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Phibro's Andrew Hall Managed $2.6 Billion Astenbeck II Fund Down 12% In May, Flat For The Year

Tyler Durden's picture




 

And so the damage from last week's commodity crash continues. Reuters reports that the flagship commodity fund run by top Phibro trader Andrew Hall suffered a 12 percent fall last week as oil prices tumbled, a fund investor said on Monday, demonstrating how the plunge walloped some of the market's most experienced traders. "The Astenbeck II fund, which was worth an estimated $2.6 billion in late April, took the hit as oil prices plummeted and commodities saw the biggest price drop in 2-1/2 years last week. Last week's losses would have come to just over $300 million, based on those figures, and likely wiped out the year's 10 percent gains through March. Hall, who made headlines for a giant $100 million bonus while at Citigroup, now serves as the head trader of Phibro, a unit of Occidental Petroleum since 2009. He is well-known as an oil bull who often takes large directional bets on the price. The fund, part of Hall's Astenbeck Capital Management, made returns of 12 percent last year, one investor said. "All the big funds have been hit fairly hard (last week)," said the investor, "Astenbeck is down 12 percent."

Two words: "Hedge" funds.

 

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Mon, 05/09/2011 - 15:17 | 1256493 oogs66
oogs66's picture

I bet he is up 4% today!  Why pay 2 and 20 to have someone go long WTI for you?

Mon, 05/09/2011 - 15:20 | 1256516 Ahmeexnal
Ahmeexnal's picture

The Street giveth and the Street taketh away:

http://www.youtube.com/watch?v=AdZbCsL7nL4

 

Hey man, gotta take a stand, so you think that you've been had
I'm here to bet ya, street's gonna get ya, well two out of three ain't bad
Hey man, it's gettin' out of hand, cross your heart and hope to die
You got yours, and I got mine, I'm gonna get what's comin' to ya

'Cause the street giveth and the street taketh away
Where there's no blind justice, no way

Hey man, don't you understand, you can run but you can't hide
There ain't no life after death, so save your breath (you're gonna)
Be a rock 'n roll suicide
Hey man, do you need a hand, but I ain't no blessing in disguise

Feel the agony, and the ecstacy, it's gonna burn right through ya

'Cause the street giveth and the street taketh away
Where there's no blind justice, no way

Life's too short, so help yourself, 'cause I don't walk on water

'Cause the street giveth and the street taketh away
Where there's no blind justice, no way

'Cause the street giveth and the street taketh away

 

 

 

Mon, 05/09/2011 - 15:16 | 1256499 NotAllowed
NotAllowed's picture

 I almost feel bad for them.....

Mon, 05/09/2011 - 15:17 | 1256504 TooBearish
TooBearish's picture

When in doubt double or triple down bitchez - Martingale strategy - go leveraged beta -go!

Mon, 05/09/2011 - 15:20 | 1256505 monkeys.pick.bottoms
monkeys.pick.bottoms's picture

John Galt wanted to punish those that make their money unproductively. We ain't seen nothing yet, I hope. Let the house of fiat fall finally.

Mon, 05/09/2011 - 15:23 | 1256519 UnRealized Reality
UnRealized Reality's picture

If all these Big monied gaints lost money, WHO THE FUCK was SELLING???????/

Mon, 05/09/2011 - 15:26 | 1256545 Franken_Stein
Franken_Stein's picture

 

Funny that hedge fund managers cash in bigtime when they make gains.

 

But do they have to return money, when their fund loses ?

No, of course not.

 

Wow, capitalism at work here.

 

Mon, 05/09/2011 - 15:34 | 1256580 Spitzer
Spitzer's picture

it looks good on that flamer.

Mon, 05/09/2011 - 15:37 | 1256592 ZackAttack
ZackAttack's picture

Always gives me a nice warm fuzzy feeling to hear that one of these parasites has lost money.

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