(Bloomberg) — Lee Ainslie and Steve Mandel’s hedge funds tumbled by roughly a third this year, joining other Tiger Cubs stung by the slide in technology stocks.
Ainslie’s main hedge fund at Maverick Capital dropped 32.5% through May, according to people familiar with the results. Among its largest first-quarter bets were stakes in South Korean e-commerce giant Coupang Inc. and Amazon.com Inc. Both wagers would have been among its biggest losers if the firm continued to hold the stocks through last month.
Mandel’s Lone Pine slid about 30% in the period, other people said. Two stocks it held in the first quarter, Workday Inc. and Shopify Inc., have been among the hardest-hit, dropping 43% and 73%, respectively, through May 31. Mandel, 66, stepped back from running the firm in 2019, though he remains involved in researching investments and sits on the management committee.
This year has been a disaster for most of the managers who trained under Julian Robertson at Tiger Management as the tech rout vaporized billions of dollars of investor capital.
Chase Coleman, once one of Robertson’s most successful proteges, has lost 52% at Tiger Global Management, the biggest decline among the Cubs.
Andreas Halvorsen’s Viking Global Investors managed to sidestep the worst of the carnage. His fund fell about 9% through May.
Representatives for the firms declined to comment.
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