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Miners Drive Global Commodity Stock Fund

From its inception on March 31 to the end of 2009, FFGCX has returned 48.0 percent, compared with the 41.5 percent return in the benchmark, which shows that Wickwire has added value for investors.

Outperformance hasn't come from the No. 1 holding, however. Monsanto (MON), with 5.4 percent of assets at the end of November, has only gained 17.7 percent in 2009. Top-ten holdings Chevron (CVX), with 2.3 percent of assets, and Potash (POT), with 2.9 percent of assets, weren't drivers of the outperformance either, although they did put in strong performances.

It was top-ten holdings in three miners that delivered outperformance for the fund: Rio Tinto (RTP), 2.5 percent of assets, BHP Billiton (BHP), 3.7 percent of assets, and Vale (VALE - Get Report), 2.3 percent of assets, gained 44.1 percent, 55.4 percent and 90.0 percent, respectively, since the fund's inception.

While miners delivered the returns, the fund has a slightly larger allocation to energy, with 33.0 percent of assets in that sector through November, compared with 33.8 percent for the benchmark through September. The agricultural and metals sectors are not broken out separately.

Geographically, the U.S. dominates, with 41.9 percent of assets, followed by 15.3 percent in the U.K., 11.1 percent in Canada, 5.4 percent in Brazil and 3.3 percent in Switzerland.

It's the international exposure that provides the main benefit for FFGCX. Many companies in the commodity sectors rely on global economic growth and global market prices, with the most obvious example being crude oil. However, individual countries may deviate from global economic trends, and more important, they often deviate in terms of financial performance.

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