Oakley Capital Management Ltd. closed its commodities fund of hedge funds as a gauge of performance across the industry retreated for a third year, according to two people with direct knowledge.
The London-based fund shut in July and Portfolio Manager Fabio Cortes left the company at about the same time, said the people, who asked not to be identified because the information is private. The fund managed $10 million of assets, one of the people said. An e-mail seeking comment sent to a LinkedIn Corp. account in Cortes’ name on Oct. 25 wasn’t answered.
The Newedge Commodity Trading Index, which tracks 56 hedge funds that buy and sell raw materials, fell 1 percent in the first nine months, extending two years of losses. Prices for everything from industrial and precious metals to grains and gasoline dropped this year as supply outpaced demand.
Clive Capital LLP, the $1 billion commodity hedge fund based in London, told clients it would shut at the end of last month after more than two years of losses. It lost 9.1 percent this year through Sept. 18, according to a letter to investors obtained by Bloomberg News.
Oakley is an asset management and financial advisory business which manages more than $1 billion of assets, including the Oakley Absolute Return Fund and the Oakley Opportunities Fund, according to data on its website.