This article appeared in Finance Magazine

Commodities’ role in an investment portfolio
Commodities played a starring role in the recent strong performance of the National Pension Reserve Fund (NPRF), with the fund’s €170 million allocation to commodities, returning almost 36 per cent, over the course of the year. The NPRF accessed the commodities market through the Goldman Sachs Commodity Index (GSCI), which has become the premier global commodity benchmark. Paul Callan explains how the GSCI is structured, and the role commodities should play in investors’ portfolios.
Paul Callan is an associate Director, investment dealing, in Eagle Star Life.
This article appeared in the April 2006 edition of Finance Magazine.