Jodie Gunzberg

Head of Commodities and Real Assets
S&P Dow Jones Indices
Biography

Jodie M. Gunzberg is Head of Commodities and Real Assets at S&P Dow Jones Indices. Jodie is responsible for the product management of commodity, real asset, and housing price indices, which include the S&P GSCI, Dow Jones Commodity Index (DJCI), S&P CoreLogic Case-Shiller Home Price Indices, and S&P Real Assets Index. These indices are leading measures of the commodities, U.S. residential real estate prices, and composite real assets markets, respectively.

Prior to joining S&P Dow Jones Indices in 2010, Jodie worked for more than a decade analyzing commodities in various roles within the investment management and consulting community. Most recently, she was the chief investment strategist for the Marco Consulting Group. In this role she oversaw more than 350 plans ranging in size from USD 10 million to USD 13 billion, and totaling more than USD 85 billion in assets. Jodie has published many industry pieces on hedge funds and commodity investing and is a frequent speaker and moderator. Jodie has given briefings to the U.S. Senate, the U.S. House of Representatives, and participated in research for national think tanks. She is commonly quoted by the press and has been a guest on BloombergTV, CNBC, Fox Business, Reuters, Sky News, Channel NewsAsia, ETNow, and CCTV2.

Jodie is a CFA charterholder, member and curriculum consultant of the CFA Institute, and is a former director on the Board of Directors for NYSSA and CFA Chicago. Jodie currently serves on the Advisory Board for the Department of Finance of Hofstra University, and the Editorial Advisory Board of the Global Commodity Applied Research Digest of the J.P. Morgan Center for Commodities at the University of Colorado Denver Business School. She received her MBA from the University of Chicago, Booth School of Business, and earned a bachelor’s in Mathematics from Emory University.

Author Archives: Jodie Gunzberg

Why Energy May Halt This Commodity Rally

Although OPEC agreed to cut production to help support the oil price, they may have miscalculated their power as a cartel.  The U.S. producers are filling in the gap causing inventories to soar, and that has caused the S&P GSCI Crude Oil index to fall 9.4% this month. It is the biggest 9-day decline since Read more […]

Commodity February Facts, Bears to Bulls, & Interest Rate Winners

It was a flattish February for commodities with the S&P GSCI Total Return up 23 basis points for a year-to-date return of -1.2%, and the Dow Jones Commodity Index up 11 basis points bringing its year-to-date return to 78 basis points.  Overall  in the S&P GSCI TR, 3 of 5 sectors were positive and 14 of Read more […]

Happy Valentine’s Day: Cocoa Hits Lowest Since 2008

If you buy a little extra chocolate this year for your Valentine, your wallet will be as happy as your sweetheart.  The S&P GSCI Cocoa is at its lowest level (closing Feb. 10, 2017) since Nov. 13, 2008.  It is down 31.3% since last year and is the single commodity with the biggest loss in Read more […]

Will The U.S. Oil Bath Wipe Industrial Gains Clean?

U.S. home prices hit a new record high as measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index setting an all-time high in three consecutive months (with data ending in Nov.) It’s not the only indicator showing signs of growth and inflation as U.S. consumer spending accelerated in December as households bought motor vehicles Read more […]

When Will This Oil Contango End?

Today “oil jumps to a nearly 3-week high as output cuts take hold” as March West Texas Intermediate crude CLH7, +1.82%  rose $1.03, or 2%, to settle at $53.78 a barrel on the New York Mercantile Exchange—the highest settlement since Jan. 6. The S&P GSCI Crude Oil (Spot Return) is now positive in 2017 through Jan. 26, up Read more […]

S&P GSCI Rebalance Triggers Brent Outflows 8X Bigger Than For WTI

The S&P GSCI annual rebalancing is beginning today to adjust the commodity weights to their 2017 target weights over the next five days.  Energy remains the biggest sector in the index in 2017, targeting 56.2%, despite a significant decrease from its 2016 target weight of 63.1% and ending weight on Jan, 6. 2017 of 62.2%. Read more […]

Positive Commodity Years Typically Don’t Show Up Alone

Commodities ended 2016 by posting the first positive returns in 4 years. The S&P GSCI Total Return gained 11.4% and the DJCI (Dow Jones Commodity Index) gained 13.3%.  Energy was the best performing sector gaining 18.1% in the S&P GSCI, and livestock performed worst, losing 7.3%. Agriculture, industrial metals and precious metals returned -4.2%, 17.6%, Read more […]

Base Metals Beat Precious Metals By Most In 26 Years

November was sandwiched between two eventful surprises, starting with the election and ending with OPEC’s agreement to cut output, that resulted in a month filled with big moves, mostly positive.  The Dow Jones Commodity Index (DJCI) Total Return for the month was 2.3%, bringing its year-to-date (YTD) total return to 11.8%.  The S&P GSCI Total Return Read more […]

Why Cutting OPEC Supply From Highest to Higher Still Hurts

After OPEC agreed to an oil output cut in Algiers on Sep. 29, they increased supply by 230 kb/d to a record 33.83 mb/d in October according to the International Energy Agency (IEA).  Supply from Iraq reached the highest level ever and Iran pushed flows to a pre-sanctions rate of 3.72 mb/d. Now OPEC supply has Read more […]

How Commodities Might Do Under Clinton, Trump

In October, the S&P GSCI Total Return (TR) lost 1.5% but the Dow Jones Commodity Index (DJCI) TR gained 0.1%.  The performance disparity was mainly due to the weighting difference in energy since crude oil in the indices slid near 10% from its mid-month high, on doubts over OPEC’s ability to agree on production cuts and the Read more […]