Tiger Global Management snapped a two-year losing streak with a 28.5% gain in 2023, topping peers such as Viking Global Investors and Coatue Management, in what turned out to be a strong year for old-fashioned stock-pickers.
The funds got a boost from a rally in stocks in the fourth quarter that lifted the S&P 500 to a 26% return for the year and made long-short equity the best-performing hedge fund strategy. Still, much of that was driven by a small group of stocks that posted blowout gains, including Meta Platforms Inc. and Amazon.com Inc.