Tiger Global’s Flagship Hedge Fund Declined 6.3% Last Month

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Tiger Global Management’s hedge fund struggled in May, losing 6.3% and leaving it in the red for year.

The flagship, equity-focused fund declined 0.8% for the first five months of 2021, according to a person with knowledge of the matter. The average stock-picking hedge fund has gained 6.8% in the same period after rising 0.4% in May, according to Hedge Fund Research’s Equity Hedge Total Asset Weighted Index. The S&P 500 returned 13% through May, including reinvested dividends.

The performance is an unusual blip for Tiger Global, which is known for its steady and strong performance. Last year, the fund rose 48%, helping founder Chase Coleman top Bloomberg’s list of the top-earning hedge fund managers. It advanced 33% in 2019.

Some of the fund’s Chinese investments have been hit hard this year. JD.com Inc., its biggest long-equity holding as of March 31, sank 16% through May, while e-commerce company Pinduoduo Inc. fell about 30% and Alibaba Group Holding Ltd. slid 8.1%.

A spokeswoman for Tiger Global declined to comment. Business Insider reported on the results earlier.

Tiger Global runs about $65 billion, split about evenly between its hedge fund business and venture capital business.

©2021 Bloomberg L.P.

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