Martello Investment Management has launched the Martello Resources Fund SPC, a commodities-focused fund of hedge funds, with $17 million in assets.

The majority of the fund’s assets are invested with hedge fund managers who focus on two trading styles: long/short equity sector specialists using fundamentally-driven discretionary approaches, and systematic traders using quantitative strategies. The Resources Fund will have exposure to both the equities of commodities companies and direct investments in the resources themselves, in the form of listed futures and options, over-the-counter derivatives or physical contracts.

“This fund is positioned to provide diversification to an overall investment portfolio by benefiting from the longer term opportunities in resources and commodities,” said David McCarthy, Martello’s founder and chief investment officer.

The Resources fund charges a 1% management fee and a 10% performance fee. Its minimum investment requirement is $1 million.

Great Barrington, Mass.-based Martello was founded in 2002 and currently manages and advises on $900 million in client assets.