Tiger Global's flagship hedge fund had a big hole to climb out of following the losses it suffered in 2022. November was another strong month of chipping away toward that goal.
The $58 billion firm's flagship, run by billionaire founder Chase Coleman, was up 5.1% in November, sources familiar with the fund's performance told Business Insider. That brings year-to-date performance to 26.8% — a rare hedge fund that has outperformed the S&P 500 this year, up 19% in the same period.
Tiger Global lost 56% in its flagship last year but has taken advantage of a strong year from tech stocks. Its top holdings at the end of the third quarter, according to regulatory filings, were Facebook parent Meta and Microsoft. Meta is up 158% year-to-date, and Microsoft is up 53% over the same period. The hedge fund announced its private investing head, Scott Shleifer, is stepping down from his role last month.
Fellow Tiger Cubs— funds founded by investors who worked under Tiger Management head Julian Robertson — Coatue Management and Viking Global also had strong months, according to the sources.
Coatue, run by billionaire Philippe Laffont, was up 3.4% in November, bringing its annual performance to just under 21%, sources tell Business Insider. The firm's flagship hedge fund fell 19% in a tough 2022 but avoided even more pain thanks to a big shift into cash midway through the year.
Meanwhile, Viking's performance has been steadier than that of its two peers. While the $42 billion firm has trailed Tiger Global and Coatue this year — it returned 2.1% in its main fund last month and is up 13.9% for 2023 so far — the Andreas Halvorsen-led firm lost less than 3% last year.
The firms mentioned either declined to comment or did not immediately respond to requests for comment.
