Commodities, with structural risk visibility

Roll yield can dominate spot return. Contango and backwardation move return as much as spot price. Roll yield needs to be tracked and reported separately, not blended into headline return.

Basis risk is material. The gap between physical price and the nearest futures contract can move sharply. Basis risk needs to be tracked per location, grade and tenor.

Storage and financing erode carry. Physical inventory carries storage and financing cost that reduces net carry. Inventory positions need full cost attribution.

Concentration limits matter at multiple levels. Single-commodity, single-exchange and single-counterparty concentration all need monitoring with limits enforced continuously.

Commodities is one of the platform's 68 native asset classes and is scored on its own rubric rather than through a sub-asset overlay. Twelve of the 68 native classes work this way: the deal population is structurally homogeneous enough that a single criteria set, document checklist and key term schema covers it without slicing further.

That keeps intake simple. Every commodities opportunity is asked the same questions, extracted against the same key term fields, and compared against the same rubric, so the scoring is directly comparable across your whole commodities book from the first deal onwards.

Every commodities opportunity that moves through Reuben AI leaves a structured record rather than a folder of documents and a memo. The rubric score is stored with the criteria that produced it, each extracted key term is stored with the clause and page it came from, and every flag is stored with the reason it fired and who cleared it.

The practical effect is that the investment committee paper, the LP report line and the audit trail are all reading the same underlying record. When an LP asks in year three why a commodities position was underwritten the way it was, the answer is retrieved, not reconstructed.

Commodities sits as a core allocation for Hedge Fund mandates, and is adjacent or opportunistic for 4 of the other fund types the platform serves.

That matters operationally because most funds do not hold commodities alone. The moment a portfolio spans more than one asset class, comparability becomes the constraint: a position scored on a bespoke commodities spreadsheet cannot be ranked against a position scored somewhere else. Running commodities on the same rubric engine as the rest of the book removes that break.

Reporting inherits the same property. Portfolio monitoring, valuation cadence, capital account movement and LP reporting all draw from the single stored record, so a commodities position appears in the quarterly pack on the same basis as every other holding, with the same evidence behind it.