Miffre and Till Commodities Investing Seminar - Overview
The State-of-the-Art in Commodities Investing |
The structural features of the commodity markets offer opportunities for both investors and traders. However, accessing those opportunities demands an in-depth understanding of commodity-market microstructure and risk-management processes as well as a constant vigilance regarding the regulatory environment. |
The last four years have seen tremendous innovation in investable commodity strategies, leading to a proliferation of new investment opportunities. Among the options for investors seeking exposure to commodities can buy into natural resource companies, implement an actively managed commodity futures programme, invest in long-only futures indices and their derivatives, or invest in systematic long-short commodity futures strategies via managed accounts, commodity pools, mutual funds, hedge funds, funds of funds, or exchange-traded funds.
Financial investment in consumable and transformable assets is a very recent phenomenon and one of modest magnitude relative to the size of the underlying commodity markets or in comparison with other alternative classes and strategies.
However, this emerging asset class should not be overlooked: the long-term economic fundamentals point towards higher commodity prices and the historical record makes a clear case for including natural resources in portfolios.
Commodities are not capital assets; therefore, they cannot be priced with traditional financial models or evaluated through discounting approaches. Investment managers need to recognise the specificities of natural resources and understand their short- and long-term performance drivers to adapt their asset- and risk-management processes to commodities. Advisers have a key role to play in helping investors define their optimal commodity allocation, choose a suitable benchmark, select appropriate vehicles from an expanding set of products, and conduct due diligence.
Designed and delivered by two leading experts in the theory and practice of commodities trading and investment, this intensive seminar equips participants with a comprehensive overview of commodities investments, a thorough understanding of the importance of commodities as an asset class, an up-to-date review of regulatory developments, and the state-of-the art techniques for designing futures programmes, implementing institutional commodity investments, and carrying out on-going risk management.
Presented in a highly accessible manner and drawing from the latest
results of alternative investment research, the Miffre and Till seminar appeals to fund managers, investment officers and administrators working for institutional investors and family offices, and to consultants and key account representatives advising high net worth individuals and institutions on commodity investments.
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