BlueGold, Galena Beat Competing Funds, Commodities

BlueGold Capital Management LLP and Galena Asset Management Ltd. extended their winning streak in the first four months, outpacing competing hedge funds and commodities.

Pierre Andurand’s $1.1 billion BlueGold energy fund rose 35 percent through April, two people with direct knowledge of the returns said, declining to be named because the data are confidential. Galena’s $430 million metals fund added 8.6 percent, according to David Mimra, London-based head of sales and marketing.

The Reuters/Jefferies CRB Index of 19 raw materials rose 6.1 percent this year, rebounding from its worst year in a half century, led by a 68 percent gain in gasoline. Assets in commodity-related indexes and exchange-traded funds advanced $18 billion to $172 billion in the first quarter, according to Barclays Capital.

...

The rebound in commodities is attracting investors again, on optimism that the worst global recession since World War II is improving. Holdings in the SPDR Gold Trust, the biggest exchange-traded fund backed by bullion, reached a record of almost 1,128 metric tons last month, overtaking Switzerland as the world’s sixth-largest gold holding.