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Bloomberg – Paul Touradji had a good year in 2008, a 12-month span that most other traders would like to forget. His flagship hedge fund, Touradji Global Resources Fund LP, returned 8.6 percent trading oil, copper and aluminum.
The average hedge fund lost 19 percent, and some expert managers, such as Chicago-based Citadel Investment Group LLC, saw their funds drop more than 50 percent. Touradji’s biggest competitor, Ospraie Management LLC, closed its largest fund.
Bloomberg – K+S AG, Europe’s largest maker of potash for fertilizers, and competitor Israel Chemicals Ltd. fell in local trading after a Russian rival’s contract in India prompted speculation that prices will come under pressure.
The drop mirrors declines at North American producers Potash Corp. of Saskatchewan Inc. and Mosaic Co. on July 10 after RBC Capital Markets reported that Russian producer OAO Silvinit may have sold the crop nutrient for less than analysts expected. K+S lost as much as 5.4 percent and the Israeli company dropped 3 percent.
Soros Fund Management LLC, billionaire investor George Soros’s hedge fund firm, owns about 1.9 percent of Potash Corp after reducing the stake to 5.6 million shares at the end of the first quarter from 5.9 million at the beginning of the year.
