| Brevan Howard Asset Management LLP’s commodities hedge fund, which is being shut, suffered heavy losses on derivatives contracts despite correctly betting that the oil price would fall. The $630 million Commodities Strategies fund, which was launched in 2010 and managed by Stephane Nicolas, suffered its worst-ever hit in September when it slumped 11.2%.
Even before September the fund had suffered, but it was closed after a particularly difficult period for commodities investors. Oil prices slumped to a five-year low on the back of geopolitical concerns, including Western sanctions against Russia and slowing growth in China...............................................Full Article: Source
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