DNBBY - Which Index Funds Are Best For 2022? Consider CRAK COPX And ENOR

• Several themes have dominated 2022 asset allocation thinking so far: inflation, geopolitical tensions and commodity rallies.
• With oil having the most excess capacity of any of the rallying commodities, we like the risk reward in refineries, which are already doing well regardless of the crude rally.
• With sour production in Venezuela and Iran unlikely to be coupled with lots of high complexity refining capacity, there is real room for value add among refiners in the West.
• We'd also consider copper miners, because copper could become a strategic resource much like oil as questions around national security, Taiwan and semiconductors arise.
• Finally, if you want to take the most balanced view, we'd bet on the MSCI Norway, which has you exposed to the Norwegian economy and Salmon, with only a dash of oil.

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