Andurand Capital Management

Andurand Capital Management

Pierre Andurand founded the firm in 2008 after a decade trading oil for Vitol, the Swiss commodity trader, where he famously turned $1 million into $100 million during his tenure. His 2007 launch of a personal hedge fund vehicle preceded Andurand Capital Management, and he has since operated as one of the most visible independent oil traders outside the major producers. The firm deploys a concentrated, long-only strategy in crude oil and refined petroleum products, often using significant leverage and options overlays. Andurand is known for taking massive directional positions based on his view of global supply-demand imbalances — he predicted the 2014 oil crash and the 2020 COVID-era demand collapse. Confirmed positions include long futures and options on Brent and WTI crude, as well as copper and natural gas in some vintages. Geographic focus is global, with exposure to Middle Eastern, US, and Latin American production dynamics (per Bloomberg, The Wall Street Journal, various years). Andurand Capital manages assets predominantly through flagship and offshore vehicles, with the firm's AUM peaking near $2 billion in 2021 before falling after heavy losses in early 2022 on mis-positioning for Russian supply disruptions. The firm's flagship fund returned over 150% in 2020 and 94% in 2021, then lost over 50% in 2022 (per Bloomberg, 2023). Team size is estimated at under 30 professionals, primarily traders, analysts, and risk managers. No philanthropic or operating-company arms are publicly disclosed. The firm's structural differentiator is its extreme concentration and lack of diversification — Andurand invests almost entirely in his own conviction, with minimal governance or risk oversight beyond his own decisions. This makes the fund a pure bet on one manager's macro view, a model that has attracted high-net-worth allocators but also generated significant volatility. Succession or institutionalization beyond Andurand's own trading is not publicly addressed.