By Julia Payne
LONDON (Reuters) – Hedge fund manager Pierre Andurand’s Andurand Commodities Discretionary Enhanced Fund was up 82.5% this year as of Oct. 1, a source with direct knowledge of the matter said.
The discretionary fund has unconstrained risk limits and jumped 20% alone in September on rising U.S. and European gas prices, European power and oil prices.
His flagship fund, the Andurand Commodities Fund, was up 33% as of Oct. 1, the source added.
Global gas prices, particularly in Europe, have soared over the last month owing to supply shortages, high Asian demand and low inventories.
Dutch front-month wholesale gas, the European benchmark, continued its meteoric rise hitting an all-time high of 100 euros per megawatt hour on Tuesday.
Last year, the discretionary fund rose by a record 154% while the flagship fund was up 68.6%, after the COVID-19 pandemic roiled energy markets.
(Reporting by Julia Payne; Editing by Emelia Sithole-Matarise)
