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QCM Products

Focusing on the relentless pursuit of innovative and robust solutions that provide transparent and sustainable returns

QCM’s core investment strategy can be accessed through three distinct product offerings: the flagship Global Diversified Programme (‘GDP’), the Alpha Financials Programme (‘AFP’), and the Commodity Directional Programme (‘CDP’). The products trade different liquid exchange-traded futures, each offering unique properties for portfolio diversification. In addition, we take great pleasure in partnering with investors and customising innovative liquid solutions to meet their investment objectives.

  • GDP
  • AFP
  • CDP

Global Diversified Programme

QCM’s flagship Global Diversified Programme commenced trading in December 1995 and offers a fully diversified long/short deployment of the QCM strategy

The Global Diversified Programme (‘GDP’) is QCM’s flagship product. It carries a 21 year track record and trades 110 exchange-traded futures in major exchanges worldwide. It offers the highest form of diversification to incorporate not only the largest number of instruments we trade but also the two broad asset classes, Financial and Real (Commodities). Sector wise, it covers global stocks, bonds, currencies and commodities.

The GDP’s portfolio allocation of risk is managed by the proprietary ARA which tracks the cross correlation between stocks, bonds, rates, currencies and commodities. The product is long/short and capable of performing in most market environments. Equity and commodity exposure enable the GDP to have a strong footing in risk assets with the ability to thrive when risk appetite increases and risk premia get rich. Growth and inflationary environments are on average particularly conducive to the GDP. In conjunction, because of its ability to go short in risk assets combined with the safety achieved through bonds and rates, the product can also provide investors an attractive asymmetric payoff during systemic events as seen in the 2008 crisis when risk got sold. The GDP has on average an attractively low to negative correlation to stocks and commodities and a moderate correlation to bonds.

In summary:

  • Diversified Flagship, launched Dec 1995
  • 110 Financial & Commodity Futures
  • Long/Short Absolute Return Product
  • Low correlation to individual asset classes
  • High liquidity via Managed Account & Offshore Fund

Alpha Financials Programme

The QCM Alpha Financials Programme is our financial-only long/short programme that commenced trading in June 2012

For investors wishing to exclude commodities from their portfolio with a particular focus to financial only instruments, the Alpha Financials Programme (‘AFP’) is a specially designed product launched in June 2012. It packages the three most liquid and deepest financial asset groups: stocks, bonds and currencies. Ideally suited for institutions as well as those just seeking financial exposure, the AFP trades across 53 financial futures.

The product is a low-cost, fully balanced solution to create long term wealth from traditional financial assets. Leaning strongly on stock/bond correlation, with the safety of non-correlated currency sector, it is a complete portfolio. Combining risk assets in stocks with risk averse assets through bonds and adding the independent character of currencies, makes the AFP an attractive product. With its ability to trade long/short the product is also able to participate in sustained bull or bear markets.

Our historical back tested simulations on the current model show the AFP to have profited well from the short side in the internet bubble as well as through the global crisis of 2008. The ability to shift exposure effectively to bonds, particularly during market distress, and in parallel short equities, results in an attractive asymmetric payoff in such situations.

In summary:

  • Launched June 2012
  • 53 Financial futures
  • Long/Short Absolute Return Product
  • Low correlation to individual asset classes
  • High liquidity via Managed Account & Offshore Fund

Commodity Directional Programme

The QCM Commodity Directional Programme is a commodity-only long/short portfolio that launched in April 2015

The Commodity Directional Programme (‘CDP’) is a long/short absolute return product focussing on commodities exclusively. It was officially launched in April 2015 and trades 56 futures across energies, metals, grains, softs and livestock sectors. This is a balanced long/short solution aiming to generate long term absolute returns from this asset class. Commodities bear no income and are therefore subject to higher volatility in prices. Below are some points worth noting on this asset class.

  • Most non-industrial commodities carry lower liquidity. This has caused us to focus more in this product on industrial commodities such as energies and base metals that carry greater liquidity. Additionally, industrial commodities have a positive correlation to growth in the global economies.
  • Commodities as a natural resource deplete over time, and therefore offer not only a diversifying attraction for investing but also for their long run price appreciation through depleting supply and normal economic growth.
  • With most commodities being priced in the US Dollar with oil and base metals as example, they are influenced by the value of the currency.
  • In precious metals gold is unique, being a safe haven asset as well as a hedge against paper currency. It tends to be positively correlated to inflation and global anxiety and negatively correlated to the dollar.
  • Agricultural commodities are subject to the whims of weather and climate change.

The nuanced variations in the character of commodities make this asset class uniquely volatile but also attractive for trading long/short offering. The CDP’s focus, particularly on industrials but also carrying the diversifying exposure of agriculturals through grains and softs, makes the product well balanced.

Taking into account the unusual properties of commodities, extensive research has been carried out on the CDP with conscious modifications to the investment approach while retaining at the core its generic character. For example, the CDP gives more weight to highly liquid sectors such as energies and metals that also carry sustainable macro trends. Our active risk allocation through the proprietary ARA is more nimble to move risk around, and the ability to go to cash is greater during times of uncertainty.

In summary:

  • Launched April 2015
  • 56 Commodity futures
  • Long/Short Absolute Return Product
  • Low correlation to individual asset classes
  • High liquidity via Managed Account
 
3 The Heights, Brooklands Weybridge, Surrey KT13 0NY United Kingdom
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