Andurand Pulls Back From Cocoa Misadventure After ‘Extreme’ Volatility Drives Losses

Famed oil trader Pierre Andurand has pulled back from a bullish bet on cocoa after a series of mistimed trades led to deep losses, according to a letter sent to investors that was seen by Bloomberg.

The gyrations underscore the risk for fund managers that drift away from their core expertise into other markets that carry unfamiliar risks. Andurand, whose main fund was down over 57% through the end of June, began trading cocoa in early 2024 after more than a decade focused primarily on oil.