Eleven months into 2025, Viking Global, a prominent $55 billion hedge fund, is experiencing a lackluster performance. The firm, known as a Tiger Cub—part of a group linked to the late Julian Robertson’s Tiger Management—has posted a mere 5.8% increase in returns through November. This follows a modest gain of 0.5% in the previous month, placing the fund significantly behind the S&P 500, which has surged over 16% during the same period. Viking’s performance also lags behind that of several other notable Tiger Cubs, including Coatue, Maverick, and D1, all of which have delivered superior returns. Specifically, Coatue is up more than 13%, Maverick has gained over 23%, and D1 has seen an impressive return of 28%, marking a stark contrast to Viking’s results.
The struggling performance of Viking coincides with a transitional year for the firm, as it marks the first full year without its former chief investment officer, Ning Jin. Jin, who spent 17 years with Viking, departed in August of last year to establish his own firm, Avantyr Capital, which has already launched with $1.5 billion in assets. Viking has long been regarded as a breeding ground for the next generation of investment talent, with several of its past executives, including Dan Sundheim, successfully launching their own funds.
Taking the helm as Viking’s current CIO is Justin Walsh, who has been with the firm since 2010. Initially joining as an intern, Walsh climbed the ranks and took on the CIO role in the wake of Jin’s departure. He has spoken publicly about the risks linked to the growing dominance of large multistrategy hedge funds like Citadel and Millennium, as well as his investment preferences, including luxury goods such as Richemont.
Viking’s investment strategy sets it apart from its tech-centric peers, opting for a more diversified approach with a notable emphasis on short positions to mitigate market risks. This strategy proved beneficial in 2022 when Viking incurred a relatively minor loss of 2.5% in its public equities portfolio, while many of its competitors faced more substantial declines. However, this approach can result in missed opportunities for significant gains, particularly when the market is driven by a concentrated group of companies.
As of the end of the third quarter, regulatory filings reveal that Viking’s largest holdings are primarily in financial services, including PNC, JPMorgan Chase, Charles Schwab, and Capital One. Among its top ten investments, only Microsoft and Taiwan Semiconductor participate in the burgeoning AI sector that has largely fueled market growth this year. As competition intensifies among hedge funds and market conditions evolve, it remains to be seen how Viking Global will adapt and improve its performance in the competitive landscape.
