Thursday, 25 December 2014
Last updated 20 hours ago
Mar 16 2012 | 8:01am ET
BlueGold Capital Management and Clive Capital appear to be skeptical about the early-year rally in oil prices—to their detriment, so far.
While oil is up 6% in the U.S. and 15% in London, where BlueGold and Clive are based, and while the average energy hedge fund is up about 8% through the first two months of the year, the two well-known oil-trading hedge funds have fizzled. Clive is up only 3% on the year, and BlueGold is down about 2%.
"They haven't exactly told their investors or anyone for that matter that they don't believe the way this market has been going," one source, who receives performance updates from the two hedge funds, told Reuters. "But their lack of bullish exposure indicates that they are ready to pounce the other way the moment prices turn, if they're not already shorting the market, that is."
Clive returned 4% in February after losing 1% in January. The firm manages about US$4 billion. BlueGold, for its part, lost 1.5% in January and 0.5% in February. It has more than US$1 billion in assets.
Dec 1 2014 | 10:21am ET
As 2014 winds down, Northern Trust Hedge Fund Services executives took some time to share their outlook on trends facing the industry in 2015. Read more…
Jeff Sprecher was simply looking for a platform to trade energies when launching ICE 14 years ago but it has grown to reach the pinnacle of both the listed futures and equities world.