Dwight Anderson

Dwight Anderson of Ospraie Fund

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It is rare that a hedge fund manager comes out and actually apologizes for the low performance. Less than 1/5 letters that I have seen actually use the words sorry or apologize.
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In the world of palladium, gold and soy beans, hedge-fund manager Dwight Anderson was known as an imposing figure with an appetite for risk.At 6-foot-3-inches (1.9-metres), Anderson's towering physical presence was long matched by towering returns at his flagship 9-year-old hedge fund, one of several portfolios managed at Ospraie Management LLC, the world's biggest commodities hedge fund firm.But the 41-year-old investor, whose flagship Ospraie Fund Ltd returned 15% a year on average from 2000 to 2007 with $US3.8 billion ($4.5 billion) invested at its peak last year, may have attempted to climb too far too fast, say investors in his fund..

Anderson confirmed on Tuesday what had been rumored in the $US2 trillion industry for days -- the Ospraie Fund lost 27% in August, forcing him to close it with a crippling 39% loss for the year.Anderson, who launched the Ospraie Fund while working for another hedge-fund legend, Paul Tudor Jones of Tudor Investment Corp, joins a growing list of prominent fund managers forced to shut funds or firms amid heavy losses in the last few months. ``After nine years of striving to be a good steward of your capital, I am very sorry for this outcome,'' he wrote on Tuesday in a letter to investors such as Lehman Brothers, Credit Suisse and smaller endowments.More details would come on Thursday, he added.The hedge fund firm still manages other portfolios, including the $US1.2 billion Ospraie Special Opportunities Fund. Read more...

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Tags: Dwight Anderson, Ospraie Management LLC, Ospraie Fund Ltd, Paul Tudor Jones, Tudor Investment Corp, Lehman Brothers, Credit Suisse, Ospraie Special Opportunities Fund