Over the course of business and commodity cycles, fundamental imbalances are created in the commodities and financial markets. The Commodities Fund attempts to identify and exploit these imbalances through:

• Macroeconomic Analysis: Incorporating macroeconomic trends and their impact on the commodity and financial markets

• Fundamental, Bottom-Up Research: Microeconomic fundamental analysis of supply and demand dynamics in the commodities markets

• Risk Measurement & Management: Analysis of cross correlation to key macro factors and between sub strategies over multiple time frames

The Fund employs a flexible mandate across a broad opportunity set including:

Commodities

• Energy

• Base and precious metals

• Grains, softs, and livestock

• Freight

• Emissions

Equities

• Commodity-related equity
• Industrial-related equity
• Cyclical-related equity
• Resource-related equity