Photographer: Tiffany Hagler-Geard / Bloomberg
Photographer: Tiffany Hagler-Geard / Bloomberg
At least one equity hedge fund giant has managed to get through this week GameStop Corp. storm.
Coatue Management’s performance has been roughly flat so far this year, according to people familiar with the case.
The company bypasses losses as equity titans inclusive D1 Capital Partners and Melvin Capital Management has faced double digit declines by going short on the video game store’s stock. Other peers in the industry have been dragged down by the resulting wider market disaster.
Coatue avoided the uproar in part because the company doesn’t take nearly as much borrowed money as Melvin Capital and its short portfolio is smaller, the people said. Philippe Laffont’s fund has been in some cash lately, and his small bets in private companies have probably cushioned the fund against capital losses as well.
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A company spokesman declined to comment.
Coatue’s hedge fund gained about 64% last year, one said.
– With the help of Bei Hu