Hedge Fund Alphadyne Extends April Loss to 10% Amid Turmoil (1)

Hedge fund Alphadyne Asset Management lost hundreds of millions of dollars last week, worsening its decline for the month of April as President Donald Trump’s tariff war roiled bond markets worldwide.

Its flagship Alphadyne International Fund lost about 10% this month through Friday, according to people with knowledge of the matter. The firm’s relative value bets — which look to exploit mispricing between similar or related assets — caused much of the loss, and wrong-way wagers on Japanese assets contributed to the decline, the people said.

A representative for New York-based Alphadyne, which manages about $10 billion and specializes ...