Gresham Investment Management LLC (Gresham) has been managing client assets since 2005. Gresham was founded by The Falconwood Corporation and has pioneered the management of diversified commodity investment portfolios using exchange-traded futures and forwards. Our Tangible Asset Program® (TAP®) began trading within Falconwood in January 1987 and predates both the S&P Goldman Sachs and Bloomberg Commodity Indices. As of March 31st, 2025, Gresham manages $8.3 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 senior management team averaging over 20 years of investment experience trading commodities.
Gresham is registered as an Investment Adviser with the U.S. Securities and Exchange Commission, a Commodity Pool Operator and Commodity Trading Advisor with the U.S. Commodity Futures Trading Commission, and is a member of the National Futures Association and the Futures Industry Association.
Gresham continues to be at the vanguard of strategy creation for commodities, specifically including a joint venture with Caixin Insight to develop the first Chinese Commodity Indices.
Caixin Insight and Gresham's Chinese Commodity Indices can be found on Bloomberg (Ticker: GRESHCCI) and Thomson Reuters (Ticker: .GRESHCCI). Gresham has also developed the commodity market’s first commodity futures index to incorporate ESG considerations, which can be found on Bloomberg (Ticker: GESGCI).
WHAT WE DO
Gresham is a commodities specialist that has been managing external capital in diversified commodity portfolios since 2005. Gresham has two principal product lines: Gresham Commodities (GC) and GreshamQuant (GQ). GC strategies include actively managed long-only commodity solutions and select passively managed portfolios. GQ develops systematic strategies which currently include two unique approaches to trend-following across alternative markets.
GC’s portfolios include actively managed strategies with holdings based on the weightings established by Gresham’s Tangible Asset Program® (TAP) or commercial indices including the Bloomberg Commodities Index and the Goldman Sachs Commodity Index.
TAP was developed by Jonathan Spencer, Gresham’s President & CIO, together with Gresham’s original founding team in 1987 and has continued to evolve with respect to both construction and implementation since then. Today, TAP trades 26 unique commodities across 38 futures contracts, offering diversification and international exposure not currently represented in the indices. With respect to implementation, TAP employs term structure analysis, or choosing contract months for commodities that are further out on the futures curve than the front month, and relative value trades (i.e., underweighting or overweighting a commodity relative to the TAP model weights) to seek returns in excess of the BCOM.
Active Index Management (“AIM”) strategies seek to generate portable alpha for clients seeking index-based exposure to commodities markets, including the BCOM and the GSCI. All AIM portfolios apply term structure analysis. Some portfolios also make trades expressing relative value expectations (i.e., by adjusting the weightings of portfolio components or adding objects not included in the relevant index) or including long/short calendar spreads to potentially capitalize on relative pricing along the futures curve.
GC also managed the Gresham Gold Strategy based in the Bloomberg Gold Subindex Total Return, a subindex of the BCOM.
GQ’s absolute return strategies use state-of-the-art quantitative trading models. GreshamQuant systematically applies modern trend-following technology to globally diversified alternative markets. GQ currently offers the Alternative Commodities Absolute Return (ACAR) strategy and the Systematic Alternative Financial Instruments (SAFI) strategy as well as a portfolio that offers integrated exposure to both ACAR and SAFI.
DIVERSIFIED EXPOSURE
Investors can gain exposure to commodities through:
- Diversified Commodities Portfolios (DCPs)
- Physical Commodities
- Natural Resource Equities
- Managed Futures funds
- Commodity Indices