BlueGold Up 5.5% In Q1 After 3% March Drop

Apr 8 2011 | 3:48am ET

BlueGold Asset Management had a pedestrian January and a terrible March. But a tremendous February insured that the commodity-focused hedge fund enjoyed a strong first quarter.

The London-based firm, which has been long oil amidst the unrest in the Middle East and North Africa, enjoyed a 7.5% surge in the second month of the year, enabling it to withstand a 3.3% drop last month. Combined with its 1% return in January, BlueGold ended the first quarter up 5.5%, Reuters reports.

Pierre Andurand, BlueGold's founder, is "a directional oil guy, so it isn't surprising that his fund's fortunes mirror the crude market," an investor told Reuters. Oil's recent rally sputtered in March.

BlueGold has about US$2 billion in assets under management.

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