MFM Junior Oils, a fund launched in 2004, was a particularly specific play on the oil price as it targeted companies involved in new oil discoveries and technologies. As the oil price rose it boomed, returning 85pc in 2009, for instance. But its fall has been even more spectacular. Over five years investors have lost almost 50pc. With the oil price today lower than it was when this fund was launched a decade ago, and still falling, it is difficult to see how these losses could ever be restored.