David Goel, a former protégé of Tiger Management founder Julian Robertson, has decided to close his $11bn hedge fund firm Matrix Capital Management and return client cash, due to personal health issues, according to a report by Bloomberg.
The report cites unnamed sources familiar with the Katter as revealing that Goel, who co-founded the firm with Paul Ferri in 1999, informed clients of his decision in a letter. The specific nature of his health concerns has not been disclosed, and the firm has declined to comment on the situation.
Goel launched Matrix Capital Management after spending three years as a technology research analyst at Tiger Management, Robertson’s renowned hedge fund. As the principal owner of Matrix, Goel has had ultimate control over all investment decisions and business operations, according to regulatory filings.
Despite maintaining a relatively low profile compared to other so-called “Tiger Cubs” – the group of hedge fund managers who trained under Robertson – Matrix Capital Management has consistently focused on concentrated, technology-driven stock investments. The majority of the firm’s assets are held in its hedge fund, which has largely delivered double-digit returns since its inception. However, the fund has also faced four losing years, with its worst performance coming in 2008, when it dropped by 39.5%, according to a document reviewed by Bloomberg.
Matrix has invested heavily in sectors such as artificial intelligence, digital advancements in life sciences, semiconductors, generative AI, and machine learning. As of 30 June, its largest holdings included Nvidia Corp., Qualcomm Inc, and TransDigm Group Inc, according to a regulatory filing.
