Portfolio Manager, Commodities, Global Macro

GIC; Singapore; On-site; SGD 250,000 - 420,000; Full time

Job summary

GIC in Singapore seeks an experienced Commodities Portfolio Manager to join the Global Macro investment team. The role is a cross-asset mandate with P&L accountability, responsible for generating alpha through active management of commodity exposures across energy, metals, and agriculture, and for hedging exposures within a disciplined risk framework.

The candidate will translate macro and fundamental conviction into sized positions, engage with strategists and economists, and contribute to

Qualifications

• 5–10 years' experience managing or trading discretionary commodity portfolios across multiple complexes.
• Generalist across energy, metals, and agriculture with breadth to run broad index exposure.
• Hands-on familiarity with indices construction and hedge execution.
• Proven track record in discretionary book management within a rigorous risk framework.
• Strong understanding of macro drivers linking commodities to inflation, rates, and FX.
• Fluent English communication with senior stakeholders.

Responsibilities

• Manage a discretionary commodities portfolio across energy, metals, and agriculture, translating macro and fundamental conviction into sized, hedged exposures at index and single-market levels.
• Trade and manage exposure to broad commodity benchmarks (e.g., Bloomberg Commodity Index, S&P GSCI) and sub-indices, including roll, curve, and rebalancing dynamics.
• Develop a cross-commodity macro framework covering supply-demand balances, inventories, term structure, inflation linkages, and interactions with rates and FX.
• Identify and implement opportunities across outright, spread, curve, and volatility trades using linear and non-linear instruments with hedging capabilities.
• Manage risk with position sizing, hedging, and drawdown control within mandate guidelines and risk parameters.
• Collaborate with strategists, economists, and other PMs to translate views into actionable cross-asset ideas.
• Contribute a commodities perspective to portfolio construction and diversification themes.
• Build and maintain an external network across sell-side research, brokers, and market participants.

Skills

Commodity portfolio management

Macro & quantitative investing

Hedging & risk management

Derivatives (futures, swaps, options)

Executive communication

Education

Bachelor's degree in Finance/related field

Job description

GIC is one of the world’s largest sovereign wealth funds. With over 2,000 employees across 11 locations around the world, we invest in more than 40 countries globally across asset classes and businesses. Working at GIC gives you exposure to an extraordinary network of the world’s industry leaders. As a leading global long-term investor, we Work at the Point of Impact for Singapore’s financial future, and the communities we invest in worldwide.

Fixed Income & Multi Asset

Our team employs a broad range of investment strategies that span macro, credit, and quantitative investing, including multi-asset, benchmark-agnostic, constrained, indexed, and thematic strategies.

We are seeking an experienced Commodities Portfolio Manager to join our Global Macro investment team. The successful candidate will be a cross-complex generalist responsible for generating alpha through active management of commodity exposures spanning energy, metals, and agriculture, expressed through both broad commodity indices and individual markets. This is an investment role with P&L accountability and a discretionary risk mandate.

Key Responsibilities

• Manage a discretionary commodities portfolio across the full complex — energy, base and precious metals, and agriculture — translating macro and fundamental conviction into sized, hedged exposures at both the index and single-market level.
• Trade and manage exposure to broad commodity benchmarks (e.g. Bloomberg Commodity Index, S&P GSCI) and their sub-indices, including roll, curve, and index-rebalancing dynamics, alongside relative-value positioning across and within complexes.
• Develop a cross-commodity macro framework covering supply-demand balances, inventories, term structure, inflation linkages, and the interaction of commodities with rates, FX, and broader multi-asset portfolios.
• Identify and implement opportunities across outright, spread, curve, and volatility trades, using linear and non-linear instruments with diligent hedging capability.
• Manage risk with full accountability for position sizing, hedging, and drawdown management within mandate guidelines and departmental risk parameters.
• Collaborate with strategists, economists, and other portfolio managers to translate macro and thematic views into actionable, cross-asset trade ideas.
• Contribute a commodities perspective to broader portfolio construction and relative-value discussions, including inflation-hedging and diversification themes.
• Build and maintain an external network across sell-side research, brokers, physical market participants, and industry contacts to sustain market intelligence and deal flow.
• Communicate portfolio views, performance drivers, and risk metrics to senior management and investment committees.

Qualifications & Experience

• 5–10 years' experience managing or trading discretionary commodity portfolios, with a demonstrated track record across multiple commodity complexes rather than a single market.
• Generalist expertise across energy, metals, and agriculture, with the breadth to run broad-based commodity index exposure — preferred over deep specialisation in a single commodity such as oil, natural gas, or iron ore.
• Hands-on familiarity with broad commodity indices and their construction (roll methodology, weighting, rebalancing) and how index-level exposure is expressed and hedged.
• Strong track record managing a discretionary commodities book with a disciplined portfolio management and risk framework.
• Sound understanding of commodity fundamentals — supply-demand, inventories, seasonality, term structure — and the macro drivers linking commodities to inflation, rates, and FX.
• Strong market acumen and in-depth understanding of derivatives (futures, swaps, options) used for hedging and expressing views.
• Excellent communication skills, with the ability to present to CIO-level audiences and articulate complex views with clarity and conviction.
• Fluency in English required.

Work at the Point of Impact

We need to be forward-looking to attract the right people to help us become the Leading Global Long-term Investor. Join our ambitious, agile, and diverse teams - be empowered to push boundaries and pursue innovative ideas, share your views, and be heard. Be anchored on our PRIME Values: Prudence, Respect, Integrity, Merit and Excellence, which guides us in how we make our day-to-day decisions. We strive to inspire. To make an impact.

Flexibility at GIC

At GIC, our offices are vibrant hubs for ideation, professional growth, and interpersonal connection. At the same time, we believe that flexibility allows us to do our best work and be our best selves. Thus, our teams come into the office four days per week to harness the benefits of in-person collaboration but have the flexibility to choose which days they work from home and adjust this arrangement as situational needs arise.

GIC is an equal opportunity employer

GIC is an equal opportunity employer, and we value diversity. We do not discriminate based on race, religion, colour, national origin, sex, gender, gender expression, sexual orientation, age, marital status, veteran status, or disability status. We will ensure that individuals with disabilities are provided reasonable accommodation to participate in the job application or interview process, to perform essential job functions, and to receive other benefits and privileges of employment.

Our PRIME Values

GIC is a values driven organization. GIC’s PRIME Values act as our compass, enabling us to fulfil our fundamental purpose and objectives. It is the foundational bedrock which governs our behaviors, our decision making, and our focus. It informs both our long-term strategy as a firm, and the way we relate to our Client, business partners and employees. PRIME stands for Prudence, Respect, Integrity, Merit and Excellence.