Andurand Commodities Fund Plummets 52% in Early April Following Oil Bet Reversal

The Andurand Commodities Discretionary Enhanced fund experienced a severe drawdown in the first half of April, losing approximately 52% of its value. The decline comes as a sharp reversal for the energy trader, who had previously capitalized on geopolitical instability. This slump follows a period of high volatility triggered by the Iran war, which initially benefited the fund's bullish outlook on energy prices. In March, the fund had posted a 31% gain, outperforming many peers who were caught off guard by rapid shifts in commodity prices and inflation expectations. However, the emergence of a ceasefire disrupted the momentum of oil price increases, leading to a sharp reversal in the fund's positions. According to a source familiar with the returns, the fund's performance slumped through April 17. As a result of this volatility, the fund is now down nearly 37% for the year. The trajectory highlights the extreme risks associated with directional bets on energy commodities during periods of geopolitical conflict and subsequent diplomatic resolutions.