Andor, Coatue, Discovery Battered By March 'Perfect Storm'

Apr 4 2014 | 10:21am ET

March proved quite the lion for several prominent hedge funds, mauling them and leaving them battered and bloodied and nursing first-quarter losses.

Andor Capital Management, Discovery Capital Management and Coatue Management all suffered major drops in March, a month that saw the average hedge fund fall fractionally.

Technology-focused Andor was hardest hit, plummeting 18% last month, The Wall Street Journal reports. Thanks to strong performance earlier in the quarter, the $1 billion Rye Brook, N.Y.-based firm is down only 5% through 2014's first three months.

Discovery's flagship dropped 9.3% in March and is off 7.1% through the month. Both of the $15 billion firm's funds were down in the first quarter, and are now reducing risk after what founder Robert Citrone called a "perfect storm" in March.

Citrone's fellow Tiger Management alumnus, Philippe Laffont, didn't weather that storm much better. Laffont's Coatue sank 8.7% last month and is down 7.4% on the year. Coatue manages $1 billion.

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