Said Haidar's flagship Jupiter hedge fund was back in the black last month after notching an estimated 27.3% gain, going at least some way to reversing some of the heavy losses seen in recent months, according to a report by Bloomberg.

Said Haidar's flagship Jupiter hedge fund was back in the black last month after notching an estimated 27.3% gain, going at least some way to reversing some of the heavy losses seen in recent months, according to a report by Bloomberg.

Despite the recent surge though, investors documents seen by Bloomberg show that the fund, which managed around $1.5bn at the end of May, remains down 28.5% for the first half of the year.

It’s not clear which trades led to the rebound, although Haidar reportedly had just over half of the fund's assets betting on fixed income securities at the end of May. 

The firm's highly-leveraged positions saw Haidar score a 193% return last year – his best ever annual gain since starting the firm more than two decades ago – on the back of short wagers on rates in the US and UK, as well as other G7 countries at the start of the current cycle of interest rate rises.