PointState Capital was hit with about $1bn in redemptions this year through September, said people familiar with the matter, as the New York hedge fund faces the prospect of its second losing year in a row.

The redemption requests came before PointState suffered losses in November tied to big bets it has on satellite operator Intelsat and on Fannie Mae and Freddie Mac. The fund, now with about $6bn in assets after the redemptions were paid, was up 1% for the year through October but was down for the year through last Friday, said people familiar with the matter. It lost 19% last year.