Haidar Jupiter, a volatile hedge fund, saw a double-digit increase in January. It surged 15.84 percent, making it one of the top-performing macro funds and hedge funds in general, according to an email Haidar sent to clients that was seen by Institutional Investor.
The rise likely soothed investors who stuck with the fund after it lost, according to the fund, more than 32 percent in 2024 and about 43 percent in 2023. Those huge losses came after a remarkable run, with Haidar surging 193 percent in 2022 and about 70 percent in 2021.
Since the end of third-quarter 2022, Haidar has dropped about $4 billion in capital, according to its reports. The 2024 losses were driven by fixed income and, to a lesser extent, commodities, according to the December monthly report, seen by II.
Haidar started 2025 with about $746 million. At the beginning of the year, equities were the largest allocation, accounting for one-third of exposure, the report says. Fixed income made up 26 percent of exposure, and commodities 18 percent.
“Though heavy bond issuance and substantial swings in monetary policy expectations have weighed on bonds in January, it appears likely that market expectations veered overly hawkish,” Haidar wrote in the December report, sent to clients in late January. “More recently, we have seen front-end Treasuries begin to stabilize and additional rate cuts by the Bank of England being priced back into the U.K. gilts market. Along with continued heavy debt issuance, this recent trend may support further steepening of yield curves.”
Haidar also told clients that although the rally in the U.S. dollar may have paused, equities will likely be boosted in the near term by “less aggressive tariff policies by the Trump administration coupled with strong earnings growth.”
Elsewhere, several significant funds at Graham Capital Management posted solid results in January. For example, the Proprietary Matrix fund, a mix of the firm’s fundamental and quant strategies, was up 3.59 percent, according to someone who has seen the results. It was buoyed by equities, long-term-intermediate rates, precious metals, and credit, the source says.
Graham Absolute Return, a discretionary fund, was up 2.93 percent for the month, according to the source, driven by equities, long-term/intermediate rates, and credit. The firm’s Quant Macro fund rose 2.51 percent, thanks primarily to equities and with help from precious metals and energy, the source said. Graham’s tactical trend-following fund jumped 66 basis points for the month.
II previously reported that Discovery Capital Management, a combination macro and equities strategy, rose 2.92 percent last month. Performance was driven mainly by equities, and to a lesser extent, by currencies, according to Discovery’s January monthly report, seen by II.
“Thematically, the drivers to performance were long Nigeria, positioning in TMT led by our AI plays, long U.S. consumer names, and long commodities (energy names and digital assets),” Discovery explained in the report. The largest detractors were positioning in financials — short regional banks and long government-sponsored entities — and longs in India.
Separately, Brevan Howard’s BH Macro fund lost 2.84 percent in January.
