CAMMS Capital

Commodity Intelligence, Amplified.

A disciplined multi-strategy program built on five years of live trading across global commodity markets — designed for institutional investors.

CFTC / NFA REGISTERED
30+ COMMODITY MARKETS
COMPLEMENTARY TRADING STYLES

Origins

Built Inside a Global Commodity Merchant

CAMMS Capital was not conceived in a lab or launched with a pitch deck. The CAMMS Capital Program (the "Program") was built inside ETG Commodities ("ETG"), a global physical commodities merchant, over five years of live proprietary trading with real capital.

The team moved grain, traded oil, and priced metals across continents before turning that expertise into a disciplined financial program. This heritage gives CAMMS Capital a window into supply chains, trade flows, and fundamental drivers that purely financial managers rarely access.

In February 2026, CAM Multi Strat Asset Management, LLC (d/b/a CAMMS Capital) completed a management buyout backed by Braiins CAM Holdings LLC, a long-term strategic partner, while preserving a research and trading partnership with ETG.

The result: an independent, institutionally-backed commodity investment manager with the market access and fundamental intelligence of a physical merchant.

2019
Strategy design begins inside ETG, seeded with real trading capital
2021
Proprietary trading commences across multiple commodity
markets and styles
2024
KPMG audit confirms multi-year audited proprietary track record
2025
Full institutional infrastructure in place: SS&C, Northern Trust, NFA registration
2026
Management buyout completed; strategic partnership with ETG secured

“Our goal is to combine specialized commodity expertise with institutional-grade risk governance.”

Philosophy

A Purpose-Built, Multi-Strategy Program for Commodity Markets

The Program provides institutional investors with enhanced commodity diversification through a disciplined, multi-strategy program. It combines broad exposure across global commodity markets with diversification across trading styles — reducing dependence on any single asset, strategy, or market regime.

Our goal is to combine specialized commodity expertise with institutional-grade risk governance and portfolio construction — offered to investors through the Offshore Fund, and to qualifying institutions as a managed account.

What the Program Is
- A commodity-focused, multi-strategy program, available via an Onshore Fund or an Offshore Fund or an SMA
- Built to deliver diversification across instruments and trading styles
- Combines human expertise with centralized, model-driven risk management
- Actively long and short across global commodity markets and regimes
- Designed to complement traditional portfolios with differentiated commodity return streams
What the Program Is Not
- Not a single-PM or single-style commodity program
- Not a pure trend-following CTA strategy
- Not a collection of siloed strategies — risk is allocated centrally under a single framework
- Not dependent on one commodity, one macro view, or one market regime
- Not passive, index-linked, or beta-driven exposure

Risk of loss: Trading commodity futures involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Diversification does not assure profit or protect against loss.

Strategy

Three Complementary Trading Styles, Integrated at the Portfolio Level

The Program embeds complementary trading styles, each providing a different angle to data analysis and trade decisions. The portfolio blends human judgment and systematic processes to capture a broad opportunity set across global commodity markets.

Investment in the Program means investing in all the included trading styles and markets (no sub-selection permitted).

Discretionary
Fundamental & Technical Analysis
Deep fundamental analysis of supply, demand, and market dynamics. Commodity-specific, human-driven decision making informed by direct access to ETG's analytics and trading
resources.
Supply and demand driven trade thesis
Physical market intelligence from ETG partnership
Commodity-specific expertise per trading desk
Excels in dislocated and event-driven markets
Hybrid
Quantitative + Fundamental Blend
Quantitative models anchored in fundamental insights. Captures different timing and temporality of market moves, designed to perform across transitional environments.
Model-informed, fundamentally anchored
Cross-commodity relative value
Regime-adaptive positioning
Bridges discretionary insight and systematic discipline
Systematic
Quantitative & Rule-Based
Rule-based quantitative analysis of price and fundamental inputs, unaltered by human bias. Generalist strategies applied consistently across all market sectors.
Price and model-based signal generation
No human intervention in execution
Applied uniformly across commodity sectors
Excels in trending and momentum-driven regimes

Markets

Global Commodity Coverage

The Program trades exchange-cleared instruments across a broad spectrum of commodity markets. Within the Program, CAMMS Capital may allocate a given commodity across multiple trading styles to enhance diversification.  Investment in the Program means investing in all the included markets (no sub-selection permitted).

Agricultural
Grains, oilseeds, softs,
and tropical commodities
CBOT · DCE · ICE · Euronext · SAFEX
Energy
Crude oil, refined
products, natural gas,
power
CME · ICE Energy · ICE · Power & Gas
Metals
Industrial and precious
metals derivatives
LME · Comex · Nymex · ICE
Freight
Forward Freight
Agreements across global routes
SGX · EEX
Macro
Commodity-linked FX,
equity indices, interest
rates
CME · ICE · Eurex

Risk Framework

Systematic, Model-Driven
Risk Management

Risk management is embedded in portfolio design, not applied after the fact. The framework operates continuously alongside trading activity, functioning consistently across market environments including periods of stress. Human oversight validates and enforces model outputs, it does not override them.

1.
Initial Allocation
Risk is allocated through pre-defined risk envelopes, optimized for diversification and drawdown control.
2.
Dynamic Management
Ongoing model-driven assessment of market regimes, strategy performance cycles, correlations, and risk-adjusted metrics.
3.
Drawdown Control
Pre-defined thresholds trigger automatic review and risk adjustments. Reduction is gradual, systematic, and controlled.
4.
Portfolio Evolution
New strategies added only after demonstrating diversification benefits, consistent performance, and positive portfolio impact.

“Decades of moving grain, trading oil, and pricing metals — turned into a disciplined financial program.”

Leadership

Decades of Commodity
Market Expertise

Chief Executive Officer
Stéphane Bernhard
30+ years · Louis Dreyfus · InVivo · ETG
Responsible for overall strategy, portfolio design, and management of the trading desks. Previously Head of Trading at ETG Commodities and Managing Director of InVivo Trading. Founding partner of Forecastis, a developer of algorithmic trading tools. Former Managing Director at Louis Dreyfus Company.
BS Finance, European Business School (1994)
CIO & Head of Quantitative Trading
Salim Boutaleb
15+ years · ETG · InVivo · Société Générale
Co-designs the portfolio and risk
management framework. Responsible for developing and embedding quantitative tools into risk management across the Multi-Strat program. Previously Head of Market Risk and Quantitative Strategies at ETG Commodities and InVivo Trading.
BS Engineering & Financial Mathematics,
Centrale Supélec (2011)
Chief Operating Officer
Rafael Molinero
25+ years · Molinero Capital · University of Chicago
25 years of experience spanning hedge funds and artificial intelligence. Founder of Molinero Capital Management and Molinero Capital Services. His expertise in quantitative methods and AI supports CAMMS Capital’s business structure and operational framework.
MBA High Honors (top 1%), University of Chicago · MSc Mathematics, ENSIMAG

Infrastructure

Institutional-Grade Operations

Independent fund administration, reputable custody, Big Four audit -the Fund operates with the same service provider standards that the largest institutional allocators expect.

Segregated duties across trading, operations, and finance. Formal Investment Committee and Risk Committee structure. Comprehensive compliance program aligned with CFTC and NFA regulatory requirements.

Auditor
KPMG
Administrator
SS&C Technologies
Custodian
Northern Trust
FCM / Prime Broker
StoneX · Marex
Legal Counsel
Faegre Drinker
Operations
IQ EQ

Low-angle view of modern glass skyscrapers against a clear pale sky.

Frequently Asked Questions

Understanding Commodity Multi-Strategy Investing

From the basics of commodity trading advisors to institutional due diligence — answers for allocators, family offices, and qualified investors.

What is a multi-strategy commodity program?
A multi-strategy commodity fund combines multiple independent trading approaches — such as discretionary, systematic, and hybrid strategies — within a single portfolio. This diversification across trading styles reduces dependence on any single market view, strategy type, or market regime.
The multi-strategy model is a well-established institutional architecture — long used by leading multi-manager platforms in equities — applied here specifically to commodity markets.
Risk of loss: Trading commodity futures involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Diversification does not assure profit or protect against loss
How does CAMMS Capital differ from a single-strategy commodity program?
Single-strategy funds concentrate risk in one approach — for example, pure trend-following or discretionary macro. When that approach underperforms, the entire fund suffers.
CAMMS Capital integrates three complementary trading styles (Discretionary, Hybrid, and Systematic) across 30+ commodity markets. Each style captures different market dynamics: the Discretionary desk excels in dislocated and event-driven markets, the Systematic strategies capture trending and momentum-driven regimes, and the Hybrid approach bridges both for transitional environments. When one style underperforms, others typically compensate.
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Risk of loss: Trading commodity futures involves substantial risk of loss and is not suitable for all investors. Past performance is not necessarily indicative of future results. Diversification does not assure profit or protect against loss.
What commodity markets does CAMMS Capital trade?
The fund trades across five sectors, all via exchange-cleared instruments:
Agricultural — Grains, oilseeds, softs, and tropical commodities (CBOT, DCE, ICE, Euronext, SAFEX)
Energy — Crude oil, refined products, natural gas, power (CME, ICE Energy, ICE Power & Gas)
Metals — Industrial and precious metals derivatives (LME, Comex, Nymex, ICE)
Freight — Forward Freight Agreements across global routes (SGX, EEX)
Macro — Commodity-linked FX, equity indices, interest rates (CME, ICE, Eurex)
Who audits the fund and who provides custody?
CAMMS Capital operates with the same service provider standards that the largest institutional allocators expect:
Auditor — KPMG (multi-year audited track record confirmed)
Custodian — Northern Trust
Administrator — SS&C Technologies
Legal Counsel — Faegre Drinker
FCM / Prime Broker — StoneX and Marex
Compliance & Operations — IQ-EQ
Segregated duties across trading, operations, and finance. Formal Investment Committee and Risk Committee structure. Comprehensive compliance program aligned with CFTC and NFA regulatory requirements.
How do I request the fund's disclosure document?
Per CFTC Regulations 4.24 and 4.26, a Disclosure Document must be provided to prospective investors before any subscription. This document contains the fund's complete risk disclosures, fee structure, investment strategy, conflicts of interest, and historical performance data.
Contact investor relations via the inquiry form to receive the current Disclosure Document, Private Placement Memorandum (PPM), Limited Partnership Agreement (LPA), and subscription materials.

Contact

Qualified Investors May Request Information

For Qualified Eligible Persons interested in learning more about CAMMS Capital — including performance information, disclosure documents, and fund terms — please complete the inquiry form or contact our investor relations team directly.

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IMPORTANT RISK DISCLOSURES:This website is for informational purposes only and is directed solely at Qualified Eligible Persons as defined in Commodity Futures Trading Commission (CFTC) Regulation 4.7. Nothing on this website constitutes an offer to sell or a solicitation of an offer to buy any interest in CAMMS Capital Programs.
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Past performance is not necessarily indicative of future results. Investment involves significant risks. The CFTC has not passed upon the merits of participating in any trading program nor on the adequacy or accuracy of any disclosure documents.
The risk of loss in trading commodities can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. The high degree of leverage that is often obtainable in commodity trading can work against you as well as for you. The use of leverage can lead to large losses as well as large gains. In some cases, managed commodity accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets.
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