Commodities trader Pierre Andurand’s flagship hedge fund ended 2025 down 40%, paring much deeper losses earlier in the year after bets on a range of metals.
The Andurand Commodities Discretionary Enhanced recovered from a mid-year loss of about 60% thanks in part to positions in copper, silver, gold, tin and carbon permits, according to a person with knowledge of the matter, who asked not to be identified because the details are private.