This website uses cookies

Read our Privacy policy and Terms of use for more information.

MEMBERS ONLY
THE TRADE BLOTTER · COMMODITIES

Every completed trade on Commodities, month by month.

Two blotters, both settled to the end of last month. The first covers the Systematic Portfolio, position by position.

The second covers Multi-model Signals across the same 33 names, including the ones the Systematic Portfolio never took.

WHAT IS ON THIS PAGE
SYSTEMATIC PORTFOLIOEvery completed month since launch, newest on top.
MULTI-MODEL SIGNALSThe wider record, including longs the Systematic Portfolio never took.
NOTHING REMOVEDA trade stays on the page whichever way it went.
HOW TO JUDGE WHAT FOLLOWS

Any one trade here can be wrong. That is expected. The method does not rest on calling a single name correctly at any moment in time. It rests on repeating a small edge across many positions over a long stretch. The honest unit of assessment is the whole universe over years.

LOOKING FOR THIS MONTH?

This page is the settled record, complete to the end of last month. The month in progress stays in the issues, open positions with their exact weights along with anything closed since the first. Every issue is posted to the site under the same login, so the archive is one click away.

Your Commodities issues →
01Systematic Portfolio

Every position the Systematic Portfolio closed last month or earlier.

The same weekly re-optimisation runs here, on a separate universe. Commodities holds cash more readily than Macro & Megacaps does, so a light stretch on this page is the models declining to guess rather than a gap in the record.

This page stops at the end of last month. Anything still open, plus anything closed since the first of this month, is in the Monday issue. That is deliberate: the current positions are what a subscription pays for.

ONE TABLE PER COMPLETED MONTH · CLICK TO EXPAND

Closed in September 2026 · 9 positions
TickerStatusEntryEntry pxExit / lastExit pxSessionsWeight in→nowReturnContrib
NTRclosed2026-09-2176.002026-09-2273.29119.2% → 19.2%-3.6%-0.7%
FNVclosed2026-09-14258.172026-09-17266.8239.7% → 9.7%+3.4%+0.3%
SILclosed2026-09-1493.092026-09-2987.29117.0% → 6.8%-6.2%-0.4%
LNGclosed2026-09-08280.682026-09-15273.32523.4% → 21.7%-2.6%-0.6%
AEMclosed2026-08-31204.592026-09-01196.5517.8% → 7.8%-3.9%-0.3%
DBAclosed2026-08-3129.092026-09-0429.04421.4% → 21.4%-0.2%-0.0%
XOM 2 lotsclosed2026-08-24162.85 avg2026-09-03164.43814.0% → 18.8%+1.0%+0.2%
└ entrybought at open2026-08-24163.87to 2026-09-03+14.00pp → 14.0%+0.3%
└ add to existingbought at open2026-08-31159.94to 2026-09-03+4.77pp → 18.8%+2.8%
SLVclosed2026-08-2462.812026-09-1158.73134.3% → 4.1%-6.5%-0.3%
BHP 2 lotsclosed2026-08-0387.05 avg2026-09-2385.80366.4% → 12.0%-1.4%-0.1%
└ entrybought at open2026-08-0381.45to 2026-09-23+6.45pp → 6.4%+5.3%
└ add to existingbought at open2026-09-0893.00to 2026-09-23+6.93pp → 13.6%-7.7%
Closed in August 2026 · 11 positions
TickerStatusEntryEntry pxExit / lastExit pxSessionsWeight in→nowReturnContrib
DBAclosed2026-08-1727.862026-08-2528.03616.7% → 15.5%+0.6%+0.1%
SILclosed2026-08-1790.102026-08-2598.4265.1% → 5.1%+9.2%+0.5%
FNVclosed2026-08-10236.882026-08-20248.5888.1% → 8.0%+4.9%+0.4%
SCCOclosed2026-08-10195.682026-08-26217.92126.5% → 6.3%+11.4%+0.7%
ALBclosed2026-08-03115.802026-08-04120.0114.9% → 4.9%+3.6%+0.2%
GDXclosed2026-08-0374.312026-08-0477.6114.6% → 4.6%+4.4%+0.2%
SLVclosed2026-08-0351.252026-08-0453.9713.7% → 3.7%+5.3%+0.2%
XOMclosed2026-08-03152.482026-08-10153.52510.6% → 10.6%+0.7%+0.1%
LNG 2 lotsclosed2026-08-03258.51 avg2026-08-17273.431010.3% → 16.1%+5.8%+0.8%
└ entrybought at open2026-08-03259.06to 2026-08-17+10.35pp → 10.3%+5.5%
└ add to existingbought at open2026-08-10257.53to 2026-08-17+5.73pp → 16.1%+6.2%
DE 2 lotsclosed2026-08-03609.03 avg2026-08-25652.071610.4% → 15.0%+7.1%+1.0%
└ entrybought at open2026-08-03602.91to 2026-08-25+10.37pp → 10.4%+8.2%
└ add to existingbought at open2026-08-10621.12to 2026-08-25+5.40pp → 15.8%+5.0%
NTRclosed2026-08-0368.382026-08-2873.50197.3% → 7.3%+7.5%+0.5%
02Multi-model Signals

Every long Multi-model Signals closed last month or earlier.

A signal is not a holding. The Systematic Portfolio takes a subset of these, sized and capped, so a name can appear here that it never bought. That is the point of showing both.

This page stops at the end of last month. Anything still open, plus anything closed since the first of this month, is in the Monday issue. That is deliberate: the current positions are what a subscription pays for.

ONE TABLE PER COMPLETED MONTH · CLICK TO EXPAND

Closed in September 2026 · 31 trades
TickerTradeStatusEntryEntry pxExit / lastExit pxSessionsReturn
PAASleverclosed2026-09-2349.352026-09-2447.501-3.8%
SILleverclosed2026-09-2394.342026-09-2887.033-7.8%
SCCOleverclosed2026-09-22199.012026-09-29203.795+2.3%
XOMpositionclosed2026-09-22157.532026-09-30162.236+3.0%
AEMleverclosed2026-09-18202.292026-09-24193.584-4.4%
MPCleverclosed2026-09-17408.762026-09-22391.683-4.2%
CPERleverclosed2026-09-1538.512026-09-2939.6910+2.9%
GLDpositionclosed2026-09-14391.892026-09-30384.3912-1.9%
SCCOleverclosed2026-09-11195.842026-09-17195.794-0.1%
BCIleverclosed2026-09-1026.572026-09-2226.238-1.4%
PAASleverclosed2026-09-1050.932026-09-1448.742-4.3%
LNGleverclosed2026-09-08280.682026-09-15273.325-2.7%
NTRleverclosed2026-09-0478.372026-09-1776.928-2.0%
LNGpositionclosed2026-09-03296.002026-09-15273.327-7.7%
MPCleverclosed2026-09-03383.952026-09-16405.318+5.4%
NEMleverclosed2026-09-02124.722026-09-09129.734+3.9%
PPLTpositionclosed2026-09-0215.942026-09-2415.8115-0.8%
MPCleverclosed2026-09-01380.782026-09-02380.371-0.1%
DBApositionclosed2026-08-3129.092026-09-1728.6612-1.5%
DBAleverclosed2026-08-3129.092026-09-0429.044-0.3%
ALBpositionclosed2026-08-27134.442026-09-04126.466-5.9%
CPERleverclosed2026-08-2739.912026-09-0439.916-0.1%
XOMleverclosed2026-08-25161.452026-09-02163.936+1.4%
OXYpositionclosed2026-08-2460.722026-09-1758.6717-3.4%
NEMpositionclosed2026-08-20124.002026-09-10124.6614+0.5%
RIOpositionclosed2026-08-2099.062026-09-2593.9325-5.2%
PPLTpositionclosed2026-08-1916.012026-09-0115.879-0.9%
URApositionclosed2026-08-1944.332026-09-2441.6525-6.0%
GDXpositionclosed2026-08-1088.902026-09-2492.5232+4.1%
XOMpositionclosed2026-07-28153.192026-09-14168.7033+10.1%
BHPpositionclosed2026-07-0681.162026-09-2385.8056+5.7%
Closed in August 2026 · 27 trades
TickerTradeStatusEntryEntry pxExit / lastExit pxBarsReturn
MPpositionclosed2026-08-2557.172026-08-3156.134-1.8%
SLVleverclosed2026-08-2560.992026-08-3160.394-1.1%
AUpositionclosed2026-08-24120.512026-08-27117.413-2.6%
OXYleverclosed2026-08-2460.722026-08-2558.801-3.2%
SCCOleverclosed2026-08-24219.002026-08-28217.564-0.7%
FNVleverclosed2026-08-19242.392026-08-20248.581+2.5%
PALLpositionclosed2026-08-1823.672026-08-2624.326+2.7%
FNVleverclosed2026-08-12240.872026-08-18235.604-2.3%
BCIleverclosed2026-08-1124.452026-08-2625.0011+2.0%
BHPleverclosed2026-08-1088.302026-08-3194.0115+6.2%
DEleverclosed2026-08-07612.352026-08-13619.554+1.1%
NEMpositionclosed2026-08-06103.332026-08-12119.764+15.9%
USOpositionclosed2026-08-06116.462026-08-17127.297+9.3%
VALEpositionclosed2026-08-0614.492026-08-2515.0113+3.6%
FNVpositionclosed2026-08-05230.322026-08-20248.5811+7.9%
DBApositionclosed2026-08-0327.512026-08-2528.0316+1.9%
CPERleverclosed2026-07-3139.242026-08-1040.066+2.0%
XOMleverclosed2026-07-31152.772026-08-10153.526+0.4%
ALBpositionclosed2026-07-29114.892026-08-06127.296+10.8%
GDXpositionclosed2026-07-2973.942026-08-0477.614+5.0%
LNGleverclosed2026-07-28253.992026-08-07263.848+3.7%
NTRleverclosed2026-07-2868.262026-08-0765.648-4.0%
AEMpositionclosed2026-07-23142.172026-08-07177.0511+24.5%
LNGpositionclosed2026-07-23271.632026-08-17273.4317+0.7%
GLDpositionclosed2026-07-21371.702026-08-31407.7629+9.7%
PPLTpositionclosed2026-07-1514.902026-08-0314.6213-1.9%
SILpositionclosed2026-06-2977.592026-08-0477.6825+0.1%
Closed in July 2026 · 24 trades
TickerTradeStatusEntryEntry pxExit / lastExit pxBarsReturn
DEleverclosed2026-07-27627.712026-07-31600.064-4.5%
SILleverclosed2026-07-2776.192026-07-2973.172-4.0%
SCCOleverclosed2026-07-24179.132026-07-28170.642-4.8%
NEMpositionclosed2026-07-2089.922026-07-2991.277+1.5%
GDXpositionclosed2026-07-1770.402026-07-2374.444+5.7%
SCCOleverclosed2026-07-16173.772026-07-22184.614+6.2%
BHPleverclosed2026-07-1583.862026-07-3083.8711-0.2%
MPpositionclosed2026-07-1550.972026-07-2245.545-10.6%
SLVpositionclosed2026-07-1552.712026-07-1650.911-3.4%
SCCOpositionclosed2026-07-13170.972026-07-28170.6411-0.2%
CPERleverclosed2026-07-0737.682026-07-1737.538-0.6%
ALBpositionclosed2026-07-06135.392026-07-13125.675-7.2%
NTRleverclosed2026-07-0664.802026-07-1667.118+3.4%
RIOpositionclosed2026-07-0691.852026-07-0987.553-4.7%
URApositionclosed2026-07-0643.762026-07-2938.4917-12.0%
VALEpositionclosed2026-07-0614.702026-07-3014.5818-0.9%
XOMpositionclosed2026-07-02136.282026-07-16144.359+5.9%
DBApositionclosed2026-07-0126.742026-07-2228.2014+5.5%
NEMpositionclosed2026-07-0192.202026-07-0795.883+4.0%
GDXpositionclosed2026-06-2976.132026-07-0874.096-2.7%
GLDpositionclosed2026-06-29370.572026-07-09378.507+2.1%
PALLpositionclosed2026-06-2921.912026-07-1623.2012+5.9%
SLVpositionclosed2026-06-2952.772026-07-0255.113+4.4%
USOpositionclosed2026-06-29106.652026-07-07105.675-0.9%
Closed in June 2026 · 1 trade
TickerTradeStatusEntryEntry pxExit / lastExit pxBarsReturn
PPLTpositionclosed2026-06-2914.342026-06-3014.201-1.0%
03How to read this page

Six terms, then you can check any row yourself.

ENTRYThe adjusted open on the first published trade date.
EXITThe adjusted open on the first date the Systematic Portfolio no longer holds the name. A signal exit and a re-optimisation both count.
OPEN TRADESMarked to the latest close, so the return keeps moving until the position closes at a true open.
LOTSA position bought in more than one go shows average cost as its entry price. Each lot sits on its own row underneath.
CONTRIBUTIONPrice return times the average published weight over the run. It is a reading aid, not the record.
CRYPTOPriced on the exchange-traded funds actually traded.

This page is not the performance record. Returns, volatility and drawdown are computed from the locked daily series on the track record page. A row here tells you what one position did. It does not tell you what the Systematic Portfolio did.

The track record →How the Systematic Portfolio is built →The Macro & Megacaps blotter →

Published for information and education. It is not personalised advice, not a managed account, and not a recommendation to buy or sell any security. Capital is at risk. Past and backtested performance tell you nothing certain about the future.