September Auspice Broad Commodity Index Commentary

Auspice Broad Commodity Excess Return Index (ABCERI)

Market Review

The ABCERI lost 1.64% in September as commodities eroded sharply. We have exited remaining exposures to be flat. The last time this occurred was in the fall of 2008. Further commodity deterioration will not undermine the strategy and it will remain a store of value until commodity markets show sustained upwards price movement.

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