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Tiger Global snaps two-year losing streak with 29% 2023 return

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Tiger Global Management recorded a 28.5% gain last year bringing to an end of two-year run of losses and putting the firm ahead of  number of big-name stock-picking peers including Viking Global Investors and Coatue Management, according to a report by Bloomberg.

A Q4 stock rally that lifted the S&P 500 to a 26% gain, helped boost returns and made long-short equity the best-performing hedge fund strategy. Much of the uplift though, was concentrated in a small number of stocks including Meta Platforms Inc and Amazon,com Inc, which saw big gains.

Despite the positive performance with follows a losses of 56% and 7% in 20022 and 2021 respectively, Tiger Global, still trailed the Nasdaq Composite Index (+45%) by a considerable margin.

The report cites unnamed sources familiar with the matter confirming that Coatue’s main fund put on 21.5% for the year, while Viking’s main fund, which has a lower tech stock exposure, gained 13.8%.

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