Despite the best first half for commodities in more than three decades, one prominent commodities hedge fund is nursing big first-half losses.

New York-based Touradji Capital Management’s flagship Global Resources Fund is down 11.9% in the first six months of 2008, after the $2.5 billion vehicle lost 9.4% in June amid rallies in energy, food and metals prices.

Firm founder Paul Touradji has predicted that the “buying orgy” in commodities may lead to a collapse, but his prophecy remains unfulfilled in a very costly way.

Global Resources invests in commodity futures and energy, mining and farming equities.