Thursday, 28 July 2016
Last updated 3 hours ago
Mar 6 2014 | 11:46am ET
This winter has been a rough one for New Yorkers—but not for Jonathan Goldberg.
The former Goldman Sachs and Glencore Xstrata trader’s BBL Commodities is profiting handsomely from the cold that has gripped much of the U.S. this season. The firm’s $300 million Commodities Value Fund is up 7% this year, thanks to the winter-induced rally in U.S. oil and gas prices, Reuters reports.
The relative-value fund rose 7% in January before losing some ground last month. But its positions are back in the black this month.
“BBL made money on a variety of energy themes this winter,” a source familiar with the fund told Reuters. “Compared to the average energy fund, its diversified exposure to various, niche energy markets could help protect the downside and increase the upside.”
For New York-based BBL, the drop in temperatures couldn’t have come soon enough. The fund debuted in September and lost ground in each of 2013’s final four months, ending its first year down 6%.