Sixth Element Capital

Andrew Hall runs portfolio construction and risk-taking as Chief Investment Officer, drawing on the same discretionary macro approach he used at Phibro. Kevin Bambrough, the firm's founder and a former Sprott resource investor, contributes origination and thematic structuring. All significant positions reflect Hall's direct approval — the firm does not operate by committee.

Hall ran the Phibro energy-trading desk from the 1980s, generating consistent nine-figure annual profits through directional oil bets. In 2008, his compensation of approximately $100 million became a public controversy after Citigroup received a federal bailout, leading Citi to sell Phibro to Occidental Petroleum in 2009. Hall later transitioned his personal capital and trading infrastructure into Sixth Element.

The fund takes its largest positions in commodity futures and swaps — crude oil, refined products, natural gas, and European carbon allowances — where Hall's directional conviction is highest. Equity and credit positions serve as leverage plays on commodity themes or as hedges when options markets are illiquid. The exact mix shifts with volatility regimes and is not disclosed quarterly.

No. While energy and commodities are the core, the fund trades across asset classes where energy policy creates cross-market effects — including industrial equities, utility credit, and emissions derivatives. The unifying thread is regulatory and supply-chain distortion in physical markets, not a sector label.

Sixth Element manages external institutional capital alongside Hall's personal wealth. It is structured as a hedge fund, not a family office, though the proportion of founder capital is unusually high. The firm does not publicly disclose its limited partner base.