MAB Quarterly Review Q1 2026 - Cautious - Flipbook - Page 12
Manager spotlight
UBS Bloomberg Commodity CMCI ETF
The UBS Bloomberg Commodity CMCI ETF provides broad exposure to global
commodity markets through a single, well-diversi昀椀ed investment. Instead of
buying and storing physical things (like barrels of oil or gold bars), the fund
uses 昀椀nancial contracts called futures and allows an investor to bene昀椀t when
prices move, without the hassle and cost of storage or transport. The Fund is
diversi昀椀ed across several sectors and includes exposure to energy (such as oil
and gas), precious metals (such as gold and silver), industrial metals (such as
copper and aluminium), agriculture (such as grains), and livestock (such as
cattle). This broad mix helps reduce reliance on any one commodity.
Team:
Last manager meeting:
The Fund is managed by UBS, who
have extensive experience of managing
commodities; their investment approach
was launched in 2007. Their approach is
underpinned by a rules-based, transparent
methodology. We 昀椀rst met with UBS in
December 2022 and were encouraged by
the strength of their investment process
and their track record relative to the
Bloomberg Commodity Index.
November 2025
Asset class:
Property & Real Assets
Fund inception date:
The Fund launched in March 2018
Fund size:
£1.2 billion
Added to your portfolio:
17th January 2023
Source: Re昀椀nitiv/YOU Asset Management
Strategy summary:
Commodities form a core component of the Property
& Real Assets asset class, as they typically behave
differently from traditional asset classes like equities
and bonds. This means they can help diversify
portfolios, provide protection against in昀氀ation, and
offer resilience during periods of market uncertainty,
including heightened geopolitical tension. The Fund
is passively managed, with commodity weightings
aligned to the Bloomberg Commodity Index. Its
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investment approach is designed to deliver
a smoother and more ef昀椀cient exposure to
commodity returns over the long term compared
with traditional commodity indices.
The manager invests in futures contracts to gain
exposure to commodity price movements without
physically owning the underlying asset. For example,
crude oil represents around 8% of the Fund and
