Newsletter April 2018

Legends Fund returned +1.48% in April. In comparison the HFRX Global Hedge Fund Index (EUR) was down 0.17%.
Performance was driven by the Andurand Commodity Fund and Pershing Square Holdings. We have increased our position in the Andurand Commdoity Fund over the last few months based on Pierre’s Andurand’s track record of catching the big moves in oil markets and his high level of conviction that we are currently in the midst of such a move. His conviction is based on excellent fundamental supply-demand analysis and is being confirmed by other managers we hold in high regard in the energy space. The Andurand Commodity Fund was up 11.5% in April.

Read the full Performance Update here