Global Advisors, the specialist commodities alternative asset manager, revealed that its Global Advisors Discretionary Program returned +4.33% net of fees for investors in Q1 of 2004.

The manager's core investment program profited from long positions in oil, natural gas and base metals and has taken a positive outlook for longer-dated crude oil as concerns regarding reserve depletion increase.

The Global Advisors Discretionary Program uses a diversified strategy that focuses uniquely on two commodity complexes: energy and metals. Global Advisors' approach combines both technical and fundamental analysis as well as proprietary technology and in-the-trenches trading expertise.

The Global Advisors Discretionary Program currently manages USD 135 million of assets for institutional investors, professional investors, funds of hedge funds, and family offices. The Discretionary Program started trading in September 1999 and has returned 66% net of fees since inception.

Danny Masters, portfolio manager of the Global Advisors Discretionary Program, said: "Markets in industrial commodities have been both very interesting and highly volatile over the last six months. We believe that crude oil for delivery for several years forward will continue to ratchet higher and higher as concerns about reserve depletion mount."

Masters added: " Our fund profited from long positions in oil, natural gas, and base metals while some gains were also realized on precious metals.  We believe commodities will continue to offer great opportunities for investors looking for positive returns that are un-correlated with the major stock or bond markets."