April 2017 Fund Performance & Market Commentary

The Delbrook Resource Opportunities Fund (the “Fund”) posted a net return of +4.6% for the month of April vs. the S&P Metals and Mining ETF, the Fund’s closest benchmark, which recorded a loss of -2.0%. Year to date the Fund has returned +32.8% (net) vs. the  benchmark return of -1.9%.
Entering April, the Fund’s positioning was not materially different from the first quarter and was in line with our commodity specific views derived by our research team. Specifically, the Fund entered April with net long exposure to precious metals and select base metals, and was positioned net short bulks (including iron ore and metallurgical coal). Overall gross performance attribution for April was +5.1% for long positions and +1.5% for short positions.

The starting point of our investment process focuses on developing a fundamental view on various commodities within the metals and mining complex. Our views are developed by understanding the structural components of demand and comparing these factors to the immediate and forecast supply fundamentals in order to identify opportunities across the spectrum. As such, we have provided a high level summary of our research for a select group of commodities below....

​Click here to read our complete April 2017 Newsletter​:
Matthew Zabloski

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Delbrook is pleased to provide you with an archive of our previously published monthly Newsletters. Click any of the below files provided in Adobe Acrobat (.pdf) file format:​​
The Delbrook Perspective
The Delbrook Perspective
JULY 2016
The Delbrook Perspective