Said Haidar, the hedge fund manager known for his stunning gains and losses, is making money once again.
(Bloomberg) — Said Haidar, the hedge fund manager known for his stunning gains and losses, is making money once again.
The Haidar Jupiter fund soared an estimated 27.3% in June, helping repair some of the damage from months of losses, according to investor documents seen by Bloomberg News. Even after the recent surge, the fund ended the first half of the year down 28.5%, one of the letters showed. The hedge fund managed $1.5 billion at the end of May.
A spokesman for the New York-based investment firm declined to comment.
It’s not clear which trades led to the rebound. The money manager had just over half of its assets betting on fixed income securities at the end of May, when Haidar warned clients that traders were overestimated the impact of the banking crisis on credit availability, inflation, and growth.
“With inflation still running hot globally, we continue to anticipate more central bank tightening than investors are currently willing to price,” he wrote to clients.
Global developed-market bonds sold off last month on concerns that major central banks will have to re-accelerate their rate increases to quell inflation. On Friday, yields on some Treasury bonds reached their highest level of the year as prices fell, with a stronger jobs market raising expectations for another rate rise.
Haidar’s highly-leveraged positions generated a 193% return last year, marking his best ever annual gain since starting the firm more than two decades ago. The gains came from shorting rates in the US and UK, along with the G7 countries in general, during the start of the current cycle of interest rate rises.
Read More: Said Haidar Streaks Ahead of Macro Hedge Funds With 193% Gain
Haidar, who founded his eponymous firm in 1997, bets on macroeconomic shifts around the world. While much of the $4 trillion hedge fund industry now aims for steady returns to cater to risk-averse clients such as pensions, Haidar runs a high-octane strategy where double-digits gains or losses are frequent.
June marks his first double-digit gain over the last nine months and only the second month of profit. The fund suffered double-digit declines in three of those months, according to one of the investor letters.
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