Dymon Asia’s New Hire in Equity RV, More Volatility in Commodities
According to Bei Hu (Bloomberg), Dymon Asia Capital has brought on Shao Ying, a former portfolio manager at Millennium Management, to support its growth in relative-value equity trading.
Pierre Andurand's flagship hedge fund, the Andurand Commodities Discretionary Enhanced Fund, has experienced a significant downturn, with losses deepening to 52% as of April 2025. This marks one of the most challenging periods for the fund, following a record 55% loss in 2023 due to unsuccessful bets on rising oil prices. Despite a brief recovery in late 2024, where the fund gained 23% in November, recent market volatility has led to renewed declines. The fund's high-risk strategy, lacking fixed risk limits, has contributed to its substantial performance swings. Andurand remains optimistic about commodities like cocoa and copper, but recent losses have raised concerns about the fund's risk management practices.
Autonomy Capital, a London-based hedge fund, is considering reopening to external capital after delivering a 53.8% return in 2024—the fund's second-best performance since its 2003 inception—and a 9% gain in Q1 2025. The firm had previously paused external investments during challenging market conditions in 2022. With strong returns and a more stable macroeconomic environment, Autonomy is now evaluating the timing and structure for reintroducing outside capital. The fund's performance has been driven by its macro and relative value strategies, which have capitalized on market volatility and policy shifts. While the firm has not yet set a timeline for reopening, it is actively assessing investor interest and market conditions to determine the optimal approach.
Antara Capital, a $1.3 billion hedge fund backed by Blackstone Inc., is undergoing significant changes following a period of financial challenges. Himanshu Gulati, the founder of Antara Capital, has departed from the firm to join Marshall Wace.
