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Tiger Global drops 14% in May during the tech sell-off, pushing hedge fund’s 2022 losses to over 50%


Chase Coleman, founding father of Tiger International Administration LLC

Amanda L. Gordon | Bloomberg | Getty Pictures

Chase Coleman’s Tiger International Administration suffered enormous losses in Might amid a tech-driven sell-off, making the hedge fund’s powerful 2022 even worse.

The expansion-focused flagship fund at Tiger International tumbled 14.3% in Might, bringing its 2022 losses to over 50%, a supply accustomed to the return advised CNBC’s David Faber.

Within the first quarter, Tiger International doubled down on a number of tech holdings, together with Snowflake, Carvana and Sea, earlier than the market decline obtained uglier, in accordance with a regulatory submitting. Carvana has plummeted 77% within the second quarter to date, whereas Snowflake is down 44% and Sea is off by greater than 30% this quarter.

The tech sector, particularly unprofitable companies and richly valued software program names, has taken a beating these days within the face of rising charges. These sharp declines in tech have pushed the Nasdaq Composite down greater than 23% yr to this point and off 26% from its all-time excessive.

Coleman is without doubt one of the so-called Tiger Cubs, protegees of legendary hedge fund pioneer Julian Robertson. He had managed to supply double-digit annualized returns by way of 2020 by making the most of the explosive development in expertise.

A spokesperson at Tiger International did not instantly reply to CNBC’s request for remark. Bloomberg Information first reported the fund’s Might efficiency.

This yr’s brutal sell-off has inflicted enormous ache on some hedge funds. Melvin Capital Administration, the hedge fund burned by the GameStop mania, said last month it will unwind its funds and return money to buyers as losses accelerated.