After declining 70 per cent in January, Lars Steffenson’s Ebullio Capital’s commodity fund is down an incredible 96% YTD.To his credit, the fund made 92% in 2008 and 29% last year, according to the letter to investors obtained by Bloomberg.
So what the heck happened this year?
The fund lost money primarily in copper, nickel, and tin. The letter says they made gains in gold, oil, wheat and sugar but… where are they?
“Drowned out” by the metal losses, apparently.
“We took the hit,” says Steffensen.
The fund is waiving its 2% management fee for 2010. Thanks?