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- Tiger Global told investors in a recent letter that the firm is "intently focused on playing our game."
- The $50 billion manager put in new "enhanced risk management processes" since its 56% loss in 2022.
- The letter ended with a comparison between the firm's resurgence and golfer Rory McIlroy.
As Tiger Global nears its 25th anniversary, the New York-based stockpicker is ready to move on from its recent past and return to its roots.
The $50 billion manager, founded and run by billionaire Chase Coleman, posted back-to-back annual losses in 2021 and 2022, with the latter being a 56% swoon that brought about "enhanced risk management processes," the firm's investment team told investors in an April letter seen by Business Insider.
The results since then: A two-year resurgence for one of the original Tiger Cubs, with gains of 28.5% and 24% in 2023 and 2024, respectively. The letter notes the firm was up 2.5% in its hedge fund in 2025's volatile first quarter.
"Regular reviews of market and macro variables," including stress tests of each holding, have helped the firm get back on track and lets the investment team be "intently focused on playing our game — relying on the fundamental research process we have refined over decades, visualizing a wide range of outcomes, and prioritizing resilience across the companies we own," the letter states.
The letter notes that the investment team has "stepped up the cadence of internal communication" and become "avid users" of OpenAI's Deep Research agent. Tiger Global is an investor in the AI pioneer.
The firm compared its response to its poor stretch to the perseverance of pro golfer Rory McIlroy, the winner of this year's Masters tournament. McIlroy nearly blew a big lead before rallying to win in a do-or-die scenario after a lighthearted pep talk from his caddy.
"Like Rory, we expect to make some double bogeys as investors," Tiger's team said, acknowledging that missteps and losses are part of the game. "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."
With a "battle-tested" investment approach, the firm told LPs its process can handle the choppiness brought on by tariffs and other geopolitical tremors.
"In markets like these, with high volatility and rapidly changing underlying fundamentals, we need to widen our bands on company performance and expect to be wrong on individual ideas from time to time," the letter states.
For now, the investment team said that it is "head-down" on executing its process.
"We know that doing the deep research to build the conviction to defend positions when they move against us is of paramount importance, so that we maximize returns from being right over the long run."