Summary
- During the second quarter of 2025, the Goldman Sachs Commodity Strategy Fund (GCCIX-net of fees) underperformed its benchmark, the Bloomberg Commodity Index Total Return (“BCOM”) by (0.2%).
- The Fund outperformed in agriculture and precious metals, performed in-line in industrial metals, and underperformed in energy and livestock.
- The Fund’s agriculture exposure added 0.1% to gross relative performance versus the BCOM during the quarter.
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Market Overview
During the second quarter of 2025, commodity markets declined -3.1% as measured by the Bloomberg Commodity Index Total Return (BCOM). Energy prices declined by 10.9% as the introduction of new US tariffs and OPEC+’s accelerated unwinding of production
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