Lone Pine Clients Pulled About $3 Billion in Span of a Year
- About a third of redemptions occurred in first half of 2023
- The firm’s hedge fund has gained 12% this year through July
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Lone Pine Capital clients withdrew an estimated $3 billion from its funds in the 12 months through June, even as investment performance at Steve Mandel’s firm rebounded from a bruising 2022.
Clients pulled about $1.2 billion from Lone Pine’s Cypress hedge fund, or roughly 20% of the pool’s assets, according to investors and Bloomberg calculations. Redemptions from Lone Pine’s long-only Cascade fund totaled approximately $1.7 billion, or 16% of assets.