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About the Role
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. We seek professionals who can generate unique insights, contribute to the firm’s broader strategic outlook, and leverage collective knowledge to generate alpha.
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.
- Submit CV.
- Submit a detailed account of investment track record (including evidence of a Sharpe Ratio greater than 1.5).
- Submit a comprehensive outline of 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.
- Submit two concise trade recommendations specifying view, perceived mispricing, instrument, catalyst, entry and exit conditions, risks and outcome or assessment plan.
- Submit a summary of independently used quantitative tools and the data subscriptions, services and resources required to execute business plan.
Skills
- Python
- Spreadsheet modelling
Location
- London
- New York
- Singapore
- Monaco
- Dubai
- Bengaluru
Work Type
- Full-time
Experience Level
- 5 years of experience managing capital
About the Company
- Caxton Associates, founded in 1983, is a global trading and investment firm.
- 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.