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
ISSN: 2151-1845 / CDC10004H
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