Investment ApproachWe seek to capture value in the marketplace by employing both directional and relative value trading strategies within and across commodities and commodity-related asset classes. We typically begin by developing investment themes from a strategic top-down macro perspective based on evaluation of global and regional economic conditions and international commodities and commodity-related markets. Subsequently, information is examined from multiple sources and evaluated using fundamental bottom-up analysis. Proprietary asset mix and risk optimization techniques are implemented to structure the trades with the highest confidence indicators. We utilize risk monitoring guidelines in an effort to maximize upside returns while minimizing the Fund’s exposure. Commodities We seek to invest primarily in hard (non-perishable) and soft (perishable) commodities typically related to global macro themes within the energy, metals and agricultural sectors. We trade various security types within these sectors, including forwards, futures, options, currencies and other direct and/or derivative instruments. Commodity-Related Securities In addition to investing directly in commodities, we also seek to invest in securities related to and affected by issues revolving around individual or multiple commodities. Investments may include, for example, equity and/or debt securities issued by drillers, refiners, shippers, miners, producers, processors, transporters and end users. We also intend to, from time to time, concentrate a portion of our focus on issuers of securities involved in alternative and clean energy, including solar, hydro, wind, ethanol and bio-fuels. | |
