“Investor appetite in commodities isn’t high,” said the fund’s founder, Michael Coleman.

Krom River, based in Switzerland, lost 2.9 percent in the first half, according to a letter to investors seen by Bloomberg. Assets under management stood at $64 million in June, from about $800 million in 2012. Chief Executive Officer Mike Cartier declined to comment.

The Armajaro Commodities Fund, which managed $450 million, lost 11 percent in the first half and was scheduled to close at the end of July, a person familiar with the matter said. The company declined to comment.

The founders of Vermillion Asset Management, the commodities hedge-fund firm owned by Carlyle Group, left this year after losses. Assets in Vermillion’s main fund fell to less than $50 million from a peak of $2 billion, a person with knowledge of the matter said last month.

Others have fared better. Andurand Capital Management, run by Pierre Andurand, gained 3.5 percent in July, bringing his 2015 gains to 4.8 percent, according to a person familiar with the matter.

 The fund, which manages about $500 million, delivered a 38 percent return in 2014. The company declined to comment. “There’s no money going into commodities,” said Christoph Eibl, chief executive officer of Tiberius Asset Management AG, which has $1 billion in commodity investments.

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