NEW YORK -- A Goldman Sachs hedge fund that launched in January with over $6 billion (3.8 billion pounds) under management lost close to $1 billion by September, according to the Financial Times.

The fund, known as Goldman Sachs Investment Partners, has told investors it lost $989 million by September, the newspaper said on Monday.

Most of the fund's losses stemmed from investments in commodities, basic materials, metals, mining, energy and agriculture, the FT said. Losses from investments in convertible bonds — debt instruments that can convert into equity — also contributed to poor returns, the newspaper said.

Goldman Sachs spokesmen could not be reached for comment.

The average hedge fund has lost roughly 19 percent so far this year, according to data from Hedge Fund Research.