Lone Pine Capital, the $15bn Greenwich, Connecticut-headquartered hedge fund firm founded by Tiger Cub Stephen Mandel, bounced back with strong returns in 2023, following a wave of client redemptions and big losses in 2022, according to a report by Business Insider.
The report cites unnamed sources familiar with the matter as revealing that the firm’s flagship Cypress hedge fund strategy notched up a 20% return last year, while its long-only Cascade strategy, which holds the majority of the firm’s assets, returned 32%.
The funds chalked top losses of 38% and 42%, respectively in 2022, while Lone Pine has also faced a wave of client redemptions over the past 18 months, with clients pulling roughly $3bn from the firm in the 12 months ending July 2023, according to data from Bloomberg.
