- Philippe Laffont’s Coatue is up 5.8% for the first half of the year, sources tell Insider.
- The manager posted returns of 65% in its flagship fund in 2020.
- The Tiger Cub cut several holdings in the first quarter, including Zoom and Peloton.
Billionaire Philippe Laffont’s Coatue Management is underperforming for the year so far despite a solid June.
The $48 billion manager posted returns of 4.2% in June, boosting its performance for the first half of 2021 to 5.8%, sources familiar with the Tiger Cub tell Insider.
The firm declined to comment.
The figures trail the S&P 500, which was up more than 14% through the first half of the year. The average hedge fund, according to Hedge Fund Research, was up nearly 10% through the end of the May. The research firm has not yet released its mid-year averages.
Coatue’s performance in 2021 so far has not replicated its blockbuster 2020. The firm lost 10% in March last year when the coronavirus shut down the global economy, but quickly recovered making 65% in its flagship fund. Separately, the firm’s nascent quant fund had to return outside capital.
Coatue, like other Tiger Cubs, has made big bets in the private markets, recently leading a funding round for solar software unicorn Aurora Solar, but has cut back on its tech exposure in its public equities portfolio, according to an earlier piece from Bloomberg.
Regulatory filings from May show Coatue sold most of its stake in Peloton, and cut its stake in Zoom and cybersecurity firm Crowdstrike in half. As of the end of the first quarter, the firm’s biggest positions are in DoorDash, Snowflake, Disney, Tesla, and SunRun.
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