GLNCY Glencore Plc (PK)

Lansdowne Partners (UK) LLP, one of the world's largest hedge funds, extended its losing run last month, missing out on a rebound enjoyed by many of its peers.

Lansdowne's flagship Developed Markets fund lost 2.3% in September, according to numbers sent to investors and seen by The Wall Street Journal. That equates to a loss of about $250 million.

It means the fund, which has been one of the best-performing hedge funds of recent years and which is run by Peter Davies and Jonathon Regis, is now down 14.7% this year, according to the numbers.

That equates to a loss of around $1.8 billion and places it among the worst-performing funds this year. The firm now runs about $20 billion.

A spokesman for Lansdowne declined to comment.

Equity hedge funds gained 1.5% on average in September, according to early numbers from Chicago-based Hedge Fund Research, and are now down 0.5% for the year. Overall, hedge funds gained 0.6% during the month and are up 1.4% this year.

Lansdowne has suffered from a wrong-way bet on miner Glencore, which rebounded strongly in September. The firm said in its latest letter to investors, reviewed by The Journal, that in previous years it had recovered from midyear losses to post strong profits by the year-end.

Write to Laurence Fletcher at laurence.fletcher@wsj.com

(END) Dow Jones Newswires

October 06, 2016 08:15 ET (12:15 GMT)

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