{"id":32791,"date":"2017-12-12T00:03:10","date_gmt":"2017-12-12T00:03:10","guid":{"rendered":"http:\/\/www.bnreport.com\/chocfinger-melts-hedge-fund-famous-for-betting-on-chocolate-shuts-up-shop\/"},"modified":"2017-12-12T00:03:12","modified_gmt":"2017-12-12T00:03:12","slug":"chocfinger-melts-hedge-fund-famous-for-betting-on-chocolate-shuts-up-shop","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/chocfinger-melts-hedge-fund-famous-for-betting-on-chocolate-shuts-up-shop\/","title":{"rendered":"Chocfinger melts: Hedge fund famous for betting on chocolate shuts up shop"},"content":{"rendered":"

Cocoa trading king Anthony Ward, the founder of Armajaro Asset Management, announced today he has closed down his cocoa- and coffee-focused CC+ fund.<\/p>\n

The legendary fund helped Ward earn the name \u201cChocfinger\u201d, due to the massive bets he placed on cocoa seven years ago which helped drive prices to 30-year highs.<\/p>\n

The fund\u2019s closure follows sources revealing to Bloomberg earlier this year that the CC+ fund lost money in 2016 for the first time since its inception a decade ago.<\/p>\n

\u201cTo be successful in this space nowadays, it\u2019s our belief that one needs to be a large physical merchant with significant inventory and offtake agreements,\u201d said Ward.<\/p>\n

He added that soft commodities such as cocoa and coffee, and agricultural terminal markets, have been \u201coverwhelmed by systems and algorithmic traders\u201d.<\/p>\n

Read more: <\/strong>Hedge fund Winton loses out as 2016 profits slide<\/a><\/p>\n

"The volume of money following these systems has reached a level where the supply and demand for physical commodities is largely being ignored, and for fundamental traders like ourselves, that makes the risk\/reward unattractive," he said.<\/p>\n

However, Ward did reveal that Armajaro plans to launch a new fund in the spring of 2018.<\/p>\n

He hinted that the idea is to move where \u201cquant funds\u201d, which rely on algorithms and systematic programming to make investments, \u201ccan\u2019t go and where the barriers to entry are high\u201d.<\/p>\n

Armajaro said that the CC+ fund would be wound up by the end of December, and that the capital would be returned to investors.<\/p>\n

Read more: <\/strong>Chocfinger trader sells Armajaro unit to Ecom<\/a><\/p>\n

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Original Article<\/a><\/p>\n

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The post Chocfinger melts: Hedge fund famous for betting on chocolate shuts up shop<\/a> appeared first on News Wire Now<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cocoa trading king Anthony Ward, the founder of Armajaro Ass..<\/p>\n","protected":false},"author":1,"featured_media":32792,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[],"class_list":["post-32791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nChocfinger melts: Hedge fund famous for betting on chocolate shuts up shop - Business News Report<\/title>\n<meta name=\"description\" content=\"Cocoa trading king Anthony Ward, the founder of Armajaro Ass..\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/chocfinger-melts-hedge-fund-famous-for-betting-on-chocolate-shuts-up-shop\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chocfinger melts: Hedge fund famous for betting on chocolate shuts up shop - 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