Commodities are on a roll

Commodities are on fire. But for private investors, gaining access to a notoriously fickle and unpredictable asset class through a straightforward fund structure is easier said than done. The most popular route for private investors has hitherto been through commodity-equity funds, with the resources team at BlackRock dominating most lists. Their World Mining Trust has gained 53% over the last 12 months.

But commodity equities do not necessarily move in line with the underlying raw-material market. The share price of, say, Glencore or BHP moves for many different reasons,