Commodity and macro is a style that aims to generate alpha by directional or arbitrage related trading in a broader range of markets than equities and/or bonds.

The underlying investment managers can be purely model-driven or fundamentally-driven or a combination of the two, and there is often a strong component of exploiting market momentum opportunities within this category.

This style cannot trade profitably unless there are major price trends or patterns in the futures markets. Moreover, investment managers must be suitably equipped to identify or to forecast these price trends or patterns in a timely manner.