Global Advisors, the commodities alternative asset manager, says its discretionary programme returned +11.27% net of fees for investors in May of 2004.
“Commodity markets provided us with an unusually large number of trading opportunities during the month Commenting on the performance,” says Danny Masters, portfolio manager of the programme. “Global Advisors’ ability to profit from these was enhanced significantly by its presence on the floor of the NY Mercantile Exchange, which gives us significant insights into flows in and out of the complex. It should be noted that May’s performance was achieved on very low volatility — we experienced only four losing days during the month, and the largest drawdown from intra-month high watermark was less than 1.5%. Although we do not expect to be able to repeat this level of performance every single month; we do believe that opportunities in energy & metals markets will remain abundant in coming months. Our outlook for energy remains constructive, particularly in the deferred contracts where we believe the long-term fundamentals are more compelling from a risk/return perspective.”
The Global Advisors Discretionary Program uses a diversified strategy that focuses uniquely on two commodity complexes: energy and metals. Global Advisors’ approach combines both technical and fundamental analysis as well as proprietary technology and in-the-trenches trading expertise.
The Global Advisors Discretionary Program currently manages $143m of assets for institutional investors, professional investors, funds of hedge funds, and family offices. The Discretionary Program started trading in September 1999 and has returned 92.54%** net of fees since inception, and 13.81%** for 2004 year to date.