Talk about getting off to a fast start. After losing 23.14% last year, alternative asset manager Mulvaney Capital Management gained back virtually all of its losses in January and made off with a 28.86% gain in February. 

U.K.-based Mulvaney’s $127 million Global Markets Fund’s gains were fuelled by a “broad, powerful rally in commodities,” according to the firm. The fund’s most profitable sector was grains, “where demand continues to grow despite the massive surge in prices.”

“The last decade has seen the biggest grain price shock in living memory, but the peak-trough multiples of this episode are still some way below extreme levels reached in the 17th and 19th centuries,” wrote the firm in an investor letter.

The fund’s non-commodities trades including in the foreign exchange, interest rate and stock index markets made “scant” contributions to its profits and losses.