Coleman's Tiger Global Fund Said to Fall 22% Last Quarterby and
Chase Coleman's hedge fund manages about $6 billion in assets
Viking Global's hedge fund lost 8.8% in the first quarter
Chase Coleman’s Tiger Global Management hedge fund lost about 22 percent in the first quarter, according to a person familiar with the returns.
The fund, which manages about $6 billion, was roughly unchanged in March, said the person, who asked not to be named because the firm is private. That performance is in sharp contrast to global stocks, which rebounded 6.8 percent, with dividends reinvested, last month.
Earlier in the year, when stocks were tumbling, the fund’s wagers on falling shares failed to protect the portfolio from losses, the person said. Tiger Global’s two biggest U.S. holdings at the end of last year were Amazon.com Inc. and Netflix Inc., according to a regulatory filing. Both stocks dropped more than 10 percent in the first quarter.
Other stock hedge fund managers also got whipsawed in the first quarter. Viking Global Investors’ Andreas Halvorsen, a manager who, like Coleman, trained under billionaire Julian Robertson, lost 8.8 percent in the quarter, according to a person familiar with the fund. Halvorsen made only 1.2 percent in March. His biggest holdings at the end of the year included Allergan Plc, which tumbled 14.2 percent in the quarter, and Amazon.
Coleman’s $23.7 billion Tiger Global, which he founded in 2001, also manages a long-only fund and private-equity funds.
Spokeswomen for the firms declined to comment on the performance. Tiger Global’s returns were earlier reported by Dow Jones.