Mar 21, 2023
Haidar Macro Hedge Fund Plunges 32% in Wild Bond Market Moves
(Bloomberg) -- Said Haidar is set for the biggest-ever monthly decline at his hedge fund in more than two decades as wild bond markets rock macro traders.
His Haidar Jupiter fund slumped an estimated 32% this month through Friday, according to people with knowledge of the matter. The decline puts the macro strategy down 44% this year, the people said asking not to be identified because the details are private.
The money manager, known for his highly leveraged strategy, is set to be one of the biggest losers among peers who have been whipsawed by the volatility since the collapse of Silicon Valley Bank earlier this month. It’s a dramatic fall for his clients who saw their investments surge by 193% last year.
Hedge funds and other investors have been struggling with market swings which topped big moves like those triggered by the collapse of Lehman Brothers, the 9/11 terrorist attacks, the bursting of the dot.com bubble and the emerging-market crises of the 1990s.
Haidar took a hit on his short fixed income positions, one of the people said. Since then, the fund manager has pulled such bets in US and Europe, the person added. His losses this month look set to exceed the 24.6% loss he suffered in Nov. 2020.
A spokesman for the New York-based investment firm declined to comment.
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.
Veteran macro trader Adam Levinson is shutting down his hedge fund after it lost more than 25% this year mostly during the days after the collapse of Silicon Valley Bank.
--With assistance from Thomas Hall.
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