Financial Times – Commodities hedge funds surrendered at least 20 per cent of their assets last year after investors pulled out large sums following the sector\u2019s worst annual performance in more than a decade, according to fund managers and investors.<\/p>\n
The average commodity hedge fund lost 3.7 per cent in 2012, according to a closely watched index compiled by Newedge, the biggest decline since the yardstick was created more than a decade ago and substantially worse than the 1.4 per cent loss of 2011.<\/p>\n
\u201cIt has been challenging for commodities,\u201d said Fabio Cortes, manager of a commodities fund of funds for Oakley Capital. \u201cThe sentiment is very negative.\u201d<\/p>\n
The investors\u2019 stampede has come after several multi-billion dollar commodities hedge funds, including Blenheim and Clive Capital \u2013 the two largest \u2013 posted losses for the second year running, denting a hitherto stellar record of performance.<\/p>\n