Tiger Global Management’s hedge fund tumbled 7% last year, its first annual loss since 2016, according to people familiar with the matter.
The fund struggled in the final two months, dropping 8% and 10.7% in November and December, respectively, the people said. That erased a 13% gain that it had built through the first 10 months of the year.
A spokeswoman for Chase Coleman’s $100 billion firm declined to comment.
It’s just the third annual loss in the hedge fund’s two-decade history. It declined 15% in 2016 and 26% in 2008.
Tiger’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.
Tiger Global told investors in a letter that it’s opening up both funds to a limited amount of capital from existing investors as part of an effort to bolster positions in stocks that underperformed.
One of the stocks that likely hurt Tiger’s results is Beijing-based retail giant JD.com Inc., which tumbled 20% last year amid a regulatory crackdown in China. 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.
This article was provided by Bloomberg News.