21/06/12 05:46:22.10 FehovdQl0.net
Tiger Global Management’s hedge fund struggled in May, losing 6.3% and leaving it in the red for year.
The flagship, equity-focused fund declined 0.8% for the first five months of 2021,
according to a person with knowledge of the matter.
The average stock-picking hedge fund has gained 6.8% in the same period after rising 0.4% in May,
according to Hedge Fund Research’s Equity Hedge Total Asset Weighted Index.
The S&P 500 returned 13% through May, including reinvested dividends.
The performance is an unusual blip for Tiger Global, which is known for its steady and strong performance.
Last year, the fund rose 48%, helping founder Chase Coleman top Bloomberg’s list of
the top-earning hedge fund managers. It advanced 33% in 2019.
Some of the fund’s Chinese investments have been hit hard this year. JD.com Inc.,
its biggest long-equity holding as of March 31, sank 16% through May,
while e-commerce company Pinduoduo Inc. fell about 30% and Alibaba Group Holding Ltd. slid 8.1%.
A spokeswoman for Tiger Global declined to comment. Business Insider reported on the results earlier.
Tiger Global runs about $65 billion, split about evenly between its hedge fund business
and venture capital business.