Goldman Sachs-Backed Hedge Fund Rallies 8.6% for the Month and 9% for the Year
Todd Edgar, the $650 million firm that was backed with $150 million from Goldman Sachs Group Inc.’s asset management arm in 2012, rallied 8.6 percent for the month and 9 percent for the year.
Then
came September. Edgar, whose Atreaus Capital LP specializes in
currencies and commodities, had been betting since June that the price
of soybeans would drop because of favorable weather conditions that
promised a bumper crop. On Sept. 11, the U.S. Department of Agriculture
reported record harvests and expanding global inventories. Bean prices
tumbled 8 percent through the end of the month. That and a larger trade
on a stronger U.S. dollar turned a poor year into a good one, according
to an investor.
Edgar,
whose $650 million firm was backed with $150 million from Goldman Sachs
Group Inc.’s asset management arm in 2012, rallied 8.6 percent for the
month and 9 percent for the year. He wasn’t alone. Rising volatility,
concern over the global economy and Bill Gross’s abrupt exit from
Pacific Investment Management Co. rattled the stock, bond, currency and
commodity markets in which macro firms invest. The biggest funds, such
as Paul Tudor Jones’s Tudor Investment Corp. and Andrew Law’s Caxton
Associates LLC, rose between 3 percent and 4 percent in the month,
thanks in large part to the jump in the dollar.
Source: Bloomberg
