Earliest Implementation: 1977
Millburn's quant macro capability is a global, systematic investment approach applied across approximately 100 of the world's most liquid futures and currency markets. It is designed to identify and act on opportunities driven by movements in interest rates, currencies, stock indices, and commodities — regardless of whether those markets are rising or falling. Millburn first launched this strategy in 1977, making it what we believe to be one of the longest-running quantitative macro strategies in the industry.
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Commodities & Resources
Earliest Implementation: 2005
Millburn has traded commodity futures since its founding. Today, our capabilities span energy, metals, agriculture, and a growing set of non-traditional instruments tied to global resources—including Chinese commodities and the equity indices and currencies of resource-reliant economies. Because commodity prices are shaped by physical supply and demand, they offer a distinct source of returns that operates largely independent of stock and bond markets.
Explore our Commodities programs →
Millburn has traded commodity futures since its founding. Today, our capabilities span energy, metals, agriculture, and a growing set of non-traditional instruments tied to global resources—including Chinese commodities and the equity indices and currencies of resource-reliant economies. Because commodity prices are shaped by physical supply and demand, they offer a distinct source of returns that operates largely independent of stock and bond markets.
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China Diversified
Earliest Implementation: 2013
China is the world's second-largest economy and home to some of the deepest futures and equity markets on earth, yet we believe it remains underrepresented in most institutional portfolios. Millburn was an early entrant, having begun trading Chinese futures in 2013 through a relationship with Shanghai-based partners, eventually formalized as a single joint venture. That local presence—now spanning both futures and equities—provides access to a vastly idiosyncratic market shaped by its own economic forces and structural dynamics.
Explore our China programs →
China is the world's second-largest economy and home to some of the deepest futures and equity markets on earth, yet we believe it remains underrepresented in most institutional portfolios. Millburn was an early entrant, having begun trading Chinese futures in 2013 through a relationship with Shanghai-based partners, eventually formalized as a single joint venture. That local presence—now spanning both futures and equities—provides access to a vastly idiosyncratic market shaped by its own economic forces and structural dynamics.
Explore our China programs →
Cryptocurrency
Earliest Implementation: 2021
Millburn has systematically traded in the exchange-traded cryptocurrency futures market on a long and short basis since 2021. All exposure is obtained through contracts traded on the CME, subject to the same clearing, pricing transparency, ability to trade on margin, and oversight as any other futures market. As the exchange-traded cryptocurrency futures universe grows—currently spanning Bitcoin, Ethereum, and Solana—Millburn intends to expand its tradable market set as conditions permit.
Explore our Cryptocurrency program →
Millburn has systematically traded in the exchange-traded cryptocurrency futures market on a long and short basis since 2021. All exposure is obtained through contracts traded on the CME, subject to the same clearing, pricing transparency, ability to trade on margin, and oversight as any other futures market. As the exchange-traded cryptocurrency futures universe grows—currently spanning Bitcoin, Ethereum, and Solana—Millburn intends to expand its tradable market set as conditions permit.
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The Millburn Alloy Program
Each of the capabilities above can be accessed individually. Additionally, Millburn also offers a way to combine them.
The Millburn Alloy Program is a multi-strategy solution that brings together our quant macro, commodities and resources, China, and cryptocurrency capabilities into a single, integrated portfolio. It invests across more than 180 liquid markets—and a universe of approximately 3,000 individual securities—with the goal of producing returns that do not depend on the direction of traditional public or private markets.
For many investors, Alloy provides the most efficient path to Millburn's full opportunity set: a single point of access, fee-netting across strategies, integrated risk management, and the ability to incorporate new capabilities as they are developed.