The PIMCO All Asset Fund, a fund-of-fund with $13 billion in assets, has quadrupled its commodity exposure to 12%, Bloomberg reports. Likewise, a Japan version of the All Asset Fund has also quadrupled its commodity holdings from 5% to 20%.

Rob Arnott, chairman of Research Associates, a sub-advisor to the fund, said he believes that with supplies at risk and geo-political risk “dormant,” commodity values will increase.

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