Embark Commodity Strategy Fund Q1 2025 Commentary

Summary

• In the first quarter, the Embark Commodity Strategy Fund (Institutional Class, "Fund") returned 8.32%, underperforming its benchmark, the Bloomberg Commodity Total Return Index, which returned 8.88%.
• Detracting from performance was the relative underweight in Natural Gas and the overweight in Cocoa, which returned -33.26%.
• Contributors to relative performance included the Fund's overweight stance to Gold and underweight stance to Corn and West Texas Intermediate Crude Oil.

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Portfolio Managers

Spenser Lerner, CFA®, Jason M. Alonzo, Justin Menne and Jake Schurmeier

Investment Philosophy

The Embark Commodity Strategy Fund seeks to provide exposure to commodities markets by investing in commodity-linked instruments across various commodity sectors either directly, or