Nascent London Fund Strikes ‘Gold’

Jul 29 2008 | 8:58am ET

A new London hedge fund has ridden the soaring oil markets to triple-digit returns in its first five months.

BlueGold Capital Management returned 160% from its February inception through the end of June, the New York Post reports. But crude has taken a beating this month, and at least one sector analyst expects the fund’s returns in July to be “awful.” The firm has had only one down month so far, when it fell 16.3% in March as oil prices dipped.

Still, its eye-popping first-half results have investors flocking to the firm, founded by Dennis Crema and Pierre Andurand, former traders from Swiss energy trading firm Vitol. BlueGold’s assets have soared sixfold since inception to $925 million.

 


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