Said Haidar’s macro hedge fund suffered a further 15.7% slump in August, extending the worst-ever phase of trading losses since it started more than two decades ago.
(Bloomberg) — Said Haidar’s macro hedge fund suffered a further 15.7% slump in August, extending the worst-ever phase of trading losses since it started more than two decades ago.
The Haidar Jupiter fund is now down 48% for this year, according to an investor update seen by Bloomberg. The hedge fund managed $1.6 billion at the end of July.
A spokesman for the New York-based investment firm declined to comment.
The volatile fund is among a string of macro specialists with changing fortunes this year as traders recalibrate bets on the direction of the economy and interest rates.
It’s not clear what led to the losses in August but the fund’s biggest risk was in the fixed income market coming into the month, according to another letter. The losses follow a 14% decline in July, which Haidar attributed to the outperformance of front-end bonds globally.
“As US growth continues to come in strong, we anticipate that the Fed may be slower to cut rates than previously anticipated,” Haidar wrote to clients. “Should Fed officials pushback on expectations of near-term rate cuts, the front-end of the treasury curve will likely continue to re-steepen, which should also bode favorably for US dollar outperformance.”
Haidar founded his eponymous firm in 1997 and 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.
He is one of the most closely-watched macro hedge fund managers for his leveraged bets that led to 193% surge last year. He has lost money in 9 of the last 11 months, with the fund swinging between monthly losses of 32% in March and gains of 27% in June during the period.
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