Portfolio Manager - US Natural Gas & Power

Caxton Associates•New York, NY

10d

About The Position

Caxton Associates is seeking experienced Portfolio Managers specializing in US natural gas and/or US power markets, with an understanding of how the markets are interdependent. The role manages a significant capital allocation, implements rigorous risk management, and contributes to a collaborative, research-driven investment environment. Portfolio Managers are expected to generate differentiated insights in their investment universe and contribute to the firm’s broader strategic outlook through regular discussion of macroeconomic trends, geopolitical developments, and financial markets. The role involves developing and executing alpha-driven strategies, translating fundamental research into appropriate instruments and risk exposures, and constructing portfolios designed for asymmetric returns and limited correlation to traditional capital markets. For natural gas strategies, this includes building regional and national balances and modeling weather-sensitive demand, power burn, and fuel switching. For power strategies, it includes forecasting load, renewable generation, outages, available capacity, and the generation stack, as well as analyzing ISO/RTO price formation, congestion, transmission, scarcity, and energy or ancillary-service interactions. Research may be expressed through Henry Hub, basis, calendar, hub, locational, seasonal, or peak/off-peak exposures, accounting for contract characteristics and liquidity. New York-based applicants are offered base pay of $250,000 annually. Total compensation depends on factors including relevant experience, business needs, and market demands. The role may also be eligible for bonus compensation and employee benefits.

Requirements

Proven portfolio-management track record, strong investment acumen, and a Sharpe Ratio greater than 1.5.
At least 5 years of experience managing capital, preferably within a hedge fund or trading house.
Deep expertise in US natural gas or power markets, including relevant infrastructure, pricing mechanisms, traded instruments, and the interaction between gas and power.
Ability to independently build and validate gas-balance or power-price models and evaluate weather, infrastructure, and generation scenarios with clear trading implications.
Hands-on quantitative capability in Python or an equivalent language and strong spreadsheet modeling skills.
Ability to source, clean, and test data, and explain data, assumptions, and model limitations.
Practical understanding of liquidity, positioning, execution costs, risk limits, and circumstances that would invalidate an investment thesis.
Ability to thrive in a collaborative global team, with high standards of ethics and integrity and sound decision-making under pressure.

Responsibilities

Independently manage a significant capital allocation by creating, executing, and monitoring an alpha-driven investment strategy informed by differentiated commodity-market views.
Construct portfolios targeting asymmetric returns and limited correlation to traditional capital markets, translating fundamental research into appropriate instruments, spreads, and risk exposures.
Implement robust risk management by continuously assessing positions, investment theses, downside scenarios, and exit criteria.
Collaborate across the global investment team and communicate evidence, assumptions, and changes in market views.
Ensure compliance with applicable regulations and internal risk controls.
For natural gas strategies, build regional and national balances covering production, pipeline and cross-border flows, storage, LNG feedgas, and demand; model weather-sensitive demand, power burn, and fuel switching.
For power strategies, forecast load, renewable generation, outages, available capacity, and the generation stack; analyze ISO/RTO price formation, congestion, transmission, scarcity, and relevant energy and ancillary-service interactions.
Assess gas infrastructure, maintenance, storage deliverability, regional basis, and gas-to-power linkages.
Translate research into appropriate Henry Hub, basis, calendar, hub, locational, seasonal, or peak/off-peak exposures while accounting for contract characteristics and liquidity.