Tiger Global Management’s hedge fund has fallen 22% and suffered paper losses of more than $1 billion in the first quarter.
Tiger Global Investments is the firm’s $6 billion long/short equity fund led by Scott Shleifer and Chase Coleman.
Dow Jones first reported the news.
The fund has made $1 billion-plus bets in tech giants Amazon, Netflix, JD.com, and Apple, regulatory filings show.
In the first quarter, Amazon’s share price fell more than 12%. Netflix dropped more than 10.6%, while JD.com has fallen more than 17.8%. Meanwhile, Apple was up just over 3.5% in the first quarter.
The fund did well in 2015, ending up 6.8% while many others in the space suffered losses.