Pierre Andurand’s flagship hedge fund has extended its steep drawdown in 2025, with the Andurand Commodities Discretionary Enhanced fund falling approximately 12.7% in the first three weeks of June, bringing YTD losses to around 60%, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as confirming the situation.

The fund, once focused primarily on oil, has broadened its exposure to other commodities such as copper and cocoa, markets that have been roiled by escalating geopolitical tensions, US tariff actions, and mounting supply squeezes.

Andurand has posted losses every month so far in 2025, a reversal from 2023 when the fund gained 50%. The absence of strict risk limits in the strategy has historically led to volatile performance, with frequent double-digit swings.

Commodities have faced heightened volatility in recent months, with Brent crude briefly spiking above $81 per barrel in mid-June on fears of broader Middle East conflict, only to settle back near $67 following a ceasefire. Meanwhile, copper inventories are shrinking, and cocoa prices remain stubbornly elevated, complicating speculative positioning.

A representative for Andurand Capital Management declined to comment.