The Alternative Commodity Absolute Return (ACAR) strategy is an alternative markets CTA. The strategy systematically applies modern trend-following technology to a globally diversified set of commodity markets. These markets exist at the periphery of the established futures landscape, and feature participants whose incentives hinge on production and consumption decisions, rather than speculation. Our focus on this specific market universe derives directly from one of the core tenets of our investment thesis: expected returns from trend-following should be higher, and correlations lower, across markets in which there is less capital competing for the same source of return. The ACAR team believes this is a defining characteristic of the alternative commodity markets, due to their operational complexity, limited transparency, and liquidity constraints—features which create fertile ground for the systematic harvesting of trend-following alpha, while simultaneously presenting significant barriers to entry.