As if last week’s oil crash wasn’t enough for commodity funds, now commodities are in free-fall again.
Huge funds that we already know got crushed include Clive Capital, Andy Hall’s Astenbeck, Man Group’s AHL Strategy Fund and BlueGold.
Clive Capital, the world’s biggest commodity fund run by former Moore Capital trader Chris Levett, lost over $400 million last week. The fund lost 8.9% and is now down for the year.
The FT reported yesterday that another firm, Blenheim Capital, “a close contender with Clive for the largest commodity hedge fund, saw its flagship fund drop 5.7 per cent last week.”
And Sprott Asset Management, apparently lost 12% from its flagship.
Andy Hall’s Astenbeck II fund, “which was worth an estimated $2.6 billion in late April… [lost] just over $300 million… and likely wiped out the year’s 10 per cent gains through March,” Reuters reported. The fund was down about 12%.
Meanwhile, Man Group’s AHL fund lost 5.3%.
But the two biggest losers by far (that we know of) are BlueGold Capital Management and huge, but little known Dutch fund called Dutch Transtrend that’s owned by Robeco (Rabobank’s AM unit) and “invests primarily in commodity futures.”
Pierre Andurand’s $2.4 billion BlueGold fund lost 20% last week, or $500 million.
Dutch Transtrend’s $6 billion flagship portfolio lost about 9-9.5%, or about $500 million an investor told Reuters.
The things is: “All the big funds have been hit fairly hard,” by the oil nosedive.
And for those who didn’t get out, they’re being decimated today.
Right now, oil is below $99.