BlueGold Burned In May

Jun 14 2010 | 11:15am ET

The year 2010 has been a roller coaster for hedge fund BlueGold Capital Management, one that the London-based energy hedge fund would no doubt like to get off.

BlueGold took a big dive in May, losing 12.5%. That, combined with further losses in the first week in June, has the fund down 10.7% on the year.

Unfortunately for BlueGold, being down that much is not new for the firm, at least not this year. A rough start to 2010 had BlueGold down about 11% through February, leading to rumors that it was liquidating its US$1.7 billion portfolio and shutting its doors. The firm denied those whispers, and then emphatically responded with a 12.5% jump in March.

BlueGold has been nothing but a success since its launch two years ago, returning about 380% in its first 23 months.

BlueGold’s losses in May far outstrip those of the average hedge fund, which shed between 2% and 3%. On average, commodity hedge funds did better, losing less than 2%, despite the fact that crude oil prices plummeted 14% on the month.

June has not started out any better, with the firm shedding a further 2.9% through the month’s first four days.

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