Multi-asset, all-weather.

Commodities sit at the centre of an all-weather portfolio. We track physical supply-demand dynamics, storage and convenience-yield effects, and speculative positioning across energy, metals, and agriculture — capitalising on price dislocations while using the asset class as a hedge against inflation and macro regime shifts.

Our core focus is small-cap equities in developing markets — segments with lower foreign-retail participation and lighter institutional presence, where liquidity constraints leave persistent mispricing. Detailed bottom-up fundamental analysis is integrated with a top-down read on the prevailing macro regime.

Macro assessment frames every position. Foreign exchange, fixed income, and derivatives are incorporated primarily as risk-management and hedging tools — used to limit downside risk and keep the portfolio resilient as regimes change, rather than as standalone return-seeking bets.

Credit exposure is taken selectively and sized within a coherent, risk-first framework. We weigh liquidity, downside, and how each position interacts with the broader book before inclusion, favouring resilience over reach for yield.

Our quant desk researches systematic, cross-asset signals — including commodity risk premia such as carry, time-series momentum, and basis-momentum — and feeds the mean-variance optimisation that determines equity weights from expected returns, volatility, and correlation inputs.