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Bloomberg – The Cumulus Energy Fund gained 46 percent this year through July, beating the returns of 10 of its peers after anticipating rainy weather in Scandinavia would increase hydropower supplies and lower prices.
The $41 million fund’s appreciation surpassed profits of 1.2 percent or less during the same period at similar hedge funds in Europe’s power, natural gas, coal and emissions markets surveyed by Bloomberg. Profits eluded managers because swings in energy prices are about half of last year’s changes, reducing trading opportunities.
Bloomberg – John Hyland, chief investment officer for the world’s largest exchange-traded fund in natural gas, said assertions that his company helped drive up energy prices were ”self-serving statistical gibberish.”
”Any time someone tells you that common sense tells you something, that just means they don’t have the data to support it,” Hyland said in testimony today before the Commodity Futures Trading Commission.
Bloomberg – Erik Verhaar, a former energy trader at Ospraie Management LLC and Deutsche Bank AG, started a hedge fund this week in the Netherlands as investors are returning to commodities.
His new Falckon Capital BV bets on U.K. natural gas and European power, emissions, coal and oil and has attracted one investor so far, Verhaar said yesterday in an interview.
Verhaar, 46, started at Cargill Inc. in 1987 as a cocoa trader and worked for Goldman Sachs Inc. and Nuon NV before joining Deutsche Bank in London in 2000, advancing to managing director for gas and power. He joined Ospraie’s biggest commodities fund in March 2008, six months before it closed in September last year. Verhaar’s energy investments at Ospraie gained 15 percent net of fees while he was there, he said.
