The Anglian Commodities Fund, which was originally seeded by Vega Asset Management, sent a letter assuring investors it has not been affected by the recent brouhaha in the commodities markets. The letter, a copy of which was obtained by AIN, offers investors "a few words of comfort," including the fact that it had positive returns for September and has returned over 5% year-to-date. The fund also clarified that its current parent--VegaPlus Capital Partners--operates independently from Vega, whose flagship Vega Select Fund took a double digit hit last month after bond and currency trades went awry. Calls to both firms were not returned by press time.

Anglian has just one position in the volatile natural gas market that sunk Amaranth Advisors, the letter promises. "This trade is non-directional in that it focuses on the relationship between natural gas and fuel oil in the U.S. several years forward," it states. Additionally, the fund is diversified across five profit centers; oil, metals, power and gas, equity long/short and systematic and has uncorrelated trades within these sectors. The fund is also optimistic about opportunities in the sector in the coming months. "My team and I see substantial potential in the portfolio, with recent movements creating value in a range of commodities and trade types," wrote Julian Barrowcliffe, the fund's portfolio manager and author of the letter. This means several trades within oil and metals that expect to yield strong gains in the next six to 12 months, the letter it adds, without specifying the trades.