Hedge Funds

Commodities turmoil drops Andy Hall’s Astenbeck 6.41% in May


The firm remains up for the year and predicts continued volatility.

Andy Hall’s Westport, Conn. Astenbeck Capital Management was one of many commodity hedge funds hurt in May by swings in oil, precious metals and grains.

According to an investor, multibillion-dollar Astenbeck lost 6.41% in May, bringing its return for the year to a still-strong 10.57%.

“May 2011 will be remembered as one of the more challenging months for commodities,” wrote Hall in June 1 letter to investors obtained by AR. “Most prices plunged early in the month in a performance eerily reminiscent of last year’s ‘flash crash.’ Markets had, with hindsight, clearly gotten ahead of themselves and were due for