returned 6.5% in May and was up 15.5% for the year so far and that Philippe Laffont's Coatue returned 6% in May, bringing its year-t0-date performance to 13%.was up 5.17% for the first five months of 2023, according to Bloomberg, and Andreas Halvorsen's Viking Global gained 6.7% over the same period, according to a source familiar.This is a welcome turn of events for the Tiger Cubs, funds founded by portfolio managers who worked under the legendary Tiger Management head.
In 2022, the focus on tech hurt Tiger Cubs. Maverick lost 28.8% last year. Tiger Global finished the year down 56%, and Coatue lost 18.8%. Fellow Tiger Cubs Lone Pine and grand cub D1 Capital also had double-digit losses, while Viking Global reported a single-digit loss. While their strong performance this year will help them come back from last year's losses, Bloomberg's Katherine Burton and Hema Parmar reported that many technology-focused hedge funds are still below their high-water mark, or the provision that ensures that an investor doesn't pay fees until their losses have been recovered.
The average hedge fund lost 0.20% in May and has gained 1.23% over the first five months of the year, according to Hedge Fund Research.Subscribe to push notifications