{"id":140440,"date":"2026-06-01T14:32:45","date_gmt":"2026-06-01T18:32:45","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/the-role-of-inflation-sensitive-diversifiers-in-investment-portfolios\/"},"modified":"2026-06-01T16:09:16","modified_gmt":"2026-06-01T20:09:16","slug":"the-role-of-inflation-sensitive-diversifiers-in-investment-portfolios","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/markets\/the-role-of-inflation-sensitive-diversifiers-in-investment-portfolios\/","title":{"rendered":"The role of inflation-sensitive diversifiers in investment portfolios"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d0e038b'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">The role of inflation-sensitive diversifiers in investment portfolios<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/commodities\/\" rel=\"category tag\">\n                    Commodities\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1600\" height=\"1066\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"A Practical Model for Prediction of Intraday Volatility\" title=\"Stock Market Performance\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg 1600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/3653763632.jpg 1536w\" sizes=\"auto, (max-width: 1600px) 100vw, 1600px\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d0eba0e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 1, 2026<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a2435d0ee785'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--has-bg-color\"\n    style=\"background-color:#e6f3ff;border-radius: 16px 16px 16px 16px;\"\n    >\n    <div class=\"wpb_content_element bbg-card  bbg-card-custom bbg-card-text-black\" id=\"card_1\" data-card_type=\"no_image\">\n      <style>#card_1 .bbg-card__innerwrapper {background-color: #e6f3ff;}#card_1 .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1:hover .bbg-card__innerwrapper {\n\tborder: 1px solid #e6f3ff !important;\n\t}#card_1 .bbg-card__innerwrapper {\n\tpadding: calc(var(--brand-large-padding, 40px) - 1px) !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__title {\n\tcolor: #000000 !important;\n\t}#card_1 .bbg-card__innerwrapper .bbg-card__content,#card_1 .bbg-card__innerwrapper .bbg-card__content p  {\n\tcolor: #000000 !important;\n\t}#card_1.bbg-card_hasImage .bbg-card__innerwrapper{padding-top: calc(var(--brand-default-padding, 16px) - 1px);padding-left: calc(var(--brand-default-padding, 16px) - 1px);padding-right: calc(var(--brand-default-padding, 16px) - 1px);}<\/style>\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n              <div class=\"bbg-card__eyebrow\" style=\"color: #000000\">KEY TAKEAWAYS<\/div>\n      \n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Market participants have been returning to commodities over the last two years as demand for portfolio diversification and inflation hedging has become top of mind.\u00a0 <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Commodity futures exposure can be affected by the shape of the futures curve, making roll yield an important consideration for investors seeking to hold commodities over time. By incorporating a structured approach to enhancing roll yield, market participants can maintain a long only commodities exposure over time.\u00a0 <\/span><\/li>\n<li><span style=\"font-weight: 400;\">Compared to more established broad commodity benchmarks, the Bloomberg Enhanced Roll Yield Index (BERY) is demonstrating its relevance during a supportive commodity environment in the 2020s.\u00a0 <\/span><\/li>\n<\/ul>\n<p>\n<\/div>\n          <\/div>\n\n      <\/div>\n\n  <\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a2435d0f16a0'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>This article was written by Jim Wiederhold, Commodity Indices Product Manager at Bloomberg.<\/em><\/p>\n<p><span style=\"font-weight: 400;\">Global commodity markets are drawing renewed attention as investors reassess how to build diversified portfolios in a higher inflation and geopolitically complex environment. After a decade in which commodities faced persistent headwinds, the 2020s have created a more supportive backdrop for real assets, with market participants increasingly looking for exposure that can behave differently from equities and fixed income. \u00a0 <\/span><\/p>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d0f330a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\n<\/div>\n\n<div\n  id=\"cta_8180851353344747254\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Commodity Indices\"\n        >\n                      Bloomberg Commodity Indices\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">That shift has made the construction of commodity exposure more important. As investors revisit the role of commodities in portfolios, the question is not only whether to allocate to the asset class, but how that exposure is structured over time.\u00a0 <\/span><\/p>\n\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d103618'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p>The <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/quote\/BERY:IND\">Bloomberg Enhanced Roll Yield Index (BERY) <\/a><strong><span style=\"font-weight: 400;\">is marking five years since its launch, creating a timely opportunity to assess how commodity exposure has evolved during a more inflation-sensitive decade. Launched June 4, 2021 with backtested history from 2001, the broad commodity index was built to be a benchmark for market participants seeking diversification and an inflation hedge. Assets benchmarked to the index increased meaningfully beginning in 2025 as demand for a long-commodities exposure picked up (Exhibit 1). \u00a0<\/span><\/strong><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1182\" height=\"648\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 1 - BERY Benchmarked Assets \u2013 Growth Since Launch\" title=\"Exhibit 1 - BERY Benchmarked Assets \u2013 Growth Since Launch\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch.png 1182w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch-552x303.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch-800x439.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch-768x421.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-1-BERY-Benchmarked-Assets-%E2%80%93-Growth-Since-Launch-192x105.png 192w\" sizes=\"auto, (max-width: 1182px) 100vw, 1182px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a2435d106756'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_2.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_2.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_2\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Tailored indices insights and invitations in your inbox<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2935320020283156129\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/explore\/indices-insights-tailored-to-your-interests\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d10ad70'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Why do commodities matter for portfolio diversification?<\/h2>\n<p>BERY is a benchmark used by many market participants for their investment and hedging needs. Commodities, like infrastructure and real estate, are considered real assets, offering exposure that can behave differently from other asset classes such as equities and fixed income.<\/p>\n<p>The role of commodities in traditional asset portfolios has been documented by academics and investors across the world for decades. Commodities tend to have low correlations to other major asset classes as can be seen in Exhibit 2. This persistent low correlation over time can support portfolio diversification, which is why the commodity asset class represented by BERY tends to be used for that purpose.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1102\" height=\"851\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 2a - BERY Rolling Correlation to Equities and Fixed Income\" title=\"Exhibit 2a - BERY Rolling Correlation to Equities and Fixed Income\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income.png 1102w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-552x426.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-800x618.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-768x593.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2a-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-140x108.png 140w\" sizes=\"auto, (max-width: 1102px) 100vw, 1102px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1083\" height=\"451\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 2b - BERY Rolling Correlation to Equities and Fixed Income\" title=\"Exhibit 2b - BERY Rolling Correlation to Equities and Fixed Income\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income.png 1083w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-552x230.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-800x333.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-768x320.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-2b-BERY-Rolling-Correlation-to-Equities-and-Fixed-Income-192x80.png 192w\" sizes=\"auto, (max-width: 1083px) 100vw, 1083px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">Commodities can behave differently from other asset classes, and commodity prices have <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/commodities\/commodities-take-the-elevator-up-and-the-stairs-down\/\"><span style=\"font-weight: 400;\">historically tended to move more sharply to the upside than the downside<\/span><\/a><span style=\"font-weight: 400;\"> during supportive market environments. This pattern differs from equities, where downside moves can often be more pronounced during periods of stress. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">While the 2010s were a decade with headwinds for the commodity asset class, the 2020s have proved to be a conducive environment for a commodities allocation. Even a small 5% allocation within a portfolio might help mitigate portfolio volatility, decrease drawdowns, and provide upside participation when conditions support a bull market in commodities. Exhibit 3 shows that, over the period we analyzed, how adding BERY exposure to a traditional 60\/40 portfolio allowed a portfolio to perform better than a portfolio without commodities exposure.\u00a0\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1109\" height=\"823\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated-.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 3 - Comparison of 60-40 Portfolio with a Portfolio with 5 percent BERY Allocated\" title=\"Exhibit 3 - Comparison of 60-40 Portfolio with a Portfolio with 5 percent BERY Allocated\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated-.png 1109w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated--552x410.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated--800x594.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated--768x570.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-3-Comparison-of-60-40-Portfolio-with-a-Portfolio-with-5-percent-BERY-Allocated--146x108.png 146w\" sizes=\"auto, (max-width: 1109px) 100vw, 1109px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Why does roll yield matter in commodity futures exposure?<\/h2>\n<p><span style=\"font-weight: 400;\">With five years of live history for BERY, the index is meeting its objective of allowing market participants to hold a long only exposure in the commodities asset class overtime. <\/span> It has outperformed the <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/#overview\">Bloomberg Commodity Index (BCOM)<\/a> by 2.5% annualized since the launch in 2021.<\/p>\n<p><span style=\"font-weight: 400;\">BERY\u2019s historical outperformance has been influenced in part by features embedded in its index methodology, which incorporate alternative risk premia in the index construction. Specifically, curve and carry premiums are introduced into a broad commodity index exposure. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">It achieves the curve premium via holding exposure not just in the near-dated or front-month futures contract for each commodity, but across four futures contracts. This allows for exposure to be spread out across each commodity\u2019s futures curve, which can help lower volatility over time.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The curve premium tends to generate more than half of BERY\u2019s outperformance while the carry premium generates the rest. The carry premium is generated by looking at the shapes of all the BERY commodities future curves and scoring the constituents based on the slopes of the curves. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commodities futures curves in contango see their weights tilted lowered while commodities in backwardation are tilted higher. This step was included because going long commodities in contango tends to produce a negative roll yield so reducing exposure to these futures can assist in holding a long commodities exposure over time.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Exhibit 4 shows the outperformance of BERY over BCOM and how much the curve and carry premiums contributed each year going back to the start of the backtested history. BERY also has a slightly larger universe than BCOM which has contributed to performance. <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1145\" height=\"654\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 4 - BERY Curve and Carry Premiums Per Year Over the Backtested History\" title=\"Exhibit 4 - BERY Curve and Carry Premiums Per Year Over the Backtested History\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History.png 1145w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History-552x315.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History-800x457.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History-768x439.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-4-BERY-Curve-and-Carry-Premiums-Per-Year-Over-the-Backtested-History-189x108.png 189w\" sizes=\"auto, (max-width: 1145px) 100vw, 1145px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span style=\"font-weight: 400;\">While BERY has historically outperformed BCOM due to the curve and carry premiums, it also served a more effective hedge than BCOM. It not only performs better to the upside during periods of very high inflation, BERY has provided a positive performance during low and no inflation environments. Exhibit 5 shows how both BERY and BCOM performed during each type of inflation environment, including deflation going back to 2003. \u00a0 <\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1021\" height=\"704\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Exhibit 5 - Inflation Sensitivity of BERY and BCOM\" title=\"Exhibit 5 - Inflation Sensitivity of BERY and BCOM\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM.png 1021w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM-552x381.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM-800x552.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM-768x530.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Exhibit-5-Inflation-Sensitivity-of-BERY-and-BCOM-157x108.png 157w\" sizes=\"auto, (max-width: 1021px) 100vw, 1021px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Commodity benchmarks adapting to changing market conditions<\/h2>\n<p><span style=\"font-weight: 400;\">BERY is a commodities benchmark designed for a changing investment environment. Inflows back into the commodities asset class have picked up pace as tailwinds abound. The 2020s are proving to be a decade where diversified exposure to liquid alternatives is becoming a crucial piece of an investment portfolio.\u00a0 <\/span><\/p>\n<p><span style=\"font-weight: 400;\">After five years of live history, BERY\u2019s live performance has been broadly consistent with the historical characteristics observed in its backtested history due to structural, idiosyncratic dynamics of commodities futures markets. Whether investors are looking for diversification, an inflation hedge, or an instrument which reacts to this new highly geopolitically sensitive macro environment; BERY can provide access to broad commodity exposure within a portfolio.\u00a0<\/span><\/p>\n<p>Learn more about BERY and other Bloomberg Commodity Indices <a href=\"https:\/\/www.bloomberg.com\/professional\/products\/indices\/commodities\/\">here.<\/a><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a2435d113130'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a2435d114e4d\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a2435d114e4d\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\"><span class=\"TextRun SCXW138279932 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW138279932 BCX0\">The data and other information included in this publication is for illustrative purposes only<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW138279932 BCX0\">, available<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u00a0\u201cas is<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u201d,<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u00a0non-binding and constitutes the provision of\u00a0<\/span><span class=\"NormalTextRun AdvancedProofingIssueV2Themed SCXW138279932 BCX0\">factual information<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">, rather than financial product advice.<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u00a0<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">BLOOMBERG and BLOOMBERG INDICES (the \u201cIndices\u201d) are trademarks or service marks of Bloomberg Finance L.P. 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Information available via the Index should not be\u00a0<\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW138279932 BCX0\">considered as information<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u00a0sufficient upon which to base an investment decision. All information provided by the Index or in this publication is impersonal and not tailored to the needs of any person,\u00a0<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">entity<\/span><span class=\"NormalTextRun SCXW138279932 BCX0\">\u00a0or group of persons. 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