resham Investment Management LLC was founded in 1992 by Dr. Henry Jarecki 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 Indexes. As of December 2012, Gresham manages in excess of $16 billion for a variety of clients, including Public and Corporate Pension Funds, Endowments, Corporations, Health Systems, and Sovereign Wealth Funds, based in the Americas, Europe, Asia, and the Middle East.
In addition to Dr. Jarecki, who was inducted into the Futures Industry Hall of Fame in 2005, Gresham has a highly experienced and stable team of investment professionals with an aggregate of more than 150 years of experience managing commodity portfolios.
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.
resham offers several diversified 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. Historically, these advantages have included a decrease in the volatility and a concomitant 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 $3 trillion of new commodities are produced globally, and this represents 10% of the World Wealth Portfolio.
Sources: Bonds: Liquid intermediate and long-term government and corporate bonds (Barclay’s US Aggregate and Global Aggregate indices). 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 (Gresham).
Investors can gain exposure to commodities through:
Diversified commodity funds (DCFs)
Physical commodities
Natural resource stocks or funds
Managed futures funds
Commodity indices
We believe that DCFs provide the best balance between liquidity, ease of investment, portfolio diversification, and inflation hedging. DCFs also enable an experienced manager to maximize the various components of total return. Further, DCFs avoid many of the complications and risks associated with other methods of commodity investment, such as the purchase and storage of physical commodities.
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.
Gresham’s Tangible Asset Program® (TAP®), is a long-only, diversified, tangible commodity futures investment strategy with a 26-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.
Source: Gresham Investment Management LLC.
Note: Commodity weights are reset annually and without investor notification.
In addition to TAP, Gresham also provides programs designed to offer enhanced commodity index exposure. Our Term Structure Monetization (“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.
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.
ounded in 1992 by Dr. Henry Jarecki, Gresham's history dates back to the commodity trading activities of Mocatta Metals Corporation and other trading companies Dr. Jarecki established over the past 40 years. Gresham and its predecessors have been managing diversified commodity portfolios since 1976.
After the sale of his bullion companies to Standard Chartered Bank in 1986, Dr. Jarecki turned his attention to asset allocation in his own investment portfolio. As an early adopter of the theories of Harry Markowitz and William F. Sharpe, he recognized that in order to effectively disperse risk, investors need to widen their investment scope beyond equities and bonds to incorporate other asset classes. As a commodity specialist, he understood that commodities add strategic diversification to investment portfolios with anticipatory assets. Because there were no investable diversified commodity products available at that time, he developed the Tangible Asset Program with Jonathan Spencer, who continues as Gresham's President and the lead Portfolio Manager of TAP to this day.
resham is distinguished by its singular focus on commodities as an asset class. We seek to provide our investors with unique, commodity-based strategies that offer maximum returns with equity-like volatility. We have been successfully pursuing this goal since the firm’s foundation, compiling a 26-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 other commodity indices and long-only funds, including:
The most experienced investment team
Broad, fully collateralized commodity exposure
Interim rebalancing designed to reduce volatility
(for TAP only)
Better risk-adjusted returns than the DJ-UBSCI
and the S&P GSCI
The longest track record
Proven implementation alpha vs. indices
resham Investment Management LLC serves as Investment Manager for investment products with a minimum initial investment of $100,000 to $100 million, depending on the strategy and product.
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.
Dr. Henry G. Jarecki
Jonathan S. Spencer
Douglas J. Hepworth, CFA
Jonathan D. Berland
Alexander Gansch
Robert Reeves
Dr. Henry G. Jarecki, Chairman of Gresham Investment Management LLC, is one of the pioneers of commodity futures investing in the United States. He is a past Governor of the Commodity Exchange, Inc. (COMEX) and has served as a Director of the National Futures Association (NFA), the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME), and the Futures Industry Association (FIA). He has over 40 years of experience in commodities investing and is a world-renowned entrepreneur and investor who has founded successful enterprises in such diverse industries as metals and commodities trading, biotechnology, and telecommuni- cations.
Dr. Jarecki is known in the precious metals business for his work with Mocatta & Goldsmid, bullion dealers to the Bank of England since the 17th century, and with Mocatta Metals Corporation, a company he founded and later sold to Standard Chartered Bank. In addition, Dr. Jarecki’s career has included senior management positions at international commodity futures trading and brokerage firms, Brody White & Co., Inc. and Brody White (UK) Ltd., until their sale to the FIMAT arm of Société Générale. He was the Chairman of MovieFone, Inc., a nationwide interactive movie directory and movie tickets sale firm, until its sale to America Online in 1999.
Dr. Jarecki has been on the faculty of the Yale University School of Medicine, where he remains Professor of Psychiatry and a member of the Advisory Council of the Department of Psychiatry. With Dr. Thomas Detre, he was author of the textbook “Modern Psychiatric Treatment.” In 1998 he started PsychoGenics, a biotechnology firm that has become a leader in preclinical neurobiology and central nervous system (CNS) drug discovery solutions.
Dr. Jarecki is a graduate of the University of Heidelberg and a practicing MD.
Mr. Spencer, the President 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.”
Mr. Hepworth is the Director of Research for Gresham Investment Management LLC and is responsible for fundamental and quantitative research for the Tangible Asset Program.
He has worked for Gresham for 12 of the past 17 years. His 26 years of Wall Street experience includes running an options market-making operation on the floors of the New York Cotton Exchange and the Coffee, Sugar, and Cocoa Exchange, convertible bond research, option financial analysis, quantitative research, and real estate investments.
Mr. Hepworth received a B.A. in Economics from Columbia University in 1982 and holds the Chartered Financial Analyst (CFA) designation. A member of the Association for Investment Management and Research and the New York Society of Securities Analysts, Mr. Hepworth has lectured on derivative securities and risk management.
Mr. Berland is Managing Director of Sales & Client Services for Gresham Investment Management LLC. Prior to joining Gresham, Mr. Berland was a Vice President at Jefferies Group, Inc., where he advised pension funds, endowments, foreign governments, and financial intermediaries on hedge funds and commodity-linked derivatives, and developed strategies seeking to outperform the Goldman Sachs and Dow Jones-UBS commodity indices. Previously, Mr. Berland was a Director at American Express Co.
Mr. Berland holds a B.S. in Economics from the Wharton School, University of Pennsylvania.
Mr. Gansch is Managing Director of Sales & Client Services for Gresham Investment Management LLC. 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.
Mr. Reeves is the Chief Financial Officer of Gresham Investment Management LLC and is responsible for finance, accounting, and administration. From 2002 to 2008, Mr. Reeves was Chief Financial Officer and Executive Vice President of FIMAT USA. Prior to that, he was Chief Financial Officer and Senior Vice President of ABN AMRO Inc. Prior to that, he was Chief Financial Officer of ING Barings Securities. Mr. Reeves has more than 20 years experience in financial management.
He began his career at PricewaterhouseCoopers LLP as a Certified Public Accountant. Mr. Reeves received a B.S. in Accounting from Fairfield University.
For additional information on how to invest in one of our strategies, please contact Gresham at 212-984-1430, or email us.
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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.
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.
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