Brummer & Partners, a Swedish hedge fund manager, has recorded a 26.6% loss in the past 13 months for its global macro fund, which was once worth $1bn (€780m).
The fund's value fell from $1.15bn at the end of June last year to $680bn at the end of last month. Its average net investment return since its launch in 2003 has fallen from 52.2% a year â a performance that led it to win two hedge fund industry awards â to 16.2% a year.
