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

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.

August 04, 2022 / 03:28 PM IST
(Image: Bloomberg)

(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.

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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%.
Bloomberg
first published: Aug 4, 2022 03:28 pm
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