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Strategy

Commodities hedge funds

Commodity hedge funds trade energy, metals, agricultural markets, freight, emissions, and related equities or derivatives. The strategy is driven by physical supply-demand balances, storage, curves, weather, policy, and geopolitics.

252fund profiles

$95.0Breported gross assets

$376.9Maverage gross assets

Strategypage type

SEO research brief

What commodities hedge funds means

Managers analyze inventory, production, transportation bottlenecks, refinery runs, weather, and forward curves.

Trades may use futures, options, swaps, commodity equities, or relative-value spreads between delivery points and maturities.

Data caveat

What the filings show

The data is best read as a disclosure map. Reported gross asset value is not the same as performance, net assets, investor capital, or a recommendation. Fund rows can include offshore master funds, Delaware vehicles, feeders, and internal sleeves.

Silver Point Capital Offshore Master Fund, L.P. is the largest sampled vehicle on this page at $12.1B.

Visual snapshot

Concentration and mix

Largest funds

Silver Point Capital Offshore Master Fund, L.P. $12.1B Silver Point Specialty Credit III Master Fund, L.P. $5.7B Silver Point Distressed Opportunity Institutional Partners II, L.P. $4.1B Silver Point Capital Fund, L.P. $4.1B Pimco Commodity Alpha Master Fund Ltd. $4.1B Silver Point Specialty Credit Fund II Mini-Master Fund, L.P. $3.3B

Manager concentration

Silver Point Capital, L.P. $39.6B

Pacific Investment Management Company LLC $7.1B

Silver Creek Advisory Partners LLC $5.5B

Kayne Anderson Capital Advisors LP $2.6B

Pan Capital Management LP $2.5B

Denham Capital Management LP $2.3B

Office clusters

Greenwich, Connecticut, United States $40.1B

New York, New York, United States $9.0B

Newport Beach, California, United States $7.1B

Houston, Texas, United States $6.7B

Seattle, Washington, United States $5.5B

Boston, Massachusetts, United States $5.2B

Strategy guide

How the strategy works

Managers analyze inventory, production, transportation bottlenecks, refinery runs, weather, and forward curves.

Trades may use futures, options, swaps, commodity equities, or relative-value spreads between delivery points and maturities.

Risk control must account for contract roll, margin, exchange rules, and sudden physical-market shocks.

History and context

Commodity hedge funds became more institutional as futures markets deepened and energy, metals, and agricultural markets globalized. Volatile oil, gas, power, and metals cycles created opportunities for specialist trading firms.

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Find funds inside Commodities hedge funds

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Fund	Manager	Location	Gross assets

Ranked profiles

Largest funds in this group

60 rows shown

Fund	Manager	Location	Gross assets	Minimum
Silver Point Capital Offshore Master Fund, L.P. Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$12.1B	$5.0M
Silver Point Specialty Credit III Master Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$5.7B	$5.0M
Silver Point Distressed Opportunity Institutional Partners II, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$4.1B	$5.0M
Silver Point Capital Fund, L.P. Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$4.1B	$5.0M
Pimco Commodity Alpha Master Fund Ltd. Commodities	Pacific Investment Management Company LLC	Newport Beach, California, United States	$4.1B	$5.0M
Silver Point Specialty Credit Fund II Mini-Master Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$3.3B	$5.0M
Silver Creek Private Credit Evergreen Fund A, L.P. Credit Commodities	Silver Creek Advisory Partners LLC	Seattle, Washington, United States	$2.5B	$300.0M
Silver Point Specialty Credit III Master Fund (offshore), L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$2.3B	$5.0M
Fulcrum Funds II Spc - Fulcrum Commodities Fund Sp Commodities	Fulcrum Asset Management Llp	London, United Kingdom	$2.2B	$500K
Pan Capital Energy Fund LP Commodities	Pan Capital Management LP	Houston, Texas, United States	$2.1B	$1.0M
Pimco Commodity Alpha Fund Ltd. Commodities	Pacific Investment Management Company LLC	Newport Beach, California, United States	$2.1B	$5.0M
Silver Point Distressed Opportunity Institutional Partners II Master Fund (offshore), L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$1.7B	$5.0M
Silver Creek Core Strategies, Ltd. Commodities	Silver Creek Advisory Partners LLC	Seattle, Washington, United States	$1.6B	$250K
Moorstone Structured Commodities Master Fund I, L.P. Credit Commodities	Moorstone, L.P.	New York, New York, United States	$1.3B	$10.0M
Arrowstreet Acwi Reduced Carbon Alpha Extension Trust Fund Commodities	Arrowstreet Capital, Limited Partnership	Boston, Massachusetts, United States	$1.3B	$100K
Aventail Energy Master Fund, LP Commodities	Aventail Capital Group, LP	New York, New York, United States	$1.3B	$1.0M
Kayne Private Energy Income Fund II, L.P. Credit Commodities	Kayne Anderson Capital Advisors LP	Houston, Texas, United States	$1.2B	$10.0M
Silver Point Distressed Opportunity Institutional Partners II Master Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$1.2B	$5.0M
Denham Commodity Partners Fund Vi LP Commodities	Denham Capital Management LP	Boston, Massachusetts, United States	$1.1B	$100K
Silver Point Select Opportunities Fund A, L.P. Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$1.1B	$0
Stone Ridge Energy Acquisition Fund II LP Commodities	Stone Ridge Asset Management LLC	New York, New York, United States	$1.0B	$1.0M
Trace Energy Resources Fund LP Commodities	Trace Capital Management LP	Houston, Texas, United States	$1.0B	$50K
Silver Point Specialty Credit Fund II Mini-Master Fund (offshore), L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$941.1M	$5.0M
Silver Point Distressed Opportunity Institutional Partners, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$936.1M	$5.0M
Wellington Energy Long/short Fund (bermuda) L.P. Long/short equity Commodities	Wellington Alternative Investments	Boston, Massachusetts, United States	$934.1M	$1.0M
Pinnacle Six One Commodities, LLC Commodities	Pinnacle Asset Management, L.P.	New York, New York, United States	$925.1M	$1.0M
Pimco Commodity Alpha Fund LLC Commodities	Pacific Investment Management Company LLC	Newport Beach, California, United States	$920.8M	$5.0M
Silver Rock Opportunities Fund I LP Commodities	Silver Rock Financial LP	Los Angeles, California, United States	$866.2M	$5.0M
Sqc Metals Limited Commodities	Squarepoint Ops LLC	New York, New York, United States	$853.2M	$100K
Nexus Commodities Master Fund Limited Commodities	Nexus Commodities Capital Management Pte. Ltd.	Singapore, Singapore	$785.8M	$100K
Dfp Fund, L.P. Commodities	Silver Creek Advisory Partners LLC	Seattle, Washington, United States	$783.0M	$1.0M
Denham Mining Fund LP Commodities	Denham Capital Management LP	Boston, Massachusetts, United States	$778.0M	$1.0M
Hps Sustainability And Energy Transition Fund, L.P. Commodities	Hps Investment Partners, LLC	New York, New York, United States	$651.9M	$10.0M
Kayne Anderson Energy Fund Viii, L.P. Commodities	Kayne Anderson Capital Advisors LP	Houston, Texas, United States	$649.8M	$1.0M
Pinnacle Viserion Agriculture International, LLC Commodities	Pinnacle Asset Management, L.P.	New York, New York, United States	$638.5M	$1.0M
Stone Ridge Energy Acquisition Fund III LP Commodities	Stone Ridge Asset Management LLC	New York, New York, United States	$629.8M	$1.0M
Silver Creek Cp Evergreen Fund, L.P. Commodities	Silver Creek Advisory Partners LLC	Seattle, Washington, United States	$625.4M	$5.0M
Atlas Energy Designated Activity Company Commodities	Balyasny Asset Management L.P.	Chicago, Illinois, United States	$529.7M	$0
Trace Energy Resources Fund II LP Commodities	Trace Capital Management LP	Houston, Texas, United States	$523.7M	$1.0M
Stone Ridge Energy Acquisition Fund LP Commodities	Stone Ridge Asset Management LLC	New York, New York, United States	$496.3M	$0
Aqr Commodity 3 (cayman) Limited Commodities	Aqr Capital Management, LLC	Greenwich, Connecticut, United States	$461.6M	$5.0M
Pan Capital Energy Offshore Fund LTD Commodities	Pan Capital Management LP	Houston, Texas, United States	$460.1M	$1.0M
Silver Lake Waterman Fund Iii-L, L.P. Commodities Sector-focused	Silver Lake Technology Management, LLC	Menlo Park, California, United States	$450.0M	$10.0M
Silver Rock Tactical Allocation Fund LP (class A) Global macro Commodities	Silver Rock Financial LP	Los Angeles, California, United States	$444.1M	$10.0M
Wellington Energy Long/short Fund, L.P. Long/short equity Commodities	Wellington Alternative Investments	Boston, Massachusetts, United States	$433.2M	$1.0M
Silver Point Distressed Opportunity Institutional Partners Master Fund (offshore), L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$396.6M	$5.0M
Kayne Private Energy Income Fund Ii-B, L.P. Credit Commodities	Kayne Anderson Capital Advisors LP	Houston, Texas, United States	$395.8M	$10.0M
Silver Point Distressed Opportunities Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$393.1M	$1
Silver Rock Opportunistic Credit Fund LP Credit Multi-strategy	Silver Rock Financial LP	Los Angeles, California, United States	$374.1M	$5.0M
Silver Point Select Overflow Fund, L.P. - Series 1 Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$362.5M	$5.0M
Silver Point Specialty Credit Silver Star Fund, L.P. Credit Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$359.9M	$0
Kayne Private Energy Income Fund, L.P. Credit Commodities	Kayne Anderson Capital Advisors LP	Houston, Texas, United States	$355.4M	$10.0M
Denham Commodity Partners Fund V LP Commodities	Denham Capital Management LP	Boston, Massachusetts, United States	$336.0M	$500K
Wellington Trust Company, Na Multiple Common Trust Funds Trust, Commodities Portfolio Commodities	Wellington Management Company Llp	Boston, Massachusetts, United States	$324.7M	$1.0M
Kepos Carbon Allowance Master Fund L.P. Commodities	Kepos Capital LP	New York, New York, United States	$318.1M	$5.0M
Energy Infrastructure & Utility Fund Qp, LP Commodities Sector-focused	Tiedemann Advisors, LLC	New York, New York, United States	$314.0M	$0
Silver Point Clo Equity Fund II Master, L.P. Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$312.3M	$5.0M
Encompass Capital Energy Transition Master Fund L.P. Commodities	Encompass Capital Advisors LLC	New York, New York, United States	$308.3M	$5.0M
Silver Point Select Overflow Offshore Master Fund, L.P. - Series 1 Commodities	Silver Point Capital, L.P.	Greenwich, Connecticut, United States	$305.9M	$5.0M
Hps Sustainability And Energy Transition Fund Feeder, L.P. Commodities	Hps Investment Partners, LLC	New York, New York, United States	$299.6M	$10.0M

FAQ

Questions about this page

Do commodity funds own physical commodities?

Most hedge fund vehicles use financial contracts, but some managers combine financial trading with deep physical-market research or affiliated commodity expertise.

Why are commodity returns sometimes very volatile?

Supply disruptions, weather, inventories, policy, and geopolitical events can move futures curves quickly, especially in energy and power markets.

Which managers appear in the Commodities hedge funds sample?

The largest sampled managers include Silver Point Capital, L.P., Pacific Investment Management Company LLC, Silver Creek Advisory Partners LLC, and Kayne Anderson Capital Advisors LP. This is based on reported gross asset value in the generated Form ADV dataset.