Another commodities fund is shutting down. Opus, a fund-of-hedge-funds with investments in 17 commodities hedge funds, is returning capital to investors, citing a “challenging market,” according to Reuters. Opus is part of NewFinance Capital, which is owned by London–based asset management giant Schroders. Several single-manager commodities funds have closed in recent years as many commodity trading advisors and other trend followers have racked up losses for the past three years. Virtually none of them have enjoyed a good year since the financial crisis in 2008.
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William Ackman is on a roll. His Pershing Square Capital Management fund rose another 2.9 percent in May, extending its gains for the year to 22.5 percent. This makes him one of the top performing hedge fund managers so far this year, according to the New York Post. However, Allergan, which accounts for about 30 percent of assets, did not play a big role. The stock was up just 1 percent last month. In fact, shares were in the red for the month until the final day of trading. Shares of Allergan fell 2.36 percent on Wednesday on higher-than-average daily volume.
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Mark Derbyshire, a partner at Christopher Hohn’s the Children’s Investment Fund Management, left the firm in April to join Duet Group. He was a senior lawyer at TCI, where he spent nearly seven years, according to the Wall Street Journal.