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From Komfie Manalo, Opalesque Asia:
According to the Tiberius' March Market Commentary, the commodity markets posted mixed returns last month with the four top performers all in the base metals sector (followed by the crude oil complex and silver). Natural gas was hard hit by the mild weather in the U.S., which resulted to below-average heating demand for the month.
Performance of Tiberius active commodity funds
According to the Swiss-based asset manager, March was not a good month for its active long-only funds, as their performance range from -0.34% (Tiberius Active Commodity OP) to -2.19% (Commodity Alpha OP). Relative to the funds' respective benchmarks, returns fell short by -0.76% (Tiberius Commodity Alpha Euro OP) to -1.01% (Tiberius Active Commodity OP). The investment ratio did not account for any significant relative contributions, since the commodity indices hardly budged and the funds were almost 100% invested.
Natural gas, aluminum, corn and sugar were the biggest negative contributors to Tiberius' commodity portfolios. However, the managers see corn to be one of the most attractive commodities in the medium term, given a forecasted market deficit in 2010/11 as well as the relatively low stocks-to-use-ratio.
Absolute Return Commodity OP
Tiberius' l/s fund, Tiberius Absolute Return Commodity OP, also posted a loss in March (-0.98%). In the tactically-oriented outright portfolio, the winning trades (long palladium, long c...................... To view our full article Click here
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