Many hedge funds have suffered from the downturn in commodities prices. Not so European energy hedge funds.

Nine of 11 hedge funds investing in Europe’s electricity, coal, natural-gas and emissions markets surveyed by Bloomberg News are in positive ground through July, a month in which power prices fell 17% and coal prices 13%.

Energy Capital Management’s MMT Energy Fund is up 19.18% through July, followed by Nordic Commodity Funds’ Nordic Power Fund at 16.6%. Plenum Group’s Plenum Power Fund is up 13.36%.

Not all of the strategies’ funds are in the black. Alfakraft’s Alfa Energy Fund is down 17.9% and PCE Investors’ Cumulus Weather Fund is down 8.8% through June.