Hedge Funds Hit by Tech-Stock Losses Before Latest Selloff
- Kacher’s Light Street, Ackman’s Pershing among poor performers
- Einhorn’s Greenlight Capital bucked the trend and posted gain
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As a stock rout hit markets mid-July, some of the world’s biggest equity hedge funds lost hundreds of millions of dollars from piling into popular tech stocks that led the meltdown.
Worst hit were Glen Kacher’s Light Street Capital Management, Bill Ackman’s Pershing Square Capital Management and Philippe Laffont’s Coatue Management, according to people familiar with the matter. Light Street’s hedge fund lost 9.2%, while Coatue fell 3.6%. Pershing — which has just 13 long positions — tumbled 4.7%.