@hank, only the precious metal funds may own physical commodities.

Started a position in OMFL. No good reason other than it has beaten the S&P500 for total return over the last 5 years.

+1
In fairness, I don’t anticipate TRP doing that. What I see is investors chasing performance and the fund has been hot and attracting interest / money for a long time now. And Giroux, for better or worse, has claimed a lofty perch next to Gabelli, Cohen and other rock stars in Barron’s “Roundtable” two years running. I was a bit surprised he was invited back a second time in light of a couple of his early 2022 calls. Specifically a fondness for AMZ (which tanked shortly thereafter) plus a prediction the 10-year wouldn’t end the year above 3% - or some silly number. One wonders if that kind of fame and public scrutiny helps, harms, or has no effect on a manager’s psyche and decision making ability.

European Union leaders said the war has had a silver lining in terms of moving the bloc forward on targets for renewable energy. Countries that were previously reluctant to get on board with expanding renewables are finally doing so, and those on the wagon are investing more. As a result, as part of its REPowerEU package, the EU agreed to increase its targets for renewable energy to 45 percent by 2030 this week, up from a prior target of 40 percent. (The EU gets just over 20 percent of its total energy from renewables right now.) A new report from the International Energy Agency suggests the world could add as much renewable energy in the next five years as it did in the last 20 years.
...
But you can’t make silver without getting some dross. In an effort to replace Russian oil and gas in the short term, countries like Germany are reactivating some old coal-fired power plants to fill the energy gap. Countries including France, Austria, the Netherlands, and Italy are putting mothballed coal plants back into service. And EU countries are negotiating long-term contracts for gas with countries like Qatar, which policymakers said could ultimately lock these countries into buying more gas than they hope to need by the time 2030 rolls around.

[Japanese] Government data released on Thursday [Jan 19, 2023] showed that oil imports from Russia fell around 56% last year, while coal imports were reduced by 41%.
But imports of Russian liquefied natural gas (LNG) were up more than 4% in 2022.
Sakhalin-1 produces oil, while Sakhalin-2 produces both crude and LNG, and experts say access to Russian gas is what Japan is most concerned about protecting.
Last year, 9.5% of Japan’s total LNG imports came from Russia, up from 8.8% in 2021 — most of it from Sakhalin-2.
So when Japan joined a price cap on Russian oil last year with its G7 allies, the European Union and Australia, it obtained an exemption for Sakhalin-2.

Japan has almost no fossil fuel of its own and relies on imported natural gas and coal for much of its electricity.
...
“It’s not as if Japan can’t manage without this. They can. They simply don’t want to,” said James Brown, a professor at Temple University’s Japan campus. Prof. Brown, who studies Russia-Japan relations, said Japan should move to withdraw from the Sakhalin projects eventually “if they’re really serious about supporting Ukraine.”

That doesn't appear to square with the actual language of the bill. Although most of its legislative language is clearly geared toward controlling corporate mergers — and giving the president a new tool that can force a foreign company to divest itself of U.S. interests — there's no specific provision that protects individual users of banned websites or software. Instead, it would give an appointed presidential committee the power to make new rules and enforce them, with little oversight.
How could those new powers pose a threat to individual users? First, there's a real possibility that, according to the current version, an individual user could face criminal charges for downloading or accessing banned content, such as through the use of a virtual private network. Depending on the appetite for enforcement, the penalties could include up to 20 years in prison for using a VPN to access a banned site — and, in some interpretations, up to $1,000,000 in fines.
Another threat is the lack of transparency and accountability the bill grants the appointed committee that would decide which apps to ban. The lack of judicial review and reliance on Patriot Act-like surveillance powers could open the door to unjustified targeting of individuals or groups….
….Across its 55 pages, the Restrict Act offers a lot of winding, tricky language with room for broad interpretation. Concerns are emerging about how the bill could threaten civil liberties and First Amendment rights, especially considering its vague language, lack of oversight for sweeping new executive (not elected) authorities, and the secretive nature of the FISA courts, which rule on a range of intelligence and surveillance cases.

Great article that summarizes David Giruox’s many interviews he gave in last several years. In light of this large asset base ($47.4) fund, he manages to move and to execute very well in his portfolio in order to deliver this remarkable results over the tenure as the fund manager.
[snip]
PRWCX has generated exemplary performance (risk/reward) during David Giroux's tenure.
Mr. Giroux seems to have an uncanny ability to deftly position the PRWCX portfolio
to take advantage of opportunities that others overlook.