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68% of US advisors invested in commodities now treat them as strategic, not tactical — per Aberdeen / CoreData, April 2026. Average exposure is 4.6%; 44% of those advisors say it should exceed 6%. The 26 Swiss-distributable funds below are the shortlist for closing that gap.
Vontobel Commodity HI CHF
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| # | Fund | Sub-category | Edge | 1Y | Factsheet | Report |
|---|---|---|---|---|---|---|
| S | Vontobel Fund - Commodity HI (hedged), CHF LU0415416287 | Broad Commodities | Active commodity-curve positioning + covered-call overlay; CHF-hedged institutional class (PM Kerstin Hottner since 2009). | +31.4% | ⬇ Factsheet | ⬇ WSP Report |
1Y: trailing 12 months to 31 March 2026.
Active against the Bloomberg Commodity Index TR (CHF hedged) — curve positioning is set fundamentally, not by calendar, with a covered-call overlay layered on top of the futures book.
Kerstin Hottner has run the book since the CHF share class launched in February 2009. Seventeen years across multiple commodity regimes. 3-year return: +9.7% p.a. 3-year Sharpe: 0.76.
Luxembourg UCITS, SFDR Article 6 (no green-mandate constraints), TER 1.08%, CHF-hedged, USD 758 million in fund size — the structural fit for a 3-7% real-assets sleeve in a Swiss mandate.
Real Estate (5 funds)
| # | Fund | Sub-category | Edge | 1Y | Factsheet |
|---|---|---|---|---|---|
| 13 | SF Property Securities Fund N CH0234813464 | CH Listed Real Estate / REITs | Peer-2-of-525; rare active alpha in a reflex-indexed category. | +9.9% | ⬇ Factsheet |
| 17 | LO Institutional Strategies (CH) - Swiss Real Estate Securities Z CH1341568637 | CH Listed Real Estate / REITs | Peer-9-of-525; not an SXI index copy. | +6.3% | ⬇ Factsheet |
| 20 | Synchrony Swiss Real Estate Indirect Fund M CH0336870537 | CH Listed Real Estate / REITs | Peer-12-of-525; disciplined sub-sector positioning. | +7.7% | ⬇ Factsheet |
| 23 | DWS Invest Global Real Estate Securities CHF ICH (P) LU2861043714 | Global Listed Real Estate / REITs | Global REIT exposure without USD volatility. | +11.7% | ⬇ Factsheet |
| 26 | Swisscanto (CH) Index Fund V - SWC (CH) Index Real Estate Fund World (ex CH) indirect NTH1 CHF CH1391779050 | Regional Listed Real Estate / REITs | Only passive on the list — negligible tracking drag. | +9.4% | ⬇ Factsheet |
Infrastructure (2 funds)
| # | Fund | Sub-category | Edge | 1Y | Factsheet |
|---|---|---|---|---|---|
| 22 | First Sentier Global Listed Infrastructure Fund Class I (Monthly Distributing) USD IE0008RSOEY0 | Listed Infrastructure Equity | Peer-6-of-160; income-distributing benchmark name. | +17.6% | ⬇ Factsheet |
| 25 | BlackRock Global Funds - Global Listed Infrastructure Fund ZI2 EUR Accumulating LU2903325160 | Listed Infrastructure Equity | Peer-7-of-160; cheapest large-scale active infra for CH QIs. | +15.4% | ⬇ Factsheet |
Natural Resources (5 funds)
| # | Fund | Sub-category | Edge | 1Y | Factsheet |
|---|---|---|---|---|---|
| 2 | JSS Investmentfonds II - JSS Sustainable Equity - Strategic Materials Y USD Inc LU2752694500 | Natural Resources Equity | Top of 167; transition-materials thesis. | +81.6% | ⬇ Factsheet |
| 3 | Incrementum Active Gold Fund EUR-V LI1309461484 | Precious Metals Equity | Top of 33; active gold-equity, off-index positioning. | +57.0% | ⬇ Factsheet |
| 4 | BlackRock Global Funds - World Mining B2 LU2776654506 | Natural Resources Equity | Peer-2-of-167; diversified mining benchmark. | +80.9% | ⬇ Factsheet |
| 6 | Fidelity Funds 2 - Transition Materials Fund A EUR Acc LU2701010469 | Natural Resources Equity | Peer-6-of-167; names indexes structurally underweight. | +76.7% | ⬇ Factsheet |
| 11 | abrdn SICAV I - Future Minerals Fund X Acc GBP LU2811882161 | Natural Resources Equity | Peer-11-of-167; lithium, copper, rare earths tilt. | +84.4% | ⬇ Factsheet |
Commodities (14 funds)
| # | Fund | Sub-category | Edge | 1Y | Factsheet |
|---|---|---|---|---|---|
| 1 | DNCA Invest Strategic Resources Class SI EUR Acc LU2707622556 | Broad Commodities | Top of commodities; industrial-policy framing. | +46.9% | ⬇ Factsheet |
| 5 | UBS Gold Income Maximizer Index Fund USD I-A dis CH1406166137 | Precious Metals Commodities | Gold + written-call overlay; peer-2-of-133. | +29.5% | ⬇ Factsheet |
| 7 | Invesco Funds SICAV - Invesco Commodity Allocation Fund A (EUR)-Acc Shares LU2606014079 | Broad Commodities | 3Y Sharpe 0.99; top in broad-commodity peers. | +46.7% | ⬇ Factsheet |
| 8 | Lombard Odier Funds - Transition Materials (USD) ND LU0640921465 | Broad Commodities | Transition-tilt; peer-7-of-314. | +50.2% | ⬇ Factsheet |
| 9 | Swisscanto (CH) Index Fund IV - Swisscanto (CH) Index Fund Gold Smart Sourcing & Traceable NT CHF CH1416137086 | Precious Metals Commodities | CHF institutional; traceable-bar physical gold. | +33.7% | ⬇ Factsheet |
| 10 | UBS Gold Index Fund CHF I-A acc CH1390275316 | Precious Metals Commodities | CHF physical gold; pure beta + cost discipline. | +33.5% | ⬇ Factsheet |
| 12 | BCV Physical Gold ESG D CHF CH1281992631 | Precious Metals Commodities | ESG bullion-chain screen; niche mandate. | +33.2% | ⬇ Factsheet |
| 14 | Swisscanto (CH) Index Fund IV - Swisscanto (CH) Index Precious Metal Fund Gold Physical CT USD CH1407556161 | Precious Metals Commodities | USD institutional; disciplined physical bullion. | +40.4% | ⬇ Factsheet |
| 15 | Pictet CH Precious Metals Fund - Physical Gold HP EUR CH1268398026 | Precious Metals Commodities | Institutional CH; EUR-hedged. | +34.3% | ⬇ Factsheet |
| 16 | JSS Commodity - Transition Enhanced E1 CHF Acc Hedged LU2833321958 | Broad Commodities | Active broad commodity; CHF-hedged transition-tilt. | +35.6% | ⬇ Factsheet |
| 18 | Morgan Stanley Investment Funds - Parametric Commodity Fund Z Acc LU2607330102 | Broad Commodities | Parametric overlay; peer-11-of-314. | +46.1% | ⬇ Factsheet |
| 19 | JSS Commodity - Diversified (CHF) I30 CHF dist CH1364294970 | Broad Commodities | CHF institutional; hedged broad commodity. | +37.7% | ⬇ Factsheet |
| 21 | Incrementum Active Commodity Fund CHF-S LI1310333888 | Broad Commodities | Sister to active gold; independent vs index. | +30.2% | ⬇ Factsheet |
| 24 | PI Privatinvestor SICAV - 3 PI Physical Gold Fund - EUR LI1381606972 | Precious Metals Commodities | LI-domiciled physical gold; non-EUR option. | +32.4% | ⬇ Factsheet |
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Ghost Watch
26 on the list · 5,535 tracked but unverified Behind these 26 funds sits a larger screening universe of 5,561 share classes. Funds in the Ghost universe appear in our data. They have not all passed our due diligence — if a fund you use is missing, drop us a line and we'll tell you why. |
The same merit-based discipline runs across the other verticals:
- Long Only — the core portfolio — equity, fixed income, mixed allocation
- Active ETFs — active wrappers and research-enhanced implementation
- Private Markets — illiquid capital and access-led strategies
- Alternatives — diversifiers and absolute-return strategies
If someone on your team builds fund lists, forward this email.
The WS Partners Team
Edition #1 of the OpenList Real Assets vertical is sponsored by Vontobel. Sponsorship buys visibility and editorial space; it does not influence the merit-based ranking of the funds shown above. WSPartners' selection methodology is unchanged.
OpenList — Market Intelligence for the Professional Allocator
Edition 1, 2026 | Real Assets
WSPartners SA | info@wspartners.ch