Photographer: Tiffany Hagler-Geard / Bloomberg
Photographer: Tiffany Hagler-Geard / Bloomberg
At least one stock hedge fund giant has managed to overcome the Storm GameStop Corp.
Coatue Management’s performance is practically stable so far this year, according to people familiar with the matter.
The company is avoiding losses as equity titans, including D1 Capital Partners and Melvin Capital Management suffered double-digit declines, selling the shares of the video game retailer. Other pairs were dragged down by the wider devastation of the resulting market.
Coatue avoided the turmoil in part because the company doesn’t borrow nearly as much money as Melvin Capital and its short portfolio is smaller, people said. Philippe Laffont’s fund has taken some money recently and his small bets on private companies have also likely protected the fund from equity losses.
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A company spokesman declined to comment.
Coatue’s hedge fund gained about 64% last year, one person said.
– With the help of Bei Hu