A dramatic reversal in fortunes at macro trader Said Haidar’s Jupiter Fund has left investors nursing big double digital losses for last year, following record returns in the previous 12 month period, according to a report by Bloomberg.

The report cites an investor letter seen by Bloomberg as revealing that the fund, which recorded a record return of 193% in 2022, lost 43.5% in 2023 – its biggest loss since it launched over 20 years ago.

According to an unnamed Bloomberg source with knowledge of the matter, last year's big loss has prompted Haidar to make sweeping changes to his portfolio. The short bond bets responsible for most of the decline having been replaced by long bets on securities as the firm positions for an expected reduction in central bank interest rates during the first half of the year.

Japan is the only country where the fund continues to hold short bond bets, while the fund has also reversed its short wagers on equities, according to Bloomberg's source.