BlueGold, Clive Capital Beat Most Hedge Funds in Commodity Rout

The biggest-ever decline in commodities turned Pierre Andurand and Chris Levett into this year’s heroes for investors.

Andurand’s $1.1 billion BlueGold Capital Management LLP hedge fund in London almost tripled between its February debut and November by betting on higher oil prices in the first half of 2008 and then reversing the strategy, the 31-year-old manager said. Levett’s $3 billion London-based Clive Capital LLP returned 44 percent in the first 11 months of the year.

...

BlueGold and Clive Capital plan to raise more money in 2009. Andurand, who worked for four years at Rotterdam- based energy trading company Vitol Holding BV, will limit his fund to about $3 billion when it accepts new investors in February. Levett, 38, is capping Clive Capital at $3.5 billion, according to a monthly performance report. The firm declined to comment.

...

Andurand based his trading on an analysis of production, consumption and stockpiles of commodities. “We stuck to what we know best: keep it simple,” the London-based manager said.

Clive Capital made money from energy, precious and industrial metals in November, according to the monthly performance report. Gold added 13 percent last month in London.