Unlike some people who lack the stomachs, this fund is sticking to its oil positions.
Greg Zuckerman reports:
BlueGold, a $2.4 billion London-based fund, has suffered losses of about 20%, or nearly $500 million, so far this month, according to someone close to the matter.
Bets on rising oil prices were behind the losses. The downturn is the worst ever for the firm, which launched in February 2008. Despite the upheaval, BlueGold, led by Pierre Andurand, is exiting few positions, according to someone close to the matter.
Taylor Woods, launched in February by former commodities traders at Credit Suisse Group AG, including George "Beau" Taylor, exited oil trades early last week when the price drops were less pronounced, according to a person familiar with the matter. It ended last week down less than one-tenth of 1%, the person said.