BlueGold’s Torrid December Puts Firm Up Almost 13%

Jan 10 2011 | 4:36am ET

There are comebacks, there are amazing comebacks and there are borderline miracles. BlueGold Capital Management’s December approaches the latter.

The London-based commodity hedge fund soared an amazing 23.1% last month to ensure its third consecutive year of at least double-digit returns. The fund, which advanced 209% after debuting in February 2008, added another 55% in 2009. Last month’s return left the US$1.8 billion fund up 12.8% on the year.

That’s well ahead of the average hedge fund, which returned in the mid-single digits. But it’s all the more impressive given that BlueGold lost about 11% in the first several weeks of the year and stayed down by double digits for most of 2010. It was the second time this year that BlueGold bounced back from down double-digits, its 12.5% March return erased that early-year deficit.

The miserable start forced BlueGold to deny that it was liquidating its portfolio and shutting down.

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