McCormack's Tiger Consumer to Close

Mar 5 2015 | 11:20pm ET

Patrick McCormack is shutting down his Tiger Consumer Management hedge fund. 

The fund was up 4.6% in February and was 3.9% ahead so far in 2015, according to a letter sent to investors on Wednesday. However, after 15 years running the fundamentally driven, long/short equity fund, McCormack is shuttering the fund to spend more time with his family. 

"The decision to wind-down is one of the most difficult I have faced, but I have given it considerable thought and believe now is the best time to do so, particularly given a strong start to the year,” stated McCormack in the letter, according to a story first reported late Thursday by Bloomberg. All investor capital will be returned by the end of March.

McCormack launched Tiger Consumer Management after working for billionaire Julian Robertson’s Tiger Management, and the fund was one of the ventures Robertson seeded after he closed Tiger Management in 2000.

McCormack’s fund, as well as others seeded by Robertson, quickly became known as “tiger cubs”, with many incorporating the word tiger in their names. 

Tiger Consumer had approximately $2.2 billion in assets under management at the end of 2013, the date of its last public filing, and held $1.39 billion in stocks across 25 positions at the end of last year, securities filings show. Its largest publicly disclosed U.S. positions at the time included Netflix, Liberty Global, CarMax, and Facebook.


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