Tech-focused equity hedge funds Whale Rock Capital Management and Light Street Capital Management soared in the first half of the year, outpacing markets and some larger rivals.

Glen Kacher’s Light Street climbed 54.6% in the first half, with a healthy portion of gains from its short book. Alex Sacerdote’s Whale Rock gained 31.7%. 

Both funds had large stakes in the S&P 500’s top performers, including Nvidia Corp., Inc. and Meta Platforms Inc., according to first-quarter regulatory filings. Even with the strong returns this year and last, the two firms haven’t recouped losses from 2021 and 2022.

Other stock managers, including Tiger Cubs Viking Global Investors and Coatue Management, underperformed the S&P 500’s total return of 15.3% in the first half. That’s partly because AI-focused chipmaker Nvidia — which surged almost 150% in the first six months of the year — didn’t make their top-five US holdings.

For Coatue, Nvidia was the seventh-largest US holding in the first quarter, according to a regulatory filing. Viking didn’t own the stock at all.  

Salespeople for the firms declined to comment.

This article was provided by Bloomberg News.