Fund Evaluator:
DFA Commodity Strategy Institutional (DCMSX)
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Best Performing in Commodities Broad Basket Over the Last Year
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Fund Details
DFA Commodity Strategy Institutional Overview
DFA Commodity Strategy Institutional (DCMSX) is an actively managed Commodities Commodities Broad Basket fund. Dimensional Fund Advisors launched the fund in 2010.
The investment seeks total return consisting of capital appreciation and current income. The Portfolio seeks to achieve its investment objective by generally investing in a universe of allowable commodity-linked derivative instruments and fixed income investment opportunities. It may invest up to 25% of its total assets in Dimensional Cayman Commodity Fund I Ltd.
About DFA Commodity Strategy Institutional (DCMSX)
There are 3 members of the management team with an average tenure of 13.73 years: David Plecha (2010), Alan Hutchison (2015), Joseph Kolerich (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100% and Bloomberg Commodity TR USD index with a weighting of 100%. DFA Commodity Strategy Institutional has 221 securities in its portfolio. The top 10 holdings constitute 29.9% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
DFA Commodity Strategy Institutional is part of the Real Assets global asset class and is within the Commodities fund group. DFA Commodity Strategy Institutional has 31.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 62.6% (31.2% domestic bond, 31.4% foreign bond and 0.0% convertible bond). DFA Commodity Strategy Institutional has 23.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $481 million average for the Commodities Broad Basket category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DCMSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The DFA Commodity Strategy Institutional expense ratio is below average compared to funds in the Commodities Broad Basket category. DFA Commodity Strategy Institutional has an expense ratio of 0.32%, which is 71% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. DFA Commodity Strategy Institutional has a portfolio turnover rate of 69%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.
Recently, in the month of July 2026, DFA Commodity Strategy Institutional returned 7.2%, which earned it a grade of B, as the Commodities Broad Basket category had an average return of 6.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
DFA Commodity Strategy Institutional has a trailing yield of 8.43%, which is below the 9.29% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
DFA Commodity Strategy Institutional Grades
Year to date, the fund has returned 26.5%, 4.1 percentage points better than the category, which translates into a grade of B. The fund has returned 38.4% over the past year (grade of B), 13.1% over the past three years (grade of B) and 9.9% per year over the past five years (grade of D) and 7.2% per year over the past 10 years (grade of C).
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DCMSX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DCMSX Return (NAV) | 7.2% | -4.5% | 38.4% | 13.1% | 9.9% | 7.2% |
| DCMSX Grade | B | B | B | B | D | C |
| +/- Category | 0.3% | -0.1% | 4.2% | 1.0% | -0.8% | -0.5% |
| Commodities Broad Basket Avg | 6.9% | -4.4% | 34.2% | 12.1% | 10.7% | 7.8% |
| DCMSX Tax Cost Ratio | na | na | 3.9% | 2.2% | 4.6% | 2.6% |
DCMSX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCMSX Return (NAV) | 26.5% | 15.2% | 5.9% | -9.1% | 11.4% | 28.5% | -1.8% | 8.0% | -11.2% | 2.7% | 13.8% |
| DCMSX Grade | B | D | B | F | D | D | D | C | A | D | B |
| +/- Category | 4.1% | -0.8% | 0.9% | -3.1% | -3.0% | -2.1% | 0.9% | -2.0% | 2.0% | -1.8% | 0.2% |
| Commodities Broad Basket Avg | 22.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 13.4% |
| Total Risk Index: | 1.09 - Above Average |
| Category Risk Index: | 1.04 - High |
| Category Risk Grade: | F (82% Rank) |
| Beta: | 0.97 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 8.4% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1325 Mil |
| Fund Total Assets: | $1,326 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 69% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.7 years | |||
| Average Tenure: 13.7 years | |||
| Managers (Year): Plecha David (2010), Kolerich Joseph (2012), Hutchison Alan (2015) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 221 |
| % in Top 10 Holdings: | 29.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 31.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 31.2% |
| Foreign Bond: | 31.4% |
| Convertible Bond: | 0.0% |
| Other: | 14.2% |
| Cash: | 23.2% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | November 9, 2010 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.32% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | DFA Commodity Strategy Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
