The Andurand Commodities Discretionary Enhanced strategy – the flagship hedge fund run by veteran oil trader Pierre Andurand – has suffered steep losses in April, highlighting the volatility of energy markets amid shifting geopolitical dynamics, according to a report by Bloomberg.

The report cites an unnamed person familiar with the performance as revealing that the fund fell 52% in the first half of the month, reversing strong gains recorded earlier in the year. The fund is now down 37% year-to-date.

The sharp drawdown follows a strong March, when the strategy gained roughly 31% as oil prices surged during the early stages of conflict involving the US and Iran. That rally — driven by supply disruptions across the Persian Gulf — pushed Brent crude prices close to $120 per barrel at one point.

However, prices have since retreated, with Brent trading closer to $100 as markets respond to signs of a potential de-escalation in tensions and evolving supply conditions. The volatility has been exacerbated by ongoing disruption in key transit routes, including the Strait of Hormuz.

Andurand’s fund is known for its high-risk, high-conviction approach, operating without fixed risk limits and often producing large swings in performance. While this has historically resulted in periods of outsized gains, it has also led to significant drawdowns in more turbulent conditions.

Despite the challenges for directional investors, the recent market dislocation has proven profitable for major physical trading houses such as Vitol, Trafigura, and Gunvor.