BlueGold Profits Down 66%

Sep 8 2011 | 12:26pm ET

With annual returns falling, BlueGold Capital Management's profits have taken a nose-dive.

The London-based commodities hedge fund, which has US$2.3 billion in assets under management, saw its profits fall by two-thirds in 2010. The firm made US$101.2 million in 2009 but only US$33.6 million last year, Financial News reports.

BlueGold's returns have fallen steadily since its launch in 2008. In its first 12 months of trading, the fund returned 210%, and followed that up in 2009 with a 55% return. But last year, BlueGold returned only 13%.

Things don't seem to be getting any better, either: May's oil rout cost the firm 26% in that month's first days, and BlueGold was down almost 12% in the first half of this year.

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