Commodities are goods used as inputs in the production of other goods and services. They form the bedrock upon which more complex products are made. While the US economy has moved to have a much larger share in the form of services, none of these services would be possible without the commodities. The pervasiveness of commodities as inputs makes

We think it is essential to recognize that there should be little to no risk premium for holding spot commodities in a portfolio. This is because productivity continues to make commodities easier to produce and, in turn, cheaper. This is particularly true when there is a continuously expanding production capacity and supply of commodities over

When we invest in commodities, we refer to a broad basket of commodities, weighted in a manner that is largely consistent with each commodity’s contribution to economic activity