Tiger Global’s July gain leaves fund down 49.8% this year

(Image: Bloomberg)

Tiger Global Management’s hedge fund made just 0.4% in July, bringing its loss this year to 49.8%, according to people familiar with the returns.

The fund trailed the broader markets, with the S&P 500 advancing 9.1% and the tech-heavy Nasdaq Composite Index climbing 12%.

July’s return follows a 3.4% rise in June that preceded five months of losses when Chase Coleman’s firm was beset by a sharp decline in some of its biggest equity bets and the markdown of some venture-capital investments.

A spokesperson for New York-based Tiger declined to comment.

Coleman, 47, is among several so-called Tiger Cubs -- named for money managers who previously worked at Julian Robertson’s Tiger Management -- that have struggled this year as surging inflation, rising interest rates and war in Europe have crushed equity markets.

Tiger Global, with its leaning toward technology stocks, was at the sharp end of the equity slump. Its bets include stakes in the beleaguered used-car platform Carvana Co., whose shares have fallen about 85% so far this year, and digital bank Dave Inc., which has declined 93%. The fund also had positions in Netflix Inc. and Shopify Inc., which suffered steep falls earlier in the year.

It’s not the only Tiger Cub fund trying to turn around a difficult start to the year. Steve Mandel’s Lone Pine Capital posted a 7% gain for its hedge fund in July, following the broader market higher to pare the fund’s decline for the year to 33%. In June, Philippe Laffont’s Coatue Management broke even to hold its losses through the first six months of the year at 17%.