This mining-focused hedge fund returned more than 100 percent in 2020

Delbrook Capital was up 14.1% for December, bringing its full-year return to 129.3% for 2020. For comparison, the S&P 500 was up 18%, while the SPDR S&P Metals and Mining ETF gained 16% in 2020.

Q4 2020 hedge fund letters, conferences and more

In his fourth-quarter letter to investors, which was reviewed by ValueWalk, Delbrook founder Matthew Zabloski said two themes led the fund's December returns. They are a continuation in the U.S. dollar's multi-year decline and accelerating consolidation within cyclical equities. Delbrook's long positions contributed 19.1% to gross returns, while shorts subtracted 2.2% in December.

Declining dollar

Zabloski noted that the dollar fell 2.2% last month to close the year at...