Pickens\' hedge fund loses value

Date: Thursday, August 14, 2008
Author: Reuters

The commodity half of oil tycoon T. Boone Pickens's BP Capital hedge fund lost 35 percent of its value in July, the New York Post said, citing sources.

The fund is believed to be down about 10 percent for the year, the paper said.

A Pickens spokeswoman told the paper that commodity-fund investors were informed that the steep decline in natural gas and oil prices has had an adverse impact on its performance.

"We continue to analyze the market and adjust accordingly," the spokeswoman was quoted as saying.

Pickens's office could not immediately be reached for comment.