Jericho Capital Asset Management is on a mini roll.
The hedge fund firm headed by Josh Resnick posted its second straight month of huge gains. Its flagship fund rose 7.8 percent gross in June following a 12.1 percent gross increase the previous month. As a result, it was up 13.2 percent for the first half of the year, according to an investor.
Jericho Capital Special Opportunities — the more concentrated fund — surged 11.7 percent in June, following a 21.2 percent gain in May, and is now up 28.4 percent for the year, the investor says. The performance figures are all gross returns because many investors have different net returns. Jericho declined to comment.
The latest surge comes after Jericho posted its largest gains in the hedge fund firm’s 16-year history. In 2024, the flagship fund was up 59.5 percent net and Special Opportunities rose 120.6 percent, according to the investor.
Resnick founded Jericho in 2009, focusing on tech, media and entertainment, telecom, and consumer issues. Jericho in general runs a very concentrated portfolio. At the end of the first quarter, it held just 23 different long positions in its $5.5 billion U.S. stock portfolio, according to the latest 13F filing.
Interestingly, its two largest longs, which fueled May’s gains, did not drive June’s results. In fact, No. 1 AppLovin, which jumped 46 percent in May, lost 11 percent last month. The company, which produces software that helps market, monetize, and analyze apps, accounted for about 13.5 percent of assets at the end of the first quarter, according to the 13F filing. The stock is a favorite among the shorts. No. 2 long position Netflix rose less than 2 percent last month.
However, a number of other top-ten holdings were up by double-digit rates last month.
Ride share app Uber Technologies, Jericho’s third-largest long, gained nearly 11 percent. It made up about 7.5 percent of U.S. assets at the end of the first quarter. No. 4 long Live Nation Entertainment climbed more than 10 percent for the month. Media giant Warner Bros. Discovery — Jericho’s ninth-biggest long — was up about 11.5 percent. And No. 10 long Meta Platforms rose nearly 14 percent for the month.
Meanwhile, No. 8 long Formula One Group, whose companies promote the FIA Formula One World Championship, increased more than 8 percent for the month.
Jericho did have one poor June performer among its top holdings: No. 5 long Docusign dropped about 12.5 percent after the company reported disappointing first-quarter results and lowered its full-year billings forecast.
