Commodities suffer at the double-edged "Sword of Liquidity"
When markets got all slippery many multi-asset managers saw commodities as easy game for de-leveraging and raising redemption cash in a hurry, leading some allocators to seek a discretionary touch to their commodity portfolios, writes David Walker
Commodities have not been immune from the volatility in financial markets in the past month - even though the macro underpinnings of the supply/demand imbalance in favour of a bull market case have not altered.
Laurent Chevalier, head of manager research and investments at Swiss-headquartered fund of hedge funds house Unigestion, notes that, of late, commodities have suffered sell-downs that may
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