Smart Money Watch: 'Brutal' selling in speculative tech stocks knocks Tiger Cub hedge funds

Such businesses were big winners in the early stages of the pandemic. But some, including Peloton, have fallen sharply from their highs as investors question their appeal in a post-lockdown world. Some more established tech names popular among the cubs, such as Amazon.com Inc. and Microsoft Corp., have also fallen recently.

The cubs, some of whom rank among the top-performing hedge funds of all time, have at times drawn criticism for significant overlap in their portfolio positions. But it has since collapsed to less than US$25, hit by product recalls and missed targets. The company’s reputation also suffered when a character in TV show Billions suffered a heart attack using a Peloton bike, and last year when a central character in Sex and the City died after using the equipment. D1 and Light Street both sold their positions during 2021, while Tiger Global increased its holding.

Video-conferencing company Zoom was another early lockdown winner that has since fallen back sharply. Coatue, Tiger Global and Light Street were all backers of the stock, although Light Street sold out in the fourth quarter of last year. The shares, which peaked at more than US$580 in late 2020, have tumbled from US$337 at the start of last year to about US$110 as sales have slowed.

A number have adopted similar investing styles, focusing on technology companies with strong market positions in areas with high barriers to entry, even if they trade on valuations that might appear high on traditional metrics.

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