Charles Esther
Tiger Global Management, a $50 billion hedge fund led by billionaire Chase Coleman, is undergoing a significant resurgence after suffering back-to-back annual losses in 2021 and 2022.
In 2022 alone, the firm endured a staggering 56% drop, a blow that triggered the implementation of “enhanced risk management processes” and a deeper strategic reassessment.
Now, as the New York-based fund approaches its 25th anniversary, it appears to be returning to form.
Rebounding Strong with Two Solid Years of Gains
According to an April letter sent to investors and reviewed by Business Insider, Tiger Global has seen impressive gains in recent years.
The firm reported a 28.5% return in 2023 and a 24% gain in 2024.
For 2025’s turbulent first quarter, Tiger’s hedge fund was up 2.5%.
This consistent recovery signals the success of the firm’s redefined strategy.
Enhanced Risk Management and Refined Research
The letter to investors highlighted that Tiger Global has been conducting regular reviews of market conditions and macroeconomic factors.
It has also begun stress testing each of its holdings more rigorously.
These measures are helping the firm get back on track while allowing the investment team to stay “intently focused on playing our game.”
This game plan includes reliance on a time-tested fundamental research process, visualizing a wide range of market outcomes, and prioritizing resilience across portfolio companies.
Embracing AI and Internal Communication
Tiger Global also noted a boost in internal collaboration.
The investment team has “stepped up the cadence of internal communication” and has become active users of OpenAI’s Deep Research agent.
Interestingly, Tiger is also an investor in OpenAI.
This move signals a commitment not just to human judgment, but to AI-powered insights in navigating volatile markets.
Rory McIlroy’s Masters Win as a Symbol of Perseverance
One of the standout parts of the investor letter is the firm’s comparison of its recent journey to that of Rory McIlroy’s win at the 2025 Masters tournament.
McIlroy had nearly blown a big lead but managed to pull off a dramatic victory after a lighthearted pep talk from his caddy.
Tiger Global likened McIlroy’s resilience and mental preparation to their own recovery.
“Like Rory, we expect to make some double bogeys as investors,” the firm said.
“But by relying on our research process and approaching every day with resilience and a prepared mind, we know we will make many more birdies and eagles over time and hopefully win some more championships along the way.”
Prepared for Market Volatility and Global Shocks
The firm acknowledged that current markets are volatile, influenced by geopolitical uncertainty and shifting fundamentals.
It stressed the need for flexible expectations and a willingness to be wrong on individual positions occasionally.
Its “battle-tested” approach aims to weather such environments, with long-term conviction built through deep research.
Head-Down Focus on Long-Term Execution
Tiger Global’s team emphasized a head-down focus on its core investment process.
They underscored the importance of having the conviction to defend positions even when market movements are adverse.
This long-term mindset, according to the letter, is essential to maximizing returns.
The team believes that persistence, resilience, and a deep understanding of each holding will continue to drive performance.
Conclusion
Tiger Global’s return to profitability after a historic decline mirrors Rory McIlroy’s dramatic comeback at the Masters.
Both relied on discipline, experience, and mental toughness to overcome major setbacks.
As Tiger Global approaches its 25th anniversary, the firm appears more determined than ever to win championships of its own in the investment world.
