Inside the Performance of Tiger Management Descendants So Far in 2024

Tiger Global and Coatue are among the managers mentored by Julian Robertson that are having a good year.

tigers-031924.jpeg

Illustration by II

Most Tiger-related funds showed positive results in February and are now up by mid- to upper single-digit rates through the first two months of the year. However, most of them are still trying to make up large losses sustained in 2022, and in some cases 2021 as well.

The only outlier is Light Street Capital.

As Institutional Investor previously reported, the firm headed by Glen Kacher surged 16.23 percent in February in its long-short fund, boosting its gain for the year to 30.68 percent, according to someone who has seen the results. Light Street’s long-only fund gained 15.15 percent in February and is now up 22.54 percent for the year, according to the source.

Kacher has been betting on AI as a theme across the firm’s funds.

Otherwise, the descendants of the late Julian Robertson Jr.’s Tiger Management are up by single digits so far this year.

For example, Lee Ainslie III’s Maverick Capital posted a roughly 8.5 percent gain in February in its main long-short fund, Maverick Fund, for an increase of 8.73 percent on the year, according to a private hedge fund database. Maverick Long rose about 6.6 percent for the month and is up 7.87 percent for the year; Maverick Long Enhanced fund was up approximately 7.5 percent in February and 9.27 percent this year, per the database.

South Korean e-commerce giant Coupang remained Maverick’s largest long position at year-end, accounting for nearly 24 percent of U.S.-listed long assets after the firm trimmed the stake by more than 5 percent, according to its most recent 13F filing. Two Magnificent Seven stocks also rank among Maverick’s top-ten long positions in U.S. common stocks: Amazon, which is the second largest, and Meta, which is the tenth largest.

The long-short fund of Chase Coleman’s Tiger Global Management gained 4.2 percent in February and is up 7.6 percent for the year, according to two sources. At year-end, Meta, Microsoft, and Apollo Global Management remained the firm’s top three holdings, accounting for more than 40 percent of U.S. common stock assets even after Tiger Global cut back on its positions in Meta and Microsoft.

Philippe Laffont’s Coatue Management was up 4.14 percent in February and 4.7 percent for the year, says someone who saw the results. Four of its five largest long positions at the end of the fourth quarter were Magnificent Seven stocks: Nvidia, Meta, Amazon, and Microsoft. The other top-five stock was chip giant Advanced Micro Devices.

Stephen Mandel Jr.’s Lone Pine Capital posted a 5.4 percent gain in its long-short fund last month and is up 9 percent for the year, reports someone who has seen the results. Meta, Amazon, and Microsoft accounted for three of its four largest longs and nearly one-quarter of U.S. common stock assets.

Dan Sundheim’s D1 Capital Partners gained 73 basis points in February in its share class that invests only in public securities, bringing the gain for the year to 5.3 percent, according to a different person who saw the results.

Viking Global’s long-short fund was up 2.4 percent in February and 4.5 percent for the year.

Valiant Capital Management rose by just 41 basis points in February but is up 7.56 percent for the year.

II previously reported that in his fourth-quarter letter, Valiant founder Chris Hansen told investors that he’s optimistic about the firm’s long-short fund, but also concerned about the stock market’s direction. Hansen believes asset managers should increase their fixed income holdings to protect their portfolios.

“Despite the improved near-term economic outlook and buoyant financial markets, we can’t help but remain cautious in our outlook for equities for a few key reasons,” Hansen told clients.