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Investment Team
Our Firm

Commodity Asset Management (CAM) is a specialized industrial commodities focused asset manager, founded by alumni of Marc Rich & Co. Our principal mission is to deliver consistent absolute returns to our investors and to uphold our core values of integrity, discipline, intellectual honesty, and grit.

What makes us unique in the commodity space is our uncommon experience and our extensive network of proprietary relationships across the industrial commodities value chain. By tapping our personally and professionally-derived networks along with alternative data sources, we can identify and capitalize on important trends, sometimes well before our larger peers.

We target the most attractive, risk-adjusted investment opportunities in the sector. We target lesser-covered, yet very liquid, commodities that other funds tend to ignore due to their capacity constraints. We apply our in-depth understanding of physical supply and demand dynamics to generate superior returns, and we adhere to strict stop-loss parameters to mitigate the downside.

Integrity – Our team is comprised of individuals who are fair and respectful, and who are empowered to contribute views and opinions. Integrity guides us when we are confronted by the unexpected, for which no rules exist.

Discipline – We believe that superior risk-adjusted returns can be achieved through the use of thoughtful, targeted hedging strategies and diversification. No individual or firm is smarter than the market.

Intellectual Honesty – We are bold and agile thinkers, challenging the status quo in our pursuit of excellence and in our search for truths. We work relentlessly to innovate through healthy debate, rigorous research and testing.

Grit – We have an unbridled passion for markets, and we approach our business as entrepreneurial owners, not employees. We maintain our determination over long periods, even when we're met with adversity.

Investment Team


Jonathan Tulkoff | Founding Partner and Portfolio Manager

Jonathan is an original founding partner of Commodity Asset Management. He began his career as a trader at Marc Rich & Co., and he has over twenty years of experience trading physical commodities, with distinct expertise in ferrous metals. Jonathan has an extensive and diversified network within the industrial commodities complex. Jonathan is Series 3 licensed.


Joel Spier | Head Trader

Joel is a Head Trader at Commodity Asset Management. Joel was the former Director of Metals at Cargill and former Head of Metals Americas at Jefferies Bache and Newedge. Joel has over 35 years of experience in trading futures and physical commodities with specialties in non-ferrous metals, with a special emphasis on Aluminum and Commodities Risk Management. Joel is Series 3 licensed.

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Gerald T. Hurley, CFA | Operations Consultant

A Chartered Financial Analyst (CFA) charter holder since 2001, Jerry has a 25+-year track record in providing risk management, post trade, accounting reporting solutions, and leveraging diverse experience across both buy and sell sides of the global trading markets. Jerry is a proven business strategist with a distinct knowledge set and leadership approach that has consistently produced a superior record of delivering critical projects on time. 

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