Andurand Oil Fund Up 25% In Three Months

May 9 2013 | 12:01pm ET

Pierre Andurand has wasted no time putting BlueGold Capital Management's difficult last years behind him at his new hedge fund.

Andurand's eponymous new oil fund, which debuted at the beginning of February, is up 25% through its first three months, after rising a further 8% in April, Bloomberg News reports. Andurand Capital Management's arbitrage bet on oil traded in New York and London continued to pay off last month as the price differential between the two continued to fall.

The average commodity fund is down 2.3% this year, according to eVestment.

Andurand set up his new firm after shuttering BlueGold last year, and has managed the returns despite using less leverage than the defunct firm. Andurand Capital also holds smaller positions and shuns equities. BlueGold lost 34% in 2011.

Andurand Capital currently manages US$250 million.

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