Tiger Global Posts 5.4% October Loss, Missing Stock Rally

Gillian Tan, Katherine Burton and Hema Parmar
·1 min read

(Bloomberg) -- Chase Coleman’s Tiger Global Management lost 5.4% last month, failing to capitalize on a surge in global equities.

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The drop extends the hedge fund’s 2022 decline to 54.6%, according to people familiar with the results. The S&P 500 surged 8% in October, its second-best month in almost two years, and the MSCI All World Index advanced 6%.

Historically, stocks tend to rise in October of midterm election years in the US.

Tiger Global’s hedge fund has been overhauling its portfolio in the wake of record losses. After entering 2022 with too much exposure to stocks, the firm slashed its equity holdings in the first quarter and recently reduced its China shares to a percentage in the mid-single digits, down from the mid-teens.

Read more: Tiger Global Funds Cut China Exposure, Pause New Stock Bets

Philippe Laffont’s Coatue Management also missed the October stock jump. The fund was flat on the month, leaving it down 19.3% for the year, according to an investor letter seen by Bloomberg. The firm said last month it still had the majority of its assets in cash after slashing its stock exposure earlier in the year.

Dan Sundheim’s D1 Capital Partners returned 0.5% in October, leaving its year-to-date loss at 28%, according to a person with knowledge of the results. D1’s stock book gained 1.8% last month, while its portfolio of private investments fell 0.2%.

Representatives for Tiger Global and D1 Capital declined to comment, while Coatue didn’t immediately respond to a request for comment.

(Updates with D1 returns in penultimate paragraph.)

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