Tiger Cubs were hit hard in March, with Tiger Global, Maverick, and Coatue all losing double-digits as the coronavirus tanked global markets
- Tiger Global, Maverick Capital, and Coatue all fell double-digits in March. Viking lost money as well.
- The Tiger Cubs, all founded by former members of Julian Robertson's Tiger Management's staff, focus on public equities; which were hit hard by the novel coronavirus pandemic.
- The average hedge fund fell nearly 6% in March, according to Hedge Fund Research's global index of hedge-fund strategies.
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Some of the biggest names in the hedge-fund game were not spared from the coronavirus selloff that tanked global markets.
Coatue, Tiger Global, and Maverick all lost double-digits in March, sources told Business Insider, while Viking fell 5% for the month. Bloomberg first reported the Coatue and Viking losses.
The funds, all run by billionaires, are considered Tiger Cubs, which is the first generation of funds to come from Tiger Management, the legendary hedge fund founded by Julian Roberson.
Maverick's losses were the worst of the funds, with Lee Ainslie's fund down 11.7% for March and 13.6% for the year. The firm declined to comment.
In a note sent to investors right as the coronavirus was beginning to spread to the US, Ainslie had said his plan was to take advantage of the volatility in the markets and buy up stocks of companies he liked at a discount.
Tiger Global, the fund founded by Chase Coleman that invests heavily in both public and private markets, fell 10.8% in March and is down 5.8% for the year. The firm declined to comment.
Bloomberg reported that Philippe Laffont's Coatue dropped 10% in March and is down 6% for the year. Viking's losses are at 2% for the year, after the 5% drop in March, according to Bloomberg.
The average hedge fund fell nearly 6% in March, according to Hedge Fund Research's global index of strategies, and is down 6.85% for the year.
Stephen Mandel Jr.'s Lone Pine meanwhile lost tens of millions on an investment into Luckin Coffee, filings showed, after the China-based company's stock dropped 80% on the news that its COO falsified about $310 million of sales. Lone Pine declined to comment on Luckin and declined to provide a performance update.