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%.


In Depth

Humble in Hofstra...One Debate an Election Can Make

Sep 26 2016 | 10:20am ET

Tonight's U.S. Presidential debate, infamously coined the “Humbling in Hofstra...

Lifestyle

Vortic: Reimagining the Custom Wristwatch

Sep 27 2016 | 7:24pm ET

American watch manufacturer Vortic, which started out restoring antique pocket watch...

Guest Contributor

Hedge Fund Marketing – Tips for Your Initial Sales Meeting

Sep 29 2016 | 5:46pm ET

There are two main goals a hedge fund should have for an initial in-person sales...