Hedge funds lost money for commodity investors for a second
straight year as managers from the Galena Metals Fund to Clive Capital LLP
trailed benchmark indexes of raw materials, the good folks at Bloomberg told us..
The Newedge Commodity Trading index of 56 hedge funds fell
2.8 percent last year, while the Standard & Poor’s GSCI Total Return Index
of energy, metals and agricultural products added 0.1 percent. Galena retreated 8.9 percent, the first
annual loss since its inception in 2004, according to a letter to investors
obtained by Bloomberg News. The performance was confirmed by the company.
Clive, Europe ’s biggest commodity hedge fund,
declined 8.8 percent after a 9.9 percent slide in 2011.
Commodity funds were whipsawed by markets that fell as China ’s
economic growth faltered, recovered as European officials calmed the sovereign
debt crisis and fluctuated as U.S. President Barack Obama and his Republican
opponents battled over the budget deficit. While the GSCI index slid more than
8 percent in the first five months of the year before rebounding 12 percent in
the third quarter, it ended the year little changed…..
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