Astenbeck Adds 3% In August To Get Back In The Black

Sep 6 2013 | 4:09am ET

Astenbeck Capital Management pulled itself out of the red last month as it seeks to avoid its second losing year in three.

The Westport, Conn.-based firm, headed by former Citigroup star trader Andrew Hall, rose about 3% in August, Reuters reports. The gain brings Astenbeck's year-to-date return to about 2%.

Astenbeck is used to volatility—it ended last year up 3.4% after being down 10% in August. Astenbeck has suffered only one losing year, 2011, when it fell 3.8%.

Hall told clients that the firm is heavily invested in oil. "We continue to favor owning relatively short-term time spreads—primarily Brent—to participate in any price spike, but limit the downside risk." Hall, normally an oil bull, was cautious in his assessment of the market.

"Oil prices have become extremely backwardated in response to these tight fundamentals," he wrote.

"Owning nearby oil is a high risk (but potentially high reward) proposition at the moment."


In Depth

Why Ponzi Schemes Work: An In-Depth Look At The Allen Stanford Fraud

Dec 21 2014 | 10:30am ET

Texan Allen Stanford first appeared on the radars of financial regulators in 1997...

Lifestyle

Hedgie Funds US Squash Program

Dec 24 2014 | 8:46am ET

Squash, anyone?

Guest Contributor

EidoSearch’s Top Three Market Projections For 2015

Dec 23 2014 | 4:03am ET

It is that time of year again when prognosticators make their big market calls for...

 

Sponsored Content

Editor's Note

    Guidelines for Guest Articles

    Oct 22 2014 | 9:46am ET

    We are always looking for guest articles from hedge fund managers and buy-side firms.

    If you are interested in submitting a contributed piece for possible publication on FINalternatives, please take a look at the specs. Read more…

 

Futures Magazine

December 2014 Cover

Futures 2014 person of the year

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.

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.