One of billionaire Ray Dalio's funds is absolutely crushing it in 2015

One of hedge fund billionaire Ray Dalio's strategies is up 14% year-to-date thanks to a bet against the euro, Bloomberg News' Kelly Bit reports citing a source familiar with the fund's performance.

During the first three months of 2015, the euro fell to to its lowest level in a decade, and ended the quarter down 11% against the US dollar.

Bridgewater Associates, the world's largest hedge fund, manages about $165 billion in assets. Earlier this year, Dalio explained that his fund makes a number of uncorrelated long/short bets in about 120 different markets.