Company Overview:
Caxton Associates, founded in 1983, is a global trading and investment firm with offices in London, New York, Singapore, Monaco, Dubai and Bengaluru. Caxton Associates’ primary business is to manage client and proprietary capital through multiple liquid global hedge fund disciplines. Our broad mandate allows us to trade across global markets and instruments, with a strong focus on alpha generation for our clients.
Key Responsibilities:
- Independently manage a significant capital allocation by creating, executing and monitoring an alpha-driven investment strategy informed by differentiated commodity-market views.
- Construct portfolios targeting asymmetric returns and limited correlation to traditional capital markets, translating fundamental research into appropriate instruments, spreads and risk exposures.
- Implement robust risk management, continuously assessing positions, investment theses, downside scenarios and exit criteria.
- Collaborate effectively across the global investment team, communicating evidence, assumptions and changes in market views.
- Ensure strict compliance with applicable regulations and internal risk controls.
- Build and challenge regional supply-and-demand balances spanning production, refinery throughput, yields, consumption, trade and inventories; reconcile official statistics, vessel tracking and other data, including reporting gaps and revisions.
- Analyse refinery economics, maintenance, outages, crude quality and substitution, product specifications and seasonality, alongside freight, storage, transport constraints and physical arbitrage.
- Express views through outright positions, calendar and crack spreads or geographical differentials, considering inventory valuation, marginal supply and demand responses, contract expiry, delivery, pricing windows, liquidity and positioning.
Requirements:
- Proven portfolio-management track record, strong investment acumen and a Sharpe Ratio greater than 1.5.
- A minimum of 5 years of experience managing capital, preferably within a hedge fund.
- Ability to thrive in a collaborative global team, with the highest standards of ethics and integrity and sound decisions under pressure.
- Deep understanding of oil or refined-product physical markets, refinery economics, price formation, key instruments and market micro structure.
- Ability to independently build and validate balance or refinery/product models, explain assumptions and forecast errors, and translate changes in fundamentals into executable trades.
- Hands-on quantitative capability in Python or an equivalent language and strong spreadsheet modelling; ability to source, clean, test and explain data, assumptions and model limitations.
- Practical understanding of liquidity, positioning, execution costs, risk limits and the circumstances that would invalidate an investment thesis.
If you're an experienced portfolio manager passionate about collaboration and financial markets, we'd love to connect with you.
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Portfolio Manager - Oil & Refined Products employer: Caxton Associates
Caxton Associates is an exceptional employer, offering a dynamic work environment in the heart of London where innovation and collaboration thrive. Employees benefit from extensive cross-departmental exposure, professional growth opportunities, and the chance to work alongside a best-in-class team in the fast-paced hedge fund industry. With a strong emphasis on ethics and integrity, Caxton fosters a supportive culture that values creativity and proactive contributions, making it an ideal place for those seeking meaningful and rewarding careers.
