Pierre Andurand, the commodities investor who recently predicted that a supply squeeze could drive oil past $300 a barrel, saw his bullish bets fuel a huge performance swing at his flagship fund last month.

Andurand's $1.2bn Commodities Fund returned more than 11% to investors in April, taking year-to-date gains to 4%, according to performance figures seen by Financial News. He had gone into the month 6.7% down for the year.