Liongate Commodities Fund is a diversified portfolio of commodity related hedge funds. The focus of The Fund is to deliver high risk adjusted returns over a longer time horizon by actively allocating between more long-biased commodity strategies or more defensive strategies, depending on the medium-term macroeconomic outlook. This active allocation should allow the investment manager to protect against the inherent volatility of commodity cycles while participating in the secular commodities trend. A range of 15-25 hedge fund managers are chosen for investment by the Fund. All managers should generate active alpha by exploiting market inefficiencies, regardless of market conditions or peer performance.