The Haidar Jupiter Fund, the macro hedge fund led by Said Haidar, reported a 10.81% loss in October, bringing its year-to-date decline to 29.39%, according to a report by Institutional Investor citing a recent client email.
The fund is now trailing the S&P 500 by nearly 50% points so far this year, although the index is not its primary benchmark.
This year’s losses follow a challenging 2023, where Haidar posted a 43.4% drop. The fund has been in the red for 14 of the past 22 months, often with double-digit losses in stark contrast to its performance in 2022 when it surged by almost 193%, building on strong gains from prior years.
The October loss is not attributed to specific factors, though Haidar’s September report shows its leveraged positions were primarily in fixed income (38% of exposure), equities (24%), and commodities (18%). Year-to-date, fixed income and commodities have driven the bulk of losses, contributing 11.7% and 8.2% of the decline, respectively. Only equities have been profitable, adding nearly 6% to gains over the first nine months.
Haidar isn’t alone in facing a challenging year. Another macro hedge fund, BH Macro, reported a 2.91% drop in October, with its year-to-date gains now at just 0.11%. In contrast, Discovery Capital Management has seen strong performance, with its fund up 28.05% for the year, following a modest 0.97% gain in October.
