Parametric Commodity Strategy Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Parametric Commodity Strategy Fund held 81 positions with $2.92B in net assets. Its ten largest holdings made up 50.3% of the fund. The EIPCX share class costs 0.69% a year. Over the 12 months to May 2026, EIPCX returned 42.9%, with dividends reinvested. In 2026 Q2 it added 49 new positions and exited 50.
The Funds investment objective is to seek total return.
The fund invests primarily in commodity-linked derivatives—including swap agreements, futures, and commodity-linked notes—backed by a portfolio of short-duration U.S. Treasury securities and money market instruments, seeking to gain commodity exposure without holding physical commodities. Part of this exposure is obtained through PSC Commodity Subsidiary, Ltd., a wholly-owned Cayman Islands subsidiary with the same investment objective and strategies. The fund employs a rules-based, systematic process that targets diversified exposure across commodities and sectors, using quantitative factors such as volatility, liquidity, and correlation to set target weights that may diverge materially from the Bloomberg Commodity Index Total Return, and rebalances within disciplined bands to manage trading costs and concentration risk.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
United States Treasury 4.38% · due 2026-08-15 | 7.98% | $233.31M | — | — |
United States Treasury 4.38% · due 2026-07-31 | 7.78% | $227.61M | — | — |
United States Treasury 0.13% · due 2027-04-15 | 6.33% | $184.99M | — | — |
United States Treasury 2.38% · due 2027-05-15 | 5.90% | $172.47M | — | — |
United States Treasury 0.38% · due 2027-01-15 | 4.65% | $136.02M | — | — |
MVRXXMorgan Stanley & Co. LLC | 3.91% | $114.38M | — | — |
United States Treasury 4.13% · due 2027-02-15 | 3.71% | $108.53M | — | — |
SPDR Gold MiniShares Trust | 3.47% | $101.42M | 1.3M | $79.42 |
United States Treasury 4.50% · due 2027-04-15 | 3.43% | $100.37M | — | — |
United States Treasury 1.63% · due 2026-10-31 | 3.18% | $93.04M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
All 81 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 71.71% |
| Cash & short-term | 15.04% |
| Stocks | 3.47% |
| Derivatives | -6.81% |
These positions come to 83.41% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
EIPCX share class · total returns with dividends reinvested
Volatility over the last 12 months: 8.43%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.69% | +42.87% | +68.50% | +96.66% | -6.02% | |
| 0.94% | +42.52% | +67.22% | +94.53% | -6.05% |
These classes hold the same portfolio, so the 2.14pp spread over 5 years is the cost difference between them — roughly 0.43pp a year — not a difference in what they own.
Fees & fund details
Parametric Commodity Strategy Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.69% – 0.94%· EIPCX 0.69%
- Portfolio turnover
- 17.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
49 new· the largest 4
50 exited· the largest 3
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.18 yr | 47% |
| 1 yr | 0.20 yr | 53% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.18 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.20 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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