Jericho Capital Asset Management is solidly in the black after posting strong results in its main funds in May.

The TMT firm’s flagship long-short fund gained 12.1 percent gross, putting it up 5.1 percent for the year, according to an investor. The more concentrated Jericho Capital Special Opportunities fund jumped 21.2 percent in May and has risen 14.9 percent gross for the year. Jericho declined to comment.

Last year, the hedge fund firm posted the largest gains in its 16-year history. The flagship fund was up 59.5 percent net and the Special Opportunities fund surged by 120.6 percent, an investor says.

Josh Resnick founded Jericho in 2009, focusing on tech, media and entertainment, telecom, and consumer issues. In general, the firm runs a concentrated portfolio. At the end of the first quarter, it held just 23 stocks in its $5.5 billion U.S. stock portfolio, per its 13F filing. Two stocks alone accounted for nearly one-quarter of the portfolio.

AppLovin, the largest long, played a major role in Jericho’s May turnaround, as the stock climbed 46 percent last month. The company produces software that helps market, monetize, and analyze apps. It made up about 13.5 percent of assets at the end of the first quarter, according to the latest 13F filing.

In May, the company — a favorite among the shorts — reported strong quarterly revenues and earnings that exceeded expectations. In addition, investors applauded the company’s decision to sell its mobile gaming business to Tripledot Studios for $400 million. The stock is up a little more than 22 percent for the year.

No. 2 long Netflix rose more than 5 percent last month. Jericho was also helped by No. 6 long Twilio when the communications software maker’s stock rose about 22 percent. In the first quarter, the hedge fund firm boosted its stake in the stock by nearly 18 percent.

Meanwhile, shares of No. 7 long Nutanix rose about 12 percent. In the first quarter, Jericho increased its stake in the company, which provides native hybrid cloud capabilities to companies, by nearly 47 percent.

In the first three months, Jericho fully unloaded its stake in the iShares Bitcoin Trust exchange-traded fund, which, after the firm established a position in the fourth quarter, was its fifth-largest long at year-end.

And it slashed its stake in chip giant Nvidia — previously its eighth-largest long — by more than 36 percent in the first quarter. It is no longer a top-ten position.