Systematic
Commodities (Global)
Cazadores Commodity Alpha -
Systematic long/short commodity futures strategy
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Joel Murang
Highlights
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Systematic Commodity Long / Short
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Uncorrelated to financial markets (equities,fixed income and commodities)
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Uncorrelated to other CTA & Commodity Hedge Funds
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Robust to shocks in the broader market, has acted as a great diversification tool to a broader portfolio when other markets and strategies have faltered
Strategy Overview
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The program uses a 100% systematic approach to trading commodity futures. We believe that commodity markets are not perfectly efficient, and we seek to systematically exploit this in the most robust way possible.
We believe that when supply and demand curves shift, the market clearing price changes. It shifts through three phases; equilibrium, price discovery and over extension. These shifts leave characteristic signals in commodity markets that can be harvested for alpha.
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Current Formats Available to Investors
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Managed Account
Delaware Fund
Fund of One
Actively Managed Certificate
Credit Alpha
(Global)
A Long Short Credit Strategy , focusing on global Emerging Markets HY
Corporates and Quasi Sovereign bonds (denominated in hard currency)
Greg Palffy
Highlights
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A Long Short Credit Strategy , focusing on global Emerging Markets HY Corporates and Quasi Sovereign bonds (denominated in hard currency)
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Capital gains focus by investing in fundamentally improving credits and event driven opportunities, using strong bottom up research skills
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Yield enhancement from bond coupons, when traditional sources of income, such as stock dividends, are depleted post the Covid 19 pandemic
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Downside protection to set it apart from Long only funds that suffer in sustained bear markets and remain fully invested in rich markets
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Seeks upside based on relative value and directional longs & shorts. Strong risk adjusted return history with 3+ Sharpe Ratio (2016, 2017, mid 2018 to 2019 YE) with 4.4% volatility and 14% CAGR
Strategy Overview
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The manager uses their fundamental EM background and deep knowledge of the EM HY
universe to focus on temporary dislocations in misunderstood credits. Macro factors and bottom up credit analysis is used to identify relative value opportunities and in some cases 10-30 points return upside per position. Employment of barbell strategy with core BB/crossover bonds and B/distressed satellites as well as tactical shorts in overvalued bonds. The portfolio construction and selection process is independent from benchmark parameters, focuses on high conviction ideas, provides a great degree of flexibility and avoids unnecessary “diworsification”
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Current Formats Available to Investors
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Managed Account
Fund of One
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Risk Disclosure:
Please note there is a substantial risk of loss in trading commodity futures, options and off-exchange foreign currency products.
