Haidar Capital's Jupiter Fund, which follows a high conviction, highly leveraged, macro strategy, has slumped around 13% so far this year following a record gain of 193% in 2023, according to a report by Bloomberg.

Haidar Capital's Jupiter Fund, which follows a high conviction, highly leveraged, macro strategy, has slumped around 13% so far this year following a record gain of 193% in 2023, according to a report by Bloomberg.

The report cites an investor document as revealing that the $3.3 billion fund is no stranger to big swings in performance having lost almost 20% in one month last year and chalked up a 54% gain in another.

The source of the fund's 2023 losses isn't clear although it reportedly made most of its money last year through short bets in the bond markets as yields rose, short bets in stocks, and commodities wagers.