current position:Home>The loss of $183 million a day this year is one of the worst losses in hedge fund history, and the famous Tiger Fund has fallen?

The loss of $183 million a day this year is one of the worst losses in hedge fund history, and the famous Tiger Fund has fallen?

2022-05-07 18:01:1036kr

To ensure that hedge fund managers do not just earn high management fees in the bull market , Bear market , Most hedge funds have HWM( High water mark clause ), The fund must exceed this level to generate performance fees . Like a former hedge fund manager Mike Novogratz stay Twitter As pointed out on the , Now this may be difficult for tiger funds , Need to earn 79% To return to HWM.

Tiger Global Fund (Tiger Global Management) The performance problem is becoming more and more serious , In the first four months of this year , The company lost at least 150 Billion dollars .

These losses also made the founder of tiger Global Fund Chase Coleman Their popularity has fallen sharply .2001 After the company was founded in ,Coleman Has become one of the world's most famous growth investors .

According to a person familiar with the matter , This year, 4 month , Tiger Global Fund's hedge fund lost money 15.2%, Make it 2022 Years ago 4 The last month's loss reached 43.7%. This year's loss plus 2021 year 7% A pullback means , Tiger Global Fund is 2020 Acquired annually 48% The benefits of have been completely erased .

meanwhile , The person familiar with the matter said , Tiger Global's long fund suffered a more serious blow , This year, 4 Monthly deficit 24.9%, To 2022 In fall 51.7%.

01 The loss per hour is about 2800 Thousands of dollars

By 2021 end of the year , The two funds managed by the company total about 350 $billion in assets , So in 2022 Tiger Global Fund may suffer at least 150 A nominal loss of $billion .

in consideration of 1 Month to 4 The moon has 82 A trading day , This means that after the market opens this year , Tiger Global Fund loses about per day 1.83 Billion dollars , That is, the U.S. stock market opened at a loss every hour 2810 Thousands of dollars ......

Tiger Global Fund wrote in an investor letter :

“ Our mutual fund 2022 The start of the year was very disappointing , Given the macroeconomic situation , Poor market performance , But we don't believe in excuses , So I won't make any excuses .

We will continue to manage our portfolio as we did in the first quarter . We have confidence in our team and Portfolio , We will look back on this in the long journey , And benefit from the continuous process improvement .”

02 How will the tiger deal with ?

Even if tiger Global Fund is still confident in it , But the reality is , Due to the operation mode of hedge funds , Such losses are hard to recover .

as everyone knows , In addition to the annual management fee, hedge funds , And a huge performance fee , It is performance fees that have helped some hedge funds become the richest people on the planet .

To ensure that hedge fund managers do not just earn high management fees in the bull market , Bear market , Most hedge funds have HWM( High water mark clause ), The fund must exceed this level to generate performance fees .

Like a former hedge fund manager Mike Novogratz stay Twitter As pointed out on the , Now this may be difficult for tiger funds , Need to earn 79% To return to HWM.

So here comes the question , When you can't get a huge performance fee , Retaining top talent will become much more difficult . They may be on their own or join competitors , Instead of struggling for years , Return to HWM.

This is also Melvin capital (Melvin Capital) Of Gabe Plotkin Try to solve the problem . According to the financial times , He said last month , last year GameStop The incident still made the company lose heavily , He put investors “ Drive out ” Previous hedge funds , Then let them invest in new funds , This will allow the company to restart charging performance fees .

For the Tiger Fund , Growth technology stocks with heavy bets need to recover as soon as possible , Otherwise, the situation will deteriorate rapidly . The problem is , Even some top technical experts believe that , Things may get worse before they get better .

Well known investors Bill Gurley stay Twitter In the said : A whole generation of American entrepreneurs and technology investors have been bathed in the valuation of the bull market in technology stocks ,“ Never experienced ” The bear market will be painful for many people 、 Surprise and uneasiness .

Amazon founder Bezos responded : Most people have extremely underestimated how great this bull market has been in the past . When the market starts classes , The lesson is painful .

This article does not constitute personal investment advice , Nor does it take into account the special investment objectives of individual users 、 Financial condition or need . Users should consider any comments in this article 、 Is the opinion or conclusion consistent with its specific situation . Market risk , Invest carefully , Please judge and make decisions independently .

This article is from WeChat official account. “ Wall street news ”(ID:wallstreetcn), author : Ying Yiru ,36 Krypton authorized release .

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