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Coatue Administration’s Philippe Laffont doubled down on a lot of his favourite know-how shares — together with Netflix — within the first quarter earlier than their massive sell-off, probably inflicting massive ache for his hedge fund. The so-called Tiger Cub elevated his Netflix place by greater than 50% to a stake value $529 million on the finish of March, based on a regulatory submitting. The streaming large is the worst-performing inventory within the S & P 500 this 12 months, down almost 70%. The inventory’s declines have been exacerbated through the second quarter, when it fell about 50%, after the corporate reported a shock loss in subscribers. Snowflake is one other massive laggard in 2022, with a 55% decline. The hedge fund supervisor doubled down on the cloud firm through the first quarter, which may add to his losses this 12 months if he held onto the place. Coatue’s Snowflake stake was value $603 million on the finish of the primary quarter. Laffont may be a part of different high-profile traders similar to Brad Gerstner and Chase Coleman who did not foresee the tech fallout. The know-how sector, particularly unprofitable companies and richly valued software program names, have been hit the toughest these days within the face of rising charges. These sharp declines in tech have pushed the Nasdaq Composite down greater than 25% 12 months thus far and off almost 28% from its all-time excessive. Coatue additionally added to its Moderna holding considerably, making it its third-biggest place. Nonetheless, the pharmaceutical firm — a pandemic winner for its improvement of a Covid vaccine — has pulled again 47% in 2022. It is one of many 10 largest losers within the S & P 500 for the 12 months. Electrical-vehicle start-up Rivian Automotive was nonetheless Coatue’s second-biggest holding even after a little bit of trimming within the first quarter. The inventory is down greater than 76% this 12 months. In the meantime, the hedge fund supervisor appeared to nibble at standard meme shares GameStop and AMC within the first quarter. The submitting revealed a guess in GameStop value of $9 million and an AMC stake value of $12.8 million. To make sure, these two had been amongst his smallest stakes on the finish of March.
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