Jericho Capital delivered another blockbuster month in September, cementing its status as one of the year’s top-performing hedge funds.
The technology-oriented hedge fund posted huge gains in September and remains one of the year’s top performers. In fact, it is one of the best-performing funds of any kind over the most recent three-year period.
The hedge fund firm headed by Josh Resnick posted a 17.6 percent gross — not net — increase in its flagship hedge fund in September, hiking its gross gain for the year to 42.7 percent. Jericho Capital Special Opportunities — a more concentrated fund — surged 28.5 percent in June and is now up 88 percent gross for the year. (The performance figures are all gross returns because many investors have different net returns.)
Jericho declined to comment.
In 2024, the firm had its largest increases in the hedge fund firm’s then 16-year history, with the flagship fund up 59.5 percent net and Special Opportunities jumping 120.6 percent net, according to an investor. Jericho’s main fund was up 20.2 percent net in 2023 after losing 23 percent in 2022.
Resnick founded Jericho in 2009, focusing on tech, media and entertainment, telecom, and consumer issues. Jericho runs a concentrated portfolio in general. At the end of the first quarter, it held just 30 different U.S.-listed long positions in its $7.5 billion U.S. stock portfolio, per the latest 13F filing.
The largest holding — AppLovin — is a top performer as well as a controversial stock. It accounted for nearly 10 percent of assets at the end of June even after the firm cut its stake by 25 percent, according to the most recent quarterly 13F filing. AppLovin’s shares surged 48 percent in September alone and more than doubled for the year through September.
The stock has also been a fan among the shorts. However, on Monday, it plunged more than 14 percent after Bloomberg reported that the Securities and Exchange Commission is investigating the company’s data collection practices in response to a whistle-blower complaint. On Tuesday, the stock rebounded by more than 8 percent.
No. 3 long Oracle, meanwhile, added 24 percent last month after the database and cloud giant reported a huge increase in its cloud unit’s remaining performance obligations. Good timing for Jericho, which established its position in Oracle in the second quarter, making it the firm’s third-largest long.
No. 5 long Nvidia, the chip juggernaut, rose nearly 7 percent in September and has jumped nearly 40 percent for the year. Jericho boosted its stake in the stock by more than 70 percent in the second quarter, when the stock bottomed out. It has nearly doubled since its early-April low.
Uber Technologies, the seventh largest long position, for its part, is up more than 63 percent for 2025. Netflix, Jericho’s second-largest long, accounting for 7 percent of assets, was essentially flat last month, although it climbed more than 37 percent over the first nine months of the year. Jericho cut this position by nearly one-third in the second quarter, the filing shows.
