Commodities form an important part of the Group’s alternative investment capabilities, providing exposure to essential resources that support energy, infrastructure, industry and global trade.
Energy, commodities, trade finance & infrastructure
Our commodities strategy brings together investment management, physical trading, trade finance and selected infrastructure opportunities across hard and soft commodities, with particular experience in energy markets. Through the B. Moses Emerging Market III Commodities Fund (EM3) and specialist operating businesses, the Group seeks to connect investment capital with real-economy commodity transactions and infrastructure opportunities.
Commodities Across the Real Economy
Commodities sit at the foundation of global economic activity.
Energy supports transportation, manufacturing and power generation. Metals and minerals contribute to construction, technology and infrastructure, while agricultural commodities form part of global food and supply chains.
Our approach considers opportunities across the commodities value chain, from financing and trading through to distribution and selected supporting infrastructure.
Our Commodities Focus
Hard Commodities
Our hard commodities capability considers opportunities across energy, metals and other natural resources.
Oil & Gas
Energy is a significant area of the Group’s commodities experience.
Through specialist operating capabilities, the Group participates in the sourcing, trading, financing and distribution of selected petroleum and gas products, including crude oil, refined petroleum products, LPG, LNG and other downstream energy products.
Precious Metals
Selected precious metals, including gold, may form part of commodities strategies where opportunities meet the investment, counterparty, custody and risk requirements of the relevant mandate.
Metals & Natural Resources
The broader commodities investment universe may also include industrial metals and natural resources associated with infrastructure, manufacturing and economic development.
Soft Commodities
Agricultural and other soft commodities provide exposure to different economic and supply-demand drivers from energy and metals.
Depending on the relevant strategy and opportunity, this may include selected agricultural commodities and associated trade-finance transactions.
Factors such as production, seasonality, logistics, storage, global demand and commodity pricing are considered when assessing these opportunities.
Oil & Gas Trading
From Global Supply to Regional Distribution
The Group’s energy capability is supported by Portica Oil & Gas Resources, a licensed Bulk Import, Distribution and Export Company operating in Ghana.
Portica OGR focuses on the procurement, importation, storage, distribution and wholesale supply of petroleum and gas products, with the ability to export petroleum products into neighbouring markets in accordance with applicable regulatory requirements.
Its downstream product capability includes crude oil and selected refined petroleum and gas products used across transportation, industry and power generation.
This operating capability provides the Group with exposure to the practical requirements of physical commodity markets, including procurement, counterparties, logistics, storage, distribution and trade execution.
The EM3 Commodities Strategy
Connecting Investment Capital with Commodity Opportunities
The B. Moses Emerging Market III Commodities Fund (EM3) provides the investment framework supporting the Group’s commodities strategy.
The strategy is designed to provide exposure to selected hard and soft commodities, trade finance and infrastructure opportunities, particularly where investment capital can support identifiable transactions or real-economy assets.
Rather than viewing commodities solely through listed securities or commodity prices, the strategy can consider opportunities across physical trade, financing and infrastructure within the parameters of the Fund’s investment mandate.
Explore EM3 Commodities Fund →
Trade Finance
Supporting the Movement of Essential Commodities
Commodity transactions often require capital between procurement, transportation, delivery and final settlement.
Trade finance can provide funding across this cycle, allowing appropriately structured transactions to connect suppliers, traders, distributors and purchasers.
Within selected strategies, the Group considers opportunities where capital can support identifiable commodity transactions, subject to appropriate assessment of counterparties, transaction structure, documentation, security, liquidity and execution risk.
Commodities Infrastructure
Supporting the Supply Chain
Efficient commodity markets depend on infrastructure.
Storage facilities, terminals, logistics networks, pipelines and other supporting assets can play an important role in moving commodities from producers and suppliers to end markets.
The Group’s commodities strategy may therefore extend beyond individual trades to selected infrastructure opportunities that support commodity supply chains and long-term economic activity.
Infrastructure opportunities are considered according to the mandate and risk parameters of the relevant investment strategy.
Emerging Markets
Where Commodities Meet Economic Development
Emerging markets can present significant commodity and infrastructure requirements as populations grow, cities expand and economies industrialise.
The Group’s experience in selected emerging markets provides insight into the relationship between energy supply, infrastructure, trade and access to capital.
Our approach is selective. Opportunities are assessed according to their commercial fundamentals, counterparties, regulatory environment, liquidity, structure and risks rather than geographic exposure alone.
How the Capability Connects
One Strategy. Multiple Capabilities.
The Group’s commodities capability brings together several distinct functions:
Investment Management
Developing and managing commodities investment strategies.
EM3 Commodities Fund
Providing an investment framework for selected commodities, trade-finance and infrastructure opportunities.
Physical Commodities Trading
Sourcing, trading and distributing selected physical commodities through specialist operating businesses.
Trade Finance
Providing capital to support appropriately structured commodity transactions.
Infrastructure
Considering selected assets supporting storage, logistics, distribution and commodity supply chains.
Together, these capabilities allow the Group to consider commodities not simply as an asset class, but across the broader ecosystem through which commodities are financed, traded and delivered.
Managing Commodities Risk
Commodity markets can involve significant and sometimes specialised risks.
Depending on the transaction or strategy, these may include commodity-price movements, counterparty and credit risk, currency movements, logistics and delivery risk, geopolitical and regulatory developments, liquidity, concentration and operational risk.
These factors are considered as part of the assessment, structuring and ongoing management of relevant commodity investments and transaction
Commodities Within a Broader Investment Strategy
Commodity exposure can behave differently from traditional equities and fixed income and may provide another source of return and diversification within appropriately constructed portfolios.
The role of commodities will vary according to the objectives, risk profile, liquidity requirements and time horizon of the relevant investment strategy.
Our commodities capability therefore sits within the Group’s broader expertise across alternative investments, private markets and emerging-market opportunities.
Building a Broader Commodities Capability
The Group continues to develop its commodities capabilities across investment management, physical trading, trade finance and supporting infrastructure.
Our long-term focus is on building the relationships, investment structures and operating capabilities required to participate selectively across commodity markets while maintaining disciplined investment and risk management.
Explore EM3 Commodities Fund →
Explore Portica Oil & Gas Resources →
