Oil Hedge Fund BBL Up 14%

Nov 25 2014 | 1:25pm ET

A former Goldman Sachs trader has bucked his oil-trading peers with some impressive returns this year.

BBL Commodities, led by Jonathan Goldberg, is up about 14% this year—one which has seen some much bigger oil hedge funds stumble. The $380 million New York-based fund debuted last year, and promptly lost money in each of its first four months, ending 2013 down 6%.

But it turned things around quickly this year, gaining 7% in January. BBL has made gains in six of 10 months this year. “They’ve done well again, being bullish on parts of the oil price curve they liked and bearish with those they disliked,” a source told Reuters.

Oil prices have dropped about 30% in the second half.

Goldberg spent seven years at Goldman and three at Glencore before striking out on his own last year.


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