Millburn Ridgefield’s Flagship Fund Up Double Digits

Nov 28 2007 | 11:41am ET

After suffering double-digit drawdowns in July and August, Greenwich, Conn.-based Millburn Ridgefield Corporation has rebounded nicely within the last two months. The firm’s flagship $870 million Diversified program gained another 6.3% in October bringing its year-to-date gains to 14.51%

Currencies were the most profitable portfolio sector in October, according the firm.  Also profitable were interest rates, stock indices, energy and metals. Agricultural commodities were flat.

“Long positions in currencies of higher interest rate and exporting countries were the most profitable: Australia, Brazil, Canada, Chile, India, Mexico, Turkey, Singapore, Korea, Russia and South Africa,” the firm said. “In the interest rate sector, short positions in Australian bills and three-year notes and a long position in Japanese bonds were profitable.

The firm added that, “stock index futures trading was profitable in October due primarily to long positions in the Hong Kong Hang Seng and China H shares, with additional profits from long positions in Taiwanese, South African and Australian indices and the NASDAQ in the U.S.”

The Diversified program also profited from long positions in Brent and WTI crude oil, heating oil, London gas oil and reformulated gasoline. In the metals sector, long positions in tin and lead and a short position in zinc were profitable but a long position in copper was not. Additional “small” losses in grains and tropical softs were offset by profits from livestock bets.

Millburn Ridgefield is headed by co-CEOs Harvey Beker and George Crapple. The firm managed over $1 billion in managed futures and other alternatives strategies as of the end of April.


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