It’s been easy come, easy go, for Clarium Capital Management this year. The San Francisco-based hedge fund posted a 24.4% return in January, but plunged 9.9% last month, it told investors last week.

On the bright side for those investors, the $3.8 billion global macro fund, headed by PayPal co-founder Peter Thiel, remains up 15% year-to-date, Reuters reports.

Clarium blamed the March decline on losses on foreign equity holdings.

Clarium returned in excess of 40% last year.

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PayPal Hedge Fund Soars 24% In January [0]