This report covers exclusively Commodity hedge funds.

Some managers were visited on-site in Zug, which hosts a growing number of commodity managers. Other commodity managers were met during a conference in Zürich, or updates took place via video.

There is clearly some renewed interest in commodity hedge funds, as shown by the increasing number of fund launches, including sizeable ones.

We believe this reflects the growing recognition by investors that carefully selected commodity hedge funds can deliver meaningful advantages to traditional as well as hedge fund portfolios, thanks to their uncorrelated, asymmetric return profiles.