Chilton Said to Close Commodity Hedge Fund as Manager Retiresby
Leigh Goehring, who ran the global pool, left at year-end
The fund's assets shrunk to $400 million from $5 billion peak
Chilton Investment Co., the $3 billion firm founded by Richard Chilton Jr., closed a hedge fund that bet on and against stocks of commodity companies after its portfolio manager left, according to two people with knowledge of the matter.
Leigh Goehring, who ran the global natural resources fund, retired at the end of last year, said the people, who asked not to be named because the information is private. The fund’s assets had fallen to about $400 million when it shuttered from a peak of $5 billion in 2008.
Michael Clark, the firm’s president, chief operating officer and chief risk officer, confirmed the retirement and declined to comment on the fund. Goehring didn’t return a call seeking comment.
Hedge funds focusing on raw materials have suffered losses in recent years as the sector has taken a beating. The slump has left the top 10 commodities funds with less than $10 billion, compared with more than $50 billion in 2008, Trafigura Pte Ltd. estimated last year in its annual report. The Bloomberg Commodity Index fell for the fifth straight year in 2015 as prices declined amid a supply glut and slowing global growth.
Chilton’s fund, which was started in August 2005, lost almost 14 percent last year as of Sept. 30, one of the people said.
Chilton founded the firm in 1992 with its flagship hedge fund that bets on and against stocks of U.S. companies.