A further 15.7% decline in August has left Said Haidar’s Jupiter macro hedge fund nursing a 48% loss for the year so far, and extended the fund's worst ever period of trading since it debuted over 20 years ago, according to a report by Bloomberg.

The report cites an investor update seen by Bloomberg as confirming the losses at the fund, which managed $1.6bn at the end of July.

According to another investor letter, the fund's biggest risk coming into August was in the fixed income market, although it's not clear if that was responsible for the most recent losses. The fund saw a 14% decline in July, which Haidar attributed to the outperformance of front-end bonds globally.