Tiger Cub Coatue Management +22% YTD As Tech Focus Pays Off

Aug 4 2017 | 6:57pm ET

Philippe Laffont’s hedge fund Coatue Management has reportedly returned 5% in July and is ahead approximately 22% for the year through the end of last month, largely by riding the recent gains in technology stocks.

Last month was the sixth monthly gain of 2017 for the company’s flagship fund, according to a Bloomberg article. The long/short fund focuses on technology, media and telecom investments and has around $8 billion in assets. 

Coatue’s performance, while far ahead of the typical hedge fund’s returns (HFR’s HFRX Global Hedge Fund Index is up +3.51% through the end of July), roughly mirrors the 21% gains seen in S&P’s Information Technology Index over the same time span. 

According to securities filings, the fund’s top two long positions as of the end of the second quarter were Facebook and Liberty broadband, both of which gained sharply in July and are up 54% and 35%, respectively, so far this year. 

Laffont, a former portfolio manager at Julian Robertson’s Tiger Management until striking out on his own, formed Coatue in 1999. Based in New York, the fund invests in the public equity markets globally with a focus on investments in technology, media and telecommunications sectors. 

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