Key Takeaways
- • DBi, managed by Andrew Beer and partnered with iM Global Partner, launched two new UCITS ETFs focused on managed futures: one with commodities exposure and one explicitly designed without commodities to meet ESG constraints and institutional investor requirements.
- • The non-commodities managed futures fund was seeded by a Nordic pension fund seeking diversified alternative exposure while adhering to strict ESG and commodity investment prohibitions, addressing a market gap for ESG-compliant alternatives.
- • DBi employs currency proxies (Australian and Canadian dollars) in the non-commodities strategy to replicate commodity-linked returns without direct commodity exposure, capturing most pre-fee returns of the traditional managed futures approach.
- • DBi now manages USD 3.2 billion in total assets across its product range, with managed futures identified as the fastest-growing segment across the firm's US and European fund offerings.
- • The new products target hundreds of institutional allocators whose portfolios remain underinvested in alternatives due to ESG constraints and other regulatory limitations, positioning managed futures as a solution to portfolio diversification gaps.
Summary
DBi, a US-headquartered alternative investment manager led by Andrew Beer, has expanded its managed futures capabilities with the launch of two new UCITS ETF products in partnership with iM Global Partner. The iMGP DBi Managed Futures Fund R USD UCITS ETF and the iMGP DBi Managed Futures Ex-Commodities Fund R USD UCITS ETF mark a strategic pivot to capture institutional capital facing ESG and investment restriction constraints. Notably, the non-commodities version represents the firm's first UCITS-format managed futures offering without commodity exposure, seeded by a Nordic pension fund that explicitly required ESG alignment and commodity exclusion.
The seeding arrangement reflects evolving institutional demand for diversified alternative strategies that comply with strict investment mandates. According to Beer, many pension funds and institutional allocators recognize managed futures as a valuable standalone diversifier but cannot access traditional versions due to commodity prohibitions or ESG requirements embedded in their investment policies. By designing products that meet these constraints, DBi has positioned itself to serve a substantial market segment of underallocated institutional investors seeking alternatives exposure.
The ex-commodities strategy employs a sophisticated approach to replicate traditional managed futures returns without direct commodity holdings. The fund uses currency proxies—specifically Australian and Canadian dollars—which historically correlate with commodity price movements, thereby capturing comparable risk-return profiles to commodity-inclusive strategies on a pre-fee basis. This technical solution enables institutional investors with commodity restrictions to gain managed futures exposure through an ESG-aligned wrapper.
DBi's expansion reflects broader market dynamics favoring managed futures as a diversifier in changing macroeconomic conditions. The firm, established approximately a decade ago, now manages USD 3.2 billion in total assets, with managed futures funds identified as the fastest-growing segment across its US and European fund range. The new UCITS launches position DBi to capitalize on institutional demand from allocators seeking both diversification and compliance with increasingly sophisticated ESG and investment restriction frameworks.
The seeding arrangement reflects evolving institutional demand for diversified alternative strategies that comply with strict investment mandates. According to Beer, many pension funds and institutional allocators recognize managed futures as a valuable standalone diversifier but cannot access traditional versions due to commodity prohibitions or ESG requirements embedded in their investment policies. By designing products that meet these constraints, DBi has positioned itself to serve a substantial market segment of underallocated institutional investors seeking alternatives exposure.
The ex-commodities strategy employs a sophisticated approach to replicate traditional managed futures returns without direct commodity holdings. The fund uses currency proxies—specifically Australian and Canadian dollars—which historically correlate with commodity price movements, thereby capturing comparable risk-return profiles to commodity-inclusive strategies on a pre-fee basis. This technical solution enables institutional investors with commodity restrictions to gain managed futures exposure through an ESG-aligned wrapper.
DBi's expansion reflects broader market dynamics favoring managed futures as a diversifier in changing macroeconomic conditions. The firm, established approximately a decade ago, now manages USD 3.2 billion in total assets, with managed futures funds identified as the fastest-growing segment across its US and European fund range. The new UCITS launches position DBi to capitalize on institutional demand from allocators seeking both diversification and compliance with increasingly sophisticated ESG and investment restriction frameworks.
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