A series of bets against tech firms that went public via special purpose acquisition companies (SPACs) have helped Sylebra Capital, a tech-focused hedge fund founded by ex-Coatue Management Partner Daniel Gibson, chalk up a 22% gain so far this year, according to a report by Bloomberg.

The firm's main strategy recorded half of that gain from short wagers with about half of that amount coming from shorting post-SPAC stocks. The $2.8bn firm has now made around $1bn from SPAC stock short bets since the start of 2021.

The reports also cites a client presentation as revealing that Sylebra's returns this year have been achieved without the firm holding positions in chipmaker Nvidia, Facebook owner Meta Platforms or any of the other Magnificent Seven tech stocks.