Diego Megia raised $1.5 billion this spring and bet interest rates would go down. It backfired. - Business Insider
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Diego Megia traded for Millennium and Citadel before launching his own fund, Taula.
September's bond market pain has stung Diego Megia's $9 billion hedge fund Taula Capital. The firm's TSO fund — which runs a concentrated strategy that made a large bet on European interest rates going down — is down 12.8% through September since it launched six months ago, two people familiar with the matter told Business Insider. The strategy lost 12.2% in September alone, the two people said, meaning a vast majority of the fund's losses came last month. The firm raised $1.5 billion for the young fund in March, and backers can't redeem their capital until next spring, the people added. Taula declined to comment. Global interest rates have jumped thanks to sticky inflation, the ongoing war in Iran, and artificial intelligence companies flooding the fixed-income market with new debt issuance. For many asset managers who expected Kevin Warsh, the Federal Reserve chair, and other central bankers to cut rates or hold steady, last month's rate hike has been stomach-churning. That was particularly painful for TSO, whose concentrated strategy is positioned for European interest rates to fall.
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