Tech-focused hedge fund Light Street Capital Management delivered a standout performance in 2025, posting an estimated 37% return and outperforming peers across the stock-picking hedge fund universe, according to a report by Bloomberg.
The firm, led by Glen Kacher, rebounded sharply following steep losses in 2021 and 2022 that saw the fund’s assets drop by 70%. 2025 marked the third consecutive year of double-digit gains for Light Street, which manages approximately $1.1bn.
Other equity-focused managers also posted strong results, with Maverick Capital returning around 29%, Whale Rock Capital Management 27%, and Lone Pine Capital 23%, according to sources familiar with the figures. Analysts attribute these gains to high exposure to the S&P 500, which returned roughly 18%, and the PivotalPath Equity Sector Index, up about 22% through November.
While equity traders dominated returns, some well-known managers delivered more modest results. Coatue Management returned approximately 14%, Greenlight Capital 9%, and Viking Global Investors 8.6%, reflecting a more balanced sector approach that missed the tech rally but offered downside protection in volatile years like 2022.
Across the broader hedge fund landscape, multi-strategy, macro, event-driven, and quant funds also posted double-digit gains, with standout performers including Apis Capital (55.1%), Melqart Opportunities (45.1%), and Bridgewater Pure Alpha II (34%). Notably, D1 Capital Partners’ stock book rose an estimated 33.7%, while AQR’s Apex and Adaptive strategies returned 19.6% and 24.4%, respectively.
