Astenbeck Snaps Losing Streak

Aug 3 2012 | 10:59am ET

Two months after his second-worst calendar month in history, Astenbeck Capital Management's Andrew Hall is back where he is used to being: up.

The $4.7 billion commodity fund returned 4% last month, its first positive month since February, Reuters reports. The March-through-June losing streak erased Astenbeck's gains in January and February, and Hall's "mensis horribilis" in May, when Astenbeck lost 14%, had him looking at the unthinkable: following up his first-ever down year with a second.

Astenbeck is still in the red year-to-date, down about 4%.

Hall, who also runs Phibro Trading, is persisting with his bet that oil prices will rise, telling investors in his June letter that "it ain't over yet till the fat lady sings." This month, he said there was very little room left for oil prices to drop, and that "it is becoming increasingly clear that claims that the development of shale oil would inundate the world with large volumes of cheap oil were wide of the mark. There is oil to be extracted from these resources but it will require high prices to make it happen." And Hall said that demand for black gold was holding up.

Astenbeck is used to volatility. It swung from 12% down in August 2010 to finish the year up 12%. Last year, Astenbeck was up 18% through April and down 10% through August. It recovered, but lost 18% in September—its worst-ever month—but managed to get back to even by October before ending down.


In Depth

Q&A: Open Season For Closed-End Funds

Aug 29 2014 | 10:00am ET

When Maury Fertig and Bob Huffman, former Salomon Brothers coworkers, launched...

Lifestyle

Och Funds Women In Finance Initiative At U-M

Aug 28 2014 | 3:01pm ET

Och-Ziff Capital founder Daniel Och and his wife have made a "generous donation"...

Guest Contributor

Looking Ahead: What’s In Store For Managed Futures?

Aug 22 2014 | 12:52pm ET

The last five years were phenomenal for investors in equity indices. Will the next...

 

Editor's Note

    Get A Sneak Peak Of The Alpha Pages

    Aug 25 2014 | 11:21am ET

    As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…

 

Futures Magazine

July/August 2014 Cover

The time was right

Commodities/Futures magazine launched at the precipice of a revolution in the futures industry—really a revolution in the idea of risk management—that would move it from a small niche industry to ...

The Alpha Pages

TAP July/August 2014 Cover

The Alpha Pages Interview: Senator Rand Paul

Senator Paul sat down in the debut series of the Alpha Pages Interview to discuss the broken tax code, regulation surrounding Bitcoin, and his plans for the 2016 Presidential election.