(Click here to subscribe to the Delivering Alpha newsletter.)

As commodity prices rose during geopolitical turmoil and hedge funds have increased their commodities bets, managers who are exposed to large amounts of the market are making sizable profit.

According to Morgan Stanley prime brokerage data, the energy sector had more net purchases from hedge funds than other stocks. According to data, net exposure reached a record two-year high thanks to the combination of energy’s performance and the buying.

As global demand and supply pressures have strained supplies, commodities were the clear winners on Wall Street. WTI crude oil topped $130 per barrel briefly last week — a 13-year high — during escalated geopolitical tensions. On the back of surging oil, the S&P 500 energy sector has rallied 30% this year, far outpacing the broader market.

Other commodities prices have also shot up amid the disruption. The price of aluminum has reached new records, while the wheat futures have hit multiple-year highs due to a shortage. Nickel prices more than doubled in a matter of hours on March 8, climbing above $100,000 a metric ton amid a massive short squeeze. The heating oil futures market has risen more than 30% in the past year.

Contrarian value-focused hedge fund Equinox Partners, which is concentrated on precious metals miners and exploration & production companies, has returned over 14% year to date, according to a person familiar with the firm’s returns.

“They are good inflation hedges and good geopolitical hedges,” said Sean Fieler at chief investment officer at Equinox Partners. The longer-term story is more interesting. Metals will be the energy of tomorrow, and it may take the market some while to understand that.

Soroban Capital has made at most several hundred millions dollars since February from commodity bets. the Wall Street Journal reported.CNBC did not reach Soroban to request comment.

Another notable investor is also increasing their investments in the energy sector.

Warren Buffett’s Berkshire Hathaway continued to scoop up shares of Occidental Petroleum this week, bringing its total stake in the oil giant to over $7 billionAfter the latest buying spree.

Billionaire investor Leon CoopermanThis was said this week energy stocks are cheaprelative to commodity price. His two favourite Canadian companies are, he said. Tourmaline Oil and Paramount Resources.