Q1 2022 Returns
Tiger Global -34% in its HF unit through 3/31, per Bloomberg. Not surprising, given their 13F.
https://www.bloomberg.com/news/articles/2022-04-0…
Figured it'd be helpful to compile Q1 returns. Anyone know of returns elsewhere?
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Coatue -10%
that's pretty impressive given the tech drawdown we saw. coatue was up more than tiger in 2020 (50%+ vs 40%+ iirc), was up a little last year when tiger was down 7%, and now is only down 10% in Q1 when tiger is down 34%.
they invest in very different styles. coatue holding periods are much lower and theyre way more aggressive trading around positions
Apollo internal HF +2%
Apollo has a internal HF? Is this the Special Situations team?
Does tiger invest in private companies from their hedge fund vehicle as well? The article definitely makes it seem that way. Thought they only did that from the dedicated private equity funds
yea, sounds like they run a crossover fund, which is being counted under their "HF unit"
Then we gonna need the return number post private markdowns ;)
Wonder if any PMs/analysts will get axed due to the performance
Also who tf at Tiger thought it was a good idea holding the hugely overpriced stocks at the peak of the covid times like PTON, ZOOM, etc. they were valued at like 50-100x revenues and some were even still losing money. Like what kind of returns were they expecting holding those companies at those valuations. Like I don’t even work there but I saw this coming miles away. If I was a LP I would seriously be questioning their investment judgement right now
Well, they thought they can sell it to Cathie Wood at even higher valuation.
hindsight 20/20. you could've said what you said for a certain set of stocks at any point in the past 10y. and, for most of that period, continuing to hold would've been the right thing to do from a returns perspective.
Sorry, but if they did just a bit of fundamental analysis, they would've figured out that on companies like PTON there was absolutely nothing proprietary about the business (a commodity hardware equipment that could be replicated), and thus they were clearly over-earning with respect to ROIC (which is where the stock return converges to over a long term investment horizon). They just did a bad job on security selection, sorry man
Assume if you invested in PTON you thought the content and brand value was "proprietary", in the same way a LULU or NKE is "proprietary". Not defending the long here but you could have easily crafted a thesis that COVID was going to permanently change fitness trends, PTON could create more products to expand TAM beyond bike/treadmill, could renegotiate better music streaming fees given scale leading to better margins, etc. I've never looked at the company so I assume there's more.
20/20 hindsight
Did you pound the table to short PTON?
Besides the 20/20 hindsight point, the thesis for PTON may have been the hardware / COVID TAM initially but certainly was not that ultimately when these funds invested. It was about having an extremely high margin recurring subscription stream with extremely high LTV/CAC economics. Of course this is starting to fall apart with churn assumptions being wrong and hardware lead growth not keeping up.
But you have to give these guys a bit more credit than falling for a simple commoditized hardware trend.
PTON started out as a private investment they made a very long time ago.
I’m seeing big numbers for quant funds (10-20%). Haven’t seen anything for MM yet.
Bloomberg reporting Viking -8 and D1 -16 in Q1
AQR +20%
bridgewater +16%
DE Shaw +11%
Rokos +7%
renaissance (public equities) +0.5%
Viking -8%
Coatue -10%
D1 -16%
Bridgewater massively short rates?
Whale Rock -22
Melvin -21
Glenview +6
SRS +10
Third Point -15
Does this mean Dan Loeb will lose his Loro Piana sponsorship?
SRS keeps on killing it
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