What was the performance of Pierre Andurand's largest hedge fund in the first half of April, and how did it affect its year-to-date returns?

Pierre Andurand’s largest hedge fund plunged about 52% in the first half of April, wiping out the 31% gain it had achieved in March, and is now down almost 37% for the year.

What market event drove Andurand’s March gains, and what caused the reversal in April?

Andurand’s March gains were driven by a record monthly rally in oil prices—Brent futures climbed to almost $120 a barrel on March 9—as war between the US and Iran throttled Persian Gulf exports and triggered the most severe supply disruption in history; the reversal in April followed a ceasefire that hurt his bullish oil bets.

Andurand Lost 52% in First Half of April as Ceasefire Hurt Oil Bets

Apr 23, 2026

Pierre Andurand’s hedge fund fell 52% in early April as a ceasefire curbed oil price rallies, wiping out prior gains from the Iran conflict. The fund is now down nearly 37% for the year despite earlier profits from Brent crude surges.

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