Photographer: Tiffany Hagler-Geard / Bloomberg
Photographer: Tiffany Hagler-Geard / Bloomberg
At least one equity hedge fund giant has managed to withstand the one of the week GameStop Corp. Storm
Coatue Management’s performance is almost flat so far this year, according to people who know the subject.
The company accounts for losses as equity securities included D1 Capital Partners i Melvin Capital Management has suffered double-digit falls, which have reduced the shares of the video game retailer. Other pairs have been dragged down by the resulting market chaos.
Coatue avoided the riot in part because the company doesn’t borrow nearly as much money as Melvin Capital and its short portfolio is smaller, according to people. Philippe Laffont’s fund has been cashed in recently and his small bets on private companies are also likely to cushion the fund from equity losses.
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A spokesman for the firm declined to comment.
One person said Coatue’s hedge fund gained about 64% last year.
– With the assistance of Bei Hu