Ceres Managed Futures (Morgan Stanley)

Ceres Managed Futures LLC is an affiliate of Morgan Stanley Investment Management that serves as general partner and commodity pool operator for a family of registered commodity pools and managed futures investment vehicles, providing institutional and accredited investors with access to diversified managed futures and systematic trading strategies. As part of the broader Morgan Stanley Investment Management platform at morganstanley.com/im, Ceres draws on Morgan Stanley's extensive network of relationships with commodity trading advisors and systematic investment managers to construct diversified managed futures programs that provide investors with return streams with low correlation to traditional equity and fixed income markets. Ceres' fund vehicles offer investors access to managed futures as a liquid alternative strategy that has historically provided meaningful portfolio diversification benefits during periods of equity market stress.

Ceres' managed futures investment approach, reflected in its registered fund offerings, involves allocating capital to a diversified mix of commodity trading advisors who employ systematic, trend-following and quantitative trading strategies across a broad range of futures markets including equity index futures, fixed income futures, currency futures, and commodity futures. The diversification across multiple independent trading advisors, each applying their own systematic trading models to different market opportunities, seeks to reduce manager-specific risk while capturing the return potential of systematic trend-following — one of the most consistently rewarded alternative risk premia in the investment landscape over long historical periods. The managed futures strategy's ability to take both long and short positions across global futures markets enables it to generate returns in both rising and falling markets in each asset class, providing a distinctive portfolio diversification tool.

Ceres Managed Futures LLC's structure within the Morgan Stanley Investment Management family provides investors with the institutional oversight, regulatory compliance infrastructure, and operational capabilities of one of the world's leading investment management organizations. According to morganstanley.com/im, Morgan Stanley Investment Management's extensive alternative investment platform provides clients with access to a broad range of liquid and illiquid alternative strategies, of which Ceres' managed futures offerings represent a distinctive component focused on systematic, trend-following approaches to global futures markets. Ceres' combination of diversified managed futures exposure, systematic trading discipline, and Morgan Stanley's institutional infrastructure makes it a distinctive vehicle for investors seeking liquid, portfolio-diversifying alternative return streams.