Investing
Tiger Cubs Crushed by Stocks That Made Hedge Funds Billions
- Carvana, Netflix, Rivian are among this year’s biggest losers
- Filings next week may show which funds exited their positions
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Chase Coleman and other so-called Tiger Cubs made billions crowding into the same collection of high-flying technology stocks including Netflix Inc., Carvana Co. and Shopify Inc.
Now those shares are in free-fall, along with the hedge funds that piled into them. Clients are angry that these well-known traders, who take pride in making money during good times and bad, failed to foresee this year’s collapse and profit from it. Coleman’s Tiger Global Management lost 44% through April, incinerating $16 billion of investor capital. Dan Sundheim’s D1 Capital Partners -- whose firm is included in the group because it was spun out from a Tiger Cub -- lost 19% in his most popular portfolio.