Friday, 30 January 2015
Last updated 15 min ago
Nov 15 2011 | 10:53am ET
"It was a rough quarter," Lone Pine Capital founder Stephen Mandel told investors in his quarterly letter to investors. Indeed, for the $16 billion hedge fund, it was rough, indeed.
The firm's Lone Dragon Pine fund lost 25.1% on the quarter as its other funds also dipped. Lone Cascade lost 14.3%, Lone Cypress 9.8% and Lone Kauri 8% during three months in which the Standard & Poor's 500 Index lost almost 14%, CNBC reports.
According to Mandel, it wasn't so much a "rough quarter," but a rough last week of the quarter. The funds' performance was "quite respectable until the last week of September," when the global stock sell-off burned Lone Pine.
Year-to-date, Dragon Pine is down 25.3%, Casade 9.2%, Cypress 4.2% and Kauri 3.8%.
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…