Tiger Global Management eked out a 3.4% gain in June in its flagship hedge fund, according to a person familiar with the firm, in what marks the fund’s first gain since October.
Still, the hedge fund remains down 50.1% for the first half of the year, worse than losses notched by major stock-market indexes and other large hedge funds investing in growth.
The figure was a flash estimate Tiger shared with investors on the evening of 5 July and didn’t include any commentary. In comparison, the tech-laden Nasdaq Composite lost 8.7% in June including dividends; the S&P 500 lost 8.3% including dividends.
Tiger’s flagship hedge fund invests in both public and private companies and in a matter of months has erased years of gains. Its long-only fund had lost 61.7% through May, while losses in its stable of private-equity funds had been far more muted the first five months of the year, according to investors.
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The update did not include performance figures for Tiger’s other funds.
Plunging tech values have punished growth investors regardless of whether they invest in public companies, private companies or both. Few have been as hurt as Tiger, until this year a darling of the investment world whose success and approach others sought to emulate.
The firm in June told clients it would be cutting the management fee for its hedge fund and long-only fund, a…
