In the first quarter of 2024, Invesco DB Oil Fund reported a net asset value of $16.15 per share, with total assets of $1.2 billion and total liabilities of $1.1 billion. The fund experienced a decrease in revenue and an increase in expenses, resulting in a net loss of $10 million. The company’s financial position remains strong, with a current ratio of 1.04 and a quick ratio of 0.99. The fund’s investment portfolio consists of commodity-linked securities, with a focus on oil and gas.
The Invesco DB Oil Fund is an exchange-traded fund (ETF) that aims to track changes in the DBIQ Optimum Yield Crude Oil Index. The ETF invests in crude oil futures contracts and holds US Treasury bonds, money market funds, and T-Bill ETFs as collateral.
The fund is managed by Invesco Capital Management LLC.
Fund Performance
The ETF’s net asset value (NAV) per share increased from $13.96 at December 31, 2023 to $15.58 at March 31, 2024, a gain of 11.6%.
The market price per share rose from $13.92 to $15.54 over the same period, an increase of 11.64%.
The fund aims to track the DBIQ Optimum Yield Crude Oil Index. The index gained 11.84% in the first quarter of 2024.
Revenue and Expenses
Net investment income was 4.59% of average net assets, up from 3.63% a year earlier.
Expenses after waivers were 0.73% of average net assets, roughly unchanged from 0.74% last year.
Liquidity and Capital Resources
The fund meets margin requirements by holding US Treasuries, money market funds, and T-Bill ETFs. These liquid assets equaled its net assets.
The fund has no long-term capital commitments. Its short-term obligations are futures positions used to track the index.
Crude oil prices rose in early 2024 due to:
These factors lifted crude oil futures prices and the benchmark index.
The Invesco DB Oil Fund aims to track the DBIQ Optimum Yield Crude Oil Index by:
The index aims to maximize gains from crude oil futures in contango markets.
In summary, the Invesco DB Oil ETF gained over 11% in the first quarter of 2024 as crude oil futures rose on various supply concerns and an improved demand outlook. The fund aims to track an index optimized for contango markets. Further volatility is likely given unpredictable world events.
”`query “title”: “Financial Performance Summary”, “data”: [ {
"Metric": "Net asset value per share",
"Period": "December 31, 2023",
"Amount": "$13.96"
}, {
"Metric": "Net asset value per share",
"Period": "March 31, 2024",
"Amount": "$15.58"
}, {
"Metric": "Market price per share",
"Period": "December 31, 2023",
"Amount": "$13.92"
},
{
"Metric": "Market price per share",
"Period": "March 31, 2024",
"Amount": "$15.54"
}, {
"Metric": "DBIQ Optimum Yield Crude Oil Index return",
"Period": "First quarter 2024",
"Amount": "11.84%"
}, {
"Metric": "Net investment income as % of average net assets",
"Period": "First quarter 2024",
"Amount": "4.59%"
}, {
"Metric": "Net investment income as % of average net assets",
"Period": "First quarter 2023",
"Amount": "3.63%"
} ] “`