A head for inter-commodity spreads

Fund profile

Unlike many of their competitors, Russell Newton and Daniel Masters of Global Advisors have decades of experience in the energy and commodities business. The pair cut their teeth as oil traders at Shell’s trading arm, Shell International Trading Company, before moving on to the commodities trading powerhouse Phibro. In 1993, they joined JP Morgan to help establish an in-house energy business.

“Our time at Shell taught us about the physical aspects of the commodities market, while trading at