Tiger Global Management’s hedge fund tumbled 7% last year, its first yearly loss beginning around 2016, as per individuals familiar with the matter. The fund battled in the last two months, dropping 8% and 10.7% in November and December, separately, individuals said. That eradicated a 13% addition that it had worked through the initial 10 months of the year. A spokeswoman for Chase Coleman’s $100 billion firm declined to remark. It’s simply the third yearly misfortune in the hedge funds’ two-decade history. It declined 15% in 2016 and 26% in 2008.
Last month, Tiger Global told clients in a letter that it’s opening up both funds to a limited amount of capital from existing investors to bolster positions in stocks that underperformed. The funds started accepting fresh cash at the beginning of January after being closed to new money for years.
Tiger Global’s long-only fund declined 4.2% last year, one of the people said. The firm manages $35 billion across its hedge and long-only funds, while the rest of the assets are in its venture-capital unit.
“We are excited by the opportunities we see today and intend to continue playing offense,” the firm said in the letter.
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One of the stocks that probably hurt results is Beijing-based retail giant JD.com Inc., which tumbled 20% last year amid a regulatory crackdown in China. The stock was Tiger Global’s second-biggest US equity position as of Sept. 30. Another top holding, DocuSign Inc., plunged 31%. Last month, the e-signature company provided a revenue forecast that missed Wall Street estimates, stoking concerns that growth will slow after a pandemic-fueled surge in demand.
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