03Commodities
No earnings, no coupon, only supply and demand.
Commodities produce no cash flow, so their value rests entirely on scarcity and use. That makes them a poor engine of long-run return and an excellent diversifier against inflation shocks.
We hold commodity exposure for what it does to portfolio behaviour under stress, not for what it might do to headline performance in a strong year.
Commodity chart
Live · TradingViewCategory overview
How we use it
Commodities inside an allocation.
- PurposeDiversification, not return engine
- SizingCapped as a portfolio weight
- Preferred accessLiquid, transparent instruments
- ReviewAgainst inflation and real rates