Wednesday, 22 March 2017
Last updated 21 hours ago
Apr 8 2014 | 9:54am ET
Philippe Laffont's Coatue Management plans to return more than $2 billion in capital to investors in its flagship fund which lost 8.7% in March.
"We are focused on returns and do not want to become asset gatherers," Laffont wrote in an April 4 investor letter seen by CNBC. Laffont, who said the flagship fund's assets had grown from $1 billion to more than $7 billion in the past six years, told investors that "the right size for Flagship is $5 billion."
Laffont said the market's movement in March was as "sudden and deep as some of the gut-wrenching dislocations of 2000-2002 and 2008-2009."
"Coatue lost money on both sides of the portfolio: long and short," he wrote. "We have dealt with tough markets in the past, however. We are confident that we have the ideas and risk management to navigate this environment."
Laffont, a former employee of Julian Robertson's Tiger Management, had scored big with tech names in the past but declines by stocks like Facebook, Amazon and Netflix were his undoing in March.