Tommaso, thank you for your answer. I agree on your comment about Jim Rogers index and his sugar possition. I'm not trying to say which index is better. Any will work for me <g>
Yes, Dow Jones-AIG commodity index is great! Let's fokus on it. I want it in my saving account. No doubth here.
Chart: stockcharts.com
Now problems: (I'm really start getting confuzed LOL)
Description of PCRDX says that this fund is:
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The fund normally invests in commodity-linked derivative instruments backed by a portfolio of inflation-indexed securities and other fixed income instruments. It may invest up to 10% of assets in high yield securities. The fund may also invest up to 30% of assets in securities denominated in foreign currencies. It is nondiversified.
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So what % of fund assets is in 'portfolio of inflation-indexed securities and other fixed income instruments'?
Here is Funds portfolio: (pdf)
allianzinvestors.com
You can see many US notes and Bonds, and European Bonds, even Ford and General Motors are in portfolio...
On the end is this:
DUE TO BROKER (773,051,153.08) $
FUTURES - LONG POSITIONS (2,014,105,333.92) $
INTEREST RATE SWAPS (50,892,441.20) $
CURRENCY DUE FROM BROKER 114,110,310.41 $
CURRENCY DUE TO BROKER (99,900,017.63) $
TOTAL SECURITIES POSITIONS HELD 10,640,475,687.27 $
UNINVESTED CASH PLUS RECEIVABLES 58,837,856.11 $
NET UNSETTLED TRADES (640,532,576.19) $
NET FUTURES HELD (2,014,105,333.92) $
TOTAL ACCOUNT VALUE 8,044,675,633.27 $
TOTAL ACCOUNT VALUE 8,044,675,633.27 $
ASSETS SEGREGATED FOR FUTURES 8,565,888,814.77
If I understand correct (what I doubt anyway LOL)
then around 20% of fund is in futures (commodities)
and the rest is in bonds, notes...?!?
Looking at morningstar, shows that around 85% of fund assets is in Bonds?
Btw, manager (Mr. Brynjolfsson) is co-author of Inflation-Protection Bonds and co-editor of The Handbook of Inflation-Indexed Bonds.
Morningstar: PCRDX - 85.5% in Bonds
quicktake.morningstar.com
Yahoo: PCRDDX - 85.55% in US Treasury Notes and Bonds
So I became confuzed. I will call them next week and try to clear this up.
So, what are your informations? How mch of fund's portfolio is invested in Commodity?
Bottom line. Yes I wish to invest into Dow Jones-AIG commodity index. I don't need Rogers or any other LOL
But is it PCRDX best way to do it. Those 85% bonds and notes worry me.
But I have to admit I don't know much about subject. I haven't ever been invested in any Bond/Note/Fund in my life before.
Tommaso, (and others) I hope I'm not givin you too much hard time with my questions and doubts.
I just wanna be sure, that I will park my savings into long term commodity fund where I would feel safe in next few years.
If there is some guy playing with anti-inflation-money-instruments (using also my savings) then I would feel less safe. I would rather prefer anti inflation nature of commodities itself. Btw, bonds are underperforming in rising Iterest & inflation environement.
So if there is a little (10-15%) in those antiinflation instruments then I may still be OK with, but 85%?!?
But maybe I'm missing something and fund is not 85% invested in Bonds and Notes?!?
I hope that PCRDX is the right one since I don't see any better right now.
Take care and thank you for your time and answers (and patience LOL,
Mario |
