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September 9, 2019

Accept No Substitutes: Why Natural Resources Stocks Are a Horrible Way to Get Commodity Exposure

More and more investors are considering an allocation to commodities, typically motivated by a desire to tap the inflation-fighting and diversifying properties of this asset class. While the most natural way to get commodity exposure is by investing in a portfolio of commodity futures, many investors (and consultants) believe owning a portfolio of natural resource stocks is an easier method.

Yet as this paper shows, the intuitively appealing substitution of natural resource stocks for a futures-based commodity exposure offers a less effective solution for both inflation protection and diversification. 

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Tim Atwill
Tim Atwill, PhD, CFA

Head of Investment Strategy (emeritus)

 

 

Tim Atwill
Tim Atwill, PhD, CFA
Greg Liebl Headshot

Greg Liebl, CFA

Senior Investment Strategist

 

 

Greg Liebl Headshot

Greg Liebl, CFA

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