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Bloomberg News

Hall Commodities Returns 6.7% on Metals, Energy in April Dry Run

May 08, 2013

Hall Commodities LLP, the hedge fund set up by Tony Hall and Arno Pilz, returned 6.7 percent in April using a shadow portfolio of $100 million, according to a letter sent to prospective investors.

The most profitable trades were betting on a decline in the price of gold and copper, while the worst were betting on a widening of price difference between gasoil and crude, the letter obtained by Bloomberg News showed. Metals earned 5.2 percent, with energy returning 1.5 percent.

Precious and base metals both made 2.6 percent, while crude contributed 3.2 percent and middle distillate positions lost 1.7 percent. Gold dropped 7.6 percent last month, the biggest decline since December 2011, while copper slid 6.4 percent. Gasoil’s spread to crude was $11.69 a barrel at the end of April, compared with $13.24 at the end of March.

Hall Commodities was incorporated in December, five months after Hall and Pilz left Duet Asset Management Ltd., where they managed a commodities fund. They hired Damon Barber this month to manage compliance, according to the Financial Services Authority and Companies House.

Hall didn’t return a message left on his mobile phone today.

To contact the reporter on this story: Matthew Brown in London at

To contact the editor responsible for this story: Lars Paulsson at

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