Summary

• Commodities delivered a volatile but strong start to 2026, with the Bloomberg Commodity Total Return Index rising +24.4% in the first quarter.
• COMD returned +9.37% (NAV return) since inception on February 10, 2026, versus a +15.44% gain in the benchmark Bloomberg Commodity Total Return Index, resulting in -6.06% of relative underperformance.
• We remain constructive on commodities, with the asset class once again demonstrating its role as both a potential portfolio diversifier and an effective hedge against inflation in the first quarter.

Commodities, as measured by the Bloomberg Commodity Total Return Index, continued to show strong momentum in the first quarter of 2026, as energy prices rallied in the face of a major supply disruption while all five subsectors (Precious Metals, Energy, Agriculture, Livestock, and

3.68K Followers