The bitter winter this year has helped New York-based hedge fund firm BBL Commodities recover its losses from last year.
Reuters reported that BBL’s $300 million energy-focused value fund is up 7% this year after the winter rally in U.S. oil and gas helped it recover from losses in the first four months following its launch last September. The fund, which was down 6% in 2013, also made money from a long position in natural gas options this year.
While the devastating winter caused billions of dollars in damages to the U.S. economy, some hedge funds—including BBL—“made money on a variety of energy themes this [season].”
BBL was founded by former Goldman Sachs trader Jonathan Goldberg.