The Dutch pension asset manager's Asia Pacific head of real estate says his team has just had one of its busiest years ever and that 2021 is looking similarly promising.
The CIO of the fund is Lionel Semonin, who used to work as a managing director at JP Morgan and BNP Paribas, building their global commodity investor businesses. He is joined by former JP Morgan colleagues Bertrand Egsbaek and Leila Kuhlenthal, who handle execution/risk management and investor relations/compliance respectively. The fourth element in the team is researcher Marion Lefevre, formerly of BNP Paribas.
The fund soft launched with $8 million in assets and currently has a $500 million capacity. It offers monthly liquidity and no lock-up.
The strategy is to use both fundamental and quantitative analysis in order to take long and short positions on a large set of commodity futures contracts across energy, agricultural commodities, precious and base metals. They will trade within eight to nine exchanges and stick to exchange-traded futures, therefore reducing counterparty issuer risks.
The fund can use maximum leverage equating to 200% notional contract exposure. The average gross positions have been in the 150% region but with no net long/short bias over a reasonable period of time û although the range of net exposure can be anywhere between plus to minus 200%. Fees for the fund include a 2% management fee and a 20% performance fee.
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