Ospraie Management, the US hedge fund led by Dwight Anderson, has seen about $1bn (€678m) in value being wiped out of Ospraie Fund, its biggest, over the last 12 months amid misplaced bets on commodities, according to a report in The Wall Street Journal.
The fund, which is believed to have peaked near $3.8bn in assets late last year, has fallen more than 20% this year as of this week, continuing a downfall that amounted to a negative 13% return in July alone.
Overall, Ospraie, in which Lehman Brothers controls a 20% stake, manages about $9bn in assets. Its investment strategy is focused on energy, financials, retail and health care.
