(Bloomberg) -- Carson Block, who made his name betting against companies, is gathering money for a fund that will bet on rising metals and mining stocks.

The Muddy Waters Resources Fund filed a private placement notice Tuesday with the US Securities and Exchange Commission, indicating the vehicle initially brought in about $1.5 million this month.

Muddy Waters Capital, based in Austin, Texas, is best known for making bearish bets and openly sparring with corporate managers. But with the stock market reaching record heights, some short sellers are exploring alternative strategies. The S&P Metals and Mining Select Industry Total Return Index has climbed by double-digit percentages for the past five straight years.

Earlier this year, Block’s firm set up a long-only fund, Muddy Waters New World Order Fund, to invest in Vietnam. In the past year, it has also waged an activist campaign targeting Canadian miner Mayfair Gold Corp., wielding a stake.

A Muddy Waters spokesperson declined to comment on the new resources fund. The firm oversaw almost $440 million of regulatory assets — a measure that includes leverage — at the end of last year.


















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