Lehman's Alex Gansch turning the TAP on commodity futures

Investing in commodity futures is the only option that offers true exposure to the asset class for l...

Investing in commodity futures is the only option that offers true exposure to the asset class for long-only managers, according to Lehman Brothers' Alex Gansch. Gansch, who runs the group's Commodity Plus fund, argues equity investments in commodity producers are not replacements for direct holdings in the assets. He believes buying commodity businesses will not allow investors to partake in price appreciation. While Ucits III rules prohibit direct investment in commodity futures, he said using Gresham's Tangible Asset Program (TAP) is a way around this. Commodity specialist Gresha...