Millburn Multi-Markets Fund Plunges to Loss Amid Trading Reversal

TL;DR

**Millburn Multi-Markets Fund is bleeding cash, ditching last year's gains for heavy losses; get out now.**

AI Summary

Millburn Multi-Markets Fund L.P. experienced a significant downturn in performance for the three and six months ended June 30, 2025, compared to the same periods in 2024. For the three months ended June 30, 2025, the fund reported a net loss of $1,653,691, a stark contrast to the net income of $6,636,332 in the prior year. This decline was primarily driven by net realized and unrealized losses allocated from the Master Fund, totaling $(1,731,916) in 2025, compared to gains of $6,202,652 in 2024. Similarly, for the six months ended June 30, 2025, the fund posted a net loss of $2,166,261, reversing a net income of $15,145,320 in 2024. Total assets decreased to $113,543,886 at June 30, 2025, from $122,530,334 at December 31, 2024, representing a 7.3% reduction. Partners' capital also fell to $112,408,640 from $121,077,762 over the same period. Net asset value per unit declined across all series, with Series A dropping from $1,295.79 to $1,269.39 for the six months ended June 30, 2025. The fund's investment in Millburn Multi-Markets Trading L.P. (the "Master Fund") decreased from $121,077,762 to $112,408,640.

Why It Matters

This significant shift from profit to loss for Millburn Multi-Markets Fund L.P. signals potential challenges in its trading strategies, particularly within futures and forward currency contracts. For investors, this means a substantial erosion of capital, with Net Asset Value per unit declining across all series. Employees of the General Partner, Millburn Ridgefield LLC, might face pressure if this underperformance persists, impacting management fees and profit share. In the broader market, such a reversal in a multi-markets fund could indicate increased volatility or a challenging environment for systematic trading strategies, potentially affecting other similar funds and their competitive positioning.

Risk Assessment

Risk Level: high — The fund reported a net loss of $1,653,691 for the three months ended June 30, 2025, a dramatic reversal from a $6,636,332 net income in the prior year. This is primarily due to a shift from $6,202,652 in net realized and unrealized gains in 2024 to $(1,731,916) in losses in 2025, indicating significant trading underperformance and high exposure to market fluctuations.

Analyst Insight

Investors should immediately review their allocations to Millburn Multi-Markets Fund L.P. given the sharp decline in performance and NAV per unit. Consider rebalancing portfolios away from this fund if its trading strategy continues to underperform, especially in futures and forward currency contracts.

Financial Highlights

debt To Equity

N/A

revenue

$1,189,982

operating Margin

N/A

total Assets

$113,543,886

total Debt

N/A

net Income

$(1,653,691)

eps

N/A

gross Margin

N/A

cash Position

$2,689

revenue Growth

-30.4%

Revenue Breakdown

Key Numbers

• $(1.65)M — Net Income (Loss) (Net loss for three months ended June 30, 2025, down from $6.64M net income in 2024.)
• $(2.17)M — Net Income (Loss) (Net loss for six months ended June 30, 2025, down from $15.15M net income in 2024.)
• $(1.73)M — Net Realized and Unrealized Gains (Losses) (Allocated from Master Fund for three months ended June 30, 2025, a significant reversal from $6.20M gains in 2024.)
• $(2.41)M — Net Realized and Unrealized Gains (Losses) (Allocated from Master Fund for six months ended June 30, 2025, a significant reversal from $14.33M gains in 2024.)
• $113.54M — Total Assets (At June 30, 2025, a decrease of $8.99M or 7.3% from December 31, 2024.)
• $112.41M — Total Partners' Capital (At June 30, 2025, a decrease of $8.67M or 7.2% from December 31, 2024.)
• $1,269.39 — Series A NAV per Unit (At June 30, 2025, down from $1,295.79 at December 31, 2024.)
• -1.50% — Series A Total Return (After profit share allocation for three months ended June 30, 2025, compared to 4.43% return in 2024.)
• -2.04% — Series A Total Return (After profit share allocation for six months ended June 30, 2025, compared to 11.60% return in 2024.)
• 4.26% — Series A Expenses to Average NAV (For three months ended June 30, 2025, indicating ongoing cost burden despite losses.)

Key Players & Entities

• Millburn Multi-Markets Fund L.P. (company) — Registrant
• Millburn Multi-Markets Trading L.P. (company) — Master Fund
• Millburn Ridgefield LLC (company) — General Partner
• Securities and Exchange Commission (regulator) — Filing oversight
• $1,653,691 (dollar_amount) — Net loss for three months ended June 30, 2025
• $6,636,332 (dollar_amount) — Net income for three months ended June 30, 2024
• $2,166,261 (dollar_amount) — Net loss for six months ended June 30, 2025
• $15,145,320 (dollar_amount) — Net income for six months ended June 30, 2024
• $113,543,886 (dollar_amount) — Total assets at June 30, 2025
• $122,530,334 (dollar_amount) — Total assets at December 31, 2024

FAQ

Risk Factors

• Downturn in Master Fund Performance [high — market]: The fund experienced significant net realized and unrealized losses allocated from the Master Fund, totaling $(1,731,916) for the three months ended June 30, 2025, a reversal from gains of $6,202,652 in the prior year. This directly impacted the fund's overall performance.
• Decline in Asset Value [high — market]: Total assets decreased by 7.3% to $113,543,886 at June 30, 2025, from $122,530,334 at December 31, 2024. Partners' capital also fell by 7.2% to $112,408,640 over the same period, indicating a contraction in the fund's size and value.
• Decreased Net Asset Value Per Unit [high — market]: The net asset value per unit for Series A declined from $1,295.79 to $1,269.39 for the six months ended June 30, 2025. This reflects a negative total return of -2.04% for the period, compared to a positive 11.60% in the prior year.
• Allocation of Expenses [medium — operational]: Despite incurring net losses, the fund reported Series A expenses to average NAV of 4.26% for the three months ended June 30, 2025. These expenses, including management fees and selling commissions, are allocated from the Master Fund and represent an ongoing cost burden.
• Negative Investment Income [medium — financial]: For the three months ended June 30, 2025, the fund reported net investment income of $78,225, a significant decrease from $433,680 in the prior year. This was driven by lower interest income allocated from the Master Fund.

Industry Context

The multi-markets fund sector is characterized by its diversification across various asset classes and geographies, often employing complex trading strategies. Performance is highly sensitive to macroeconomic conditions, interest rate movements, and geopolitical events. Competition is intense, with many funds vying for investor capital based on historical returns and risk management capabilities.

Regulatory Implications

As an investment fund, Millburn Multi-Markets Fund L.P. is subject to regulations governing financial reporting, investor disclosures, and trading practices. Changes in tax laws or regulatory frameworks could impact fund operations and profitability. The fund's reliance on a Master Fund structure also introduces complexities in regulatory oversight and compliance.

What Investors Should Do

1. Review Master Fund's Investment Strategy and Performance Drivers
2. Analyze Expense Ratios and Management Fees
3. Assess Risk Tolerance in Light of Declining NAV
4. Monitor Capital Flows and Redemptions

Key Dates

• 2025-06-30: End of Q2 2025 — Fund reported a net loss of $1,653,691 for the quarter and total assets of $113,543,886.
• 2024-06-30: End of Q2 2024 — Fund reported net income of $6,636,332 for the quarter and total assets of $122,530,334 (as of Dec 31, 2024).
• 2025-12-31: End of Fiscal Year 2024 — Total assets were $122,530,334 and total partners' capital was $121,077,762.

Glossary

Master Fund

The primary investment vehicle from which Millburn Multi-Markets Fund L.P. allocates its investments and receives its performance results. (The performance of the Master Fund directly dictates the gains and losses reported by Millburn Multi-Markets Fund L.P.)

Net realized and unrealized gains (losses)

Reflects the profit or loss from the sale of assets (realized) and the change in value of assets still held (unrealized). (This is a key driver of the fund's overall performance, and in this period, it was a significant source of losses.)

Net Asset Value (NAV) per Unit

The per-share market value of a fund, calculated by dividing the total value of the fund's assets minus its liabilities by the number of outstanding shares. (A primary indicator of the fund's performance and value to investors, which has declined for Series A.)

Capital contributions received in advance

Funds received from investors that have not yet been formally invested or allocated. (Represents a liability for the fund, indicating potential future investment or redemption activity.)

Year-Over-Year Comparison

Compared to the prior year's periods, Millburn Multi-Markets Fund L.P. has experienced a dramatic shift from profitability to losses. For the three months ended June 30, 2025, net income of $6.64M reversed into a net loss of $1.65M, primarily due to a significant swing in realized and unrealized gains/losses from the Master Fund. Total assets have also contracted by 7.3% to $113.54M, and Series A NAV per unit has declined, reflecting a negative total return of -2.04% for the six-month period compared to a strong positive return in the prior year.

Filing Documents

• c910-20250630x10q.htm (10-Q) — 7413KB
• c910-20250630xex31_1.htm (EX-31.1) — 10KB
• c910-20250630xex31_2.htm (EX-31.2) — 10KB
• c910-20250630xex31_3.htm (EX-31.3) — 10KB
• c910-20250630xex31_4.htm (EX-31.4) — 10KB
• c910-20250630xex32_1.htm (EX-32.1) — 5KB
• c910-20250630xex32_2.htm (EX-32.2) — 5KB
• c910-20250630xex32_3.htm (EX-32.3) — 4KB
• c910-20250630xex32_4.htm (EX-32.4) — 4KB
• 0001468910-25-000007.txt ( ) — 18021KB
• c910-20250630.xsd (EX-101.SCH) — 55KB
• c910-20250630_cal.xml (EX-101.CAL) — 30KB
• c910-20250630_def.xml (EX-101.DEF) — 246KB
• c910-20250630_lab.xml (EX-101.LAB) — 332KB
• c910-20250630_pre.xml (EX-101.PRE) — 325KB
• c910-20250630x10q_htm.xml (XML) — 4237KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Millburn Multi-Markets Fund L.P.

Financial statements

Financial statements As of and for the three and six months ended June 30, 2025 and 2024 (unaudited) 1 2 4 6

Notes to Financial Statements

Notes to Financial Statements 10 (a) At June 30, 2025 (unaudited) and December 31, 2024 (b) For the six months ended June 30, 2025 and 2024 (unaudited) (c) For the three and six months ended June 30, 2025 and 2024 (unaudited) Millburn Multi-Markets Fund L.P. ASSETS June 30, 2025 (unaudited) December 31, 2024 Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund") $ 112,408,640 $ 121,077,762 Due from the Master Fund 1,132,557 1,395,871 Cash and cash equivalents 2,689 56,701 Total assets $ 113,543,886 $ 122,530,334 LIABILITIES AND PARTNERS' CAPITAL LIABILITIES: Capital contributions received in advance $ 2,689 $ 56,701 Capital withdrawals payable to Limited Partners 1,132,557 895,871 Capital withdrawal payable to General Partner - 500,000 Total liabilities 1,135,246 1,452,572 PARTNERS' CAPITAL: General Partner 2,900,679 2,906,007 Limited partners: Series A ( 75,022.6533 and 79,074.9857 units outstanding) 95,233,040 102,464,490 Series B ( 4,146.8848 and 4,457.8217 units outstanding) 6,749,865 7,333,525 Series C ( 2,153.7298 and 2,286.1305 units outstanding) 3,576,746 3,837,204 Series D ( 2,363.8972 and 2,785.5884 units outstanding) 3,572,142 4,270,156 Series E ( 349.5676 and 247.0895 units outstanding) 376,168 266,380 Total limited partners 109,507,961 118,171,755 Total partners' capital 112,408,640 121,077,762 TOTAL $ 113,543,886 $ 122,530,334 NET ASSET VALUE PER UNIT OUTSTANDING: Series A $ 1,269.39 $ 1,295.79 Series B $ 1,627.70 $ 1,645.09 Series C $ 1,660.72 $ 1,678.47 Series D $ 1,511.12 $ 1,532.95 Series E $ 1,076.10 $ 1,078.07 See notes to financial statements (Unaudited) 1 Millburn Multi-Markets Fund L.P. For the three months ended June 30, 2025 June 30, 2024 INVE

NOTES TO FINANCIAL STATEMENTS (UNAUD ITED)

NOTES TO FINANCIAL STATEMENTS (UNAUD ITED) 1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited financial statements, in the opinion of management, include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of Millburn Multi-Markets Fund L.P.'s (the "Partnership") financial condition at June 30, 2025 (unaudited) and December 31, 2024 and the results of its operations for the three and six months ended June 30, 2025 and 2024 (unaudited). These financial statements present the results of interim periods and do not include all disclosures normally provided in annual financial statements. It is suggested that these financial statements be read in conjunction with the audited financial statements and notes included in the Partnership's 2024 annual report included in Form 10-K filed with the Securities and Exchange Commission. The December 31, 2024 information has been derived from the audited financial statements as of December 31, 2024. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), as detailed in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("Codification"), requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. Actual results could differ from these estimates. The Partnership enters into contracts with various financial institutions that contain a variety of indemnification provisions. The Partnership's maximum exposure under these arrangements is unknown. However, the Partnership has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. The Income Taxes (Topic 740) of the Codification clarifies the accounting for uncertainty in tax positions. This requires that the Partnership recognize in its financial

Financial statements

Financial statements As of and for the three and six months ended June 30, 2025 and 2024 (unaudited) 12 Condensed Schedules of Investments (a) 13 17 19 20

Notes to Financial Statements

Notes to Financial Statements 22 (a) At June 30, 2025 (unaudited) and December 31, 2024 (b) For the six months ended June 30, 2025 and 2024 (unaudited) (c) For the three and six months ended June 30, 2025 and 2024 (unaudited) Millburn Multi-Markets Trading L.P. June 30, 2025 ASSETS (unaudited) December 31, 2024 EQUITY IN TRADING ACCOUNTS: Investments in U.S. Treasury notes — at fair value (amortized cost $ 66,343,684 and $ 72,229,741 ) $ 66,336,509 $ 72,309,121 Net unrealized appreciation on open futures and forward currency contracts 2,836,675 3,173,807 Due from brokers, net 7,905,313 8,923,069 Cash denominated in foreign currencies (cost $ 395,536 and $ 3,958,254 ) 416,796 3,872,962 Total equity in trading accounts 77,495,293 88,278,959 INVESTMENTS IN U.S. TREASURY NOTES — at fair value (amortized cost $ 324,482,411 and $ 316,308,299 ) 324,465,541 316,602,736 CASH AND CASH EQUIVALENTS 23,88

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