Portfolio Manager - Oil & Refined Products

Caxton Associates; Greater London; On-site; GBP 180,000 - 340,000; Full time

Job summary

Caxton Associates LP is seeking an experienced Portfolio Manager to independently manage significant capital and develop alpha-driven strategies across commodity markets. The role emphasizes quantitative analysis, Python-based modelling, and rigorous risk management within a global team.

You will translate fundamental research into executable trades, assess liquidity and execution costs, and maintain strict regulatory compliance.

Qualifications

• Proven portfolio-management track record and strong investment acumen.
• At least 5 years of capital-management experience, preferably in a hedge fund.
• Thrive in a collaborative global team with high ethics and integrity.
• Deep understanding of oil or refined-product markets and price formation.
• Ability to build and validate balance or refinery/product models and explain assumptions.
• Hands-on quantitative capability in Python or equivalent and strong spreadsheet modelling.

Responsibilities

• Independently manage significant capital by creating and monitoring alpha-driven strategies.
• Construct portfolios targeting asymmetric returns with limited correlation to markets.
• Implement robust risk management and monitor positions and exit criteria.
• Collaborate with global investment team and communicate evidence and market views.
• Ensure strict compliance with regulations and risk controls.
• Analyze refinery economics, substitutions, and market dynamics to inform trades.
• Express views through outright positions, spreads, and geographical differentials.

Skills

Portfolio management

Quantitative methods

Python

Excel

Risk management

Investment research

Tools

Python

Job description

Company Overview:

Caxton Associates, founded in 1983, is a global trading and investment firm with offices in London, New York, Singapore, Monaco, Dubai and Bengaluru. Caxton Associates’ primary business is to manage client and proprietary capital through multiple liquid global hedge fund disciplines. Our broad mandate allows us to trade across global markets and instruments, with a strong focus on alpha generation for our clients.

Key Responsibilities:

• Independently manage a significant capital allocation by creating, executing and monitoring an alpha-driven investment strategy informed by differentiated commodity-market views.
• Construct portfolios targeting asymmetric returns and limited correlation to traditional capital markets, translating fundamental research into appropriate instruments, spreads and risk exposures.
• Implement robust risk management, continuously assessing positions, investment theses, downside scenarios and exit criteria.
• Collaborate effectively across the global investment team, communicating evidence, assumptions and changes in market views.
• Ensure strict compliance with applicable regulations and internal risk controls.
• Build and challenge regional supply-and-demand balances spanning production, refinery throughput, yields, consumption, trade and inventories; reconcile official statistics, vessel tracking and other data, including reporting gaps and revisions.
• Analyse refinery economics, maintenance, outages, crude quality and substitution, product specifications and seasonality, alongside freight, storage, transport constraints and physical arbitrage.
• Express views through outright positions, calendar and crack spreads or geographical differentials, considering inventory valuation, marginal supply and demand responses, contract expiry, delivery, pricing windows, liquidity and positioning.

Requirements:

• Proven portfolio-management track record, strong investment acumen and a Sharpe Ratio greater than 1.5.
• A minimum of 5 years of experience managing capital, preferably within a hedge fund.
• Ability to thrive in a collaborative global team, with the highest standards of ethics and integrity and sound decisions under pressure.
• Deep understanding of oil or refined-product physical markets, refinery economics, price formation, key instruments and market micro structure.
• Ability to independently build and validate balance or refinery/product models, explain assumptions and forecast errors, and translate changes in fundamentals into executable trades.
• Hands-on quantitative capability in Python or an equivalent language and strong spreadsheet modelling; ability to source, clean, test and explain data, assumptions and model limitations.
• Practical understanding of liquidity, positioning, execution costs, risk limits and the circumstances that would invalidate an investment thesis.

If you're an experienced portfolio manager passionate about collaboration and financial markets, we'd love to connect with you.