Inflation and Investing in the Commodities Supercycle.
There are two ingredients required for a commodity supercycle: an extended period of underinvestment in supply, and a generational demand shock. Today we have both.
Auspice “Commodity to Complete” Investment Solutions
“Core Commodity” - Tactical, low-fee upside exposure to commodities and inflation with a 15-year track record of broad commodity index outperformance.
“Commodity & Crisis Alpha” - Negatively correlated multi-strategy CTA with a higher commodity weighting, has consistently outperformed CTAs in risk-off and inflationary periods over 19 years.
“Equity Replacement” - For every dollar invested, you get $1 of exposure to the S&P 500, and $1 to the flagship protective CTA / managed futures strategy, Auspice Diversified, while receiving a cash distribution.
Two Minute Explainer Videos
View our explainer videos for an introduction and overview on Auspice Commodity to Complete solutions.
Auspice Research and Investor Education
See some of the latest Auspice research and a new, expanding page dedicated to investor education, here.
Email info@auspicecapital.com to chat to a member of our team and learn more.
Return Stacking and Portable Alpha - An Investor’s Guide
(August 2025) - Auspice White Paper
This paper examines the evolution of portfolio construction through portable alpha and return stacking, approaches that enhance diversification and capital efficiency while preserving core market exposure. Portable alpha, long employed by large institutional investors, separates beta and alpha by using derivatives or managed accounts to overlay uncorrelated return streams on top of traditional market exposures. Return stacking represents a modern and more accessible extension of this approach, using commingled funds and futures-based strategies to provide dual exposure. Investors can maintain equity, fixed income, or other asset participation while adding complementary strategies such as trend-following CTAs, on top.
The paper reviews the historical development of these techniques, including early institutional implementations and public market. It explores the potential benefits of return stacking, including improved risk-adjusted and absolute returns, greater capital efficiency, and behavioral advantages that can help investors maintain discipline. It also highlights key considerations such as style risk, conditional correlations, and the use of leverage.
Through historical examples, stress periods, and illustrative portfolio outcomes, this paper provides a framework for investors seeking to integrate uncorrelated return streams into traditional allocations in a practical and scalable way.
Read more here.
The Case for Active Commodities
(June 2026) - Auspice Commodity Investor’s Guide
How investors own commodities matters just as much as whether they own them at all. A true third asset class, distinct from stocks and bonds in ways that have real consequences for a portfolio, commodities offer diversification and inflation protection that traditional allocations struggle to replicate, particularly in the macro environment now taking shape.
The Auspice Commodity Investor's Guide examines why the most common ways of accessing commodities have historically fallen short, and what a disciplined, active approach changes about the outcome. Drawing on more than five decades of data and an illustrative portfolio construction, it explores where we are in the broader commodity cycle and why the world's largest allocators are repositioning.
For investors weighing the role of commodities in their portfolios, this paper offers a clear, evidence-based framework for approaching the opportunity and navigating the increasing number of options available to them.
Read more here.
THE TECHNOLOGY BOOM TO FURTHER FEED THE COMMODITY CYCLE
(May 2024) - Auspice Research Article Featured in the Commodity Insights Digest (CID)
Big Tech may be the next big commodity buyer – at a time when supply is increasingly tight, and prices are already on the rise.
WHAT IS THE OPTIMAL CTA ALLOCATION?
(September 2022) - Auspice Case Study: BTOP 50 and Auspice Diversified
Increasingly the question of “how much to allocate” to trend-following CTAs has been posed to Auspice. This 2-page case study looks at the math and portfolio benefits.
COMMODITY INVESTING IN THE AGE OF ESG AND INFLATION
(November 2021) - Auspice White Paper
Whether for broad diversification or in response to increasing inflation risks, commodity futures may be the the most practical and effective solution for responsible investors looking for commodity exposure. This white paper considers commodity futures within ESG frameworks.
IMPORTANT DISCLAIMER
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated