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Opalesque Exclusive: Tiberius` commodity futures fund returns 4.38% in April, 15.69% YTD, managers to maintain a defensive posture Tiberius Active Commodity OP (USD) was the best performing fund at the Swiss commodities house Tiberius last month; it returned 4.38% (15.69% YTD.) The Tiberius Commodity Alpha OP (USD) returned 2.14% (13.39% YTD) and the Tiberius Commodity Alpha OP (EUR) returned 2.37% (13.69% YTD).

The fund The Tiberius Active Commodity OP is a long only active commodity futures fund which aims to outperform the Rogers International Commodity Index with a limited tracking error. The strategy is systematic and based on fundamental and technical quantitative models. The strategy generates three sources of Alpha by: (1) Actively over/underweighting the single commodity futures components of the benchmark; (2) Actively selecting the best futures contract maturity in order to optimize the roll-yield of the portfolio; (3) Actively managing the portfolio allocation (investment quota) to commodity futures and to collateral (90d T-Bill).

April less mercurial than March April’s performance by the most important commodity exchanges turned out to be a great deal less mercurial than the volatile month of March would have led us to expect, says the manager’s report. Right until the final days, prices kept edging higher and higher, so that a new record month seemed within reach. By month’s end, however, selling pressure had......................

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