Whale Rock Capital Management posted a sharp 20% loss in the first quarter of 2025, as renewed trade tensions under the Trump administration sparked a rout in public equities — with tech and growth names hit particularly hard, according to a report by Bloomberg.
The Boston-based hedge fund, led by Alex Sacerdote, dropped 15% in March alone, according to sources familiar with the matter. Whale Rock’s losses significantly outpaced the broader market, with the S&P 500 falling 4.6% over the same period. A firm representative declined to comment.
Known for its concentrated bets in technology, media, and telecom (TMT), Whale Rock has a track record of high volatility. After a 45% drawdown in 2022, the fund rebounded with gains of 31.8% in 2023 and 54.1% in 2024 — highlighting its swingy performance profile and high beta to growth equities.
This year’s reversal comes as equity hedge funds more broadly have seen mixed performance. Viking Global Investors and Tiger Global Management, both part of the so-called Tiger Cubs cohort, managed modest gains during the quarter. Coatue Management meanwhile, another high-profile TMT-focused fund, ended the period roughly flat after a 2.1% March decline.
As of the end of February, Whale Rock was managing around $8bn in assets.
