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The Pathfinder Commodity Plus Fund

Quick highlights:

• Risk controlled, intelligent exposure to Global Commodities
• A new generation of index fund with "Smart Beta" benchmark technology
• Transparent and cost effective for investors 

Fund summary:

The Fund	The Pathfinder Commodity Plus Fund (NZ unit trust with PIE status)
The Manager	Pathfinder Asset Management Limited. New Zealand owned and operated.
Investment focus	The Fund aims to provide cost efficient access to the growth potential of world commodities. It also seeks to reduce periods of negative return by allocating between commodities and cash investments in response to market conditions.
Fund investments	The Fund invests in securities designed to track the benchmark index (which is the Deutsche Bank Liquid Commodity Index Mean Reversion Plus Access denominated in US$).
Currency Hedging	The Fund targets 100% hedging into NZ$.
Liquidity	Investors may invest or redeem on a monthly basis. There is no minimum holding period.
Fee	The base management fee is 0.80% p.a. There is no performance fee.
Minimum Investment	Via a wrap platform: $5,000.  Directly into the Fund: $25,000
Governance	Pathfinder is an advocate of strong corporate governance.

Why Commodities?

Research and historical performance shows that Commodities:

• Produce better annual returns than equities and bonds over long and sustained periods (and have less volatility than equities)
• Lead any recovery of the global economy
• Protect against inflation
• Typically outperform the equity returns of companies involved in commodity production

How does it work?

The benchmark index is entirely rules based and uses two mechanisms for commodity and cash allocations. These rules are transparent and available on request. 

Mechanism One: Captures the "mean reversion" of commodity price cycles. Commodity prices tend to fluctuate for periods of months or even years around a long term trend. Our benchmark attempts to monetise these cyclical fluctuations by overweighting those commodities that are relatively cheap, and underweighting those that are relatively expensive. Allocations are rules based and are reviewed daily.
Mechanism Two: Cash allocation to reduce risk of drawdowns. The benchmark is designed to reduce the risk of large drawdowns. This is achieved by altering the mix between commodities and cash each month in response to market returns. Reallocation can occur rapidly or more gradually depending on commodity performance.

Full details of an investment in the Pathfinder Commodity Plus Fund are contained in the Investment Statement and Prospectus.

Please fill out the following simple form to obtain your copy of the The Pathfinder Commodity Plus Fund Investment Statement

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