Bill Harnisch, the chief investment officer at hedge fund Peconic Partners, is forecasting that stocks will struggle in the coming years, with the S&P 500 trapped in a band between 2,500 and 4,400 for the next 18-36 months, according to a report by Bloomberg.

The report cites Harnisch, who has chalked up a 29% return so far this year on the back of a "prescient call on inflation 15 months ago", as saying that he expects the Federal Reserve will be forced to keep rates higher for longer than some investors are hoping. And wile stocks may rally periodically, any upturn will be short-lived. 

“Rates will be sticky. And with the S&P at 19 times earnings, it’s going to be tough for the index to be doing much,” said Harnisch in an interview. “It’s going to be a pretty broad trading range.”

Over the past three years, Peconic, which was founded in 2004, has returned 43% annually, compared with a gain of 9% in the S&P 500 over the same period.