May and June provided a one-two punch to some of the world's top commodities hedge funds, leaving many reeling with double-digit first-half losses.
BlueGold Capital Management, Clive Capital and Touradji Capital Management all suffered a second-straight brutal month in June. While for most of the funds June was not as catastrophic as May, last month's swoon has many of them in a deep hole.
Last month's biggest loser is also one of the few that suffered a worse June than May: Clive, which fell 8% last month, Reuters reports. Combined with its 6% May decline, the US$4 billion London-based fund is down about 10% on the year.
At neighboring BlueGold, June was not as grim, but the first half was even grimmer. The firm fell 5% last month, a marked improvement on its 12.5% drop in May. But the fund remains down almost 12% on the year.
Fortress Investment Group's Commodities Fund also suffered a second-straight losing month, dropping 4.86% in June.
Two other top commodities hedge funds were anything but last month. Ospraie Management, which rose from the dead last summer, lost 3.1% in June. And Touradji Capital Management's $2.5 billion flagship followed its 5% May drop with the loss of another 3% in June.