Inflation and Investing in the Commodities Supercycle.
There are two ingredients required for a commodity supercycle: an extended period of underinvestment in supply, and a generational demand shock. Today we have both.
Auspice “Commodity to Complete” Investment Solutions
“Core Commodity” - Tactical, low-fee upside exposure to commodities and inflation with a 14-year track record of broad commodity index outperformance.
“Commodity & Crisis Alpha” - Negatively correlated multi-strategy CTA with a higher commodity weighting, has consistently outperformed CTAs in risk-off and inflationary periods over 18 years.
“Equity Replacement” - For every dollar invested, you get $1 of exposure to the S&P 500, and $1 to the flagship protective CTA / managed futures strategy, Auspice Diversified.
Two Minute Explainer Videos
View our explainer videos for an introduction and overview on Auspice Commodity to Complete solutions.
Auspice Research and Investor Education
See some of the latest Auspice research and a new, expanding page dedicated to investor education, here.
Email info@auspicecapital.com to chat to a member of our team and learn more.
THE TECHNOLOGY BOOM TO FURTHER FEED THE COMMODITY CYCLE
(May 2024) - Auspice Research Article Featured in the Commodity Insights Digest (CID)
The commodity intensity of EVs has been well documented – what is lesser known is the corresponding energy and commodity intensity of Artificial Intelligence (AI), driven by the demand for data centres and computer chips.
Major multinational brands including the investment arm of the IKEA group are following automakers in securing their supply chains, particularly in raw materials and energy. We expect the recent Technology and AI boom to have a similar, albeit larger impact as Big Tech looks to secure supply given significant energy and raw commodity requirements.
Big Tech may be the next big commodity buyer – at a time when supply is increasingly tight, and prices are already on the rise.
Read more here.
Return Stacking and Portable Alpha - An Investor’s Guide
(August 2025) - Auspice White Paper
This paper examines the evolution of portfolio construction through portable alpha and return stacking, approaches that enhance diversification and capital efficiency while preserving core market exposure. Portable alpha, long employed by large institutional investors, separates beta and alpha by using derivatives or managed accounts to overlay uncorrelated return streams on top of traditional market exposures. Return stacking represents a modern and more accessible extension of this approach, using commingled funds and futures-based strategies to provide dual exposure. Investors can maintain equity, fixed income, or other asset participation while adding complementary strategies such as trend-following CTAs, on top.
The paper reviews the historical development of these techniques, including early institutional implementations and public market. It explores the potential benefits of return stacking, including improved risk-adjusted and absolute returns, greater capital efficiency, and behavioral advantages that can help investors maintain discipline. It also highlights key considerations such as style risk, conditional correlations, and the use of leverage.
Through historical examples, stress periods, and illustrative portfolio outcomes, this paper provides a framework for investors seeking to integrate uncorrelated return streams into traditional allocations in a practical and scalable way.
Read more here.
WHAT IS THE OPTIMAL CTA ALLOCATION?
(September 2022) - Auspice Case Study: BTOP 50 and Auspice Diversified
Increasingly the question of “how much to allocate” to trend-following CTAs has been posed to Auspice. This 2-page case study looks at the math and portfolio benefits.
COMMODITY INVESTING IN THE AGE OF ESG AND INFLATION
(November 2021) - Auspice White Paper
Whether for broad diversification or in response to increasing inflation risks, commodity futures may be the the most practical and effective solution for responsible investors looking for commodity exposure. This white paper considers commodity futures within ESG frameworks.
INSTITUTIONAL USE OF COMMODITIES & CTAS
(November 2021) - Auspice Case Study: US Pensions and Ontario Teachers’ Pension Plan
Some highly regarded institutional investors have been investing 5 - 10% of their portfolios in CTAs while Ontario Teachers’ Pension Plan invested 12% of their portfolio in commodity derivatives. See more in this 2-page case study.
IMPORTANT DISCLAIMER
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated