Pierre Andurand’s track record makes his strategy one of the top performers in any category – and not only within the commodities space. Stitch together the BlueGold (+241% cumulative) and Andurand Capital (+105% cumulative) track records and you arrive at annualised returns of 35.7% and total returns of 600% between February 2008 and March 2015. These returns have actually been achieved by those BlueGold investors that took the opportunity to carry forward their individual high-water marks from BlueGold to Andurand Capital, which has now fully recovered Andurand’s only losing year in eleven, 2011, and made new highs. (If the clock starts in September 2004 with his proprietary trading track record from Vitol (+380% cumulative) then total returns compound up to more than 3,200%, though no external investor has received this; data is not disclosed for his earlier proprietary trading at Goldman Sachs and Bank of America). These annualised returns in the thirties are in the same league as legends such as George Soros or Stanley Druckenmiller in their heydeys.
Triple (or quadruple) digit returns are most often seen during an extended bull market for the relevant asset class, but Andurand’s main market – oil – is down since 2008 and roughly flat since his Vitol days. Andurand is a trader who has consistently captured both directional and relative value moves, in both directions, mainly in energy, but also now in currencies and metals. But, as Table 1 shows, he has done this with no meaningful correlation to hedge funds in general, commodities or equities.