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Wall Street JournalInvesco DB Oil Fund Quarterly Report for March 31, 2024
Invesco DB Oil Fund Quarterly Report for March 31, 2024
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.
Company Overview
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.
Financial Highlights
Net Asset Value
- Start of period: $13.96 per share
- End of period: $15.58 per share
Key Drivers
- Gain on investments: +$1.45 per share
- Net investment income: +$0.17 per share
- Total return at net asset value: +11.60%
The fund’s net asset value increased during the period due to gains on investments in crude oil futures contracts. Higher crude oil prices drove portfolio gains.
Market Conditions
- Crude oil prices rose amid geopolitical tensions and an improving economic backdrop
- OPEC supply cuts also tightened the crude oil market, supporting prices
Revenue Analysis
The fund aims to generate returns by replicating the performance of the DBIQ Optimum Yield Crude Oil Index through investments in crude oil futures contracts. Revenue comes from gains/losses on those futures positions.
Crude oil futures generated strong gains, driving an 11.60% total return at net asset value. Higher oil prices led to portfolio gains.
Expense Analysis
Expense Ratios
- Net investment income: 4.59% of average net assets
- Expenses after waivers: 0.73% of average net assets
- Expenses prior to waivers: 0.80% of average net assets
Expenses remained low as a percentage of average assets. The fund aims to minimize expenses to avoid tracking error versus its benchmark index.
Financial Position
Total Assets
Data not provided in the report.
Liquidity
As an ETF, the fund stands ready to issue or redeem shares daily based on market demand. This provides liquidity for investors.
Capital Resources
The fund meets margin requirements by holding US Treasury bonds, money market funds, and T-Bill ETFs. The percentage allocated to US Treasuries varies based on the market values of futures positions.
Future Outlook
Crude oil prices are likely to remain volatile, driven by geopolitics, economic growth, and OPEC policy. The fund aims to maintain tight tracking error versus its benchmark index through futures positions.
”` Title: Company Overview
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.
Title: Financial Highlights
Net Asset Value
- Start of period: $13.96 per share
- End of period: $15.58 per share
Key Drivers
- Gain on investments: +$1.45 per share
- Net investment income: +$0.17 per share
- Total return at net asset value: +11.60%
The fund’s net asset value increased during the period due to gains on investments in crude oil futures contracts. Higher crude oil prices drove portfolio gains.
Title: Market Conditions
- Crude oil prices rose amid geopolitical tensions and an improving economic backdrop
- OPEC supply cuts also tightened the crude oil market, supporting prices
Title: Revenue Analysis
The fund aims to generate returns by replicating the performance of the DBIQ Optimum Yield Crude Oil Index through investments in crude oil futures contracts. Revenue comes from gains/losses on those futures positions.
Crude oil futures generated strong gains, driving an 11.60% total return at net asset value. Higher oil prices led to portfolio gains.
Title: Expense Analysis
Expense Ratios
- Net investment income: 4.59% of average net assets
- Expenses after waivers: 0.73% of average net assets
- Expenses prior to waivers: 0.80% of average net assets
Expenses remained low as a percentage of average assets. The fund aims to minimize expenses to avoid tracking error versus its benchmark index.
Title: Financial Position
Total Assets
Data not provided in the report.
Liquidity
As an ETF, the fund stands ready to issue or redeem shares daily based on market demand. This provides liquidity for investors.
Capital Resources
The fund meets margin requirements by holding US Treasury bonds, money market funds, and T-Bill ETFs. The percentage allocated to US Treasuries varies based on the market values of futures positions.
Title: Future Outlook
Crude oil prices are likely to remain volatile, driven by geopolitics, economic growth, and OPEC policy. The fund aims to maintain tight tracking error versus its benchmark index through futures positions. “`
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