Tuesday, September 2, 2008

$2 billion Ospraie Fund to Close...


NEW YORK (Reuters) - Hedge fund manager Ospraie Management LLC will close its flagship fund after it plunged 27 percent in August on losses in energy, mining and natural resources equity holdings, in one Stock Market opened up 200 points today but was down by the end of the day.

One reason....every commodity was getting HAMMERED as the U.S. dollar appreciated. Apparently the U.S. $$$ strength has taken its toll on one VERY large Hedge Fund in the last month, which had to sell some positions throughout the day. They announced they were closing the $2 billion hedge fund late in the day Tuesday.

Dan Ross

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