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%.