Armajaro Holdings Ltd., a London- based commodities hedge fund, closed a bullish position in cocoa that led to a surge in prices this year, the Financial Times reported, without saying where it got the information.
The fund, managed by Anthony Ward, sold some of the cocoa it controlled to buyers and delivered the rest on the NYSE Liffe exchange in London, according to the newspaper. While Ward incurred a small loss on his cocoa bets, the flagship CC + Fund made a gain this year, the Financial Times said, citing people familiar with its performance.
Armajaro took delivery of 240,100 metric tons of cocoa in July, the biggest on the exchange in 14 years, the newspaper reported.
To contact the editor responsible for this story: Steve Stroth at firstname.lastname@example.org