(Bloomberg) - Hedge fund manager Said Haidar, known for his highly leveraged macro trades, is in the middle of his worst-ever losing streak.
His Haidar Jupiter fund slumped 32.7% last year, according to an investor update seen by Bloomberg News, extending the 43.3% plunge in 2023.
Assets fell to about $818 million at the end of November from almost $5 billion two years ago because of the losses and capital returns to clients seeking their money back, separate investor letters show.
The declines mark a dramatic change in fortunes for Haidar, who’s known for running a high-octane strategy that produces frequent double-digit gains, or losses. Founded in 1997, his eponymous firm Haidar Capital Management bets on macroeconomic shifts around the world. While much of the hedge fund industry now aims for steady returns to cater to risk-averse clients such as pensions, Haidar aims for bigger returns that come with high volatility.
The losses put Haidar behind some of his macro peers who got a massive boost last year from Donald Trump’s election victory in November. Rob Citrone’s Discovery Capital Management jumped 52% last year, while Zach Schreiber’s PointState Capital rose 47.9%, Bloomberg News has reported. Jeff Talpins’ Element Capital Management gained 22.4%, according to a person with knowledge of the matter.
Haidar’s hedge fund had drawn investor interest after a 193% surge in 2022 and almost 70% return the year before. He now needs to repeat those gains and generate more than 160% returns just to recoup the losses over the last two years, according to a Bloomberg calculation.
Most of last year’s losses were caused by his fixed income and commodities trading books, according to his November newsletter seen by Bloomberg News.
“Continued outperformance of US equities appears likely, particularly as deregulation and M&A activity picks up in 2025,” Haidar wrote to clients in the newsletter sent last month. “But with global debt issuance still extremely elevated, we anticipate further weakness in long-end bonds and steeper yield curves.”
A spokesman for Haidar Capital declined to comment.
By Nishant Kumar
