Indiana Grain Company, LLC

Posted: 08/25/09

By: tomgrisafi

Now that Dennis Gartman has decided to join the 2 and 20 crowd, many are curious as to how the hedge fund will look and act.

Here are some details from Bloomberg:

* Dennis Gartman, an economist and the editor of the Gartman Letter, said he is creating his first hedge fund to speculate on assets including global equities and commodities.

* The River Crescent Fund, created Aug. 17, seeks to raise $200 million over the first year, Gartman said today in an interview from Suffolk, Virginia. The fund already includes some “well-known hedge-fund managers,” he said, without identifying them.

* Gartman has managed guaranteed notes since 2007 and an exchange-traded fund since April in Canada.

* The new fund “will trade equities, grains, metals and almost anything that moves in the global markets,” including crude oil, said Gartman, who also will invest his own money. “We have no mandate or limitation as to what I can or cannot trade. I am always long something and short something. I am always looking for ways to hedge my positions.”

* The intention is to put to work in the hedge fund the buy and sell recommendations made daily in the Gartman Letter, he said.

* The fund is currently long soybeans and short wheat and long gold and short the euro, he said.

* Now is a good time to create River Crescent because the hedge-fund industry has probably bottomed since the slumping economy last year eroded asset values and forced many funds to close, Gartman said. “It’s something I’ve wanted to do for a long period of time,” he said.

Source: Bloomberg

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