Tuesday, 21 October 2014
Last updated 2 hours ago
Jan 22 2013 | 2:16pm ET
BlueGold Capital Management co-founder Pierre Andurand has founded a new commodities hedge fund firm and will launch its maiden fund next month.
London-based Andurand Capital Management is already up-and-running with a managed account and 14 employees, Andurand told Financial News. Like BlueGold, the new firm will focus on oil. But Andurand Capital will do several things differently from BlueGold, which closed last year after losing 34% in 2011.
For one, Andurand said, the new firm will not invest in equities and he will not share portfolio management duties as he did at BlueGold with co-founders Dennis Crema and Jean-Louis Le Mee. In addition, Andurand Capital will use less leverage and hold smaller positions, and, at least initially, will have greater turnover than BlueGold.
"In the current environment, we don't see trades that we can put on for two years," Andurand told FN. "Trades will typically be held for two to three months."
Andurand said that the new firm would focus its fundraising efforts on former BlueGold investors; those who stuck with BlueGold to the end will have their high-water marks transferred to the new fund.
BlueGold threw in the towel in April after suffering its first-ever losing year and seeing its assets dwindle by more than half. Founded in 2008, the hedge fund had previously posted annual returns of 209%, 55% and 13%. Andurand Capital's debut follows that of Le Mee's Abydos Capital Management in June.
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…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...