The Global Commodities Long Only Fund posted another small gain in March, this time of +0.37%, to bring its 2009 return to +1.11%.
Metals commodities were the most significant contributor to the March result, specifically copper, platinum and zinc. Losses in heating oil and NY silver partially offset these gains.
This result follows on from an exceptional +10.47% return for the Fund in 2008, particularly for a long only fund. Although underperforming its benchmark (the RJ CRB Index) by -3.83% in March, the Fund's average monthly return since inception (+0.98%) and cumulative return (+177.32%) both markedly outperform this benchmark (+0.41% and +36.99% respectively). These figures demonstrate the absolute return focus of the Fund over the long term.
Commodity Strategies' other fund, the Long/Short Fund, lost a disappointing -2.05% in March, and is now down -0.88% for 2009. Energy commodities contributed both the largest gains and the largest losses to the portfolio for the month.
