Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,017 | |
Entity Registrant Name | Millburn Multi-Markets Fund L.P. | |
Entity Central Index Key | 1,468,910 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 0 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Public Float | $ 0 |
Statements Of Financial Conditi
Statements Of Financial Condition | Dec. 31, 2017USD ($)$ / item | Dec. 31, 2016USD ($)$ / item |
ASSETS | ||
Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund") | $ 180,404,424 | $ 172,886,333 |
Due from the Master Fund | 1,565,482 | 2,876,148 |
CASH AND CASH EQUIVALENTS | 1,283,292 | 2,119,000 |
TOTAL | 183,253,198 | 177,881,481 |
LIABILITIES: | ||
Capital contributions received in advance | 1,283,000 | 2,119,000 |
Capital withdrawal payable to Limited Partners | 1,165,481 | 2,076,148 |
Capital withdrawal payable to General Partner | 400,000 | 800,000 |
Due to the Master Fund | 292 | |
Total liabilities | 2,848,773 | 4,995,148 |
PARTNERS' CAPITAL: | ||
General Partner | 2,597,268 | 2,779,224 |
Total limited partners | 177,807,157 | 170,107,109 |
Total partners' capital | 180,404,425 | 172,886,333 |
TOTAL | 183,253,198 | 177,881,481 |
Series A [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 163,192,225 | $ 158,782,193 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ / item | 1,162.09 | 1,129.40 |
Series B [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 9,255,157 | $ 8,846,058 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ / item | 1,315.39 | 1,260.50 |
Series C [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 5,310,547 | $ 2,478,858 |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ / item | 1,342.09 | 1,283.96 |
Series D [Member] | ||
PARTNERS' CAPITAL: | ||
Limited Partners | $ 49,228 | |
NET ASSET VALUE PER UNIT OUTSTANDING: | ||
Net Asset Value Per Unit Outstanding | $ / item | 1,310.65 | |
Millburn Multi-Markets Trading L.P. [Member] | ||
ASSETS | ||
Investments in U.S. Treasury notes - at fair value (amortized cost $128,131,904 and $27,441,546) | $ 127,971,156 | $ 27,428,997 |
Net unrealized appreciation on open futures and forward currency contracts | 2,145,457 | 5,155,330 |
Due from brokers | 289,111 | 547,898 |
Cash denominated in foreign currencies (cost $27,839,061 and $6,590,374) | 28,534,515 | 6,335,327 |
Total equity in trading accounts | 158,940,239 | 39,467,552 |
INVESTMENTS IN U.S. TREASURY NOTES - at fair value (amortized cost $358,764,241 and $179,527,858) | 358,229,399 | 179,440,654 |
CASH AND CASH EQUIVALENTS | 75,905,244 | 19,892,072 |
ACCRUED INTEREST RECEIVABLE | 1,364,398 | 414,884 |
DUE FROM MILLBURN MULTI-MARKETS LTD. | 2,750 | 100 |
DUE FROM MILLBURN MULTI-MARKETS FUND L.P. | 292 | |
TOTAL | 594,442,322 | 239,215,262 |
LIABILITIES: | ||
Net unrealized depreciation on open futures and forward currency contracts | 11,713,535 | |
Subscriptions in advance | 2,430,000 | |
Capital withdrawal payable to Limited Partners | 64,127,936 | 2,929,148 |
Capital withdrawal payable to General Partner | 3,734,700 | 3,294,748 |
Management fee payable | 708,614 | 320,223 |
Selling commissions payable | 275,139 | 271,795 |
Accrued expenses | 222,956 | 184,565 |
Due to brokers | 2,519,264 | 1,390,404 |
Commissions and other trading fees on open futures contracts | 82,629 | 24,334 |
Total liabilities | 85,814,773 | 8,415,217 |
PARTNERS' CAPITAL: | ||
Total partners' capital | 508,627,549 | 230,800,045 |
TOTAL | $ 594,442,322 | $ 239,215,262 |
Statements Of Financial Condit3
Statements Of Financial Condition (Parenthetical) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Series A [Member] | ||
Limited partners, units outstanding | 140,430.1803 | 140,590.2950 |
Series B [Member] | ||
Limited partners, units outstanding | 7,036.0325 | 7,017.8811 |
Series C [Member] | ||
Limited partners, units outstanding | 3,956.9329 | 1,930.6399 |
Series D [Member] | ||
Limited partners, units outstanding | 37.5601 | 0 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Investments in U.S Treasury notes, amortized cost | $ 128,131,904 | $ 27,441,546 |
Cash denominated in foreign currencies, cost | 27,839,061 | 6,590,374 |
Investments in U.S Treasury notes, amortized cost | $ 358,764,241 | $ 179,527,858 |
Condensed Schedule Of Investmen
Condensed Schedule Of Investments (Futures And Forward Currency Contracts) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (1.88%) | 2.23% |
Net Unrealized Appreciation/(Depreciation) | $ (9,568,078) | $ 5,155,330 |
Futures Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.42% | 1.47% |
Net Unrealized Appreciation/(Depreciation) | $ 2,145,457 | $ 3,408,372 |
Forward Currency Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (2.30%) | 0.76% |
Net Unrealized Appreciation/(Depreciation) | $ (11,713,535) | $ 1,746,958 |
Long Contracts [Member] | Futures Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 2.20% | 1.49% |
Net Unrealized Appreciation/(Depreciation) | $ 11,208,734 | $ 3,441,801 |
Long Contracts [Member] | Energies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 1.39% | 0.05% |
Net Unrealized Appreciation/(Depreciation) | $ 7,066,650 | $ 115,591 |
Long Contracts [Member] | Grains [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.00% | 0.00% |
Net Unrealized Appreciation/(Depreciation) | $ (20,390) | $ (2,980) |
Long Contracts [Member] | Interest Rates [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (1.24%) | 0.96% |
Net Unrealized Appreciation/(Depreciation) | $ (6,327,076) | $ 2,225,547 |
Long Contracts [Member] | 10 Year U.S. Treasury Note [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.01% | 0.00% |
Net Unrealized Appreciation/(Depreciation) | $ 43,344 | $ 3,188 |
Long Contracts [Member] | 30 Year U.S. Treasury Bond [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.06% | |
Net Unrealized Appreciation/(Depreciation) | $ 291,406 | |
Long Contracts [Member] | Other Interest Rates [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (1.31%) | 0.96% |
Net Unrealized Appreciation/(Depreciation) | $ (6,661,826) | $ 2,222,359 |
Long Contracts [Member] | Livestock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.00% | |
Net Unrealized Appreciation/(Depreciation) | $ 2,280 | |
Long Contracts [Member] | Metals [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 1.66% | (0.01%) |
Net Unrealized Appreciation/(Depreciation) | $ 8,491,751 | $ (22,535) |
Long Contracts [Member] | Softs [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.07% | (0.04%) |
Net Unrealized Appreciation/(Depreciation) | $ 350,420 | $ (87,444) |
Long Contracts [Member] | Stock Indices [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.32% | 0.53% |
Net Unrealized Appreciation/(Depreciation) | $ 1,647,379 | $ 1,211,342 |
Long Contracts [Member] | Forward Currency Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.32% | (0.34%) |
Net Unrealized Appreciation/(Depreciation) | $ 1,616,927 | $ (784,446) |
Short Contracts [Member] | Futures Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (1.78%) | (0.02%) |
Net Unrealized Appreciation/(Depreciation) | $ (9,063,277) | $ (33,429) |
Short Contracts [Member] | Energies [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (0.17%) | (0.03%) |
Net Unrealized Appreciation/(Depreciation) | $ (896,980) | $ (75,226) |
Short Contracts [Member] | Grains [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.02% | 0.02% |
Net Unrealized Appreciation/(Depreciation) | $ 104,011 | $ 51,885 |
Short Contracts [Member] | Interest Rates [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.15% | (0.01%) |
Net Unrealized Appreciation/(Depreciation) | $ 764,885 | $ (31,802) |
Short Contracts [Member] | Livestock [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (0.01%) | |
Net Unrealized Appreciation/(Depreciation) | $ (66,920) | |
Short Contracts [Member] | Metals [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (1.73%) | 0.12% |
Net Unrealized Appreciation/(Depreciation) | $ (8,777,976) | $ 288,271 |
Short Contracts [Member] | Softs [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | 0.08% | 0.02% |
Net Unrealized Appreciation/(Depreciation) | $ 404,426 | $ 52,670 |
Short Contracts [Member] | Stock Indices [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (0.12%) | (0.14%) |
Net Unrealized Appreciation/(Depreciation) | $ (594,723) | $ (319,227) |
Short Contracts [Member] | Forward Currency Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Net Unrealized Appreciation/(Depreciation) as a % of Partners' Capital | (2.62%) | 1.10% |
Net Unrealized Appreciation/(Depreciation) | $ (13,330,462) | $ 2,531,404 |
Condensed Schedule Of Investme5
Condensed Schedule Of Investments (Futures And Forward Currency Contracts) (Parenthetical) - Millburn Multi-Markets Trading L.P. [Member] - Long Contracts [Member] - contract | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
10 Year U.S. Treasury Note [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment term | 10 years | 10 years |
Contracts | 111 | 4 |
Investment settlement date | Mar. 1, 2018 | Mar. 1, 2017 |
30 Year U.S. Treasury Bond [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment term | 30 years | |
Contracts | 209 | |
Investment settlement date | Mar. 1, 2018 |
Condensed Schedule Of Investme6
Condensed Schedule Of Investments (U.S. Treasury Notes) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Holdings [Line Items] | ||
Fair Value as a % of Partners' Capital | (1.88%) | 2.23% |
U.S. Treasury notes, 0.625%, 02/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 51,750,000 | |
Fair Value as a % of Partners' Capital | 22.43% | |
Fair Value | $ 51,755,054 | |
U.S. Treasury notes, 0.875%, 05/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 51,140,000 | |
Fair Value as a % of Partners' Capital | 22.18% | |
Fair Value | $ 51,192,938 | |
U.S. Treasury notes, 0.875%, 08/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 53,140,000 | |
Fair Value as a % of Partners' Capital | 23.04% | |
Fair Value | $ 53,186,705 | |
U.S. Treasury notes, 0.875%, 11/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 50,730,000 | |
Fair Value as a % of Partners' Capital | 21.98% | |
Fair Value | $ 50,734,954 | |
U.S. Treasury notes, 1.000%, 02/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 116,040,000 | |
Fair Value as a % of Partners' Capital | 22.81% | |
Fair Value | $ 115,994,672 | |
U.S. Treasury notes, 1.000%, 05/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 115,440,000 | |
Fair Value as a % of Partners' Capital | 22.67% | |
Fair Value | $ 115,293,445 | |
U.S. Treasury notes, 1.000%, 08/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 140,540,000 | |
Fair Value as a % of Partners' Capital | 27.52% | |
Fair Value | $ 139,991,016 | |
U.S. Treasury notes, 1.250%, 11/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | $ 115,440,000 | |
Fair Value as a % of Partners' Capital | 22.59% | |
Fair Value | $ 114,921,422 | |
U.S. Treasury Notes [Member] | ||
Investment Holdings [Line Items] | ||
Face Amount | ||
Fair Value as a % of Partners' Capital | 95.59% | 89.63% |
Fair Value | $ 486,200,555 | $ 206,869,651 |
Condensed Schedule Of Investme7
Condensed Schedule Of Investments (U.S. Treasury Notes) (Parenthetical) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
U.S. Treasury notes, 0.625%, 02/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.625% | |
Investment Maturity Date | Feb. 15, 2017 | |
U.S. Treasury notes, 0.875%, 05/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.875% | |
Investment Maturity Date | May 15, 2017 | |
U.S. Treasury notes, 0.875%, 08/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.875% | |
Investment Maturity Date | Aug. 15, 2017 | |
U.S. Treasury notes, 0.875%, 11/15/2017 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 0.875% | |
Investment Maturity Date | Nov. 15, 2017 | |
U.S. Treasury notes, 1.000%, 02/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.00% | |
Investment Maturity Date | Feb. 15, 2018 | |
U.S. Treasury notes, 1.000%, 05/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.00% | |
Investment Maturity Date | May 15, 2018 | |
U.S. Treasury notes, 1.000%, 08/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.00% | |
Investment Maturity Date | Aug. 15, 2018 | |
U.S. Treasury notes, 1.250%, 11/15/2018 [Member] | ||
Investment Holdings [Line Items] | ||
Investment Interest Rate | 1.25% | |
Investment Maturity Date | Nov. 15, 2018 | |
U.S. Treasury Notes [Member] | ||
Investment Holdings [Line Items] | ||
Amortized Cost of U.S. Treasury Notes | $ 486,896,145 | $ 206,969,404 |
Statements Of Operations
Statements Of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
NET INVESTMENT INCOME LOSS | ||
INVESTMENT INCOME - interest income | $ 1,488,520 | $ 591,444 |
EXPENSES: | ||
Management fees | 3,624,623 | 2,952,133 |
Brokerage commissions | 560,113 | 360,004 |
Selling commissions and platform fees | 3,357,673 | 2,690,103 |
Administrative and operating expenses | 741,338 | 727,524 |
Custody fees and other expenses | 32,344 | 25,878 |
Total expenses | 8,316,091 | 6,755,642 |
NET INVESTMENT LOSS | (6,827,571) | (6,164,198) |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Futures and forward currency contracts | 20,713,744 | 21,459,454 |
Foreign exchange translation | 332,136 | (199,268) |
Net change in unrealized: | ||
Futures and forward currency contracts | (7,672,114) | 1,151,080 |
Foreign exchange translation | 476,161 | (136,475) |
Net gains (losses) from U.S. Treasury notes: | ||
Net change in unrealized | (211,817) | 24,035 |
Total net realized and unrealized gains | 13,638,110 | 22,298,826 |
NET INCOME | 6,810,539 | 16,134,628 |
LESS PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 1,338,994 | 2,716,451 |
NET INCOME AFTER PROFIT SHARE | 5,471,545 | 13,418,177 |
Millburn Multi-Markets Trading L.P. [Member] | ||
NET INVESTMENT INCOME LOSS | ||
INVESTMENT INCOME - interest income | 3,762,433 | 795,695 |
EXPENSES: | ||
Management fees | 6,579,624 | 3,213,117 |
Brokerage commissions | 1,390,339 | 485,886 |
Selling commissions and platform fees | 3,378,797 | 2,704,286 |
Administrative and operating expenses | 1,163,307 | 952,830 |
Custody fees and other expenses | 73,575 | 34,672 |
Total expenses | 12,585,642 | 7,390,791 |
Operating expenses borne by General Partner | (104,187) | |
Net expenses | 12,585,642 | 7,286,604 |
NET INVESTMENT LOSS | (8,823,209) | (6,490,909) |
REALIZED AND UNREALIZED GAINS (LOSSES) | ||
Futures and forward currency contracts | 45,909,333 | 29,182,390 |
Foreign exchange translation | 933,084 | (265,318) |
Net change in unrealized: | ||
Futures and forward currency contracts | (14,723,408) | 1,433,891 |
Foreign exchange translation | 950,501 | (183,785) |
Net gains (losses) from U.S. Treasury notes: | ||
Net change in unrealized | (595,837) | 35,974 |
Total net realized and unrealized gains | 32,473,673 | 30,203,152 |
NET INCOME | 23,650,464 | 23,712,243 |
LESS PROFIT SHARE TO GENERAL PARTNER | (3,732,701) | (2,985,754) |
NET INCOME AFTER PROFIT SHARE | $ 19,917,763 | $ 20,726,489 |
Statements Of Changes In Partne
Statements Of Changes In Partners' Capital | Limited Partners [Member]Millburn Multi-Markets Trading L.P. [Member]USD ($) | Limited Partners [Member]Series A [Member]USD ($)$ / itemshares | Limited Partners [Member]Series B [Member]USD ($)$ / itemshares | Limited Partners [Member]Series C [Member]USD ($)$ / itemshares | Limited Partners [Member]Series D [Member]USD ($)$ / itemshares | New Profit Memo Account [Member]Millburn Multi-Markets Trading L.P. [Member]USD ($) | General Partner [Member]Millburn Multi-Markets Trading L.P. [Member]USD ($) | General Partner [Member]USD ($) | Millburn Multi-Markets Trading L.P. [Member]USD ($) | USD ($) |
PARTNERS' CAPITAL at Dec. 31, 2015 | $ 167,109,009 | $ 108,146,251 | $ 8,380,703 | $ 2,626,676 | $ 938,206 | $ 3,041,602 | $ 168,047,215 | $ 122,195,232 | ||
PARTNERS' CAPITAL, units at Dec. 31, 2015 | shares | 106,145.4501 | 7,449.1566 | 2,297.6071 | |||||||
Capital contributions | 60,797,262 | $ 50,735,385 | $ 773,876 | $ 75,000 | 60,797,262 | 51,584,261 | ||||
Capital contributions, units | shares | 44,912.7487 | 614.0657 | 58.7028 | |||||||
Capital withdrawals | (18,461,927) | $ (11,664,667) | $ (1,319,948) | $ (526,722) | (3,294,748) | (800,000) | (21,756,675) | (14,311,337) | ||
Capital withdrawals, units | shares | (10,467.9038) | (1,045.3412) | (425.6700) | |||||||
Net income | 23,534,572 | $ 13,952,843 | $ 1,265,345 | $ 378,818 | 8,994 | 168,677 | 537,622 | 23,712,243 | 16,134,628 | |
Profit share | (2,387,619) | (253,918) | (74,914) | (2,716,451) | ||||||
General Partner's allocation - profit share | (2,985,754) | 2,985,754 | ||||||||
Transfer of New Profit Memo Account to General Partner | (2,994,748) | 2,994,748 | ||||||||
PARTNERS' CAPITAL at Dec. 31, 2016 | 229,993,162 | $ 158,782,193 | $ 8,846,058 | $ 2,478,858 | 806,883 | 2,779,224 | 230,800,045 | 172,886,333 | ||
PARTNERS' CAPITAL, units at Dec. 31, 2016 | shares | 140,590.2950 | 7,017.8811 | 1,930.6399 | |||||||
NET ASSET VALUE PER UNIT | $ / item | 1,129.40 | 1,260.50 | 1,283.96 | |||||||
Capital contributions | 348,496,195 | $ 25,986,904 | $ 1,152,000 | $ 390,000 | $ 50,000 | 348,496,195 | 27,578,904 | |||
Capital contributions, units | shares | 22,579.9651 | 907.8384 | 297.7927 | 37.5601 | ||||||
Capital withdrawals | (90,584,455) | $ (23,421,474) | $ (1,134,248) | $ (576,635) | (3,734,700) | (400,000) | (94,319,155) | (25,532,357) | ||
Capital withdrawals, units | shares | (20,261.5310) | (880.6830) | (434.0680) | |||||||
Transfers between Series | $ (2,815,400) | $ (11,677) | $ 2,827,077 | |||||||
Transfers between Series, units | shares | (2,478.5488) | (9.0040) | 2,162.5683 | |||||||
Net income | 23,582,855 | $ 5,842,314 | $ 511,778 | $ 239,175 | (772) | 1,999 | 65,610 | 218,044 | 23,650,464 | 6,810,539 |
Profit share | (1,182,312) | (108,754) | (47,928) | (1,338,994) | ||||||
General Partner's allocation - profit share | (3,732,701) | 3,732,701 | ||||||||
Transfer of New Profit Memo Account to General Partner | (3,734,700) | 3,734,700 | ||||||||
PARTNERS' CAPITAL at Dec. 31, 2017 | $ 507,755,056 | $ 163,192,225 | $ 9,255,157 | $ 5,310,547 | $ 49,228 | $ 872,493 | $ 2,597,268 | $ 508,627,549 | $ 180,404,425 | |
PARTNERS' CAPITAL, units at Dec. 31, 2017 | shares | 140,430.1803 | 7,036.0325 | 3,956.9329 | 37.5601 | ||||||
NET ASSET VALUE PER UNIT | $ / item | 1,162.09 | 1,315.39 | 1,342.09 |
Statement Of Financial Highligh
Statement Of Financial Highlights - $ / item | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Limited Partners [Member] | Series A [Member] | |||||
NET ASSET VALUE PER UNIT - Beginning of period | 1,129.40 | 1,018.85 | |||
INCOME (LOSS) ALLOCATED FROM MASTER FUND: | |||||
Net investment loss | [1] | (45.17) | (49.20) | ||
Total trading and investing gains (losses) | [1] | 85.99 | 179.84 | ||
Net income (loss) before profit share allocation from Master Fund | 40.82 | 130.64 | |||
Less: profit share allocation from Master Fund | [1],[2] | 8.13 | 20.09 | ||
Net income (loss) from operations after profit share allocation from Master Fund | 32.69 | 110.55 | |||
NET ASSET VALUE PER UNIT - End of period | 1,162.09 | 1,129.40 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM MASTER FUND | 3.60% | 12.64% | |||
LESS: PROFIT SHARE ALLOCATION FROM MASTER FUND | 0.71% | [2] | 1.79% | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM MASTER FUND | 2.89% | 10.85% | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | 4.75% | [3] | 4.79% | [2] | |
Profit share allocation from Master Fund | 0.71% | [2] | 1.79% | ||
Total expenses | 5.46% | 6.58% | |||
Net investment loss | (3.93%) | [3],[4] | (4.39%) | ||
Limited Partners [Member] | Series B [Member] | |||||
NET ASSET VALUE PER UNIT - Beginning of period | 1,260.50 | 1,125.05 | |||
INCOME (LOSS) ALLOCATED FROM MASTER FUND: | |||||
Net investment loss | [1] | (27.14) | (33.08) | ||
Total trading and investing gains (losses) | [1] | 97.47 | 203.50 | ||
Net income (loss) before profit share allocation from Master Fund | 70.33 | 170.42 | |||
Less: profit share allocation from Master Fund | [1],[2] | 15.44 | 34.97 | ||
Net income (loss) from operations after profit share allocation from Master Fund | 54.89 | 135.45 | |||
NET ASSET VALUE PER UNIT - End of period | 1,315.39 | 1,260.50 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM MASTER FUND | 5.54% | 14.86% | |||
LESS: PROFIT SHARE ALLOCATION FROM MASTER FUND | 1.19% | [2] | 2.82% | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM MASTER FUND | 4.35% | 12.04% | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | 2.91% | [3] | 3.06% | [2] | |
Profit share allocation from Master Fund | 1.19% | [2] | 2.82% | ||
Total expenses | 4.10% | 5.88% | |||
Net investment loss | (2.10%) | [3],[4] | (2.67%) | ||
Limited Partners [Member] | Series C [Member] | |||||
NET ASSET VALUE PER UNIT - Beginning of period | 1,283.96 | 1,143.22 | |||
INCOME (LOSS) ALLOCATED FROM MASTER FUND: | |||||
Net investment loss | [1] | (25.43) | (30.49) | ||
Total trading and investing gains (losses) | [1] | 101.94 | 206.92 | ||
Net income (loss) before profit share allocation from Master Fund | 76.51 | 176.43 | |||
Less: profit share allocation from Master Fund | [1],[2] | 18.38 | 35.69 | ||
Net income (loss) from operations after profit share allocation from Master Fund | 58.13 | 140.74 | |||
NET ASSET VALUE PER UNIT - End of period | 1,342.09 | 1,283.96 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM MASTER FUND | 5.92% | 15.13% | |||
LESS: PROFIT SHARE ALLOCATION FROM MASTER FUND | 1.39% | [2] | 2.82% | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM MASTER FUND | 4.53% | 12.31% | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | 2.79% | [3] | 2.81% | [2] | |
Profit share allocation from Master Fund | 1.39% | [2] | 2.82% | ||
Total expenses | 4.18% | 5.63% | |||
Net investment loss | (1.92%) | [3],[4] | (2.42%) | ||
Limited Partners [Member] | Series D [Member] | |||||
NET ASSET VALUE PER UNIT - Beginning of period | [5] | 1,331.20 | |||
INCOME (LOSS) ALLOCATED FROM MASTER FUND: | |||||
Net investment loss | [1],[5] | (35.82) | |||
Total trading and investing gains (losses) | [1],[5] | 15.27 | |||
Net income (loss) before profit share allocation from Master Fund | [5] | (20.55) | |||
Less: profit share allocation from Master Fund | [1],[2],[5] | ||||
Net income (loss) from operations after profit share allocation from Master Fund | [5] | (20.55) | |||
NET ASSET VALUE PER UNIT - End of period | [5] | 1,310.65 | 1,331.20 | ||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM MASTER FUND | [5] | (1.54%) | |||
LESS: PROFIT SHARE ALLOCATION FROM MASTER FUND | [2],[5] | ||||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM MASTER FUND | [5] | (1.54%) | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | [3],[5] | 3.83% | |||
Profit share allocation from Master Fund | [2],[5] | ||||
Total expenses | [5] | 3.83% | |||
Net investment loss | [3],[4],[5] | (2.73%) | |||
Millburn Multi-Markets Trading L.P. [Member] | |||||
Total return before General Partner profit share allocation | 5.96% | 15.35% | |||
Less: General Partner profit share allocation | 1.17% | 2.83% | |||
Total return after General Partner profit share allocation | 4.79% | 12.52% | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | [6],[7] | 2.48% | 2.55% | ||
General Partner profit share allocation | 1.17% | 2.83% | |||
Total expenses | [6],[7] | 3.65% | 5.38% | ||
Net investment loss | [6],[7],[8] | (1.67%) | (2.15%) | ||
Millburn Multi-Markets Trading L.P. [Member] | Limited Partners [Member] | |||||
Total return before General Partner profit share allocation | 5.43% | 14.03% | |||
Less: General Partner profit share allocation | 0.85% | 1.49% | |||
Total return after General Partner profit share allocation | 4.58% | 12.54% | |||
RATIOS TO AVERAGE NET ASSET VALUE: | |||||
Expenses | [6],[7] | 2.86% | 3.65% | ||
General Partner profit share allocation | 0.85% | 1.49% | |||
Total expenses | [6],[7] | 3.71% | 5.14% | ||
Net investment loss | [6],[7],[8] | (2.00%) | (3.25%) | ||
[1] | The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing the net investment loss and profit share allocation from the Master Fund by the average number of units outstanding during the year. Total trading and investing losses is a balancing amount necessary to reconcile the change in net asset value per unit with the other per unit information. | ||||
[2] | Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by rebalancing due to monthly capital activity. | ||||
[3] | Includes the Partnership's proportionate share of income and expense allocated from the Master Fund. | ||||
[4] | Excludes profit share allocation from the Master Fund. | ||||
[5] | Initial offering price for Series D is $1,331.20 as of November 1, 2017. | ||||
[6] | Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1). | ||||
[7] | Ratios are computed net of involuntary waivers of operating expenses borne by the General Partner of the Partnership. For each of the years ended December 31, 2017 and 2016, the ratios are net of the 0.00% and 0.05% effect of the involuntary waivers of operating expenses, respectively. | ||||
[8] | Excludes General Partner profit share allocation. |
Statements Of Financial Highlig
Statements Of Financial Highlights (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Nov. 01, 2017 | |
Millburn Multi-Markets Trading L.P. [Member] | |||
Effect of voluntary waivers of operating expenses | 0.00% | 0.05% | |
Series D [Member] | |||
Initial offering price | $ 1,331.20 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization | 1. ORGANIZATION Millburn Multi-Markets FundL.P. (the Partnership) is a limited partnership organized on September 8, 2008, under the Delaware Revised Uniform Limited Partnership Act and commenced operations on August 1, 2009. The Limited Partnership Agreement (the Agreement) was amended and restated as of August 24, 2017. The Partnership is a feeder-fund and pools partners capital contributions for investment in Millburn Multi-Markets TradingL.P. (Master Fund). The Master Fund is a limited partnership organized during September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Master Fund engages in the trading and investing in futures and forward currency contracts. Millburn Ridgefield Corporation (the General Partner) is the General Partner of the Partnership and the Master Fund (collectively, the Funds) and manages the business of the Funds. The financial statements of the Master Fund, including the Condensed Schedules of Investments, are included in Section II of this Annual report and should be read in conjunction with the Partnerships financial statements. The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017 the Partnership offered Series D (collectively, the "Series") and may offer additional series in the future. |
Millburn Multi-Markets Trading L.P. [Member] | |
Organization | 1. ORGANIZATION Millburn Multi-Markets Trading L.P. (the "Partnership") is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the "Cayman Feeder"), and Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the "U.S. Feeder"). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. The Cayman Feeder and U.S. Feeder commenced operations on July 1, 2008, and August 1, 2009, respectively. All feeder fees and expenses will be charged at the master level. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States ("U.S.") government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades. The Limited Partnership Agreement (the "Agreement") provides that subject to certain limitations, Millburn Ridgefield Corporation (the "General Partner") shall conduct and manage the business of the Partnership. The General Partner has the right to make all investment decisions regarding the Partnership, authorize the payments of distributions to partners, enter into customer agreements with brokers and take such other actions, as it deems necessary or desirable, to manage the business of the Partnership. The limited partners, special limited partners, New Profit Memo Account (Note 4) and the General Partner share in the profits and losses of the Partnership which are determined before management fees, selling commissions (Note 2) and profit share allocations on the basis of their proportionate interests of Partnership capital (Note 4). The General Partner and special limited partners are charged none or lower management fees than limited partners in accordance with the Agreement. No limited partner or special limited partner shall be liable for Partnership obligations in excess of their capital contribution plus profits allocated to their capital accounts, if any. Subject to certain conditions, a partner has the right to redeem all or a portion of its partnership capital as of any month-end upon fifteen days' prior written notice to the General Partner. In its sole discretion, the General Partner may permit redemptions on shorter notice or as of a date other than month-end. Redemptions will be made as of the last day of the month for an amount equal to the Net Asset Value of the portion of a partner's capital being redeemed. A redeeming partner shall receive such redeemed capital less the redemption fee, if any. The General Partner, subject to Commodity Futures Trading Commission requirements, may, at its discretion, sell additional limited partnership interests to investors desiring to become limited partners. The Partnership will dissolve in the event of certain conditions set forth in the Agreement. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted ("U.S. GAAP") in the United States ("U.S.") as detailed in the Financial Accounting Standards Board Accounting Standards Codification ("Codification"). Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The Partnership is an investment company following the accounting and reporting guidance put forth in Accounting Standard Update ("ASU") 2013-08, "Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements". Investment — The investment in the Master Fund is reported at fair value in the Partnership's Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund's valuation policies and reported at the time of the Partnership's valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership's investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership's investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund's financial statements included in Section II of this annual report. Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership's income and expenses. The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax 2014 2017 Cash and Cash Equivalents Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership's underlying investments held within the Master Fund are included in the attached Master Fund's financial statements. |
Millburn Multi-Markets Trading L.P. [Member] | |
Summary Of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Partnership is an investment company following the accounting and reporting guidance put forth in Accounting Standard Update ("ASU") 2013-08, "Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements". Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers. Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership's trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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. Foreign Currency Cash — Includes foreign currency cash held at the Partnership's trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition. Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. Dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. Dollars at the exchange rate prevailing when such transactions occurred. Management Fees — The Agreement provides that the Partnership shall charge the limited partners' capital accounts and pay the General Partner management fees at a fixed rate of 0.167 2 2017 2016 US Feeder $ 3,624,623 $ 2,952,133 Cayman Feeder 2,883,089 205,708 Other (1) 71,912 55,276 Total $ 6,579,624 $ 3,213,117 (1) Direct investors in the Partnership Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2 0.25 2 Selling Commissions Platform Fees Total Selling Commissions and Platform Fees 2017 2016 2017 2016 2017 2016 U.S. Feeder $ 3,342,736 $ 2,667,559 $ 14,937 $ 22,544 $ 3,357,673 $ 2,690,103 Cayman Feeder 21,124 14,183 — — 21,124 14,183 Total $ 3,363,860 $ 2,681,742 $ 14,937 $ 22,544 $ 3,378,797 $ 2,704,286 Administrative and Operating Expenses 0.05 no The Partnership bears expenses including, but not limited to, periodic legal, accounting and filing fees up to an amount equal to 1/4 of 1% per annum of average Partners' Capital of the Partnership (the "Expense Cap"). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses. The Investment Adviser of the Cayman Feeder directly paid operating expenses in excess of 1/4 of 1% of average shareholders' equity for the year ended December 31, 2016. The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. For the years ended December 31, 2017 and 2016, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. Administrative and operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the year ended December 31, 2017, operating expenses were as follows: Operating Fund Expenses Partnership $ 551,775 U.S. Feeder 486,931 Cayman Feeder 124,601 Total $ 1,163,307 For the year ended December 31, 2016, operating expenses and the Administration Fee were as follows: Operating Administration Total Fund Expenses Fee Partnership $ 349,150 $ 100,308 $ 449,458 U.S. Feeder 395,947 — 395,947 Cayman Feeder 107,425 — 107,425 Total $ 852,522 $ 100,308 $ 952,830 Borne by General Partner or Investment Adviser * $ (104,187 ) $ — $ (104,187 ) * by General Partner (in the case of the Partnership and U.S. Feeder) or Investment Adviser (Cayman Feeder) Income Taxes — The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Accordingly, the Partnership prepares calendar year U.S. federal and applicable state tax returns and reports to the partners their allocable shares of the Partnership's income, expenses and trading gains or losses. No provision for income taxes has been made in the accompanying financial statements as the partners are responsible for the payment of taxes. The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2014 to 2017, the General Partner has determined that no reserves for uncertain tax positions were required. Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition. Fair Value of Financial Instruments — The fair value of the Partnership's assets and liabilities which qualify as financial instruments under the Fair Value Measurements and Disclosures topic of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments — The Partnership's cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations. The General Partner of the Partnership does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Derivative Contracts — Derivative contracts can be exchange-traded or over-the-counter ("OTC"). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy. OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money ("forward points") and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. During the years ended December 31, 2017 and 2016, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership's investments by hierarchical level as of December 31, 2017 and 2016 in valuing the Partnership's investments at fair value. At December 31, 2017 and 2016, the Partnership held no assets or liabilities classified in Level 3. Financial assets at fair value as of December 31, 2017 Level 1 Level 2 Total U.S. Treasury notes (1) $ 486,200,555 $ — $ 486,200,555 Short-Term Money Market Fund* 75,655,244 — 75,655,244 Exchange-traded futures contracts Energies 6,169,670 — 6,169,670 Grains 83,621 — 83,621 Interest rates (5,562,191 ) — (5,562,191 ) Livestock (66,920 ) — (66,920 ) Metals (286,225 ) — (286,225 ) Softs 754,846 — 754,846 Stock indices 1,052,656 — 1,052,656 Total exchange-traded futures contracts 2,145,457 — 2,145,457 Over-the-counter forward currency contracts — (11,713,535 ) (11,713,535 ) Total futures and forward currency contracts (2) 2,145,457 (11,713,535 ) (9,568,078 ) Total financial assets and liabilities at fair value $ 564,001,256 $ (11,713,535 ) $ 552,287,721 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 127,971,156 Investments in U.S. Treasury notes 358,229,399 Total investments in U.S. Treasury notes $ 486,200,555 (2) Net unrealized appreciation on open futures and forward currency contracts $ 2,145,457 Net unrealized depreciation on open futures and forward currency contracts (11,713,535 ) Total net unrealized depreciation on open futures and forward currency contracts $ (9,568,078 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2016 Level 1 Level 2 Total U.S. Treasury notes (1) $ 206,869,651 $ — $ 206,869,651 Exchange-traded futures contracts Energies 40,365 — 40,365 Grains 48,905 — 48,905 Interest rates 2,193,745 — 2,193,745 Livestock 2,280 — 2,280 Metals 265,736 — 265,736 Softs (34,774 ) — (34,774 ) Stock indices 892,115 — 892,115 Total exchange-traded futures contracts 3,408,372 — 3,408,372 Over-the-counter forward currency contracts — 1,746,958 1,746,958 Total futures and forward currency contracts (2) 3,408,372 1,746,958 5,155,330 Total financial assets and liabilities at fair value $ 210,278,023 $ 1,746,958 $ 212,024,981 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 27,428,997 Investments in U.S. Treasury notes 179,440,654 Total investments in U.S. Treasury notes $ 206,869,651 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 Net unrealized depreciation on open futures and forward currency contracts — Total net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 |
Investment In Millburn Multi-Ma
Investment In Millburn Multi-Markets Trading L.P. | 12 Months Ended |
Dec. 31, 2017 | |
Investment In Millburn Multi-Markets Trading L.P. | 3. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. During the years ended December 31, 2017 and 2016, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2017 and 2016, the Partnership's investment in the Master Fund represents 35.47 74.91 As the Partnership's sole investing activity during the years ended December 31, 2017 and 2016 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership's allocated amount of each item of income and expense from the Master Fund. The Partnership may make additional contributions to or redemptions from its investment in the Master Fund on a monthly basis subject to approval of the General Partner of the Master Fund. The General Partner of the Master Fund may have different management fee and profit share allocation agreements for the partners of the Partnership as disclosed in the Master Fund's financial statements included in Section II of this annual report. |
Millburn Multi-Markets Trading L.P. [Member] | |
Investment In Millburn Multi-Markets Trading L.P. | 9. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2017 and 2016, respective ownership percentages of the Partnership are detailed below 2017 2016 U.S. Feeder 35.47 % 74.91 % Cayman Feeder 55.14 6.68 Total 90.61 % 81.59 % : The remaining interests are held by direct investors in the Partnership. The capital withdrawals payable at December 31, 2017 and 2016 were $ 67,862,636 6,223,896 2017 2016 Direct investors (1) $ 3,934,700 $ 3,294,748 U.S. Feeder 1,565,482 2,876,148 Cayman Feeder 62,362,454 53,000 Total $ 67,862,636 $ 6,223,896 (1) Includes profit share to the General Partner of $ 3,734,700 200,000 2,994,748 300,000 |
Management Fee, Selling Commiss
Management Fee, Selling Commission, Platform Fees And Profit Share | 12 Months Ended |
Dec. 31, 2017 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Abstract] | |
Management Fee, Selling Commission, Platform Fees And Profit Share | 4. MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE Each Series of Units are allocated management fees at a fixed rate of 0.167 2 20 The original terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% (2% per annum) based on the month-end Net Asset Value of such Series investment; 2) Series B Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to a platform fee of 1/12 of 0.25% ( 0.25 The amended terms of the Series issued by the Partnership per the restated LPA dated August 24, 2017 are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2% ( 2 0.75 Selling Commissions Platform Fees Selling Commissions 2017 2016 2017 2016 2017 2016 Series A Units $ 3,342,675 $ 2,667,559 $ — $ — $ 3,342,675 $ 2,667,559 Series B Units 14,936 — — 22,544 14,936 22,544 Series D Units 62 — — — 62 — $ 3,357,673 $ 2,667,559 $ — $ 22,544 $ 3,357,673 $ 2,690,103 Amounts were charged at the Master Fund level and allocated to applicable Partnership investors only. No amounts were allocated to Series C Units. |
Profit Share Allocation
Profit Share Allocation | 12 Months Ended |
Dec. 31, 2017 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Profit Share Allocation | 4. PROFIT SHARE ALLOCATION The Agreement provides that the General Partner's profit share equal to 20 Any profit share charged is added to the General Partner's capital account to the extent that net taxable capital gains are allocated to the General Partner and the remainder, if any, of such profit share is added to the New Profit Memo Account. The General Partner may not make any withdrawal from the balance in the New Profit Memo Account. If, at the end of a subsequent year, net taxable gains are allocated to the General Partner in excess of such year's profit share, a corresponding amount is transferred from the New Profit Memo Account to the General Partner's capital account. Profit share allocation for the years ended December 31, 2017 and 2016 were as follows 2017 2016 US Feeder $ 1,338,994 $ 2,716,451 Cayman Feeder 2,376,745 239,199 Other (1) 16,962 30,104 Total $ 3,732,701 $ 2,985,754 (1) Direct investors in the Partnership : |
Operating Expenses And Administ
Operating Expenses And Administration Fee | 12 Months Ended |
Dec. 31, 2017 | |
Operating Expenses And Administration Fee [Abstract] | |
Operating Expenses And Administration Fee | 5. OPERATING EXPENSES AND ADMINISTRATION FEE Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1% per annum of the Partnership's average month-end net asset value. For the years ended December 31, 2017 and 2016, the Partnership incurred Partnership-level administrative and operating expenses of $ 486,931 395,947 The General Partner of the Master Fund is paid a monthly administration fee as disclosed in the Master Fund's financial statements included in Section II of this annual report. |
Due From_To Brokers
Due From/To Brokers | 12 Months Ended |
Dec. 31, 2017 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Due From/To Brokers | 5. DUE FROM/TO BROKERS At December 31, 2017 and 2016, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments | 6. DERIVATIVE INSTRUMENTS The Partnership's investment in the Master Fund is subject to the market and credit risk of financial instruments which include exchange-traded futures contracts and over-the-counter forward currency contracts. The Partnership bears the risk of loss only to the extent of the fair value of its investment in the Master Fund. Millburn Ridgefield Corporation, as the General Partner of the Funds, has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The partners bear the risk of loss only to the extent of the fair value of their respective investments. |
Millburn Multi-Markets Trading L.P. [Member] | |
Derivative Instruments | 7. DERIVATIVE INSTRUMENTS The Partnership is party to derivative financial instruments in the normal course of its business. These financial instruments include futures and forward currency contracts which may be traded on an exchange or OTC. The Partnership records its derivative activities on a mark-to-market basis as described in Note 2. For OTC contracts, the Partnership enters into master netting agreements with its counterparties. Therefore, assets represent the Partnership's unrealized gains, less unrealized losses for OTC contracts in which the Partnership has a master netting agreement. Similarly, liabilities represent net amounts owed to counterparties on OTC contracts. Futures contracts are agreements to buy or sell an underlying asset or index for a set price in the future. Initial margin deposits are made upon entering into futures contracts and can be either in cash or treasury securities. Open futures contracts are revalued on a daily basis to reflect the market value of the contracts at the end of each trading day. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. The Partnership bears the market risk that arises from changes in the value of these financial instruments. Forward currency contracts entered into by the Partnership represent a firm commitment to buy or sell an underlying currency at a specified value and point in time based upon an agreed or contracted quantity. The ultimate gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date. Each of these financial instruments is subject to various risks similar to those related to the underlying financial instruments including market risk, credit risk, concentration risk and sovereign risk. Market risk is the potential change in the value of the instruments traded by the Partnership due to market changes including interest and foreign exchange rate movements and fluctuations in futures or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward currency contracts and the Partnership's satisfaction of its obligations related to such market value changes may exceed the amount recognized in the Statements of Financial Condition. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership's risk of loss due to counterparty nonperformance. The Partnership's exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $ 49,457,913 12,232,055 The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will in fact succeed in doing so. The General Partner's market risk control procedures include diversification of the Partnership's portfolio and continuously monitoring the portfolio's open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership's assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership's trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), and SG Americas Securities, LLC., collectively the "Futures Clearing Brokers.". For all forward currency transactions, the Partnership utilizes one prime broker, Deutsche Bank AG. In addition, the Partnership clears trades through Morgan Stanley & Co., LLC ("MS"), utilizing MS as a swap dealer. The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership's functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2017 and 2016, by settlement currency type, denominated in U.S. Dollars, is detailed below: As of December 31, 2017 2016 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ (671,838 ) 7.02 % $ 128,539 2.49 % British pound 2,903,486 (30.35 ) 558,726 10.84 Canadian dollar 47,569 (0.50 ) (6,500 ) (0.13 ) Euro (9,368,585 ) 97.92 2,687,273 52.13 Hong Kong dollar 18,681 (0.20 ) 46,550 0.90 Japanese yen 1,438,203 (15.03 ) 490,906 9.52 Korean won 340,400 (3.56 ) 269,231 5.22 Malaysian ringgit 20,435 (0.21 ) (74,203 ) (1.44 ) Norwegian krone (566,513 ) 5.92 (108,330 ) (2.10 ) Polish zloty 151,032 (1.58 ) (44,969 ) (0.87 ) Singapore dollar 25,755 (0.27 ) (4,520 ) (0.09 ) South African rand 45,803 (0.48 ) 17,049 0.33 Swedish krona (493,314 ) 5.16 (136,742 ) (2.65 ) Turkish lira (557,950 ) 5.83 (38,566 ) (0.75 ) U.S. dollar (2,901,242 ) 30.33 1,370,886 26.60 Total $ (9,568,078 ) 100.00 % $ 5,155,330 100.00 % The Derivatives and Hedging topic of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The Partnership's market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership's open positions and the liquidity of the markets in which it trades. The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2017 and 2016, by market sector: Agricultural (grains, livestock and softs) — The Partnership's primary exposure is to agricultural price movements which are often directly affected by severe or unexpected weather conditions as well as supply and demand factors. Currencies — Exchange rate risk is a principal market exposure of the Partnership. The Partnership's currency exposure is to exchange rate fluctuations that disrupt the historical pricing relationships between different currencies and currency pairs. The fluctuations are influenced by interest rate changes as well as political and general economic conditions. The Partnership trades in a large number of currencies including cross-rates — e.g., positions between two currencies other than the U.S. dollar. Energies — The Partnership's primary energy market exposure is to gas and oil price movements often resulting from political developments in the Middle East and economic conditions worldwide. Energy prices are volatile and substantial profits and losses have been and are expected to continue to be experienced in this market. Interest Rates — Interest rate movements directly affect the price of the sovereign bond futures positions held by the Partnership and indirectly the value of its stock index and currency positions. Interest rate movements in one country as well as relative interest rate movements between countries may materially impact the Partnership's profitability. The Partnership's primary interest rate exposure is to interest rate fluctuations in countries or regions including Australia, Canada, Japan, Switzerland, the United Kingdom, the U.S., and the Eurozone. However, the Partnership also may take positions in futures contracts on the government debt of other countries. The General Partner anticipates that interest rates in these industrialized countries or areas, both long-term and short-term, will remain the primary interest rate market exposure of the Partnership for the foreseeable future. Metals — The Partnership's metals market exposure is to fluctuations in the price of aluminum, copper, gold, lead, nickel, palladium, platinum, silver, tin and zinc. Stock Indices — The Partnership's equity exposure, through stock index futures, is to equity price risk in the major industrialized countries as well as other countries. The Derivatives and Hedging topic of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as "Net unrealized appreciation on open futures and forward currency contracts" or "Net unrealized depreciation on open futures and forward currency contracts," respectively. The Partnership's policy regarding fair value measurement is discussed in Note 2. Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging Topic of the Codification. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership's trading gains and losses in the Statements of Operations. The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2017 and 2016. Fair value, below, is presented on a gross basis even though the contracts are subject to master netting agreements and qualify for net presentation in the Statements of Financial Condition Fair Value of Futures and Forward Currency Contracts at December 31, 2017 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 7,084,104 $ (17,454 ) $ 115,340 $ (1,012,320 ) $ 6,169,670 Grains 100 (20,490 ) 274,100 (170,089 ) 83,621 Interest rates 1,344,904 (7,671,980 ) 829,470 (64,585 ) (5,562,191 ) Livestock — — 6,260 (73,180 ) (66,920 ) Metals 8,558,331 (66,580 ) 22,964 (8,800,940 ) (286,225 ) Softs 357,125 (6,705 ) 679,252 (274,826 ) 754,846 Stock indices 4,844,811 (3,197,432 ) 858,712 (1,453,435 ) 1,052,656 Total futures contracts 22,189,375 (10,980,641 ) 2,786,098 (11,849,375 ) 2,145,457 Forward currency contracts 5,225,346 (3,608,419 ) 2,226,484 (15,556,946 ) (11,713,535 ) Total futures and forward currency contracts $ 27,414,721 $ (14,589,060 ) $ 5,012,582 $ (27,406,321 ) $ (9,568,078 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2016 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 125,805 $ (10,214 ) $ 23,840 $ (99,066 ) $ 40,365 Grains — (2,980 ) 122,923 (71,038 ) 48,905 Interest rates 2,658,089 (432,542 ) 104 (31,906 ) 2,193,745 Livestock 5,130 (2,850 ) — — 2,280 Metals 750,102 (772,637 ) 545,558 (257,287 ) 265,736 Softs 547 (87,991 ) 156,789 (104,119 ) (34,774 ) Stock indices 1,876,503 (665,161 ) 22,049 (341,276 ) 892,115 Total futures contracts 5,416,176 (1,974,375 ) 871,263 (904,692 ) 3,408,372 Forward currency contracts 476,460 (1,260,906 ) 3,059,242 (527,838 ) 1,746,958 Total futures and forward currency contracts $ 5,892,636 $ (3,235,281 ) $ 3,930,505 $ (1,432,530 ) $ 5,155,330 . The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2017 and 2016 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 years ended December 31, 2017 and 2016 Sector 2017 2016 Futures contracts: Energies $ (4,125,803 ) $ (6,466,624 ) Grains (2,701,652 ) 2,864,072 Interest rates (3,601,865 ) 10,837,509 Livestock (434,030 ) 139,270 Metals 604,208 (916,623 ) Softs 2,476,401 (1,026,914 ) Stock indices 67,182,560 17,017,329 Total futures contracts 59,399,819 22,448,019 Forward currency contracts (28,213,894 ) 8,168,262 Total futures and forward currency contracts $ 31,185,925 $ 30,616,281 For the years ended December 31, 2017 and 2016, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below: 2017 2016 Average bought 35,579 12,089 Average sold 34,774 11,834 Average notional $ 3,685,000,000 $ 1,360,000,000 The Customer Agreement between the Partnership, the Futures Clearing Brokers and the FX Prime Brokers gives the Partnership the legal right to net unrealized gains and losses on open futures and foreign currency contracts. The Partnership netted, for financial reporting purposes, the unrealized gains and losses on open futures and forward currency contracts on the Statements of Financial Condition as the criteria under ASC 210-20, "Balance Sheet," were met. The following tables summarize the valuation of the Partnership's investments as of December 31, 2017 and 2016 Offsetting of derivative assets and liabilities at December 31, 2017 Assets Gross amounts of recognized assets Gross amounts offset in the Statement of Financial Condition Net amounts of assets presented in the Statement of Financial Condition Futures contracts Counterparty C $ 8,020,778 $ (7,204,167 ) $ 816,611 Counterparty I 16,954,695 (15,625,849 ) 1,328,846 Total futures contracts 24,975,473 (22,830,016 ) 2,145,457 Total assets $ 24,975,473 $ (22,830,016 ) $ 2,145,457 Liabilities Gross amounts of recognized liabilities Gross amounts offset in the Statement of Financial Condition Net amounts of liabilities presented in the Statement of Financial Condition Forward currency contracts Counterparty G $ 7,086,206 $ (2,515,193 ) $ 4,571,013 Counterparty H 12,079,159 (4,936,637 ) 7,142,522 Total forward contracts 19,165,365 (7,451,830 ) 11,713,535 Total liabilities $ 19,165,365 $ (7,451,830 ) $ 11,713,535 (Continued) Amounts Not Offset in the Statement of Financial Condition Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 816,611 $ — $ (816,611 ) $ — Counterparty I 1,328,846 — (1,328,846 ) — Total $ 2,145,457 $ — $ (2,145,457 ) $ — Amounts Not Offset in the Statement of Financial Condition Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty G $ 4,571,013 $ — $ 4,571,013 $ — Counterparty H 7,142,522 — 7,142,522 — Total $ 11,713,535 $ — $ 11,713,535 $ — (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2017. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2017. (Concluded) Offsetting of derivative assets and liabilities at December 31, 2016 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statement of the Statement of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,612,002 $ (1,405,548 ) $ 2,206,454 Counterparty I 2,675,437 (1,473,519 ) 1,201,918 Total futures contracts 6,287,439 (2,879,067 ) 3,408,372 Forward currency contracts Counterparty G 1,707,952 (615,087 ) 1,092,865 Counterparty H 1,827,750 (1,173,657 ) 654,093 Total forward contracts 3,535,702 (1,788,744 ) 1,746,958 Total assets $ 9,823,141 $ (4,667,811 ) $ 5,155,330 Amounts Not Offset in the Statement of Financial Condition Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 2,206,454 $ — $ (2,206,454 ) $ — Counterparty I 1,201,918 — (1,201,918 ) — Counterparty G 1,092,865 — — 1,092,865 Counterparty H 654,093 — — 654,093 Total $ 5,155,330 $ — $ (3,408,372 ) $ 1,746,958 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. (2) Collateral disclosed is limited to an amount not to exceed 100 (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2016. |
Trading Activities
Trading Activities | 12 Months Ended |
Dec. 31, 2017 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Trading Activities | 6. TRADING ACTIVITIES The Partnership conducts its futures trading with various futures commission merchants ("FCMs") on futures exchanges and its forward currency trading with various banks or dealers ("Dealers") in the interbank markets. Substantially all assets included in the Partnership's equity in trading accounts and certain liability accounts, as discussed below, were held as collateral by such FCMs in either U.S. regulated segregated accounts (for futures contracts traded on U.S. exchanges) or non-U.S. secured accounts (for futures contracts traded on non-U.S. exchanges) as required by U.S. Commodity Futures Trading Commission's regulations, or held as collateral by the counterparty Dealers. Liabilities in the Statements of Financial Condition that are components of "Total equity in trading accounts" include net unrealized depreciation on open futures and forward currency contracts, cash denominated in foreign currencies and due to brokers, if any. The Partnership enters into contracts with various institutions that contain a variety of indemnifications. The Partnership's maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. |
Indemnifications
Indemnifications | 12 Months Ended |
Dec. 31, 2017 | |
Indemnification [Abstract] | |
Indemnifications | 7. INDEMNIFICATIONS In the normal course of business, the Partnership enters into contracts and agreements that contain a variety of representations and warranties and which provide general indemnifications. The Partnership's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Partnership that have not yet occurred. The Partnership expects the risk of any future obligation under these indemnifications to be remote. |
Administrator Agreement
Administrator Agreement | 12 Months Ended |
Dec. 31, 2017 | |
Administrator Agreement | 8. ADMINISTRATOR AGREEMENT The Partnership and the Master Fund (collectively, the "Funds") have engaged CACEIS (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds' Net Asset Value. |
Millburn Multi-Markets Trading L.P. [Member] | |
Administrator Agreement | 3. ADMINISTRATOR AGREEMENT The Partnership, U.S. Feeder, and Cayman Feeder (collectively, the "Funds") have engaged CACEIS (USA) Inc. (the "Administrator") to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds' net asset value. |
Financial Highlights
Financial Highlights | 12 Months Ended |
Dec. 31, 2017 | |
Financial Highlights | 9. FINANCIAL HIGHLIGHTS The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner's capital account may vary from these ratios based on the timing of capital transactions. An individual partner's returns may vary from these returns based on the timing of capital transactions. |
Millburn Multi-Markets Trading L.P. [Member] | |
Financial Highlights | 8. FINANCIAL HIGHLIGHTS The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% 2.00 20 Returns are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 2.00% (2.00% per annum) and 20% of Trading Profits and 2) limited partners' capital taken as a whole. An individual partner's returns may vary from these returns based on the timing of capital transactions and differences in individual partners' management fee, selling commission, platform fee and profit share allocation arrangements. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events | 10. SUBSEQUENT EVENTS During the period from January 1, 2018 to March 19, 2018, contributions of $ 5,148,820 3,342,251 |
Millburn Multi-Markets Trading L.P. [Member] | |
Subsequent Events | 10. SUBSEQUENT EVENTS During the period from January 1, 2018 to March 19, 2018, contributions of $ 93,703,649 5,160,923 |
Summary Of Significant Accoun25
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation | Basis of Presentation — The financial statements have been prepared in conformity with accounting principles generally accepted ("U.S. GAAP") in the United States ("U.S.") as detailed in the Financial Accounting Standards Board Accounting Standards Codification ("Codification"). Certain reclassifications have been made to the prior period financial statements to conform to the current period presentation. The Partnership is an investment company following the accounting and reporting guidance put forth in Accounting Standard Update ("ASU") 2013-08, "Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements". |
Investments | Investment — The investment in the Master Fund is reported at fair value in the Partnership's Statements of Financial Condition. Fair value is the value determined by the Master Fund in accordance with the Master Fund's valuation policies and reported at the time of the Partnership's valuation by the General Partner of the Master Fund. Generally, the fair value of the Partnership's investment in the Master Fund represents the amount that the Partnership could reasonably expect to receive from the Master Fund if the Partnership's investment was redeemed at the time of valuation based on information available at the time the valuation was made and that the Partnership believes to be reliable. The Partnership records its proportionate share of each item of income, expense and net realized and unrealized gains (losses) from its investment in the Master Fund in the Statements of Operations. The accounting policies of the Master Fund including valuation policies are contained in the notes to the Master Fund's financial statements included in Section II of this annual report. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Income Taxes | Income Taxes — Income taxes have not been provided as partners are individually liable for the taxes, if any, on their share of the Partnership's income and expenses. The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax 2014 2017 |
Estimates | Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — Disclosures under the Fair Value Measurement topic of the Codification relating to the Partnership's underlying investments held within the Master Fund are included in the attached Master Fund's financial statements. |
Millburn Multi-Markets Trading L.P. [Member] | |
Basis Of Presentation | Basis of Presentation The Partnership is an investment company following the accounting and reporting guidance put forth in Accounting Standard Update ("ASU") 2013-08, "Financial Services — Investment Companies (Topic 946): Amendments to the Scope, Measurement and Disclosure Requirements". |
Investments | Investments — The Partnership records its transactions in futures, forward currency contracts and U.S. Treasury notes including related income and expenses on a trade-date basis. The Partnership bears all trade-related commission and clearing charges due to third party brokers. Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership's trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash includes cash held at First Republic Bank. Cash equivalents includes cash and investments in Dreyfus Treasury Prime 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. |
Foreign Currency Cash And Translation | Foreign Currency Cash — Includes foreign currency cash held at the Partnership's trading counterparties. Foreign cash deficits, if applicable, are presented in the liabilities section of the Statements of Financial Condition. Foreign Currency Translation — Assets and liabilities denominated in foreign currencies are translated to U.S. Dollars at prevailing exchange rates of such currencies. Purchases and sales of investments are translated to U.S. Dollars at the exchange rate prevailing when such transactions occurred. |
Management Fees | Management Fees — The Agreement provides that the Partnership shall charge the limited partners' capital accounts and pay the General Partner management fees at a fixed rate of 0.167 2 2017 2016 US Feeder $ 3,624,623 $ 2,952,133 Cayman Feeder 2,883,089 205,708 Other (1) 71,912 55,276 Total $ 6,579,624 $ 3,213,117 (1) Direct investors in the Partnership |
Selling Commissions | Selling Commissions — The U.S. Feeder has issued Units to its investors that are subject to selling commissions of 2 0.25 2 Selling Commissions Platform Fees Total Selling Commissions and Platform Fees 2017 2016 2017 2016 2017 2016 U.S. Feeder $ 3,342,736 $ 2,667,559 $ 14,937 $ 22,544 $ 3,357,673 $ 2,690,103 Cayman Feeder 21,124 14,183 — — 21,124 14,183 Total $ 3,363,860 $ 2,681,742 $ 14,937 $ 22,544 $ 3,378,797 $ 2,704,286 |
Administrative And Operating Expenses | Administrative and Operating Expenses 0.05 no The Partnership bears expenses including, but not limited to, periodic legal, accounting and filing fees up to an amount equal to 1/4 of 1% per annum of average Partners' Capital of the Partnership (the "Expense Cap"). Amounts subject to the Expense Cap include expenses incurred at the Partnership level and Cayman Feeder level and the Administration Fee due to the General Partner. The General Partner of the Partnership and the Investment Adviser of the Cayman Feeder bear any excess over such amounts. The Partnership, the U.S. Feeder, and the Cayman Feeder will pay any extraordinary expenses. The Investment Adviser of the Cayman Feeder directly paid operating expenses in excess of 1/4 of 1% of average shareholders' equity for the year ended December 31, 2016. The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. For the years ended December 31, 2017 and 2016, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder's average month-end partners' capital. Administrative and operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the year ended December 31, 2017, operating expenses were as follows: Operating Fund Expenses Partnership $ 551,775 U.S. Feeder 486,931 Cayman Feeder 124,601 Total $ 1,163,307 For the year ended December 31, 2016, operating expenses and the Administration Fee were as follows: Operating Administration Total Fund Expenses Fee Partnership $ 349,150 $ 100,308 $ 449,458 U.S. Feeder 395,947 — 395,947 Cayman Feeder 107,425 — 107,425 Total $ 852,522 $ 100,308 $ 952,830 Borne by General Partner or Investment Adviser * $ (104,187 ) $ — $ (104,187 ) * by General Partner (in the case of the Partnership and U.S. Feeder) or Investment Adviser (Cayman Feeder) |
Income Taxes | Income Taxes — The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership's open tax years, 2014 to 2017, the General Partner has determined that no reserves for uncertain tax positions were required. |
Estimates | Estimates — The preparation of financial statements in conformity with U.S. GAAP requires the General Partner to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. |
Right Of Offset | Right of Offset — The customer agreements between the Partnership and its brokers give the Partnership the legal right to net unrealized gains and losses with each broker. Unrealized gains and losses related to offsetting transactions with these brokers are reflected on a net basis in the equity in trading accounts in the Statements of Financial Condition. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments — The fair value of the Partnership's assets and liabilities which qualify as financial instruments under the Fair Value Measurements and Disclosures topic of the Codification approximates the carrying amounts presented in the Statements of Financial Condition. The topic defines fair value, establishes a framework for measurement of fair value and expands disclosures about fair value measurements. The three levels of the fair value hierarchy are described below: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; Level 3 — Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments — The Partnership's cash instruments are generally classified within Level 1 of the fair value hierarchy because they are typically valued using quoted market prices. The types of instruments valued based on quoted market prices in active markets include U.S. government obligations. The General Partner of the Partnership does not adjust the quoted price for such instruments even in situations where the Partnership holds a large position and a sale could reasonably impact the quoted price. Derivative Contracts — Derivative contracts can be exchange-traded or over-the-counter ("OTC"). Exchange-traded futures contracts are valued based on quoted closing settlement prices and typically fall within Level 1 of the fair value hierarchy. OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money ("forward points") and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months and six months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner's policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. During the years ended December 31, 2017 and 2016, there were no transfers of assets or liabilities between Level 1 and Level 2. The following table represents the Partnership's investments by hierarchical level as of December 31, 2017 and 2016 in valuing the Partnership's investments at fair value. At December 31, 2017 and 2016, the Partnership held no assets or liabilities classified in Level 3. Financial assets at fair value as of December 31, 2017 Level 1 Level 2 Total U.S. Treasury notes (1) $ 486,200,555 $ — $ 486,200,555 Short-Term Money Market Fund* 75,655,244 — 75,655,244 Exchange-traded futures contracts Energies 6,169,670 — 6,169,670 Grains 83,621 — 83,621 Interest rates (5,562,191 ) — (5,562,191 ) Livestock (66,920 ) — (66,920 ) Metals (286,225 ) — (286,225 ) Softs 754,846 — 754,846 Stock indices 1,052,656 — 1,052,656 Total exchange-traded futures contracts 2,145,457 — 2,145,457 Over-the-counter forward currency contracts — (11,713,535 ) (11,713,535 ) Total futures and forward currency contracts (2) 2,145,457 (11,713,535 ) (9,568,078 ) Total financial assets and liabilities at fair value $ 564,001,256 $ (11,713,535 ) $ 552,287,721 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 127,971,156 Investments in U.S. Treasury notes 358,229,399 Total investments in U.S. Treasury notes $ 486,200,555 (2) Net unrealized appreciation on open futures and forward currency contracts $ 2,145,457 Net unrealized depreciation on open futures and forward currency contracts (11,713,535 ) Total net unrealized depreciation on open futures and forward currency contracts $ (9,568,078 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2016 Level 1 Level 2 Total U.S. Treasury notes (1) $ 206,869,651 $ — $ 206,869,651 Exchange-traded futures contracts Energies 40,365 — 40,365 Grains 48,905 — 48,905 Interest rates 2,193,745 — 2,193,745 Livestock 2,280 — 2,280 Metals 265,736 — 265,736 Softs (34,774 ) — (34,774 ) Stock indices 892,115 — 892,115 Total exchange-traded futures contracts 3,408,372 — 3,408,372 Over-the-counter forward currency contracts — 1,746,958 1,746,958 Total futures and forward currency contracts (2) 3,408,372 1,746,958 5,155,330 Total financial assets and liabilities at fair value $ 210,278,023 $ 1,746,958 $ 212,024,981 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 27,428,997 Investments in U.S. Treasury notes 179,440,654 Total investments in U.S. Treasury notes $ 206,869,651 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 Net unrealized depreciation on open futures and forward currency contracts — Total net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 |
Summary Of Significant Accoun26
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Selling Commissions And Platform Fees | Selling Commissions Platform Fees Selling Commissions 2017 2016 2017 2016 2017 2016 Series A Units $ 3,342,675 $ 2,667,559 $ — $ — $ 3,342,675 $ 2,667,559 Series B Units 14,936 — — 22,544 14,936 22,544 Series D Units 62 — — — 62 — $ 3,357,673 $ 2,667,559 $ — $ 22,544 $ 3,357,673 $ 2,690,103 |
Millburn Multi-Markets Trading L.P. [Member] | |
Schedule Of Management Fees | 2017 2016 US Feeder $ 3,624,623 $ 2,952,133 Cayman Feeder 2,883,089 205,708 Other (1) 71,912 55,276 Total $ 6,579,624 $ 3,213,117 (1) Direct investors in the Partnership |
Schedule Of Selling Commissions And Platform Fees | Selling Commissions Platform Fees Total Selling Commissions and Platform Fees 2017 2016 2017 2016 2017 2016 U.S. Feeder $ 3,342,736 $ 2,667,559 $ 14,937 $ 22,544 $ 3,357,673 $ 2,690,103 Cayman Feeder 21,124 14,183 — — 21,124 14,183 Total $ 3,363,860 $ 2,681,742 $ 14,937 $ 22,544 $ 3,378,797 $ 2,704,286 |
Schedule Of Operating Expenses And Administration Fees | For the year ended December 31, 2017, operating expenses were as follows: Operating Fund Expenses Partnership $ 551,775 U.S. Feeder 486,931 Cayman Feeder 124,601 Total $ 1,163,307 For the year ended December 31, 2016, operating expenses and the Administration Fee were as follows: Operating Administration Total Fund Expenses Fee Partnership $ 349,150 $ 100,308 $ 449,458 U.S. Feeder 395,947 — 395,947 Cayman Feeder 107,425 — 107,425 Total $ 852,522 $ 100,308 $ 952,830 Borne by General Partner or Investment Adviser * $ (104,187 ) $ — $ (104,187 ) * by General Partner (in the case of the Partnership and U.S. Feeder) or Investment Adviser (Cayman Feeder) |
Schedule Of Financial Assets And Liabilities At Fair Value | Financial assets at fair value as of December 31, 2017 Level 1 Level 2 Total U.S. Treasury notes (1) $ 486,200,555 $ — $ 486,200,555 Short-Term Money Market Fund* 75,655,244 — 75,655,244 Exchange-traded futures contracts Energies 6,169,670 — 6,169,670 Grains 83,621 — 83,621 Interest rates (5,562,191 ) — (5,562,191 ) Livestock (66,920 ) — (66,920 ) Metals (286,225 ) — (286,225 ) Softs 754,846 — 754,846 Stock indices 1,052,656 — 1,052,656 Total exchange-traded futures contracts 2,145,457 — 2,145,457 Over-the-counter forward currency contracts — (11,713,535 ) (11,713,535 ) Total futures and forward currency contracts (2) 2,145,457 (11,713,535 ) (9,568,078 ) Total financial assets and liabilities at fair value $ 564,001,256 $ (11,713,535 ) $ 552,287,721 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 127,971,156 Investments in U.S. Treasury notes 358,229,399 Total investments in U.S. Treasury notes $ 486,200,555 (2) Net unrealized appreciation on open futures and forward currency contracts $ 2,145,457 Net unrealized depreciation on open futures and forward currency contracts (11,713,535 ) Total net unrealized depreciation on open futures and forward currency contracts $ (9,568,078 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets at fair value as of December 31, 2016 Level 1 Level 2 Total U.S. Treasury notes (1) $ 206,869,651 $ — $ 206,869,651 Exchange-traded futures contracts Energies 40,365 — 40,365 Grains 48,905 — 48,905 Interest rates 2,193,745 — 2,193,745 Livestock 2,280 — 2,280 Metals 265,736 — 265,736 Softs (34,774 ) — (34,774 ) Stock indices 892,115 — 892,115 Total exchange-traded futures contracts 3,408,372 — 3,408,372 Over-the-counter forward currency contracts — 1,746,958 1,746,958 Total futures and forward currency contracts (2) 3,408,372 1,746,958 5,155,330 Total financial assets and liabilities at fair value $ 210,278,023 $ 1,746,958 $ 212,024,981 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 27,428,997 Investments in U.S. Treasury notes 179,440,654 Total investments in U.S. Treasury notes $ 206,869,651 (2) Net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 Net unrealized depreciation on open futures and forward currency contracts — Total net unrealized appreciation on open futures and forward currency contracts $ 5,155,330 |
Investment In Millburn Multi-27
Investment In Millburn Multi-Markets Trading L.P. (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of The Partnership's And The Company's Ownership Percentages Of The Master Fund | 2017 2016 U.S. Feeder 35.47 % 74.91 % Cayman Feeder 55.14 6.68 Total 90.61 % 81.59 % |
Schedule Of Capital Withdrawls Payable | 2017 2016 Direct investors (1) $ 3,934,700 $ 3,294,748 U.S. Feeder 1,565,482 2,876,148 Cayman Feeder 62,362,454 53,000 Total $ 67,862,636 $ 6,223,896 (1) Includes profit share to the General Partner of $ 3,734,700 200,000 2,994,748 300,000 |
Management Fee, Selling Commi28
Management Fee, Selling Commission, Platform Fees And Profit Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Abstract] | |
Schedule Of Selling Commissions And Platform Fees | Selling Commissions Platform Fees Selling Commissions 2017 2016 2017 2016 2017 2016 Series A Units $ 3,342,675 $ 2,667,559 $ — $ — $ 3,342,675 $ 2,667,559 Series B Units 14,936 — — 22,544 14,936 22,544 Series D Units 62 — — — 62 — $ 3,357,673 $ 2,667,559 $ — $ 22,544 $ 3,357,673 $ 2,690,103 |
Profit Share Allocation (Tables
Profit Share Allocation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Schedule Of Profit Share Allocation | 2017 2016 US Feeder $ 1,338,994 $ 2,716,451 Cayman Feeder 2,376,745 239,199 Other (1) 16,962 30,104 Total $ 3,732,701 $ 2,985,754 (1) Direct investors in the Partnership |
Derivative Instruments (Tables)
Derivative Instruments (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type | As of December 31, 2017 2016 Total Net Total Net Unrealized Unrealized Appreciation Percent Appreciation Percent Currency Type (Depreciation) of Total (Depreciation) of Total Australian dollar $ (671,838 ) 7.02 % $ 128,539 2.49 % British pound 2,903,486 (30.35 ) 558,726 10.84 Canadian dollar 47,569 (0.50 ) (6,500 ) (0.13 ) Euro (9,368,585 ) 97.92 2,687,273 52.13 Hong Kong dollar 18,681 (0.20 ) 46,550 0.90 Japanese yen 1,438,203 (15.03 ) 490,906 9.52 Korean won 340,400 (3.56 ) 269,231 5.22 Malaysian ringgit 20,435 (0.21 ) (74,203 ) (1.44 ) Norwegian krone (566,513 ) 5.92 (108,330 ) (2.10 ) Polish zloty 151,032 (1.58 ) (44,969 ) (0.87 ) Singapore dollar 25,755 (0.27 ) (4,520 ) (0.09 ) South African rand 45,803 (0.48 ) 17,049 0.33 Swedish krona (493,314 ) 5.16 (136,742 ) (2.65 ) Turkish lira (557,950 ) 5.83 (38,566 ) (0.75 ) U.S. dollar (2,901,242 ) 30.33 1,370,886 26.60 Total $ (9,568,078 ) 100.00 % $ 5,155,330 100.00 % |
Schedule Of Fair Value Of Futures And Forward Currency Contracts | Fair Value of Futures and Forward Currency Contracts at December 31, 2017 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 7,084,104 $ (17,454 ) $ 115,340 $ (1,012,320 ) $ 6,169,670 Grains 100 (20,490 ) 274,100 (170,089 ) 83,621 Interest rates 1,344,904 (7,671,980 ) 829,470 (64,585 ) (5,562,191 ) Livestock — — 6,260 (73,180 ) (66,920 ) Metals 8,558,331 (66,580 ) 22,964 (8,800,940 ) (286,225 ) Softs 357,125 (6,705 ) 679,252 (274,826 ) 754,846 Stock indices 4,844,811 (3,197,432 ) 858,712 (1,453,435 ) 1,052,656 Total futures contracts 22,189,375 (10,980,641 ) 2,786,098 (11,849,375 ) 2,145,457 Forward currency contracts 5,225,346 (3,608,419 ) 2,226,484 (15,556,946 ) (11,713,535 ) Total futures and forward currency contracts $ 27,414,721 $ (14,589,060 ) $ 5,012,582 $ (27,406,321 ) $ (9,568,078 ) Fair Value of Futures and Forward Currency Contracts at December 31, 2016 Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Sector Gains Losses Gains Losses Open Positions Futures contracts: Energies $ 125,805 $ (10,214 ) $ 23,840 $ (99,066 ) $ 40,365 Grains — (2,980 ) 122,923 (71,038 ) 48,905 Interest rates 2,658,089 (432,542 ) 104 (31,906 ) 2,193,745 Livestock 5,130 (2,850 ) — — 2,280 Metals 750,102 (772,637 ) 545,558 (257,287 ) 265,736 Softs 547 (87,991 ) 156,789 (104,119 ) (34,774 ) Stock indices 1,876,503 (665,161 ) 22,049 (341,276 ) 892,115 Total futures contracts 5,416,176 (1,974,375 ) 871,263 (904,692 ) 3,408,372 Forward currency contracts 476,460 (1,260,906 ) 3,059,242 (527,838 ) 1,746,958 Total futures and forward currency contracts $ 5,892,636 $ (3,235,281 ) $ 3,930,505 $ (1,432,530 ) $ 5,155,330 |
Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts | Sector 2017 2016 Futures contracts: Energies $ (4,125,803 ) $ (6,466,624 ) Grains (2,701,652 ) 2,864,072 Interest rates (3,601,865 ) 10,837,509 Livestock (434,030 ) 139,270 Metals 604,208 (916,623 ) Softs 2,476,401 (1,026,914 ) Stock indices 67,182,560 17,017,329 Total futures contracts 59,399,819 22,448,019 Forward currency contracts (28,213,894 ) 8,168,262 Total futures and forward currency contracts $ 31,185,925 $ 30,616,281 |
Schedule Of Monthly Average Future And Forward Currency Contracts | 2017 2016 Average bought 35,579 12,089 Average sold 34,774 11,834 Average notional $ 3,685,000,000 $ 1,360,000,000 |
Offsetting Derivative Assets And Liabilities | Offsetting of derivative assets and liabilities at December 31, 2017 Assets Gross amounts of recognized assets Gross amounts offset in the Statement of Financial Condition Net amounts of assets presented in the Statement of Financial Condition Futures contracts Counterparty C $ 8,020,778 $ (7,204,167 ) $ 816,611 Counterparty I 16,954,695 (15,625,849 ) 1,328,846 Total futures contracts 24,975,473 (22,830,016 ) 2,145,457 Total assets $ 24,975,473 $ (22,830,016 ) $ 2,145,457 Liabilities Gross amounts of recognized liabilities Gross amounts offset in the Statement of Financial Condition Net amounts of liabilities presented in the Statement of Financial Condition Forward currency contracts Counterparty G $ 7,086,206 $ (2,515,193 ) $ 4,571,013 Counterparty H 12,079,159 (4,936,637 ) 7,142,522 Total forward contracts 19,165,365 (7,451,830 ) 11,713,535 Total liabilities $ 19,165,365 $ (7,451,830 ) $ 11,713,535 (Continued) Amounts Not Offset in the Statement of Financial Condition Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 816,611 $ — $ (816,611 ) $ — Counterparty I 1,328,846 — (1,328,846 ) — Total $ 2,145,457 $ — $ (2,145,457 ) $ — Amounts Not Offset in the Statement of Financial Condition Net amounts of Liabilities presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Pledged (1)(2) Net Amount (4) Counterparty G $ 4,571,013 $ — $ 4,571,013 $ — Counterparty H 7,142,522 — 7,142,522 — Total $ 11,713,535 $ — $ 11,713,535 $ — (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. Collateral pledged includes both cash and U.S. Treasury notes held at each respective counterparty. (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statement of Financial Condition, for each respective counterparty. (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2017. (4) Net amount represents the amounts owed by the Partnership to each counterparty as of December 31, 2017. (Concluded) Offsetting of derivative assets and liabilities at December 31, 2016 Gross amounts Net amounts of offset in the assets presented in Gross amounts of Statement of the Statement of Assets recognized assets Financial Condition Financial Condition Futures contracts Counterparty C $ 3,612,002 $ (1,405,548 ) $ 2,206,454 Counterparty I 2,675,437 (1,473,519 ) 1,201,918 Total futures contracts 6,287,439 (2,879,067 ) 3,408,372 Forward currency contracts Counterparty G 1,707,952 (615,087 ) 1,092,865 Counterparty H 1,827,750 (1,173,657 ) 654,093 Total forward contracts 3,535,702 (1,788,744 ) 1,746,958 Total assets $ 9,823,141 $ (4,667,811 ) $ 5,155,330 Amounts Not Offset in the Statement of Financial Condition Net amounts of Assets presented in the Counterparty Statement of Financial Financial Collateral Condition Instruments Received (1)(2) Net Amount (3) Counterparty C $ 2,206,454 $ — $ (2,206,454 ) $ — Counterparty I 1,201,918 — (1,201,918 ) — Counterparty G 1,092,865 — — 1,092,865 Counterparty H 654,093 — — 654,093 Total $ 5,155,330 $ — $ (3,408,372 ) $ 1,746,958 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where settlement is guaranteed by the exchange. (2) Collateral disclosed is limited to an amount not to exceed 100 (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2016. |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Management fee, per month | 0.167% | |
Management fee, per annum | 2.00% | |
Selling commissions and platform fees | $ 3,357,673 | $ 2,690,103 |
Operating expense fee, percentage per annum, of the average Partners' Capital | 0.50% | |
Operating expenses absorbed | $ 8,316,091 | 6,755,642 |
General and Administrative Expense | $ 741,338 | 727,524 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Management fee, per month | 0.167% | |
Management fee, per annum | 2.00% | |
Selling commissions and platform fees | $ 3,378,797 | $ 2,704,286 |
Administration fee, per month | 0.00% | 0.05% |
Operating expense fee, percentage per annum, of the average Partners' Capital | 0.25% | |
Operating expenses absorbed | $ 12,585,642 | $ 7,390,791 |
General and Administrative Expense | $ 1,163,307 | 952,830 |
Percentage of month end net asset value, monthly rate | 0.00417% | |
Millburn Multi-Markets Trading L.P. [Member] | U.S. Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Selling commissions | 2.00% | |
Platform fee | 0.25% | |
Selling commissions and platform fees | $ 3,357,673 | 2,690,103 |
Operating expense fee, percentage per annum, of the average Partners' Capital | 0.50% | |
General and Administrative Expense | 395,947 | |
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Selling commissions | 2.00% | |
Selling commissions and platform fees | $ 21,124 | $ 14,183 |
Percentage of operating expenses paid, in excess, of average shareholders' equity | 0.25% | |
General and Administrative Expense | $ 107,425 | |
Tax Year 2014 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,014 | |
Tax Year 2014 [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,014 | |
Tax Year 2015 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,015 | |
Tax Year 2015 [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,015 | |
Tax Year 2016 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,016 | |
Tax Year 2016 [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,016 | |
Tax Year 2017 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,017 | |
Tax Year 2017 [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Trust and Master Fund's open tax years | 2,017 |
Summary Of Significant Accoun32
Summary Of Significant Accounting Policies (Schedule Of Management Fees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Management Fees | $ 3,624,623 | $ 2,952,133 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Management Fees | 6,579,624 | 3,213,117 |
Millburn Multi-Markets Trading L.P. [Member] | U.S. Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Management Fees | 3,624,623 | 2,952,133 |
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Management Fees | 2,883,089 | 205,708 |
Millburn Multi-Markets Trading L.P. [Member] | Other [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Management Fees | $ 71,912 | $ 55,276 |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Schedule Of Selling Commissions And Platform Fees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | $ 3,357,673 | $ 2,667,559 |
Platform Fees | 22,544 | |
Total Selling Commissions and Platform Fees | 3,357,673 | 2,690,103 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 3,363,860 | 2,681,742 |
Platform Fees | 14,937 | 22,544 |
Total Selling Commissions and Platform Fees | 3,378,797 | 2,704,286 |
Millburn Multi-Markets Trading L.P. [Member] | U.S. Feeder [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 3,342,736 | 2,667,559 |
Platform Fees | 14,937 | 22,544 |
Total Selling Commissions and Platform Fees | 3,357,673 | 2,690,103 |
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 21,124 | 14,183 |
Total Selling Commissions and Platform Fees | $ 21,124 | $ 14,183 |
Summary Of Significant Accoun34
Summary Of Significant Accounting Policies (Schedule Of Operating Expenses And Administration Fees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Expenses and Administration Fee, Total | $ 741,338 | $ 727,524 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Expenses | 1,163,307 | 852,522 |
Administration Fee | 100,308 | |
Operating Expenses and Administration Fee, Total | 1,163,307 | 952,830 |
Borne By General Partner or Investment Adviser, Operating Expenses | 104,187 | |
Millburn Multi-Markets Trading L.P. [Member] | Partnership [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Expenses | 551,775 | 349,150 |
Administration Fee | 100,308 | |
Operating Expenses and Administration Fee, Total | 449,458 | |
Millburn Multi-Markets Trading L.P. [Member] | U.S. Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Expenses | 486,931 | 395,947 |
Administration Fee | ||
Operating Expenses and Administration Fee, Total | 395,947 | |
Millburn Multi-Markets Trading L.P. [Member] | Cayman Feeder [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Expenses | $ 124,601 | 107,425 |
Administration Fee | ||
Operating Expenses and Administration Fee, Total | 107,425 | |
Millburn Multi-Markets Trading L.P. [Member] | Borne By General Partner Or Investment Adviser [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Administration Fee | ||
Borne By General Partner or Investment Adviser, Operating Expenses | $ (104,187) |
Summary Of Significant Accoun35
Summary Of Significant Accounting Policies (Schedule Of Financial Assets And Liabilities At Fair Value) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments in U.S. Treasury notes held in equity trading accounts as collateral | $ 127,971,156 | $ 27,428,997 |
Investments in U.S. Treasury notes held | 358,229,399 | 179,440,654 |
Total investments in U.S. Treasury notes | 486,200,555 | 206,869,651 |
Short-Term Money Market Fund | 75,655,244 | |
Net unrealized appreciation on open futures and forward currency contracts | 2,145,457 | 5,155,330 |
Net unrealized depreciation on open futures and forward currency contracts | (11,713,535) | |
Total futures and forward currency contracts | (9,568,078) | 5,155,330 |
Total financial assets and liabilities at fair value | 552,287,721 | 212,024,981 |
Futures Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 2,145,457 | 3,408,372 |
Energies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 6,169,670 | 40,365 |
Grains [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 83,621 | 48,905 |
Interest Rates [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (5,562,191) | 2,193,745 |
Livestock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (66,920) | 2,280 |
Metals [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (286,225) | 265,736 |
Softs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 754,846 | (34,774) |
Stock Indices [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 1,052,656 | 892,115 |
Forward Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (11,713,535) | 1,746,958 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total investments in U.S. Treasury notes | 486,200,555 | 206,869,651 |
Short-Term Money Market Fund | 75,655,244 | |
Total futures and forward currency contracts | 2,145,457 | 3,408,372 |
Total financial assets and liabilities at fair value | 564,001,256 | 210,278,023 |
Level 1 [Member] | Futures Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 2,145,457 | 3,408,372 |
Level 1 [Member] | Energies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 6,169,670 | 40,365 |
Level 1 [Member] | Grains [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 83,621 | 48,905 |
Level 1 [Member] | Interest Rates [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (5,562,191) | 2,193,745 |
Level 1 [Member] | Livestock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (66,920) | 2,280 |
Level 1 [Member] | Metals [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (286,225) | 265,736 |
Level 1 [Member] | Softs [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 754,846 | (34,774) |
Level 1 [Member] | Stock Indices [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | 1,052,656 | 892,115 |
Level 1 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | ||
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | (11,713,535) | 1,746,958 |
Total financial assets and liabilities at fair value | (11,713,535) | 1,746,958 |
Level 2 [Member] | Forward Currency Contracts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total futures and forward currency contracts | $ (11,713,535) | $ 1,746,958 |
Investment In Millburn Multi-36
Investment In Millburn Multi-Markets Trading L.P. (Narrative) (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 90.61% | 81.59% |
Capital withdrawals payable | $ 67,862,636 | $ 6,223,896 |
Millburn Multi-Markets Fund L.P. [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 35.47% | 74.91% |
Investment In Millburn Multi-37
Investment In Millburn Multi-Markets Trading L.P. (Schedule Of The Partnership's And The Company's Ownership Percentages Of The Master Fund) (Details) - Millburn Multi-Markets Trading L.P. [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 90.61% | 81.59% |
U.S. Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 35.47% | 74.91% |
Cayman Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Partnership's ownership percentage of the Master Fund | 55.14% | 6.68% |
Investment In Millburn Multi-38
Investment In Millburn Multi-Markets Trading L.P. (Schedule Of Capital Withdrawls Payable) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | $ 67,862,636 | $ 6,223,896 |
Direct Investors [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | 3,934,700 | 3,294,748 |
General partner's profit share | 3,734,700 | 2,994,748 |
Limited partner redemption | 200,000 | 300,000 |
U.S. Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | 1,565,482 | 2,876,148 |
Cayman Feeder [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Capital withdrawals payable | $ 62,362,454 | $ 53,000 |
Management Fee, Selling Commi39
Management Fee, Selling Commission, Platform Fees And Profit Share (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Management fee, per month | 0.167% | |
Management fee, per annum | 2.00% | |
Profit share percentage | 20.00% | |
Management fees | $ 3,624,623 | $ 2,952,133 |
Series A [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling commissions, per month | 0.167% | |
Selling commissions | 2.00% | |
Series B [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Platform fee, per month | 0.00021% | |
Platform fee | 0.25% | |
Series D [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Management fee, per annum | 0.75% | |
Selling commissions, per month | 0.0625% |
Management Fee, Selling Commi40
Management Fee, Selling Commission, Platform Fees And Profit Share (Schedule Of Selling Commissions And Platform Fees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | $ 3,357,673 | $ 2,667,559 |
Platform Fees | 22,544 | |
Total Selling Commissions and Platform Fees | 3,357,673 | 2,690,103 |
Series A [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 3,342,675 | 2,667,559 |
Total Selling Commissions and Platform Fees | 3,342,675 | 2,667,559 |
Series B [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 14,936 | |
Platform Fees | 22,544 | |
Total Selling Commissions and Platform Fees | 14,936 | $ 22,544 |
Series D [Member] | ||
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | ||
Selling Commissions | 62 | |
Total Selling Commissions and Platform Fees | $ 62 |
Profit Share Allocation (Narrat
Profit Share Allocation (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | |
Profit share percentage | 20.00% |
Millburn Multi-Markets Trading L.P. [Member] | |
Management Fee, Selling Commission, Platform Fees And Profit Share [Line Items] | |
Profit share percentage | 20.00% |
Profit Share Allocation (Schedu
Profit Share Allocation (Schedule Of Profit Share Allocation) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Profit Share Allocation [Line Items] | ||
General Partner's allocation - profit share | $ 3,732,701 | $ 2,985,754 |
U.S. Feeder [Member] | ||
Schedule Of Profit Share Allocation [Line Items] | ||
General Partner's allocation - profit share | 1,338,994 | 2,716,451 |
Cayman Feeder [Member] | ||
Schedule Of Profit Share Allocation [Line Items] | ||
General Partner's allocation - profit share | 2,376,745 | 239,199 |
Other [Member] | ||
Schedule Of Profit Share Allocation [Line Items] | ||
General Partner's allocation - profit share | $ 16,962 | $ 30,104 |
Operating Expenses And Admini43
Operating Expenses And Administration Fee (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Expenses And Administration Fee [Line Items] | ||
Operating expense fee, percentage per annum | 0.50% | |
Paid expenses incurred in connection with the organization of the Partnership | $ 741,338 | $ 727,524 |
Partnership [Member] | ||
Operating Expenses And Administration Fee [Line Items] | ||
Paid expenses incurred in connection with the organization of the Partnership | $ 486,931 | $ 395,947 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Millburn Multi-Markets Trading L.P. [Member] | ||
Concentration of credit risk | $ 49,457,913 | $ 12,232,055 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Net Unrealized Appreciation (Depreciation) On Futures And Forward Currency Contracts By Settlement Currency Type) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (9,568,078) | $ 5,155,330 |
Percent of Total | 100.00% | 100.00% |
Australian Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (671,838) | $ 128,539 |
Percent of Total | 7.02% | 2.49% |
British Pound [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 2,903,486 | $ 558,726 |
Percent of Total | (30.35%) | 10.84% |
Canadian Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 47,569 | $ (6,500) |
Percent of Total | (0.50%) | (0.13%) |
Euro [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (9,368,585) | $ 2,687,273 |
Percent of Total | 97.92% | 52.13% |
Hong Kong Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 18,681 | $ 46,550 |
Percent of Total | (0.20%) | 0.90% |
Japanese Yen [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 1,438,203 | $ 490,906 |
Percent of Total | (15.03%) | 9.52% |
Korean Won [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 340,400 | $ 269,231 |
Percent of Total | (3.56%) | 5.22% |
Malaysian Ringgit [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 20,435 | $ (74,203) |
Percent of Total | (0.21%) | (1.44%) |
Norwegian Krone [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (566,513) | $ (108,330) |
Percent of Total | 5.92% | (2.10%) |
Polish Zloty [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 151,032 | $ (44,969) |
Percent of Total | (1.58%) | (0.87%) |
Singapore Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 25,755 | $ (4,520) |
Percent of Total | (0.27%) | (0.09%) |
South African Rand [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 45,803 | $ 17,049 |
Percent of Total | (0.48%) | 0.33% |
Swedish Krona [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (493,314) | $ (136,742) |
Percent of Total | 5.16% | (2.65%) |
Turkish Lira [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (557,950) | $ (38,566) |
Percent of Total | 5.83% | (0.75%) |
U.S. Dollar [Member] | ||
Derivative [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (2,901,242) | $ 1,370,886 |
Percent of Total | 30.33% | 26.60% |
Derivative Instruments (Sched46
Derivative Instruments (Schedule Of Fair Value Of Futures And Forward Currency Contracts) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | $ (9,568,078) | $ 5,155,330 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 2,145,457 | 3,408,372 |
Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 6,169,670 | 40,365 |
Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 83,621 | 48,905 |
Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (5,562,191) | 2,193,745 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (66,920) | 2,280 |
Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (286,225) | 265,736 |
Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 754,846 | (34,774) |
Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,052,656 | 892,115 |
Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (11,713,535) | 1,746,958 |
Long [Member] | Gains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 27,414,721 | 5,892,636 |
Long [Member] | Gains [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 22,189,375 | 5,416,176 |
Long [Member] | Gains [Member] | Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 7,084,104 | 125,805 |
Long [Member] | Gains [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 100 | |
Long [Member] | Gains [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 1,344,904 | 2,658,089 |
Long [Member] | Gains [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 5,130 | |
Long [Member] | Gains [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 8,558,331 | 750,102 |
Long [Member] | Gains [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 357,125 | 547 |
Long [Member] | Gains [Member] | Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 4,844,811 | 1,876,503 |
Long [Member] | Gains [Member] | Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 5,225,346 | 476,460 |
Long [Member] | Losses [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (14,589,060) | (3,235,281) |
Long [Member] | Losses [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (10,980,641) | (1,974,375) |
Long [Member] | Losses [Member] | Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (17,454) | (10,214) |
Long [Member] | Losses [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (20,490) | (2,980) |
Long [Member] | Losses [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (7,671,980) | (432,542) |
Long [Member] | Losses [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (2,850) | |
Long [Member] | Losses [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (66,580) | (772,637) |
Long [Member] | Losses [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (6,705) | (87,991) |
Long [Member] | Losses [Member] | Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (3,197,432) | (665,161) |
Long [Member] | Losses [Member] | Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (3,608,419) | (1,260,906) |
Short [Member] | Gains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 5,012,582 | 3,930,505 |
Short [Member] | Gains [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 2,786,098 | 871,263 |
Short [Member] | Gains [Member] | Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 115,340 | 23,840 |
Short [Member] | Gains [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 274,100 | 122,923 |
Short [Member] | Gains [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 829,470 | 104 |
Short [Member] | Gains [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 6,260 | |
Short [Member] | Gains [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 22,964 | 545,558 |
Short [Member] | Gains [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 679,252 | 156,789 |
Short [Member] | Gains [Member] | Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 858,712 | 22,049 |
Short [Member] | Gains [Member] | Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | 2,226,484 | 3,059,242 |
Short [Member] | Losses [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (27,406,321) | (1,432,530) |
Short [Member] | Losses [Member] | Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (11,849,375) | (904,692) |
Short [Member] | Losses [Member] | Energies [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,012,320) | (99,066) |
Short [Member] | Losses [Member] | Grains [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (170,089) | (71,038) |
Short [Member] | Losses [Member] | Interest Rates [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (64,585) | (31,906) |
Short [Member] | Losses [Member] | Livestock [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (73,180) | |
Short [Member] | Losses [Member] | Metals [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (8,800,940) | (257,287) |
Short [Member] | Losses [Member] | Softs [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (274,826) | (104,119) |
Short [Member] | Losses [Member] | Stock Indices [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | (1,453,435) | (341,276) |
Short [Member] | Losses [Member] | Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Futures and forward currency contracts, Fair Value | $ (15,556,946) | $ (527,838) |
Derivative Instruments (Sched47
Derivative Instruments (Schedule Of Trading Gains (Losses) Of Futures And Forward Currency Contracts) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ 31,185,925 | $ 30,616,281 |
Futures Contracts [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 59,399,819 | 22,448,019 |
Energies [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (4,125,803) | (6,466,624) |
Grains [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (2,701,652) | 2,864,072 |
Interest Rates [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (3,601,865) | 10,837,509 |
Livestock [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (434,030) | 139,270 |
Metals [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 604,208 | (916,623) |
Softs [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 2,476,401 | (1,026,914) |
Stock Indices [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 67,182,560 | 17,017,329 |
Forward Currency Contracts [Member] | ||
Derivative [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ (28,213,894) | $ 8,168,262 |
Derivative Instruments (Sched48
Derivative Instruments (Schedule Of Monthly Average Future And Forward Currency Contracts) (Details) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended | |
Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Average bought | 35,579 | 12,089 |
Average sold | 34,774 | 11,834 |
Average notional | $ | $ 3,685,000,000 | $ 1,360,000,000 |
Derivative Instruments (Offsett
Derivative Instruments (Offsetting Derivative Assets) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | $ 24,975,473 | $ 9,823,141 |
Gross amounts offset in the Statement of Financial Condition | (22,830,016) | (4,667,811) |
Net amounts of assets presented in the Statement of Financial Condition | 2,145,457 | 5,155,330 |
Collateral Received | $ (2,145,457) | (3,408,372) |
Net Amount | $ 1,746,958 | |
Collateral disclosed as a percentage of net assets, maximum allowed | 100.00% | 100.00% |
Counterparty C [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts of assets presented in the Statement of Financial Condition | $ 816,611 | $ 2,206,454 |
Collateral Received | (816,611) | (2,206,454) |
Counterparty G [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts of assets presented in the Statement of Financial Condition | 1,092,865 | |
Net Amount | 1,092,865 | |
Counterparty H [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts of assets presented in the Statement of Financial Condition | 654,093 | |
Net Amount | 654,093 | |
Counterparty I [Member] | ||
Offsetting Assets [Line Items] | ||
Net amounts of assets presented in the Statement of Financial Condition | 1,328,846 | 1,201,918 |
Collateral Received | (1,328,846) | (1,201,918) |
Futures Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 24,975,473 | 6,287,439 |
Gross amounts offset in the Statement of Financial Condition | (22,830,016) | (2,879,067) |
Net amounts of assets presented in the Statement of Financial Condition | 2,145,457 | 3,408,372 |
Futures Contracts [Member] | Counterparty C [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 8,020,778 | 3,612,002 |
Gross amounts offset in the Statement of Financial Condition | (7,204,167) | (1,405,548) |
Net amounts of assets presented in the Statement of Financial Condition | 816,611 | 2,206,454 |
Futures Contracts [Member] | Counterparty I [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 16,954,695 | 2,675,437 |
Gross amounts offset in the Statement of Financial Condition | (15,625,849) | (1,473,519) |
Net amounts of assets presented in the Statement of Financial Condition | $ 1,328,846 | 1,201,918 |
Forward Currency Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 3,535,702 | |
Gross amounts offset in the Statement of Financial Condition | (1,788,744) | |
Net amounts of assets presented in the Statement of Financial Condition | 1,746,958 | |
Forward Currency Contracts [Member] | Counterparty G [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 1,707,952 | |
Gross amounts offset in the Statement of Financial Condition | (615,087) | |
Net amounts of assets presented in the Statement of Financial Condition | 1,092,865 | |
Forward Currency Contracts [Member] | Counterparty H [Member] | ||
Offsetting Assets [Line Items] | ||
Gross amounts of recognized assets | 1,827,750 | |
Gross amounts offset in the Statement of Financial Condition | (1,173,657) | |
Net amounts of assets presented in the Statement of Financial Condition | $ 654,093 |
Derivative Instruments (Offse50
Derivative Instruments (Offsetting Derivative Liabilities) (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | $ 19,165,365 | |
Gross amounts offset in the Statement of Financial Condition | (7,451,830) | |
Net amounts of liabilities presented in the Statement of Financial Condition | 11,713,535 | |
Collateral Pledged | 11,713,535 | |
Net Amount | ||
Collateral disclosed as a percentage of net assets, maximum allowed | 100.00% | 100.00% |
Counterparty G [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net amounts of liabilities presented in the Statement of Financial Condition | $ 4,571,013 | |
Collateral Pledged | 4,571,013 | |
Net Amount | ||
Counterparty H [Member] | ||
Offsetting Liabilities [Line Items] | ||
Net amounts of liabilities presented in the Statement of Financial Condition | 7,142,522 | |
Collateral Pledged | 7,142,522 | |
Net Amount | ||
Forward Currency Contracts [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 19,165,365 | |
Gross amounts offset in the Statement of Financial Condition | (7,451,830) | |
Net amounts of liabilities presented in the Statement of Financial Condition | 11,713,535 | |
Forward Currency Contracts [Member] | Counterparty G [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 7,086,206 | |
Gross amounts offset in the Statement of Financial Condition | (2,515,193) | |
Net amounts of liabilities presented in the Statement of Financial Condition | 4,571,013 | |
Forward Currency Contracts [Member] | Counterparty H [Member] | ||
Offsetting Liabilities [Line Items] | ||
Gross amounts of recognized liabilities | 12,079,159 | |
Gross amounts offset in the Statement of Financial Condition | (4,936,637) | |
Net amounts of liabilities presented in the Statement of Financial Condition | $ 7,142,522 |
Financial Highlights (Details)
Financial Highlights (Details) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2017 | |
Management fee percentage per annum | 2.00% |
Trading profits percent included in computing ratios to average capital | 20.00% |
Monthly management fee charges description | 1/12 of 2.00% |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 19, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subsequent Event [Line Items] | |||
Contributions | $ 27,578,904 | $ 51,584,261 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | $ 5,148,820 | ||
Withdrawls | 3,342,251 | ||
Millburn Multi-Markets Trading L.P. [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | $ 348,496,195 | $ 60,797,262 | |
Millburn Multi-Markets Trading L.P. [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Contributions | 93,703,649 | ||
Withdrawls | $ 5,160,923 |