Summary

• Invesco Balanced-Risk Commodity Strategy Fund had a positive return for the quarter and outperformed the Bloomberg Commodity Index, mostly due to a tactical overweight in oil and refined products.
• In the first quarter of 2026, the Bloomberg Commodity Index rose 24.41%, delivering its strongest return since the first quarter of 2022 when the index rose 25.55% during the early stages of Russia's invasion of Ukraine.
• All four of the index's primary sub-complexes posted gains, with energy accounting for more than 70% of the total return, driven by US and Israeli military action against Iran.

Key takeaways

1 The fund had a positive return and outperformed its benchmark

Outperformance was mainly driven by a tactical overweight in oil and refined products.

2 Energy was the largest contributor to absolute return