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Andurand’s riskiest hedge fund up 20% after record loss in 2023

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Oil trader Pierre Andurand’s riskiest hedge fund, the Andurand Commodities Discretionary Enhanced hedge fund, has bounced back following a record 55% loss in 2023, gaining 20% so far this year, according to a report by Bloomberg.

The report cites unnamed sources with knowledge of the matter as confirming the 2024 performance of the fund, which Andurand runs with no set risk limits, up to 22 March.

Leveraged wrong way bets on rising oil prices saw the fund lose more than half of its value in 2023 as Brent Crude prices dropped by around 10%, prompting Andurand Capital Management, which managed about $1 billion at the end of last year, to de-risk the fund, as reported by Bloomberg in January.

This year’s gains have come as a number of factors including disruption in supplies due to conflict escalation in the Middle East, the destruction of key energy infrastructure in Russia by Ukraine, and growing global demand, have seen oil prices climb by about 14% this year.

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