Bitter cocoa blow for Andurand

Andurand’s ill-fated foray into cocoa began in January 2024, when an analyst from his firm approached him and proposed a new trade. — Bloomberg

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.