Important Disclosures
Millburn Ridgefield Corporation is the successor to an asset management organization that first began its operations in 1971. The term “Millburn” is used herein to refer to the activities of Millburn Ridgefield Corporation, its predecessors and its affiliated entities, except as indicated otherwise by the context.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE POTENTIAL FOR PROFIT IS ACCOMPANIED BY THE RISK OF LOSS.
The investment strategies and themes discussed herein may be unsuitable for investors depending on their specific investment objectives and financial situation. Diversification does not eliminate the risk of experiencing investment losses. The information contained herein is intended for use by sophisticated investors who may be interested in opening separately managed accounts. Prospective managed account clients must be “qualified eligible persons” within the meaning of CFTC Rule 4.7. Commodity accounts are speculative, employ significant leverage, involve a high degree of risk, are not suitable for all investors, and may involve high fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. There can be no assurance that an investment strategy will achieve its objectives.
The following disclosure relates to Millburn and one or more of the following strategies managed pursuant to Millburn’s proprietary quantitative and systematic approaches (each, a “Program”): Millburn Multi-Markets Program (“MMM”); Millburn Commodity Program (“MILCOM”); Millburn Diversified Program (“MDP”); and Millburn China Futures Program (the “China Futures Program”). The China Futures Program is implemented through a joint venture entity based in Shanghai, China; Millburn is a minority shareholder of that entity.
RISKS OF AN INVESTMENT IN MILLBURN PROGRAMS (the “Strategies” and, each, a “Strategy”) include but are not limited to the following: (i) The Strategy is speculative. Investors may lose all or a substantial portion of their investments and, unless structured as a limited liability entity, greater than the amount invested in the Strategy; (ii) Some Strategies have a limited operating history; (iii) The Strategy is leveraged. The Strategy will acquire positions with a gross value several times in excess of its total equity. Leverage magnifies the impact of both profit and loss; (iv) Investors will sustain losses if the Strategy is unable to generate sufficient trading profits and interest income to offset its fees and expenses; (v) A lack of liquidity in the markets in which the Strategy trades could make it impossible for the Strategy to realize profits or limit losses or provide for withdrawals; (vi) A substantial portion of the trades executed for a Strategy take place on non-U.S. exchanges. No U.S. regulatory authority or exchange has the power to compel the enforcement of the rules of a non-U.S. board of trade or any applicable non-U.S. laws; and (vii) The performance of the Strategy is expected to be volatile.
The performance and other information, including markets, models, leverage, portfolio weights and other data or statistics described herein change over time but are accurate as of the date indicated herein. This information is for informational purposes only and is not a solicitation to open an account trading the strategy. An investment may arise only when a disclosure document has been received and reviewed and certain agreements have been executed.
This information is not a solicitation for investment. Such an investment may only be made on the basis of information provided in and representations made in the appropriate written disclosure document.
THE RISK OF LOSS IN TRADING COMMODITIES CAN BE SUBSTANTIAL. YOU SHOULD THEREFORE CAREFULLY CONSIDER WHETHER SUCH TRADING IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE HIGH DEGREE OF LEVERAGE THAT IS OFTEN OBTAINABLE IN COMMODITY TRADING CAN WORK AGAINST YOU AS WELL AS FOR YOU. THE USE OF LEVERAGE CAN LEAD TO LARGE LOSSES AS WELL AS GAINS. IN SOME CASES, MANAGED COMMODITY ACCOUNTS ARE SUBJECT TO SUBSTANTIAL CHARGES FOR MANAGEMENT AND ADVISORY FEES. IT MAY BE NECESSARY FOR THOSE ACCOUNTS THAT ARE SUBJECT TO THESE CHARGES TO MAKE SUBSTANTIAL TRADING PROFITS TO AVOID DEPLETION OR EXHAUSTION OF THEIR ASSETS. THE DISCLOSURE DOCUMENT CONTAINS A COMPLETE DESCRIPTION OF THE PRINCIPAL RISK FACTORS AND EACH FEE TO BE CHARGED TO YOUR ACCOUNT BY THE COMMODITY TRADING ADVISOR (CTA).
This website is not an invitation to invest in any investment strategy managed by Millburn and must be supplemented by certain disclosure when considering an investment, including important information concerning risk factors, conflicts of interest and other material aspects of an investment; this must be read carefully before any decision whether to invest is made. Investors may lose all or a substantial amount of their investments.
The information contained herein is only as current as of the date indicated, and may be superseded by subsequent market events or for other reasons. Charts and graphs provided herein are for illustrative purposes only. The information in this presentation has been developed internally and/or obtained from sources believed to be reliable; however, neither Millburn nor the author (if not Millburn) guarantees the accuracy, adequacy or completeness of such information. Nothing contained herein constitutes investment, legal, tax or other advice nor is it to be relied on in making an investment or other decision.
This presentation should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.
The information in this presentation may contain projections or other forward-looking statements regarding future events, targets, forecasts or expectations regarding the strategies described herein, and is only current as of the date indicated. There is no assurance that such events or targets will be achieved, and may be significantly different from that shown here. The information in this presentation, including statements concerning financial market trends, is based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Performance of all cited indices is calculated on a total return basis with dividends reinvested. Neither Millburn (nor any author other than Millburn) assumes any duty to, nor undertakes to update forward looking statements.
Target allocations contained herein are subject to change. There is no assurance that the target allocations will be achieved, and actual allocations may be significantly different than that shown here.
There can be no assurance that an investment strategy will be successful. Historic market trends are not reliable indicators of actual future market behavior or future performance of any particular investment which may differ materially, and should not be relied upon as such.
Mail and Website Disclosure
Please read this entire disclaimer before making use of this website, as it explains certain restrictions on the distribution of this information. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Each time you use the website ("site"), your use indicates your full acceptance of and agreement to abide by these terms and conditions. If you do not accept these terms and conditions, do not use this site.
All e-mail to and from Millburn Ridgefield Corporation, Millburn International (Europe) LLP and any affiliates (together, Millburn) is confidential, does not constitute investment advice, is only for the use of the intended recipient and should not be redistributed, except with the sender's consent. If you receive e-mail in error, please notify us immediately by telephone; receipt by anyone other than the intended recipient is not a waiver of any work-product or attorney-client privilege. All e-mail is monitored, stored and made available to regulators if requested. For UK Investors: Millburn International (Europe) LLP is authorized and regulated by the Financial Conduct Authority.
For e-mail or other electronic communication, by messaging with Millburn you agree to these terms and conditions of use. Millburn may amend these terms and conditions at any time without notice. You should check this webpage from time to time to review the current terms and conditions because they are binding on you. Unless otherwise specifically indicated, the contents of any electronic communication (including e-mail) and its attachments are for informational purposes only, and should not be regarded as an offer to sell or a solicitation of an offer to buy any securities, futures, options, loans, investment products or other financial products or services, an official confirmation of any transaction, an official valuation, or an official statement of Millburn. Attachments that are part of an electronic communication may have additional important disclosures and disclaimers, which you should read. The foregoing paragraph, when referenced in an electronic communication, shall be deemed to have been reprinted in its entirety within the text of such communication.
No representation, warranty, or undertaking, express or implied, is given as to the accuracy or completeness of the information contained in this material by Millburn or any other person; no reliance may be placed for any purpose on such information; and no liability is accepted by any person for the accuracy and completeness of any such information. There can be no assurance that Millburn or any investment program will meet its investment objectives or achieve results in line with past performance. Future performance may be materially worse than past performance, causing substantial or total loss of investment. This promotional material is issued by Millburn. This content is for information purposes only and does not constitute investment, legal or other advice, nor is it an offer to sell or a solicitation to buy any investment or security. This site is owned, maintained and issued by Millburn, a U.S. domiciled corporation. All communications to Millburn through this site, or any form thereon, are communications to Millburn in the U.S.
This site provides general information only. Nothing in this site is to be relied upon in making any investment decision. Users must carefully make their own investment decisions based upon their specific investment objectives and financial positions and using such independent advisors as they believe necessary.
This site and the information contained herein are not directed at, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Millburn or its affiliates to any registration or licensing requirement within such jurisdiction. The advisory services mentioned in this site may not be provided in some jurisdictions.
Millburn maintains this site for the convenience of its users. You acknowledge that the internet is not a completely reliable and secure medium of communication. The information on this site is provided to you "as is." Millburn does not guarantee the accuracy, validity, timeliness, completeness or suitability of any information or data on this site. Millburn disclaims all warranties, express or implied, including, but not limited to, warranties of title, non-infringement, merchantability or fitness for a particular purpose. Neither Millburn nor its affiliates will be liable for any damages or injuries arising out of your use of any such information or data, including without limitation, damages relating to any (i) error, omission, interruption, delay in operation or transmission, (ii) computer virus, (iii) failure or defect in any communication facilities, hardware or software, or (iv) theft and destruction or unauthorized access to, alteration of, or use of information, whether resulting in whole or in part from negligence or otherwise.
The use of this site is at your own risk. If you access any third-party website through the site or otherwise, you do so at your own risk. Hyperlinks to or from the site do not constitute a third-party endorsement, sponsorship, or affiliation of, with, or by Millburn. This site may contain links to websites controlled or offered by third parties (not affiliated with Millburn). Millburn hereby disclaims liability for any information, materials, articles, products or services posted or offered at any such websites. By creating a link to a third-party website, Millburn does not endorse or recommend any products or services offered or advertised at those sites. Such third party may have a privacy policy that differs from that of Millburn and the third party website may provide less security than the Millburn site.
The types of strategies discussed in this site may not be suitable for all investors. Although the site may include investment-related information, nothing on the site is a recommendation that you pursue any investment style or strategy. The content on this site is believed to be accurate at the time it was posted; however, it is subject to periodic update and revision, without any notice to you. Materials should only be considered current as of the date of initial publication appearing thereon, without regard to the date on which you may access the information. Millburn maintains the right to delete or modify information on this site without prior notice.
Except as may be expressly authorized, no information or material contained on this site may be reproduced, transmitted, or displayed without the prior written consent of Millburn, which may be withheld in its sole discretion.
The terms and conditions above relate only to this site and are subject to change at any time without notice. By accessing or using this site and obtaining any information from it the user acknowledges and confirms that he or she has accepted and agreed to comply with the terms and conditions contained herein.
E-Mail Disclaimer for European Union Investors
The Alternative Investment Fund Managers Directive (the "AIFM Directive") imposes regulatory requirements with respect to each European Union ("EU") country. Accordingly, any offering of interests or shares of an investment vehicle (a “Fund”) to prospective investors in the EU must be made in accordance with national private placement marketing rules in force in each EU jurisdiction, which have been amended to comply with the AIFM Directive requirements.
A Fund may permit an investment by an investor located in an EU country even where it does not comply with the national private placement marketing requirements, provided that the investor acknowledges and agrees that none of Millburn Ridgefield Corporation, or any of its directors or officers, any director or officer of a Fund, nor any of their affiliates or representatives, marketed, offered or solicited an investment in the Fund to the investor and the investor agrees that it initiated contact regarding the Fund with Millburn. Nothing on this website or in this communication is to be construed as an offer of an investment in, or as pertaining to, a Fund. Rather, this website pertains solely to separately managed accounts.
E-Mail Disclaimer for UK Investors
Millburn International (Europe) LLP ("Millburn Europe") (a limited liability partnership incorporated in England and Wales with number OC368717 has its registered office at Thogmorton UK Limited, 4th Floor, Reading Bridge House, George Street, Reading, Berkshire RG18LS and is authorized and regulated by the UK Financial Conduct Authority, Firm Reference Number: 581612. All rights reserved. The information contained in electronic messages and any attachments (the "Message") is intended for one or more specific individuals or entities, and may be confidential, proprietary, privileged or otherwise protected by law. If you are not the intended recipient, please notify Millburn Europe immediately, delete the Message and do not disclose, distribute, or copy it to any third party or otherwise use this Message, Millburn Europe assumes no responsibility or liability to any party for the correctness, accuracy, timeliness or completeness of the information in the Message, or for any viruses contained in, or attached to, any e-mail or for any loss, damage or lost opportunities resulting from the use of the Message. Electronic messages are not secure or error free and can contain viruses or may be delayed; the sender is not liable for any of these occurrences. The risks associated with the use of electronic mail can include interception, breach of confidentiality, alteration, loss or a delay in transmission and information sent by Millburn Europe may be susceptible to forgery or distortion. If you rely on information contained in this e-mail, you accept these risks. Any views, opinions or assumptions are subject to change without notice. Millburn Europe reserves the right to monitor, record and retain electronic messages.
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