Managed commodity funds

Article Abstract:

A study on the performance of managed commodity fund investments from 1982 to 1996 reveals that value-weighted market portfolios are good stand-alone investments. Single-commodity-trading-advisor fund, pool or fund portfolios have high return volatility and are not attractive stand-alone investments. The strong performance of an equally-weighted market portfolio from 1982 to 1988 is subject to the greatest survivorship bias and is highly sensitive to data exclusion. It remains unclear why returns on all types of managed commodity funds fell significantly from 1989 to 1996.

Investors, not elsewhere classified, Open-End Investment Funds, Commodity Investors, Evaluation, Commodity futures, Commodity funds

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The collapse of Metallgesellschaft: unhedgeable risks, poor hedging strategy, or just bad luck?

Article Abstract:

The possible reasons for the massive and critical financial losses that Metallgesellschaft A.G. incurred in the mid-1990s are analyzed. The derivatives operations and hedging activities of the firm's oil trading subsidiary, MG Refining and Marketing, is pinpointed as the crucial factor that led to the debacle. The subsidiary's fixed-price strategy for its energy futures contracts and the subsequent rise in energy prices was the initial spark that led to the eventual downfall of the firm.

Primary Metal Manufacturing, Metals, Economic aspects, Finance, Metal industries, Hedging (Finance), Metals (Materials), Metal industry, Futures, Metallgesellschaft AG

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