Andurand Capital Management is in one of the worst loss-making phases in its history. Since the beginning of the year, the fund has recorded heavy losses and now has a drawdown of around 60%. The volatility on the commodity markets, particularly in $IOIL00 (+0.22%) has led to massive mispositioning. Andurand had announced that it would also invest in markets such as cocoa and copper, but the main losses are oil positions. Copper in particular presented additional challenges. Andurand Capital criticized, for example, the poor liquidity and the high discount of the $COP.UN shares against the physical copper price, which further impacted performance. The average discount was around 18%.
๐ค๐๐พ๐๐บ๐ ๐ ๐ป๐พ๐๐๐ป๐พ๐๐บ๐๐ ๐๐พ๐ ๐ค๐๐พ๐๐๐ ๐ณ๐๐บ๐ฝ๐พ๐ ๐ป๐พ๐ ๐ก๐๐ ๐๐พ ๐ก๐๐บ๐ผ๐๐พ๐๐ & ๐ฎ๐๐ ๐ข๐๐๐๐บ๐๐๐พ๐ ๐๐๐ฝ ๐ฆ๐รผ๐๐ฝ๐พ๐ ๐ฝ๐พ๐ ๐ข๐๐๐๐๐ฝ๐๐๐ ๐ง๐พ๐ฝ๐๐พ ๐ฅ๐๐๐ฝ๐ ๐ ๐๐ฝ๐๐๐บ๐๐ฝ ๐ข๐บ๐๐๐๐บ๐
The fund has actually been very successful in recent years and has grown more than 7x in 3 years. This is also due to the fact that Andurand does not have tight risk limits, which leads to increased volatility. Before founding Andurand Capital, he founded another hedge fund, BlueGold Capital. This was active from 2008 to 2012 and generated a return of 210%. Andurand Capital was founded in 2013 and is estimated to have generated a return of well over 500%. His CV is very impressive. Pierre Andurand
