London-based Armajaro Asset Management had a disappointing first quarter after one of its commodities hedge funds lost 25% during that period.
Reuters reported that assets under management in Armajaro’s largest commodities fund—which invests in grains, precious and base metals, livestock, fibers and energy-- fell to $686 million at the end of March from $904 million in December. The article added that 3% of the fund’s decline in the first quarter was attributed to trading loss, and the rest “suggests” investor redemptions.
The stated fund, which was launched in 2004, had double-digit gains in four of its first six years, returning a peak of 24% in 2009.
Launched in 2002, Armajaro Asset manages about $1.3 billion in assets. It specializes in managing commodity and equity funds.