I am looking to add some commodities exposure to my portfolio. PCRIX has a great 10 year record and seems to be the obvious choice. PCLIX, its newer cousin, has been around for less than 3 years and has substantially underperformed PCRIX.
I know that a less than 3 year track record is insufficient to base a decision on. But my question is this: Based on the limited information that we have on PCLIX, how can its underperformance be explained? Is it based upon the different indexes that are used for the benchmark for these funds, different styles of investing collateral funds or something else?