Hedge funds that placed bullish bets on commodities are notching sizeable returns from the biggest rally in decades following Russia’s invasion of Ukraine.

Soroban Capital Partners, a $10bn stock-picking hedge fund in New York, is one of the biggest winners, making at least several hundred million dollars on the trade since February, a person familiar with the matter said. Other winners include New York macro fund Castle Hook Partners and value investor Pilgrim Global. The bet was that a years-long drop in spending on new commodity supply and efforts to limit carbon emissions would push up materials prices and shares of producers, according to people familiar with the firms.