All commodity futures price a physical commodity delivered to a specific location, in a fixed quantity at a certain time. We believe significant alpha can be captured in these markets by having the deepest possible understanding of the convergence between these variables and the physical markets that determine the settlement price. Our approach to extracting returns, is grounded in a disciplined investment process incorporating a deep fundamental understanding of commodities, data science, machine learning and flexible thinking. Our approach evolves with the markets and enables us to separate the signal from the noise to systematically identify what data matters and the predictive capability of that data. Our investment process demands every discretionary idea has a clearly outlined thesis including the risks and is designed to capture an asymmetric expected financial outcome.