BlueGold Battered By Oil Losses, Denies Liquidation Rumors

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%.

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