(Bloomberg) -- When shares of mining companies including Freeport-McMoRan to Glencore were collapsing last year, a small fund run by JPMorgan Asset Management chose to hold on. Now, it's reaping the rewards of a metals rebound that's turning bears into bulls.

Old Mutual-JPM Natural Resources Fund has delivered a return of 79% this year, beating all but two of the 150 funds it competes with in North America and Western Europe that are tracked by Bloomberg. Glencore, one of its biggest holdings, has tripled after plunging 70% in 2015. Freeport lost about as much last year, only to double in 2016.

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