BOSTON (Reuters) - Investment firm Tiger Global Management, which oversees $23 billion in assets, told investors its hedge fund gained 13.6 percent last year.
Tiger Global’s hedge fund invests some $8 billion in assets and gained 0.9 percent in December. That compares with the fortunes of many hedge funds that lost money in December and saw their gains for the year wiped out.
A Tiger Global spokeswoman declined to comment.
2018 was a second straight year of strong returns for Tiger Global after its hedge fund gained 28.2 percent in 2017. The average stocks-oriented hedge fund lost 6.9 percent last year, according to data from Hedge Fund Research.
Tiger Global, founded by Chase Coleman in 2001, has historically invested in technology companies and got a boost from betting that companies would fall, or shorting, in 2018. Performance was also fueled by bets on Amazon.com Inc. and Microsoft Corp.. The firm also got a boost from its investment in e-cigarette maker Juul Labs Inc.
Marlboro cigarette maker Altria Group in December announced plans to buy a 35 percent stake in Juul.
Reporting by Svea Herbst-Bayliss; Editing by Bernadette Baum and James Dalgleish