Other People's Money with Max Wiethe The Golden Age of Fundamental Commodities Trading with Tor Svelland of Svelland Capital (18.5% Annualized Since Inception)
Aug 19, 2025
Tor Svelland, CIO and Founder of Svelland Capital, shares insights from his successful journey in commodities trading, having achieved over 18.5% annualized returns since 2017. He discusses the thrilling current landscape for commodities, fueled by new market entrants and structural undersupply. Svelland highlights the challenges of ESG ratings, the impact of geopolitical factors, and the importance of understanding global supply chain shifts. He emphasizes the need for seasoned traders and offers advice for emerging commodities professionals.
AI Snips
Chapters
Transcript
Episode notes
From Ships To Hedge Fund
- Tor Svelland built deep operational experience in shipping and commodities from 1989 through roles in Norway, Athens, Carnegie, and Goldman.
- That hands-on background let him join Trafigura and ultimately launch Svelland Capital in 2017 with repeatable trading ideas.
Three-Year, $100M Investor Barrier
- Institutional allocations to commodity managers often require a three-year track record and roughly $100m AUM before serious interest appears.
- ESG-driven underinvestment in oil, metals, and shipping created structural supply vulnerability that attracted allocators after 2020.
ESG Created Real Supply Fragility
- ESG fervor reduced investment into extractive industries, causing undercapacity in rigs, mines, and shipbuilding.
- This persistent underinvestment is a multi-year structural reason why commodity markets are fragile on the supply side.