Bloomberg – Hedge funds lost money for commodity investors for a second straight year as managers from the Galena Metals Fund to Clive Capital LLP trailed benchmark indexes of raw materials.
The Newedge Commodity Trading index of 56 hedge funds fell 2.6 percent last year, while the Standard & Poor’s GSCI Total Return Index of energy, metals and agricultural products added 0.1 percent. Galena retreated 8.9 percent, the first annual loss since its inception in 2004, according to a letter to investors obtained by Bloomberg News. The performance was confirmed by the company. Clive, Europe’s biggest commodity hedge fund, declined 8.8 percent after a 9.9 percent slide in 2011.