Taula Capital Management, the hedge fund firm founded by former Millennium portfolio manager Diego Megia, has suffered a 9.4% decline this year up to 18 September following another difficult month for macro traders, according to a report by Bloomberg.

The report cites unnamed people familiar with the matter as saying that the London-based firm fell 4.3% in September, reversing part of the recovery it had made following losses earlier in the year. The fund’s performance figures are not publicly disclosed.

The latest setback comes during a particularly turbulent period for global rates markets. Two-year US Treasury yields jumped after the Federal Reserve delivered its first interest-rate increase since 2023, while Brent crude’s move above $100 a barrel triggered a rapid reassessment of the global interest-rate outlook earlier in the month.

The resulting repricing pushed yield curves lower and contributed to challenging conditions for macro-focused hedge funds.

Taula was among the firms hit earlier this year when US and Israeli military strikes against Iran disrupted financial markets and sent energy prices higher. The resulting shock complicated expectations for central-bank easing and weighed on a number of macro strategies.

The hedge fund had subsequently begun recovering from those losses before September’s renewed volatility.

Taula reportedly declined to comment on its September performance.

Megia launched Taula in 2024 in one of the hedge-fund industry’s largest new-manager launches. Millennium, where Megia previously worked as a money manager, provided $3bn to support the firm’s launch.

Taula has since expanded to more than $9bn in assets under management and recruited a number of senior traders as it has broadened its investment capabilities.