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Commodities Research |
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| Alpha, Beta and Commodities: Can a Commodities Investment be Both a High Risk-Adjusted Return Source and a Portfolio Hedge? A discussion of the limits of portfolio returns when investing in long-only commodities indices. However, an incremental overlay of tactical and active commodities investments may provide not only superior returns on both an absolute and risk-adjusted basis, but also provide a valuable hedge to the portfolio. Why Active Commodity Management Makes Sense The majority of this article summarizes Cole Partners' research in the area of active commodity management, highlighting the many advantages of generating alpha through active management versus the beta that passive long-only indices offer. It also addresses some of the most common objections to allocating to active commodity managers and commodities as a whole. Commodities - A Case For Active Management A discussion of commodity investments and returns, this paper compares a portfolio of actively managed commodity strategies and portfolios of investable and non-investable passive commodity indices to determine whether active management in commodities can indeed provide superior performance to investors. |
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