Calculo to Launch 3x Strategy and Return-Stacked Product

Key Takeaways

• Terra, Altus, Supra form tiered commodity leverage ladder
• Supra targets equity‑like risk with 3x commodity exposure
• Orbis overlays 50% global equities on Altus commodity core
• Backtests show 13.8% annualized return, 30% higher cumulative gains
• Strategy aims to reduce volatility and drawdowns versus pure equity

Summary

Calculo Capital is expanding its systematic commodity platform with two new products slated for 2026. The 3x leveraged Calculo Supra will sit alongside the existing 1x Terra and 2x Altus funds, offering a higher‑intensity, equity‑like risk profile. In parallel, Calculo Orbis will replace the bond overlay in Altus with a 50% global equity exposure, creating a return‑stacked vehicle. Backtested results suggest Orbis could deliver a 13.8% annualized return, roughly 30% higher cumulative gains, while lowering volatility and drawdowns compared with a traditional equity allocation.

Pulse Analysis

Calculo Capital has built a reputation on a pure, systematic trend‑following approach that trades liquid futures across energy, metals, agriculture and soft commodities. Since 2018 the firm’s flagship Terra fund has delivered low‑volatility exposure (5‑6% annualized) while Altus, its 2x version, has become the primary asset under management driver with a 10‑12% volatility target. By standardising the underlying model, Calculo created a scalable platform that can be layered with different leverage levels, appealing to investors seeking both capital preservation and upside potential.

The upcoming Supra product pushes the leverage envelope to three times the base exposure, aiming to capture stronger momentum and breakout moves that resemble equity market dynamics. With an anticipated risk profile comparable to a modest equity allocation, Supra is positioned for investors who want higher return potential without abandoning the commodity core. The product also diversifies the firm’s offering, allowing clients to select a risk‑adjusted exposure that matches their return objectives, from conservative Terra to aggressive Supra.

Orbis represents Calculo’s foray into return stacking, swapping the traditional AAA‑rated bond overlay for direct global equity exposure. Simulations from 2018 to the present indicate an annualized 13.8% return, about a 30% boost in cumulative performance, and reduced portfolio volatility relative to a pure equity tilt. By pairing commodity alpha with equity beta, Orbis seeks smoother compounding and smaller drawdowns during equity market stress. This hybrid approach reflects a broader industry trend where systematic managers blend asset classes to deliver more resilient, higher‑yielding solutions for sophisticated investors.