Ebullio, Down 92% This Year, Loses 2% In Sept.

Oct 15 2010 | 12:38pm ET

Ebullio Capital Management’s attempt to rescale an almost impossibly high mountain took a hit in September.

The London-based commodities hedge fund, which lost 96% of its value in January and February, slumped a more modest 2.04% last month. Reuters reports. Despite the hiccup, the firm has mounted something of an impressive comeback since February, trimming its year-to-date losses to 92.47% and nearly tripling the US$1.47 million it had left after its early-year troubles.

Ebullio now manages US$5 million, down from US$5.1 million in August. The firm managed US$42.3 million in November.

As for September, “the only negative performer was copper calendar spreads, but since these are linked to our physical hedging book, which negates the positions, this will come back over the coming months/years,” it told investors in its monthly performance report.

The firm also said it had hired a pair of commodity traders, Oliver Fry and Dominic Haywood.

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