Friday, 3 July 2015
Last updated 18 hours ago
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.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…