(Bloomberg) -- A natural gas-focused hedge fund founded by former Citadel portfolio manager Ron Ozer made 26% this year through September, boosting returns as prices for the fuel cratered to a three-year low, according to a person familiar with the matter.
New York-based Statar Capital LLC has returned 38% since launching just over a year ago, according to the person, who asked to not be identified because the information isn't public. Assets under management almost tripled to reach $400 million, reflecting trading flows and new capital, the person said.
Statar's gains came as record U.S. gas production from shale basins overwhelmed demand, sending money managers' bearish bets to an all-time high. Though gas rebounded in August through mid-September as short wagers declined, prices have since pared that increase amid rising stockpiles.
To contact the reporter on this story: Naureen S. Malik in New York at nmalik28@bloomberg.net
To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net, Christine Buurma
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