October 3, 2012 / 8:35 PM / 7 years ago

Hedge fund Tiger Global up 22.4 pct in first 9 mos -sources

NEW YORK, Oct 3 (Reuters) - Tiger Global, one of the world’s best-performing hedge funds, ended the third quarter with strong gains, leaving the fund up 22.4 percent for the year, two people familiar with the numbers said on Wednesday.

The roughly $6 billion fund, run by Chase Coleman and Feroz Dewan, has been the darling of the investment community for its string of strong returns at a time when the average hedge fund is delivering only low single-digit returns.

In 2011, when most funds nursed losses, Tiger Global captured headlines with a 45 percent gain for the year after having made a good chunk of money on the short side, people familiar with the portfolio said.

Coleman got his start at industry icon Julian Robertson’s Tiger Management.

At the end of the second quarter the New York-based fund listed Apple Inc, Yandex NV and Google Inc as its three largest positions.

In September the fund gained 1.5 percent. The two people familiar with the performance of the fund were not authorized to speak on its behalf.

The quarter was a good one for many hedges as strong stock markets and the gold rally helped underpin performance across the sector. For example, David Einhorn’s $7.7 billion Greenlight Capital was up 13.5 percent for the year at the end of September.

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