Oil hedge funds have enjoyed mixed fortunes this year as geopolitical decisions, sparked by Russia's invasion of Ukraine, have impacted prices making trading difficult and markets subject to heightened volatility, according to a report by Reuters.

While process spiked briefly, hitting a 14-year high of almost $140 a barrel in March, Brent and US oil futures have now given up all of this years gains leaving many funds way off their annual highs.

The report cites Doug King, who runs the $390 million Merchant Commodity Fund as saying that his fund avoided steep losses by trading other commodities not attached to to oil prices, and in May re-risked from oil altogether after US President Joe Biden released a record amount of oil fro the US Strategic petroleum Reserve.

The fund, which trades a range of commodities from textiles, coffee, sugar and cocoa to agricultural commodities and power is reportedly up around 52.5% for the year, having given up about 22 percentage points over the summer. 

Pierre Andurand's Commodities Discretionary Enhanced Fund meanwhile was up 50% for the year at the end-November, ha long way off its high point for the year 110.5% at ten end of June.  And systematic funds have experienced mixed fortunes too although the report highlights that computer-led strategies  have shown a narrower performance range. One of teh top performers' Arion Investment Management's systematic funds, is up 31% so far in 2022, while the worst performer is down 4%.