The tech-focused firm, led by Alex Sacerdote, halved losses in two hedge fund share classes and generated double-digit returns in its long-only strategies. Its flagship hybrid fund — which invests in both public and private companies — gained 8.7 percent last month, cutting its year-to-date loss to 8.7 percent, according to two people familiar with the results. A share class focused solely on public equities jumped 12 percent, reducing its 2025 decline to 12 percent.

The two long-only funds fared even better. The class that invests in both publics and privates was up 15.2 percent in May and 2 percent for the year, says someone who has seen the results. The class that invests only in public longs climbed 17.6 percent for the month and has gained 2.2 percent for the year through May, per the source.

Whale Rock declined to comment.

The tech-driven firm runs a somewhat concentrated portfolio. At the end of March, it held 32 different common stocks in its $5.76 billion U.S. stock portfolio. This was down 22 percent from $8.44 billion at year-end, reflecting in large part the firm’s significant losses earlier in the year.

As Institutional Investor previously reported, Whale Rock’s six largest longs, which accounted for more than 40 percent of assets, all lost money earlier in the year. But these fortunes were reversed in May, leading the stock market’s overall recovery.

For example, No. 1 long Celestica — an electronics manufacturing services company — jumped 35 percent last month. It made up more than 9 percent of assets. Applovin, the second-largest long, surged 46 percent. The company produces software that helps market, monetize, and analyze apps.

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Magnificent Seven stocks Amazon and Meta Platforms — Whale Rock’s next-two-biggest longs — were up more than 11 percent and 16 percent, respectively, in May. In the first quarter, Whale Rock reduced its stakes in the two companies by more than 27 percent and 17 percent, respectively.

Language-learning software maker Duolingo — Whale Rock’s fifth-largest long — climbed about 33 percent last month. No. 6 long Alphabet, another Magnificent Seven stock, gained less than 7 percent.

Meanwhile, No. 8 long Fabrinet rose more than 13 percent in May. The company provides optical packaging and precision optical, electromechanical, and electronic manufacturing services. No. 9 long Roblox, the video game maker, jumped 30 percent. And No. 10 long Carvana, the high-flying online used-car seller, surged 34 percent.