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.
Requirements
Caxton Associates is seeking experienced Portfolio Managers specializing in crude oil and/or refined products.
In this role, you will be responsible for managing a significant capital allocation, implementing rigorous risk management, and contributing to our collaborative, research-driven environment. Within our organization, we place a high value on collaboration, promoting regular and ongoing discussions about global macroeconomic trends, geopolitical developments, and the evolution of financial markets. We seek out professionals who can generate unique insights within their investment universe, contribute to the firm’s broader strategic outlook, and leverage collective knowledge to generate alpha.
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.
Application Instructions:
To apply, please submit:
- Your CV.
- A detailed account of your investment track record (including evidence of a Sharpe Ratio greater than 1.5).
- A comprehensive outline of your proposed investment strategy and process.
- Describe a balance or refinery/product model personally developed, including sources, assumptions, validation and revisions; provide a trade example explaining expression, timing, invalidation and outcome.
- Two concise trade recommendations specifying view, perceived mispricing, instrument, catalyst, entry and exit conditions, risks and outcome or assessment plan.
- A summary of independently used quantitative tools and the data subscriptions, services and resources required to execute your business plan.
If you're an experienced portfolio manager passionate about collaboration and financial markets, we'd love to connect with you.