Rubicon — a macro hedge fund in London — has lost a third of its value this year

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September 21, 2017 11:56 PM

Rubicon Fund Management, a macro-focused hedge fund in London, has lost more than 33% in its flagship fund.

NEW YORK – Rubicon Fund Management, a large London hedge fund focused on trading around global economic events, has suffered a 33.2% loss in its flagship fund this year. The losses were disclosed in investor documents reviewed by Business Insider.

In a July letter to investors reviewed by Business Insider, founder Paul Brewer attributed about half of the year's losses up until that point to wrong way bets on currencies. The fund had lost 27% after fees through mid-July, and has only added to losses since.

In a letter to clients this week, Rubicon did not explain what had caused the more recent losses.

The fund did say that it believed prices for dollars would increase in coming months, however.

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