A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., March 5, 2020.
Andrew Kelly/Reuters
- Tiger Global Management has lost $16 billion in client assets so far this year, according to a Bloomberg report.
- That represents the hedge fund’s worst year ever, with its main fund down 44% year-to-date.
- These are the top 10 holdings of Tiger Global that contributed to its massive losses.
Hedge fund giant Tiger Global Management has taken it on the chin so far in 2022, with its main strategy down 44% in the first four months of the year, according to a Bloomberg report.
Tiger Global’s long-only fund experienced an even worse decline, falling 25% in April alone for a year-to-date loss of 52%, according to Bloomberg. The sizable decline has led to a $16 billion reduction in assets under management. The hedge fund managed $46 billion at the start of the year, according to data from Whale Wisdom.
In an investor letter seen by Bloomberg, Tiger Global told clients that “Markets have not been cooperative given the macroeconomic backdrop, but we do not believe in excuses and so will not offer any.” That macroeconomic backdrop includes rising inflation and higher interest rates, which has led to a year-to-date sell-off of about 20% for the Nasdaq 100.
All-in, the disastrous performance means the hedge fund is on track for its worst year ever since it was founded in 2001. Prior to this year’s decline, Tiger Global had a strong reputation of delivering consistent outperformance relative to the S&P 500 while notching only two down years since its inception, according to Bloomberg.
These are Tiger Global’s top 10 holdings at the start of 2022 that likely contributed to the hedge fund’s sizable decline so far this year, according to data from Whale Wisdom. The data is as of December 31, 2021, and there is no telling if Tiger Global sold out of these positions until they file their next 13F later this month.
10. ServiceNow
ServiceNow, chief executive, Bill McDermott
ServiceNow
Ticker: NOW
Market Value: $1.4 billion
Share of Tiger’s Portfolio: 3.11%
YTD Decline: -23.8%
9. CrowdStrike
Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images
Ticker: CRWD
Market Value: $1.5 billion
Shares of Tiger’s Portfolio: 3.35%
YTD Decline: -2.4%
8. Carvana
A Carvana vehicle showroom
MARK RALSTON/AFP via Getty Images
Ticker: CVNA
Market Value: $1.7 billion
Share of Tiger’s Portfolio: 3.66%
YTD Decline: -74.5%
7. Meta Platforms
Facebook rebranded as Meta Platforms in October 2021 to reflect a shift in focus towards building its own metaverse.
Noah Berger/AFP via Getty Images
Ticker: FB
Market Value: $1.7 billion
Share of Tiger’s Portfolio: 3.69%
YTD Decline: -34.2%
6. DoorDash
A DoorDash delivery person.
Noam Galai/Getty Images
Ticker: DASH
Market Value: $1.7 billion
Share of Tiger’s Portfolio: 3.76%
YTD Decline: -46.0%
5. Snowflake
Snowflake CEO Frank Slootman
Snowflake
Ticker: SNOW
Market Value: $2.0 billion
Share of Tiger’s Portfolio: 4.43%
YTD Decline: -45.6%
4. Nu Holdings
cnythzl/iStock / Getty Images Plus
Ticker: NU
Market Value: $2.5 billion
Share of Tiger’s Portfolio: 5.42%
YTD Decline: -40.7%
3. Sea Limited
REUTERS/Brendan McDermid
Ticker: SE
Market Value: $2.5 billion
Share of Tiger’s Portfolio: 5.53%
YTD Decline: -60.0%
2. Microsoft
ii
Ticker: MSFT
Market Value: $2.8 billion
Share of Tiger’s Portfolio: 6.19%
YTD Decline: -14.5%
1. JD.com
JD.com is reported to have started laying off 400 to 600 employees in recent weeks. Here, a man stands next to a billboard advertising JD.com 618 Shopping Festival on May 29, 2021 in Beijing, China.
VCG/VCG via Getty Images
Ticker: JD
Market Value: $3.8 billion
Share of Tiger’s Portfolio: 8.17%
YTD Decline: -10.3%
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