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Incrementum Active Commodity Fund
The Incrementum Active Commodity Fund:
Your long-term buy-and-hold investment in the commodity sector. The fund combines strategic investments in commodity stocks and corporate bonds in the commodity sector with dynamic, tactical exposure management through direct investments in commodity derivatives.
Diversification
Strategic allocation in stocks and corporate bonds across five commodity sub-sectors
Active Management
Tactical exposure management driven by a systematic approach
Cashflow
Three sources of cashflow from stock dividends, corporate bond coupons, and VolHarvesting returns
The asset allocation consists of three components:
- Strategic exposure in commodity stocks (50%): Diversified, equally weighted stock portfolio across five commodity sub-sectors
- Strategic exposure in corporate bonds in the commodity sector (40%): Investment-grade corporate bonds provide yield and reduce volatility
- Tactical commodity exposure (-50% to +100%): Managed via the Bloomberg Commodity Index Future using the Incrementum inflation signal
Performance Overview and Risk Figures
Performance in %
| 1 month | 3 months | 1 year | since inception | p.a. since inception | |
|---|---|---|---|---|---|
| Fund | 9.92 | 2.61 | 21.63 | 17.35 | 9.83 |
Monthly performance in %
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 8.51 | 3.83 | 2.12 | 3.54 | -2.86 | -8.04 | 1.52 | 9.92 | 0.19 | 18.97 | |||
| 2025 | 1.85 | -2.48 | 0.39 | -8.75 | 2.59 | 0.05 | 2.19 | 1.83 | 1.84 | 0.14 | 0.83 | -0.40 | -0.46 |
| 2024 | -0.72 | -0.72 |
Risk Figures
| Figure | 1 Year | Inception |
|---|---|---|
| Annualised Volatility | 14.94% | 14.02% |
| Sharpe Ratio | 1.39 | 0.68 |
| % Positive | 59.00%¹ | 59.19%¹ |
| Worst Period | -5.01% | -6.62% |
| Best Period | 3.09% | 3.09% |
| Maximum Drawdown | -14.26% | -15.74% |
| Number of observations | 239 | 419 |
¹ daily
Fund Allocation (at month end)
Asset Allocation*
* Delta adjusted
** Via Bloomberg Commodity Index Future & Commodity Stock Futures
*** Incl. short-term government bonds
Sector Allocation (Stocks)*
| Agriculture | 12.5 % |
| Base Metals | 12.6 % |
| Energy | 13.1 % |
| Gold & Silver | 12.7 % |
| Commodity Trends | 12.5 % |
| Total | 63.4 % |
* Delta adjusted
Fund Data and Costs
Fund Data as of 24.09.2026
| NAV | CHF 117.57 |
|---|---|
| Currency | EUR |
| ISIN | LI1310333888 |
| WKN | A40YWF |
| Bloomberg Ticker | IIDFCHS LE |
| Investment approach | Strategic commodity allocation with active exposure management |
| Launch date of fund | 20.02.2014 |
| Launch date of unit class | 16.12.2024 |
| Fund volume | 21.5 m EUR |
| Minimum investment | CHF 5 Mio. |
| Cut-off subscriptions and redemptions | Day prior to valutation day by no later than 12.00 noon (CET) |
| Liquidity | daily |
| Use of income | reinvested |
| Fund type | UCITS |
| Eligible as UCITS target fund | yes |
| SFDR classification | Article 6 |
| SRI according to PRIIP KID | 4 |
| Management company | IFM Independent Fund Management AG FL-9494 Schaan www.ifm.li |
| Custodian | Liechtensteinische Landesbank AG FL-9490 Vaduz www.llb.li |
| Distribution to private investors | LI, DE, AT, LU |
| Distribution to professional investors | LI, DE, AT, CH, LU |
| Savings plan eligible | Yes |
| Taxable value Austria | yes |
| Taxable value Austria | Taxable value Austria |
| Taxable value Switzerland | yes |
| Taxable value Switzerland | Taxable value Switzerland |
| Information taxable value Germany | Information taxable value Germany |
Costs
| Issue premium | 0% |
|---|---|
| Management fee | 0.50% |
| Performance fee | none |
| TER | 1.18% |
| Administration fee | 0.20% or min. CHF 40'000.-- p.a. plus CHF 5'000.-- p.a. per unit class from the 2nd unit class onwards |
| Depositary fee | 0.09% oder min. CHF 10'000.-- p.a. zzgl. Service-Fee von CHF 420.- per quarter |
Legal Documents and Reports
| Key Investor Information Document - PRIIP (DE) | 19.08.2026 |
| Prospectus | 09.07.2026 |
| Semi-annual report (DE) | 30.06.2026 |
| Annual report (DE) | 31.12.2025 |
Marketing Documents
| Latest factsheet | 31.08.2026 |
Organisation and Distribution Partners
Organisation
| Management company | IFM Independent Fund Management AG FL-9494 Schaan www.ifm.li |
|---|---|
| Asset Manager | Incrementum AG FL-9494 Schaan www.incrementum.li |
| Depositary | Liechtensteinische Landesbank AG FL-9490 Vaduz www.llb.li |
| Auditor | Ernst & Young AG CH-3008 Bern www.ey.com |
| Supervisory authority | FMA Finanzmarktaufsicht Liechtenstein FL-9490 Vaduz www.fma-li.li |
| Facility agent Germany | IFM Independent Fund Management AG FL-9494 Schaan www.ifm.li |
| Contact and information agent Austria | Erste Bank der österreichischen Sparkassen AG AT-1100 Wien www.sparkasse.at |
| Facility agent Luxembourg | IFM Independent Fund Management AG FL-9494 Schaan www.ifm.li |
Distribution
| Distribution to private investors | LI, DE, AT, LU |
|---|---|
| Distribution to professional investors | LI, DE, AT, CH, LU |
| Sales restrictions | USA |
Questions and Answers
What is the fund’s reference number?
Each share class has its own International securities identification number (ISIN). Select the desired share class from the list above and then click on the ‘Fund Data and Costs’ accordion.
Questions & Answers
Investment Focus: The fund will now focus exclusively on investments in the commodity sector.
Allocation: The strategic cash portfolio will consist of 40% corporate bonds from the commodity sector, 50% commodity stocks equally selected from five commodity sub-sectors, and cash. The strategic core portfolio will be supplemented by active commodity management, systematically guided by the Incrementum inflation signal, which will adjust the total exposure: in defensive scenarios, it will be strategically reduced to 50%, while in offensive scenarios, it will be increased to 200%.
Inflation signal: The inflation signal will now be used exclusively for the active management of commodities through the Bloomberg Commodity Index Future.
Hurdle Rate: The new hurdle rate is the Bloomberg Commodity Index Total Return.
Further information is available in our report “Information on Repositioning – January 2025.” For any additional questions, please contact us at iacf@incrementum.li – we will answer your request as soon as possible.
The Incrementum Active Commodity Fund aims to serve as a long-term portfolio component for commodity investments in a buy-and-hold approach. By strategically combining investments with active commodity management, the fund seeks to achieve an attractive risk-return profile. The primary objective is to deliver sustainable outperformance relative to the Bloomberg Commodity Total Return Index.
The fund can be purchased through all banks in the OECD region. Furthermore, you can purchase the fund through most common fund platforms in Germany and Austria. If you have any questions regarding the purchase of the fund, please contact us at iacf@incrementum.li – we will answer your request as soon as possible.
You will find all relevant information here.
For unit class R the minimum investment is EUR/CHF 1,-.
For unit class I, the minimum investment is EUR/CHF 50,000,-.
For unit class IS, the minimum investment is EUR/CHF 500,000,-.
For unit class S, the minimum investment is EUR/CHF 5,000,000,-.
The fund order must be received by the transfer agent (Liechtensteinische Landesbank) by 12:00 noon (Liechtenstein time) at the latest.
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