Raw materials have staged a powerful rally over the past year, but that hasn’t helped some of the biggest commodities hedge funds, which are closing up shop to a degree not seen since at least the turn of the century.
In 2017, closures of commodities hedge funds outnumbered launches for the first time in data going back to 2000, according to data provider Eurekahedge—a trend that has continued into this year.
The...