condensed Schedule of Investmen
Condensed Schedule of Investments (unaudited) - Millburn Multi Markets Trading L P [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.99% | (1.09%) |
Net Unrealized Appreciation (Depreciation) | $ 4,358,615 | $ (4,535,580) |
U S Treasury Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 31.98% | 25.39% |
Investment Owned, Balance, Principal Amount | $ 141,370,000 | $ 105,680,000 |
Investment Owned, at Fair Value | $ 140,884,041 | $ 105,345,622 |
U S Treasury Notes 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 33.30% | 24.23% |
Investment Owned, Balance, Principal Amount | $ 148,330,000 | $ 101,530,000 |
Investment Owned, at Fair Value | $ 146,730,817 | $ 100,544,445 |
U S Treasury Notes 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 27.19% | 23.59% |
Investment Owned, Balance, Principal Amount | $ 122,020,000 | $ 99,490,000 |
Investment Owned, at Fair Value | $ 119,825,070 | $ 97,867,458 |
U S Treasury Notes 3 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 21.21% | |
Investment Owned, Balance, Principal Amount | $ 90,020,000 | |
Investment Owned, at Fair Value | $ 88,003,341 | |
US Treasury Notes Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 92.47% | 94.42% |
Investment Owned, at Fair Value | $ 407,439,928 | $ 391,760,866 |
Exchange Traded Futures Contracts Currencies [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.01% | 0% |
Net Unrealized Appreciation (Depreciation) | $ 38,140 | $ (13,413) |
Exchange Traded Futures Contracts Currencies [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.04% | (0.04%) |
Net Unrealized Appreciation (Depreciation) | $ 189,653 | $ (183,361) |
Exchange Traded Futures Contracts Energies [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.67% | (0.47%) |
Net Unrealized Appreciation (Depreciation) | $ 3,017,890 | $ (1,954,311) |
Exchange Traded Futures Contracts Energies [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.02%) | (0.27%) |
Net Unrealized Appreciation (Depreciation) | $ (80,293) | $ (1,108,380) |
Exchange Traded Futures Contracts Interest Rates [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0.56% |
Net Unrealized Appreciation (Depreciation) | $ (9,578) | $ 2,304,253 |
Exchange Traded Futures Contracts Interest Rates [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.88%) | |
Net Unrealized Appreciation (Depreciation) | $ (3,643,573) | |
Exchange Traded Futures Contracts Grains [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.07% | |
Net Unrealized Appreciation (Depreciation) | $ 286,650 | |
Exchange Traded Futures Contracts Grains [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0.07% |
Net Unrealized Appreciation (Depreciation) | $ 18,488 | $ 309,433 |
Two Year U S Treasury Note [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.07% | |
Net Unrealized Appreciation (Depreciation) | $ 287,061 | |
Other Interest Rates [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.21%) | |
Net Unrealized Appreciation (Depreciation) | $ (925,668) | |
Interest Rate Contract [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.14%) | |
Net Unrealized Appreciation (Depreciation) | $ (638,607) | |
Exchange Traded Futures Contracts Livestock [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0% |
Net Unrealized Appreciation (Depreciation) | $ (5,170) | $ (10,480) |
Exchange Traded Futures Contracts Livestock [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0% |
Net Unrealized Appreciation (Depreciation) | $ 2,910 | $ 4,330 |
Exchange Traded Futures Contracts Metals [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.24% | 0.48% |
Net Unrealized Appreciation (Depreciation) | $ 1,044,927 | $ 1,975,894 |
Exchange Traded Futures Contracts Metals [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.31%) | (0.49%) |
Net Unrealized Appreciation (Depreciation) | $ (1,366,385) | $ (2,048,679) |
Exchange Traded Futures Contracts Softs [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | (0.01%) |
Net Unrealized Appreciation (Depreciation) | $ (18,639) | $ (51,788) |
Exchange Traded Futures Contracts Softs [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.04%) | 0.14% |
Net Unrealized Appreciation (Depreciation) | $ (178,156) | $ 599,335 |
Exchange Traded Futures Contracts Stock Indices [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.18% | 0.13% |
Net Unrealized Appreciation (Depreciation) | $ 800,194 | $ 558,003 |
Exchange Traded Futures Contracts Stock Indices [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.08%) | 0.08% |
Net Unrealized Appreciation (Depreciation) | $ (371,930) | $ 340,579 |
Future [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.62% | (0.70%) |
Net Unrealized Appreciation (Depreciation) | $ 2,730,094 | $ (2,922,158) |
Future [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 1.17% | 0.69% |
Net Unrealized Appreciation (Depreciation) | $ 5,154,414 | $ 2,808,158 |
Future [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.55%) | (1.39%) |
Net Unrealized Appreciation (Depreciation) | $ (2,424,320) | $ (5,730,316) |
Forward Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.37% | (0.39%) |
Net Unrealized Appreciation (Depreciation) | $ 1,628,521 | $ (1,613,422) |
Forward Contracts [Member] | Long Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.99%) | 2.24% |
Net Unrealized Appreciation (Depreciation) | $ (4,352,242) | $ 9,297,400 |
Forward Contracts [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Percent of Net Assets | 1.36% | (2.63%) |
Net Unrealized Appreciation (Depreciation) | $ 5,980,763 | $ (10,910,822) |
Condensed Schedule of Investm_2
Condensed Schedule of Investments (unaudited) (Parenthetical) - Millburn Multi Markets Trading L P [Member] | 3 Months Ended | |
Mar. 31, 2024 USD ($) contract | Dec. 31, 2023 USD ($) | |
U S Treasury Notes [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.50% | 2.75% |
Investment Maturity Date | May 15, 2024 | Feb. 15, 2024 |
U S Treasury Notes 1 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.375% | 2.50% |
Investment Maturity Date | Aug. 15, 2024 | May 15, 2024 |
U S Treasury Notes 2 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.25% | 2.375% |
Investment Maturity Date | Nov. 15, 2024 | Aug. 15, 2024 |
U S Treasury Notes 3 [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Interest Rate | 2.25% | |
Investment Maturity Date | Nov. 15, 2024 | |
US Treasury Notes Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Investment Owned, Cost | $ | $ 407,534,400 | $ 391,472,899 |
Two Year U S Treasury Note [Member] | Short Contracts [Member] | ||
Schedule of Investments [Line Items] | ||
Investment term | 2 years | |
Investment Owned, Balance, Contracts | contract | 1,705 |
Statements of Operations (unaud
Statements of Operations (unaudited) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
INVESTMENT INCOME — Interest income, net | $ 330 | $ 100 | |
EXPENSES: | |||
Management fees | [1] | 549,627 | 583,135 |
Selling commissions and platform fees | [1] | 554,641 | 579,627 |
Administrative and operating expenses | [1] | 131,676 | 133,899 |
Custody fees and other expenses | [1] | 5,663 | 6,103 |
Total expenses | 1,381,987 | 1,442,871 | |
NET INVESTMENT INCOME (LOSS) | 237,542 | (243,105) | |
REALIZED AND UNREALIZED GAINS (LOSSES): | |||
Futures and forward currency contracts | 5,738,582 | (6,337,843) | |
Foreign exchange transaction | (26,056) | 47,280 | |
Net change in unrealized: | |||
Futures and forward currency contracts | 2,689,067 | (5,641,802) | |
Foreign exchange translation | (12,565) | (127,897) | |
Realized | (4,999) | (40,143) | |
Net change in unrealized | (112,583) | 474,657 | |
NET INCOME (LOSS) | 8,508,988 | (11,868,853) | |
LESS PROFIT SHARE TO GENERAL PARTNER | 16,675 | ||
Millburn Multi Markets Trading L P [Member] | |||
INVESTMENT INCOME — Interest income, net | 5,487,101 | 3,845,069 | |
EXPENSES: | |||
Brokerage commissions | 475,375 | 448,552 | |
Management fees | 1,533,528 | 1,264,391 | |
Selling commissions and platform fees | 554,647 | 579,633 | |
Administrative and operating expenses | 281,380 | 276,706 | |
Custody fees and other expenses | 19,239 | 19,514 | |
Total expenses | 2,864,169 | 2,588,796 | |
NET INVESTMENT INCOME (LOSS) | 2,622,932 | 1,256,273 | |
REALIZED AND UNREALIZED GAINS (LOSSES): | |||
Futures and forward currency contracts | 19,522,034 | (20,581,320) | |
Foreign exchange transaction | (42,967) | (412,653) | |
Net change in unrealized: | |||
Futures and forward currency contracts | 8,894,195 | (17,746,369) | |
Foreign exchange translation | (87,955) | 153,949 | |
Realized | (17,008) | (128,300) | |
Net change in unrealized | (382,439) | 1,525,680 | |
Total net realized and unrealized gains (losses) | 27,885,860 | (37,189,013) | |
NET INCOME (LOSS) | 30,508,792 | (35,932,740) | |
LESS PROFIT SHARE TO GENERAL PARTNER | 710,261 | ||
NET INCOME (LOSS) AFTER PROFIT SHARE TO GENERAL PARTNER | $ 29,798,531 | $ (35,932,740) | |
[1] The Partnership’s proportionate share of income and expenses allocated from the Master |
Statements of Change in Partner
Statements of Change in Partners' Capital (unaudited) - 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, 2022 | $ 454,468,058 | $ 1,252,132 | $ 3,216,369 | $ 455,720,190 | $ 143,276,896 | ||
Contributions | 108,235,530 | 108,235,530 | |||||
Withdrawals | (107,032,471) | (107,032,471) | |||||
Net income before profit share | (35,839,740) | (93,000) | (240,810) | (35,932,740) | (11,868,853) | ||
PARTNERS’ CAPITAL at Mar. 31, 2023 | 419,831,377 | 1,159,132 | 2,975,559 | 420,990,509 | 130,480,482 | ||
PARTNERS’ CAPITAL at Dec. 31, 2023 | 413,703,860 | 1,196,120 | 3,063,996 | 414,899,980 | $ 414,899,980 | 123,929,777 | |
Contributions | 1,162,869 | $ 3,260 | 1,166,129 | ||||
Withdrawals | (5,264,646) | (5,264,646) | |||||
Net income before profit share | 30,413,738 | 6 | 95,048 | 241,206 | 30,508,792 | 8,508,988 | |
General Partner’s allocation - profit share | (710,261) | (710,261) | |||||
PARTNERS’ CAPITAL at Mar. 31, 2024 | $ 439,305,560 | $ 3,266 | $ 1,291,168 | $ 3,305,202 | $ 440,599,994 | $ 440,599,994 | $ 128,587,660 |
Statements of Financial Highlig
Statements of Financial Highlights (unaudited) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Ratios to average net asset value: | |||
Monthly Management Fees Percent | 0.14583% | ||
Millburn Multi Markets Trading L P [Member] | |||
Ratios to average net asset value: | |||
Monthly Management Fees Percent | 0.14583% | ||
Trading Profit Percent | 20% | ||
Tracking Partner [Member] | Millburn Multi Markets Trading L P [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total return before General Partner profit share allocation | 7.47% | (7.83%) | |
Less: General Partner profit share allocation | 0.18% | ||
Total return after General Partner profit share allocation | 7.29% | (7.83%) | |
Ratios to average net asset value: | |||
Expenses | 2.36% | 2.33% | |
General Partner profit share allocation | 0.18% | ||
Total expenses | 2.54% | 2.33% | |
Net investment income (loss) | [1] | 2.69% | 1.24% |
Limited Partner [Member] | Millburn Multi Markets Trading L P [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total return before General Partner profit share allocation | 7.38% | (7.79%) | |
Less: General Partner profit share allocation | 0.16% | ||
Total return after General Partner profit share allocation | 7.22% | (7.79%) | |
Ratios to average net asset value: | |||
Expenses | 2.66% | 2.39% | |
General Partner profit share allocation | 0.16% | ||
Total expenses | 2.82% | 2.39% | |
Net investment income (loss) | [1] | 2.39% | 1.18% |
[1] Excludes General Partner profit share allocation and includes interest income. |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.’s (the “Partnership”) financial condition at March 31, 2024 (unaudited) and December 31, 2023 and the results of its operations for the three months ended March 31, 2024 and 2023 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership’s 2023 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2023 information has been derived from the audited financial statements as of December 31, 2023. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), as detailed in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“Codification”), 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. The Partnership enters into contracts with various financial institutions that contain a variety of indemnification provisions. 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. The 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, Millburn Ridgefield Corporation (the “General Partner”) has determined that no reserves for uncertain tax positions were required. Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . There have been no material changes with respect to the Partnership’s critical accounting policies, off-balance sheet arrangements or disclosure of contractual obligations as reported in the Partnership's Annual Report on Form 10-K for fiscal year 2023. |
Millburn Multi Markets Trading L P [Member] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The Master Fund engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for the Partnership, and Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”). The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Master Fund’s financial condition at March 31, 2024 (unaudited) and December 31, 2023 (audited) and the results of its operations for the three months ended March 31, 2024 and 2023 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Master Fund’s annual report for the year ended December 31, 2023 included in the Partnership’s annual report on Form 10-K filed with the Securities and Exchange Commission. The December 31, 2023 information has been derived from the audited financial statements as of December 31, 2023. The preparation of financial statements in conformity with U.S. GAAP in the U.S, as detailed in the FASB Codification, 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. The Master Fund enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Master Fund's maximum exposure under these arrangements is unknown. However, the Master Fund has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The 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. Investment Company Status: The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies . |
INVESTORS IN MILLBURN MULTI-MAR
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 3 Months Ended |
Mar. 31, 2024 | |
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 2. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. The Partnership invests substantially all of its assets in Millburn Multi-Markets Trading L.P. (the “Master Fund”). The Partnership’s ownership percentage of the Master Fund at March 31, 2024 and December 31, 2023 was 29.18 % and 29.87 %, respectively, of total partners’ capital of the Master Fund. See the attached financial statements of the Master Fund. |
Millburn Multi Markets Trading L P [Member] | |
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 2. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. The Partnership and the Cayman Feeder invest substantially all of their assets in the Master Fund. At March 31, 2024 and December 31, 2023, the respective ownership percentages of the Master Fund are detailed below. The remaining interests are held by direct investors in the Master Fund. March 31, December 31, 2024 2023 Partnership 29.18 % 29.87 % Cayman Feeder 54.66 % 54.29 % Total 83.84 % 84.16 % The capital withdrawals payable at March 31, 2024 and December 31, 2023 were $ 463,047 and $ 2,622,691 , respectively, as detailed below. March 31, December 31, 2024 2023 Direct investors (1) $ - $ 257,741 Partnership 463,047 153,125 Cayman Feeder - 2,211,825 Total $ 463,047 $ 2,622,691 (1) Includes General Partner’s profit share of $ 257,741 at December 31, 2023. The Master Fund 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 net assets of the Master Fund (the “Expense Cap”). Amounts subject to the Expense Cap include expenses incurred at the Master Fund and Cayman Feeder level. The General Partner bears any excess over such amounts. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | 3. RELATED PARTY TRANSACTIONS The Partnership bears its own expenses, including, but not limited to, periodic legal, accounting and filing fees. Administrative and operating expenses related to investors in the Partnership (including their 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 partners’ capital. Series A Limited Partners that redeem Units at or prior to the end of the first eleven months after such Units are sold shall be assessed redemption charges calculated based on their redeemed Units' net asset value as of the date of redemption. All redemption charges will be paid to the General Partner. At March 31, 2024 and December 31, 2023, there were no redemption charges owed to the General Partner. |
FAIR VALUE
FAIR VALUE | 3 Months Ended |
Mar. 31, 2024 | |
Millburn Multi Markets Trading L P [Member] | |
FAIR VALUE | 3. FAIR VALUE The Fair Value Measurement (Topic 820) of the Codification defines fair value, establishes a framework for measuring 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; and Level 3: Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Master Fund separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments. The Master Fund’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 does not adjust the quoted price for such instruments, even in situations where the Master Fund holds a large position and a sale could reasonably impact the quoted price. 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. 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. Spot currency contracts are valued based on current market prices (“Spot Price”). Forward currency contracts are valued based on pricing models that consider the Spot Price plus the financing cost or benefit (“Forward Point”). 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 forward currency contracts traded by the Master Fund may be in between these periods. The General Partner’s policy to determine fair value for forward currency contracts involves first calculating the number of months from the date the forward currency contract is being valued to its maturity date (“Months to Maturity”), then identifying the forward currency contracts for the two forward months that are closest to the Months to Maturity (“Forward Month Contracts”). Linear interpolation is then performed between the dates of these two Forward Month Contracts to calculate the interpolated Forward Point. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. During the three months ended March 31, 2024 and 2023, there were no transfers of assets or liabilities between Level 1 and Level 2. The following tables represent the Master Fund’s investments by hierarchical level as of March 31, 2024 and December 31, 2023 in valuing the Master Fund’s investments at fair value. At March 31, 2024 and December 31, 2023, the Master Fund had no assets or liabilities in Level 3. Financial assets and liabilities at fair value as of March 31, 2024 Level 1 Level 2 Total U.S. Treasury notes (1) $ 407,439,928 $ - $ 407,439,928 Short-Term Money Market Fund* 24,630,681 - 24,630,681 Exchange-traded futures contracts Currencies 227,793 - 227,793 Energies 2,937,597 - 2,937,597 Grains 305,138 - 305,138 Interest rates ( 648,185 ) - ( 648,185 ) Livestock ( 2,260 ) - ( 2,260 ) Metals ( 321,458 ) - ( 321,458 ) Softs ( 196,795 ) - ( 196,795 ) Stock indices 428,264 - 428,264 Total exchange-traded futures contracts 2,730,094 - 2,730,094 Over-the-counter forward currency contracts - 1,628,521 1,628,521 Total futures and forward currency contracts (2) 2,730,094 1,628,521 4,358,615 Total financial assets and liabilities at fair value $ 434,800,703 $ 1,628,521 $ 436,429,224 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 75,195,719 Investments in U.S. Treasury notes held in custody 332,244,209 Total investments in U.S. Treasury notes $ 407,439,928 (2) Net unrealized appreciation on open futures and forward currency contracts $ 4,824,033 Net unrealized depreciation on open futures and forward currency contracts ( 465,418 ) Total net unrealized appreciation on open futures and forward currency contracts $ 4,358,615 * 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, 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. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Millburn Multi Markets Trading L P [Member] | |
DERIVATIVE INSTRUMENTS | 4. DERIVATIVE INSTRUMENTS 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 Master Fund’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 Master Fund’s open positions and the liquidity of the markets in which it trades. The Master Fund engages in the speculative trading of futures and forward contracts on interest rates, grains, softs, currencies, metals, energies, livestock and stock indices. The following were the primary trading risk exposures of the Master Fund at March 31, 2024 by market sector: Agricultural (grains, livestock and softs) – The Master Fund’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 Master Fund. The Master Fund’s currency exposure is to exchange rate fluctuations, primarily fluctuations which 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 Master Fund trades in a large number of currencies, including cross-rates—e.g., positions between two currencies other than the U.S. dollar. Energies – The Master Fund’s primary energy market exposure is to gas and oil price movements often resulting from political developments in the oil producing countries 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 sector. Interest rates – Interest rate movements directly affect the price of the sovereign bond futures positions held by the Master Fund 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 Master Fund’s profitability. The Master Fund’s primary interest rate exposure is to interest rate fluctuations in countries or regions including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S. and the Eurozone. However, the Master Fund also may take positions in futures contracts on the government debt of other nations. 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 Master Fund for the foreseeable future. Metals – The Master Fund’s metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, platinum, silver, tin and zinc. Stock indices – The Master Fund’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 values of futures and forward currency contracts in a net asset position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts.” Fair values of futures and forward currency contracts in a net liability position by counterparty are recorded in the Statements of Financial Condition as “Net unrealized depreciation on open futures and forward currency contracts.” The Master Fund’s policy regarding fair value measurement is discussed in the Fair Value note, contained herein. Since the derivatives held or sold by the Master Fund 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 Master Fund’s trading gains and losses in the Statements of Operations. The following tables present the fair value of open futures and forward currency contracts, held long or sold short, at March 31, 2024 and December 31, 2023. Fair value is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Master Fund’s Statements of Financial Condition. Fair value of futures and forward currency contracts at March 31, 2024 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 38,245 $ ( 105 ) $ 193,876 $ ( 4,223 ) $ 227,793 Energies 3,088,138 ( 70,248 ) 32,241 ( 112,534 ) 2,937,597 Grains 312,700 ( 26,050 ) 18,944 ( 456 ) 305,138 Interest rates - ( 9,578 ) 1,553,982 ( 2,192,589 ) ( 648,185 ) Livestock 6,090 ( 11,260 ) 3,840 ( 930 ) ( 2,260 ) Metals 1,427,276 ( 382,349 ) 484,751 ( 1,851,136 ) ( 321,458 ) Softs 27,459 ( 46,098 ) 2,000 ( 180,156 ) ( 196,795 ) Stock indices 1,029,169 ( 228,975 ) 237,279 ( 609,209 ) 428,264 Total futures contracts 5,929,077 ( 774,663 ) 2,526,913 ( 4,951,233 ) 2,730,094 Forward currency contracts 432,277 ( 4,784,519 ) 6,230,061 ( 249,298 ) 1,628,521 Total futures and forward currency contracts $ 6,361,354 $ ( 5,559,182 ) $ 8,756,974 $ ( 5,200,531 ) $ 4,358,615 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 ) The effect of trading futures and forward currency contracts is represented on the Master Fund’s Statements of Operations for the three months ended March 31, 2024 and 2023 as “Net realized gains (losses) 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 three months ended March 31, 2024 and 2023 Three months Three months ended: ended: March 31, March 31, Sector 2024 2023 Futures contracts: Currencies $ 1,283,660 $ 614,915 Energies 12,095,482 ( 10,737,030 ) Grains 2,355,509 ( 747,967 ) Interest rates 13,300,546 ( 28,112,657 ) Livestock ( 44,000 ) 31,870 Metals ( 2,031,713 ) 913,567 Softs ( 2,455,707 ) ( 571,406 ) Stock indices ( 335,639 ) 399,529 Total futures contracts 24,168,138 ( 38,209,179 ) Forward currency contracts 4,248,091 ( 118,510 ) Total futures and forward currency contracts $ 28,416,229 $ ( 38,327,689 ) For the three months ended March 31, 2024 and 2023, the monthly average number of futures contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below: 2024 2023 Average bought 58,130 61,675 Average sold 65,882 60,142 Average notional $ 3,356,000,000 $ 3,360,000,000 The customer agreements between the Master Fund, the futures clearing brokers including, Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), BofA Securities, Inc. (formerly Merrill Lynch Pierce, Fenner & Smith Inc.) and Goldman Sachs & Co. LLC, as well as the FX prime brokers, Deutsche Bank AG (“DB”) and Bank of America, N.A. (“BA”), give the Master Fund the legal right to net unrealized gains and losses on open futures and forward currency contracts. The Master Fund 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 FASB Accounting Standards Codification Topic 210, “ Balance Sheet ,” were met. The following tables present gross amounts of assets or liabilities which qualify for offset as presented in the Statements of Financial Condition as of March 31, 2024 and December 31, 2023. Offsetting of derivative assets and liabilities at March 31, 2024 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 J $ 1,727,326 $ ( 348,964 ) $ 1,378,362 Counterparty L 6,305,392 ( 4,488,242 ) 1,817,150 Total futures contracts 8,032,718 ( 4,837,206 ) 3,195,512 Forward currency contracts Counterparty G 2,544,409 ( 1,463,323 ) 1,081,086 Counterparty K 4,117,929 ( 3,570,494 ) 547,435 Total forward currency contracts 6,662,338 ( 5,033,817 ) 1,628,521 Total assets $ 14,695,056 $ ( 9,871,023 ) $ 4,824,033 Gross amounts Net amounts of offset in the liabilities presented in Gross amounts of Statements of the Statements of Liabilities recognized liabilities Financial Condition Financial Condition Futures contracts Counterparty C $ 888,690 $ ( 423,272 ) $ 465,418 Total liabilities $ 888,690 $ ( 423,272 ) $ 465,418 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 J $ 1,378,362 $ - $ ( 1,378,362 ) $ - Counterparty L 1,817,150 - ( 1,817,150 ) - Counterparty G 1,081,086 - - 1,081,086 Counterparty K 547,435 - - 547,435 Total $ 4,824,033 $ - $ ( 3,195,512 ) $ 1,628,521 Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty C $ 465,418 $ - $ 465,418 $ - Total $ 465,418 $ - $ 465,418 $ - (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 March 31, 2024. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of March 31, 2024. 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 Statements of the Statements 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 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 ) $ - Total $ - $ - $ ( 388,051 ) $ - Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Statements 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. CONCENTRATION OF CREDIT RISK 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 a 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. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Master Fund’s assets at financial institutions and trading counterparties which the General Partner believes to be creditworthy. In addition, for OTC forward currency contracts, the Master Fund enters into master netting agreements with its counterparties. Collateral posted at the various counterparties for trading of futures and forward currency contracts includes cash and U.S. Treasury notes. The Master Fund’s forward currency trading activities are cleared by DB, and BA. The Master Fund’s concentration of credit risk associated with DB, or BA nonperformance includes unrealized gains inherent in such contracts, which are recognized in the Statements of Financial Condition plus the value of margin or collateral held by DB, and BA. The amount of such credit risk was $ 25,013,282 and $ 44,786,673 at March 31, 2024 and December 31, 2023, respectively. |
PROFIT SHARE
PROFIT SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Millburn Multi Markets Trading L P [Member] | |
PROFIT SHARE ALLOCATION | 5. PROFIT SHARE The following table indicates the total profit share earned and accrued during the three months ended March 31, 2024 and 2023. Profit share earned (from Limited Partners’ redemptions) is credited to the New Profit Memo account as defined in the Master Fund’s Agreement of Limited Partnership. Three months ended: Three months ended: March 31, 2024 March 31, 2023 Profit share earned $ 3,260 $ - Profit share accrued 707,001 - Total profit share $ 710,261 $ - |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 3 Months Ended |
Mar. 31, 2024 | |
FINANCIAL HIGHLIGHTS | 4. FINANCIAL HIGHLIGHTS Per Unit operating performance for Series A, Series B, Series C, Series D and Series E Units is calculated based on Limited Partners’ Partnership capital for each series taken as a whole utilizing the beginning and ending net asset value per unit and weighted average number of units during the period. On March 1, 2023, there was a subscription of Series E for $ 1,000 . Weighted average number of units outstanding of each series is detailed below. Three months ended March 31, 2024 2023 Series A 85,620.897 90,742.400 Series B 4,701.226 4,838.700 Series C 2,348.074 2,631.489 Series D 3,189.722 5,465.253 Series E 163.710 56.101 |
Millburn Multi Markets Trading L P [Member] | |
FINANCIAL HIGHLIGHTS | 6. FINANCIAL HIGHLIGHTS Ratios to average capital 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 partners’ management fee, selling commission, platform fee and profit share allocation arrangements. Returns are calculated based on 1) a Limited Partner that is charged a monthly management fee of 1/12 of 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, platform fee and profit share allocation arrangements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2024 | |
SUBSEQUENT EVENTS | 5. SUBSEQUENT EVENTS The General Partner has performed its evaluation of subsequent events from April 1, 2024 to May 14, 2024, the date the Form 10-Q was filed. Based on such evaluation, no events were discovered that required disclosure or adjustment to the financial statements. |
Millburn Multi Markets Trading L P [Member] | |
SUBSEQUENT EVENTS | 7. SUBSEQUENT EVENTS During the period from April 1, 2024 to May 14, 2024, withdrawals of $ 45,150,000 were made from the Master Fund. The General Partner has performed its evaluation of subsequent events through May 14, 2024, the date this Form 10-Q was filed. Based on such evaluation, no further events were discovered that required disclosure or adjustment to the 10-Q. |
INVESTORS IN MILLBURN MULTI-M_2
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Tables) - Millburn Multi Markets Trading L P [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of ownership percentages | March 31, December 31, 2024 2023 Partnership 29.18 % 29.87 % Cayman Feeder 54.66 % 54.29 % Total 83.84 % 84.16 % |
Schedule of capital withdrawals payable | March 31, December 31, 2024 2023 Direct investors (1) $ - $ 257,741 Partnership 463,047 153,125 Cayman Feeder - 2,211,825 Total $ 463,047 $ 2,622,691 |
FAIR VALUE (Tables)
FAIR VALUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | Financial assets and liabilities at fair value as of March 31, 2024 Level 1 Level 2 Total U.S. Treasury notes (1) $ 407,439,928 $ - $ 407,439,928 Short-Term Money Market Fund* 24,630,681 - 24,630,681 Exchange-traded futures contracts Currencies 227,793 - 227,793 Energies 2,937,597 - 2,937,597 Grains 305,138 - 305,138 Interest rates ( 648,185 ) - ( 648,185 ) Livestock ( 2,260 ) - ( 2,260 ) Metals ( 321,458 ) - ( 321,458 ) Softs ( 196,795 ) - ( 196,795 ) Stock indices 428,264 - 428,264 Total exchange-traded futures contracts 2,730,094 - 2,730,094 Over-the-counter forward currency contracts - 1,628,521 1,628,521 Total futures and forward currency contracts (2) 2,730,094 1,628,521 4,358,615 Total financial assets and liabilities at fair value $ 434,800,703 $ 1,628,521 $ 436,429,224 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 75,195,719 Investments in U.S. Treasury notes held in custody 332,244,209 Total investments in U.S. Treasury notes $ 407,439,928 (2) Net unrealized appreciation on open futures and forward currency contracts $ 4,824,033 Net unrealized depreciation on open futures and forward currency contracts ( 465,418 ) Total net unrealized appreciation on open futures and forward currency contracts $ 4,358,615 * 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, 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. |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) - Millburn Multi Markets Trading L P [Member] | 3 Months Ended |
Mar. 31, 2024 | |
Schedule of fair value of futures and forward currency contracts | Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Currencies $ 38,245 $ ( 105 ) $ 193,876 $ ( 4,223 ) $ 227,793 Energies 3,088,138 ( 70,248 ) 32,241 ( 112,534 ) 2,937,597 Grains 312,700 ( 26,050 ) 18,944 ( 456 ) 305,138 Interest rates - ( 9,578 ) 1,553,982 ( 2,192,589 ) ( 648,185 ) Livestock 6,090 ( 11,260 ) 3,840 ( 930 ) ( 2,260 ) Metals 1,427,276 ( 382,349 ) 484,751 ( 1,851,136 ) ( 321,458 ) Softs 27,459 ( 46,098 ) 2,000 ( 180,156 ) ( 196,795 ) Stock indices 1,029,169 ( 228,975 ) 237,279 ( 609,209 ) 428,264 Total futures contracts 5,929,077 ( 774,663 ) 2,526,913 ( 4,951,233 ) 2,730,094 Forward currency contracts 432,277 ( 4,784,519 ) 6,230,061 ( 249,298 ) 1,628,521 Total futures and forward currency contracts $ 6,361,354 $ ( 5,559,182 ) $ 8,756,974 $ ( 5,200,531 ) $ 4,358,615 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 ) |
Schedule of trading gains (losses) of futures and forward currency contracts | Three months Three months ended: ended: March 31, March 31, Sector 2024 2023 Futures contracts: Currencies $ 1,283,660 $ 614,915 Energies 12,095,482 ( 10,737,030 ) Grains 2,355,509 ( 747,967 ) Interest rates 13,300,546 ( 28,112,657 ) Livestock ( 44,000 ) 31,870 Metals ( 2,031,713 ) 913,567 Softs ( 2,455,707 ) ( 571,406 ) Stock indices ( 335,639 ) 399,529 Total futures contracts 24,168,138 ( 38,209,179 ) Forward currency contracts 4,248,091 ( 118,510 ) Total futures and forward currency contracts $ 28,416,229 $ ( 38,327,689 ) |
Schedule of monthly average future and forward currency contracts | 2024 2023 Average bought 58,130 61,675 Average sold 65,882 60,142 Average notional $ 3,356,000,000 $ 3,360,000,000 |
Schedule of offsetting Derivative Assets And Liabilities | Offsetting of derivative assets and liabilities at March 31, 2024 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 J $ 1,727,326 $ ( 348,964 ) $ 1,378,362 Counterparty L 6,305,392 ( 4,488,242 ) 1,817,150 Total futures contracts 8,032,718 ( 4,837,206 ) 3,195,512 Forward currency contracts Counterparty G 2,544,409 ( 1,463,323 ) 1,081,086 Counterparty K 4,117,929 ( 3,570,494 ) 547,435 Total forward currency contracts 6,662,338 ( 5,033,817 ) 1,628,521 Total assets $ 14,695,056 $ ( 9,871,023 ) $ 4,824,033 Gross amounts Net amounts of offset in the liabilities presented in Gross amounts of Statements of the Statements of Liabilities recognized liabilities Financial Condition Financial Condition Futures contracts Counterparty C $ 888,690 $ ( 423,272 ) $ 465,418 Total liabilities $ 888,690 $ ( 423,272 ) $ 465,418 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 J $ 1,378,362 $ - $ ( 1,378,362 ) $ - Counterparty L 1,817,150 - ( 1,817,150 ) - Counterparty G 1,081,086 - - 1,081,086 Counterparty K 547,435 - - 547,435 Total $ 4,824,033 $ - $ ( 3,195,512 ) $ 1,628,521 Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Statements of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty C $ 465,418 $ - $ 465,418 $ - Total $ 465,418 $ - $ 465,418 $ - (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 March 31, 2024. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of March 31, 2024. 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 Statements of the Statements 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 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 ) $ - Total $ - $ - $ ( 388,051 ) $ - Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Statements 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. |
PROFIT SHARE (Tables)
PROFIT SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Millburn Multi Markets Trading L P [Member] | |
Schedule Of Profit Share Earned And Accrued | Three months ended: Three months ended: March 31, 2024 March 31, 2023 Profit share earned $ 3,260 $ - Profit share accrued 707,001 - Total profit share $ 710,261 $ - |
FINANCIAL HIGHLIGHTS (Tables)
FINANCIAL HIGHLIGHTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Financial Highlights [Abstract] | |
Schedule of weighted number of units | Three months ended March 31, 2024 2023 Series A 85,620.897 90,742.400 Series B 4,701.226 4,838.700 Series C 2,348.074 2,631.489 Series D 3,189.722 5,465.253 Series E 163.710 56.101 |
INVESTORS IN MILLBURN MULTI-M_3
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Narrative) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Percentage of legal, accounting and filing fees equal to per annum of average net assets | 0.25% | |
Partnerships investment | 29.18% | 29.87% |
Millburn Multi Markets Trading L P [Member] | ||
Capital withdrawals payable | $ 463,047 | $ 2,622,691 |
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] | Mar. 31, 2024 | Dec. 31, 2023 |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 83.84% | 84.16% |
Partnership [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 29.18% | 29.87% |
Cayman Feeder [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 54.66% | 54.29% |
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 ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Capital withdrawals payable | $ 463,047 | $ 2,622,691 |
General Partners [Member] | ||
Capital withdrawals payable | 257,741 | |
Direct Investor [Member] | ||
Capital withdrawals payable | 257,741 | |
Partnership [Member] | ||
Capital withdrawals payable | $ 463,047 | 153,125 |
Cayman Feeder [Member] | ||
Capital withdrawals payable | $ 2,211,825 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Description of administrative and operating expenses related to investors | 1/2 of 1% per annum of the Partnership’s average month-end partners’ capital. |
FAIR VALUE (Schedule Of Financi
FAIR VALUE (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets (liabilities), net transferred between level 1 and level 2 | $ 0 | $ 0 | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0 | $ 0 | |
Liabilities | 0 | 0 | |
Millburn Multi Markets Trading L P [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total futures and forward currency contracts | 4,358,615 | (4,535,580) | |
Total financial assets and liabilities at fair value | 436,429,224 | 405,942,335 | |
Investments in U.S. Treasury notes held in equity trading accounts as collateral | 75,195,719 | 82,759,250 | |
Investments in U.S. Treasury notes | 332,244,209 | 309,001,616 | |
Total investments in U.S. Treasury notes | 407,439,928 | 391,760,866 | |
Net unrealized appreciation on open futures and forward currency contracts | 4,824,033 | 388,051 | |
Net unrealized depreciation on open futures and forward currency contracts | (465,418) | (4,923,631) | |
Total net unrealized appreciation on open futures and forward currency contracts | 4,358,615 | (4,535,580) | |
Millburn Multi Markets Trading L P [Member] | Future [Member] | Exchange Traded [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total exchange-traded futures contracts | 2,730,094 | (2,922,158) | |
Millburn Multi Markets Trading L P [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 | 1,628,521 | (1,613,422) | |
Millburn Multi Markets Trading L P [Member] | Currencies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 227,793 | (196,774) | |
Millburn Multi Markets Trading L P [Member] | Energies [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 2,937,597 | (3,062,691) | |
Millburn Multi Markets Trading L P [Member] | Grains [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 305,138 | 309,433 | |
Millburn Multi Markets Trading L P [Member] | Interest Rates [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | (648,185) | (1,339,320) | |
Millburn Multi Markets Trading L P [Member] | Livestock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | (2,260) | (6,150) | |
Millburn Multi Markets Trading L P [Member] | Metals [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | (321,458) | (72,785) | |
Millburn Multi Markets Trading L P [Member] | Softs [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | (196,795) | 547,547 | |
Millburn Multi Markets Trading L P [Member] | Stock Indices [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 428,264 | 898,582 | |
Millburn Multi Markets Trading L P [Member] | US Treasury Notes Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 407,439,928 | 391,760,866 | |
Millburn Multi Markets Trading L P [Member] | Money Market Funds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment Owned, at Fair Value | 24,630,681 | 18,717,049 | |
Millburn Multi Markets Trading L P [Member] | 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 | 2,730,094 | (2,922,158) | |
Total financial assets and liabilities at fair value | 434,800,703 | 407,555,757 | |
Millburn Multi Markets Trading L P [Member] | 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 | 2,730,094 | (2,922,158) | |
Millburn Multi Markets Trading L P [Member] | 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 | 227,793 | (196,774) | |
Millburn Multi Markets Trading L P [Member] | 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 | 2,937,597 | (3,062,691) | |
Millburn Multi Markets Trading L P [Member] | 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 | 305,138 | 309,433 | |
Millburn Multi Markets Trading L P [Member] | 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 | (648,185) | (1,339,320) | |
Millburn Multi Markets Trading L P [Member] | 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 | (2,260) | (6,150) | |
Millburn Multi Markets Trading L P [Member] | 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 | (321,458) | (72,785) | |
Millburn Multi Markets Trading L P [Member] | 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 | (196,795) | 547,547 | |
Millburn Multi Markets Trading L P [Member] | 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 | 428,264 | 898,582 | |
Millburn Multi Markets Trading L P [Member] | 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 | 407,439,928 | 391,760,866 | |
Millburn Multi Markets Trading L P [Member] | 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 | 24,630,681 | 18,717,049 | |
Millburn Multi Markets Trading L P [Member] | 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 | 1,628,521 | (1,613,422) | |
Total financial assets and liabilities at fair value | 1,628,521 | (1,613,422) | |
Millburn Multi Markets Trading L P [Member] | 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 | $ 1,628,521 | $ (1,613,422) |
DERIVATIVE INSTRUMENTS (Narrati
DERIVATIVE INSTRUMENTS (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Millburn Multi Markets Trading L P [Member] | ||
Credit risk | $ 25,013,282 | $ 44,786,673 |
DERIVATIVE INSTRUMENTS (Schedul
DERIVATIVE INSTRUMENTS (Schedule Of Fair Value Of Futures And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ 4,358,615 | $ (4,535,580) |
Exchange Traded Futures Contracts Currencies [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 227,793 | (196,774) |
Exchange Traded Futures Contracts Energies [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,937,597 | (3,062,691) |
Exchange Traded Futures Contracts Grains [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 305,138 | 309,433 |
Interest Rate Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (648,185) | (1,339,320) |
Exchange Traded Futures Contracts Livestock [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,260) | (6,150) |
Exchange Traded Futures Contracts Metals [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (321,458) | (72,785) |
Exchange Traded Futures Contracts Softs [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (196,795) | 547,547 |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 428,264 | 898,582 |
Future [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,730,094 | (2,922,158) |
Forward Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,628,521 | (1,613,422) |
Futures And Forward Currency Contracts Gains [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 6,361,354 | 15,267,672 |
Futures And Forward Currency Contracts Gains [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 8,756,974 | 2,838,466 |
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 | 38,245 | 27,753 |
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 | 193,876 | 14,145 |
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 | 3,088,138 | |
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 | 32,241 | 235,427 |
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 | 312,700 | |
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 | 18,944 | 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 | 1,553,982 | 321,540 |
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 | 6,090 | |
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 | 3,840 | 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 | 1,427,276 | 2,220,102 |
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 | 484,751 | 254,665 |
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 | 27,459 | |
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 | 2,000 | 617,612 |
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 | 1,029,169 | 753,414 |
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 | 237,279 | 387,967 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 5,929,077 | 5,572,155 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,526,913 | 2,428,819 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 432,277 | 9,695,517 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 6,230,061 | 409,647 |
Futures And Forward Currency Contracts Losses [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (5,559,182) | (3,162,114) |
Futures And Forward Currency Contracts Losses [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (5,200,531) | (19,479,604) |
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 | (105) | (41,166) |
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 | (4,223) | (197,506) |
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 | (70,248) | (1,954,311) |
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 | (112,534) | (1,343,807) |
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 | (26,050) | |
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 | (456) | (283,700) |
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 | (9,578) | (266,633) |
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 | (2,192,589) | (3,965,113) |
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 | (11,260) | (10,480) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Livestock [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (930) | |
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 | (382,349) | (244,208) |
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 | (1,851,136) | (2,303,344) |
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 | (46,098) | (51,788) |
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 | (180,156) | (18,277) |
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 | (228,975) | (195,411) |
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 | (609,209) | (47,388) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (774,663) | (2,763,997) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4,951,233) | (8,159,135) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4,784,519) | (398,117) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (249,298) | $ (11,320,469) |
DERIVATIVE INSTRUMENTS (Sched_2
DERIVATIVE INSTRUMENTS (Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | $ 28,416,229 | $ (38,327,689) |
Exchange Traded Futures Contracts Currencies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 1,283,660 | 614,915 |
Exchange Traded Futures Contracts Energies [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 12,095,482 | (10,737,030) |
Exchange Traded Futures Contracts Grains [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 2,355,509 | (747,967) |
Interest Rate Contract [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 13,300,546 | (28,112,657) |
Exchange Traded Futures Contracts Livestock [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (44,000) | 31,870 |
Exchange Traded Futures Contracts Metals [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (2,031,713) | 913,567 |
Exchange Traded Futures Contracts Softs [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (2,455,707) | (571,406) |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | (335,639) | 399,529 |
Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | 24,168,138 | (38,209,179) |
Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Trading Gain (Loss) | $ 4,248,091 | $ (118,510) |
DERIVATIVE INSTRUMENTS (Sched_3
DERIVATIVE INSTRUMENTS (Schedule Of Monthly Average Future And Forward Currency Contracts) (Details) - Millburn Multi Markets Trading L P [Member] | 3 Months Ended | |
Mar. 31, 2024 USD ($) contract | Mar. 31, 2023 USD ($) contract | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Average bought | 58,130 | 61,675 |
Average sold | 65,882 | 60,142 |
Average notional | $ | $ 3,356,000,000 | $ 3,360,000,000 |
DERIVATIVE INSTRUMENTS (Sched_4
DERIVATIVE INSTRUMENTS (Schedule Of Offsetting Derivative Assets And Liabilities) (Details) - Millburn Multi Markets Trading L P [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | $ 14,695,056 | $ 1,439,086 |
Gross amounts of recognized liabilities | 888,690 | 21,590,683 |
Gross amounts offset in the Statement of Financial Condition | (9,871,023) | (1,051,035) |
Gross amounts offset in the Statement of Financial Condition | (423,272) | (16,667,052) |
Net amounts of assets presented in the Statements of Financial Condition | 4,824,033 | 388,051 |
Net amounts of liabilities presented in the Statements of Financial Condition | 465,418 | 4,923,631 |
Collateral Received | (3,195,512) | (388,051) |
Collateral pledged | 465,418 | 4,923,631 |
Derivative Asset, Fair Value, Offset Against Collateral, Net of Not Subject to Master Netting Arrangement, Policy Election | 1,628,521 | |
Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 8,032,718 | |
Gross amounts of recognized liabilities | 9,872,097 | |
Gross amounts offset in the Statement of Financial Condition | (4,837,206) | |
Gross amounts offset in the Statement of Financial Condition | (6,561,888) | |
Net amounts of assets presented in the Statements of Financial Condition | 3,195,512 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,310,209 | |
Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 6,662,338 | |
Gross amounts of recognized liabilities | 11,718,586 | |
Gross amounts offset in the Statement of Financial Condition | (5,033,817) | |
Gross amounts offset in the Statement of Financial Condition | (10,105,164) | |
Net amounts of assets presented in the Statements of Financial Condition | 1,628,521 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 1,613,422 | |
Counterparty C [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of liabilities presented in the Statements of Financial Condition | 465,418 | |
Collateral Received | (388,051) | |
Collateral pledged | 465,418 | |
Counterparty C [Member] | Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 1,439,086 | |
Gross amounts of recognized liabilities | 888,690 | |
Gross amounts offset in the Statement of Financial Condition | (1,051,035) | |
Gross amounts offset in the Statement of Financial Condition | (423,272) | |
Net amounts of assets presented in the Statements of Financial Condition | 388,051 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 465,418 | |
Counterparty J [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 1,378,362 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 232,671 | |
Collateral Received | (1,378,362) | |
Collateral pledged | 232,671 | |
Counterparty J [Member] | Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 1,727,326 | |
Gross amounts of recognized liabilities | 618,432 | |
Gross amounts offset in the Statement of Financial Condition | (348,964) | |
Gross amounts offset in the Statement of Financial Condition | (385,761) | |
Net amounts of assets presented in the Statements of Financial Condition | 1,378,362 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 232,671 | |
Counterparty L [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 1,817,150 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,077,538 | |
Collateral Received | (1,817,150) | |
Collateral pledged | 3,077,538 | |
Counterparty L [Member] | Future [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 6,305,392 | |
Gross amounts of recognized liabilities | 9,253,665 | |
Gross amounts offset in the Statement of Financial Condition | (4,488,242) | |
Gross amounts offset in the Statement of Financial Condition | (6,176,127) | |
Net amounts of assets presented in the Statements of Financial Condition | 1,817,150 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 3,077,538 | |
Counterparty G [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 1,081,086 | |
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 | 1,081,086 | |
Counterparty G [Member] | Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 2,544,409 | |
Gross amounts of recognized liabilities | 4,860,154 | |
Gross amounts offset in the Statement of Financial Condition | (1,463,323) | |
Gross amounts offset in the Statement of Financial Condition | (4,122,044) | |
Net amounts of assets presented in the Statements of Financial Condition | 1,081,086 | |
Net amounts of liabilities presented in the Statements of Financial Condition | 738,110 | |
Counterparty K [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net amounts of assets presented in the Statements of Financial Condition | 547,435 | |
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 | 547,435 | |
Counterparty K [Member] | Forward Contracts [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gross amounts of recognized assets | 4,117,929 | |
Gross amounts of recognized liabilities | 6,858,432 | |
Gross amounts offset in the Statement of Financial Condition | (3,570,494) | |
Gross amounts offset in the Statement of Financial Condition | (5,983,120) | |
Net amounts of assets presented in the Statements of Financial Condition | $ 547,435 | |
Net amounts of liabilities presented in the Statements of Financial Condition | $ 875,312 |
PROFIT SHARE (Details)
PROFIT SHARE (Details) - Millburn Multi Markets Trading L P [Member] | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Profit share earned | $ 3,260 |
Profit share accrued | 707,001 |
Total profit share | $ 710,261 |
FINANCIAL HIGHLIGHTS (Details)
FINANCIAL HIGHLIGHTS (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Monthly management fees percent | 0.14583% | |
Management fees percent | 1.75% | |
Millburn Multi Markets Trading L P [Member] | ||
Monthly management fees percent | 0.14583% | |
Trading profit percent | 20% | |
Return monthly management fees percent | 0.14583% | |
Return management fees percent | 1.75% | |
Return trading profit percent | 20% | |
Series A [Member] | Limited Partners [Member] | ||
Weighted average number of units | 85,620.897 | 90,742.400 |
Series B [Member] | Limited Partners [Member] | ||
Weighted average number of units | 4,701.226 | 4,838.700 |
Series C [Member] | Limited Partners [Member] | ||
Weighted average number of units | 2,348.074 | 2,631.489 |
Series D [Member] | Limited Partners [Member] | ||
Weighted average number of units | 3,189.722 | 5,465.253 |
Series E [Member] | ||
Subscription of Units, Value | $ 1,000 | |
Series E [Member] | Limited Partners [Member] | ||
Weighted average number of units | 163.710 | 56.101 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 1 Months Ended |
May 14, 2024 USD ($) | |
Millburn Multi Markets Trading L P [Member] | Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Withdrawals | $ 45,150,000 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
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 |
Uncategorized Items - c910-2024
Label | Element | Value |
Limited Partners Series E [Member] | ||
Net Asset Value per Unit | cik910_NetAssetValuePerUnits | $ 1,000 |