Whale Rock Capital Management, a tech-focused hedge fund, plans to reopen the flagship fund in early 2019 for between $200 and $300 million of new money following a successful performance in 2024.

Source: The fund, with assets of approximately $9 billion, is looking to attract new capital, as it sees the opportunity to invest in smaller semiconductor companies and supply chain businesses that are exposed to artificial intelligence.

Since 2021, new investments are not allowed.

Whale Rock's flagship funds has risen 51% in the past year, compared with a gain of nearly 28% for S&P 500.

The fund recorded a gain of 32% in 2023. The fund recovered well from its losses of 2021 and 20, when it dropped by 9% and more than 40% respectively.

Alexander Sacerdote founded the firm in 2006, after he had made early bets about how artificial intelligence would impact technology. He was a veteran of semiconductor and hardware companies and former portfolio manager for Fidelity Investments.

Whale Rock has been successful this year with long positions on some of the Magnificent Seven stocks such as Nvidia, Amazon, Celestica and AppLovin, as well education tech company Duolingo, and AI-server maker Super Micro Computer.

The hedge fund's performance in November was 8.3% higher than its own long-only fund, which gained 10.6% and has gained 52% for the year.

Reports earlier stated that despite tight polling, which made it difficult for portfolio managers to make decisions, several multibillion dollar hedge funds saw gains in November. Reporting by Carolina Mandl, New York; Editing by Ira Iosebashvili & Jason Neely

(source: Reuters)