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.

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