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The Auspice Brand

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Mitch Greer

August 4, 2026

AUSPICE DIVERSIFIED TRUST COMMENTARY: JULY 2026

Mitch Greer

August 4, 2026

Auspice Diversified Trust softened 1.01% in July.

Source:https://static1.squarespace.com/static/53a1ca9ce4b030ded763dbc2/t/6a71f74f78fd4e13b4fd426f/1785853775434/Auspice2026DiversifiedCommentaryJuly.pdf

Older PostJULY AUSPICE BROAD COMMODITY INDEX COMMENTARY

THERE IS A RISK OF LOSS IN TRADING COMMODITY FUTURES. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.

The information provided herein is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities or financial products. The links below are provided for informational and educational purposes and are not intended to provide specific individual advice including, without limitation, investment, financial, legal, accounting and tax. Please consult with your own professional advisor on your particular circumstances. The links were published prior to February 28th, 2023, when The Auspice Diversified Trust and the Auspice One Fund Trust (collectively, the Funds) were offered via offering memorandum only and the Funds were not reporting issuers. The expenses of the Funds would have been higher during such prior period had the Funds been subject to the additional regulatory requirements applicable to a reporting issuer. Auspice obtained exemptive relief on behalf of the Funds to permit the disclosure of the prior performance data for the Funds for the time period prior to it becoming a reporting issuer.

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The Auspice July blog expands on the reality of inflation and its drivers, looking at the previously highlighted Cantillon Effect, which we believe is particularly relevant to our current situation. New money does not lift all prices at once. It lands first with those closest to it and migrates outward over years, into inputs, wages, and ultimately commodities. That lag explains why inflation is so often declared over just as it moves somewhere else, and why commodity cycles stretch into supercycles.

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If it Walks Like a Duck… The Inflation Echo of the 1970s

China's PPI has broken out of a three-year deflation, climbing from -0.9% YoY in February to a 45-month high of 2.8% in April, while US CPI accelerated to 3.8% with energy driving over 40% of the monthly increase. With America's data center count set to nearly double, almost 3,000 announced or under construction on top of ~4,000 existing, the world's largest companies are waging a commodity war to build. We see the same cost-push, commodity-driven dynamics that defined the 1970s, the exact kind of inflation central banks are least equipped to tame.

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The world is becoming too complex for the ‘tried and true.’ That has already become the consensus for Canadian equity investors, who are rapidly moving to diversify their exposures beyond North American stocks. This has been the consensus in fixed income, too, where the blending of active and passive approaches, as well as government bonds and credit, has helped investors maximize yield. Tim Pickering believes that commodity investing requires that same upgrade.

See the full February 2nd, 2026 Wealth Professional Article here

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In seeking to transform Canada’s economy and trade relationships the Carney Government has introduced a wide array of initiatives aimed at getting this country’s vast resource wealth out of the ground and into global markets. New tax incentives and deregulation for capital investment in the budget is the latest in a slew of initiatives aimed at increasing commodity production. The new Major Projects Office, too, has earmarked copper mines and LNG processing facilities as matters of national importance. Unearthing growth through commodities now appears to be a priority for this government, but Tim Pickering is still waiting before he celebrates.

See more in the November 19th, 2025 Wealth Professional feature here

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