This year has been one to forget for commodities hedge funds—unless you happen to be a hedge fund within a major commodities firm.
The average commodities hedge fund is headed for its worst year in a decade, down 3%; among the losers this year are Clive Capital and Krom River Trading. But hedge funds owned by the likes of Cargill, Louis Dreyfus and Trafigura are doing just fine, thank you.
Cargill's Black River Asset Management has posted a 9.2% return at its Commodity Trading Fund, Reuters reports. Louis Dreyfus' Commodities Alpha Fund is up 7%—a levered version is up more than twice as much—while Trafigura's Galena Asset Management has returned 3.65% at its energy fund.