Hedgie RAB cuts commodity holdings

RAB Capital’s flagship Special Situations hedge fund has cut its holdings in some commodity stocks after a rebound in markets this year. However, managers of the once high-flying fund, led by Philip Richards, said they were still bullish over the long-term. After a near 10 per cent rally in the Thomson Reuters-Jefferies CRB index between mid-December and end of February, Richards and his team said in an investor letter from its feeder fund that the natural resources-focused fund had cut back some positions.