"The Opportunistic Commodities Portfolio (the “Portfolio”) seeks long-term returns from the active management of commodities exposure. The Portfolio will be managed in compliance with the principle of risk diversification.
The Portfolio’s investment approach is primarily based on proprietary bottom-up fundamental research and top-down quantitative analysis and technical models may also supplement the process. Bottom-up research is conducted by the Investment Manager’s analysts who cover commodities and commodities-related equities. The analysts examine the supply and demand fundamentals and price dynamics of the commodities that the companies consume or produce, to determine their fundamental views for each individual commodity they cover. Top-down research can include macroeconomic analysis as an additional input for assessing weights in the various commodities sectors. The Portfolio is designed with flexibility to invest broadly across the energy, industrial metals, precious metals, agricultural and livestock commodities sectors.
The Portfolio may buy and sell commodity-related instruments and securities including, but not limited to, individual commodity futures and commodity index futures, options, open or closed-ended exchange-traded funds (ETFs), forwards, swaps, structured notes, other exchange-traded and over-the-counter instruments and equity securities that provide exposure to commodity prices.