Andurand Capital Posts Gains of 13.5% in February 2015
According to source familiar with the matter, Andurand Capital, an energy hedge fund, was up 13.5 percent at the end of February, as one of the world's most famous oil traders extended a winning run.
French
fund manager Pierre Andurand, who made almost 50 percent last year
betting on the oil crash, returned about 10 percent in January and 3
percent in February, the source said, as crude stabilised after hitting a
six-year low near $45 a barrel.
Andurand,
whose career included stints at Wall Street bank Goldman Sachs and
commodities trading giant Vitol, made his name in 2008 when his BlueGold
fund correctly called the spike and subsequent collapse in oil.
BlueGold shut at the end of 2011 as Andurand and co-founder Dennis Crema went their separate ways.
Since
launching the new London-based fund in 2013, Andurand Capital has
increased its assets under management to $450 million, the source said.
That is up from $400 million at the start of 2015.
Speaking
in December, Andurand said wild oil price swings would continue after
the Organization of the Petroleum Exporting Countries (OPEC) declined to
cut production, choosing to compete to hold on to market share rather
than trying to prop up the price.
Source: Reuters
