Largest commodity hedge fund loses $400m in oil slide

Clive Capital, the world's largest commodity hedge fund, lost $400m following a collapse in the oil price last week, the FT reports.

London-based Clive – which manages an estimated $5bn of client money – is the largest of several big hedge funds believed to be reeling after the unexpected sell-off hit markets late last week. Others, including Astenbeck Capital, the Phibro-owned fund run by Andrew Hall, are thought to have taken double-digit percentage point losses to their portfolios, according to investors. The FT said in a letter sent to investors on Friday, Clive reported an 8.9% fall on the after “extraordinary” price movements on Thursday. Clive’s management said it was at a loss to explain what had caused ...