Hedge Fund Sylebra's Bearish Bets Pay Off Amid Tech Rout
- Hong Kong-based firm returned 5% in December, 11% for year
- Sylebra’s bearish wagers outnumbered bullish ones last quarter
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A technology hedge fund led by a former Coatue Management LLC partner had its bearish bets vindicated last month amid an industry rout that toppled shares of firms from Alibaba Group Holding Ltd. to Amazon.com Inc.
Sylebra Capital Management’s $1.2 billion hedge fund gained 5 percent in December, bringing returns for the year to 11 percent after fees, according to a person familiar with the matter who declined to be identified because the details aren’t public.