What a difference a month makes. Mulvaney Capital Management’s Global Markets Fund last month nearly made back what it lost in 2007, advancing 21.65% against a loss of 23.14% last year. 

The hedge fund firm attributed its gains to January’s global stock market volatility resulting in aggressive Federal Reserve Board action that “spurred a buying spree in precious metals, agricultural commodities and interest rate futures.”

Other favorable developments for the fund included a cocoa rally on dry, hot weather in West Africa and livestock prices declining on growth of the U.S. herds. The fund did take “ an isolated loss in oil on a pullback from the recent highs.”

The Global markets Fund currently manages $98 million in assets.