Auspice Broad Commodity Excess Return Index (ABCERI)
The ABCERI lost 3.57% in July as most commodities sold off aggressively. This was almost universal across other indices. Despite the sell-off, we continue to see interest in commodities as we observe a tactical asset class rotation from institutional investors. The interest appears to be rotating into some Metals, which, as a result, are holding up far better, while Grains and other Ags suffer in the short term.