Lansdowne Partners, one of the world’s biggest hedge funds, has suffered a loss of nearly $1 billion in its flagship fund this year, as choppy markets wreak havoc with some of the sector’s favourite bets.

Lansdowne, which runs around $21 billion in assets, has seen its $12 billion Developed Markets fund lose 7.9% this year to March 4, according to numbers sent to investors and reviewed by The Wall Street Journal. That equates to a loss of around $950 million.