Millburn Systematic

A Process that Combines Insight, Data and Technology

At Millburn, we believe that the right blend of economic insights, data, and technology can help us continue to discover more potent ways to capitalize on inefficiencies in global markets.

Our team has deployed quantitative investment approaches since 1971. Our experience investing through various market regimes has taught us invaluable lessons that inform our views of today's opportunity set. While markets have changed dramatically in the last 50+ years, Millburn's commitment to achieving exceptional results has remained constant.

bright-lightbulb 1

Leveraging research and our decades of experience, we seek to identify what moves markets.

Economic Insights

vision 2

With the use of traditional and alternative data, we find ways to quantify market drivers.

Data Discovery

code 3

Based on advanced quantitative techniques, we search for actionable investment opportunities.

Quantitative Modeling

benchmarking 4

Mixing human and systematic processes, we look to measure and control market and liquidity risks.

Risk Management

Glass building

Diversified Global

Diversified global programs are intended to capture movements in approximately 100 futures and currency instruments around the world.

MILLBURN DIVERSIFIED PROGRAM ("MDP") Inception: February 1977*

MILLBURN MULTI-MARKETS PROGRAM ("MULTI-MARKETS") Inception: October 2004

Millburn's diversified global programs invest systematically across a diversified portfolio, using strategies intended to capture movements in approximately 100 global futures and currency instruments. These programs seek to identify opportunities in both rising and falling market environments through the use of a systematic and risk-managed investment approach that extracts information from a variety of quantitative data sources.

Warehouse

Commodity Focus

Millburn’s Commodity and Resource-focused strategies invest in a subset of the available instrument universe, to meet more specific investor needs or requirements.

MILLBURN RESOURCE OPPORTUNITIES PROGRAM (“ResOP”) / Inception: June 7, 2021

Millburn Resource Opportunities Program builds upon Millburn’s 50-year history of quantitative, risk-managed commodity investing. Elements of the firm’s Commodity Program and China Futures Program anchor ResOP, and additional exposures position the strategy to potentially benefit from disruptive, “next generation” opportunities now and in the future.

MILLBURN COMMODITY PROGRAM / Inception: March 2005 / Soft Closed

Millburn Commodity Program is a commodity-oriented portfolio intended to systematically capture movements in approximately 65 physical commodities in global Energy, Metal, Grain, Lumber, Livestock and Soft commodity sectors. 

This program seeks to identify opportunities in both rising and falling market environments through the use of the same systematic and risk-managed approach as that used by other Millburn long/short strategies, with the goal of extracting information from a variety of quantitative data sources. Specific investment strategies used include those utilized in our global diversified programs, but also strategies unique to the instruments traded within these particular portfolios.

Chinese dragon

China Focus

Millburn collaborates on research into systematic strategies to invest in local Chinese financial and commodity equity and futures markets, executed through joint ventures with a local Shanghai-based partner.

CHINA FUTURES PROGRAM / Inception: August 19, 2013**

China Futures Program is a China-focused strategy intended to systematically capture movements in a diverse set of liquid financial and physical commodity futures in sectors such as Equities, Fixed Income, Energy, Metals, Grains, Plastics, Glass and Soft Commodities. 

The China Futures Program aims to identify opportunities in both rising and falling market environments primarily through the use of a multi-feature, systematic and risk-managed approach, with the goal of extracting information from a variety of quantitative data sources.

Solutions for Different Investor Objectives

Diversified Quant Macro

Earliest Implementation: 1971

Millburn’s Diversified Quant Macro solutions invest systematically in approximately 100 global equity, fixed income, currency and commodity futures and forward instruments, seeking to provide investors with a wide range of opportunities in rising and falling market environments.

Commodity Focused

Earliest implementation: 2005

Millburn has invested in commodity futures since 1971. In 2005, the firm launched its first dedicated commodity-only strategy, which focused on traditional commodity futures markets. Today, our capabilities have expanded to include alternative and resource-related markets in futures, forwards, and single-name equities.

China Focused

Earliest implementation: 2013*

Millburn began researching and trading the Chinese futures markets in 2013. Eventually, we formed a joint venture with a Shanghai-based firm and grew substantially in the local market. Our local success has resulted in developing additional systematic futures and single-name securities solutions for both onshore Chinese and offshore investors. 

Cryptocurrency

Earliest implementation: 2021

Millburn has systematically traded regulated cryptocurrency futures on a long/short basis since 2021. Our research has demonstrated compelling opportunities within the asset class based on its unique risk and return characteristics and potential diversification benefits. 

Multi-Strategy

Earliest implementation: 2024**

Millburn’s multi-strategy solution was developed based on investor demand for a single access point to our full suite of products. The solution is purpose-built to leverage the diversification benefits of combining non-correlated strategies while offering more attractive liquidity and expense terms than many other multi-strategy approaches.

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*Onshore Chinese futures strategies are implemented through Shanghai Quadrant Asset Management Co., Ltd. (“Quadrant”), a joint venture entity based in Shanghai, China, to which Millburn contributes research and of which Millburn is a minority shareholder.

** The Alloy Strategy represents actual trading but includes extracted portfolios of larger portfolios and a combination of portfolios that have not actually been traded. Therefore, we described this as hypothetical.

New York  

Headquarters
55 West 46th Street
31st Floor
New York, NY 10036

London

Millburn International*
20 North Audley Street
London W1K 6LX

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Copyright © 2025 Millburn Ridgefield LLC. Millburn Ridgefield LLC is the successor to an asset management organization that began its operations in 1971. The term “Millburn” is used herein to refer to the activities of Millburn Ridgefield LLC, its predecessors and its affiliated entities, except as indicated otherwise by the context.  *The term "Millburn International" is used herein to refer to the activities of Millburn International (Europe) LLP, an affiliated entity of Millburn, which is authorized and regulated by the U.K. Financial Conduct Authority. Such authorization and regulation do not imply endorsement.

 
Millburn’s AuM is as of February 1, 2025. Millburn’s firm AUM figure includes approximately USD 810 million in assets managed by a joint venture (and its affiliated entity) in Shanghai, China; each of these entities is a Chinese-registered asset management company. The noted assets are invested on behalf of Chinese investors in the Chinese futures and equity markets. Millburn owns a minority stake in the joint venture entity.
 
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. THE POTENTIAL FOR PROFIT IS ACCOMPANIED BY THE RISK OF LOSS.

The information contained herein is intended for use by sophisticated investors who may be interested in opening a separately managed account. Prospective managed account clients must be "qualified eligible persons" within the meaning of CFTC Rule 4.7. Commodity interest accounts are illiquid, speculative, employ significant leverage, are not suitable for all investors and involve a high degree of risk. Commodity interest accounts may involve high fees. There can be no assurance that an investment program will achieve its objectives. This information is not a solicitation for investment. Such an investment may only be made on the basis of information provided and representations made in the appropriate written disclosure document and a related managed account agreement. Unless otherwise noted, information is current as of February 1, 2025.