Seeking Alpha – If at first you don’t succeed, try, try again. This cliché is the root of folly on Wall Street and in the hedge fund industry in general. Perfect example: The Ospraie Fund’s Dwight Anderson is set to start two new hedge funds in July. Okay, new hedge funds, what’s the big deal? Well, the problem here is that Dwight Anderson lost 39% in his Ospraie Fund in 2008 and had to liquidate the fund. At its peak, Ospraie managed $3.8 billion in commodities. But if at first you don’t succeed, try, try again. And, that’s exactly what Anderson is set to do.

Anderson will open two new hedge funds in July of 2009, the first of which will focus on stocks of commodity and basic materials companies (The Ospraie Equity Fund). He will also open a fund focused on commodities and derivatives (The Ospraie Commodity Fund). Anderson said that he is starting these funds because he sees significant opportunities in this market, as significant as he has ever seen in his 15 years of investing. These funds will have reduced fees where investors will pay half as much as the typical hedge fund. His new funds will charge a 1% management fee and a 10% performance fee.

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Tags: basic materials, commodities, commodity, derivatives, dwight-anderson, equity-fund, folly, hedge fund, hedge funds, investors, management-fee, materials-companies, ospraie fund, performance fee, seeking alpha, stocks, wall street

Bloomberg – Dwight Anderson, the commodities investor who liquidated his main Ospraie Fund last year after losing 39 percent, is planning a comeback with two new hedge funds set to open July 1.

The Ospraie Equity Fund will buy and sell stocks of commodity and basic-materials companies in industries such as chemicals, mining, paper and natural resources, Anderson said in a May 12 letter to investors. The Ospraie Commodity Fund will invest in commodities and related derivatives, according to the letter, a copy of which was obtained by Bloomberg News.

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Tags: basic materials, bloomberg, chemicals, commodities, commodity, derivatives, dwight-anderson, equity-fund, investor, investors, july-1, materials-companies, natural resources, ospraie fund, stocks