Black River Commodity Fund Up 1.5%

Feb 24 2014 | 1:15pm ET

Black River Asset Management rode volatile energy markets to a 1.5% return last month for its commodity fund.

The hedge fund, which is owned by commodities giant Cargill, is also up slightly this month, chief investment officer Jeff Drobny told The Wall Street Journal. The gains stand in stark contrast to the $100 million or more Cargill has lost trading in mid-Atlantic power markets this year, leading to the exit of the company's North American physical trading manager, David Toole.

Drobny said that Black River is run separately from Cargill's other trading units, calling it a "big company with a lot of different moving parts."

Black River said the $600 million commodity fund enjoyed gains on U.S. gasoline, U.S. heating oil and European power trades. Drobny said the firm, which has $6 billion in total assets, hasn't played in the U.S. power markets that burned its parent either this year or last.


In Depth

FINalternatives Survey: We Asked Investment Pros...

Apr 2 2016 | 9:42pm ET

The data from our annual reader survey continues to roll in and provide interesting...

Lifestyle

Point72's Cohen Donates $275M To Veterans Mental Health Network

Apr 6 2016 | 8:31pm ET

Billionaire hedge fund manager Steve Cohen has formed a non-profit aimed at treating...

Guest Contributor

Agecroft: Why NYCERS Should Reconsider Exiting All Hedge Funds

Apr 18 2016 | 5:51pm ET

The recent decision by the New York City Employment Retirement System to exit its...