GAM Galena Commodities

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Commodities experts Galena Asset Management, part of the Trafigura Group, use a discretionary approach which leverages Galena’s extensive global trading expertise, privileged access to a vast on-the-ground network, and real-time commodity data to inform strategic weightings. GAM Galena Commodities seeks to participate indirectly in the growth potential of international commodity markets, striving to achieve higher capital growth over the long term than that of the benchmark index.

Our Edge

Leveraging Global Expertise

Access to Trafigura’s global trading expertise provides us with unmatched market insights and opportunities.

Commodity Flows as Indicators of Economic Shifts

Shifts in commodity flows often signal economic and regional growth changes.

Macro-Driven Investment Themes

Investment themes are determined from a top-down perspective.

Integrated Research for Oil, Metals, and Shipping Markets

We leverage global research teams for a unified view on fundamentals and high-frequency data.

Unified Global Economic Insights

A unique perspective from global data consolidation and analysis.

Spotting Supply-Demand Gaps for Long-Term Trends

Pinpointing supply-demand shifts to uncover short-term anomalies and solid long-term trends.

Investment Team

Galena Asset Management

About us

Philosophy and Process

Investment philosophy

The team’s investment philosophy is founded on two convictions. It prioritises both returns and risk in absolute terms, managing a balanced portfolio designed to capitalise on market inefficiences and risk premia. It is also agnostic on price direction and geography, focusing instead on identifiying sentiment-driven dislocaitons that present opportunities grounded in strong fundamentals.

Investment process

The process combines top-down and bottom-up investment approaches. Overarching areas of focus are identified from a top-down perspective, mainly in the energy and metals & minerals sectors, but also at macro level. Once themes have been identified, Galena studies the best way to implement them. Prior to execution, trades are sized using volatility and potential stop losses, with each given a risk/return factor which determines the conviction of the positioning. Positions are then monitored and reviewed constantly on a real-time basis.

Think globally

Trafigura's daily trading provides real-time global insights.

Prioritise liquidity

Diversified across a number of commodity markets, including those not on standard benchmarks.

Top-down driven

Investment themes are generated from a top-down input.

Absence of conflicts

Fund decisions are independent, with segregated systems and autonomous views.

Reasons to Invest

Hedge Against Inflation

Commodities often outperform during inflationary periods, preserving value.

Supply Constraints

Limited supply due to geopolitical risks or ESG regulations can drive prices.

Global Demand Recovery

Emerging markets drive long-term demand for raw materials.

Diversification

Low correlation with traditional assets like stocks and bonds.

Energy Transition Opportunities

Critical role of metals (eg, copper, lithium) in renewable energy and electric vehicles.

High Liquidity as well as Short and Long-Term Gains

Commodities markets provide opportunities for short and long-term trading gains.

Key Risks

Capital at risk

All financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed.

Counterparty Risk / Derivatives

If a counterparty to a financial derivative contract were to default, the value of the contract, the cost to replace it and any cash or securities held by the counterparty to facilitate it, may be lost.

Credit Risk / Debt Securities

Bonds may be subject to significant fluctuations in value. Bonds are subject to credit risk and interest rate risk.

Commodity Risk

The portfolio invests in commodities which are considered alternative or non-traditional investments. In addition to the natural fluctuations of the market, they are subject in particular to liquidity and valuation risks.

Currency Risk

The value of investments in assets that are denominated in currencies other than the base currency will be affected by changes in the relevant exchange rates which may cause a decline.

Liquidity Risk

Some investments can be difficult to sell quickly which may affect the value of the portfolio and, in extreme market conditions, its ability to meet redemption requests.

Complex Financial Instruments

The portfolio invests in complex financial instruments (e.g. derivatives), the value of which is connected to underlying assets. Certain of these financial instruments may produce a leverage effect which may have a sharp impact on the portfolio's net asset value.

Leverage Risk

Derivatives may multiply the exposure to underlying assets and expose the portfolio to the risk of substantial losses.

Fund Information

Contact Us

Contacts

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Disclaimer: Past performance is not an indicator of future performance and current or future trends. The indications could be based on figures denominated in a currency that may be different from the currency of your residence country and therefore the return may increase or decrease as a result of currency fluctuations. Capital at risk: all financial investments involve an element of risk. Therefore, the value of the investment and the income from it will vary and the initial investment amount cannot be guaranteed. Any reference to a security is not a recommendation to buy or sell that security.