Portfolio Manager - US Natural Gas & Power

Caxton Associates•New York, NY

6h•$250,000 - $250,000

About The Position

Caxton Associates is seeking experienced portfolio managers specialising in US natural gas and/or US power markets, with an understanding of how those markets interact. The role involves managing a significant capital allocation, implementing rigorous risk management, and contributing to a collaborative, research-driven investment environment. Portfolio managers are expected to generate distinctive insights within their investment universe, contribute to the firm’s broader strategic outlook, and use collective knowledge to generate alpha. For natural gas strategies, the role includes building regional and national balances covering production, pipeline and cross-border flows, storage, LNG feedgas and demand; modelling weather-sensitive demand, power burn and fuel switching. For power strategies, it includes forecasting load, renewable generation, outages, available capacity and the generation stack, and analysing ISO/RTO price formation, congestion, transmission, scarcity and relevant energy and ancillary-service interactions. The role also assesses gas infrastructure, maintenance, storage deliverability, regional basis and gas-to-power linkages, translating research into suitable market exposures while accounting for contract characteristics and liquidity. New York-based applicants are offered a 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.
Ability to thrive in a collaborative global team, uphold high standards of ethics and integrity, and make sound decisions under pressure.
Deep expertise in US natural gas or power markets, including relevant infrastructure, pricing mechanisms, traded instruments and 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 modelling; ability to source, clean, test and explain data, assumptions and model limitations.
Practical understanding of liquidity, positioning, execution costs, risk limits and circumstances that would invalidate an investment thesis.

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; analyse ISO/RTO price formation, congestion, transmission, scarcity and relevant energy/ancillary-service interactions.
Assess gas infrastructure, maintenance, storage deliverability, regional basis and gas-to-power linkages; translate research into suitable Henry Hub, basis, calendar, hub, locational, seasonal or peak/off-peak exposures, accounting for contract characteristics and liquidity.