Citadel’s Commodities Bets Return More Than $1 Billion in 2020

(Bloomberg) -- Citadel’s investments in commodities have returned more than $1 billion this year, according to a person with knowledge of the matter, showing how some have been able to navigate the market tumult brought on by the Covid-19 pandemic.

The Chicago-based hedge fund, which had $35 billion under management as of Oct. 1, is made up of five core strategies, including equities, commodities and other securities. The commodities business focuses on oil, power, natural gas and agriculture.

Reuters earlier reported Citadel’s commodities gains, citing three people familiar with the matter. A spokesperson for Citadel declined to comment to Bloomberg News.

Citadel’s flagship multistrategy Wellington fund returned 21% this year through November, Bloomberg reported last week. All five of the fund’s core investment strategies contributed to the gain and have positive returns for the year.

©2020 Bloomberg L.P.