Gresham has a long history of generating portable alpha for clients seeking index-based exposure to commodities markets with our Active Index Management (“AIM”) strategies. All AIM portfolios apply term structure analysis, or choosing contract months for commodities that are further out on the futures curve than the front month held by the benchmark index, to seek excess returns. Some clients also grant Gresham the latitude to make trades employing relative value expectations ( i.e., by underweighting or overweighting a commodity relative to the benchmark’s positions or by allowing exposure to a universe of non-benchmark commodities) or including calendar spread overlays across the term structure of a particular object (i.e., buying one month of a commodity within the benchmark and selling another, so as to potentially capitalize on changes to the relative pricing across the futures curve).