Vista Capital, a Brazilian hedge fund which has so far racked up a 54% return in 2022, is betting on further increases in the price of oil prices and buying up shares in domestic companies, according to a repot by Bloomberg.

The report cites founding partner Joao Landau as saying that the Rio-de Janeiro-based fund, is sticking with oil despite the recent slump to $97 a barrel and is also betting on falling iron ore prices as well as a wider recovery in Brazilian stocks.

Landau’s Vista Multiestrategia FIC FIM fund is up an impressive 53.5% year-to-date after fees, beating a basket of 204 local hedge funds tracked by Bloomberg, with the Anbima Hedge Fund Index rising just 8.9% over the same period.