One would think that a hedge fund that specialize in metals and the like would have struck gold with the current spike in commodity prices, but TheStreet.com reports that’s not been the case so far this year for Ospraie Management. While the Commodity Research Bureau’s Metal Index has soared 45%, the New York-based hedge fund has seen a 10% drop in its flagship fund. According to TheStreet, the root cause is a series of “bearish bets” on cooper and silver, which have been charging like a bull. Sol Waksman of the Barclay Group told TheStreet that it is understandable how this could happen to a fund like Ospraie, especially one whose pedigree includes the likes of founder Dwight Anderson, a veteran of both Tiger Management and Tudor Investment.

“If [hedge funds] are looking at prices from a value basis, they may feel overdone,” Waksman said in an interview. “But getting in front of a freight train is always risky, and these prices are moving like a train.”