The public markets have been kind to Dan Sundheim this year.
D1 Capital, Sundheim's $19 billion investment manager, is up 18% in its public book through May this year after a 5% gain last month, a person close to the firm told Business Insider. The manager's portfolio includes mega stocks like Google parent Alphabet and Meta as well as Instacart, Marlboro-producer and Zyn-owner Philip Morris, and apartment REIT Equity Residential.
Despite its gains in public markets, DI's billions in private company investments are dragging down the performance of many of its share classes. The firm declined to specify its exact blended performance.
D1, a Tiger grand cub thanks to Sundheim's tenure at Viking Global, is one of several stock-pickers trying to follow up a strong 2023 — and further distance themselves from the struggles of 2022.
Chase Coleman's Tiger Global was the fund most in the spotlight when markets turned two years ago, but it has continued to chip away at its losses from 2022. This year, the manager's flagship fund is up 8.4% through May after a 2.4% gain last month, a person close to the firm told BI.
Philippe Laffont's Coatue Management, meanwhile, has returned 7.6% this year after a 1.7% bump last month, according to a person close to the New York-based firm.
The most even-keeled of the big-name Tiger Cubs has been Viking Global, which will lose its chief investment officer, Ning Jin, at the end of August. The manager's flagship fund was up only 0.1% last month to bring its 2024 figures to 6%, while its long-only fund has returned 8% through May thanks to a 2% return last month.
Tiger Cubs — firms with ties to legendary hedge fund manager Julian Robertson's Tiger Management — made a name for themselves investing in high-growth tech stocks, leading many of them to dive into the private markets in recent years. Many of these firms struggled in 2022 when public and private tech companies slumped thanks to a global rise in interest rates.
Representatives for Tiger Global, Coatue, and Viking Global either declined to comment or did not respond to requests for comment.
