Assets at Lone Pine Capital have plunged by 43% to $167 billion after the firm’s hedge and long only funds both racked up losses of over 30% so far in 2022, according to a report by Bloomberg.
Assets at Lone Pine Capital have plunged by 43% to $167 billion after the firm’s hedge and long only funds both racked up losses of over 30% so far in 2022, according to a report by Bloomberg.
The report cites unnamed sources as revealing that a series of failed bullish wagers on growth stocks are responsible for the losses with further client withdrawals expected, despite an improvement in fund performance in July.
Lone Pine’s hedge fund was up 7% in July while the long-only fund gained 12%, but the funds are still down 33% and 38%, respectively, for the year.
Based on calculations made by Bloomberg, net redemptions in Q2 totalled about $1 billion, or 6% of assets as of 30 June.
Loan Pine’s hedge fund has lost 47.1% between September 2021 through to the end of June, while the long-only funds is down 51.6% over the same period.
