BlueGold Down 26% In May’s First Days

May 17 2011 | 1:59am ET

The first week of May is getting worse and worse for BlueGold Capital Management with each new report.

The London-based commodity hedge fund, which was originally reported to have suffered “double-digit” losses, later quantified to a 20% drop during the week’s oil rout, actually lost 26%—twice as much as oil dropped during the week.

The grim new figures come from two Bloomberg News sources; it is not clear how the fund has performed since May 6. Oil has bounced back somewhat, rising about 2.5% last week.

BlueGold had been up 16.6% through April.

The collapse comes little more than a year after the US$2.3 billion firm was forced to deny liquidation rumors after losing 11% during 2010’s first few weeks. The fund remained in the red until December, when it soared 23% to ensure a 13% return on the year.


In Depth

U.S. Treasury Moves on Reinsurance Loophole

Apr 24 2015 | 5:11pm ET

The U.S. Treasury Department has released proposed rules aimed at limiting the ability...

Lifestyle

Puerto Rico Woos The Rich But So Far Gains Little

Apr 17 2015 | 2:45am ET

Hedge fund manager Rob Rill grins. He has just had word that U.S. financial regulators...

Guest Contributor

Starting a ‘40 Act Fund Family? Don’t Forget Your Board

Apr 30 2015 | 7:18am ET

The convergence of the hedge fund and mutual fund worlds continues unabated, as...

 

Editor's Note