Campbell Reopens Futures Portfolios To Investors

Aug 6 2007 | 2:22pm ET

Managed-futures giant Campbell & Co. is reopening a pair of futures portfolios to investors. The Financial, Metals & Energy Portfolio, which has over $9 billion of Campbell’s $11 billion in assets under management, and its $800 million Global Diversified Portfolio, which is only offered in the U.S., will reopen on Sept. 1.

Campbell’s FME portfolio, which has been trading for almost 25 years, closed at the end of 2004 to offshore investors and in the first quarter last year to onshore investors. “The investing world has changed substantially over the last three years, allowing Campbell to again accommodate demand for its pure managed futures programs,” said Terri Becks, the firm’s president and CEO.

“Although capacity was a concern a few years ago, expanded market liquidity, enhanced by the proliferation of electronic trading, has greatly increased the capacity of the global markets in which we trade. The growth and sophistication of Campbell’s algorithmic trading capability has also increased our trading capacity.”

Separately, the firm said it will continue to offer its $1.2 billion multi-strategy portfolio for both onshore and offshore investors despite “disappointing” results last month. “July was a very difficult month for all of our portfolios; the Multi-Strategy Portfolio was down 13.2% last month and it’s down about 4% for the 12 months ending July 31,” said Becks.

In fact, it is so “committed” to its multi-strategy program that it is waiving the management fees for investors in this program through Dec. 31, 2008. “Our decision to temporarily waive the Multi-Strategy management fee clearly demonstrates our belief that current market phenomena will not impede our ability to deliver favorable returns to our multi-strategy investors,” said Becks.

“We made these changes in response to strong demand for Campbell’s futures portfolios, and while July’s results were disappointing, the dramatic market moves we experienced were very unusual. A single month’s adverse performance will not change our commitment to the proven trading and research disciplines that have produced consistent and attractive returns over the 36 years of our history.”

Towson, Md.-based Campbell & Company was founded in 1972, and manages global futures, currencies and equities portfolios.

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