Sunday, 28 December 2014
Last updated 1 hour ago
Aug 5 2010 | 1:13pm ET
Anthony Ward’s voracious appetite for cocoa is paying off. Ward’s cocoa and coffee fund at Armajaro Asset Management, which last month took the second-biggest delivery ever of the good stuff, enjoyed a 3.05% return last month.
The CC+ fund was already up about 18% on the first half, Bloomberg News reports. But despite the huge cocoa buy by the man dubbed “Choc finger” by the British press, last month’s return does not appear to have been the result of Ward’s sweet-tooth.
Cocoa prices in London dropped 4.3% for September delivery, despite the fact that Armajaro bought nearly all of the cocoa represented by the NYSE Liffe’s July contract, some 240,000 metric tons, or some 7% of annual production. At the time, the delivery—enough to make more than 5 billion chocolate bars—fueled fears of a cocoa shortage in September.
Instead, the caffeinated half of the portfolio was the big performer last month, with Arabica coffee traded in New York rising 6.3%.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.