Oil Trader Andurand Lost 52% in April First Half on Oil Bets

Energy trader Pierre Andurand’s largest hedge fund plunged about 52% in the first half of April, wiping out first quarter gains made on bullish oil bets at the start of the Iran war.

His fund slumped this month through April 17 and is now down almost 37% for the year, a person with knowledge of his returns said, asking not to be identified as they are not public. It comes after the Andurand Commodities Discretionary Enhanced fund delivered a 31% gain in March even as other hedge funds were caught off guard by the huge swings in commodities prices and inflation expectations unleashed by the war.