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Astenbeck Capital Management is a Connecticut-based hedge fund manager specializing in energy and commodities. Astenbeck Capital was co-founded in February 2010 by the CEO of Phibro LLC, Andrew Hall and Occidental Petroleum Corporation with the goal of managing hedge funds on behalf of Phibro's investors. Today 80% of Astenbeck Capital is owned by Hall, while the remaining 20% is owned by Occidental.

According to the latest 13F submission made to the SEC, Astenbeck Capital had 40 stocks in its portfolio at the end of March. Astenbeck's 13F portfolio underperformed the S&P 500 since the end of first quarter. Brigham Exploration Co (BEXP) was the worst performer, losing 26% of its value. Unfortunately the fund increased its BEXP holding by 40% before the decline.

CompanyName

Ticker

Value

Activity

Return

MARATHON OIL CORP

MRO

1429

-2%

-5.3%

APACHE CORP

APA

7594

6%

-9.9%

MURPHY OIL CORP

MUR

13012

7%

-11.3%

TETRA TECHNOLOGIES INC

TTI

595

7%

-21.0%

SECTOR SPDR TRUST

XLE

19939

8%

-8.1%

CHESAPEAKE ENERGY CORP

CHK

6910

11%

-12.8%

SPDR SERIES TRUST

XOP

4414

12%

-12.2%

CANADIAN NATURAL RES

CNQ

7248

17%

-18.6%

HALLIBURTON COMPANY

HAL

19564

19%

-3.5%

CORE LABORATORIES NV

CLB

9348

20%

-1.0%

CONOCOPHILLIPS

COP

14339

24%

-9.7%

ROYAL DUTCH SHELL PLC

RDS

16554

28%

-4.5%

DEVON ENERGY CORP NEW

DVN

16078

32%

-13.3%

SCHLUMBERGER LTD

SLB

20050

34%

-10.0%

CIMAREX ENERGY CO

XEC

3128

34%

-24.5%

EXXON MOBIL CORP

XOM

10379

36%

-4.6%

ANADARKO PETROLEUM

APC

7495

39%

-11.0%

BRIGHAM EXPLORATION

BEXP

1472

40%

-26.0%

SUNCOR ENERGY INC NEW

SU

6301

40%

-13.1%

CHEVRON CORP NEW

CVX

24465

46%

-6.6%

NATIONAL OILWELL VARCO

NOV

20988

48%

-10.6%

PETROLEO BRASILEIRO SA

PBR

7929

71%

-17.5%

CONTINENTAL RESOURCES

CLR

4850

73%

-15.6%

WHITING PETROLEUM

WLL

12769

237%

-21.1%

B P PLC

BP

505

New

-1.5%

BARRICK GOLD CORP

ABX

954

New

-15.9%

CONSOL ENERGY INC

CNX

1230

New

-8.8%

FLUOR CORP NEW

FLR

5362

New

-15.7%

FREEPORT MCMORAN

FCX

2268

New

-11.5%

GERDAU S A

GGB

1395

New

-16.8%

HESS CORP

HES

18643

New

-14.5%

MARKET VECTORS MINERS

GDX

30996

New

-11.1%

MOSAIC COMPANY

MOS

2626

New

-13.9%

OIL SERVICE HOLDRS TRUST

OIH

25037

New

-10.7%

PEABODY ENERGY CORP

BTU

2644

New

-23.0%

RANGE RESOURCES CORP

RRC

398

New

-9.7%

STATOIL A S A

STO

2709

New

-7.8%

UNITED STATES STEEL

X

1652

New

-19.6%

VALE S A

VALE

1429

New

-6.2%

COSAN LTD

CZZ

1352

New

-8.1%

WLL went down 21.1% after Astenbeck tripled its position. Other hedge funds holding Whiting Petroleum are Lee Ainslie’s Maverick Capital, Discovery Capital Management and Impala Asset Management. Core Laboratories was among the few best performing stocks that declined by the least amount, just 1%.

The fund's largest holding is Market Vectors Gold Miners ETF, and stands at just under $31 million, making up 8.7% of its entire portfolio. Gold Miners ETF declined more than 11% despite the fact gold prices increased by more than 6% since the end of first quarter. John Griffin and David Einhorn had very large bets on gold miners.

Overall, Astenbeck Capital has underperformed the S&P 500 index in the last quarter, since the portfolio is down 11% versus just 3.8% for the S&P 500. The decline in energy stocks which lost nearly 10% since the end of first quarter explains Astenbeck’s poor performance. We like energy stocks over the long-term and believe that Astenbeck’s stock picks will outperform passive S&P 500 index.

Disclosure: I am long CHK.

Source: 40 of Astenbeck Capital's Favorite Energy and Commodities Stocks