Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity File Number | 000-54028 | ||
Entity Registrant Name | MILLBURN MULTI-MARKETS FUND L.P. | ||
Entity Central Index Key | 0001468910 | ||
Entity Tax Identification Number | 26-4038497 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | c/o MILLBURN RIDGEFIELD CORPORATION | ||
Entity Address, Address Line Two | 55 West 46th Street | ||
Entity Address, Address Line Three | 31st Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | (212) | ||
Local Phone Number | 332-7300 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 0 | ||
Documents Incorporated by Reference [Text Block] | Registrant’s Financial Statements for the years ended December 31, 2022 and 2021 and Report of Independent Registered Public Accounting Firm, the annual report to security holders for the fiscal year ended December 31, 2022, is incorporated by reference into Part II Item 8 and Part IV hereof and filed as an exhibit herewith. | ||
ICFR Auditor Attestation Flag | false | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | New York | ||
Auditor Firm ID | 34 |
STATEMENTS OF FINANCIAL CONDITI
STATEMENTS OF FINANCIAL CONDITION - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Trading L.P. (the “Master Fund”) | $ 143,276,896 | $ 128,076,157 |
Due from the Master Fund | 484,354 | 1,449,036 |
CASH AND CASH EQUIVALENTS | 400,119 | |
TOTAL | 144,161,369 | 129,525,193 |
LIABILITIES: | ||
Capital contributions received in advance | 400,000 | |
Capital withdrawal payable to Limited Partners | 484,354 | 1,049,036 |
Capital withdrawal payable to General Partner | 400,000 | |
Other liabilities | 119 | |
Total liabilities | 884,473 | 1,449,036 |
PARTNERS’ CAPITAL: | ||
General Partner | 3,216,369 | 2,667,014 |
Total limited partners | 140,060,527 | 125,409,143 |
PARTNERS’ CAPITAL | 143,276,896 | 128,076,157 |
TOTAL | 144,161,369 | 129,525,193 |
Millburn Multi-Markets Trading L.P. [Member] | ||
ASSETS | ||
CASH AND CASH EQUIVALENTS | 33,987,736 | 30,759,711 |
Investments in U.S. Treasury notes — at fair value (amortized cost $89,349,095 and $72,157,073) | 88,701,332 | 72,137,475 |
Net unrealized appreciation on open futures and forward currency contracts | 22,685,702 | 1,066,071 |
Due from brokers, net | 20,495,996 | 16,286,684 |
Cash denominated in foreign currencies (cost $4,434 and $3,826,015) | 4,701 | 3,791,592 |
Total equity in trading accounts | 131,887,731 | 93,281,822 |
INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $309,961,675 and $321,308,973) | 308,402,203 | 321,235,987 |
ACCRUED INTEREST RECEIVABLE | 2,250,451 | 2,403,652 |
OTHER ASSETS | 219 | 100 |
TOTAL | 476,528,340 | 447,681,272 |
LIABILITIES: | ||
Net unrealized depreciation on open futures and forward currency contracts | 2,016,273 | |
Cash overdrafts denominated in foreign currencies (cost $5,261,847 and $446,190) | 5,438,253 | 442,044 |
Subscriptions received in advance | 575,000 | 200,000 |
Capital withdrawal payable to Limited Partners | 1,287,624 | 43,226,180 |
Capital withdrawal payable to General Partner | 12,464,726 | 894,583 |
Management fee payable | 451,041 | 427,786 |
Selling commissions payable | 206,886 | 183,023 |
Accrued expenses | 346,648 | 194,076 |
Commissions and other trading fees on open futures contracts | 37,972 | 84,775 |
Total liabilities | 20,808,150 | 47,668,740 |
PARTNERS’ CAPITAL: | ||
PARTNERS’ CAPITAL | 455,720,190 | 400,012,532 |
TOTAL | 476,528,340 | 447,681,272 |
Series A [Member] | ||
PARTNERS’ CAPITAL: | ||
Limited partners: | $ 119,302,999 | $ 105,051,882 |
Net asset value per unit outstanding | $ 1,318.83 | $ 1,147.79 |
Series B [Member] | ||
PARTNERS’ CAPITAL: | ||
Limited partners: | $ 7,896,417 | $ 6,954,675 |
Net asset value per unit outstanding | $ 1,616.59 | $ 1,395.71 |
Series C [Member] | ||
PARTNERS’ CAPITAL: | ||
Limited partners: | $ 4,456,048 | $ 3,469,370 |
Net asset value per unit outstanding | $ 1,649.39 | $ 1,424.03 |
Series D [Member] | ||
PARTNERS’ CAPITAL: | ||
Limited partners: | $ 8,405,063 | $ 9,933,216 |
Net asset value per unit outstanding | $ 1,524.86 | $ 1,333.56 |
STATEMENTS OF FINANCIAL CONDI_2
STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Investments in U.S Treasury notes, amortized cost | $ 89,349,095 | $ 72,157,073 |
Cash denominated in foreign currencies, cost | 4,434 | 3,826,015 |
Investments in U.S Treasury notes custody, amortized cost | 309,961,675 | 321,308,973 |
Cash overdrafts denominated in foreign currencies, cost | $ 5,261,847 | $ 446,190 |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited partners, units outstanding | 90,460.9714 | 91,525.4967 |
Series B [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited partners, units outstanding | 4,884.6100 | 4,982.8851 |
Series C [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited partners, units outstanding | 2,701.6303 | 2,436.2995 |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Limited partners, units outstanding | 5,512.0257 | 7,448.6560 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
NET INVESTMENT LOSS | ||
Interest income | $ 550 | $ 7 |
Interest income, net (allocated from the Master Fund) | 1,970,494 | 40,912 |
INVESTMENT INCOME — Interest income, net | 1,971,044 | 40,919 |
EXPENSES: | ||
Management fees | 2,385,044 | 2,403,587 |
Brokerage commissions | 591,054 | 877,605 |
Selling commissions | 2,365,854 | 2,267,616 |
Operating expenses (allocated from the Master Fund) (see note 5) | 513,281 | 513,311 |
Custody fees and other expenses | 24,150 | 22,676 |
Total expenses | 5,879,383 | 6,084,795 |
Net investment loss | (3,908,339) | (6,043,876) |
Net realized gains (losses) on closed positions: | ||
Futures and forward currency contracts | 18,820,497 | 20,151,000 |
Foreign exchange translation | (7,077) | (295,854) |
Net change in unrealized: | ||
Futures and forward currency contracts | 6,522,911 | (5,511,606) |
Foreign exchange transaction | (48,211) | (200,414) |
Realized | (161,518) | (6,115) |
Net change in unrealized | (647,623) | (17,293) |
Net realized and unrealized gains allocated from the Master Fund | 24,478,979 | 14,119,718 |
NET INCOME | 20,570,640 | 8,075,842 |
LESS PROFIT SHARE TO GENERAL PARTNER | 1,865,305 | 43,071 |
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER | 18,705,335 | 8,032,771 |
Millburn Multi-Markets Trading L.P. [Member] | ||
NET INVESTMENT LOSS | ||
INVESTMENT INCOME — Interest income, net | 6,386,783 | 143,405 |
EXPENSES: | ||
Management fees | 4,995,736 | 5,740,061 |
Brokerage commissions | 1,892,321 | 3,113,100 |
Selling commissions | 2,365,876 | 2,278,136 |
Operating expenses | 1,091,861 | 1,120,798 |
Custody fees and other expenses | 78,035 | 82,414 |
Total expenses | 10,423,829 | 12,334,509 |
NET INVESTMENT LOSS | (4,037,046) | (12,191,104) |
Net realized gains (losses) on closed positions: | ||
Foreign exchange translation | (145,863) | (728,783) |
Net change in unrealized: | ||
Foreign exchange transaction | (22,039) | (1,051,277) |
Realized | (525,149) | (22,443) |
NET INCOME | 75,192,868 | 38,007,009 |
LESS PROFIT SHARE TO GENERAL PARTNER | 12,498,758 | 899,875 |
NET INCOME AFTER PROFIT SHARE TO GENERAL PARTNER | 62,694,110 | 37,107,134 |
REALIZED AND UNREALIZED GAINS (LOSSES): | ||
Futures and forward currency contracts | 58,401,712 | 73,052,255 |
Futures and forward currency contracts | 23,635,904 | (21,008,435) |
Net change in unrealized | (2,114,651) | (43,204) |
Total net realized and unrealized gains | 79,229,914 | 50,198,113 |
NET INCOME | $ 75,192,868 | $ 38,007,009 |
Series A [Member] | ||
NET INCOME PER UNIT OUTSTANDING: | ||
NET INCOME PER UNIT OUTSTANDING: | $ 171.04 | $ 57.96 |
Series B [Member] | ||
NET INCOME PER UNIT OUTSTANDING: | ||
NET INCOME PER UNIT OUTSTANDING: | 220.88 | 96.69 |
Series C [Member] | ||
NET INCOME PER UNIT OUTSTANDING: | ||
NET INCOME PER UNIT OUTSTANDING: | 225.36 | 98.65 |
Series D [Member] | ||
NET INCOME PER UNIT OUTSTANDING: | ||
NET INCOME PER UNIT OUTSTANDING: | $ 191.30 | $ 82.48 |
STATEMENTS OF CHANGES IN PARTNE
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL - USD ($) | General Partners [Member] | General Partners [Member] Millburn Multi-Markets Trading L.P. [Member] | Limited Partners Series A [Member] | Limited Partners Series B [Member] | Limited Partners Series C [Member] | Limited Partners Series D [Member] | Total | Millburn Multi-Markets Trading L.P. [Member] | Limited Partners [Member] Millburn Multi-Markets Trading L.P. [Member] | New Profit Memo Account [Member] Millburn Multi-Markets Trading L.P. [Member] |
PARTNERS’ CAPITAL — December 31, 2021 at Dec. 31, 2020 | $ 2,803,226 | $ 944,315 | $ 108,544,835 | $ 7,431,183 | $ 4,015,189 | $ 16,218,344 | $ 139,012,777 | $ 554,247,918 | $ 553,303,603 | |
Beginning balance, shares at Dec. 31, 2020 | 99,597.6414 | 5,720.6069 | 3,029.4662 | 12,963.4335 | ||||||
Contributions | $ 2,419,000 | $ 350,000 | $ 1,559,000 | 4,328,000 | 27,303,000 | 27,303,000 | ||||
Capital contributions, units | 2,088.3450 | 244.6970 | 1,142.3470 | |||||||
Withdrawals | (400,000) | (894,583) | $ (11,604,715) | $ (1,006,449) | $ (1,184,513) | $ (9,101,714) | (23,297,391) | (219,545,395) | (218,650,812) | |
Capital withdrawals, units | (10,160.4897) | (737.7218) | (837.8637) | (6,657.1245) | ||||||
Net income (loss) | 263,788 | 91,487 | $ 5,692,762 | $ 529,941 | $ 288,694 | $ 1,300,657 | 8,075,842 | 38,007,009 | 37,920,814 | (5,292) |
Profit share | $ (43,071) | (43,071) | ||||||||
Net Asset Value per Unit - End of period | $ 1,147.79 | $ 1,395.71 | $ 1,424.03 | $ 1,333.56 | ||||||
General Partner’s allocation — profit share | (899,875) | 899,875 | ||||||||
Transfer of New Profit Memo Account to General Partner | 894,583 | (894,583) | ||||||||
PARTNERS’ CAPITAL — December 31, 2022 at Dec. 31, 2021 | 2,667,014 | 1,035,802 | $ 105,051,882 | $ 6,954,675 | $ 3,469,370 | $ 9,933,216 | 128,076,157 | 400,012,532 | 398,976,730 | |
Ending balance, shares at Dec. 31, 2021 | 91,525.4967 | 4,982.8851 | 2,436.2995 | 7,448.6560 | ||||||
Contributions | $ 4,600,000 | $ 40,000 | $ 1,335,000 | $ 375,000 | 6,350,000 | 52,542,600 | 52,542,600 | |||
Capital contributions, units | 3,626.7250 | 29.4878 | 865.3567 | 253.6190 | ||||||
Withdrawals | (12,464,726) | $ (5,840,576) | $ (193,838) | $ (862,576) | $ (2,957,606) | (9,854,596) | (72,027,810) | (59,563,084) | ||
Capital withdrawals, units | (4,691.2503) | (127.7629) | (600.0259) | (2,190.2493) | ||||||
Net income (loss) | 549,355 | 216,330 | $ 16,829,785 | $ 1,279,333 | $ 608,020 | $ 1,304,147 | 20,570,640 | 75,192,868 | 75,010,570 | (34,032) |
Profit share | $ (1,338,092) | $ (183,753) | $ (93,766) | $ (249,694) | (1,865,305) | |||||
Net Asset Value per Unit - End of period | $ 1,318.83 | $ 1,616.59 | $ 1,649.39 | $ 1,524.86 | ||||||
General Partner’s allocation — profit share | (12,498,758) | 12,498,758 | ||||||||
Transfer of New Profit Memo Account to General Partner | 12,464,726 | (12,464,726) | ||||||||
PARTNERS’ CAPITAL — December 31, 2022 at Dec. 31, 2022 | $ 3,216,369 | $ 1,252,132 | $ 119,302,999 | $ 7,896,417 | $ 4,456,048 | $ 8,405,063 | $ 143,276,896 | $ 455,720,190 | $ 454,468,058 | |
Ending balance, shares at Dec. 31, 2022 | 90,460.9714 | 4,884.6100 | 2,701.6303 | 5,512.0257 |
STATEMENTS OF FINANCIAL HIGHLIG
STATEMENTS OF FINANCIAL HIGHLIGHTS - $ / shares | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | ||||
Limited Partner [Member] | Millburn Multi-Markets Trading L.P. [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
Expenses | [1],[2] | 2.37% | 2.57% | ||
Total expenses | [2] | 5.22% | 2.76% | ||
Net investment loss | [1],[2] | (0.95%) | (2.54%) | ||
Total return before General Partner profit share allocation | 17.69% | 7.55% | |||
Less: General Partner profit share allocation | 2.85% | 0.19% | |||
Total return after General Partner profit share allocation | 14.84% | 7.36% | |||
General Partner profit share allocation | 2.85% | 0.19% | |||
Tracking Partner [Member] | Millburn Multi-Markets Trading L.P. [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
Expenses | [3],[4] | 2.35% | 2.62% | ||
Total expenses | [4] | 4.80% | 2.62% | ||
Net investment loss | [3],[4] | (0.94%) | (2.59%) | ||
Total return before General Partner profit share allocation | 18.53% | 7.72% | |||
Less: General Partner profit share allocation | 2.45% | ||||
Total return after General Partner profit share allocation | 16.08% | 7.72% | |||
General Partner profit share allocation | 2.45% | ||||
Series A [Member] | Limited Partner [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
NET ASSET VALUE PER UNIT — Beginning of year | $ 1,147.79 | $ 1,089.83 | |||
Net investment loss | (39.65) | [5] | (55.78) | [6] | |
Total trading and investing gains | 225.32 | [5] | 113.74 | [6] | |
Net income before profit share allocation from the Master Fund | 185.67 | 57.96 | |||
Less profit share allocation from the Master Fund | 14.63 | [5],[7] | [6],[8] | ||
Net income after profit share allocation from the Master Fund | 171.04 | 57.96 | |||
NET ASSET VALUE PER UNIT — End of year | $ 1,318.83 | $ 1,147.79 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 16.06% | 5.32% | |||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 1.16% | [7] | [8] | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 14.90% | 5.32% | |||
Expenses | 4.58% | [9] | 4.87% | [10] | |
Profit share allocation from Master Fund | 1.16% | [7] | [8] | ||
Total expenses | 5.74% | 4.87% | |||
Net investment loss | (3.16%) | [9],[11] | (4.84%) | [10],[12] | |
Series B [Member] | Limited Partner [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
NET ASSET VALUE PER UNIT — Beginning of year | $ 1,395.71 | $ 1,299.02 | |||
Net investment loss | (17.83) | [5] | (39.33) | [6] | |
Total trading and investing gains | 276.02 | [5] | 136.02 | [6] | |
Net income before profit share allocation from the Master Fund | 258.19 | 96.69 | |||
Less profit share allocation from the Master Fund | 37.31 | [5],[7] | [6],[8] | ||
Net income after profit share allocation from the Master Fund | 220.88 | 96.69 | |||
NET ASSET VALUE PER UNIT — End of year | $ 1,616.59 | $ 1,395.71 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 18.27% | 7.44% | |||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 2.44% | [7] | [8] | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 15.83% | 7.44% | |||
Expenses | 2.60% | [9] | 2.86% | [10] | |
Profit share allocation from Master Fund | 2.44% | [7] | [8] | ||
Total expenses | 5.04% | 2.86% | |||
Net investment loss | (1.16%) | [9],[11] | (2.83%) | [10],[12] | |
Series C [Member] | Limited Partner [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
NET ASSET VALUE PER UNIT — Beginning of year | $ 1,424.03 | $ 1,325.38 | |||
Net investment loss | (16.48) | [5] | (40.12) | [6] | |
Total trading and investing gains | 279.42 | [5] | 138.77 | [6] | |
Net income before profit share allocation from the Master Fund | 262.94 | 98.65 | |||
Less profit share allocation from the Master Fund | 37.58 | [5],[7] | [6],[8] | ||
Net income after profit share allocation from the Master Fund | 225.36 | 98.65 | |||
NET ASSET VALUE PER UNIT — End of year | $ 1,649.39 | $ 1,424.03 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 18.23% | 7.44% | |||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 2.40% | [7] | [8] | ||
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 15.83% | 7.44% | |||
Expenses | 2.60% | [9] | 2.86% | [10] | |
Profit share allocation from Master Fund | 2.40% | [7] | [8] | ||
Total expenses | 5% | 2.86% | |||
Net investment loss | (1.05%) | [9],[11] | (2.83%) | [10],[12] | |
Series D [Member] | Limited Partner [Member] | |||||
Auction Market Preferred Securities, Stock Series [Line Items] | |||||
NET ASSET VALUE PER UNIT — Beginning of year | $ 1,333.56 | $ 1,251.08 | |||
Net investment loss | (28.72) | [5] | (47.66) | [6] | |
Total trading and investing gains | 262.01 | [5] | 134.81 | [6] | |
Net income before profit share allocation from the Master Fund | 233.29 | 87.15 | |||
Less profit share allocation from the Master Fund | 41.99 | [5],[7] | 4.67 | [6],[8] | |
Net income after profit share allocation from the Master Fund | 191.30 | 82.48 | |||
NET ASSET VALUE PER UNIT — End of year | $ 1,524.86 | $ 1,333.56 | |||
TOTAL RETURN BEFORE PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 17.26% | 6.94% | |||
LESS: PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 2.91% | [7] | 35% | [8] | |
TOTAL RETURN AFTER PROFIT SHARE ALLOCATION FROM THE MASTER FUND | 14.35% | 6.59% | |||
Expenses | 3.37% | [9] | 3.63% | [10] | |
Profit share allocation from Master Fund | 2.91% | [7] | 0.35% | [8] | |
Total expenses | 6.28% | 3.98% | |||
Net investment loss | (1.99%) | [9],[11] | (3.59%) | [10],[12] | |
[1]Excludes General Partner profit share allocation.[2]Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).[3]Excludes General Partner profit share allocation.[4]Includes the proportionate share of expenses of the U.S. Feeder and Cayman Feeder (as defined in Footnote 1).[5]The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing[6]The net investment loss per unit and profit share allocation from the Master Fund per unit is calculated by dividing[7]Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by[8]Profit share for Series B and C is calculated based on Series B and C aggregate trading profits and may be impacted by[9]Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.[10]Includes the Partnership’s proportionate share of income and expense allocated from the Master Fund.[11]Excludes profit share allocation from the Master Fund.[12]Excludes profit share allocation from the Master Fund. |
CONDENSED SCHEDULE OF INVESTMEN
CONDENSED SCHEDULE OF INVESTMENTS - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 4.98% | (0.24%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 22,685,702 | $ (950,202) |
Exchange Traded Futures Contracts Currencies [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.01% | 0% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 51,834 | $ 11,463 |
Exchange Traded Futures Contracts Currencies [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | 0% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (19,221) | $ 2,385 |
Exchange Traded Futures Contracts Energies [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.91% | 0.40% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 4,130,190 | $ 1,587,533 |
Exchange Traded Futures Contracts Energies [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.66% | 0.05% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 2,993,111 | $ 213,078 |
Exchange Traded Futures Contracts Grains [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.09% | 0.01% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 400,196 | $ 31,155 |
Exchange Traded Futures Contracts Grains [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.02%) | 0.02% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (100,750) | $ 74,547 |
Exchange Traded Futures Contracts Interest Rates [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.04%) | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (183,318) | |
Exchange Traded Futures Contracts Interest Rates [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 2.93% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 13,344,483 | |
Exchange Traded Futures Contracts Livestock [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.00%) | (0.01%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (25,990) | $ (18,210) |
Exchange Traded Futures Contracts Livestock [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 17,170 | |
Exchange Traded Futures Contracts Metals [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.17% | 1.09% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 788,340 | $ 4,360,711 |
Exchange Traded Futures Contracts Metals [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.15%) | (0.98%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (650,216) | $ (3,921,479) |
Exchange Traded Futures Contracts Softs [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.02%) | (0.01%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (89,566) | $ (53,106) |
Exchange Traded Futures Contracts Softs [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.01%) | 0% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (35,000) | $ 12,566 |
Exchange Traded Futures Contracts Stock Indices [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.06%) | 0.19% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (262,708) | $ 746,305 |
Exchange Traded Futures Contracts Stock Indices [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.03% | 0.04% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 139,034 | $ 152,730 |
Future [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 4.50% | 0.01% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 20,480,419 | $ 35,062 |
Future [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 1.06% | 0.83% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 4,808,978 | $ 3,301,276 |
Future [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 3.44% | (0.82%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 15,671,441 | $ (3,266,214) |
Two Year US Treasury Note [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.06% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 275,407 | |
Thirty Year US Treasury Note [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.01% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 46,531 | |
Other Interest Rates [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 2.86% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 13,022,545 | |
Forward Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.48% | (0.25%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 2,205,283 | $ (985,264) |
Forward Contracts [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 1.06% | 1.68% |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 4,825,541 | $ 6,719,651 |
Forward Contracts [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.58%) | (1.93%) |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (2,620,258) | $ (7,704,915) |
Interest Rate Contract [Member] | Long Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | (0.84%) | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ (3,364,575) | |
Interest Rate Contract [Member] | Short Contracts [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 0.05% | |
Investment Owned, Unrecognized Unrealized Appreciation (Depreciation), Net | $ 182,789 |
CONDENSED SCHEDULE OF INVESTM_2
CONDENSED SCHEDULE OF INVESTMENTS (Parenthetical) - Long Contracts [Member] - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2022 Decimal | |
Two Year US Treasury Note [Member] | |
Net Investment Income [Line Items] | |
Investment term | 2 years |
Investment Owned, Balance, Contracts | 779 |
Investment settlement date | March 2023 |
Thirty Year US Treasury Note [Member] | |
Net Investment Income [Line Items] | |
Investment term | 30 years |
Investment Owned, Balance, Contracts | 260 |
Investment settlement date | March 2023 |
CONDENSED SCHEDULE OF INVESTM_3
CONDENSED SCHEDULE OF INVESTMENTS (U.S. TREASURY NOTES) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 4.98% | (0.24%) |
U.S. Treasury notes, 2.000%, 02/15/2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 77,590,000 | |
Investment Owned, Percent of Net Assets | 16.98% | |
Investment Owned, at Fair Value | $ 77,385,416 | |
U.S. Treasury notes, 2.000%, 05/15/2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 121,340,000 | |
Investment Owned, Percent of Net Assets | 26.35% | |
Investment Owned, at Fair Value | $ 120,074,462 | |
U S Treasury Notes 250008152023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 87,490,000 | |
Investment Owned, Percent of Net Assets | 18.94% | |
Investment Owned, at Fair Value | $ 86,293,848 | |
U.S. Treasury notes, 2.750%, 11/15/2023 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 115,300,000 | |
Investment Owned, Percent of Net Assets | 24.87% | |
Investment Owned, at Fair Value | $ 113,349,809 | |
US Treasury Notes Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Percent of Net Assets | 87.14% | 98.34% |
Investment Owned, at Fair Value | $ 397,103,535 | $ 393,373,462 |
U.S. Treasury notes, 2.500%, 02/15/2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 127,400,000 | |
Investment Owned, Percent of Net Assets | 31.94% | |
Investment Owned, at Fair Value | $ 127,768,266 | |
U.S. Treasury notes, 2.375%, 03/15/2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 134,580,000 | |
Investment Owned, Percent of Net Assets | 33.80% | |
Investment Owned, at Fair Value | $ 135,205,587 | |
U.S. Treasury notes, 1.750%, 05/15/2022 [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Investment Owned, Balance, Principal Amount | $ 129,640,000 | |
Investment Owned, Percent of Net Assets | 32.60% | |
Investment Owned, at Fair Value | $ 130,399,609 |
CONDENSED SCHEDULE OF INVESTM_4
CONDENSED SCHEDULE OF INVESTMENTS (U.S. TREASURY NOTES) (Parenthetical) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Treasury notes, 2.000%, 02/15/2023 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 2% | |
Investment Maturity Date | Feb. 15, 2023 | |
U.S. Treasury notes, 2.000%, 05/15/2023 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 1.75% | |
Investment Maturity Date | May 15, 2023 | |
U S Treasury Notes 250008152023 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 2.50% | |
Investment Maturity Date | Aug. 15, 2023 | |
U.S. Treasury notes, 2.750%, 11/15/2023 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 2.75% | |
Investment Maturity Date | Nov. 15, 2023 | |
US Treasury Notes Securities [Member] | ||
Net Investment Income [Line Items] | ||
Amortized Cost of U.S. Treasury Notes | $ 399,310,770 | $ 393,466,046 |
U.S. Treasury notes, 2.500%, 02/15/2022 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 2.50% | |
Investment Maturity Date | Feb. 15, 2022 | |
U.S. Treasury notes, 2.375%, 03/15/2022 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 2.375% | |
Investment Maturity Date | Mar. 15, 2022 | |
U.S. Treasury notes, 1.750%, 05/15/2022 [Member] | ||
Net Investment Income [Line Items] | ||
Investment Interest Rate | 1.75% | |
Investment Maturity Date | May 15, 2022 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
ORGANIZATION | 1. ORGANIZATION Millburn Multi-Markets Fund L.P. (the “Partnership”) is a limited partnership organized on September 8, 2008, under the Delaware Revised Uniform Limited Partnership Act and commenced operations on August 1, 2009. The Limited Partnership Agreement (the “Agreement”) was amended and restated as of August 27, 2010. The Partnership is a “feeder-fund” and pools partners’ capital contributions for investment in Millburn Multi-Markets Trading L.P. (“Master Fund”). The Master Fund is a limited partnership organized during September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Master Fund engages in the trading and investing in futures and forward currency contracts. Millburn Ridgefield Corporation (the “General Partner”) is the General Partner of the Partnership and the Master Fund (collectively, the “Funds”) and manages the business of the Funds. The financial statements of the Master Fund, including the Condensed Schedules of Investments, are included in Section II of this annual report and should be read in conjunction with the Partnership’s financial statements. The Partnership offers multiple series of Units, which differ in terms of fees charged at the Master Fund level. Initially, the Partnership offered Series A, Series B and Series C Units. On November 1, 2017, the Partnership offered Series D (collectively, the “Series”) and may offer additional series in the future. A Limited Partner may redeem some or all of its Units as of the end of any month on 15 days’ prior written notice. |
Millburn Multi-Markets Trading L.P. [Member] | |
ORGANIZATION | 1. ORGANIZATION Millburn Multi-Markets Trading L.P. (the “Partnership”) is a limited partnership organized in September 2004 under the Delaware Revised Uniform Limited Partnership Act and commenced operations on October 20, 2004. The Partnership engages in the speculative trading of futures and forward currency contracts and also acts as a master fund for Millburn Multi-Markets Ltd., a Cayman Islands exempted company (the “Cayman Feeder”), and Millburn Multi-Markets Fund L.P., a Delaware limited partnership (the “U.S. Feeder”). The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. The Cayman Feeder and U.S. Feeder commenced operations on July 1, 2008, and August 1, 2009, respectively. The Partnership is subject to the regulations of the Commodity Futures Trading Commission, an agency of the United States (“U.S.”) government which regulates most aspects of the commodity futures industry; rules of the National Futures Association, an industry self-regulatory organization; and the requirements of commodity exchanges and futures commission merchants (brokers) through which the Partnership trades. The Limited Partnership Agreement (the “Agreement”) provides that subject to certain limitations, Millburn Ridgefield Corporation (the “General Partner”) shall conduct and manage the business of the Partnership. The General Partner has the right to make all investment decisions regarding the Partnership, authorize the payments of distributions to partners, enter into customer agreements with brokers and take such other actions, as it deems necessary or desirable, to manage the business of the Partnership. The limited partners, special limited partners, New Profit Memo Account (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, 2022 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies Investment Income Taxes The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2018 to 2021, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. Cash and Cash Equivalents Estimates Fair Value of Financial Instruments |
Millburn Multi-Markets Trading L.P. [Member] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies Investments Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. Cash and Cash Equivalents Foreign Currency Cash Foreign Currency Translation Management Fees Schedule of management fees Management Fees 2022 2021 US Feeder $ 2,385,044 $ 2,403,587 Cayman Feeder 2,415,817 3,171,460 Other (1) 194,875 165,014 Total $ 4,995,736 $ 5,740,061 (1) Direct investors in the Partnership Selling Commissions Schedule of selling commissions Selling Commissions 2022 2021 U.S. Feeder $ 2,365,854 $ 2,267,616 Cayman Feeder 22 10,520 Total $ 2,365,876 $ 2,278,136 Operating Expenses The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, 2022 and 2021, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the years ended December 31, 2022 and 2021, operating expenses were as follows: Schedule of operating expenses Operating Expenses 2022 2021 Partnership $ 584,173 $ 617,774 U.S. Feeder 330,536 341,420 Cayman Feeder 177,152 161,604 Total $ 1,091,861 $ 1,120,798 Income Taxes Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2019 to 2022, the General Partner has determined that no reserves for uncertain tax positions were required. Estimates Right of Offset Fair Value of Financial Instruments Level 1 Level 2 Level 3 In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments Derivative Contracts OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2022 and 2021 in valuing the Partnership’s investments at fair value. At December 31, 2022 and 2021, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2022 Schedule of financial assets and liabilities at fair value Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock (25,990 ) - (25,990 ) Metals 138,124 - 138,124 Softs (124,566 ) - (124,566 ) Stock indices (123,674 ) - (123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2021 Level 1 Level 2 Total U.S. Treasury notes (1) $ 393,373,462 $ - $ 393,373,462 Short-Term Money Market Fund* 30,509,711 - 30,509,711 Exchange-traded futures contracts Currencies 13,848 - 13,848 Energies 1,800,611 - 1,800,611 Grains 105,702 - 105,702 Interest rates (3,181,786 ) - (3,181,786 ) Livestock (1,040 ) - (1,040 ) Metals 439,232 - 439,232 Softs (40,540 ) - (40,540 ) Stock indices 899,035 - 899,035 Total exchange-traded futures contracts 35,062 - 35,062 Over-the-counter forward currency contracts - (985,264 ) (985,264 ) Total futures and forward currency contracts (2) 35,062 (985,264 ) (950,202 ) Total financial assets and liabilities at fair value $ 423,918,235 $ (985,264 ) $ 422,932,971 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,137,475 Investments in U.S. Treasury notes 321,235,987 Total investments in U.S. Treasury notes $ 393,373,462 (2) Net unrealized appreciation on open futures and forward currency contracts $ 1,066,071 Net unrealized depreciation on open futures and forward currency contracts (2,016,273 ) Total net unrealized depreciation on open futures and forward currency contracts $ (950,202 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
INVESTMENT IN MILLBURN MULTI-MA
INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. | 12 Months Ended |
Dec. 31, 2022 | |
Investments, All Other Investments [Abstract] | |
INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. | 3. INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. During the years ended December 31, 2022 and 2021, the Partnership invested substantially all of its assets in Millburn Multi-Markets Trading L.P. At December 31, 2022 and 2021, the Partnership’s investment in the Master Fund represents 31.44 32.02 As the Partnership’s sole investing activity during the years ended December 31, 2022 and 2021 consisted of its investment in the Master Fund, all amounts reflected in the Statements of Operations represent the Partnership’s allocated amount of each item of income and expense from the Master Fund. The Partnership may make additional contributions to or redemptions from its investment in the Master Fund on a monthly basis subject to approval of the General Partner of the Master Fund. The General Partner of the Master Fund may have different management fee and profit share allocation agreements for the limited partners of the Partnership as disclosed in the Master Fund’s financial statements included in Section II of this annual report. |
MANAGEMENT FEES, SELLING COMMIS
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Management Fees Selling Commissions Platform Fees And Profit Share | |
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE | 4. MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE Each Series of Units are allocated management fees at a fixed rate of 0.146 1.75 1.75 2.00 20 2,385,044 2,403,587 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 0.25 0.25 The amended terms of the Series issued by the Partnership are: 1) Series A Units which, in addition to the management fees and profit share allocable to the General Partner, are subject to selling commissions payable to Selling Agents equal to 1/12 of 2 2 0.75 0.75 Schedule of selling commissions and platform fees Selling Commissions 2022 2021 Series A Units $ 2,301,259 $ 2,175,856 Series D Units 64,595 91,760 $ 2,365,854 $ 2,267,616 Amounts were charged at the Master Fund level and allocated to applicable Partnership investors only. No amounts were allocated to Series B and Series C Units. |
OPERATING EXPENSES
OPERATING EXPENSES | 12 Months Ended |
Dec. 31, 2022 | |
Operating Expenses | |
OPERATING EXPENSES | 5. OPERATING EXPENSES Operating expenses of the Partnership include, but are not limited to, legal fees, accounting fees and filing fees. Total operating expenses of the Partnership (including its pro-rata share of Master Fund expenses) are not expected to exceed 1/2 of 1 330,536 182,745 513,281 341,420 171,891 513,311 |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
DERIVATIVE INSTRUMENTS | 6. DERIVATIVE INSTRUMENTS The Partnership’s investment in the Master Fund is subject to the market and credit risk of financial instruments which include exchange-traded futures contracts and over-the-counter forward currency contracts. The Partnership bears the risk of loss only to the extent of the fair value of its investment in the Master Fund. Millburn Ridgefield Corporation, as the General Partner of the Funds, has established procedures to actively monitor market risk and minimize credit risk although there can be no assurance that it will, in fact, succeed in doing so. The limited partners bear the risk of loss only to the extent of the fair value of their respective investments. |
Millburn Multi-Markets Trading L.P. [Member] | |
DERIVATIVE INSTRUMENTS | 7. DERIVATIVE INSTRUMENTS The Partnership is party to derivative financial instruments in the normal course of its business. These financial instruments include futures and forward currency contracts which may be traded on an exchange or OTC. The Partnership records its derivative activities on a mark-to-market basis as described in Note 2. For OTC contracts, the Partnership enters into master netting agreements with its counterparties. Therefore, assets represent the Partnership’s unrealized gains, less unrealized losses for OTC contracts in which the Partnership has a master netting agreement. Similarly, liabilities represent net amounts owed to counterparties on OTC contracts. Futures contracts are agreements to buy or sell an underlying asset or index for a set price in the future. Initial margin deposits are made upon entering into futures contracts and can be either in cash or treasury securities. Open futures contracts are revalued on a daily basis to reflect the market value of the contracts at the end of each trading day. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contract is closed, the Partnership records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the time it was closed. The Partnership bears the market risk that arises from changes in the value of these financial instruments. Forward currency contracts entered into by the Partnership represent a firm commitment to buy or sell an underlying currency at a specified value and point in time based upon an agreed or contracted quantity. The ultimate gain or loss is equal to the difference between the value of the contract at the onset and the value of the contract at settlement date. Each of these financial instruments is subject to various risks similar to those related to the underlying financial instruments including market risk, credit risk, concentration risk and sovereign risk. Market risk is the potential change in the value of the instruments traded by the Partnership due to market changes including interest and foreign exchange rate movements and fluctuations in futures or security prices. Market risk is directly impacted by the volatility and liquidity in the markets in which the related underlying assets are traded. The financial instruments traded by the Partnership contain varying degrees of off-balance sheet risk whereby changes in the market values of the futures and forward currency contracts and the Partnership’s satisfaction of its obligations related to such market value changes may exceed the amount recognized in the Statements of Financial Condition. Credit risk is the possibility that a loss may occur due to the failure of a counterparty to perform according to the terms of a contract. Credit risk is normally reduced to the extent that an exchange or clearing organization acts as counterparty to futures transactions since typically the collective credit of the members of the exchange is pledged to support the financial integrity of the exchange. In the case of OTC transactions, the Partnership must rely solely on the credit of the individual counterparties. The contract amounts of the forward currency and futures contracts do not represent the Partnership’s risk of loss due to counterparty nonperformance. The Partnership’s exposure to credit risk associated with counterparty nonperformance of these forward currency contracts is limited to the unrealized gains inherent in such contracts which are recognized in the Statements of Financial Condition plus the value of margin or collateral held in cash and U.S. Treasury Notes by the counterparty. The amount of such credit risk was $ 37,114,394 31,976,629 The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will in fact succeed in doing so. The General Partner’s market risk control procedures include diversification of the Partnership’s portfolio and continuously monitoring the portfolio’s open positions, historical volatility and maximum historical loss. The General Partner seeks to minimize credit risk primarily by depositing and maintaining the Partnership’s assets at financial institutions and brokers which the General Partner believes to be creditworthy. The Partnership’s trading activities are primarily with brokers and other financial institutions located in North America, Europe and Asia. All futures transactions of the Partnership are cleared by major securities firms, pursuant to customer agreements, including Deutsche Bank Securities Inc. (a wholly owned subsidiary of Deutsche Bank AG), Goldman Sachs & Co., and BofA Securities, Inc., collectively the “Futures Clearing Brokers”. For all forward currency transactions, the Partnership utilizes two prime brokers, Deutsche Bank AG, and Bank of America, N.A. The Partnership is subject to sovereign risk such as the risk of restrictions being imposed by foreign governments on the repatriation of cash and the effects of political or economic uncertainties. Net unrealized appreciation (depreciation) on futures and forward currency contracts are denominated in the Partnership’s functional currency (U.S. Dollar). Cash settlement of futures and forward currency contracts is made in the local currency (settlement currency) and then translated to U.S. Dollars. Net unrealized appreciation (depreciation) on futures and forward currency contracts at December 31, 2022 and 2021, by settlement currency type, denominated in U.S. Dollars, is detailed below: Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type As of December 31, 2022 2021 Currency Type Total Net Percent Total Net Percent Australian dollar $ 534,449 2.36 % $ (300,849 ) 31.66 % Brazilian real (10,546 ) (0.05 ) 7,622 (0.80 ) British pound 356,161 1.57 (1,307,664 ) 137.61 Canadian dollar 537,280 2.37 550,650 (57.95 ) Euro 10,606,521 46.75 (415,465 ) 43.72 Hong Kong dollar (25,054 ) (0.11 ) (27,229 ) 2.87 Japanese yen 955,351 4.21 (482,839 ) 50.81 Korean won 66,306 0.29 44,465 (4.68 ) Malaysian ringgit (709 ) (0.00 ) 25,794 (2.71 ) Norwegian krone 138,796 0.61 102,488 (10.79 ) Polish zloty 107,021 0.47 140,693 (14.81 ) Singapore dollar 14,625 0.06 26,670 (2.81 ) South African rand (5,501 ) (0.02 ) (176,140 ) 18.54 Swedish krona 101,832 0.45 541,628 (57.00 ) Thai baht 69,304 0.31 (2,765 ) 0.29 U.S. dollar 9,239,866 40.73 322,739 (33.95 ) Total $ 22,685,702 100.00 % $ (950,202 ) 100.00 % The Derivatives and Hedging (Topic 815) of the Codification requires qualitative disclosure about objectives and strategies for using derivatives, quantitative disclosures about fair value amounts of gains and losses on derivative instruments and disclosures about credit-risk-related contingent features in derivative agreements. The Partnership’s market risk is influenced by a wide variety of factors, including the level and volatility of interest rates, exchange rates, equity price levels, the market value of financial instruments and contracts, the diversification effects among the Partnership’s open positions and the liquidity of the markets in which it trades. The Partnership engages in the speculative trading of futures and forward contracts on agricultural commodities, currencies, energies, interest rates, metals, and stock indices. The following were the primary trading risk exposures of the Partnership at December 31, 2022 and 2021, by market sector: Agricultural (grains, livestock and softs) Currencies Energies Interest Rates Metals Stock Indices The Derivatives and Hedging (Topic 815) of the Codification requires entities to recognize in the Statements of Financial Condition all derivative contracts as assets or liabilities. Fair value of futures and forward currency contracts are first netted by the broker as discussed in Note 2. Futures and forward currency contracts in a net asset or liability position are recorded in the Statements of Financial Condition as “Net unrealized appreciation on open futures and forward currency contracts” or “Net unrealized depreciation on open futures and forward currency contracts,” respectively. The Partnership’s policy regarding fair value measurement is discussed in Note 2. Since the derivatives held or sold by the Partnership are for speculative trading purposes, the derivative instruments are not designated as hedging instruments under the provisions of the Derivatives and Hedging guidance. Accordingly, all realized gains and losses, as well as any change in net unrealized gains or losses on open positions from the preceding period, are recognized as part of the Partnership’s trading gains and losses in the Statements of Operations. The following table presents the fair value of open futures and forward currency contracts, held long or sold short, at December 31, 2022 and 2021. 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, 2022 Schedule of fair value of futures and forward currency contracts Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Open Sector Gains Losses Gains Losses Positions Futures contracts: Currencies $ 97,003 $ (45,169 ) $ 55 $ (19,276 ) $ 32,613 Energies 4,273,340 (143,150 ) 2,997,981 (4,870 ) 7,123,301 Grains 563,235 (163,039 ) - (100,750 ) 299,446 Interest rates - (183,318 ) 13,678,900 (334,417 ) 13,161,165 Livestock 830 (26,820 ) - - (25,990 ) Metals 1,351,092 (562,752 ) 542,450 (1,192,666 ) 138,124 Softs 336 (89,902 ) 49,611 (84,611 ) (124,566 ) Stock indices 105,622 (368,330 ) 483,041 (344,007 ) (123,674 ) Total futures contracts 6,391,458 (1,582,480 ) 17,752,038 (2,080,597 ) 20,480,419 Forward currency contracts 7,099,705 (2,274,164 ) 1,339,549 (3,959,807 ) 2,205,283 Total futures and forward currency contracts $ 13,491,163 $ (3,856,644 ) $ 19,091,587 $ (6,040,404 ) $ 22,685,702 Fair Value of Futures and Forward Currency Contracts at December 31, 2021 Fair Value - Long Positions Fair Value - Short Positions Net Unrealized Sector Gains Losses Gains Losses Positions Futures contracts: Currencies $ 11,463 $ - $ 13,106 $ (10,721 ) $ 13,848 Energies 2,020,956 (433,423 ) 343,300 (130,222 ) 1,800,611 Grains 288,920 (257,765 ) 241,782 (167,235 ) 105,702 Interest rates 616,220 (3,980,795 ) 203,333 (20,544 ) (3,181,786 ) Livestock - (18,210 ) 17,370 (200 ) (1,040 ) Metals 4,543,642 (182,931 ) 98,540 (4,020,019 ) 439,232 Softs 20,189 (73,295 ) 65,654 (53,088 ) (40,540 ) Stock indices 1,633,415 (887,110 ) 633,174 (480,444 ) 899,035 Total futures contracts 9,134,805 (5,833,529 ) 1,616,259 (4,882,473 ) 35,062 Forward currency contracts 9,261,243 (2,541,592 ) 2,604,920 (10,309,835 ) (985,264 ) Total futures and forward currency contracts $ 18,396,048 $ (8,375,121 ) $ 4,221,179 $ (15,192,308 ) $ (950,202 ) The effect of trading futures and forward currency contracts is presented on the Statements of Operations for the years ended December 31, 2022 and 2021 as “Net realized gains on closed positions: Futures and forward currency contracts” and “Net change in unrealized: Futures and forward currency contracts.” These trading gains and losses are detailed below: Trading gains (losses) of futures and forward currency contracts for the years ended December 31, 2022 and 2021 Schedule of trading gains (losses) of futures and forward currency contracts Sector 2022 2021 Futures contracts: Currencies $ 2,668,075 $ 234,235 Energies 33,572,541 27,207,139 Grains (4,343,620 ) (1,072,446 ) Interest rates 22,456,018 5,743,535 Livestock 90,780 (383,730 ) Metals (2,825,535 ) 1,136,660 Softs 107,783 (3,141,045 ) Stock indices 16,632,265 45,821,278 Total futures contracts 68,358,307 75,545,626 Forward currency contracts 13,679,309 (23,501,806 ) Total futures and forward currency contracts $ 82,037,616 $ 52,043,820 For the years ended December 31, 2022 and 2021, the monthly average number of future contracts bought and sold and the monthly average notional value of forward currency contracts traded are detailed below: Schedule of monthly average future and forward currency contracts 2022 2021 Average bought 62,165 83,397 Average sold 63,168 85,320 Average notional $ 3,706,000,000 $ 9,858,000,000 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 The following tables summarize the valuation of the Partnership’s investments as of December 31, 2022 and 2021. Offsetting of derivative assets and liabilities at December 31, 2022 Schedule of offsetting Derivative Assets And Liabilities Assets Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty C $ 2,201,296 $ (739,360 ) $ 1,461,936 Counterparty J 918,116 (400,150 ) 517,966 Counterparty L 21,024,084 (2,523,567 ) 18,500,517 Total futures contracts 24,143,496 (3,663,077 ) 20,480,419 Forward currency contracts Counterparty G 2,976,865 (2,194,130 ) 782,735 Counterparty K 5,462,389 (4,039,841 ) 1,422,548 Total forward contracts 8,439,254 (6,233,971 ) 2,205,283 Total assets $ 32,582,750 $ (9,897,048 ) $ 22,685,702 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (3) Counterparty C $ 1,461,936 $ - $ (1,461,936 ) $ - Counterparty J 517,966 - (517,966 ) - Counterparty L 18,500,517 - (18,500,517 ) - Counterparty G 782,735 - - 782,735 Counterparty K 1,422,548 - - 1,422,548 Total $ 22,685,702 $ - $ (20,480,419 ) $ 2,205,283 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2022. Offsetting of derivative assets and liabilities at December 31, 2021 Assets Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty J $ 1,771,788 $ (925,604 ) $ 846,184 Counterparty L 7,082,484 (6,862,597 ) 219,887 Total futures contracts 8,854,272 (7,788,201 ) 1,066,071 Total assets $ 8,854,272 $ (7,788,201 ) $ 1,066,071 Liabilities Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty C $ 2,927,801 $ (1,896,792 ) $ 1,031,009 Forward currency contracts Counterparty G $ 5,584,433 $ (4,738,867 ) $ 845,566 Counterparty K 7,266,994 (7,127,296 ) 139,698 Total forward contracts 12,851,427 (11,866,163 ) 985,264 Total liabilities $ 15,779,228 $ (13,762,955 ) $ 2,016,273 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (3) Counterparty J $ 846,184 $ - $ (846,184 ) $ - Counterparty L 219,887 - (219,887 ) - Total $ 1,066,071 $ - $ (1,066,071 ) $ - Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (4) Counterparty C $ 1,031,009 $ - $ 1,031,009 $ - Counterparty G 845,566 - 845,566 - Counterparty K 139,698 - 139,698 - Total $ 2,016,273 $ - $ 2,016,273 $ - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2021. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2021. |
INDEMNIFICATIONS
INDEMNIFICATIONS | 12 Months Ended |
Dec. 31, 2022 | |
Indemnifications | |
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, 2022 | |
ADMINISTRATOR AGREEMENT | 8. ADMINISTRATOR AGREEMENT The Partnership and the Master Fund have engaged SS&C (USA) Inc. to provide certain administrative services for the Funds including, but not limited to, maintaining the books and records of the Funds and calculation of the Funds’ Net Asset Value. |
Millburn Multi-Markets Trading L.P. [Member] | |
ADMINISTRATOR AGREEMENT | 3. ADMINISTRATOR AGREEMENT The Partnership, U.S. Feeder, and Cayman Feeder (collectively, the “Funds”) have engaged SS&C (USA) Inc. (the “Administrator”) to provide certain administrative services for the Funds, including, but not limited to, maintaining the books and records of the Funds and valuation of the Funds’ net asset value. |
FINANCIAL HIGHLIGHTS
FINANCIAL HIGHLIGHTS | 12 Months Ended |
Dec. 31, 2022 | |
FINANCIAL HIGHLIGHTS | 9. FINANCIAL HIGHLIGHTS The computation of such ratios based on the amount of expenses and profit share allocation assessed to an individual partner’s capital account may vary from these ratios based on the timing of capital transactions. An individual partner’s returns may vary from these returns based on the timing of capital transactions. |
Millburn Multi-Markets Trading L.P. [Member] | |
FINANCIAL HIGHLIGHTS | 8. FINANCIAL HIGHLIGHTS The ratios are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00 20 Returns are calculated based on 1) a limited partner that is charged a monthly management fee of 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00%, effective April 1, 2021) and 20% of Trading Profits and 2) limited partners’ capital taken as a whole. An individual partner’s returns may vary from these returns based on the timing of capital transactions and differences in individual partners’ management fee, selling commission, and profit share allocation arrangements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS The General Partner has performed its evaluation of subsequent events through March 20, 2023, the date the financial statements were issued. Based on such evaluation, no events were discovered that required adjustment to or disclosure in the financial statements. |
Millburn Multi-Markets Trading L.P. [Member] | |
SUBSEQUENT EVENTS | 10. SUBSEQUENT EVENTS During the period from January 1, 2023 to March 20, 2023, contributions of $ 106,933,030 103,243,832 |
PROFIT SHARE ALLOCATION
PROFIT SHARE ALLOCATION | 12 Months Ended |
Dec. 31, 2022 | |
Millburn Multi-Markets Trading L.P. [Member] | |
PROFIT SHARE ALLOCATION | 4. PROFIT SHARE ALLOCATION The General Partner’s profit share is equal to between 0 30 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, 2022 and 2021 were as follows: Schedule of interests are held by direct investors in the Master Fund Profit Share 2022 2021 U.S. Feeder $ 1,865,305 $ 43,071 Cayman Feeder 9,853,870 724,803 Other (1) 779,583 132,001 Total $ 12,498,758 $ 899,875 (1) Direct investors in the Partnership |
DUE FROM_TO BROKERS
DUE FROM/TO BROKERS | 12 Months Ended |
Dec. 31, 2022 | |
Millburn Multi-Markets Trading L.P. [Member] | |
DUE FROM/TO BROKERS | 5. DUE FROM/TO BROKERS At December 31, 2022 and 2021, due from and due to brokers balances, if any, in the Statements of Financial Condition include net cash receivable from each broker and net cash payable to each broker, respectively. The due from broker balance also includes cash held as collateral at Bank of America, N.A. |
TRADING ACTIVITIES
TRADING ACTIVITIES | 12 Months Ended |
Dec. 31, 2022 | |
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. |
INVESTORS IN MILLBURN MULTI-MAR
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 12 Months Ended |
Dec. 31, 2022 | |
Millburn Multi-Markets Trading L.P. [Member] | |
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. | 9. INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. The U.S. Feeder and Cayman Feeder invest substantially all of their assets in the Partnership. For the years ended December 31, 2022 and 2021, respective ownership percentages of the Partnership are detailed below: Schedule of ownership percentages 2022 2021 U.S. Feeder 31.44 % 32.02 % Cayman Feeder 53.11 54.63 Total 84.55 % 86.65 % The remaining interests are held by direct investors in the Partnership. The capital withdrawals payable at December 31, 2022 and 2021 were $ 13,752,350 44,120,763 Schedule of capital withdrawals payable 2022 2021 Direct investors (1) $ 13,267,996 $ 894,583 U.S. Feeder 484,354 1,449,036 Cayman Feeder - 41,777,144 Total $ 13,752,350 $ 44,120,763 (1) Includes profit share to the General Partner of $12,464,726 and a limited partner redemption of $803,270, totaling $13,267,996 at December 31, 2022. Includes profit share to the General Partner of $894,583 at December 31, 2021. During February 2020, the Cayman Feeder created a new GBP share class. As the Cayman Feeder determines its net asset value in U.S. dollars and the GBP share class’s functional currency is British Pound Sterling, an investment in the GBP share class involves exchange-rate risk. It’s the Master Fund’s general practice to enter into a one-month forward currency contract at the beginning of each month for the purpose of hedging the GBP share class’ beginning of month exposure to U.S. dollars. Hedging the Cayman Feeder’s GBP share class exposure to U.S. dollars takes place at the Master Fund level. In the event of mid-month investor subscriptions or redemptions, the Master Fund may increase or decrease its hedge by entering into one or more additional forward currency contracts. The Master Fund may or may not adjust the hedge during a month for profits and losses. All gains and losses and all expenses of such currency hedging will be allocated at the Master Fund level to the Class GBP Shares. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of Presentation | Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies |
Investments | Investment |
Income Taxes | Income Taxes The Income Taxes topic of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2018 to 2021, for the U.S. Federal jurisdiction, the New York and Connecticut State jurisdictions and the New York City jurisdiction, there are no uncertain tax positions through its investment in the Master Fund. The Partnership is treated as a limited partnership for federal and state income tax reporting purposes. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Estimates | Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
Millburn Multi-Markets Trading L.P. [Member] | |
Basis of Presentation | Basis of Presentation The Partnership is for U.S. GAAP purposes an investment company in accordance with FASB Codification 946 Financial Services – Investment Companies |
Investments | Investments Open futures contracts are valued at quoted market values. Open forward currency contracts are valued at fair value which is based on pricing models that consider the time value of money and the current market and contractual prices of the underlying financial instruments. Brokerage commissions on open futures contracts are expensed when the contracts are opened. Realized gains (losses) and changes in unrealized appreciation (depreciation) on futures and forward currency contracts are recognized in the periods in which the contracts are closed or the changes in the value of open contracts occur and are included in net realized and unrealized gains (losses) in the Statements of Operations. Investments in U.S. Treasury notes are valued at fair value based on the midpoint of bid/ask quotations reported daily at 3pm EST by Bloomberg. The Partnership amortizes premiums and accretes discounts on U.S. Treasury notes. Such securities are normally on deposit with financial institutions (see Note 7) as collateral for performance of the Partnership’s trading obligations with respect to derivative contracts or held for safekeeping in a custody account at HSBC Bank USA, N.A. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Estimates | Estimates |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Level 1 Level 2 Level 3 In determining fair value, the Partnership separates its investments into two categories: cash instruments and derivative contracts. Cash Instruments Derivative Contracts OTC derivatives or forward currency contracts are valued based on pricing models that consider the current market prices plus the time value of money (“forward points”) and contractual prices of the underlying financial instruments. The forward points from the quotation service providers are generally in periods of one month, two months, three months, six months, nine months and twelve months forward while the contractual forward delivery dates for the foreign forward currency contracts traded by the Partnership may be in between these periods. The General Partner’s policy is to calculate the forward points for each contract being valued by determining the number of days from the date the forward currency contract is being valued to its maturity date and then using straight-line interpolation to calculate the valuation of forward points for the applicable forward currency contract. Model inputs can generally be verified and model selection does not involve significant management judgment. Such instruments are typically classified within Level 2 of the fair value hierarchy. The following table represents the Partnership’s investments by hierarchical level as of December 31, 2022 and 2021 in valuing the Partnership’s investments at fair value. At December 31, 2022 and 2021, the Partnership held no assets or liabilities classified in Level 3. Financial assets and liabilities at fair value as of December 31, 2022 Schedule of financial assets and liabilities at fair value Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock (25,990 ) - (25,990 ) Metals 138,124 - 138,124 Softs (124,566 ) - (124,566 ) Stock indices (123,674 ) - (123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2021 Level 1 Level 2 Total U.S. Treasury notes (1) $ 393,373,462 $ - $ 393,373,462 Short-Term Money Market Fund* 30,509,711 - 30,509,711 Exchange-traded futures contracts Currencies 13,848 - 13,848 Energies 1,800,611 - 1,800,611 Grains 105,702 - 105,702 Interest rates (3,181,786 ) - (3,181,786 ) Livestock (1,040 ) - (1,040 ) Metals 439,232 - 439,232 Softs (40,540 ) - (40,540 ) Stock indices 899,035 - 899,035 Total exchange-traded futures contracts 35,062 - 35,062 Over-the-counter forward currency contracts - (985,264 ) (985,264 ) Total futures and forward currency contracts (2) 35,062 (985,264 ) (950,202 ) Total financial assets and liabilities at fair value $ 423,918,235 $ (985,264 ) $ 422,932,971 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,137,475 Investments in U.S. Treasury notes 321,235,987 Total investments in U.S. Treasury notes $ 393,373,462 (2) Net unrealized appreciation on open futures and forward currency contracts $ 1,066,071 Net unrealized depreciation on open futures and forward currency contracts (2,016,273 ) Total net unrealized depreciation on open futures and forward currency contracts $ (950,202 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
Foreign Currency Cash | Foreign Currency Cash |
Foreign Currency Translation | Foreign Currency Translation |
Management Fees | Management Fees Schedule of management fees Management Fees 2022 2021 US Feeder $ 2,385,044 $ 2,403,587 Cayman Feeder 2,415,817 3,171,460 Other (1) 194,875 165,014 Total $ 4,995,736 $ 5,740,061 (1) Direct investors in the Partnership |
Selling Commissions | Selling Commissions Schedule of selling commissions Selling Commissions 2022 2021 U.S. Feeder $ 2,365,854 $ 2,267,616 Cayman Feeder 22 10,520 Total $ 2,365,876 $ 2,278,136 |
Operating Expenses | Operating Expenses The U.S. Feeder bears its own expenses including, but not limited to, periodic legal, accounting and filing fees. Total operating expenses related to investors in the U.S. Feeder (including their pro-rata share of Partnership expenses) are not expected to exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. For the years ended December 31, 2022 and 2021, such operating expenses did not exceed 1/2 of 1% per annum of the U.S. Feeder’s average month-end partners’ capital. Operating expenses related to the Partnership are charged pro-rata to all investors. Operating expenses related to the U.S. Feeder and Cayman Feeder are charged at the Partnership level and allocated only to those respective investors. For the years ended December 31, 2022 and 2021, operating expenses were as follows: Schedule of operating expenses Operating Expenses 2022 2021 Partnership $ 584,173 $ 617,774 U.S. Feeder 330,536 341,420 Cayman Feeder 177,152 161,604 Total $ 1,091,861 $ 1,120,798 |
Income Taxes | Income Taxes Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial statements the impact of any uncertain tax positions. Based on a review of the Partnership’s open tax years, 2019 to 2022, the General Partner has determined that no reserves for uncertain tax positions were required. |
Right of Offset | Right of Offset |
MANAGEMENT FEES, SELLING COMM_2
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Management Fees Selling Commissions Platform Fees And Profit Share | |
Schedule of selling commissions and platform fees | Schedule of selling commissions and platform fees Selling Commissions 2022 2021 Series A Units $ 2,301,259 $ 2,175,856 Series D Units 64,595 91,760 $ 2,365,854 $ 2,267,616 |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of management fees | Schedule of management fees Management Fees 2022 2021 US Feeder $ 2,385,044 $ 2,403,587 Cayman Feeder 2,415,817 3,171,460 Other (1) 194,875 165,014 Total $ 4,995,736 $ 5,740,061 (1) Direct investors in the Partnership |
Schedule of selling commissions | Schedule of selling commissions Selling Commissions 2022 2021 U.S. Feeder $ 2,365,854 $ 2,267,616 Cayman Feeder 22 10,520 Total $ 2,365,876 $ 2,278,136 |
Schedule of operating expenses | Schedule of operating expenses Operating Expenses 2022 2021 Partnership $ 584,173 $ 617,774 U.S. Feeder 330,536 341,420 Cayman Feeder 177,152 161,604 Total $ 1,091,861 $ 1,120,798 |
Schedule of financial assets and liabilities at fair value | Schedule of financial assets and liabilities at fair value Level 1 Level 2 Total U.S. Treasury notes (1) $ 397,103,535 $ - $ 397,103,535 Short-Term Money Market Fund* 33,737,736 - 33,737,736 Exchange-traded futures contracts Currencies 32,613 - 32,613 Energies 7,123,301 - 7,123,301 Grains 299,446 - 299,446 Interest rates 13,161,165 - 13,161,165 Livestock (25,990 ) - (25,990 ) Metals 138,124 - 138,124 Softs (124,566 ) - (124,566 ) Stock indices (123,674 ) - (123,674 ) Total exchange-traded futures contracts 20,480,419 - 20,480,419 Over-the-counter forward currency contracts - 2,205,283 2,205,283 Total futures and forward currency contracts (2) 20,480,419 2,205,283 22,685,702 Total financial assets and liabilities at fair value $ 451,321,690 $ 2,205,283 $ 453,526,973 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 88,701,332 Investments in U.S. Treasury notes 308,402,203 Total investments in U.S. Treasury notes $ 397,103,535 (2) Net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 Net unrealized depreciation on open futures and forward currency contracts - Total net unrealized appreciation on open futures and forward currency contracts $ 22,685,702 * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. Financial assets and liabilities at fair value as of December 31, 2021 Level 1 Level 2 Total U.S. Treasury notes (1) $ 393,373,462 $ - $ 393,373,462 Short-Term Money Market Fund* 30,509,711 - 30,509,711 Exchange-traded futures contracts Currencies 13,848 - 13,848 Energies 1,800,611 - 1,800,611 Grains 105,702 - 105,702 Interest rates (3,181,786 ) - (3,181,786 ) Livestock (1,040 ) - (1,040 ) Metals 439,232 - 439,232 Softs (40,540 ) - (40,540 ) Stock indices 899,035 - 899,035 Total exchange-traded futures contracts 35,062 - 35,062 Over-the-counter forward currency contracts - (985,264 ) (985,264 ) Total futures and forward currency contracts (2) 35,062 (985,264 ) (950,202 ) Total financial assets and liabilities at fair value $ 423,918,235 $ (985,264 ) $ 422,932,971 Per line item in Statements of Financial Condition (1) Investments in U.S. Treasury notes held in equity trading accounts as collateral $ 72,137,475 Investments in U.S. Treasury notes 321,235,987 Total investments in U.S. Treasury notes $ 393,373,462 (2) Net unrealized appreciation on open futures and forward currency contracts $ 1,066,071 Net unrealized depreciation on open futures and forward currency contracts (2,016,273 ) Total net unrealized depreciation on open futures and forward currency contracts $ (950,202 ) * The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
PROFIT SHARE ALLOCATION (Tables
PROFIT SHARE ALLOCATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Millburn Multi-Markets Trading L.P. [Member] | |
Schedule of interests are held by direct investors in the Master Fund | Schedule of interests are held by direct investors in the Master Fund Profit Share 2022 2021 U.S. Feeder $ 1,865,305 $ 43,071 Cayman Feeder 9,853,870 724,803 Other (1) 779,583 132,001 Total $ 12,498,758 $ 899,875 (1) Direct investors in the Partnership |
TRADING ACTIVITIES (Tables)
TRADING ACTIVITIES (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type | Schedule Of Net Unrealized Appreciation Depreciation On Futures And Forward Currency Contracts By Settlement Currency Type As of December 31, 2022 2021 Currency Type Total Net Percent Total Net Percent Australian dollar $ 534,449 2.36 % $ (300,849 ) 31.66 % Brazilian real (10,546 ) (0.05 ) 7,622 (0.80 ) British pound 356,161 1.57 (1,307,664 ) 137.61 Canadian dollar 537,280 2.37 550,650 (57.95 ) Euro 10,606,521 46.75 (415,465 ) 43.72 Hong Kong dollar (25,054 ) (0.11 ) (27,229 ) 2.87 Japanese yen 955,351 4.21 (482,839 ) 50.81 Korean won 66,306 0.29 44,465 (4.68 ) Malaysian ringgit (709 ) (0.00 ) 25,794 (2.71 ) Norwegian krone 138,796 0.61 102,488 (10.79 ) Polish zloty 107,021 0.47 140,693 (14.81 ) Singapore dollar 14,625 0.06 26,670 (2.81 ) South African rand (5,501 ) (0.02 ) (176,140 ) 18.54 Swedish krona 101,832 0.45 541,628 (57.00 ) Thai baht 69,304 0.31 (2,765 ) 0.29 U.S. dollar 9,239,866 40.73 322,739 (33.95 ) Total $ 22,685,702 100.00 % $ (950,202 ) 100.00 % |
Schedule of fair value of futures and forward currency contracts | Schedule of fair value of futures and forward currency contracts Net Unrealized Fair Value - Long Positions Fair Value - Short Positions Gain (Loss) on Open Sector Gains Losses Gains Losses Positions Futures contracts: Currencies $ 97,003 $ (45,169 ) $ 55 $ (19,276 ) $ 32,613 Energies 4,273,340 (143,150 ) 2,997,981 (4,870 ) 7,123,301 Grains 563,235 (163,039 ) - (100,750 ) 299,446 Interest rates - (183,318 ) 13,678,900 (334,417 ) 13,161,165 Livestock 830 (26,820 ) - - (25,990 ) Metals 1,351,092 (562,752 ) 542,450 (1,192,666 ) 138,124 Softs 336 (89,902 ) 49,611 (84,611 ) (124,566 ) Stock indices 105,622 (368,330 ) 483,041 (344,007 ) (123,674 ) Total futures contracts 6,391,458 (1,582,480 ) 17,752,038 (2,080,597 ) 20,480,419 Forward currency contracts 7,099,705 (2,274,164 ) 1,339,549 (3,959,807 ) 2,205,283 Total futures and forward currency contracts $ 13,491,163 $ (3,856,644 ) $ 19,091,587 $ (6,040,404 ) $ 22,685,702 Fair Value of Futures and Forward Currency Contracts at December 31, 2021 Fair Value - Long Positions Fair Value - Short Positions Net Unrealized Sector Gains Losses Gains Losses Positions Futures contracts: Currencies $ 11,463 $ - $ 13,106 $ (10,721 ) $ 13,848 Energies 2,020,956 (433,423 ) 343,300 (130,222 ) 1,800,611 Grains 288,920 (257,765 ) 241,782 (167,235 ) 105,702 Interest rates 616,220 (3,980,795 ) 203,333 (20,544 ) (3,181,786 ) Livestock - (18,210 ) 17,370 (200 ) (1,040 ) Metals 4,543,642 (182,931 ) 98,540 (4,020,019 ) 439,232 Softs 20,189 (73,295 ) 65,654 (53,088 ) (40,540 ) Stock indices 1,633,415 (887,110 ) 633,174 (480,444 ) 899,035 Total futures contracts 9,134,805 (5,833,529 ) 1,616,259 (4,882,473 ) 35,062 Forward currency contracts 9,261,243 (2,541,592 ) 2,604,920 (10,309,835 ) (985,264 ) Total futures and forward currency contracts $ 18,396,048 $ (8,375,121 ) $ 4,221,179 $ (15,192,308 ) $ (950,202 ) |
Schedule of trading gains (losses) of futures and forward currency contracts | Schedule of trading gains (losses) of futures and forward currency contracts Sector 2022 2021 Futures contracts: Currencies $ 2,668,075 $ 234,235 Energies 33,572,541 27,207,139 Grains (4,343,620 ) (1,072,446 ) Interest rates 22,456,018 5,743,535 Livestock 90,780 (383,730 ) Metals (2,825,535 ) 1,136,660 Softs 107,783 (3,141,045 ) Stock indices 16,632,265 45,821,278 Total futures contracts 68,358,307 75,545,626 Forward currency contracts 13,679,309 (23,501,806 ) Total futures and forward currency contracts $ 82,037,616 $ 52,043,820 |
Schedule of monthly average future and forward currency contracts | Schedule of monthly average future and forward currency contracts 2022 2021 Average bought 62,165 83,397 Average sold 63,168 85,320 Average notional $ 3,706,000,000 $ 9,858,000,000 |
Schedule of offsetting Derivative Assets And Liabilities | Schedule of offsetting Derivative Assets And Liabilities Assets Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty C $ 2,201,296 $ (739,360 ) $ 1,461,936 Counterparty J 918,116 (400,150 ) 517,966 Counterparty L 21,024,084 (2,523,567 ) 18,500,517 Total futures contracts 24,143,496 (3,663,077 ) 20,480,419 Forward currency contracts Counterparty G 2,976,865 (2,194,130 ) 782,735 Counterparty K 5,462,389 (4,039,841 ) 1,422,548 Total forward contracts 8,439,254 (6,233,971 ) 2,205,283 Total assets $ 32,582,750 $ (9,897,048 ) $ 22,685,702 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (3) Counterparty C $ 1,461,936 $ - $ (1,461,936 ) $ - Counterparty J 517,966 - (517,966 ) - Counterparty L 18,500,517 - (18,500,517 ) - Counterparty G 782,735 - - 782,735 Counterparty K 1,422,548 - - 1,422,548 Total $ 22,685,702 $ - $ (20,480,419 ) $ 2,205,283 (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2022. Offsetting of derivative assets and liabilities at December 31, 2021 Assets Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty J $ 1,771,788 $ (925,604 ) $ 846,184 Counterparty L 7,082,484 (6,862,597 ) 219,887 Total futures contracts 8,854,272 (7,788,201 ) 1,066,071 Total assets $ 8,854,272 $ (7,788,201 ) $ 1,066,071 Liabilities Gross amounts of Gross amounts Net amounts of Futures contracts Counterparty C $ 2,927,801 $ (1,896,792 ) $ 1,031,009 Forward currency contracts Counterparty G $ 5,584,433 $ (4,738,867 ) $ 845,566 Counterparty K 7,266,994 (7,127,296 ) 139,698 Total forward contracts 12,851,427 (11,866,163 ) 985,264 Total liabilities $ 15,779,228 $ (13,762,955 ) $ 2,016,273 Amounts Not Offset in the Statements of Financial Condition Net amounts of Assets presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (3) Counterparty J $ 846,184 $ - $ (846,184 ) $ - Counterparty L 219,887 - (219,887 ) - Total $ 1,066,071 $ - $ (1,066,071 ) $ - Amounts Not Offset in the Statements of Financial Condition Net amounts of Liabilities presented in the Counterparty Financial Financial Collateral (1)(2) Net Amount (4) Counterparty C $ 1,031,009 $ - $ 1,031,009 $ - Counterparty G 845,566 - 845,566 - Counterparty K 139,698 - 139,698 - Total $ 2,016,273 $ - $ 2,016,273 $ - (1) Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where (2) Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements (3) Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2021. (4) Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2021. |
INVESTORS IN MILLBURN MULTI-M_2
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Tables) - Millburn Multi-Markets Trading L.P. [Member] | 12 Months Ended |
Dec. 31, 2022 | |
Schedule of ownership percentages | Schedule of ownership percentages 2022 2021 U.S. Feeder 31.44 % 32.02 % Cayman Feeder 53.11 54.63 Total 84.55 % 86.65 % |
Schedule of capital withdrawals payable | Schedule of capital withdrawals payable 2022 2021 Direct investors (1) $ 13,267,996 $ 894,583 U.S. Feeder 484,354 1,449,036 Cayman Feeder - 41,777,144 Total $ 13,752,350 $ 44,120,763 (1) Includes profit share to the General Partner of $12,464,726 and a limited partner redemption of $803,270, totaling $13,267,996 at December 31, 2022. Includes profit share to the General Partner of $894,583 at December 31, 2021. |
INVESTMENT IN MILLBURN MULTI-_2
INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. (Details Narrative) | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, All Other Investments [Abstract] | ||
Investment percentage | 31.44% | 32.02% |
MANAGEMENT FEES, SELLING COMM_3
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Selling Commissions | $ 2,365,854 | $ 2,267,616 |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Selling Commissions | 2,301,259 | 2,175,856 |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Selling Commissions | $ 64,595 | $ 91,760 |
MANAGEMENT FEES, SELLING COMM_4
MANAGEMENT FEES, SELLING COMMISSIONS, PLATFORM FEES AND PROFIT SHARE (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Management fee, per month | 0.146% | |
Management fee, per annum | 1.75% | |
Management fee percentage fees reduced | 1.75% | |
Management fee effective percentage | 2% | |
Profit share percentage | 20% | |
Management fees | $ 2,385,044 | $ 2,403,587 |
Series A [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Platform fee, per month | 2% | |
Platform fee, per annum | 2% | |
Selling commissions, per month | 2% | |
Selling commissions, per annum | 2% | |
Series B [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Platform fee, per month | 0.25% | |
Platform fee, per annum | 0.25% | |
Series D [Member] | ||
Auction Market Preferred Securities, Stock Series [Line Items] | ||
Selling commissions, per month | 0.75% | |
Selling commissions, per annum | 0.75% |
OPERATING EXPENSES (Details Nar
OPERATING EXPENSES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses | $ 513,281 | $ 513,311 |
Partnership [Member] | ||
Partnership percenatge | 1% | |
Operating expenses | $ 330,536 | 341,420 |
Master expenses | $ 182,745 | $ 171,891 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Partnership Interest [Member] - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Management Fees | $ 4,995,736 | $ 5,740,061 | |
U.S. Feeder [Member] | |||
Management Fees | 2,385,044 | 2,403,587 | |
Cayman Feeder [Member] | |||
Management Fees | 2,415,817 | 3,171,460 | |
Other [Member] | |||
Management Fees | [1] | $ 194,875 | $ 165,014 |
[1]Direct investors in the Partnership |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Selling Commissions | $ 2,365,854 | $ 2,267,616 |
Partnership Interest [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Selling Commissions | 2,365,876 | 2,278,136 |
Partnership Interest [Member] | U.S. Feeder [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Selling Commissions | 2,365,854 | 2,267,616 |
Partnership Interest [Member] | Cayman Feeder [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Selling Commissions | $ 22 | $ 10,520 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Expenses | $ 5,879,383 | $ 6,084,795 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Operating Expenses | 10,423,829 | 12,334,509 |
Partnership Interest [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Operating Expenses | 1,091,861 | 1,120,798 |
Partnership Interest [Member] | Partnership [Member] [Default Label] | Millburn Multi-Markets Trading L.P. [Member] | ||
Operating Expenses | 584,173 | 617,774 |
Partnership Interest [Member] | U.S. Feeder [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Operating Expenses | 330,536 | 341,420 |
Partnership Interest [Member] | Cayman Feeder [Member] | Millburn Multi-Markets Trading L.P. [Member] | ||
Operating Expenses | $ 177,152 | $ 161,604 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 3) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ 22,685,702 | $ (950,202) | ||
Fair Value, Net Asset (Liability) | 453,526,973 | 422,932,971 | ||
Investments in U.S. Treasury notes | 88,701,332 | 72,137,475 | ||
Financial Instruments, Owned, US Government and Agency Obligations, at Fair Value | 308,402,203 | 321,235,987 | ||
Financial Instruments, Owned, at Fair Value | 397,103,535 | 393,373,462 | ||
Net unrealized appreciation on open futures and forward currency contracts | 22,685,702 | 1,066,071 | ||
Net unrealized depreciation on open futures and forward currency contracts | (2,016,273) | |||
Unrealized Gain (Loss) on Derivatives | 22,685,702 | (950,202) | ||
Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 20,480,419 | 35,062 | ||
Forward Contracts [Member] | Over-the-Counter [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative forward currency contract | 2,205,283 | (985,264) | ||
Currencies [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 32,613 | 13,848 | ||
Energy Related Derivative [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 7,123,301 | 1,800,611 | ||
Commodity Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 299,446 | 105,702 | ||
Interest Rate Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 13,161,165 | (3,181,786) | ||
Livestock Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (25,990) | (1,040) | ||
Metal Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 138,124 | 439,232 | ||
Softs Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (124,566) | (40,540) | ||
Stock Indices Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (123,674) | 899,035 | ||
US Treasury Notes Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | 397,103,535 | 393,373,462 | ||
Money Market Funds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | 33,737,736 | [1] | 30,509,711 | [2] |
Fair Value, Inputs, Level 1 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 20,480,419 | 35,062 | ||
Fair Value, Net Asset (Liability) | 451,321,690 | 423,918,235 | ||
Fair Value, Inputs, Level 1 [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 20,480,419 | 35,062 | ||
Fair Value, Inputs, Level 1 [Member] | Forward Contracts [Member] | Over-the-Counter [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative forward currency contract | ||||
Fair Value, Inputs, Level 1 [Member] | Currencies [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 32,613 | 13,848 | ||
Fair Value, Inputs, Level 1 [Member] | Energy Related Derivative [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 7,123,301 | 1,800,611 | ||
Fair Value, Inputs, Level 1 [Member] | Commodity Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 299,446 | 105,702 | ||
Fair Value, Inputs, Level 1 [Member] | Interest Rate Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 13,161,165 | (3,181,786) | ||
Fair Value, Inputs, Level 1 [Member] | Livestock Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (25,990) | (1,040) | ||
Fair Value, Inputs, Level 1 [Member] | Metal Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | 138,124 | 439,232 | ||
Fair Value, Inputs, Level 1 [Member] | Softs Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (124,566) | (40,540) | ||
Fair Value, Inputs, Level 1 [Member] | Stock Indices Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | (123,674) | 899,035 | ||
Fair Value, Inputs, Level 1 [Member] | US Treasury Notes Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | 397,103,535 | 393,373,462 | ||
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | 33,737,736 | [1] | 30,509,711 | [2] |
Fair Value, Inputs, Level 2 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | 2,205,283 | (985,264) | ||
Fair Value, Net Asset (Liability) | 2,205,283 | (985,264) | ||
Fair Value, Inputs, Level 2 [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | Over-the-Counter [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative forward currency contract | 2,205,283 | (985,264) | ||
Fair Value, Inputs, Level 2 [Member] | Currencies [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Energy Related Derivative [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Commodity Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Interest Rate Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Livestock Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Metal Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Softs Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | Stock Indices Contract [Member] | Future [Member] | Exchange Traded [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exchange-traded futures contracts | ||||
Fair Value, Inputs, Level 2 [Member] | US Treasury Notes Securities [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | ||||
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Investment Owned, at Fair Value | [1] | [2] | ||
[1]The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition.[2]The short-term money market fund is included in Cash and Cash Equivalents on the Statements of Financial Condition. |
PROFIT SHARE ALLOCATION (Detail
PROFIT SHARE ALLOCATION (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
General Partner's allocation - profit share | $ 12,498,758 | $ 899,875 | |
U.S. Feeder [Member] | |||
General Partner's allocation - profit share | 1,865,305 | 43,071 | |
Cayman Feeder [Member] | |||
General Partner's allocation - profit share | 9,853,870 | 724,803 | |
Financial Asset Portfolio Other [Member] | |||
General Partner's allocation - profit share | [1] | $ 779,583 | $ 132,001 |
[1]Direct investors in the Partnership |
PROFIT SHARE ALLOCATION (Deta_2
PROFIT SHARE ALLOCATION (Details Narrative) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Millburn Multi-Markets Trading L.P. [Member] | ||
Trading profit | 0% | 30% |
Derivative Instruments (Details
Derivative Instruments (Details) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 22,685,702 | $ (950,202) |
Percent of Total | 100% | 100% |
Australian Dollar [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 534,449 | $ (300,849) |
Percent of Total | 2.36% | 31.66% |
Brazilian real [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (10,546) | $ 7,622 |
Percent of Total | (0.05%) | (0.80%) |
British Pound [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 356,161 | $ (1,307,664) |
Percent of Total | 1.57% | 137.61% |
Canadian Dollar [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 537,280 | $ 550,650 |
Percent of Total | 2.37% | (57.95%) |
Euro [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 10,606,521 | $ (415,465) |
Percent of Total | 46.75% | 43.72% |
Hong Kong Dollar [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (25,054) | $ (27,229) |
Percent of Total | (0.11%) | 2.87% |
Japanese Yen [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 955,351 | $ (482,839) |
Percent of Total | 4.21% | 50.81% |
Korean Won [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 66,306 | $ 44,465 |
Percent of Total | 0.29% | (4.68%) |
Malaysian Ringgit [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (709) | $ 25,794 |
Percent of Total | (0.00%) | (2.71%) |
Norwegian Krone [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 138,796 | $ 102,488 |
Percent of Total | 0.61% | (10.79%) |
Polish Zloty [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 107,021 | $ 140,693 |
Percent of Total | 0.47% | (14.81%) |
Singapore Dollar [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 14,625 | $ 26,670 |
Percent of Total | 0.06% | (2.81%) |
South African Rand [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ (5,501) | $ (176,140) |
Percent of Total | (0.02%) | 18.54% |
Swedish Krona [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 101,832 | $ 541,628 |
Percent of Total | 0.45% | (57.00%) |
Thai Baht [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 69,304 | $ (2,765) |
Percent of Total | 0.31% | 0.29% |
U.S. Dollar [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total Net Unrealized Appreciation (Depreciation) | $ 9,239,866 | $ 322,739 |
Percent of Total | 40.73% | (33.95%) |
Derivative Instruments (Detai_2
Derivative Instruments (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Assets (Liabilities), at Fair Value, Net | $ 22,685,702 | $ (950,202) |
Exchange Traded Futures Contracts Currencies [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 32,613 | 13,848 |
Exchange Traded Futures Contracts Energies [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 7,123,301 | 1,800,611 |
Exchange Traded Futures Contracts Grains [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 299,446 | 105,702 |
Interest Rate Contract [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 13,161,165 | (3,181,786) |
Exchange Traded Futures Contracts Livestock [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (25,990) | (1,040) |
Exchange Traded Futures Contracts Metals [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 138,124 | 439,232 |
Exchange Traded Futures Contracts Softs [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (124,566) | (40,540) |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (123,674) | 899,035 |
Future [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 20,480,419 | 35,062 |
Forward Contracts [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,205,283 | (985,264) |
Futures And Forward Currency Contracts Gains [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 13,491,163 | 18,396,048 |
Futures And Forward Currency Contracts Gains [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 19,091,587 | 4,221,179 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Currencies [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 97,003 | 11,463 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Currencies [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 55 | 13,106 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Energies [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 4,273,340 | 2,020,956 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Energies [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 2,997,981 | 343,300 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Grains [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 563,235 | 288,920 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Grains [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 241,782 | |
Futures And Forward Currency Contracts Gains [Member] | Interest Rate Contract [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 616,220 | |
Futures And Forward Currency Contracts Gains [Member] | Interest Rate Contract [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 13,678,900 | 203,333 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Livestock [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 830 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Livestock [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 17,370 | |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Metals [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,351,092 | 4,543,642 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Metals [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 542,450 | 98,540 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Softs [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 336 | 20,189 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Softs [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 49,611 | 65,654 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 105,622 | 1,633,415 |
Futures And Forward Currency Contracts Gains [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 483,041 | 633,174 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 6,391,458 | 9,134,805 |
Futures And Forward Currency Contracts Gains [Member] | Future [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 17,752,038 | 1,616,259 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 7,099,705 | 9,261,243 |
Futures And Forward Currency Contracts Gains [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 1,339,549 | 2,604,920 |
Futures And Forward Currency Contracts Losses [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (3,856,644) | (8,375,121) |
Futures And Forward Currency Contracts Losses [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (6,040,404) | (15,192,308) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Currencies [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (45,169) | |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Currencies [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (19,276) | (10,721) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Energies [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (143,150) | (433,423) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Energies [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (4,870) | (130,222) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Grains [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (163,039) | (257,765) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Grains [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (100,750) | (167,235) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rate Contract [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (183,318) | (3,980,795) |
Futures And Forward Currency Contracts Losses [Member] | Interest Rate Contract [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (334,417) | (20,544) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Livestock [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (26,820) | (18,210) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Livestock [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (200) | |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Metals [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (562,752) | (182,931) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Metals [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,192,666) | (4,020,019) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Softs [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (89,902) | (73,295) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Softs [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (84,611) | (53,088) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (368,330) | (887,110) |
Futures And Forward Currency Contracts Losses [Member] | Exchange Traded Futures Contracts Stock Indices [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (344,007) | (480,444) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (1,582,480) | (5,833,529) |
Futures And Forward Currency Contracts Losses [Member] | Future [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,080,597) | (4,882,473) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Long [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (2,274,164) | (2,541,592) |
Futures And Forward Currency Contracts Losses [Member] | Forward Contracts [Member] | Short [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | $ (3,959,807) | $ (10,309,835) |
Derivative Instruments (Detai_3
Derivative Instruments (Details 2) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ 82,037,616 | $ 52,043,820 |
Exchange Traded Futures Contracts Currencies [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 2,668,075 | 234,235 |
Exchange Traded Futures Contracts Energies [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 33,572,541 | 27,207,139 |
Exchange Traded Futures Contracts Grains [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (4,343,620) | 5,743,535 |
Interest Rate Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 22,456,018 | (1,072,446) |
Exchange Traded Futures Contracts Livestock [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 90,780 | (383,730) |
Exchange Traded Futures Contracts Metals [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | (2,825,535) | 1,136,660 |
Exchange Traded Futures Contracts Softs [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 107,783 | (3,141,045) |
Exchange Traded Futures Contracts Stock Indices [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 16,632,265 | 45,821,278 |
Future [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | 68,358,307 | 75,545,626 |
Forward Contracts [Member] | ||
Offsetting Assets [Line Items] | ||
Trading gains (losses) of futures and forward currency contracts | $ 13,679,309 | $ (23,501,806) |
Derivative Instruments (Detai_4
Derivative Instruments (Details 3) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Average bought | $ 62,165 | $ 83,397 |
Average sold | 63,168 | 85,320 |
Average notional | $ 3,706,000,000 | $ 9,858,000,000 |
Derivative Instruments (Detai_5
Derivative Instruments (Details 4) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | $ 32,582,750 | $ 8,854,272 | |||
Gross amounts offset in the Statement of Financial Condition | (9,897,048) | (7,788,201) | |||
Net amounts of assets presented in the Statements of Financial Condition | 22,685,702 | 1,066,071 | |||
Financial Instruments | |||||
Collateral Received | (20,480,419) | [1],[2] | (1,066,071) | [3],[4] | |
Net Amount | 2,205,283 | [5] | [6] | ||
Gross amounts of recognized liabilities | 15,779,228 | ||||
Gross amounts offset in the Statement of Financial Condition | (13,762,955) | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | 2,016,273 | ||||
Collateral pledged | [3],[4] | 2,016,273 | |||
Net Amount | [7] | ||||
Future [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 24,143,496 | 8,854,272 | |||
Gross amounts offset in the Statement of Financial Condition | (3,663,077) | (7,788,201) | |||
Net amounts of assets presented in the Statements of Financial Condition | 20,480,419 | 1,066,071 | |||
Forward Contracts [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 8,439,254 | ||||
Gross amounts offset in the Statement of Financial Condition | (6,233,971) | ||||
Net amounts of assets presented in the Statements of Financial Condition | 2,205,283 | ||||
Gross amounts of recognized liabilities | 12,851,427 | ||||
Gross amounts offset in the Statement of Financial Condition | (11,866,163) | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | 985,264 | ||||
Counterparty C [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net amounts of assets presented in the Statements of Financial Condition | 1,461,936 | ||||
Financial Instruments | |||||
Collateral Received | [1],[2] | (1,461,936) | |||
Net Amount | [5] | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | 1,031,009 | ||||
Collateral pledged | [3],[4] | 1,031,009 | |||
Net Amount | [7] | ||||
Counterparty C [Member] | Future [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 2,201,296 | ||||
Gross amounts offset in the Statement of Financial Condition | (739,360) | ||||
Net amounts of assets presented in the Statements of Financial Condition | 1,461,936 | ||||
Counterparty C [Member] | Futures Contracts [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized liabilities | 2,927,801 | ||||
Gross amounts offset in the Statement of Financial Condition | (1,896,792) | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | 1,031,009 | ||||
Counterparty J [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net amounts of assets presented in the Statements of Financial Condition | 517,966 | 846,184 | |||
Financial Instruments | |||||
Collateral Received | (517,966) | [1],[2] | (846,184) | [3],[4] | |
Net Amount | [6] | ||||
Counterparty J [Member] | Future [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 918,116 | 1,771,788 | |||
Gross amounts offset in the Statement of Financial Condition | (400,150) | (925,604) | |||
Net amounts of assets presented in the Statements of Financial Condition | 517,966 | 846,184 | |||
Counterparty L [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net amounts of assets presented in the Statements of Financial Condition | 18,500,517 | 219,887 | |||
Financial Instruments | |||||
Collateral Received | (18,500,517) | [1],[2] | (219,887) | [3],[4] | |
Net Amount | [5] | [6] | |||
Counterparty L [Member] | Future [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 21,024,084 | 7,082,484 | |||
Gross amounts offset in the Statement of Financial Condition | (2,523,567) | (6,862,597) | |||
Net amounts of assets presented in the Statements of Financial Condition | 18,500,517 | 219,887 | |||
Counterparty G [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net amounts of assets presented in the Statements of Financial Condition | 782,735 | ||||
Financial Instruments | |||||
Collateral Received | [1],[2] | ||||
Net Amount | [5] | 782,735 | |||
Net amounts of liabilities presented in the Statements of Financial Condition | 845,566 | ||||
Collateral pledged | [3],[4] | 845,566 | |||
Net Amount | [7] | ||||
Counterparty G [Member] | Forward Contracts [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 2,976,865 | ||||
Gross amounts offset in the Statement of Financial Condition | (2,194,130) | ||||
Net amounts of assets presented in the Statements of Financial Condition | 782,735 | ||||
Gross amounts of recognized liabilities | 5,584,433 | ||||
Gross amounts offset in the Statement of Financial Condition | (4,738,867) | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | 845,566 | ||||
Counterparty K [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Net amounts of assets presented in the Statements of Financial Condition | 1,422,548 | ||||
Financial Instruments | |||||
Collateral Received | [1],[2] | ||||
Net Amount | [5] | 1,422,548 | |||
Net amounts of liabilities presented in the Statements of Financial Condition | 139,698 | ||||
Collateral pledged | [3],[4] | 139,698 | |||
Net Amount | [7] | ||||
Counterparty K [Member] | Forward Contracts [Member] | |||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||
Gross amounts of recognized assets | 5,462,389 | ||||
Gross amounts offset in the Statement of Financial Condition | (4,039,841) | ||||
Net amounts of assets presented in the Statements of Financial Condition | $ 1,422,548 | ||||
Gross amounts of recognized liabilities | 7,266,994 | ||||
Gross amounts offset in the Statement of Financial Condition | (7,127,296) | ||||
Net amounts of liabilities presented in the Statements of Financial Condition | $ 139,698 | ||||
[1]Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements[2]Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where[3]Collateral disclosed is limited to an amount not to exceed 100% of the net amount of liabilities presented in the Statements[4]Collateral received includes trades made on exchanges. These trades are subject to central counterparty clearing where[5]Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2022.[6]Net amount represents the amount that is subject to loss in the event of a counterparty failure as of December 31, 2021.[7]Net amount represents the amounts owed by the Master Fund to each counterparty as of December 31, 2021. |
TRADING ACTIVITIES (Details Nar
TRADING ACTIVITIES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Credit risk | $ 37,114,394 | $ 31,976,629 |
Millburn Multi-Markets Trading L.P. [Member] | ||
Monthly management fee charges description | 1/12 of 1.75% (1.75% per annum, fee reduced to 1.75% from 2.00%, effective April 1, 2021) and 20% of Trading Profits | |
Management fee percentage per annum | 2% | |
Trading profits percent included in computing ratios to average capital | 20% |
INVESTORS IN MILLBURN MULTI-M_3
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Details) - Millburn Multi-Markets Trading L.P. [Member] | Dec. 31, 2022 | Dec. 31, 2021 |
U.S. Feeder [Member] | ||
Partnership's ownership percentage of the Master Fund | 31.44% | 32.02% |
Cayman Feeder [Member] | ||
Partnership's ownership percentage of the Master Fund | 53.11% | 54.63% |
Investors [Member] | ||
Partnership's ownership percentage of the Master Fund | 84.55% | 86.65% |
INVESTMENT IN MILLBURN MULTI-_3
INVESTMENT IN MILLBURN MULTI-MARKETS TRADING L.P. (Details 1) - Millburn Multi-Markets Trading L.P. [Member] - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | |
Capital withdrawals payable | $ 13,752,350 | $ 44,120,763 | |
Direct Investor [Member] | |||
Capital withdrawals payable | [1] | 13,267,996 | 894,583 |
U.S. Feeder [Member] | |||
Capital withdrawals payable | 484,354 | 1,449,036 | |
Cayman Feeder [Member] | |||
Capital withdrawals payable | $ 41,777,144 | ||
[1]Includes profit share to the General Partner of $12,464,726 and a limited partner redemption of $803,270, totaling $13,267,996 at December 31, 2022. Includes profit share to the General Partner of $894,583 at December 31, 2021. |
INVESTORS IN MILLBURN MULTI-M_4
INVESTORS IN MILLBURN MULTI-MARKETS TRADING L.P. (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 20, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Contributions | $ 6,350,000 | $ 4,328,000 | |
Withdrawals | 9,854,596 | 23,297,391 | |
Subsequent Event [Member] | Millburn Multi-Markets Trading L.P. [Member] | |||
Contributions | $ 106,933,030 | ||
Withdrawals | $ 103,243,832 | ||
Millburn Multi-Markets Trading L.P. [Member] | |||
Capital withdrawals payable | 13,752,350 | 44,120,763 | |
Contributions | 52,542,600 | 27,303,000 | |
Withdrawals | $ 72,027,810 | $ 219,545,395 |