INVESCO DB COMMODITY INDEX TRACKING FUND
In the published model solve dated 2026-Q2, anchored at $30.09, INVESCO DB COMMODITY INDEX TRACKING FUND (DBC) is priced for today's economics sustained for ~5.1 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• The basket is weighted by how much of each commodity the world actually produces, spanning energy, precious metals, industrial metals and agriculture, from crude and gold down to lean hogs, cocoa and Kansas wheat. • The structural cost is the roll: the annual report states plainly that ⟦"Rolling in a contangoed market will tend to cause a drag on returns from futures trading"⟧, and that drag compounds on top of a management fee of 0.85% a year. • The tax arithmetic changes from here, because t
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217 institutional managers reported holding DBC in 13F filings for the quarter ended 2026-03-31. Together they hold about 39% of the company; the top 10 hold 23%. 33 opened new positions that quarter. Held by Morgan Stanley, Man Group, Jane Street, among others. On the short side, 1.2M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (1.1 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
No open-market insider buys on file at DBC over the trailing three years. Absence is a fact about the company, not a signal.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
DBC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2012-05-10 | -2.3% | -1.9% |
| 2014-03-04 | +0.1% | -0.6% |
| 2014-05-10 | +0.1% | -1.3% |
| 2014-08-07 | +1.1% | -10.8% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
DBC's latest 8-K filings: 2026-06-05 (items 5.02); 2025-09-26 (items 8.01); 2024-08-02 (items 5.02); 2023-11-28 (items 5.02); 2020-10-30 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.