Millburn Ridgefield Corporation

Millburn is the successor to a trading and advisory organization that has been continuously operating and managing investor capital in alternative strategies since 1971, making it what Millburn believes to be one of the world’s longest-operating alternative investment managers. For more than five decades, Millburn has endeavored to provide investors with positive returns over time through a variety of market cycles and environments, stressing disciplined, quantitative approaches to trading scores of liquid global markets. Investors have ranged from individuals to some of the largest institutions in the world. Millburn believes its success and longevity is a direct result of the quality of its people and the ability to continuously refine, evolve and adapt its investment approaches over time. Of course, while Millburn seeks positive returns, there remains a risk of loss. Millburn’s investment approach centers on the development of process-driven, measurable and risk-controlled methods to trade a variety of markets. In the case of systematic trading, this translates into strategies intended to make price forecasts pursuant to data-driven models whose inputs collectively can include hundreds of quantitative sources. In addition, investment approaches incorporate advanced trade execution cost forecasting, volatility forecasting, liquidity forecasting, and risk management techniques. Millburn began applying machine learning approaches (also called “artificial intelligence”) in 2013. Today, the majority of collective risk taken by the Firm’s systematic and quantitative strategies relies on these technologies. It is Millburn’s belief that the Firm’s systematic strategies can provide value to an investor’s portfolio during large, sustained market moves (up or down), but also during periods of more volatile or “range-bound” market behavior. Millburn’s investment approach is overseen by its Investment Committee (“IC”), composed of three of Millburn’s senior principals and four additional members. The senior principals on the IC have worked together for more than 40 years. Millburn’s investment process includes research, data management, system implementation, trade order entry, market intelligence, system design, modelling and risk management functions, and the deployment of portfolio risk across markets, strategies and models. Millburn’s Executive Committee, comprising three of its senior principals (2 of whom also serve on the IC), is responsible for all decisions for the Firm. These senior principals are complemented by a core group of experienced individuals leading each of the critical operating areas of the Firm, including professionals holding degrees in fields such as economics, engineering, computer science, applied mathematics, law, tax, accounting and business. Approximately 40% of employees at Millburn are involved in research & development, including individuals working in: system design, modelling and risk management; model implementation; data management; and trade order entry. As of August 1, 2023, Millburn managed approximately USD 9.7 billion (est.) of investor capital in, among other strategies, diversified managed futures, multi-asset and specialized programs. As of that same date, approximately USD 397 million (est.) — more than 4% of total assets managed — represented the personal funds of current and former principals and employees of Millburn, their families and related entities (excluding investments made through Millburn’s 401(k) and Profit Sharing Plan). NOTE: Millburn’s Firm AUM figure includes assets managed by a joint venture (and its affiliated entity) in Shanghai, China (approximately USD 1.1 billion as of July 1, 2023); each of these entities is a Chinese registered asset management company. These assets are invested on behalf of Chinese investors primarily in the Chinese futures markets. Millburn Ridgefield Corporation owns a minority share of the joint venture entity. For more than five decades, Millburn has endeavored to provide investors with positive returns over time through a variety of market cycles and environments, stressing disciplined, quantitative approaches to trading scores of liquid global markets. Investors have ranged from individuals to some of the largest institutions in the world. Millburn believes its success and longevity is a direct result of the quality of its people and the ability to continuously refine, evolve and adapt its investment approaches over time. Of course, while Millburn seeks positive returns, there remains a risk of loss. Millburn’s investment approach centers on the development of process-driven, measurable and risk-controlled methods to trade a variety of markets. In the case of systematic trading, this translates into strategies intended to make price forecasts pursuant to data-driven models whose inputs collectively can include hundreds of quantitative sources. In addition, investment approaches incorporate advanced trade execution cost forecasting, volatility forecasting, liquidity forecasting, and risk management techniques. Millburn began applying machine learning approaches (also called “artificial intelligence”) in 2013. Today, the majority of collective risk taken by the Firm’s systematic and quantitative strategies relies on these technologies. It is Millburn’s belief that the Firm’s systematic strategies can provide value to an investor’s portfolio during large, sustained market moves (up or down), but also during periods of more volatile or “range-bound” market behavior. Millburn’s investment approach is overseen by its Investment Committee (“IC”), composed of three of Millburn’s senior principals and four additional members. The senior principals on the IC have worked together for more than 40 years. Millburn’s investment process includes research, data management, system implementation, trade order entry, market intelligence, system design, modelling and risk management functions, and the deployment of portfolio risk across markets, strategies and models. Millburn’s Executive Committee, comprising three of its senior principals (2 of whom also serve on the IC), is responsible for all decisions for the Firm. These senior principals are complemented by a core group of experienced individuals leading each of the critical operating areas of the Firm, including professionals holding degrees in fields such as economics, engineering, computer science, applied mathematics, law, tax, accounting and business. Approximately 40% of employees at Millburn are involved in research & development, including individuals working in: system design, modelling and risk management; model implementation; data management; and trade order entry. As of July 1, 2023, Millburn managed approximately USD 9.6 billion (est.) of investor capital in, among other strategies, diversified managed futures, multi-asset and specialized programs. As of that same date, approximately USD 396 million (est.) — more than 4% of total assets managed — represented the personal funds of current and former principals and employees of Millburn, their families and related entities (excluding investments made through Millburn’s 401(k) and Profit Sharing Plan). NOTE: Millburn’s Firm AUM figure includes assets managed by a joint venture (and its affiliated entity) in Shanghai, China (approximately USD 1.1 billion as of July 1, 2023); each of these entities is a Chinese registered asset management company. These assets are invested on behalf of Chinese investors primarily in the Chinese futures markets. Millburn Ridgefield Corporation owns a minority share of the joint venture entity.