Lone Pine flagship fund returns 43% in H1

Lone Pine Capital’s flagship hedge fund returned 43% through June, with gains from both long and short positions. The short book made a meaningful contribution and helped the hedge fund exceed the firm’s long-only fund, Lone Cascade, which returned 38% in the same period.

The gains occurred in the first half of the year and were concentrated in publicly traded equities. Top performers in the portfolio included semiconductor equipment maker ASML, chip-testing company Teradyne and industrial group Carpenter Technology.

Private investments accounted for less than 15% of the hedge fund’s holdings. The firm did not invest in SpaceX before its IPO. Most of the returns came from public-market positions rather than private stakes.

The performance follows steep losses in 2021 and 2022 that prompted billions in client withdrawals. The flagship fund now manages more than $5 billion, and Lone Pine’s total assets across hedge and long-only strategies exceed $25 billion.

Lone Pine outpaced several former Tiger Management affiliates this year, including Coatue Management, Viking Global Investors and Tiger Global Management.