Tuesday, 24 May 2016
Last updated 19 hours ago
Feb 5 2010 | 10:52am ET
Commodity hedge fund BlueGold Capital Management has denied rumors that has liquidated its portfolio and is closing down.
According to market buzz, a sell-off by the London-based firm, which manages about US$1.5 billion, was responsible for yesterday’s 6% drop in oil prices. Rumors had BlueGold with big bets on the wrong side of the direction of oil prices. Oil prices in New York are down 8% this year.
“There is nothing going on, and it’s business as usual at BlueGold,” founder Pierre Andurand told Dow Jones Newswires.
According to Bloomberg News, BlueGold is down 11% this year, although such drawdowns are not unusual given the fund’s volatility. All told, the firm, which was founded two years ago, returned 380% through the end of last year. In 2009, it was up 55%.