Tresides Commodity One
Alternative · Global · Commodities
Figures refer to the share class ISIN DE000A1W1MH5, currency EUR.
Recent performance
The EUR class returned +43.16% over one year to 2026-09-30. Over the final three months, the fund returned +15.70%.
Key facts
- Associated firm
- Tresides Asset Management GmbH
- Asset class
- Alternative
- Geography
- Global
- Strategy
- Commodities
- Share class currency
- EUR
- Share class inception
- 29.12.2014
- Fund size
- 244 million (as at 14.09.2026)
- Management fee
- 0.80%
- Performance fee
- No
- UCITS
- Yes
- Registered in Switzerland
- No (qualified investors only)
Performance in context
Growth from the same starting value
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 100.00 |
| 2023-10 | 98.59 |
| 2023-11 | 97.85 |
| 2023-12 | 97.47 |
| 2024-01 | 98.81 |
| 2024-02 | 97.82 |
| 2024-03 | 101.56 |
| 2024-04 | 108.59 |
| 2024-05 | 109.33 |
| 2024-06 | 108.62 |
| 2024-07 | 104.63 |
| 2024-08 | 104.24 |
| 2024-09 | 106.11 |
| 2024-10 | 105.32 |
| 2024-11 | 103.21 |
| 2024-12 | 102.63 |
| 2025-01 | 104.85 |
| 2025-02 | 103.74 |
| 2025-03 | 108.49 |
| 2025-04 | 98.61 |
| 2025-05 | 99.50 |
| 2025-06 | 105.17 |
| 2025-07 | 106.73 |
| 2025-08 | 107.60 |
| 2025-09 | 110.51 |
| 2025-10 | 112.26 |
| 2025-11 | 113.78 |
| 2025-12 | 121.08 |
| 2026-01 | 130.79 |
| 2026-02 | 138.24 |
| 2026-03 | 140.98 |
| 2026-04 | 148.17 |
| 2026-05 | 151.05 |
| 2026-06 | 136.73 |
| 2026-07 | 145.70 |
| 2026-08 | 153.88 |
| 2026-09 | 158.21 |
Growth of 100 · EUR total returns. Monthly observations, income reinvested.
Fund source observations: 2023-09-30 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Figures as of 30.09.2026. Calendar-year returns cover the years shown.
| 1M | 3M | 6M | YTD | 2025 | 2024 | 2023 | 1Y | 3Y | 5Y | Volatility | Sharpe R. | Max DD | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FundISIN DE000A1W1MH5, currency EUR | 2.81 | 15.70 | 12.22 | 30.66 | 17.98 | 5.29 | -2.14 | 43.16 | 16.53 | 12.59 | 13.43 | 0.90 | -9.81 |
| BenchmarkBloomberg Commodity TR USD | 0.61 | 16.19 | 6.79 | 32.87 | 15.77 | 5.38 | -7.91 | 40.64 | 15.63 | 11.27 | 13.94 | 0.79 | -11.79 |
| Differencefund minus benchmark, in percentage points | 2.20 | -0.49 | 5.43 | -2.21 | 2.21 | -0.09 | 5.77 | 2.52 | 0.90 | 1.32 | – | – | – |
Reporting dates by figure
- DE000A1W1MH5 — 30.09.2026: 1M, 3M, 6M, YTD, 1Y, 3Y, 5Y, Volatility, Sharpe R., Max DD, Benchmark 1M, Benchmark 3M, Benchmark 6M, Benchmark YTD, Benchmark 1Y, Benchmark 3Y, Benchmark 5Y, Benchmark Volatility, Benchmark Sharpe R., Benchmark Max DD; 31.12.2025: 2025, Benchmark 2025; 31.12.2024: 2024, Benchmark 2024; 31.12.2023: 2023, Benchmark 2023
How far below its previous high?
Fund
Exact chart values
| Month | Fund |
|---|---|
| 2023-09 | 0.00 |
| 2023-10 | -1.41 |
| 2023-11 | -2.15 |
| 2023-12 | -2.53 |
| 2024-01 | -1.19 |
| 2024-02 | -2.18 |
| 2024-03 | 0.00 |
| 2024-04 | 0.00 |
| 2024-05 | 0.00 |
| 2024-06 | -0.65 |
| 2024-07 | -4.30 |
| 2024-08 | -4.66 |
| 2024-09 | -2.95 |
| 2024-10 | -3.67 |
| 2024-11 | -5.60 |
| 2024-12 | -6.13 |
| 2025-01 | -4.10 |
| 2025-02 | -5.12 |
| 2025-03 | -0.77 |
| 2025-04 | -9.80 |
| 2025-05 | -8.99 |
| 2025-06 | -3.80 |
| 2025-07 | -2.38 |
| 2025-08 | -1.59 |
| 2025-09 | 0.00 |
| 2025-10 | 0.00 |
| 2025-11 | 0.00 |
| 2025-12 | 0.00 |
| 2026-01 | 0.00 |
| 2026-02 | 0.00 |
| 2026-03 | 0.00 |
| 2026-04 | 0.00 |
| 2026-05 | 0.00 |
| 2026-06 | -9.48 |
| 2026-07 | -3.54 |
| 2026-08 | 0.00 |
| 2026-09 | 0.00 |
Deepest month-end decline for this class: -9.80%.
2023-09-30 to 2026-09-30 · EUR total returns. Declines are measured against the highest month-end value within this window. Intra-month falls are not shown; this is not daily maximum drawdown.
Where did the gains and setbacks occur?
Fund return · % in EUR
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2023 | — | — | — | — | — | — | — | — | — | -1.41 | -0.76 | -0.38 |
| 2024 | +1.37 | -1.00 | +3.82 | +6.92 | +0.69 | -0.65 | -3.68 | -0.37 | +1.80 | -0.75 | -2.01 | -0.56 |
| 2025 | +2.16 | -1.06 | +4.58 | -9.11 | +0.90 | +5.70 | +1.48 | +0.81 | +2.71 | +1.58 | +1.35 | +6.42 |
| 2026 | +8.02 | +5.69 | +1.98 | +5.10 | +1.94 | -9.48 | +6.56 | +5.61 | +2.81 | — | — | — |
Green: positive; red: negative. Grey cells are outside the displayed history. Month-end observations; no missing month is filled or interpolated.
Fund source observations: 2023-09-30 to 2026-09-30. Source: Morningstar public total-return history. The public feed may repeat unchanged levels on non-valuation days; dates are source observation dates. Each calendar month uses its last available source observation; fund and comparison dates can differ.
Within the list: OpenList — Real Assets
Compared with the alternative funds on OpenList — Real Assets (6 funds), each in the share class and currency its list shows. Returns are in each share class's own currency and are not converted.
Performance and risk figures as of 30.09.2026.
| This fund | Group median | Position | |
|---|---|---|---|
| Return 1Y | 43.16 | 32.67 | 2 of 6 |
| Return 3Y p.a. | 16.53 | 16.88 | 5 of 6 |
| 3Y p.a. over its own benchmark | 0.90 | 1.25 | 5 of 6 |
| Volatility 3Y | 13.43 | 13.41 | 4 of 6 |
| Sharpe ratio 3Y | 0.90 | 0.91 | 4 of 6 |
| Max drawdown 3Y | -9.81 | -9.27 | 4 of 6 |
| Management fee | 0.80% | 0.78% | 4 of 6 |
Position 1 is the highest value, except for volatility and the management fee, where 1 is the lowest; for max drawdown, 1 is the smallest fall. Only figures with the same reporting date are compared.
Return against risk, 3 years
Price history
Fund rebased to 100 at 31.10.2021; benchmark rebased to 100 at 30.11.2021.
Table view
| Period | From | Fund (100 at start) | Benchmark from | Benchmark (100 at start) |
|---|---|---|---|---|
| 1Y | 02.11.2025 | 143.0 | 07.11.2025 | 137.6 |
| 3Y | 31.10.2023 | 162.9 | 31.10.2023 | 155.3 |
| 5Y | 31.10.2021 | 174.3 | 30.11.2021 | 180.7 |
| Since 2019 | 01.01.2019 | 240.9 | 31.01.2019 | 219.5 |
Total return: distributions reinvested.
In EUR, the currency of the share class shown.
Comparison: Bloomberg Commodity TR USD.
The benchmark is in USD, not converted.
Fund history to 28.10.2026.
Benchmark history to 28.10.2026.
Past performance is not a reliable indicator of future results, and the value of investments can fall as well as rise.
Chart methodology
Charts use dated total-return observations, including reinvested income. Each calendar month uses the last available observation. Fund and comparison valuation dates may differ. Month-end drawdowns exclude falls within a month. Past performance does not predict future returns.
WSP report
Ask WSP which research is available for this fund and what it covers.
Enquire about WSP researchBack to the list: OpenList — Real Assets
Performance: in %, in the currency of the share class shown. 3Y and 5Y are annualised. Volatility and Sharpe ratio are over three years; Max DD is the largest fall over three years.
Benchmark: each fund is measured against the index its own documents name. Where WSP measures a fund against a comparator of its own instead, the row names it: a tracker or a blend of the markets the fund invests in, or a cash-plus hurdle
– means not applicable.
Reporting dates are shown above the figures; exceptions are dated individually.
This page is advertising within the meaning of the Swiss Financial Services Act. It is not an offer, a recommendation or investment advice. The prospectus and key information document for any fund shown may be obtained free of charge from its management company or Swiss representative
How this fund works
Investment rationale
Tresides Commodity One is a mixed fund designed to provide indirect participation in international commodity and commodity futures markets through derivatives linked to commodity indices. Share class A has a risk indicator of 4 on a 1–7 scale and a recommended holding period of 5 years; the fund is suitable only for experienced investors who can bear significant fluctuations and substantial losses. Its role in a portfolio is that of a specialist exposure rather than a broad core allocation, as the strategy is centered on commodity-index participation rather than traditional diversified equity or bond investing. The fund is aimed at investors seeking capital growth or portfolio optimisation and who do not require capital preservation guarantees.
2026-02-02
How the strategy works
The objective is indirect participation in the development of international commodity and commodity futures markets while seeking returns at an appropriate level of risk. The fund invests mainly in derivatives such as swaps, futures, forwards and options based on commodity indices; the indices should have no link to staple foods, must be sufficiently diversified and representative, and under the special terms must represent at least 51% commodities traded on exchanges in the United States or the United Kingdom. The unencumbered portion of the portfolio is invested predominantly in interest-bearing securities, money market instruments and bank deposits; up to 100% may be invested in securities, up to 80% in money market instruments, up to 80% in bank deposits, and up to 10% in investment funds. The stated strategy uses bond and money-market funds, while the investment terms also permit equity funds within that overall limit. The fund does not replicate a securities index and does not use a benchmark for portfolio management, although its derivative-free comparison portfolio for VaR purposes consists of a commodity index; derivatives are also used for hedging, efficient portfolio management and additional return generation, with market risk, measured using VaR, capped at twice that of the derivative-free comparison portfolio. The fund is distributing, may make annual distributions within four months of financial year-end, and for share class C (a) (USD Hedged) the delegated portfolio management applies currency hedging to reduce FX risk between the share-class currency and the fund base currency.
2026-02-02
Investment philosophy
• The portfolio is built to give indirect exposure to international commodity and commodity futures markets primarily through derivatives such as swap contracts, futures, forwards and options linked to commodity indices.
• Under the special investment terms, the underlying indices should not reference staple foods and must represent at least 51% commodities traded on exchanges in the United States or the United Kingdom; the fund seeks a correlation of more than 80% to the underlying index exposure.
• The delegated portfolio manager aims in normal conditions for swap-based exposure of about 95% to 105% of fund assets, while the remaining assets are invested predominantly in interest-bearing securities, money market instruments and bank deposits.
• The management approach is active and discretionary: the fund management selects instruments based on analysis and assessment of companies as well as macroeconomic and political developments, and does not manage the portfolio against a benchmark.
• Risk controls include VaR-based monitoring that limits market risk to twice the risk of a derivative-free comparison portfolio consisting of a commodity index, short-term borrowing limited to 10% of fund assets, and investment fund exposure limited to 10% of fund value.
2026-02-02
Distinctive features
The fund provides dedicated commodity exposure implemented through derivative replication of one or more commodity indices rather than direct physical commodity ownership. Its special terms explicitly prohibit assuming obligations to take delivery of physical commodities and state that the commodity indices used should have no link to staple foods. The structure combines index-linked commodity exposure with a collateral-style allocation to fixed income securities, money market instruments and bank deposits. It also offers a dedicated USD-hedged share class and permits use of interest-rate derivatives for more efficient portfolio management.
2026-02-02
Risks
Share class A has a risk indicator of 4 out of 7, and the fund has increased volatility, meaning share prices may fluctuate materially over short periods. The main drivers are market and valuation risks from indirect commodity exposure through derivatives, including futures, options, swaps, swaptions, credit default swaps and total return swaps, with leverage and derivative use able to amplify gains and losses. Other risks include interest-rate risk, negative interest on cash balances, currency risk, concentration risk, counterparty and issuer default risk, liquidity risk, settlement and custody risk, and risks linked to securities lending and repo transactions. Sustainability risks are considered in the investment process and can affect market, credit, reputational and operational risks; however, principal adverse impacts are not part of the fund strategy, and the product does not take into account EU criteria for environmentally sustainable economic activities.
2026-02-02
Asset manager
The management company is Ampega Investment GmbH, based at Charles-de-Gaulle-Platz 1, 50679 Cologne, Germany. Ampega Investment GmbH was founded on 28.12.1967, has share capital of EUR 11.5 million, belongs to the Talanx group and is part of Talanx AG. Portfolio management for the fund is delegated to Tresides Asset Management GmbH, Stephanstraße 25, 70173 Stuttgart, Germany. Ampega is licensed as an external UCITS management company and external AIF management company under the KAGB and manages a broad range of public and special investment funds.
2026-02-02