Photographer: Tiffany Hagler-Geard / Bloomberg
Photographer: Tiffany Hagler-Geard / Bloomberg
At least one giant hedge fund giant has managed it GameStop Corp. storm.
According to people familiar with the matter, the performance of Coatue Management so far this year is small.
The business is avoiding losses as shares, including D1 Capital Partners and Melvin Capital Management has experienced double-digit declines, shorting the shares of the video game retailer. Other peers were dragged down by the resulting broader market devastation.
Coatue has partially bypassed the uproar because the firm does not take in nearly as much borrowed money as Melvin Capital and its short portfolio is smaller, people said. Philippe Laffont’s fund recently put some cash in, and the small commitment in private companies probably also dampened the fund against equity losses.
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A spokesman for the firm declined to comment.
One of the people raised Coatue’s hedge fund by about 64% last year.
– With help from Bei Hu