Publish Date: 
Tuesday, March 24, 2015 - 2:30pm

According to a recent Wall Street Journal report, investors have taken back nearly $800 million from the flagship hedge fund of the Fortress Investment Group LLC, which is 25% of the $3.2 billion of the firm’s total assets that are under management.

The fund, being managed by Mike Novogratz, was down 1.6% by the last quarter of 2014, compared to the 5.7% average return enjoyed by other macro hedge funds. Fortress was among the many macro funds that faced severe challenges at the beginning of 2014.

This recent development is another blow to the closely watched Mike Novogratz’s already tarnished judgment calls, what with the prediction mistakes regarding the Japanese yen, on US government bonds and the presidential election in Brazil.

The Fortress fund is not the only macro hedge fund that investors withdraw from. The Wall Street Journal also reported that its rival firm Carlyle Group also saw a withdrawal of a whopping $2.5 billion ever since October. Since the beginning of 2015, the Carlyle Group fund was down by 6%.