Haidar Capital Management’s flagship Jupiter Fund posted a 25% loss in April, marking one of the worst monthly performances in its more than two-decade history, as macro volatility tied to President Donald Trump’s renewed trade war rattled global markets, according to a report by Bloomberg.
The report cites investor material seen by Bloomberg as revealing that the sharp drawdown brings the fund’s year-to-date losses to 17.6% – the second-largest monthly loss since the fund’s inception in 1999.
Founded by Said Haidar in 1997, Haidar Capital is known for its highly leveraged, conviction-driven macro bets – a stark contrast to the lower-volatility approach favoured by much of today’s $4tn hedge fund industry. The Jupiter Fund, while capable of eye-popping returns like its nearly 193% gain in 2022, has become synonymous with steep drawdowns. It also posted losses in both 2023 and 2024.
The April hit follows a period of increased market stress triggered by Trump’s tariff escalation, which drove equity markets lower, sent bond yields surging, and pushed volatility metrics sharply higher. While several macro managers managed to navigate the turmoil with modest gains, others — including Haidar and commodities-focused Pierre Andurand — saw significant declines.
Jupiter’s assets have fallen sharply, dropping to $813m at the end of March, down from nearly $5bn at their peak two years ago.
In a March investor letter, Haidar struck a bearish tone on global growth, warning that escalating trade tensions would likely compel central banks to accelerate interest rate cuts. He also anticipated steeper yield curves as a result of dovish monetary policy alongside expansionary fiscal stimulus.
“Though there remains great uncertainty regarding the ultimate disposition of these tariffs, US trade policies are nonetheless likely to weaken global growth and induce central banks to enact greater rate cuts,” Haidar wrote.
The 25% drop in April follows a 32% loss in March 2023, which occurred during the global market dislocation surrounding the collapse of Silicon Valley Bank.
