A former Millennium Administration LLC senior portfolio supervisor has launched an energy-focused hedge fund with the backing of New Holland Capital, individuals acquainted with the matter mentioned.
New Holland usually invests $100 million to $300 million in new funds as a day-one investor and receives income shares in alternate, one of many individuals mentioned, asking to not be recognized as a result of the knowledge is personal.
The brand new fund, Saber Capital, was based by Steve Barclay and is predicated in Geneva. Saber will initially concentrate on world liquids buying and selling — primarily crude oil and refined merchandise corresponding to gasoline and diesel.
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Representatives for Barclay and New Holland Capital declined to remark.
Volatility in oil markets has surged in response to US President Donald Trump’s commerce strikes and heightened geopolitical tensions within the Center East. Variables in provide and demand — together with how the rollout of recent sanctions on Russia will reroute oil flows — and whether or not OPEC and its allies will swell world oil provides have additional clouded the outlook.
Commodities have been a significant revenue generator for hedge funds lately, with giants like Citadel raking in billions. Others corresponding to Qube Analysis & Applied sciences are increasing within the house.
Barclay has greater than twenty years of expertise in vitality markets and was most just lately a senior portfolio supervisor at Millennium Administration. He was beforehand an vitality specialist at Goldman Sachs Group Inc. and an adviser to multi-billion-dollar hedge funds.
Barclay joins a rising cohort of cash managers departing marquee hedge funds to start out their very own corporations.
Saber Capital was launched earlier this 12 months and buying and selling started in late Could, the individuals mentioned, including that Barclay is at present the one danger taker.
The agency, which additionally has an workplace in Zurich, is elevating capital in individually managed accounts and dealing with one other investor to launch a commingled fund by the top of the 12 months, in response to one of many individuals. Barclay plans to cap capital at about $1 billion in order to not influence returns, the particular person mentioned.
New Holland Capital is another funding supervisor that manages about $7 billion in absolute return methods for institutional shoppers. The agency additionally just lately allotted about $300 million to Crucible Commodities Administration, a hedge fund arrange by merchants previously with Millennium and Gunvor Group, the individuals mentioned.
New Holland’s multi-manager, multi-strategy Tactical Alpha Fund was up about 10% in 2024, Bloomberg has reported. Commodities have been the largest danger contributor to the portfolio because the launch of that fund in 2021, one of many individuals mentioned.
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