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The Carmignac Commodities Fund is one of the largest funds run by the successful European asset management firm Carmignac Gestion. This fund is interesting because of the heavy exposure to natural resource companies in North America, Europe and Australia and the diversification of assets among various commodities such as energy, forestry products, metals, agricultural products, etc. In addition mid-caps account for about 50% of the portfolio based on the March 2010 fact sheet.

Since its launch in 2003, the fund has had double digits returns except in 2004 and 2008. Last year the fund was up a cool 70%. This fund had an asset base of about 1.1 billion Euros.

The top 10 holdings in the Carmignac Commodities Fund are:

1. Cliff Natural Resources (NYSE:CLF)
USA

2. Pacific Rubiales Energy (OTCPK:PEGFF)
Canada

3. Banker Petroleum
Albania

4. Red Back Mining Inc (OTC:RBIFF)
Canada

5. Rio Tinto plc (RTP)
Australia

6. BHP Billiton Ltd. (NYSE:BHP)
Australia

7. First Quantum Minerals (OTCPK:FQVLF)
Canada

8. Xstrata Plc (OTC:XSRAY)
Canada

9. Teck Resources Limited (NYSE:TCK)
Canada

10. Vedanta Resources Plc (OTCPK:VDNRF)
U.K.

Disclosure: No positions

Source: Top 10 Holdings of the Carmignac Commodities Fund