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Saudi prince Abdulaziz bin Salman seeks to tame oil prices, Opec, Russia
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The Saudi Prince of oil vows to drill every last molecule
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Saudi Prince Wants to Be Known As Oil Price Volatility Buster
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The VanEck Vectors
® Real Asset Allocation ETF (“RAAX”) returned +2.29% versus -2.15% for the Bloomberg Commodity Index. March was another strong month for RAAX. The largest contributors to performance, from largest to smallest, were income assets with a return of +5.66%, financial assets with a return of +2.72% and resource assets, with a return of +0.48%.
President Joe Biden recently announced an ambitious $2.3 trillion spending plan to upgrade the nation’s bridges, roads, schools and more. This level of investment is going to require a lot of natural resources to complete. This combined with the unprecedented monetary support from the U.S. Federal Reserve (Fed) and the other aggressive fiscal support programs, is creating strong inflationary pressures. In our view, this leads to a very nice outlook for real assets and, more specifically, RAAX.
The VanEck Vectors
® Real Asset Allocation ETF (“RAAX”) returned +4.61% versus +6.47% for the Bloomberg Commodity Index. In general, most real assets continue to benefit from the expectation of higher inflation, while oil prices were lifted higher due to supply constraints that resulted from the deadly storm in Texas. On the other hand, income producing real assets were negatively impacted by the rapid surge in interest rates. Gold prices remain under pressure due to optimism about future growth and the subsequent rise in interest rates. And lastly, Bitcoin, which RAAX added exposure to for the first time last month, surged from $32,601 to an intra-month and all-time high of $57,355.