The firm had a good two years before it was wrong-footed on bullish bets on aluminum and copper in 2007 and lost almost half its value. Relative value trades are gaining traction in metals as investors try to reduce risk by exploiting price differentials between markets such as copper and aluminum.įarmer and Lilley, both alums of copper trading legend Metallgesellschaft AG, founded Red Kite in 2004. An investor report said the fund was focused on long/short and relative value trades in base and precious metals. Red Kite’s Compass Fund, its largest with nearly $500 million under management, gained 13 percent in the first nine months. In September, metals-and-energy-focused Clive Capital, run since 2007 by Chris Levett and with about $5 billion under management at its peak, closed after three straight years of losses. Oil-focused Astenbeck, a more than $4 billion fund run by Andy Hall, who also heads up trading firm Phibro, is down 5 percent. Armajaro this week sold its lost-making physical cocoa and coffee trading unit to Switzerland’s Ecom. The flagship fund at cocoa-and-coffee-focused Armajaro which manages around $1 billion and trades most major commodities, is up just 3 percent through October. Many funds focused on the energy, metals and agricultural markets are down for the year or have eked out only small gains due to range-bound raw materials prices and tough trading conditions. Law, the information furnished to offerees.Red Kite’s run of profits since 2011 contrasts with meager returns at other hedge fund firms that also have physical commodity trading operations. Securities described and undertaking to furnish them, upon written request, in the accordance with applicable Notifying the SEC and/or each State in which this notice is filed of the offering of.Terms of Submission In submitting this notice, each issuer named above is: Please verify the information you have entered and review the Terms of Submission below before signing and clicking SUBMIT below to file this notice. If the amount is unknown, provide an estimate and check the box next to the amount. Provide the amount of the gross proceeds of the offering that has been or is proposed to be used for payments to any of the persons required to be named as executive officers, directors or promoters in response to Item 3 above. If the amount of an expenditure is not known, provide an estimate and check the box next to the amount. Provide separately the amounts of sales commissions and finders fees expenses, if any. Sales Commissions & Finder's Fees Expenses Regardless of whether securities in the offering have been or may be sold to persons who do not qualify as accredited investors, enter the total number of investors who already have invested in the offering:ġ5. Select if securities in the offering have been or may be sold to persons who do not qualify as accredited investors, and enter the number of such non-accredited investors who already have invested in the offering. Offering and Sales Amounts Total Offering Amount State(s) of Solicitation (select all that apply)Ĭheck "All States" or check individual Statesġ3. Minimum Investment Minimum investment accepted from any outside investor Business Combination Transaction Is this offering being made in connection with a business combination transaction, such as a merger, acquisition or exchange offer?ġ1. Security to be Acquired Upon Exercise of Option, Warrant or Other Right to Acquire Securityġ0. Option, Warrant or Other Right to Acquire Another Security Type(s) of Securities Offered (select all that apply) Duration of Offering Does the Issuer intend this offering to last more than one year?ĩ. Federal Exemption(s) and Exclusion(s) Claimed (select all that apply)Ĩ. Principal Place of Business and Contact Information Name of IssuerĬlarification of Response (if Necessary):Ħ. Jurisdiction of Incorporation/OrganizationĢ. UNITED STATES SECURITIES AND EXCHANGE COMMISSIONġ.
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