Andurand Capital’s flagship commodities hedge fund has deepened its losses this year, dropping 52% year-to-date after a sharp April selloff driven by mounting global trade tensions, according to a report by Bloomberg.
The report cites unnamed sources familiar with the firm’s performance as confirming that the Andurand Commodities Discretionary Enhanced fund tumbled approximately 19% in the first three weeks of April alone, as markets reeled from a series of tariffs unveiled by US President Donald Trump that sparked renewed fears over global growth and sent shockwaves across commodity markets. Andurand Capital Management declined to comment.
The fund, known for its aggressive directional trading style and formerly oil-centric bets, has diversified in recent years to include positions in copper, cocoa, and other commodity markets. However, that broader exposure has offered little insulation in 2025, with volatility across the complex undermining returns. Copper, in particular, saw a multi-week selloff in April, and oil prices sank to a four-year low before rebounding.
Oil futures dropped below $60 a barrel in London earlier this month following a one-two punch from a surprise OPEC+ supply boost and renewed tariff announcements by the US government. Though prices have since recovered to around $67, they remain down roughly 10% from March-end levels.
The Enhanced fund has long been known for its high-risk, high-reward approach, with no formal risk limits – resulting in a track record of both double-digit gains and sharp drawdowns.
