Pierre Andurand’s flagship hedge fund has suffered a steep decline in the first two months of 2025, erasing its strong gains from last year as volatility continues to roil commodity markets, according to a report by Bloomberg.

The report cites unnamed sources familiar with the matter as revealing that the Andurand Commodities Discretionary Enhanced fund dropped 24% in February, extending its year-to-date losses to 37%. The slump comes on the back of a 50% gain in 2024.

A spokesperson for Andurand Capital Management declined to comment.

Andurand, one of the last remaining hedge fund managers specialising in oil trading, is no stranger to extreme market swings. Unlike larger commodity funds that have shifted towards steadier, lower-volatility returns, Andurand’s strategy has no set risk limits, often resulting in outsized gains – or sharp falls.

Andurand's firm managed approximately $900m as of October 2024, though more recent figures are unavailable.

While the exact drivers of this year’s losses remain unclear, Andurand has been bullish on cocoa and copper markets in recent months. He also re-entered oil trading after briefly stepping away from the commodity in 2024.

Andurand’s latest losses contrast with his stellar run from 2020 to 2023, when his fund surged more than sevenfold.