Commodity prices remained range-bound, but the ASTMAX Commodity Fund gained 11.96% for the month, as the yen weakened against the US dollar. As commodities are priced in dollars, this boosted the yen-denominated fund, explains manager Tetsu Emori.
The fund tracks the ASTMAX Commodities Index (AMCI), comprising gold, silver, platinum, palladium, aluminium, crude oil, gasoline, kerosene and rubber, all listed on the Tokyo Commodity Exchange.
In February the AMCI also outperformed the major commodity indices, even when calculated on US dollar basis, due to the difference of the components, Emori adds.
Emori remains bearish on the commodities market, but says