Led by precious metals, namely gold and silver, broader measures of commodities are delivering for investors in 2025. For example, the Neuberger Berman Commodity Strategy ETF (NBCM ) is higher by nearly 18%.
2025 is in its waning stages. However, with an eye toward next year, the actively managed NBCM could be in for another strong annual showing. In fact, the fund’s statuses as actively managed and a broad play on the commodities complex could be positive traits. This is particularly true at a time when some market observers believe the metals bull market is poised to expand.
Home to nearly $296 million in assets under management, NBCM devotes 26.6% of its portfolio to precious metals, led by gold. That’s served investors well this year, but what’s important now is the possibility that theme will extend into 2026.
NBCM Positioned for 2026 Upside
NBCM could be a commodities ETF to consider next year for multiple reasons.
“We see the gold and silver bull market broadening and eventually shifting into copper and aluminum in 2026, driven by the prospect of new dovish Federal Reserve leadership, and related lower U.S. real interest rates and downward pressure on the dollar,” according to Citi.
The possibility of the precious metals bull market matriculating to industrial metals is relevant to investors. NBCM devotes 16% of its weight to industrial metals. Additionally, it features aluminum among its top 10 holdings.
“We also see stimulus from the One Big Beautiful Bill Act reaching households and building capex-investment momentum during 2026’s first half, driving improvement in U.S. and global growth and sentiment,” added Citi.
Confirming the union of active management and commodities can be advantageous for end users, NBCM features exposure to other commodities that could be winners over the near- to medium-term. That includes copper, which is the ETF’s fourth-largest holding and its biggest metals position that’s not classified as precious.
“We are constructive in the medium term on copper, with a $12,000-a-ton base case (~20% upside) over the next six to 12 months; our bull case is +40% to $14,000 a ton. While we’re neutral for this year’s fourth quarter, copper is exposed to structural energy-transition and AI trends and leveraged to a pickup in U.S. and global growth expectations,” concluded Citi.
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