Asset Allocators' Soapbox: Dr. Ana Armstrong

We have rebuilt positions in agricultural commodities in our Multi-Asset Real Return funds following the broad-based commodity sell-off. Worsening crop conditions and adverse weather are constraining supply while shrinking US and global stockpiles have reduced the inventory buffer. The long-term demand case is driven by population and income growth, with increased purchasing power from emerging markets consumers, plus supply constraints. We had been nervous about a positive supply response due to higher prices and still expect one of the largest plantings of corn and soybeans in histo...