Velite Up 20% As Natural Gas, Oil Drop

Sep 13 2010 | 12:28pm ET

Velite Capital Management’s energy hedge fund soared last month as the oil and natural gas markets took a beating.

The Houston-based firm’s $1 billion Velite Energy fund rose about 20% last month, Bloomberg News reports. The average commodity hedge fund returned only 0.74% in August, according to the Newedge Commodity Trading Index.

Velite, like many trend-following hedge funds, has been shorting energy commodities, and it paid off big time last month. Natural gas prices were off 22% in August, and crude oil dropped 9%.

Velite Energy is managed by David Coolidge.

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