Tiger-related hedge funds posted mixed results in August. A few are significantly outperforming the broad stock market indices as several continue to lag.
D1 Capital Partners seems to be the top performer among this group through the first eight months of the year. It tacked on one percentage point last month, bringing its rise for the year to almost 24 percent, according to two people who have seen the results. It is up a further 3 percent so far in the second half.
None of the firm’s top holdings have generated explosive gains this year. Instacart parent Maplebear, D1’s largest U.S.-listed long, accounting for more than 14 percent of U.S. assets, has climbed 12 percent-plus year-to-date. In the second quarter, the hedge fund firm headed by Dan Sundheim made two major investments: It increased its stake in waste management giant Clean Harbors by about 650 percent, making it the sixth-largest U.S.-listed long, and upped its stake in online bank Nu Holdings by about 150 percent.
Institutional Investor previously reported that Valiant Capital Partners suffered a 5 percent loss in August, cutting its gain for the year to 23.08 percent, just below D1’s return.
Chase Coleman’s Tiger Global Management posted a strong 3.5 percent increase in its long-short fund in August, bringing its return for the year to 11.5 percent, says someone who has seen the results.
The hedge fund’s two largest U.S.-listed longs, combining for 20 percent of assets, are Magnificent Seven stocks Meta Platforms and Microsoft. In the second quarter, Tiger Global boosted its stake in Amazon by 62 percent, making the stock its fourth-biggest long. It leapfrogged Alphabet, now the fifth largest.
Elsewhere, Robert Citrone’s Discovery Capital Management added 85 basis points and is now up 18.5 percent for the year, per an email to clients that was seen by II. Unlike most Tiger Cubs and Grandcubs, Discovery is not strictly a long-short equity shop. It combines macro investing with global fundamental long-short stock picking in both developed and emerging markets.
Heading into August, Discovery had trimmed net equity exposure to a net short 25 percent, citing a “combination of speculative tech strength, tariff-driven policy risk, and diverging central bank signals,” according to its July monthly report, viewed by II. At the same time, the portfolio was net long credit by about 30 percent.
Lee Ainslie III’s Maverick Capital also made modest gains in August. Its long-short fund rose less than 1 percent for the month and is up 17.7 percent for the year, according to a hedge fund database. Maverick Long and Maverick Long Enhanced each climbed more than 2 percent in August, to 19.8 and 23.8 percent, respectively.
Chip juggernaut Nvidia was Maverick’s biggest U.S. long position at the end of the second quarter and the second largest, behind Amazon, the previous quarters. Philip Morris International, the No. 4 long, is the largest nontech position.
Philippe Laffont’s Coatue Management, on the other hand, lost 3.6 percent in August, cutting its gain for the year to 9 percent. Its largest long is CoreWeave, the artificial intelligence company whose stock more than tripled in less than three months after it went public, at $40 per share, in late March. The stock is down nearly 40 percent from its peak.
Then there is Sylebra Capital, no doubt the most volatile fund in the Tiger pride. It added 3 percent in August, reducing its 2025 loss to 1.5 percent. It’s hard to believe it was up 16.7 percent for the first half of the year after surging 30 percentage points in May and June.
Since then, it has been badly hurt by Aeva Technologies, known for its next-generation sensing and perception systems for automation and robotics. The stock has plummeted nearly 60 percent since the end of June after missing analyst expectations for the most recent quarter. Thanks to price appreciation, it had moved from the hedge fund’s seventh-biggest long at the end of the first quarter to the largest the following quarter, accounting for one-fourth of U.S.-listed long assets.
