Lone Pine buys beaten-down stocks after a “poor first quarter”

By Simone Foxman

Tue Apr 15, 2014

Firm suffers from tech trauma.

"Lone Pine had a poor first quarter" begins a letter sent yesterday to investors in the Lone Cypress fund managed by Tiger cub Steve Mandel’s Lone Pine Capital. The firm’s hedge funds fell as much as 4.2% in the first quarter, with most of the losses suffered in the final three weeks "when there was a violent internal market rotation from 'growth’ to 'value,’" the letter said.

The firm’s flagship $5.3 billion Lone Cypress fund fell 3.4% in the quarter. Lone Kauri, which invests in stocks with...

ISSN: 2151-1845 / CDC10004H


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