Bridgewater Associates’ flagship macro hedge fund, the Pure Alpha II Fund, saw 7.5% of YTD gains wiped out in the final two months of last year to finish 2023 with a 7.6% decline, according to a report by Bloomberg.

The report cites unnamed sources familiar with the funds performance as confirming that it lost around 14% in November and December with the decline coming as global bonds recorded their biggest two-month gain since at least 1990, and a US shares put on 14%.

Bridgewater's long-only All Weather fund meanwhile, returned 10.6% last year, according to one of Bloomberg's sources.

Pure Alpa II's year-end losses were a repeat of last year when the fund saw big declines in October and November to finish the year with a 9.4% gain, having been up 22%.