BlueGold Beats Average Hedge Fund With 12.5% Return

Date: Monday, April 12, 2010
Author: Bloomberg

BlueGold Capital Management LLP, the energy hedge fund manager overseeing $1.7 billion in assets, returned 12.5 percent to investors in March, more than four times the gain of the average hedge fund.

The fund rose a cumulative 1.5 percent in the first quarter, extending last year’s 55 percent advance, Chief Executive Officer Dennis Crema said by e-mail April 9. He declined to give details on the individual performance of the fund’s investments.

Crude oil traded in New York rose 7.4 percent this year as investors anticipated that a rebounding world economy will bolster demand. Global consumption will expand 1.9 percent this year after contracting in the previous two years, the Paris- based International Energy Agency forecasts.

Hedge funds on average returned 2.7 percent in March, the biggest monthly gain since September, according to Hedge Fund Research Inc. First-quarter gains averaged 2.6 percent, according to the Chicago-based researcher.

Crema, who turns 50 today, and Chief Investment Officer Pierre Andurand, 33, founded BlueGold in February 2008. The fund returned 380 percent between then and the end of last year.

Andurand started his career as an oil trader at Goldman Sachs Group Inc.’s J. Aron & Co. unit in Singapore in 2000. Crema spent 12 years at oil trader Vitol Group where he was a senior partner and head of trading before founding BlueGold.