Ospraie Management to Close Hedge Fund Due to 38 Percent Loss

Ospraie Management LLC will close its hedge fund after it fell 38.6 percent this year, according to a letter to investors on Tuesday.

The Ospraie Hedge Fund lost a large percentage because of losing wagers on commodity stocks. The fun lost 26.7 percent in August alone after a "substantial sell-off in a number of our energy, mining and resource equity holdings," CEO Dwight Anderson wrote in the letter.

Anderson, 41, started the Ospraie Fund in 1999, when he worked at Tudor Investment Corp., the hedge-fund company run by Paul Tudor Jones. He left Tudor at the end of 2003.

The closing of the Ospraie Fund, which managed $2.8 billion as of the beginning of August, leaves the firm overseeing three remaining funds with more than $4 billion in assets, down from $9 billion in March.

Ospraie plans to return 40 percent of the hedge fund's assets to investors by the end of September and another 40 percent by year-end, according to the letter.

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