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Commodities 2013 Part 2: Outlook for funds and exchange traded products
Commodities 2013 Part 2: Outlook for funds and exchange traded products

Mon, 18/02/2013 - 12:58

After a tough 2012 during which some commodity fund managers called it quits and others delivered solid returns, we examine the 2013 outlook for commodity funds and ETPs

The 'Commodities 2013 Part 2: Outlook for funds and exchange traded products' special report comprises 6 separate articles listed below, these can be read individually or as a sequence.

James Williams, Hedgeweek

Commodity funds: Glimmer of light following tough 2012

Mon, 18/02/2013 - 12:07

By James Williams – Commodity hedge funds have been in the doldrums somewhat, as the macroeconomic climate continues to make life difficult for managers. Performance, in effect, just hasn’t stacked up, leading to some institutional investors heading for the exit. As the Financial Times reported on 6 February 2013, industry executives estimate that overall AUM in the commodity hedge fund sector has fallen “by at least 20 per cent in the past year, and perhaps by more than a third”. »

David Donora, Threadneedle

Oil-based energy shines amid supply constraints

Mon, 18/02/2013 - 12:14

Interview with David Donora – “Brent/WTI crude was a key contributor to performance in 2011 as well as 2012. Another significant position for 2012 was an underweight in natural gas versus a maximum overweight in gasoline. We also held a maximum overweight position in gas oil: across the energy sector that was our most significant contributor to outperformance last year,” confirms David Donora (pictured), who co-manages the Enhanced Commodities Fund at Threadneedle with Nicholas Robin. »

Stefan Garcia, managing director, Source

Source Physical Gold P-ETC captures European investment

Mon, 18/02/2013 - 12:18

Interview with Stefan Garcia – “I’ve been speaking with a lot of our big investors and most are holding their current gold position, which they’ve been building up for the last five or six years, but in addition they might start looking for opportunities in platinum and palladium” explains Stefan Garcia (pictured), managing director at Source, a leading European ETP provider with over USD13.5 billion in total assets. »

Nicholas Brooks, head of research and investment strategy at ETF Securities

Investors should hedge risks

Mon, 18/02/2013 - 12:23

Interview with Nicholas Brooks – “I would argue that some of the higher beta sectors will perform best in the near-term: within commodities, those that we like best are those with a tight supply/demand balance and that can benefit from a pick-up in US and Chinese growth. Platinum, palladium, copper, and to a lesser degree crude oil, could all benefit this year,” suggests Nicholas Brooks (pictured), head of research and investment strategy at ETF Securities. »

Simon Midgen, index strategist at LGIM

Precious metal ETPs dominate net inflows in Europe

Mon, 18/02/2013 - 12:27

By James Williams – Last year net new assets into commodity ETPs were USD23.1billion, up from USD15.1billion the year before according to the London-based exchange traded funds consulting firm ETFGI. »

Martin Kremenstein, CEO and CIO, Deutsche Bank Commodity Services

Focus on execution and methodology creates winning products

Mon, 18/02/2013 - 12:36

By Martin Kremenstein – Getting the execution right when managing a commodity ETF, irrespective of the underlying index it is tracking, is fundamentally important. It’s something that Martin Kremenstein (pictured), CEO and CIO, Deutsche Bank Commodity Services LLC, and his team are fully focused on, particularly given the size of the firm’s flagship commodity ETF: DB Commodity Index Tracking Fund (DBC), which, with USD 7 billion in AUM, makes it the largest broad-based commodities ETF in the world. »


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