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Opalesque New York for New Managers:

2022 is shaping up to be a volatile year for the metals market. Gold prices alone have risen 8.7% month to month on the heels of the conflict in Ukraine, according to data from S&P Global. Chaos on the London Metal Exchange has left investors scrambling for the exits in other parts of the market trying to close out positions in nickel, aluminum, and zinc. The activity on the LME has raised some questions about how the futures market for metals will operate going forward.

Even if trading activity begins to normalize, the conflict in Ukraine and rising inflation are still adding a level of uncertainty to the market. That reality is leading some veteran metals traders to be happy with a flat start to the year.

Delbrook Capital's flagship Delbrook Resource Opportunities Master Fund LP is up 1.9%, a notable feat given recent volatility. The long/short fund is focused exclusively on the metals and mining sector. The fund invests primarily in publicly listed companies that are focused on precious, base, energy, and industrial metals production and exploration. The strategy was launched in 2018. The fund returned 48% in 2021.

Delbrook is led by portfolio manager Matthew Zabloski. Prior to launching Delbrook, Zabloski developed his commodities expertise in roles at Fidelity and CI Cambridge. The Resource Opportunities Fund grew out of that work as ......................

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