Tracking error?

The recent publicised rush of some pension funds to commodities is thoroughly understandable - the trends in Brent Crude are readily visible to every trustee as they fill their car, and pay their heating bill.

The manner in which they are accessing commodities - mainly via indices is, however, being hotly debated among the index providers and hedge funds that play commodities.

Clearly, there may be a rush by pension funds behind the scenes into commodity-based hedge funds, but the main winners

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