Macro hedge fund manager Said Haidar delivered a dramatic year-end turnaround for his Haidar Jupiter Fund, posting an estimated 20.3% gain in December – the largest monthly advance in over two years – and ending 2025 up 6.8%, according to a report by Bloomberg citing an investor update.

The strong finish allowed Haidar to avoid a third straight annual loss, following declines of 32.7% in 2024 and 43.4% in 2023, after a period of extraordinary gains that saw the fund rise 531% over the prior three years.

Details on the drivers of December’s rally remain unclear, though the fund’s largest exposures entering the month were equities, followed by credit and fixed income. Despite earlier losses through November, equities and commodities trading contributed positively to returns, partially offsetting underperformance in fixed income and volatility strategies.

Haidar’s fund has historically employed highly leveraged macro positions, producing both significant gains and losses. Assets under management stood at $481m at the end of November, down from around $5bn in 2022. The fund has delivered annualised gains of 16.8% since launch in 1999 through November last year.