Coatue Management had a rough time last month.
The firm headed by Tiger Cub Philippe Laffont suffered a 6 percent loss in its main long-short fund in July. As a result, it is up just 1.95 percent for the year, according to two people familiar with the results.
The firm declined to comment.
Coatue was apparently hurt by the volatility and mid-month reversal in direction of many of the so-called FANG and other high-flying internet and technology stocks.
However, many of its top holdings are still up sharply for the year.
It will not be clear for another two weeks or so, when second-quarter regulatory filings become available, which U.S. stocks Coatue held entering July.
As of the end of March, all of its five biggest holdings were down sharply for the month. These stocks alone accounted for more than 36 percent of its U.S. stock portfolio: Twitter, Facebook, Shopify, Electronic Arts, and Broadcom.
In July, shares of Twitter plunged 27 percent after the social media company reported a decline in monthly active users, even though revenues and earnings beat expectations. In the first quarter, Coatue boosted its stake in Twitter by 44 percent, according to regulatory filings. The stock is still up more than 35 percent for the year.
Shares of Facebook fell more than 11 percent in July after the social media pioneer reported disappointing second-quarter results. The stock had fallen about 19 percent in one trading day. Coatue boosted its stake in the stock by 16 percent in the first quarter.
Canadian e-commerce giant Shopify fell more than 5 percent in July. The stock, however, surged more than 4 percent on Thursday after the company reported strong quarterly results. The stock is still up about 41 percent for the year.
Video game giant Electronic Arts lost about 8.7 percent last month. The stock, however, is still up about 22 percent for the year. Coatue lifted its stake in the stock by 55 percent in the first quarter.
Shares of Broadcom, Coatue’s fifth-biggest U.S. long, fell nearly 10 percent last month. The semiconductor company stunned investors on July 11 when it announced plans to acquire CA Technologies. The stock is also down more than 14 percent for the year.
Micron, Coatue’s sixth-biggest holding, was also its biggest new position established in the first quarter. The stock returned less than 1 percent in July.
