Astenbeck Suffers Worst-Ever Year

Feb 7 2014 | 2:24pm ET

There was no second great escape for Andrew Hall's Astenbeck Capital Management last year—only a second losing year in three.

The $3.5 billion oil hedge fund dropped 8.3% last year. It is only Astenbeck's second annual loss since its debut in 2007, after Hall left Citigroup and set the firm up with Occidental Petroleum Corp., and its largest-ever.

Astenbeck lost 3.8% in 2011, Hall's first annual loss in 14 years. The firm looked likely to be in the red again last year, but managed to rally in 2012's final months to return 3.4%.

Astenbeck's 2013 losses extended into the new year, with the fund falling 2.1% last month, according to Bloomberg News.

Of course, Astenbeck was not alone among commodity hedge funds suffering in 2013. Volatility in the sector is low, and oil volatility especially so, hitting a 17-year low last year. Several high-profile commodity shops closed their doors in 2013.


In Depth

Will Liquid Alts’ Performance Sustain Future Asset Flows?

Aug 25 2014 | 10:34am ET

Liquid alternative investment funds saw the highest percentage of capital inflows...

Lifestyle

Hedgies, Economists and Musicians Mingle At Milkin Mixers In Hamptons

Aug 25 2014 | 6:00am ET

Leave it to Michael Milken to bring some gravitas and sweat to the Hamptons -- along...

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.