Intelligent Commodity Investing

New Strategies and Practical Insights for Informed Decision Making

Publication Date	March 2007
Publisher	Risk Books
Product Type	Book
Pages	592
ISBN Number	9781904339632
Product Code	RIS00365

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£99.00
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Summary

With the booming interest in commodity investment - as investors seek alternatives to more traditional investments - there is a growing demand for up-to-date investment information. This book provides timely and intelligent insights from a broad range of institutional investors, consultants, hedge funds, commodity index providers, risk managers as well as research from academia.

This is the only multi-contributor book on commodity investment offering a breadth of opinions for sophisticated investors. It looks at commodity investment from the following perspectives:

The Investor
The Active Manager
The Commodity Index Provider
The Risk Manager
The Researcher

The size of the global commodities derivatives market is now estimated to be around $750 billion. This growth is evident by the increased investment in commodity indexes and the growth of commodity hedge funds. Further evidence of growth is also seen in the increasing size of natural-resources mutual funds. China and other fast-growing countries are snapping up raw materials at a pace that, at times, is faster than mines and oil wells can produce them.

In response to the rapid growth in the market, this timely publication will bring you up to speed on the trends and challenges of commodity investment, providing you with a practical investment framework.

Recommended reading for hedge fund managers, pension fund consultants, mutual fund portfolio managers, endowment chief investment officers, futures traders, family office investors, commodity trading advisers, brokers, dealers and MBA students researching this important subject.

Content

Foreword
- Robert J. Greer, PIMCO
Introduction
- Hilary till, Premia Capital Management, LLC and EDHEC Risk and
- Asset Management Research Centre
Section 1: Overview
- 1 Commodities: Trends, Cycles and Investment Implications
  - Sean Corrigan, Stephan Wrobel
  - Diapason Commodities Management SA
Section 2: Research Perspective
- 2 Introduction to A Long-Term Perspective on Commodity Futures Returns
  - Hilary till, Premia Capital Management, LLC and EDHEC Risk and Asset Management Research Centre
- 3 Part I of A Long-Term Perspective on Commodity Futures
  - Returns: Review of the Historical Literature
  - Hilary till, Premia Capital Management, LLC and EDHEC
  - Risk and Asset Management Research Centre
- 4 Part II of A Long-Term Perspective on Commodity Futures
  - Returns: Term Structure as the Primary Driver of Returns
  - Hilary till, Premia Capital Management, LLC and EDHEC
  - Risk and Asset Management Research Centre
- 5 Predictability in Commodity Futures Markets
  - Frans de Roon, Tilburg University
- 6 Commodities and Strategic Asset Allocation
  - Thomas M. Idzorek, Ibbotson Associates
- 7 An Evaluation of the Commodity Exposure in
  - Commodity Trading Advisors
  - Bhaswar Gupta; Kathryn Wilkens, Centre for International Securities and Derivatives Markets; Chartered Alternative Investment Analyst Association
Section 3: Index-Provider Perspective
- 8 Index Fundamentals
  - Daniel M. Raab, AIG Financial Products Corp.
- 9 Structural Shifts in Commodity-Index Investing
  - Michael Lewis, Deutsche Bank
- 10 The Long and Short of Commodity Futures Index
  - Investing: The MorningStar Commodity Index Family
  - Jodie Gunzberg, Paul Kaplan, Morningstar, Inc
Section 4: Active-Manager Perspective
- 11 Enhanced Commodity Indexing
  - Michael Magers, Barclays Global Investors
- 12 Commodity Returns - Implications for Active Management
  - Kenneth J. Armstead, Ram Venkatraman, Absolute plus Management, LLC
- 13 Relative-Value Trading Opportunities in Energy and Agriculture
  - Ashmead Pringle, Tom Fernandes, GreenHaven LLC
- 14 Collision: Investing for the New World Commodity Order
  - Colin Waugh, Galtere Ltd
Section 5: Investor Perspective
- 15 Alpha, Beta, and Commodities: Can A Commodities
  - Investment be Both a High-Risk-Adjusted Return Source
  - and a Portfolio Hedge?
  - Rian P. Akey, Cole Asset Management
- 16 Dynamic Commodity Timing Strategies
  - Evert B. Vrugt; Rob Bauer; Roderick Molenaar; Tom Steenkamp, ABP Investments Amsterdam; and Maastricht University; and Vrije Universiteit Amsterdam
- 17 Conducting Investment Due Diligence on Active
  - Natural-Resource Managers
  - John E. Dunn III, Thunderbird, The Garvin School for International Management
  - and UBK Alternative Investments
Section 6: Risk Management Perspective
- 18 Risk Management Best Practices for Investments in
  - Energy and Commodity Markets
  - Carlos Blanco, Jos Ramn Aragons, Black Swan Risk Advisors, LLC
- 19 Benchmark-Relative Risk in Active Commodities Portfolios:
  - Incorporating Fat Tails and Downside Risk
  - Mark A. Hooker, State Street Global Advisors
- 20 Risk Management, Strategy Development, and
  - Portfolio Construction in a Commodity Futures Programme
  - Joseph Eagleeye, Premia Capital Management, LLC
Section 7: New Market Developments
- 21 The Move to Electronic Trading: What to
  - Expect in the Natural-Resources Commodity Markets
  - George T. Dowd III, Spectrum Asset Management, LLC
- 22 The Evolution of Commodity-Structured Products:
  - from the Gold Market to Collateralised
  - Commodity Obligations
  - Matthew C. Schwab, AIG Financial Products
- 23 Trading Carbon in Europe
  - Paul Cameron, Jeremy Wilcox, Intelligent Carbon
- 24 Chinese Commodity Markets: History, Development and Prospects
  - Nick Ronalds; Wang Xueqin, UBS Securities LLC; Zhengzhou Commodity Exchange