Galena Up 4.2% In May As Most Commodity Funds Swoon

Jul 1 2010 | 11:51am ET

Galena Asset Management bucked the commodities hedge fund trend in May with a big gain, while most its fellow commodity hedge funds suffered drawdowns.

London-based Galena’s $700 million commodity fund jumped 4.2% in May, its best return of the year. While the average commodity fund dropped by more than 1.5% on the month, Galena saw its bullish bet on gold and bearish bet on copper pay off. The fund is now up 8% on the year, Bloomberg News reports.

By contrast, BlueGold Capital Management lost 12.5% in May, Armajaro Asset Management lost 8.8%, Clive Capital lost 6%, and Touradji Capital Management lost about 5%.