Huge losses on flagship Ospraie fund lead to early closure

Ospraie manager's calls on energy, mining and commodities have lost the fund 38.6% year to date, and firm has made the decision to liquidate

Ospraie Management is shutting its $2.8bn flagship fund and has apologised to investors after suffering huge losses on energy, mining and commodity bets. The Ospraie fund is run by commodities trading specialist Dwight Anderson. The fund, which launched in February 2005, lost 26.7% in August and is down 38.6% year to date. The firm said the losses suffered on the product had prompted a decision to liquidate its assets. Anderson generally invested about half of the fund in shares of natural resource companies and the rest in commodity futures such as oil and zinc. Ospraie plans to ...