Hedge Fund Andurand: 51% loss… Nobody is perfect
What was already a terrible year for oil trader Pierre Andurand has only just gotten worse, and all of this is his political stance on hard-edged progressivism .
The French trader and wealth manager had lost 46% as of May 19, but today we learn that Andurand's losses accelerated in June, with his hedge fund tumbling into its worst phase of decline and seeing the its AUM shrink by more than half in less than 6 months.
Flagship Andurand Commodities Discretionary Enhanced Fund, which makes leveraged bets, was down another 7% this month through June 23, extending this year's losses to about 51%, according to Bloomberg, according to Bloomberg .
While Bloomberg writes that it's unclear what led to the recent losses, it's safe to say that the continued decline in oil prices was the cause.
Andurand, who is strongly anti-Putin but who has. benefited immensely from the Ukraine war-induced oil squeeze in 2022, which sent Brent soaring above $120, earlier this year predicted that oil prices could exceed $140 a barrel by the end of 2023 But these bullish forecasts have reversed due to a number of concomitant causes, such as high inventory levels, the flow of supplies from Russia and the increase in shipments by two of OPEC's most problematic exporters, Iran and Venezuela.
The money manager, who has generated a 7x increase in capital invested by his clients in the last three years, has been hit by the worst loss phase of his strategy. The fund that Andurand manages without pre-set risk limits has lost money every month this year. This shows that no one can predict the future perfectly.
Andurand was one of several high-profile hedge fund traders who saw their fortunes reverse after last year's strong gains. Said Haidar's Jupiter macro money pool and billionaire Chris Rokos' macro hedge fund suffered double-digit declines after market volatility in March, while veteran macro trader Adam Levinson closed his hedge fund after being hit by losses .
Thanks to our Telegram channel you can stay updated on the publication of new articles from Economic Scenarios.
The article Hedge Fund Andurand: 51% losses… Nobody is perfect comes from Scenari Economici .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/hedge-fund-andurand-51-di-perdite-nessuno-e-perfetto/ on Wed, 28 Jun 2023 19:23:42 +0000.