This year’s slide in oil has been painful to commodity bulls, and none more so than famed oil hedge fund manager Pierre Andurand whose already bad year is getting worse.
Bloomberg reports that after dropping another 9.4% in May, his main Andurand Commodities Discretionary Enhanced Fund has extended this year’s slump to almost 46%, making this the worst-ever phase of losses for the strategy, which has lost money every month this year. Still, the brutal 2023 follow three consecutive years of impressive gains including a record 154% jump in 2020.
While Bloomberg notes that it’s “not clear what led to the drop this month for the fund” that Andurand, who previously predicted that oil prices will hit $140, it is safe to assume that the continuous drop in oil has not helped.
Oil has tumbled 12% since mid-April in
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