The flagship oil hedge fund at energy markets specialist Andurand Capital management has reportedly lost 17.3% this year through the end of May as long-time oil bull Pierre Andurand’s expectations for the sector failed to materialize.
Among the world’s best-known oil bulls, Andurand was reportedly hit by OPEC’s May decision to extend production cuts by nine months, according to a Bloomberg article citing a unidentified fund performance document. The price of crude oil fell sharply on the news.
One of the largest commodities-focused hedge funds, Andurand gained a net 22% percent last year and manages approximately $1.3 billion, Bloomberg added. The company was founded in 2013 following Andurand’s stints at Bluegold Capital and Goldman Sachs.