Macro-focused hedge funds suffered heavy losses in March as escalating conflict in the Middle East disrupted energy markets and upended inflation and interest rate expectations, according to a report by Bloomberg citing industry sources.
Said Haidar’s Jupiter Fund fell roughly 12% last month, reducing quarterly gains to 13.4%. Meanwhile, the Brevan Howard Master Fund recorded a 6.6% decline, marking its largest single-month loss in more than 20 years. Diego Megia’s Taula Capital Management dropped 8.6%, leaving year-to-date losses at 7.6%. Representatives for the funds all reportedly declined to comment.
Macro strategies had started 2026 strongly, benefiting from falling inflation and stable interest rates. The trend reversed in late February after Iran responded to US and Israeli attacks, triggering disruptions to oil and gas flows and driving energy prices higher. The resulting volatility left European rates markets particularly unsettled as traders assessed the potential economic fallout.
Haidar’s fund, which was heavily leveraged and positioned in commodities and equities but had minimal FX exposure, appears to have been caught off guard despite prior warnings about a potential global growth slowdown outside the US.
Quantitative funds bucked the trend, with French firm Capital Fund Management gaining 6% across its two largest funds. Renaissance Technologies also posted gains in select strategies. Similarly, DE Shaw & Co.’s flagship Composite fund rose 2.2% in March, while its macro-focused Oculus strategy added 3.9%, lifting year-to-date returns to 4.9% and 7%, respectively.
The losses highlight the sensitivity of macro hedge funds to geopolitical shocks and commodity volatility, contrasting with the relative resilience of systematic quantitative strategies in the same period.
