There was a sell-off in commodities in early May causing the average commodity fund to fall 5.12% for the second quarter. The best commodity fund was up 6.8% in the same timeframe. Obviously, it was a short fund - PIMCO's CommodityPLUS Short Strategy. This fund bases its portfolio on the Dow Jones - UBS Commodity Index and takes the opposite side of the trade. Other strong performers were gold and market neutral funds. In fact, seven of the top ten best performers of the quarter were gold funds. They invest in gold buillion, futures and miners.
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