Chase Coleman, founding father of Tiger Global Management LLC
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Chase Coleman’s Tiger Global Management suffered enormous losses in May amid a tech-driven sell-off, making the hedge fund’s robust 2022 even worse.
The growth-focused flagship fund at Tiger Global tumbled 14.3% in May, bringing its 2022 losses to over 50%, a supply accustomed to the return instructed CNBC’s David Faber.
In the first quarter, Tiger Global doubled down on a number of tech holdings, together with Snowflake, Carvana and Sea, earlier than the market decline bought uglier, in accordance to a regulatory submitting. Carvana has plummeted 77% in the second quarter to this point, whereas Snowflake is down 44% and Sea is off by greater than 30% this quarter.
The tech sector, particularly unprofitable corporations and richly valued software program names, has taken a beating currently in the face of rising charges. Those sharp declines in tech have pushed the Nasdaq Composite down greater than 23% yr to date and off 26% from its all-time excessive.
Coleman is one in all the so-called Tiger Cubs, protegees of legendary hedge fund pioneer Julian Robertson. He had managed to produce double-digit annualized returns by means of 2020 by benefiting from the explosive progress in know-how.
A spokesperson at Tiger Global did not instantly reply to CNBC’s request for remark. Bloomberg News first reported the fund’s May efficiency.
This yr’s brutal sell-off has inflicted enormous ache on some hedge funds. Melvin Capital Management, the hedge fund burned by the GameStop mania, said last month it will unwind its funds and return money to traders as losses accelerated.