Tiger Global down 23% YTD
Thoughts? Seems like this always happens with high flying non MM funds. Would be interesting to see how they navigate this
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nO bRo yOu doNT uNdErStAnD wE'Re sOpHiStIcAtEd InVeStOrS
The way they machine gun termsheets into early tech, I don't think the all the chickens have come home to roost just yet.
Is this private or public or both?
Not sure about these specific reported performance numbers, but every fund I have worked at has marked privates quarterly (not monthly, so would not show up in YTD Feb numbers).
Based
Sort of expected no? Or did their investors expect them to become a global macro firm who invests in Energy and Ags overnight?
If so, should change name to Tiger All-Weather.
Doesn't it validate the idea that their public fund is mostly levered tech beta?
Oh yes agreed but not a bad thing they did very well for many years. They need to move back towards “pair-trades” again which guessing by Q3 they would and then see if they are astute tech investors.
They still getting paid 7 figs right? Doubt they’ll have that much outflows. I mean Plotkin is still a multibillion fund so as long as they can charge mgmt fee on high amounts of AUM, it ain’t too bad.
I am v surprised at how Melvin still has that much in AUM. Thats prob the benefit of having stevie as your godfather.
I mean Stevie is the second best thing you can have in the fund land after Nancy P.
Isn't Melvin's IRR from inception still somewhere in the mid-teens despite these massive hits? Doesn't seem insane for some to still have belief in Gabe given his SAC + Melvin track record.
I mean kind of to be expected since all of tech is down, their investors know what product they're signing up for. Guys like Tiger/D1 have the luxury of not having to view volatility/"risk" the way the rest of the industry does. Down 23% now but the whole pitch is over a three/five year period you're prob sitting on some nice returns. Sure the team is frustrated in the moment but doubt they're sweating too hard.
If I want to be down 23% on tech stocks I can just buy an ETF
Well sure but again they're not pitching or managing capital to act as a hedge to the broader market or a manager of volatility in the way other hedge funds or a MM would. You in theory allocate to them because you're relying on them to give you the most optimally weighted exposure to the "best" tech companies over time and you like their ability to invest across entire company private to public lifecycle in a really meaningful way - not because you want them to manage volatility in down markets. Tons of people have no problem paying 2/20 for that as part of an equity allocation strategy.
I do agree that things could have been better managed to prepare for what they knew would be a challenging macro environment in the near term (Coatue for instance is down 8% YTD which given how heavy they are in tech is pretty decent IMO)
D1 hasn't been around long enough to have any legitimate claim to that
Anyone on WSO work at Tiger? How’s the mood these days in the office?
Very catty
how much do u make?
I made ~$300k all-in last year, but it was a shitty returns year :-(
Why do you even care about his comp? Even if you're in the interview process for Tiger, I'm guessing you probably wouldn't have a debate choosing them unless you get a really good offer at a cushy family office seat or something else.
I think they are trying to bank on their private investments ?
They'll need to mark those down pretty massively as well
Edit: If not, can someone explain? Are public and private markets that dislocated?
Dunno why you got thrown shit for that. It’s true that the privates are going to have to be marked down.
Does this mean that I can add “outperformed top hedge fund” to my résumé? (Down -19% YTD)
Tiger Global, ARKK, Melvin have all bought the same stupid momo stocks that will continue to be killed. Melvin and ARKK are done, Tiger will survive even though this month is looking to be its worst yet with two of its three biggest holdings JD Com and Sea being crucified so far in March.
melvin and tiger own very different things
Fair point, but ARK and Tiger own a ton of the same tech garbage. SEA down another 7% today oof.
I'd still join them in a heartbeat lol
Anyone have an idea of how hard it would be to jump from a different tiger cub to Tiger Global?
Are you at a "different tiger" right now or just asking for the sake of curiosity?
Out of curiosity. It's a long-term goal to end up at a tech-focused L/S fund that leans heavily into private venture/growth in addition to public markets investing. The fund I work at has close connections with several such funds so I'm just curious what possibilities could look like 3-5 years out if I'm as capable as I think I am and manage not to mess anything up.
Sorry I have to ask, how much do analysts make in a shitty year if they end down -23%??? Like no bonus, and just the base??
At most SM juniors will usually get a bonus. Not anywhere near what they would in an up year but the junior compensation is normally covered by the fixed fees. If you don’t pay them (or incentivize with some future returns) they’ll leave. It’s the more senior roles that get hit hard.
For juniors prob very little right ($2-3mm tops?) nowhere near the $10+ in a good year
You're telling me a 28 year old might be making $2-3M total comp in a -23% performance year??
I expected comp to have a lot of variation, but didn’t realize the lows were this high
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