As a subset of our diversified Commodity CTA/Managed Futures index, we have carved out the Discretionary Commodity managers. The index, is as usual, based on the average returns of the underlying managers. We do not provide backtracked returns nor allow for “instant track records”. Managers are included that existed in the database in December of the prior year. The managers included in the index are based on strategies that we have identified as mainly focused on commodity trading from a Discretionary or Judgemental point of view. This is using our internal classification, so managers may have a divergent opinion if they belong in the index or not. The index was launched in January 2013 according to our standardized methodology.
To avoid confusion, these are managers that overwhelmingly are trading in actual commodity markets, rather than diversified managers that trade mostly in financial markets. Managers in this category tend to run specialized strategies in for instance grains or metals.





These managers deploy discretionary strategies. Commodity managers typically originate from the physical side of the business and try to extract a risk premium from commercial hedgers.
The index is based on managers that are part of the database as of the end of the prior year. We do not impose minimum requirements on track records or aum for this subset. Managers that drop out of the index are replaced with the average return of the index.
The purpose of the index is to track funds that are reporting data publically and may thus exclude certain managers that have chosen not to do so.
Index Constituents
Alternative Capital Advisors | Strategic Ag Program |
Amapa Capital Advisors | Amapa Investment Program |
Andurand | UCITS Fund |
Arion Investment Management | Arion Copper Arbitrage |
Blue Bar Futures Trading Management | Prime Ag Program |
Blue Bar Futures Trading Management | U.S. Commodity Diversified |
Bocken Trading | Discretionary Trading Program |
Brent Trading Pty | Grain Seasonal Spread Program |
Carbon Cap Management | World Carbon Fund |
Commodity Asset Management | Futures Only |
CoreCommodity Management | Diversified Portable Alpha |
CoreCommodity Management | Founders Absolute Return (FAR) |
County Cork | RLA I Program |
Davis Commodities | Agricultural Program |
Demeter Capital Management | Livestock & Grain Trading Program |
Ditsch Trading | Agricultural Trading Program |
Evergreen Commodity Advisors | Discretionary Energy Select |
Evergreen Commodity Advisors | Discretionary Energy Strategy |
Four Seasons Commodities | Hawkeye Spread Program |
Gamma Q | Breckhurst Commodity 2x |
Geneva Alternative Asset Management | Agricultural Relative Value |
GZC Investment Management | Commodities Enhanced |
GZC Investment Management AG | GZC Strategic Commodities Fund |
HPX Financial | Old School Program |
Husk Capital | Long Biased Commodities |
Kopis Capital Management | Commodity Long Short |
M&R Capital | Livestock Trading Program |
Macrocapital Limited | Macro Energy Commodities |
Martin Fund Management | Martin Options Program |
McNeill Trading | Managed Account |
Mercantile Analytics and Trading | Global Diversified Commodity |
NickJen Capital Management & Consultants | Natural Resource Discretionary Program – NDR1 |
Northern Trace Capital | Northern Trace Strategy |
Opus Futures | Advanced Ag Trading Program |
Pan Capital Management LP | Energy Fund |
Polar Star Management | Polar Star Fund |
Polar Star Management | Polar Star Spectrum Fund Limited |
Quantix Commodities LP | Quantix Commodity Alpha |
RCMA Capital | Merchant Commodity Fund |
Schindler Capital Management | Dairy Advantage Program |
Schindler Capital Management | Institutional Dairy Advantage |
Sector Arc Advisors | Global Lean Hog Ag |
Sigma Advanced Capital Management | Carbon Neutral Alpha Program |
Sigma Advanced Capital Management | Global Advanced Futures and Spread |
Skylar Capital Management | Natural Gas And Power |
Statar Capital | Natural Gas Strategy |
Svelland Capital | Global Trading |
The Great O’Neill | Great O’Neill |
Third Street Ag Investments | Fundamental Discretionary Ag Program |
Torsion Technologies | Natural Gas Investment Portfolio |
Typhon Capital Management | Leonidas Energy Strategy |
Typhon Capital Management | Plutus Grain Strategy |
Typhon Capital Management | Vulcan Metals Strategy |
Typhon Capital Management | Zephyrus Livestock |
Wharton Capital Management | Agricultural Futures |
Alternative Capital Advisors | Strategic Ag Program |
Amapa Capital Advisors | Amapa Investment Program |
Blue Bar Futures Trading Management | Prime Ag Program |
Blue Bar Futures Trading Management | U.S. Commodity Diversified |
Bocken Trading | Discretionary Trading Program |
Brent Trading Pty | Grain Seasonal Spread Program |
Commodity Asset Management | Futures Only |
CoreCommodity Management | Diversified Portable Alpha |
CoreCommodity Management | Founders Absolute Return (FAR) |
County Cork | RLA I Program |
Davis Commodities | Agricultural Program |
Demeter Capital Management | Livestock & Grain Trading Program |
Ditsch Trading | Agricultural Trading Program |
Evergreen Commodity Advisors | Discretionary Energy Strategy |
Four Seasons Commodities | Hawkeye Spread Program |
Gamma Q | Breckhurst Commodity 2x |
GZC Investment Management AG | GZC Strategic Commodities Fund |
HPX Financial | Old School Program |
Husk Capital | Long Biased Commodities |
Kopis Capital Management | Commodity Long Short |
M&R Capital | Livestock Trading Program |
Martin Fund Management | Martin Options Program |
Mercantile Analytics and Trading | Global Diversified Commodity |
NickJen Capital Management & Consultants | Natural Resource Discretionary Program – NDR1 |
Northern Trace Capital | Northern Trace Strategy |
Opus Futures | Advanced Ag Trading Program |
Pan Capital Management LP | Energy Fund |
PIMCO | Commodity Alpha Fund |
Polar Star Management | Polar Star Fund |
Polar Star Management | Polar Star Spectrum Fund Limited |
Quantix Commodities LP | Quantix Commodity Alpha |
RCMA Capital | Merchant Commodity Fund |
Rosetta Capital Management | Rosetta Macro Program |
Rosetta Capital Management | Rosetta Trading Program |
Schindler Capital Management | Dairy Advantage Program |
Schindler Capital Management | Institutional Dairy Advantage |
Sector Arc Advisors | Global Lean Hog Ag |
Sigma Advanced Capital Management | Carbon Neutral Alpha Program |
Sigma Advanced Capital Management | Global Advanced Futures and Spread |
Statar Capital | Natural Gas Strategy |
The Great O’Neill | Great O’Neill |
Tresides | Total Return Commodities |
Typhon Capital Management | Leonidas Energy Strategy |
Typhon Capital Management | Plutus Grain Strategy |
Typhon Capital Management | Zephyrus Livestock |
Wharton Capital Management | Agricultural Futures |
Alternative Capital Advisors | Strategic Ag Program |
Amapa Capital Advisors | Amapa Investment Program |
Arion Investment Management | Arion Copper Arbitrage |
Blue Bar Futures Trading Management | Prime Ag Program |
Blue Bar Futures Trading Management | U.S. Commodity Diversified |
Bocken Trading | Discretionary Trading Program |
Brisslen Capital Management | Brisslen Energy Strategy |
Buttonwood | Energy Diversified |
CoreCommodity Management | Diversified Portable Alpha |
CoreCommodity Management | Founders Absolute Return (FAR) |
County Cork | RLA I Program |
Davis Commodities | Agricultural Program |
Demeter Capital Management | Livestock & Grain Trading Program |
Ditsch Trading | Agricultural Trading Program |
Dynamica Global Investments | Dynamica Energy Trading |
e360 Power | e360 Power Strategy |
Evergreen Commodity Advisors | Discretionary Energy Strategy |
Four Seasons Commodities | Hawkeye Spread Program |
Gamma Q | Breckhurst Commodity 2x |
Geosol Capital | Onshore I |
GZC Investment Management AG | GZC Strategic Commodities Fund |
HPX Financial | Old School Program |
M&R Capital | Livestock Trading Program |
Martin Fund Management | Martin Options Program |
Martin Fund Management | Relative Value Agriculture Options |
Mercantile Analytics and Trading | Global Diversified Commodity |
Mobius Asset Mgt | MCR Trading Program |
NickJen Capital Management & Consultants | Natural Resource Discretionary Program – NDR1 |
Northern Trace Capital | Northern Trace Strategy |
Opus Futures | Advanced Ag Trading Program |
Orgone Commodity Management | Orgone AG 1 |
PackCreek Capital | Composite |
Pan Capital Management LP | Energy Fund |
Quantix Commodities LP | Quantix Commodity Alpha |
RCMA Capital | Merchant Commodity Fund |
Rosetta Capital Management | Rosetta Macro Program |
Rosetta Capital Management | Rosetta Trading Program |
Schindler Capital Management | Dairy Advantage Program |
Schindler Capital Management | Institutional Dairy Advantage |
Sector Arc Advisors | Global Lean Hog Ag |
Shepherd Energy | Shepherd Energy Portfolio |
Sigma Advanced Capital Management | Global Advanced Futures and Spread |
Statar Capital | Natural Gas Strategy |
The Great O’Neill | Great O’Neill |
Third Street Ag Investments | Fundamental Discretionary Ag Program |
Tresides | Total Return Commodities |
Typhon Capital Management | Leonidas Energy Strategy |
Typhon Capital Management | Plutus Grain Strategy |
Typhon Capital Management | Vulcan Metals Strategy |
Typhon Capital Management | Zephyrus Livestock |
Wharton Capital Management | Agricultural Futures |
Alternative Capital Advisors | Strategic Ag Program |
Amapa Capital Advisors | Amapa Investment Program |
Ardmore Systems Trading | Trading Program |
Arion Investment Management | Arion Copper Arbitrage |
Aventis Asset Management | Diversified Commodity Strategy |
BlackBird Asset Management | BlackBird Alpha Spread 2.5X |
BlackBird Asset Management | Commodity Spread |
Blue Bar Futures Trading Management | Prime Ag Program |
Blue Bar Futures Trading Management | U.S. Commodity Diversified |
Bocken Trading | Discretionary Trading Program |
Brisslen Capital Management | Brisslen Energy Strategy |
Buttonwood | Energy Diversified |
Commodity Asset Management | Futures Only |
CoreCommodity Management | Diversified Portable Alpha |
CoreCommodity Management | Founders Absolute Return (FAR) |
County Cork | RLA I Program |
Crow Trading | Crow Trading Inc. |
Crow Trading | Non QEP |
Davis Commodities | Agricultural Program |
Demeter Capital Management | Livestock & Grain Trading Program |
Ditsch Trading | Agricultural Trading Program |
Dynamica Global Investments | Dynamica Energy Trading |
e360 Power | e360 Power Strategy |
Evergreen Commodity Advisors | Discretionary Energy Strategy |
Four Seasons Commodities | Hawkeye Spread Program |
Geosol Capital | Onshore I |
Gregory P Asset Management | Seasonal Spread & Option Strategy |
Hoss Capital Management | Trading Program |
HPX Financial | Old School Program |
Kopis Capital Management | Commodity Long Short |
Kronos Management | EMMA Program |
M&R Capital | Livestock Trading Program |
Martin Fund Management | Martin Fund |
Mercantile Analytics and Trading | Global Diversified Commodity |
Mobius Asset Mgt | MCR Trading Program |
NickJen Capital Management & Consultants | Natural Resource Discretionary Program – NDR1 |
Opus Futures | Advanced Ag Trading Program |
Pan Capital Management LP | Energy Fund |
Polar Star Management | Polar Star Spectrum Fund Limited |
Quantix Commodities LP | Quantix Commodity Alpha |
RCMA Capital | Merchant Commodity Fund |
Red Oak Commodity Advisors | Fundamental Trading Program |
Rosetta Capital Management | Rosetta Macro Program |
Rosetta Capital Management | Rosetta Trading Program |
Schindler Capital Management | Dairy Advantage Program |
Schindler Capital Management | Institutional Dairy Advantage |
Sector Arc Advisors | Global Lean Hog Ag |
Shepherd Energy | Shepherd Energy Portfolio |
Sigma Advanced Capital Management | Global Advanced Futures and Spread |
Statar Capital | Natural Gas Strategy |
The Great O’Neill | Great O’Neill |
Third Street Ag Investments | Fundamental Discretionary Ag Program |
Tlaloc Capital | Grains Program |
Typhon Capital Management | Leonidas Energy Strategy |
Typhon Capital Management | Plutus Grain Strategy |
Typhon Capital Management | Vulcan Metals Strategy |
Typhon Capital Management | Zephyrus Livestock |
Wharton Capital Management | Agricultural Futures |
AlphaGen Capital Limited | Long Short Agriculture Fund |
Alternative Capital Advisors | Strategic Ag Program |
Amapa Capital Advisors | Amapa Investment Program |
Andurand Capital Management | Commodities |
Aventis Asset Management | Diversified Commodity Strategy |
Bighorn Capital Partners | Denali Program |
Blue Bar Futures Trading Management | Prime Ag Program |
Blue Bar Futures Trading Management | U.S. Commodity Diversified |
Bluenose Capital Management | BNC CL Program |
Bocken Trading | Discretionary Trading Program |
Brisslen Capital Management | Brisslen Energy Strategy |
Buttonwood | Energy Diversified |
Catalyst Capital Advisors | Hedged Commodity Strategy |
Cogent Energy Investment Management | Commodity Strategy |
Commodity Asset Management | Futures Only |
County Cork | RLA I Program |
Crow Trading | Crow Trading Inc. |
Crow Trading | Non QEP |
Davis Commodities | Agricultural Program |
Demeter Capital Management | Livestock & Grain Trading Program |
Ditsch Trading | Agricultural Trading Program |
Dynamica Global Investments | Dynamica Energy Trading |
e360 Power | e360 Power Strategy |
Enduring Investments | Enduring Commodity Alpha Fund LP |
Evergreen Commodity Advisors | Discretionary Energy Strategy |
Gamma Q | Breckhurst Commodity |
Gamma Q | Breckhurst Commodity 2x |
Geosol Capital | Onshore I |
Geosol Capital | SMA |
Gregory P Asset Management | Seasonal Spread & Option Strategy |
GZC Investment Management AG | GZC Strategic Commodities Fund |
HB Capital Management | Diversified Program |
Hehmeyer Capital Management | Chelsea Creek |
Hehmeyer Capital Management | HOGO |
HPX Financial | Old School Program |
Ilgenwald Trading | Ilgenwald Trading Program |
Jaguar Investments | Ultro Capital Strategy |
Jaguar Investments | Vario Strategy |
Kopis Capital Management | Commodity Long Short |
Kronos Management | EMMA Program |
M&R Capital | Livestock Trading Program |
Mercantile Analytics and Trading | Global Diversified Commodity |
Mobius Asset Mgt | MCR Trading Program |
Moongate | MG Commodity IC SICAV |
NickJen Capital Management & Consultants | Natural Resource Discretionary Program – NDR1 |
Opus Futures | Advanced Ag Trading Program |
Orgone Commodity Management | Orgone Commodity Management |
Pan Capital Management LP | Energy Fund |
PIMCO | Commodity Alpha Fund |
Polar Star Management | Polar Star Fund |
RCMA Capital | Merchant Commodity Fund |
RCube Asset Management | Commodity Spread |
Red Oak Commodity Advisors | Fundamental Trading Program |
Robot Futures | CLIMALOGIX |
Rosetta Capital Management | Rosetta Macro Program |
Rosetta Capital Management | Rosetta Trading Program |
RVI Partners LP | RVI Partners LP |
Schindler Capital Management | Dairy Advantage Program |
Schindler Capital Management | Institutional Dairy Advantage |
Sector Arc Advisors | Global Lean Hog Ag |
Shepherd Energy | Shepherd Energy Portfolio |
Sidewinder Investment AG | Sidewinder Energy Fund Ltd |
Sigma Advanced Capital Management | Global Advanced Futures and Spread |
The Great O’Neill | Great O’Neill |
Third Street Ag Investments | Fundamental Discretionary Ag Program |
Tlaloc Capital | Grains Program |
Tyche Capital Advisors | TCA Institutional Spreads |
Typhon Capital Management | Leonidas Energy Strategy |
Typhon Capital Management | Plutus Grain Strategy |
Typhon Capital Management | Vulcan Metals Fund |
Typhon Capital Management | Vulcan Metals Strategy |
Typhon Capital Management | Zephyrus Livestock |
Wharton Capital Management | Agricultural Futures |