Commodity trader Pierre Andurand's flagship hedge fund ended with a 40% drop in 2025. After betting on a range of metals, the fund has recovered most of its losses earlier this year. According to people familiar with the matter, Andurand's Commodity Discretionary Enhancement Fund previously lost about 60% in the middle of the year, but eventually rebounded due to holdings in copper, silver, gold, tin, and carbon emission permits. Since no fixed risk limits have been set, Andurand's discretionary enhancement fund often experienced double-digit ups and downs. In 2024, the value of the fund increased by 50%. The source also said that the less volatile Andurand commodity fund fell 21% throughout the year, with earlier losses as high as 30%. Furthermore, the Andurand Climate and Energy Transition Fund recovered most of its lost ground and eventually fell 6%, compared to a 40% drop during its trough.

Commodity trader Pierre Andurand's flagship hedge fund ended with a 40% drop in 2025. After betting on a range of metals, the fund has recovered most of its losses earlier this year. According to people familiar with the matter, Andurand's Commodity Discretionary Enhancement Fund previously lost about 60% in the middle of the year, but eventually rebounded due to holdings in copper, silver, gold, tin, and carbon emission permits. Since no fixed risk limits have been set, Andurand's discretionary enhancement fund often experienced double-digit ups and downs. In 2024, the value of the fund increased by 50%. The source also said that the less volatile Andurand commodity fund fell 21% throughout the year, with earlier losses as high as 30%. Furthermore, the Andurand Climate and Energy Transition Fund recovered most of its lost ground and eventually fell 6%, compared to a 40% drop during its trough.