Portfolio Manager - US Natural Gas & Power

Caxton Associates; New York (NY); On-site; USD 213,000 - 288,000; Full time

Job summary

Caxton Associates LP, a global trading firm, seeks experienced Portfolio Managers specializing in US natural gas and/or US power markets. You will manage large capital, apply rigorous risk controls, and contribute to a research-driven environment across a collaborative global team.

You'll build and monitor alpha-driven strategies, translate research into investable instruments, and ensure compliance with regulations while pursuing unique market insights and alpha generation.

Qualifications

• Proven portfolio-management track record with Sharpe > 1.5.
• 5+ years of capital-management experience in hedge funds or trading houses.
• Deep expertise in US natural gas or power markets and related instruments.
• Strong ability to model gas/ power scenarios and trading implications.
• Proficient in Python or equivalent and strong data handling.

Responsibilities

• Independently manage a significant capital allocation with alpha-driven strategy.
• Construct portfolios targeting asymmetric returns and limited beta exposure.
• Implement robust risk management and exit criteria.
• Collaborate across global investment team and communicate market views.
• Ensure compliance with regulations and risk controls.
• Model gas balance, weather-sensitive demand, and LNG flows for natural gas.
• Forecast load, generation mix, price formation, and energy interactions for power.
• Assess gas infrastructure and gas-to-power linkages, account for liquidity.

Skills

Portfolio management

Quantitative skills

Python

Spreadsheet modelling

Team collaboration

Ethics and integrity

Decision making under pressure

Risk assessment

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.

The Role:

Caxton Associates is seeking experienced Portfolio Managers specialising in US natural gas and/or US power markets, with an understanding of their interdependence.

In this role, you will be responsible for managing a significant capital allocation, implementing rigorous risk management, and contributing to our collaborative, research-driven environment. Within our organization, we place a high value on collaboration, promoting regular and ongoing discussions about global macroeconomic trends, geopolitical developments, and the evolution of financial markets. We seek out professionals who can generate unique insights within their investment universe, contribute to the firm’s broader strategic outlook, and leverage collective knowledge to generate alpha.

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.
• For natural gas strategies, build regional and national balances covering production, pipeline and cross-border flows, storage, LNG feedgas and demand; model weather-sensitive demand, power burn and fuel switching.
• For power strategies, forecast load, renewable generation, outages, available capacity and the generation stack; analyse ISO/RTO price formation, congestion, transmission, scarcity and relevant energy/ancillary-service interactions.
• Assess gas infrastructure, maintenance, storage deliverability, regional basis and gas-to-power linkages; translate research into Henry Hub, basis, calendar, hub, locational, seasonal or peak/off-peak exposures as appropriate, accounting for contract characteristics and liquidity.

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 or trading house.
• Ability to thrive in a collaborative global team, with the highest standards of ethics and integrity and sound decisions under pressure.
• Deep expertise in US natural gas or power markets, including relevant infrastructure, pricing mechanisms, traded instruments and the interaction between gas and power.
• Ability to independently build and validate gas-balance or power-price models and evaluate weather, infrastructure and generation scenarios with clear trading implications.
• 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.

With respect to New York-based applicants, the base pay for this role is $250,000 annually. The total compensation is dependent upon several factors, including, but not limited to, relevant experience, business needs and market demands. This role may also be eligible for bonus compensation and employee benefits.