The billionaire fund manager who “helped give rise to the hedge fund industry saw clients pull about 15% of their assets from his main fund in the second quarter,” according to a recent Bloomberg article.

According to Hedge Fund Research Inc., the article says, macro hedge funds “have posted their worst first half since 2013, losing 0.7%.” Jones’ main BVI Global Fund, it reports, is down 1.9% this year (through July 21). Last month, the billionaire sold the firm’s 43-acre headquarter property in Greenwich, Connecticut and plans to move to a location more accessible to New York City (where the firm has offices).

Jones is losing employees along with clients, according to the article, and has reduced its management fee to between 1.75% and 2.25%, “while taking a 20 percent cut in profits” (past fees have been as high a 4% for some clients, and “a performance fee of as much as 27 percent for others.”)

The article notes, however, that notwithstanding the rough waters, “Jones has banked on macro making a comeback. Last year he said central bank policies, which have suppressed volatility and encouraged more government debt, will backfire and macro strategies will profit when the debt bubble bursts.”