Andurand Capital Management

Andurand Capital Management

Pierre Andurand launched Andurand Capital Management in 2008 after a decade trading oil at Vitol, the world's largest independent oil trader. The firm initially focused exclusively on crude oil but expanded into other commodities over time, including metals and agricultural products. The firm invests primarily through long/short commodity strategies, taking concentrated directional positions based on fundamental supply-demand analysis. Andurand Capital participates in futures markets, options, and over-the-counter derivatives. Confirmed positions have included bets on oil price movements during the COVID-19 pandemic and subsequent recovery. The firm does not engage in equity or credit markets. Andurand Capital operates from a single London office. The firm manages capital for institutional investors, including pension funds and endowments, but does not disclose its AUM publicly. Pierre Andurand is the sole named principal and CIO. The firm is not structured as a family office. Andurand Capital's structural differentiator is its pure-play commodity focus combined with a concentrated, high-conviction portfolio — typically holding fewer than 20 positions at a time. This contrasts with diversified commodity funds that hedge against volatility across multiple sectors. The firm also maintains a distinct posture by taking large, levered positions that can produce dramatic returns or losses in short periods.