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T*
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17.4017 0 TD
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T*
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T*
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adobe:docid:indd:625e3690-3e75-11db-837a-d793d604e9d7
proof:pdf
False
endstream
endobj
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<< /Metadata 91 0 R
>>
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f*
114.306 455.063 m
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332.602 455.063 300.757 455.063 268.911 455.063 c
268.911 455.063 m
217.376 455.063 165.841 455.063 114.306 455.063 c
S
0 0 0 0.52978 K
114.306 459.28 m
114.306 463.501 l
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0 0 0 1 K
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S
114.306 606.652 m
114.306 455.063 l
114.306 606.652 l
f*
114.306 455.063 m
114.306 606.652 l
S
112.498 455.063 m
114.306 455.063 l
112.498 455.063 l
f*
114.306 455.063 m
112.498 455.063 l
S
112.498 476.61 m
114.306 476.61 l
112.498 476.61 l
f*
114.306 477.061 m
112.498 477.061 l
S
112.498 498.157 m
114.306 498.157 l
112.498 498.157 l
f*
114.306 498.61 m
112.498 498.61 l
S
112.498 520.158 m
114.306 520.158 l
112.498 520.158 l
f*
114.306 520.158 m
112.498 520.158 l
S
112.498 541.557 m
114.306 541.557 l
112.498 541.557 l
f*
114.306 541.557 m
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[(ve)-9(s)-7.6(t)-8.4(me)-11.7(nt)-338.5(in)-339.2(r)-7.6(e)0(a)-9(l)-333.6(e)-8.2(s)-7.6(ta)-9.2(t)-8.4(e)-332.6(a)-6.5(l)0(s)-11.2(o)-330(s)-7.6(e)-8.2(e)-8.2(m)0(s)-335.5(l)-9.2(es)-10.2(s)-332(f)-8.4(a)-6.5(v)-6.5(o)0(r)-13.3(a)-6.5(bl)-9.2(e)-332.6(d)0(u)-11.3(e)-332.6(t)-8.4(o)-330(ne)-13.9(g)-6.5(a)-6.5(t)-8.4(iv)-10(e)-332.6(s)-7.6(ke)-13.9(wn)-10(e)-8.2(s)-7.6(s)]TJ
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[(and)-296.6(posit)-8.2(ive)-297.1(exces)-9.6(s)-297.9(kurtosi)-10.1(s.)-295.7(Fur)-7.6(thermore)-9.5(,)-299.4(the)-301.2(poor)-297.8(perfor)-9.1(mance)-305.2(of)-298.6(eme)-8.6(rg-)]TJ
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f*
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372.854 564.558 l
371.776 564.097 l
371.776 564.558 l
f*
373.315 562.25 m
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374.7 563.635 l
374.239 562.25 l
373.315 562.25 l
f*
374.7 566.559 m
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375.624 567.483 l
375.163 566.559 l
374.7 566.559 l
f*
374.7 567.483 m
375.163 567.945 l
375.624 567.945 l
375.624 567.483 l
374.7 567.483 l
f*
376.087 570.715 m
376.701 571.331 l
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377.164 570.715 l
376.087 570.715 l
f*
376.701 571.331 m
377.164 572.255 l
377.625 572.255 l
377.164 571.331 l
376.701 571.331 l
f*
378.088 575.025 m
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379.011 575.641 l
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378.088 575.025 l
f*
378.088 576.102 m
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379.473 576.102 l
379.011 575.641 l
f*
379.934 579.334 m
380.395 580.874 l
381.473 580.412 l
381.012 578.873 l
f*
381.012 583.644 m
381.473 585.184 l
382.396 585.184 l
381.935 583.644 l
381.012 583.644 l
f*
382.396 587.955 m
382.396 589.956 l
383.32 589.494 l
382.86 587.955 l
382.396 587.955 l
f*
384.244 591.803 m
385.321 590.417 l
384.706 589.956 l
383.783 591.34 l
f*
0 0 0 1 K
0.5 w
127.348 477.591 m
125.963 475.746 l
129.195 477.131 m
127.348 477.591 l
130.735 476.668 m
129.195 477.131 l
132.581 477.131 m
130.735 476.668 l
133.967 477.591 m
132.581 477.131 l
135.506 478.054 m
133.967 477.591 l
137.354 478.67 m
135.506 478.054 l
138.892 477.131 m
137.354 478.67 l
140.739 476.668 m
138.892 477.131 l
142.125 477.131 m
140.739 476.668 l
144.126 476.208 m
142.125 477.131 l
145.511 477.131 m
144.126 476.208 l
147.358 476.208 m
145.511 477.131 l
148.897 476.668 m
147.358 476.208 l
150.745 476.668 m
148.897 476.668 l
152.283 477.591 m
150.745 476.668 l
154.13 477.131 m
152.283 477.591 l
155.515 477.131 m
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157.517 477.591 m
155.515 477.131 l
158.902 478.054 m
157.517 477.591 l
160.903 478.054 m
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162.289 478.67 m
160.903 478.054 l
164.136 479.132 m
162.289 478.67 l
165.675 481.441 m
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167.06 481.441 m
165.675 481.441 l
168.907 482.826 m
167.06 481.441 l
170.447 484.827 m
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172.293 486.212 m
170.447 484.827 l
173.679 486.212 m
172.293 486.212 l
175.68 487.136 m
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177.065 485.751 m
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179.066 486.674 m
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183.838 490.522 m
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185.685 490.984 m
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187.224 490.522 m
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189.07 488.213 m
187.224 490.522 l
190.456 488.675 m
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192.457 489.597 m
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193.843 489.597 m
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195.689 487.597 m
193.843 489.597 l
197.229 489.136 m
195.689 487.597 l
198.613 490.06 m
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200.615 490.984 m
198.613 490.06 l
202 491.907 m
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205.386 485.751 m
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207.234 485.289 m
205.386 485.751 l
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210.621 482.826 m
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212.006 482.363 m
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214.007 480.979 m
212.006 482.363 l
215.391 480.056 m
214.007 480.979 l
217.238 478.054 m
215.391 480.056 l
218.778 476.668 m
217.238 478.054 l
220.625 479.132 m
218.778 476.668 l
222.011 477.591 m
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224.011 474.822 m
222.011 477.591 l
225.397 474.36 m
224.011 474.822 l
227.398 474.36 m
225.397 474.36 l
228.783 473.283 m
227.398 474.36 l
230.168 476.668 m
228.783 473.283 l
232.169 477.591 m
230.168 476.668 l
233.554 476.668 m
232.169 477.591 l
235.402 478.054 m
233.554 476.668 l
236.941 479.132 m
235.402 478.054 l
238.789 480.517 m
236.941 479.132 l
240.327 481.902 m
238.789 480.517 l
242.174 480.517 m
240.327 481.902 l
243.559 481.441 m
242.174 480.517 l
245.561 482.826 m
243.559 481.441 l
246.945 484.827 m
245.561 482.826 l
248.947 486.674 m
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250.332 486.212 m
248.947 486.674 l
252.179 486.212 m
250.332 486.212 l
253.718 489.597 m
252.179 486.212 l
255.566 492.523 m
253.718 489.597 l
256.951 489.597 m
255.566 492.523 l
258.951 494.832 m
256.951 489.597 l
260.337 494.371 m
258.951 494.832 l
261.723 494.371 m
260.337 494.371 l
263.723 498.217 m
261.723 494.371 l
265.108 497.294 m
263.723 498.217 l
267.109 494.832 m
265.108 497.294 l
268.496 494.371 m
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270.342 492.986 m
268.496 494.371 l
271.881 494.832 m
270.342 492.986 l
273.728 493.447 m
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275.268 490.522 m
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277.115 490.984 m
275.268 490.522 l
278.499 490.984 m
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280.5 487.136 m
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281.886 485.289 m
280.5 487.136 l
283.733 483.902 m
281.886 485.289 l
285.273 483.441 m
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287.12 482.363 m
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288.659 483.902 m
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290.506 487.597 m
288.659 483.902 l
291.891 488.213 m
290.506 487.597 l
293.43 486.674 m
291.891 488.213 l
295.278 487.597 m
293.43 486.674 l
296.663 487.597 m
295.278 487.597 l
298.664 490.06 m
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300.05 491.446 m
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302.051 490.06 m
300.05 491.446 l
303.435 489.597 m
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305.283 492.986 m
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306.822 496.216 m
305.283 492.986 l
308.669 501.451 m
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310.053 494.371 m
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312.054 491.907 m
310.053 494.371 l
313.439 495.755 m
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315.44 495.755 m
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316.826 496.216 m
315.44 495.755 l
318.674 497.755 m
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320.212 496.216 m
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322.059 497.294 m
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323.444 498.217 m
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324.984 500.988 m
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326.831 500.988 m
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328.37 504.375 m
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330.216 505.298 m
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331.604 506.838 m
330.216 505.298 l
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334.989 506.838 m
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336.99 511.148 m
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340.222 515.918 m
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344.993 509.147 m
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359.924 531.619 m
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368.544 518.689 m
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376.701 528.232 m
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381.935 513.917 m
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383.32 517.304 m
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385.321 512.533 m
383.32 517.304 l
S
0 0 0 0.39276 K
127.348 476.208 m
125.963 475.746 l
129.195 475.283 m
127.348 476.208 l
130.735 474.36 m
129.195 475.283 l
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155.515 475.746 m
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214.007 496.216 m
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224.011 491.907 m
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225.397 492.986 m
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227.398 493.447 m
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230.168 493.447 m
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236.941 495.755 m
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238.789 495.293 m
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240.327 495.293 m
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245.561 502.066 m
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253.718 500.988 m
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255.566 502.989 m
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258.951 504.837 m
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261.723 503.913 m
260.337 504.375 l
263.723 502.989 m
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290.506 507.3 m
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306.822 509.147 m
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310.053 509.608 m
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312.054 510.531 m
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313.439 512.071 m
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315.44 512.533 m
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318.674 512.995 m
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322.059 514.841 m
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330.216 518.689 m
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334.989 518.689 m
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366.544 530.234 m
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127.348 476.208 m
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130.735 473.745 m
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132.581 473.745 m
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135.506 473.745 m
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138.892 477.591 m
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140.739 478.054 m
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144.126 476.668 m
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148.897 472.821 m
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155.515 473.283 m
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157.517 473.745 m
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160.903 472.821 m
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162.289 472.359 m
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164.136 471.898 m
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168.907 473.283 m
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170.447 473.283 m
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172.293 474.822 m
170.447 473.283 l
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179.066 473.745 m
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182.298 473.283 m
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183.838 473.745 m
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185.685 473.283 m
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189.07 475.746 m
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190.456 475.283 m
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193.843 475.283 m
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195.689 476.668 m
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198.613 474.36 m
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200.615 474.36 m
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202 471.435 m
200.615 474.36 l
203.848 470.05 m
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205.386 470.511 m
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208.619 470.973 m
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210.621 471.435 m
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212.006 470.973 m
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214.007 468.972 m
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215.391 467.587 m
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217.238 467.587 m
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218.778 464.201 m
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235.402 470.973 m
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240.327 470.511 m
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242.174 470.511 m
240.327 470.511 l
243.559 471.898 m
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245.561 473.745 m
243.559 471.898 l
246.945 474.36 m
245.561 473.745 l
248.947 474.36 m
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250.332 474.36 m
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252.179 472.359 m
250.332 474.36 l
253.718 471.898 m
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255.566 472.359 m
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256.951 471.435 m
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258.951 471.435 m
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260.337 470.05 m
258.951 471.435 l
261.723 468.511 m
260.337 470.05 l
263.723 467.587 m
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265.108 468.049 m
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275.268 468.049 l
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277.115 467.126 l
280.5 464.817 m
278.499 466.664 l
281.886 465.74 m
280.5 464.817 l
283.733 466.664 m
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f
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f
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f
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f
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f
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f
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f
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f*
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f
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f*
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f
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f
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f*
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f*
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f
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f*
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f
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f*
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f
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f*
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f*
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f*
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f*
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f
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f
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f
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f
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f*
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f
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f
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f
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f*
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f
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f
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f*
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f
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f*
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f
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f*
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f
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f
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f
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f*
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f
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f
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f
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f
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f
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f
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f
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f*
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f
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f
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f
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f*
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f
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f*
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f
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f
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f
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f
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f*
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f*
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f
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f*
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f
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f
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f
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f
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f*
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f*
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f
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f
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f*
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f*
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f
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f
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f*
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f*
0 0 0 0.39276 k
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f*
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f*
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f
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f
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f*
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f
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f*
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f
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f
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f*
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f
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f*
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f*
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f*
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f*
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f*
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f*
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f
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f*
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f*
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f*
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f*
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f*
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f*
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f*
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f*
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f*
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f
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f*
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T*
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[(low)-241.1(corre)-9(lation)-243.8(with)-243.8(traditi)-9.5(onal)-243.2(asset)-243.3(clas)-8.8(ses.)]TJ
1.7982 -1.2007 TD
[(In)-332.8(th)-8.4(e)-332.6(l)0(o)-9.2(n)0(g)-330.8(r)-7.6(un)-11.3(,)-327.9(c)0(o)-8.2(m)-9.2(mo)-9.2(di)-9.2(ty)-333.6(in)-9.2(v)-6.5(e)0(s)-10.2(t)0(m)-11.9(e)0(n)-8.2(t)0(s)-334.7(s)0(h)-7.6(o)0(w)-334.3(e)-8.2(qu)-11.3(ity)-12.7(-li)-15.5(ke)-332.6(r)-7.6(etu)-11(r)-7.6(n)0(s)-7.6(,)-327.9(bu)-11.3(t)]TJ
-1.7982 -1.2007 TD
[(are)-255.7(accomp)-9.3(anied)-257.2(by)-256.8(lower)-257(volat)-7.8(ility)-253.1(an)-6.4(d)-250.4(shortf)-9.3(all)-252.5(risk)-7.4(.)-253.9(The)-258.4(advantag)-6.5(es)-254.9(hold)]TJ
T*
[(for)-289.2(passive)-296(investm)-9.3(ent)-289.8(in)-288(co)-8.2(mmodit)-7.5(y)-285.3(futur)-7.4(es)-289(indexe)-8.6(s,)-290(which)-294.8(are)-289.8(co)-8.2(nsidered)]TJ
T*
[(indicator)-9.3(s)-246.7(o)0(f)-253.1(comm)-9.5(odity)-251.7(marke)-8.7(t)-247.4(p)0(r)-7.6(ice)-253.3(movement)-9.9(s.)-250.2(How)-7.8(ever,)-256(the)-250(futur)-7.4(es)-254.9(in-)]TJ
T*
0.011 Tc
[(d)11(e)-8.6(xes)-360.8(o)-0.4(f)-367.3(i)1.8(ndividual)-362.4(p)-0.4(roviders)-366.5(differ)-366.5(wi)]TJ
17.231 0 TD
[(th)-364.5(regard)-364.5(to)-364.5(sector)-366.4(weights,)-362.3(index)]TJ
-17.231 -1.2007 TD
0 Tc
[(co)-8.2(ns)-13.3(t)-8.4(r)-7.6(uc)-8.2(t)-8.4(i)0(o)-14.9(n)0(,)-333.6(a)-6.5(nd)-335.7(c)-8.2(a)-6.5(l)-9.2(c)0(u)-8.2(l)-9.2(a)-6.5(t)0(i)-12(o)0(n)-335.7(m)-9.2(et)-11(ho)-11.3(d)-12.9(he)-13.9(nc)-13.9(e)-332.6(t)0(h)-14.1(e)0(r)-10.2(e)-332.6(a)-6.5(r)-7.6(e)-332.6(t)0(r)-10.4(e)-8.2(me)-11.7(nd)-11.3(ou)-11.3(s)-332(v)-6.5(a)-6.5(r)-7.7(ia)-10(-)]TJ
0 -1.195 TD
[(tions)-241.5(in)-242.5(risk)-7.4(-return)-245.2(charac)-8.6(teristic)-10.1(s.)]TJ
1.7982 -1.2007 TD
[(In)-321.4(a)-325.1(total)-322.7(an)-6.4(d)-318.7(e)0(x)-8.2(cess)-327.7(return)-327.8(index,)-328.2(an)-325.1(imp)-7(ortant)-326.8(retur)-9.2(n)-318.6(c)0(o)-8.2(mponent)-327.4(re-)]TJ
-1.7982 -1.2007 TD
[(sults)-271.9(from)-281.3(the)-272.7(risk)-274.9(prem)-8(ium)-274.5(conn)-8.2(ected)-277.8(with)-278(the)-272.7(roll)-276.4(yield.)-275.6(This)-278.4(results)-282.1(from)]TJ
T*
[(rolling)-269.3(commo)-9.5(dity)-268.8(futures)-273.6(positions)-269.7(with)-272.3(a)-262.5(b)0(a)-6.4(ckwardate)-9.9(d)-267.4(term)-266.8(struc)-9.2(ture.)-272.5(A)]TJ
T*
[(di)-9.2(r)-7.6(e)0(c)-10.8(t)-332.8(in)-9.2(v)-6.5(e)-8.2(st)-10.4(m)-9.2(e)0(n)-8.2(t)-332.8(in)-333.6(c)-8.2(o)0(m)-14.9(m)0(o)-9.2(d)0(i)-14.9(t)0(i)-12(e)0(s)-334.6(g)-6.5(e)-8.2(n)0(e)-13.9(r)0(a)-8.4(t)-8.4(e)0(s)-334.6(p)0(o)-11.3(s)-7.6(it)-12(iv)-10(e)-332.6(r)-7.6(ol)-9.2(l)-333.6(r)0(e)-10.2(t)-8.4(ur)-7.6(ns)-337.7(i)-9.2(n)-330(ce)-10.8(r)-7.6(t)0(a)-9.2(i)-9.2(n)]TJ
T*
0.0115 Tc
[(b)11.5(a)-6.3(ckwardated)-438(markets.)-435.9(In)11.5(v)-6.3(e)-2.4(stors)-434.3(i)2.3(n)-438(p)0.1(assive)-440.6(commo)11.5(d)-5.5(ity)-438.8(f)3.1(utures)-440(indexes)]TJ
T*
0 Tc
[(must)-247.2(take)-256.4(into)-250.9(account)-253.2(that,)-254.4(indepe)-8.6(ndent)-249.9(from)-252.9(the)-250(term)-255.4(structure)-255.4(curve,)-256(on-)]TJ
T*
[(ly)-226.2(long)-237.6(positions)-241.2(can)-230.9(be)-230.2(he)-8.2(ld.)-229(Acco)-9.8(rding)-233.8(to)-230.3(Akey)-8(,)-231.1(one)-230.1(so)-7.6(lution)-231.7(may)-238.3(be)-230.1(to)-230.3(use)]TJ
0 -1.195 TD
[(an)-285.3(active)-291.7(and)-285.2(tact)-8.8(ical)-289.2(benchm)-8.5(ark)-287.2(in)-288(the)-284.1(form)-292.7(of)-287.2(a)-285.3(commo)-9.5(dity)-285.8(tradin)-8.9(g)-285.3(advi-)]TJ
0 -1.2007 TD
[(sor)-242.9(index)-245(\(a)-242.5(CTA)-242.5(index\))-8.7(.)]TJ
7.4718 0 0 6.641 197.2913 403.9369 Tm
(67)Tj
9.9626 0 0 9.9626 109.3606 387.5526 Tm
[(In)-236(view)-244.4(of)-241.7(curren)-9(t)-236.1(global)-241.8(marke)-8.7(t)-236.1(demand)-12.4(,)-236.8(w)0(e)-240.2(assum)-8.2(e)-235.9(that)-245.2(the)-238.6(grow)-7(th)-236(of)]TJ
-1.7982 -1.2007 TD
[(commodit)-10.1(y)-308.1(consum)-7.9(ption,)-311.3(pa)-6.4(rticularl)-9.1(y)-308.1(i)0(n)-310.8(the)-312.6(BRIC)-314.3(coun)-8.2(tries)-314.3(\(Brazil,)-315.1(India)-7(,)]TJ
T*
[(Russia,)-283.8(and)-273.9(Chi)-8.2(na\))-276.6(will)-282.3(continu)-8.7(e)-275.7(t)0(o)-275.9(gen)-9(erate)-278(high)-283.1(demand)-285.6(for)-277.8(commod)-9.5(ities)]TJ
T*
[(in)-305.1(all)-309.4(sectors.)-318.8(But)-310.6(because)-311.9(low)-309.4(co)-8.2(mmodit)-7.5(y)-302.4(p)0(r)-7.6(ices)-312.2(over)-306.8(the)-312.6(last)-310.6(two)-308.6(decades)]TJ
T*
[(di)-9.2(d)-335.7(n)0(o)-11.3(t)-332.8(l)-9.2(e)-8.2(a)-6.5(d)-335.7(to)-338.5(s)-7.6(u)0(f)-14.1()0(c)-13.9(i)-9.2(e)-8.2(n)0(t)-338.5(i)0(n)-14.9(v)-6.5(e)-8.2(s)-7.6(tm)-11.9(e)-8.2(n)0(t)-338.5(i)-9.2(n)-335.7(i)0(n)-9.2(c)-8.2(r)-7.6(e)-8.2(a)-6.5(s)-7.6(e)-8.2(d)-335.7(pr)-13.3(od)-11.3(u)-11.4(c)-8.2(ti)-12(on)-341.4(c)-8.2(a)-6.5(pa)-12.1(c)-8.2(i)-9.2(ty)-9.2(,)-333.6(w)-10(e)]TJ
T*
[(expect)-249.3(that)-250.9(pricing)-251.3(press)-8.4(ure)-249.2(on)-244.7(the)-250(comm)-9.5(odity)-251.7(markets)-252.4(will)-248.2(inten)-8.8(sify.)-245.8(In)-247.4(ad-)]TJ
0 -1.195 TD
[(dition,)-314.8(we)-308.4(exp)-8.2(ect)-309.4(to)-315.7(see)-314.3(short-run)-318.5(scarcity)-318.4(in)-310.8(the)-312.6(commo)-9.5(dity)-308.6(sup)-7.6(ply)-311.6(due)-309.8(to)]TJ
0 -1.2007 TD
[(increasing)-273.6(invento)-9.5(ries.)-263.9(In)-270.2(light)-266.6(of)-264.5(this)-270(tremendou)-13.2(s)-263.7(develo)-9.3(pment)-270.5(and)-262.5(accord-)]TJ
T*
[(ing)-322.9(to)-321.4(the)-323.9(co)-8.2(mmod)-7(ity)-320(su)-7.6(per)-323.2(cycl)-9.4(e)-321.2(theory)-8(,)-322.2(w)0(e)-325.5(predi)-8(ct)-324(a)-319.4(last)-9(ing)-322.9(boom)-327.8(in)-322.2(the)]TJ
T*
[(commodit)-10.1(y)-239.8(marke)-8.7(ts)-238(in)-242.5(the)-244.3(near)-244.2(futur)-7.4(e.)]TJ
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6.7246 0 0 5.9768 91.4456 127.5023 Tm
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8.9663 0 0 8.9663 98.8724 123.5338 Tm
[(Rian)-301.1(P.)-298.8(Akey,)-303.1(Commodities:)-301(A)-300(Case)-302.1(for)-304.4(Active)-302.7(Management,)]TJ
/F4 1 Tf
27.9789 0 TD
[(Journal)-295.9(of)-303.7(Alter-)]TJ
-28.8072 -1.2203 TD
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91.446 629.121 322.753 0.51025 re
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