The rollercoaster ride at Haidar Capital Management continued in July with the firm's flagship macro hedge fund, the Haidar Jupiter Fund, raking up a loss of 14% over the month, partly reversing its 27% surge in June, according to a report by Bloomberg.

The report cites an investor letter seen by Bloomberg as revealing that the fund, which managed $1.9bn at the end of June, is now down around 38.5% so far this year.

Founder Said Haidar’s highly-leveraged positions generated a 193% return for investors last year, marking his best ever annual gain since starting the firm more than two decades ago. This year though, the fund has swung between monthly losses of 32% in March and gains of 27% in June.