The fund manager displayed strong risk management skills and strictly adhered to its systematic investment programs, Zenith head of alternative research Daniel Liptak said.
"We think the H3 Global Commodities Fund provides investors an excellent active-managed long-only commodities exposure and should form a part of an inflation hedge strategy or as a core allocation to commodities," Liptak said.
The Global Strategies Fund provided non-correlated returns to traditional markets, he said.
"H3's Global Strategies Fund has also delivered on its goals, achieving strong performance and moderate volatility," he said.
H3 Global Advisors has $260 million in funds under management.
Westpac-owned Ascalon has a 45 per cent stake in the boutique.