Said Haidar’s flagship macro fund lost 11.5% in October, its third double-digit monthly decline of 2026, according to an investor document seen by Bloomberg. Year-to-date gains now stand at 6.3%.

Assets under management were $702 million at the end of September, down from a peak of around $5 billion in 2022. Haidar Capital Management did not respond to a request for comment.

The highly leveraged strategy is known for outsized swings, returning 193% in 2022 before losses of 43.4% and 32.7% in the two years that followed. October’s drawdown was well short of the worst on record, with 15 months weaker since the firm launched in 1997.

The fund had gained almost 18% in September, driven by fixed income and commodities. The drivers of October’s loss have not been disclosed.

Peers also struggled as a French bond selloff and renewed AI jitters hit markets, though Citadel and D.E. Shaw were among the few large managers to make money.