The article discusses investing in natural resources through funds of funds, which aim to reduce risk by diversifying investments and choosing managers with strong risk management. Active commodity-trading managers are shown to have potential for identifying profitable opportunities in natural resources markets. Investors can benefit from both indexed investments for long-term exposure and specialist funds of funds for added value. It is important for fund of funds investors to analyze the risk management practices of commodity managers. Real-world examples are used to illustrate how investors should evaluate a commodity manager's business operations.