Millburn Multi-Markets Fund Swings to $5.7M Loss Amid Trading Setbacks

TL;DR

**Millburn Multi-Markets Fund is bleeding cash, with a $5.7 million loss and declining assets, signaling a tough road ahead for its derivatives strategy.**

AI Summary

Millburn Multi-Markets Fund L.P. reported a significant net loss of $5,729,954 for the nine months ended September 30, 2025, a stark reversal from the net income of $4,003,322 recorded in the same period of 2024. This 243% decline was primarily driven by a substantial increase in net realized and unrealized losses allocated from the Master Fund, which surged from a gain of $2,832,874 in 2024 to a loss of $6,036,231 in 2025. Investment in the Master Fund decreased from $121,077,762 at December 31, 2024, to $104,506,207 at September 30, 2025. Total assets also declined by 14.4% from $122,530,334 to $104,899,551 over the same period. Net investment income for the nine months ended September 30, 2025, fell to $307,554 from $1,206,583 in the prior year, representing a 74.5% decrease. All unit series experienced negative net loss per unit, with Series A seeing a loss of $68.74 per unit in 2025 compared to a gain of $31.23 in 2024. The fund's total partners' capital decreased by 13.7% from $121,077,762 to $104,506,207.

Why It Matters

This significant swing from profit to a multi-million dollar loss for Millburn Multi-Markets Fund L.P. signals a challenging period for its investment strategy, particularly in futures and forward currency contracts. For investors, this translates to a substantial erosion of capital, with all unit series experiencing negative returns. The competitive landscape for multi-market funds is intense, and sustained underperformance could lead to further capital withdrawals and a loss of market share. Employees of Millburn Ridgefield LLC, the General Partner, may face pressure to improve trading performance, while customers of the fund are directly impacted by the negative returns on their investments. The broader market may view this as an indicator of volatility in the alternative investment space, especially for funds heavily reliant on derivatives.

Risk Assessment

Risk Level: high — The fund exhibits a high risk level due to a substantial net loss of $5,729,954 for the nine months ended September 30, 2025, a significant deterioration from a $4,003,322 net income in the prior year. This is primarily driven by net realized and unrealized losses from futures and forward currency contracts, totaling $(6,036,231) for the nine months ended September 2025, compared to a gain of $2,832,874 in the same period of 2024. The fund's total assets also decreased by 14.4% from $122,530,334 to $104,899,551.

Analyst Insight

Investors should carefully re-evaluate their exposure to Millburn Multi-Markets Fund L.P. given the significant net losses and declining asset base. Consider diversifying into funds with more stable performance or a different investment strategy, as the current trend suggests continued volatility and potential capital erosion. A thorough review of the Master Fund's underlying trading strategies and risk management practices is warranted.

Financial Highlights

debt To Equity

N/A

revenue

$307,554

operating Margin

N/A

total Assets

$104,899,551

total Debt

$393,344

net Income

-$5,729,954

eps

-$68.74

gross Margin

N/A

cash Position

$2,689

revenue Growth

-74.5%

Revenue Breakdown

Key Numbers

• $5.7M — Net Loss (For the nine months ended September 30, 2025, a significant reversal from a $4.0M net income in 2024.)
• $6.0M — Net Realized & Unrealized Losses (Allocated from the Master Fund for the nine months ended September 30, 2025, compared to a $2.8M gain in 2024.)
• $104.5M — Investment in Master Fund (As of September 30, 2025, down from $121.1M at December 31, 2024.)
• 14.4% — Total Asset Decrease (From $122.5M at December 31, 2024, to $104.9M at September 30, 2025.)
• $307.6K — Net Investment Income (For the nine months ended September 30, 2025, a 74.5% decrease from $1.2M in 2024.)
• $68.74 — Series A Net Loss Per Unit (For the nine months ended September 30, 2025, compared to a $31.23 gain in 2024.)
• 243% — Net Income/Loss Change (Percentage change from net income of $4.0M in 2024 to net loss of $5.7M in 2025.)
• $11.2M — Capital Withdrawals (For the nine months ended September 30, 2025, indicating investor outflows.)

Key Players & Entities

• Millburn Multi-Markets Fund L.P. (company) — Registrant and investment fund
• Millburn Multi-Markets Trading L.P. (company) — Master Fund in which the registrant invests
• Millburn Ridgefield LLC (company) — General Partner of the fund
• $5,729,954 (dollar_amount) — Net loss for the nine months ended September 30, 2025
• $4,003,322 (dollar_amount) — Net income for the nine months ended September 30, 2024
• $104,506,207 (dollar_amount) — Investment in Master Fund as of September 30, 2025
• $121,077,762 (dollar_amount) — Investment in Master Fund as of December 31, 2024
• $6,036,231 (dollar_amount) — Net realized and unrealized losses allocated from Master Fund for nine months ended September 30, 2025
• $2,832,874 (dollar_amount) — Net realized and unrealized gains allocated from Master Fund for nine months ended September 30, 2024
• $307,554 (dollar_amount) — Net investment income for nine months ended September 30, 2025

FAQ

Risk Factors

• Master Fund Performance Impact [high — financial]: The fund's performance is heavily reliant on its investment in the Master Fund. A significant increase in net realized and unrealized losses allocated from the Master Fund, from a gain of $2,832,874 in 2024 to a loss of $6,036,231 in 2025, directly led to the fund's substantial net loss of $5,729,954 for the nine months ended September 30, 2025.
• Decreasing Investment Value [medium — financial]: The value of the fund's investment in the Master Fund has declined by 13.7%, from $121,077,762 at December 31, 2024, to $104,506,207 at September 30, 2025. This decrease in asset value, coupled with a 14.4% drop in total assets, indicates a contraction in the fund's overall financial standing.
• Investor Capital Outflows [medium — financial]: The total partners' capital decreased by 13.7% from $121,077,762 to $104,506,207 for the nine months ended September 30, 2025. This reduction is partly attributed to capital withdrawals, suggesting investors are reducing their exposure to the fund.
• Reliance on Master Fund Expenses [medium — operational]: A significant portion of the fund's expenses, including management fees ($462,976 in 2025 vs. $518,556 in 2024), selling commissions ($470,281 in 2025 vs. $518,327 in 2024), and administrative costs, are allocated from the Master Fund. Changes in the Master Fund's expense structure could directly impact the Millburn Multi-Markets Fund's profitability.
• Volatility in Futures and Forward Contracts [high — market]: The fund experienced substantial net realized losses on futures and forward currency contracts, amounting to $4,262,925 for the three months ended September 30, 2025. While this is an improvement from the $9,302,392 loss in the prior year's quarter, the inherent volatility of these instruments poses a continuous risk.

Industry Context

The multi-markets fund sector typically involves diversified investment strategies across various asset classes and geographies. Performance is often driven by active management's ability to navigate market volatility and capitalize on opportunities. Recent market conditions have presented challenges, with many funds experiencing pressure on returns due to macroeconomic uncertainties and shifting investor sentiment.

Regulatory Implications

As an investment fund, Millburn Multi-Markets Fund L.P. is subject to regulations governing investment companies, including disclosure requirements under SEC filings like the 10-Q. The significant net loss and decrease in assets may attract scrutiny regarding investment strategy effectiveness and risk management practices.

What Investors Should Do

1. Review the Master Fund's investment strategy and performance drivers to understand the root cause of the increased losses allocated to Millburn Multi-Markets Fund L.P.
2. Assess the sustainability of capital withdrawals and the overall trend in Partners' Capital to gauge investor confidence and potential for further outflows.
3. Analyze the fund's expense structure, particularly fees allocated from the Master Fund, to identify potential areas for cost optimization.
4. Evaluate the diversification and risk management of the underlying investments within the Master Fund, given the significant realized and unrealized losses.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 — Reported a net loss of $5,729,954, a significant reversal from the prior year's net income, driven by losses from the Master Fund.
• 2024-09-30: Nine months ended September 30, 2024 — Reported a net income of $4,003,322, with gains allocated from the Master Fund.
• 2025-09-30: Investment in Master Fund as of September 30, 2025 — Decreased to $104,506,207 from $121,077,762 at year-end 2024, reflecting a reduction in the fund's primary investment.
• 2024-12-31: Investment in Master Fund as of December 31, 2024 — Stood at $121,077,762, representing the fund's primary asset base at the start of the reporting period.

Glossary

Master Fund

A pooled investment fund that invests in other funds, in this case, Millburn Multi-Markets Trading L.P. The Millburn Multi-Markets Fund L.P. invests in this Master Fund. (The performance and financial results of the Master Fund directly impact the Millburn Multi-Markets Fund L.P. due to its investment allocation.)

Net realized and unrealized gains (losses)

Reflects the profit or loss from investment positions that have been closed out (realized) and the change in value of open investment positions (unrealized) during a specific period. (A primary driver of the fund's overall performance, showing a significant negative swing from a gain in 2024 to a substantial loss in 2025.)

Partners' Capital

The total equity investment made by the fund's partners (General Partner and Limited Partners). (A decrease in Partners' Capital indicates a reduction in the fund's equity base, often due to net losses or capital withdrawals.)

Net Investment Income

The income generated from a fund's investments (like interest and dividends) minus its operating expenses. (Shows a sharp decline, indicating that the fund's core income-generating activities are not covering expenses, further exacerbated by investment losses.)

Series A Net Loss Per Unit

The net loss attributable to each outstanding unit of Series A of the fund. (Quantifies the negative performance experienced by holders of Series A units, highlighting a significant shift from a gain to a substantial loss.)

Year-Over-Year Comparison

For the nine months ended September 30, 2025, Millburn Multi-Markets Fund L.P. reported a substantial net loss of $5,729,954, a dramatic reversal from the $4,003,322 net income in the same period of 2024. This decline is primarily attributed to a surge in net realized and unrealized losses allocated from the Master Fund, which shifted from a $2,832,874 gain to a $6,036,231 loss. Consequently, net investment income also fell significantly, and total assets and partners' capital decreased by approximately 14.4% and 13.7%, respectively, indicating a challenging performance period compared to the prior year.

Filing Documents

• c910-20250930x10q.htm (10-Q) — 7503KB
• c910-20250930xex31_1.htm (EX-31.1) — 10KB
• c910-20250930xex31_2.htm (EX-31.2) — 10KB
• c910-20250930xex31_3.htm (EX-31.3) — 10KB
• c910-20250930xex31_4.htm (EX-31.4) — 10KB
• c910-20250930xex32_1.htm (EX-32.1) — 5KB
• c910-20250930xex32_2.htm (EX-32.2) — 5KB
• c910-20250930xex32_3.htm (EX-32.3) — 5KB
• c910-20250930xex32_4.htm (EX-32.4) — 4KB
• 0001468910-25-000009.txt ( ) — 18311KB
• c910-20250930.xsd (EX-101.SCH) — 56KB
• c910-20250930_cal.xml (EX-101.CAL) — 30KB
• c910-20250930_def.xml (EX-101.DEF) — 255KB
• c910-20250930_lab.xml (EX-101.LAB) — 345KB
• c910-20250930_pre.xml (EX-101.PRE) — 336KB
• c910-20250930x10q_htm.xml (XML) — 4305KB

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 nine months ended September 30, 2025 and 2024 (unaudited) 1 2 4 6

Notes to Financial Statements

Notes to Financial Statements 10 (a) At September 30, 2025 (unaudited) and December 31, 2024 (b) For the nine months ended September 30, 2025 and 2024 (unaudited) (c) For the three and nine months ended September 30, 2025 and 2024 (unaudited) Millburn Multi-Markets Fund L.P. ASSETS September 30, 2025 (unaudited) December 31, 2024 Investment in Millburn Multi-Markets Trading L.P. (the "Master Fund") $ 104,506,207 $ 121,077,762 Due from the Master Fund 390,655 1,395,871 Cash and cash equivalents 2,689 56,701 Total assets $ 104,899,551 $ 122,530,334 LIABILITIES AND PARTNERS' CAPITAL LIABILITIES: Capital contributions received in advance $ 2,689 $ 56,701 Capital withdrawals payable to Limited Partners 390,655 895,871 Capital withdrawal payable to General Partner - 500,000 Total liabilities 393,344 1,452,572 PARTNERS' CAPITAL: General Partner 2,830,389 2,906,007 Limited partners: Series A ( 72,642.4156 and 79,074.9857 units outstanding) 89,136,177 102,464,490 Series B ( 3,946.5727 and 4,457.8217 units outstanding) 6,240,771 7,333,525 Series C ( 1,707.9053 and 2,286.1305 units outstanding) 2,755,533 3,837,204 Series D ( 2,162.6442 and 2,785.5884 units outstanding) 3,168,943 4,270,156 Series E ( 356.5588 and 247.0895 units outstanding) 374,394 266,380 Total limited partners 101,675,818 118,171,755 Total partners' capital 104,506,207 121,077,762 TOTAL $ 104,899,551 $ 122,530,334 NET ASSET VALUE PER UNIT OUTSTANDING: Series A $ 1,227.05 $ 1,295.79 Series B $ 1,581.31 $ 1,645.09 Series C $ 1,613.40 $ 1,678.47 Series D $ 1,465.31 $ 1,532.95 Series E $ 1,050.02 $ 1,078.07 See notes to financial statements (Unaudited) 1 Millburn Multi-Markets Fund L.P. For the three months ended September 30, 2025

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 September 30, 2025 (unaudited) and December 31, 2024 and the results of its operations for the three and nine months ended September 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 it

Financial statements

Financial statements As of and for the three and nine months ended September 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 September 30, 2025 (unaudited) and December 31, 2024 (b) For the nine months ended September 30, 2025 and 2024 (unaudited) (c) For the three and nine months ended September 30, 2025 and 2024 (unaudited) Millburn Multi-Markets Trading L.P. September 30, 2025 ASSETS (unaudited) December 31, 2024 EQUITY IN TRADING ACCOUNTS: Investments in U.S. Treasury notes — at fair value (amortized cost $ 67,794,699 and $ 72,229,741 ) $ 67,840,252 $ 72,309,121 Net unrealized appreciation on open futures and forward currency contracts 2,731,724 3,173,807 Due from brokers, net 3,508,466 8,

View Full Filing

View this 10-Q filing on SEC EDGAR