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Benedicte Gravrand, Opalesque Geneva:
Some commodity hedge funds might be suffering (BlueGold, Centaurus) but that does not deter others (such as William Blair, Frere Hall Capital, Man Group, Higgs Capital) to launch into that space. As opportunities are there for the taking, if you know how to navigate those very choppy waters.
Abydos Capital Management, a new asset management firm, is expected to launch its maiden hedge fund on July 1st. The commodity hedge fund will trade in equities with a focus on oil, metal and mining companies. It will follow an event driven strategy and look for opportunities worldwide, especially in English-speaking countries. The Caymans-domiciled fund aims to return 25% p.a. with a 15-20% volatility level and can manage up to $500m.
Jean-Louis Le Mee, 38, is the founder and CIO of the new London-based boutique. After eight years in the industry, first at Goldman Sachs, then at York Capital and at BlueGold – of which he was a founding partner – he is ready to go it alone. He is investing 60% of his net worth, around $10m, in Abydos’ fund.
BlueGold, as a reminder, is a commodities hedge fund house that recently liquidated its entire portfolio (see Opalesque coverage). Le Mee, who was running the commodities equities business at BlueGold, left last year in June just as the fund was starting to strugg...................... To view our full article Click here
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