Thursday, 23 October 2014
Last updated 13 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.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
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