Pierre Andurand’s Andurand Commodities Discretionary Enhanced hedge fund pared a mid-year loss of around 60% to finish 2025 down 40%, driven by bullish positions in copper, silver, gold, tin, and carbon permits, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as highlighting that copper posted its strongest annual gain since 2009, climbing 42% on the London Metal Exchange amid mine disruptions and tariff concerns, while gold and silver saw their biggest yearly advances in over 40 years, boosted by haven demand and US Federal Reserve rate cuts.

Andurand’s less volatile vehicles also recovered, with the Andurand Commodities Fund closinf the year down 21%, after earlier dropping 30%, and the Climate and Energy Transition Fund ended down 6%, having fallen as much as 40% mid-year.