Photo: Stevendepolo via flickr
After seeing its flagship fund drop 34% last year, mammoth commodities hedge fund BlueGold is shutting its doors, says the FT.According to a letter sent by traders Pierre Andurand and Dennis Crema, it’s going to be an “orderly closure” — whatever that means.
This is a huge fall from grace for the London based fund known for massive returns. When the fund launched in 2008, it made a return of 209% (crazy!), following it with a 60% return in 2009. A year ago they had $2.4 billion under management, now that’s down to $1 billion.
In June, we reported that they were down 5%. At that point tons of commodities funds were getting slammed. But shutting down? We didn’t see that coming.