While the Boston Red Sox are leading the American League East by 8 games, the commodities fund managed by one of its owners is a big loser. In Hedge Funds -- Managed Futures: Changing Course: Becalmed No More [subscription required] Barron's notes that Red Sox principal owner John Henry's commodity fund is suffering a three year, 40% decline in value.

More specifically, On March 31, the John W. Henry & Co. Financial and Metals Portfolio was down almost 20% for 2007 and in the midst of a three-year, 40% slump that was the longest and one of the deepest in its 22-year history. The decline and resulting investor redemptions, cost the firm -- controlled by John W. Henry -- more than 80% of its assets, which now stand at $500 million.

But there is a bit of light at the end of this tunnel. In 2007's second quarter, the portfolio surged 25%. Ironically, Merrill Lynch & Co. (NYSE: MER) ended a long-term relationship with Henry in April and pulled its mostly retail investors' assets out of his fund -- almost exactly at the portfolio's lowest point.

So I'll keep rooting for the Red Sox to repeat their 2004 World Series win. As for Henry, I would not bet my money on his trading skills -- such managed futures funds have high costs, high risk, and heavy reliance on black-box trading systems. I like to sleep at night and don't know how Henry can pull that off.

Peter Cohan is president of Peter S. Cohan & Associates He also teaches management at Babson College and edits The Cohan Letter. He has no financial interest in the securities mentioned in this post.