Ex-Citi oil options head enjoys the hedge fund life

GZC’s Elbhar rode oil spread trade to 40% annual return in 2015

Vincent Elbhar

Vincent Elbhar is still marvelling at his good fortune. In 2015, a year when many commodity hedge funds struggled, he helped deliver an annual return of just over 40% to his investors.

"It was one of those situations where all of our ideas played out as expected," says Elbhar, a co-founder and portfolio manager at GZC Investment Management, a Switzerland-based hedge fund with some $200 million in assets under management. "In general, we get some things right and some things wrong, aiming to have

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