A passive investment in physical gold coupled with currency hedging helped Swiss & Global Asset Management take the top spot in the commodities category over the three years to December 31.

The Swiss & Global Julius Baer Physical Gold Fund has made 19.43% a year on average over the three years, according to data provider Camradata. That puts the strategy, which manages $6.1bn, 1.42 percentage points per annum ahead of its nearest rival in the category over the period.