Mystery over losses at commodity firm Ebullio as fund tumbles 95%


Mystery surrounds the exact nature of a massive drawdown at commodities firm Ebullio - which has lost over 95% since the start of this year in circumstances that have left investors and observers puzzled.

The Ebullio Commodity fund, managed by Lars Steffensen, lost 69.35% in January and a further 86.25% in February. According to the firm's investor letter, the losses were caused by trading hits in industrial metals including copper, nickel and tin.

However, the figures bear little resemblance to earlier information supplied by the fund - which previously said that it had lost just 1% in January, as opposed