The first quarter of 2026 proved challenging for a new generation of hedge funds connected to the Tiger Management network, with multiple firms posting significant losses during a period of heightened market volatility.
The Tiger Cub network consists of hedge funds established by former executives and analysts who previously worked with the late billionaire Julian Robertson’s Tiger Management. This influential group has expanded in recent years with several notable new launches, though both established and emerging funds struggled during the recent market downturn.
March proved particularly difficult for equity hedge funds, with volatility stemming from the US-Iran conflict creating widespread losses across the sector. According to fund administrator Citco data, the average hedge fund declined 3.5% during March, while stock-picking funds averaged losses of 2.8%.
Among the newer entrants, Avantyr Capital Partners, led by Ning Jin, reported a 0.5% decline for the first quarter following a 2% loss in March. Jin, who previously served as chief investment officer at Viking Global, managed to outperform his former employer, which posted losses of 4.1% in March and 4.6% for the quarter.
SurgoCap Partners, founded by Mala Gaonkar who was previously one of three portfolio managers at Lone Pine, experienced more substantial losses. The firm, which currently manages over $6 billion in assets, declined 4.4% in the first quarter after suffering a 6.5% loss in March. Gaonkar departed Lone Pine in 2022 to establish her own fund.
Two former Viking Global professionals faced particularly challenging starts to 2026. Avala Global, managed by Divya Nettimi, saw its share class investing in both public companies and private startups decline 10.2% in March, resulting in a 7.6% loss for the quarter. The firm’s share class focused exclusively on public investments performed worse, dropping 14.6% in March and finishing the quarter down 12.1%.
Grant Wonders’ Voyager Global experienced one of the steepest declines among the group, losing 3.1% in March according to investor updates. Combined with losses in January and February, the fund posted a nearly 17% decline for the first quarter.
Established Tiger Cub funds also struggled during this period. Coatue fell 3.5% in the first quarter, while Tiger Global posted a substantial 10.5% decline over the same period. These firms, along with Viking Global, were founded by former Robertson associates and typically focus on growth stocks with significant exposure to technology companies.
The market environment proved challenging across multiple investment strategies. The volatility triggered by geopolitical tensions affected not only equity-focused funds but also macro managers and typically stable multistrategy funds. The S&P 500 index declined 5% during March, though a rally on the final trading day of the quarter helped reduce some losses.
Despite the difficult start to 2026, market conditions began improving in April, with the S&P 500 reaching record highs. This recovery may provide some relief for fund managers who weathered the turbulent first quarter.
The performance disparities among Tiger Cub funds highlight the challenges facing even well-resourced investment firms during periods of market stress. While some managers like Jin at Avantyr managed to limit losses, others faced double-digit declines that will require significant recoveries to return to positive territory for the year.
