Coatue flagship fund up 24.5% YTD as AI lifts tech

Coatue Management’s flagship hedge fund returned 4.7% in June, lifting its year-to-date gain to 24.5% for the first half of 2026, as technology stocks rose on investor interest in artificial intelligence.

The June gain followed a 14.2% return in May, the fund’s best monthly performance in more than 25 years, and came after a near-5% decline in March when geopolitical tensions weighed on markets.

At the end of the first quarter, more than 40% of Coatue’s U.S. long equity exposure was concentrated in technology, a positioning that increased the impact of sector moves on the fund’s returns.

The broader large-cap technology market also advanced: the Nasdaq 100 rose roughly 20% in the first half of 2026, outpacing the S&P 500.

Philippe Laffont has maintained a long-term bullish view on artificial intelligence, identifying opportunities across sectors including digital infrastructure and energy. Coatue holds stakes in companies that could benefit from greater demand for computing capacity and data services.

The fund’s monthly gains in May and June recovered much of the spring losses and contributed to its strong performance through the first half of the year.