Wednesday, 28 September 2016
Last updated 4 hours ago
Jun 15 2010 | 6:56am ET
Commodity hedge fund Clive Capital suffered its biggest loss in almost two years in May, wiping out its year-to-date gains.
Losses in energy and metals investments pushed the London-based firm’s flagship fund down 6% last month. The fund’s Class B shares are now down 4.2% on the year, Bloomberg News reports.
“We had clearly become too optimistic as we entered May,” the firm told investors. “The third week of the month was the most challenging as almost our entire commodity portfolio lost money and our euro positions were of little help.”
The Clive Fund has US$3.9 billion in assets under management.
The average hedge fund lost between 2% and 3% last month. But the average commodity hedge fund did somewhat better, with losses of less than 2% on average.