July was not kind to hedge funds, and Mulvaney Capital Management was no exception. The firm’s Global Markets Fund lost 18.78% dropping its year-to-date returns to 22.47%.

“Mounting concerns over global growth led to an abrupt sell-off in energy prices shortly after reaching new record highs,” according to the firm. “The most significant losses were booked in natural gas as a mild U.S. summer and recovering inventories exacerbated the decline. Favorable weather conditions and demand concerns also hurt our positions in cocoa and corn.”

“The interest rate sector added to this month’s losses as falling Australian and U.K. short-term rates had a negative impact on our short positions.”

The Global Markets Fund is a systematic, trend following vehicle that trades the major global financial and commodity futures markets.