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 (+1,1 %) 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%.

𝖤𝗁𝖾𝗆𝖺𝗅𝗌 𝖻𝖾𝗌𝗍𝖻𝖾𝗓𝖺𝗁𝗅𝗍𝖾𝗋 𝖤𝗇𝖾𝗋𝗀𝗒 𝖳𝗋𝖺𝖽𝖾𝗋 𝖻𝖾𝗂 𝖡𝗎𝗅𝗀𝖾 𝖡𝗋𝖺𝖼𝗄𝖾𝗍𝗌 & 𝖮𝗂𝗅 𝖢𝗈𝗆𝗉𝖺𝗇𝗂𝖾𝗌 𝗎𝗇𝖽 𝖦𝗋ü𝗇𝖽𝖾𝗋 𝖽𝖾𝗌 𝖢𝗈𝗆𝗆𝗈𝖽𝗂𝗍𝗒 𝖧𝖾𝖽𝗀𝖾 𝖥𝗎𝗇𝖽𝗌 𝖠𝗇𝖽𝗎𝗋𝖺𝗇𝖽 𝖢𝖺𝗉𝗂𝗍𝖺𝗅

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