The tech stock rout continues to hit hedge funds hard with Maverick and Lone Pine both seeing falls of around 30% so far this year, according to a report by Bloomberg.
The funds, run by Lee Ainslie and Steve Mandel, respectively have joined several other Tiger Cubs on the list of tech stock losers.
Maverick Capital main hedge fund saw a loss of 32.5% up to the end of May, according to people familiar with the results on the back of bets on South Korean e-commerce giant Coupang Inc and Amazon.com Inc
Mandel’s Lone Pine, meanwhile slid about 30% in the same period, other people said. Two of its Q1 stock holdings – Workday Inc and Shopify Inc – have dropped 43% and 73%, respectively, up to the end of May.
