WSPartners SA

68% of US advisors invested in commodities now treat them as strategic, not tactical — per Aberdeen / CoreData, April 2026.

Average exposure is 4.6%; 44% of those advisors say it should exceed 6%.

The 26 Swiss-distributable funds below are the shortlist for closing that gap.

Commodity Fund Flows · Trailing 12 Months · USD
Precious Metals (Physical)
+$8.1B
Natural Resources (Equity)
+$3.2B
Broad Commodities (Futures)
+$2.6B
Precious Metals (Futures)
+$1.1B
Energy (Equity)
+$1.0B
Industrial Metals · Alt Energy · Precious Equity
+$0.9B
Total: +$17.0B across 1,294 share classes
Source: Morningstar, Worldwide OE & ETF universe (ex MM, ex FoF, ex Feeder), as of 2026-04-30
Edition #1 Golden Sponsor
Presented by Vontobel

Vontobel Commodity HI CHF
Active Curve Positioning, 17 Years

#FundSub-categoryEdge1YFactsheetReport
SVontobel Fund - Commodity HI (hedged), CHF
LU0415416287
Broad CommoditiesActive commodity-curve positioning + covered-call overlay; CHF-hedged institutional class (PM Kerstin Hottner since 2009).+31.4%⬇ Factsheet⬇ WSP Report

1Y: trailing 12 months to 31 March 2026.

Active against the Bloomberg Commodity Index TR (CHF hedged) — curve positioning is set fundamentally, not by calendar, with a covered-call overlay layered on top of the futures book.

Kerstin Hottner has run the book since the CHF share class launched in February 2009. Seventeen years across multiple commodity regimes. 3-year return: +9.7% p.a. 3-year Sharpe: 0.76.

Luxembourg UCITS, SFDR Article 6 (no green-mandate constraints), TER 1.08%, CHF-hedged, USD 758 million in fund size — the structural fit for a 3-7% real-assets sleeve in a Swiss mandate.

Real Estate (5 funds)

#FundEdge1YFactsheet
13SF Property Securities Fund N
CH0234813464
Peer-2-of-525; rare active alpha in a reflex-indexed category.+9.9%⬇ Factsheet
17LO Institutional Strategies (CH) - Swiss Real Estate Securities Z
CH1341568637
Peer-9-of-525; not an SXI index copy.+6.3%⬇ Factsheet
22Synchrony Swiss Real Estate Indirect Fund M
CH0336870537
Peer-12-of-525; disciplined sub-sector positioning.+7.7%⬇ Factsheet
25DWS Invest Global Real Estate Securities CHF ICH (P)
LU2861043714
Global REIT exposure without USD volatility.+11.7%⬇ Factsheet
28Swisscanto (CH) Index Fund V - SWC (CH) Index Real Estate Fund World (ex CH) indirect NTH1 CHF
CH1391779050
Only passive on the list — negligible tracking drag.+9.4%⬇ Factsheet

Infrastructure (2 funds)

#FundEdge1YFactsheet
24First Sentier Global Listed Infrastructure Fund Class I (Monthly Distributing) USD
IE0008RSOEY0
Peer-6-of-160; income-distributing benchmark name.+17.6%⬇ Factsheet
27BlackRock Global Funds - Global Listed Infrastructure Fund ZI2 EUR Accumulating
LU2903325160
Peer-7-of-160; cheapest large-scale active infra for CH QIs.+15.4%⬇ Factsheet

Natural Resources (5 funds)

#FundEdge1YFactsheet
2JSS Investmentfonds II - JSS Sustainable Equity - Strategic Materials Y USD Inc
LU2752694500
Top of 167; transition-materials thesis.+81.6%⬇ Factsheet
3Incrementum Active Gold Fund EUR-V
LI1309461484
Top of 33; active gold-equity, off-index positioning.+57.0%⬇ Factsheet
4BlackRock Global Funds - World Mining B2
LU2776654506
Peer-2-of-167; diversified mining benchmark.+80.9%⬇ Factsheet
6Fidelity Funds 2 - Transition Materials Fund A EUR Acc
LU2701010469
Peer-6-of-167; names indexes structurally underweight.+76.7%⬇ Factsheet
11abrdn SICAV I - Future Minerals Fund X Acc GBP
LU2811882161
Peer-11-of-167; lithium, copper, rare earths tilt.+84.4%⬇ Factsheet

Commodities (14 funds)

#FundEdge1YFactsheet
1DNCA Invest Strategic Resources Class SI EUR Acc
LU2707622556
Top of commodities; industrial-policy framing.+46.9%⬇ Factsheet
5UBS Gold Income Maximizer Index Fund USD I-A dis
CH1406166137
Gold + written-call overlay; peer-2-of-133.+29.5%⬇ Factsheet
7Invesco Funds SICAV - Invesco Commodity Allocation Fund A (EUR)-Acc Shares
LU2606014079
3Y Sharpe 0.99; top in broad-commodity peers.+46.7%⬇ Factsheet
8Lombard Odier Funds - Transition Materials (USD) ND
LU0640921465
Transition-tilt; peer-7-of-314.+50.2%⬇ Factsheet
9Swisscanto (CH) Index Fund IV - Swisscanto (CH) Index Fund Gold Smart Sourcing & Traceable NT CHF
CH1416137086
CHF institutional; traceable-bar physical gold.+33.7%⬇ Factsheet
10UBS Gold Index Fund CHF I-A acc
CH1390275316
CHF physical gold; pure beta + cost discipline.+33.5%⬇ Factsheet
12BCV Physical Gold ESG D CHF
CH1281992631
ESG bullion-chain screen; niche mandate.+33.2%⬇ Factsheet
14Swisscanto (CH) Index Fund IV - Swisscanto (CH) Index Precious Metal Fund Gold Physical CT USD
CH1407556161
USD institutional; disciplined physical bullion.+40.4%⬇ Factsheet
15Pictet CH Precious Metals Fund - Physical Gold HP EUR
CH1268398026
Institutional CH; EUR-hedged.+34.3%⬇ Factsheet
16JSS Commodity - Transition Enhanced E1 CHF Acc Hedged
LU2833321958
Active broad commodity; CHF-hedged transition-tilt.+35.6%⬇ Factsheet
18Morgan Stanley Investment Funds - Parametric Commodity Fund Z Acc
LU2607330102
Parametric overlay; peer-11-of-314.+46.1%⬇ Factsheet
19JSS Commodity - Diversified (CHF) I30 CHF dist
CH1364294970
CHF institutional; hedged broad commodity.+37.7%⬇ Factsheet
23Incrementum Active Commodity Fund CHF-S
LI1310333888
Sister to active gold; independent vs index.+30.2%⬇ Factsheet
26PI Privatinvestor SICAV - 3 PI Physical Gold Fund - EUR
LI1381606972
LI-domiciled physical gold; non-EUR option.+32.4%⬇ Factsheet
Ghost Watch

26 on the list  ·  1,640 monitored

Behind these 26 funds sits a larger screening universe of 5,561 share classes. Funds in the Ghost universe appear in our data. They have not all passed our due diligence — if a fund you use is missing, drop us a line and we'll tell you why.

Two ways to engage

The same merit-based discipline runs across the other verticals:

  • Long Only — the core portfolio — equity, fixed income, mixed allocation
  • Active ETFs — active wrappers and research-enhanced implementation
  • Private Markets — illiquid capital and access-led strategies
  • Alternatives — diversifiers and absolute-return strategies

If someone on your team builds fund lists, forward this email. They'll understand why it matters.

The WS Partners Team

Edition #1 of the OpenList Real Assets vertical is sponsored by Vontobel. Sponsorship buys visibility and editorial space; it does not influence the merit-based ranking of the funds shown above. WSPartners' selection methodology is unchanged.

OpenList — Market Intelligence for the Professional Allocator
Edition 1, 2026 | Real Assets
WSPartners SA | [email protected]

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