Lone Pine Battered At End Of Sept.

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%.

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