Discovery Capital Management, the hedge fund firm led by 'Tiger cub' Rob Citrone, recorded a 48% return with its macro hedge fund in 2023, making it one of the top performers among funds betting on economic trends, according to a report by Bloomberg.

The report cites a person with knowledge of the matter as revealing that long wagers on Latin American equities and sovereign bonds, and US credit helped drive returns, as well as long and short bets on financial stocks.

The bumper returns came on the back of a 29% loss in the previous year.

According to data compiled by Bloomberg, macro funds were down by an average of 0.4% up to ten end of November last year following a year of volatile trading conditions as central banks hiked interest rates to tackle soaring inflation.