Investment Overview
Strategy Description
The ACS Program is a systematic commodity market-neutral trading program. It is designed to benefit from price dislocations in the forward structure of numerous commodity futures markets. Trading signals are primarily a function of supply and demand dislocations driven by seasonality and weather conditions, implied storage costs, idiosyncratic events (e.g., price shocks), and increasing/realizing convenience yields.
While the ACS Program may combine multiple spread positions per market, each individual trade is implemented as an intra-market calendar spread. The average trade length for the ACS Program is 18-20 business days while the holding period for all trades ranges from 4 to sometimes more than 30 days.