Rates trading also led to gains at Brevan Howard Asset Management, with its $9.7 billion flagship Master Fund returning 17.3% through Friday this year, according to an investor document seen by Bloomberg.
Over at $14.5 billion Rokos Capital Management, the recovery continues after its biggest-ever annual loss in 2021. The hedge fund gained about 9% through Aug. 26, improving returns for the year to about 23%, according to a person with knowledge of the matter.
Most of Haidar’s gains through July came from the firm’s profitable fixed income and commodities bets, according to the letter. Haidar last month told clients that major central banks have been pushing back against the dovish “pivot narrative.”
“Markets have also taken fright of the UK’s recent outsized CPI print and have started to price out a near-term end to central bank rate hikes,” he said. “We expect that this readjustment of market expectations is likely to continue to put pressure on the recent large rally in equities and credit.”
Spokespeople for Haidar, Rokos and Brevan Howard declined to comment.
This article was provided by Bloomberg News.