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Alternative Market Briefing

Commodities World Capital rides the uptick in metals to breakout performance in June and July

Friday, August 28, 2020

Bailey McCann, Opalesque New York for New Managers:

Commodities markets have been a source of significant volatility this year. Beyond the major drawdown in energy, other areas including metals and agriculture have seen increased price action. For commodities funds, performance has been mixed. Some funds have been able to find outperformance opportunities, and Commodities World Capital is one of them. The fund, led by veteran CIO Luke Sadrian is up 5.60% through the end of July.

CWC's fund, which launched in February, is a discretionary absolute return strategy with a metals tilt. Sadrian crafted the strategy based on his more than 30 years trading metals and other commodities in various roles at Moore Europe Capital Management, Brevan Howard Asset Management, and Goldman Sachs. Sadrian uses a mix of fundamental analysis and quantitative trading signals to make position decisions.

June was a breakout month for the strategy after a slow start to the year. According to performance information for investors reviewed by Opalesque, the fund returned +4.30% in June and followed it with a 6.10% return in July. The fund benefitted from the upward directional moves in metals that started to happen as markets rebounded from initial pandemic related volatility.

In a recent investor letter, Sadrian said the fund's bet on copper proved to be beneficial over the summer. "We had a very......................

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