The Tiger Cub network — made up of hedge funds connected to the late billionaire Julian Robertson’s legendary Tiger Management — has added notable new launches in recent years. Neither the old guard nor the new was able to escape March’s pain, however.
Funds run by former executives and investors of hedge funds Viking Global and Lone Pine lost money last month, according to investor updates and people close to the managers.
Ning Jin’s Avantyr Capital Partners, for example, was down 0.5% for the first quarter of 2026 after a 2% loss in March, a person close to the new manager told Business Insider.
However, Jin, the former chief investment officer of Viking Global, outperformed his old firm, which was down 4.1% in March and 4.6% for the quarter. Long-running, billionaire-helmed funds Coatue and Tiger Global fell 3.5% and 10.5%, respectively, in the first three months of 2026.
Viking, Coatue, and Tiger are known for being founded by former analysts or portfolio managers who worked with Robertson, and typically invest in growth stocks, with a strong tilt toward technology companies. The next generation of the Tiger network often comes from these firms, as well as managers like Lone Pine, Maverick, and Discovery.
Mala Gaonkar’s SurgoCap Partners, which now manages more than $6 billion, was down 4.4% in the first quarter after a 6.5% loss in March, a person close to the equity investor said. Gaonkar was one of the three portfolio managers at Lone Pine, founded by billionaire founder Stephen Mandel Jr., until she left the firm in 2022.
A pair of former young Viking Global stars had tougher starts to the year.
At Divya Nettimi’s Avala Global, the fund’s share class that invests in both public companies and private startups was down 10.2% in March, dragging its 2026 returns to a 7.6% loss. The firm’s share class without privates lost 14.6% in March and is down 12.1% for the quarter, according to an investor update seen by Business Insider.
Grant Wonders’ Voyager Global lost 3.1% in March, according to an investor update seen by Business Insider. It also struggled in January and February: The fund was down nearly 17% in the first quarter.
There were very few funds that emerged from March unscathed. The average hedge fund was down 3.5% in the month, according to data from fund administrator Citco, and stock-picking funds lost 2.8% on average. The market volatility brought on by the US-Iran conflict stung macro managers and even led to losses at the typically even-keeled multistrategy funds.
Stocks were hit hard across the board in March, but a rally began before the month’s close. While the S&P 500 was down 5% on the month in March, the last trading day of the first quarter erased a chunk of the losses, and the index has surged to record highs in April.
Managers either declined to comment or did not immediately return requests for comment.
