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From Kirsten Bischoff, Opalesque New York and Benedicte Gravrand, Opalesque Geneva:
Opalesque has learned that Houston-based energy firm Centaurus Advisors has alerted investors to changes in the structure of the firm’s Centaurus Energy and Centaurus Energy QP funds, including fee breaks and a new lock-up on current investments that will run from June 1, 2011 to May 31, 2012.
Centaurus, which was founded in 2002 by former Enron trader John D. Arnold has grown to approximately $5bn (as of early 2011 - Source). The firm, which suffered its first down year in 2010 with a near 4% loss has historically been a standout performer, returning more than 300% in 2006 and 30% in 2009.
The firm’s 2010 losses have been attributed widely to a combination of tough markets and new trading limits imposed by the CFTC (which Arnold opposed at a 2009 CFTC meeting saying ""Decreasing the number of large speculators in the market would lead to a market less reflective of fair value in the forward curve and, in the short term, higher energy prices by replacing a speculator willing to short with one that apparently is not." Source).
The investor letter, which Opalesque has seen, informs investors that the firm w...................... To view our full article Click here
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