CoreCommodity Management

Co-founders Adam De Chiara and Bradford Klein serve as co-Chief Investment Officers and jointly oversee all investment decisions. Both came out of Louis Dreyfus Commodities, where they held physical-merchant roles before launching the firm in 2004. A small team of research analysts reports to them from the Stamford office.

The equity strategy relies on fundamental, bottom-up analysis of natural-resource producers, emphasizing cost-curve positioning, asset quality, and management track records. The origin of the process traces to the founders' physical-commodity trading background at Louis Dreyfus, which informs their view on supply-and-demand dynamics, logistics, and producer economics. The managed-futures program uses a systematic trend-following overlay applied to commodity futures contracts.

CoreCommodity does not trade physical commodities for client accounts. The flagship equity strategy invests in publicly traded natural-resource equities; a separate managed-futures program trades commodity futures and options. The firm's intellectual framework, however, is grounded in physical-market dynamics thanks to the founders' careers at Louis Dreyfus.

The firm runs two distinct programs: a commodities equity strategy that selects publicly listed natural-resource companies globally, and a managed-futures strategy that applies systematic trend-following to commodity futures markets. Both are offered primarily through institutional separate accounts and sub-advisory mandates.

The firm covers energy, metals and mining, and agriculture broadly. Portfolio commentary and disclosures have cited positions across oil and gas producers, base metals miners (particularly copper), fertilizer companies, and grain handlers. The managed-futures program trades benchmark contracts across the CME and ICE exchanges in those same sectors.

CoreCommodity runs concentrated, benchmark-agnostic portfolios — typically 40 to 60 names in the equity strategy — rather than tracking a broad commodity-producer index. Security selection is driven by fundamental research on cost-curve position, asset life, and management, a process inherited from the founders' physical-merchant experience. The firm deliberately avoids the broad passive exposure common in commodity ETFs.

The firm has publicly argued that the energy transition creates structural supply constraints in base metals, particularly copper, due to chronic underinvestment in new mining capacity. Its equity portfolios reflect this thesis with long positions in miners exposed to electrification demand. It does not exclude traditional energy producers, but weights them based on fundamental value rather than index membership.