money Hedge fund giant Tiger Global has reportedly lost 52% this year as tech losses accelerated in May
Hedge fund giant Tiger Global has lost 52% this year amid an ongoing decline in technology stocks, according to Bloomberg.
Tiger Global's fund fell 14.2% in May, representing extreme underperformance given the S&P 500 was flat and the Nasdaq 100 was down just 2%.
The hedge fund said it is "maximally motivated" to recoup its losses for investors.
Hedge fund giant Tiger Global has plummeted 52% so far this year through the end of May, according to a Bloomberg report.
The fund saw its losses accelerate last month as it fell 14.2%, significantly underperforming the broader stock market indices. In May, the S&P 500 was flat and the Nasdaq 100 fell just 2%. The latest decline also deepened year-to-date losses at the hedge fund, which was down 44% at the end of April.
The losses have wiped out more than $16 billion in assets under management for Tiger Global, erasing years of spectacular gains as founder Chase Coleman rose tech stocks all the way up — and now all the way down. The hedge fund also owns stakes in private tech companies, which have been marked down considerably amid the ongoing market decline.
"We take very seriously that our recent performance does not live up to the standards we have set for ourselves over the last 21 years and that you rightfully expect. Our team remains maximally motivated to earn back recent losses," the hedge fund wrote in an investor letter seen by Bloomberg.
Tiger Global's commitment to make back the lost money for its investors is the exact opposite of what Gabe Plotkin's Melvin Capital did. After suffering severe losses of more than 50% after it was caught on the wrong side of the GameStop short-squeeze, Plotkin decided to shut down Melvin Capital.
Some of the top stocks that have been hammering Tiger Global lower include JD.com, Sea Limited, Snowflake, Shopify, and Block, among others. A look at its most recent 13F filing shows a portfolio riddled with high-flying tech stocks that have little to no profits and previously traded at elevated valuations. That hasn't been a winning strategy this year as the Fed embarks on its first interest rate hike cycle since 2018.
Read the original article on Business Insider
