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The Morning Brief: Spooked by Momentum Stocks, Coatue to Slim Down

Jun 30, 2014 - AR Alpha

Philippe Laffont's Coatue Management is the latest high-profile hedge fund to return some money to clients, CNBC reported. The Tiger Cub, who has hitched a lot of his success to high-flying media, tech and Internet stocks, is apparently spooked by the recent large selloff among these momentum stocks.

He told clients in a recent investor letter he plans to return as much as 35 percent of the $7 billion or so in his main hedge fund, according to a Bloomberg report. "The move was as sudden an...