Wednesday, 20 August 2014
Last updated 3 min ago
May 11 2011 | 1:12pm ET
Oil hedge fund Vector Commodity Management closed to investors just days before a surprise drop in crude prices routed many commodity hedge funds.
Vector Commodity Management stopped accepting new money on May 1, after it reached $600 million, Bloomberg News reports. Four days later, oil prices swooned by more than 10%, catching many hedge funds off-guard and wiping out most if not all of their year-to-date gains.
It is unclear how much of a beating London-based Vector, launched two years ago by former Goldman Sachs fuel trader Gilbert Saiz, took last week. Some oil-heavy funds, including Astenbeck Capital Management and BlueGold Capital Management saw double-digit losses.
Vector had been up 16% through April.
The $600 million cap had been planned before the fund started trading.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note