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Who We Are

resham Investment Management LLC was founded in 1992 by The Falconwood Corporation and has pioneered the management of diversified commodity investment portfolios using commodity futures.  Our Tangible Asset Program® (TAP®) began trading in January 1987 and predates both the S&P Goldman Sachs and  Dow Jones UBS Commodity Indices.  As of July 2017, Gresham manages in excess of $7.2 billion for a variety of  clients, including Public and Corporate Pension Funds, Endowments, Corporations, Health Systems, Insurance Companies, Pooled Investment Vehicles, other Investment Advisors, and Sovereign Wealth Funds, based in the Americas, Europe, Asia, and the Middle East.

Gresham has a highly experienced team of investment professionals with the Gresham senior management team averaging over 30 years of investment experience trading commodities.

Gresham is registered as an Investment Adviser with the Securities and Exchange Commission, a Commodity Pool Operator and Commodity Trading Advisor with the Commodity Futures Trading Commission, and is a member of the National Futures Association and the Futures Industry Association.

What We Do

resham offers several commodity investment programs.  Our goal is to provide a responsible way to invest (as opposed to speculate) in the asset class, and to offer our clients the benefits of systematic exposure to a wide range of commodities and commodity groups through the use of commodity futures in Diversified Commodity Portfolios (DCP).   Historically, the advantages from investing in commodity futures or DCPs have included a decrease in the volatility and a concurrent increase in the risk-adjusted returns of portfolios that included an allocation to diversified commodity investments.

Commodities are tangible assets such as Oil, Gold, and Wheat.  Like non-tangible assets (such as Stocks and Bonds), they offer the potential for investment return with associated risk.  Every year approximately $8 trillion of new commodities are produced globally, and this represents 10% of the World Wealth Portfolio.

World Wealth Portfolio (as of December 2015)

Sources: US Bonds: Liquid intermediate and long-term government and corporate bonds (Barclay’s US Aggregate and Global Aggregate indices). US and Non-US Stocks: Market value of listed equities in developed markets (S&P and Dow Jones). Non-US currencies based on M2 (IMF and Central Banks).
Commodities: Annual production in US dollars (Calculated by Gresham using pricing from Bloomberg and production information from USDA, EIA, ICCO, WBMS, GFMS, IEA, United Nations and Johnson Matthey).

Investors can gain exposure to commodities through:

Diversified Commodities Portfolios (DCPs)

Physical Commodities

Natural Resource Equities

Managed Futures funds

Commodity Indices

We believe that DCPs provide the best balance between liquidity, ease of investment, portfolio diversification, and inflation hedging.   DCPs may also enable an experienced manager to maximize the various components of total return.   Further, DCPs avoid many of the complications and risks associated with other methods of commodity investment, such as the purchase and storage of physical commodities, or the hidden costs associated with investing in vehicles that track commodity indices.

NOTE THAT, LIKE MOST INVESTMENT PRODUCTS, GRESHAM'S PROGRAMS INVOLVE RISK AND CAN RESULT IN LOSSES AS WELL AS PROFITS.  PAST PERFORMANCE RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Near Term Active (NTA) Strategies

TAP

Gresham’s Tangible Asset Program® (TAP®), is a long-only, diversified, tangible commodity futures investment strategy with a 30-year real-time track record.  The TAP methodology balances rules-based construction with market-driven implementation and is designed to maximize return through effective trading and minimize volatility by constraining sector and individual commodity weightings as well as a systematic interim rebalancing strategy.

A Diversified Pool of Tangible Commodities            (2017 Weights)




Source: Gresham Investment Management LLC.
Note: The above weightings show what a Separately Managed Account’s (SMA) target weightings would be.  SMAs are offered to qualified eligible investors that meet minimum investment requirements.  Commodity weights are reset annually and without investor notification.

TAP strategies are operated through Gresham NTA, one of two distinct, separate and independent trading groups that implement Gresham strategies in conformance with exemptive relief provided under CFTC Rule 150.3(a)(4).  NOTE THAT, LIKE MOST INVESTMENT PRODUCTS, GRESHAM'S PROGRAMS INVOLVE RISK AND CAN RESULT IN LOSSES AS WELL AS PROFITS.  PAST PERFORMANCE RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Term Structure Monetization (TSM) Strategies

TSM & MTA Programs

In addition to TAP, Gresham also provides programs to qualified investors designed to offer enhanced commodity index exposure.  Our Term Structure Monetization and Mid-Term Active (collectively “TSM”) strategies began trading in August 2004, and are designed to generate excess return over their respective benchmarks by monetizing relative value opportunities in the commodity futures markets.

TSM strategies are operated through Gresham TSM, one of two distinct, separate and independent trading groups that implement Gresham strategies in conformance with exemptive relief provided under CFTC Rule 150.3(a)(4).  NOTE THAT, LIKE MOST INVESTMENT PRODUCTS, GRESHAM'S PROGRAMS INVOLVE RISK AND CAN RESULT IN LOSSES AS WELL AS PROFITS.  PAST PERFORMANCE RESULTS ARE NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Heritage

Under construction.

What Sets Us Apart

resham is distinguished by its singular focus on commodities as an asset class.  We seek to provide our investors with unique, commodity futures-based strategies that offer maximum returns with equity-like volatility.   We have been pursuing this goal since the firm’s foundation, compiling a 30-year actual track record for our Tangible Asset Program (TAP).  No other long-only commodity portfolio manager has comparable experience.  The commodity programs we provide have defined advantages over commodity indices and long-only funds, including:

An investment team with a combined 300 years of commodity investing

Broad, fully collateralized commodity exposure

Interim rebalancing designed to reduce volatility (for TAP only)

Historically better risk-adjusted returns than the DJ-UBSCI and the S&P GSCI

The longest track record*

Proven implementation alpha vs. indices*

*Past performance is not indicative of future results.

Note: Minimum initial investment for SMA business is $50 to $100 million depending on the strategy.

Investing With Us

resham Investment Management LLC serves as Investment Manager for SMA portfolios with a minimum initial investment of $50 to $100 million, depending on the strategy.

Investment with Gresham is intended only for sophisticated investors who are Qualified Eligible Persons.

 For additional information on how to invest in one of our programs please contact Gresham at 212-984-1430, or email us.



Principals

Jonathan S. Spencer

President
Chief Investment Officer

Mr. Spencer, the President and CIO of Gresham Investment Management LLC, is responsible for the day-to-day investment and operational activities of Gresham. Mr. Spencer received a B.S. degree in Management Information Systems from the State University of New York at Buffalo.  He is a member of the Family Office Exchange and the New York Society of Security Analysts.  Mr. Spencer authored a chapter on asset allocation in the book, “Wealthy And Wise”, entitled “Balancing Act – The Art of Asset Allocation.”

Douglas J. Hepworth, CFA

Executive Vice President
Chief Operating Officer & Chief Risk Officer

Douglas J. Hepworth serves as Gresham’s Chief Operating Officer & Chief Risk Officer and is an Executive Vice President of the firm. Mr. Hepworth has worked for Gresham for more than 20 years in roles including Portfolio Manager and Director of Research through which he has acquired deep knowledge of our asset class and of Gresham’s business. His 35 plus years of Wall Street experience includes the management of multi-billion dollar commodity futures portfolios, the design and implementation of quantitative futures and options strategies, and the organization and supervision of floor and upstairs trading operations. In support of the industry, he served on the CFTC's Global Markets Advisory Committee. Mr. Hepworth received a B.A. in Economics from Columbia University in 1982 and holds the Chartered Financial Analyst (CFA) designation.

Adam I. Gehrie

Executive Vice President
General Counsel & Chief Compliance Officer

Adam I. Gehrie has been General Counsel & Chief Compliance Officer of Gresham since February 2014 and is an Executive Vice President of the firm. Mr. Gehrie is also a member of the board of directors of each private fund managed by Gresham that is domiciled in the Cayman Islands.

Prior to joining Gresham, Mr. Gehrie was a senior member of the Legal & Compliance department at Eton Park Capital Management, L.P. where his role included managing Eton Park’s registrations with the SEC and the CFTC and contributing to new product development. Prior to Eton Park, Mr. Gehrie was an attorney in the private funds groups of Dechert LLP and Orrick, Herrington & Sutcliffe LLP where he counseled investment advisers on fund formation, management company organization and compliance matters and also represented investors in private funds.

Mr. Gehrie holds a B.A. from Amherst College where he was elected to Phi Beta Kappa and a J.D. from Georgetown University Law Center where he served as an editor of the Georgetown Law Journal.


Investor Relations

Alexander Gansch

Managing Director, Head of Global Business Development, Gresham Investment Management LLC
Chief Executive Officer, Executive Director, Gresham Investment Management Asia Pte Ltd. (Singapore)

Mr. Gansch is Managing Director, Head of Global Business Development, for Gresham Investment Management LLC and the Chief Executive Officer and Executive Director of Gresham Investment Management Asia Pte Ltd., Gresham’s Singapore subsidiary. He began his career in his native Switzerland in 1987 with Paul Reinhart AG, one of the world’s largest privately held soft commodity merchants, working within the firm’s offices in Europe, the Far East, Central Asia, and the US before being named President & Managing Director of the Group’s US headquarters in New York in 1997. He was also Chief Operating Officer of Balmac International, Inc., an affiliate of Balfour Maclaine, a NYSE publicly listed commodity trading firm, before joining Gresham in January 2006.

Mr. Gansch holds a Masters degree in International Trade Law from the University of Hamburg and the School for Foreign Trade in Bremen, Germany.

Contact

For additional information on how to invest in one of our strategies, please contact Gresham at 212-984-1430, or email us.

257 Park Avenue South, Suite 700

New York, NY 10010

tel +1 212 984 1430

fax +1 212 984 1412

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Privacy Policy

We consider client privacy to be fundamental to our relationship with our clients. Since our founding, we have been committed to maintaining the confidentiality, integrity, and security of clients' personal information entrusted to us. Internal policies have been developed to protect this confidentiality, while allowing client needs to be served.

 We do not disclose any non-public personal information about clients or former clients to non-affiliated parties, except as directed by clients, as necessary in order to service a client account or as otherwise permitted or required by law.

A copy of Gresham's complete Privacy Policy is available upon request.

Terms Of Use

This website (the “Site”) and its content are provided by Gresham Investment Management LLC (“Gresham”). These terms and conditions govern use of this Site. By using this Site and the information and services available through this Site, you agree to be bound by these terms and conditions. If you do not agree to these terms and conditions, do not use this Site.

Disclosure

Materials relating to Gresham’s investment products that describe strategies,  charges, expenses, and risks are available from Gresham. Read these materials carefully before making or considering any investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

Risks of Investing

Investing entails risks, including possible loss of principal. There are special risk considerations associated with investing in commodity futures and forward contracts. Prices of commodity-linked derivative instruments are highly volatile and may be affected by overall market movements, changes in interest rates, and other factors such as weather, disease, embargoes and international economic and political developments. 

Site for Information Only

The data, information, software, and all other content (“Content”) on this Site are for informational and educational purposes only. Although Gresham may provide Content relating to investment approaches and investment products, you should not construe any such Content as legal or tax advice, or as a solicitation to invest in Gresham’s investment products. Although Gresham believes the Content to be accurate and reliable, it is not responsible for any errors or omissions. You alone bear the sole responsibility of evaluating the merits and risks associated with the use of Content in making any decisions based on such Content.

Taxes

Investors in commodity products may incur taxable interest and/or capital gains. Your tax obligations may affect the after-tax returns realized from an investment. Please consult your tax advisor concerning your particular circumstances.

No Solicitation or Offering

This website shall not be considered a solicitation or offering for any investment product or service to any person in any jurisdiction where such solicitation or offer would be unlawful.  The offer of an investment product or service may be made only by direct contact between Gresham and a prospective client in those jurisdictions where the parties have determined that such an offer is lawful.  Because of the global nature of the Internet, you agree to comply with all local rules regarding online conduct, including all laws, rules, codes, and regulations of the country in which you reside and the country from which you access this Site.

Linking

Gresham has not reviewed or authorized any sites linking to this Site. We do not take responsibility for any websites linking to this Site or any links from this Site. Following links from and to this Site is at your own risk.

Copyright Policy

Site and Content are the property of Gresham or its affiliates or suppliers. Copyright ©2010 Gresham Investment Management LLC. All rights reserved.

Disclaimers and Limitations of Liability

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 THE DISCLAIMERS CONTAINED HEREIN ARE IN ADDITION TO THOSE CONTAINED IN THE MATERIALS SET FORTH ON THE SITE AND IN ANY OTHER MATERIALS PROVIDED TO YOU BY GRESHAM.  ANY CONTENT OR DATA DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THIS SITE IS DONE AT YOUR OWN DISCRETION AND RISK.  GRESHAM DISCLAIMS, AND YOU WILL BE SOLELY RESPONSIBLE FOR, ANY DAMAGES ARISING OUT OF YOUR USE OF ANY INFORMATION, DATA OR SOFTWARE MADE AVAILABLE TO YOU ON THIS SITE INCLUDING ANY DAMAGE TO YOUR COMPUTER SYSTEM OR A LOSS OF DATA THAT RESULTS FROM THE DOWNLOAD OF ANY SUCH CONTENT AND DAMAGES RELATING TO ANY: (1)  ERROR, OMISSION, STALENESS, INTERRUPTION, DELAY IN OPERATION OR TRANSMISSION; (2)  COMPUTER VIRUSES; (3)  FAILURE OR DEFECT IN ANY COMMUNICATION FACILITY OR SOFTWARE; OR (4) THEFT, INSTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF INFORMATION, WHETHER RESULTING IN WHOLE OR IN PART FROM NEGLIGENCE OR OTHERWISE.

GRESHAM EXPRESSLY DISCLAIMS ALL WARRANTIES OF ANY KIND, WHETHER EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.  NO ADVICE OR INFORMATION, WHETHER WRITTEN OR ORAL, WHETHER OBTAINED BY YOU FROM GRESHAM, FROM A GRESHAM EMPLOYEE OR AGENT, OR THROUGH OR FROM THIS SITE, SHALL CREATE ANY WARRANTY NOT EXPRESSLY STATED IN THESE TERMS OF USE.  GRESHAM WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, REVENUE, INCOME, GOODWILL, USE, DATA, OR OTHER INTANGIBLE LOSSES (EVEN IF GRESHAM HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), RESULTING FROM ANY MATTER RELATING TO THIS SITE.

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