Goldman Sachs-Backed Hedge Fund Rallies 8.6% for the Month and 9% for the YearTodd 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