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West Palm Beach (HedgeCo.net) – RBC Capital Markets today reported that for the month of July 2009 the RBC Hedge 250 Index(R) had a net return of 2.10 percent. This brings the year-to-date return of the Index to 13.04 percent. These returns are estimated and will be finalized by the middle of next month. The return for June 2009 has been finalized at 0.33 percent.
Comprised of approximately 250 actual hedge funds, the RBC Hedge 250 Index is positioned as a diversified and representative investable index. The Universe on which the Index is based currently consists of 5,242 hedge funds (excludes funds of hedge funds) with aggregate assets under management of $952 billion.
Since its inception on July 1, 2005 through the end of June 2009, the RBC Hedge 250 Index has had an annualized net return of 2.56 percent. In comparison, over the same period, other investable indices have averaged -1.44 percent while non-investable indices have averaged 4.25 percent, according to information reported by the sponsors of those indices.
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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.
West Palm Beach (HedgeCo.net) – Canadian mining, development and exploration company, Frontera Copper Corporation, has agreed, due to the recent downturn in the copper market, to Mexican hedge fund Invecture’s hostile take over bid.
After determining that the hedge fund, Invecture Group, S.A. de C.V’s, offer was superior to the offer previously received from Southern Copper Corporation, the Company’s financial advisor, RBC Capital Markets, said that from a financial point of view, the hedge fund’s offer is fair to Frontera shareholders.
Frontera’s principal activity is the production of copper cathode from the Piedras Verdes run-of-mine heap-leach copper operation in Sonora, Mexico. Based on the January 1, 2008 ore reserves and the estimated recoverable copper contained on the leach pads at December 31, 2007, approximately 1 billion pounds of copper is projected to be produced over the remaining 17-year life of the operation.
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