Nearly eleven months into the year 2025, the $55 billion hedge fund Viking Global finds itself in a performance position that many industry observers would consider underwhelming. Despite its long-standing reputation as one of the original and most prominent ‘Tiger Cubs’—a collective nickname that refers to the network of investment firms tracing their lineage back to the legendary Julian Robertson’s Tiger Management—Viking’s returns this year have been modest at best. According to a person familiar with the firm’s operations, its primary long–short equity fund had gained only about 5.8% through the end of November, following a slight 0.5% increase during that month. While still positive, this figure trails substantially behind both the S&P 500, which advanced more than 16% over the same period, and the performance of many of Viking’s most direct peers in the Tiger Cub ecosystem.
Several of those related firms have managed to capture far greater upside in 2025’s market rally. Coatue Management, for instance—one of the most technology-focused of the Tiger progeny—registered gains exceeding 13% through November, according to an individual with direct insight into the company’s results. Maverick Capital, the firm steered by veteran investor Lee Ainslie, performed even more strongly, rising over 23% through November 21, as cited in HSBC’s *Hedge Weekly* report. Meanwhile, D1 Capital Partners, founded and managed by Dan Sundheim, has achieved a remarkable 28% return over the same timeframe within its publicly traded equities portfolio, according to a source close to the fund. Collectively, these figures illustrate a noteworthy divergence in outcomes among firms sharing common origins, with Viking Global lagging noticeably behind its closest counterparts. Representatives for each of these managers either declined to provide comment or did not respond immediately to inquiries seeking confirmation of the data.
For Viking Global, this uneven period of results coincides with a defining internal transition: the first full calendar year under new investment leadership. It marks the firm’s inaugural year without Ning Jin, the veteran investor who served as chief investment officer and was a cornerstone of the firm’s decision-making framework for nearly two decades. Jin’s tenure spanned seventeen years at Viking, culminating in his role as the firm’s sole CIO beginning in 2019, before his departure in August of the previous year. His exit closed an era of stability and strategic consistency for Viking, yet also opened a new chapter as Jin went on to establish his own investment enterprise, Avantyr Capital, which launched earlier this quarter with approximately $1.5 billion in capital under management.
Over time, Viking has gained an informal reputation as an incubator for the next generation of hedge fund leaders. The firm’s alumni network is peppered with individuals who have gone on to found or co-found some of the industry’s most dynamic investment platforms—Sundheim’s D1 Capital being among the most notable of these so-called Viking spin-offs. This pattern underscores both the depth of talent historically cultivated inside Viking and the centrifugal pull such success stories can have in inspiring independent ventures.
The mantle of CIO now rests with Justin Walsh, a seasoned investor whose career at Viking began over a decade ago. Initially joining the firm as an intern in 2010, Walsh transitioned to a full-time role in 2011 and has since ascended steadily through the ranks. By the time he succeeded Jin, Walsh had already established himself as a key portfolio manager overseeing the industrial and consumer sectors—experience that now informs his broader oversight of Viking’s strategy. In remarks delivered at an industry conference during the previous summer, Walsh articulated a measured view on the structural and market risks associated with the rapid growth of multi-strategy hedge funds such as Citadel and Millennium, which dominate the upper echelon of contemporary asset management. He also highlighted his enthusiasm for selected luxury equities, naming Richemont—the parent company of Cartier—as one of his preferred holdings.
Viking’s investment philosophy, while rooted in the Tiger tradition of deep fundamental research, distinguishes itself from some of its peers through a more diversified and balanced portfolio construction. Whereas other Tiger Cubs often lean heavily toward technology-driven growth exposure, Viking’s approach incorporates a pronounced emphasis on risk management, particularly through a substantial short book designed to hedge against adverse market movements. This conservative and methodical framework has, at times, insulated the fund from severe losses during market downturns. Indeed, in 2022, when volatility roiled global equity markets, Viking’s public equities portfolio declined a relatively modest 2.5%, sparing it from the far more painful drawdowns suffered by tech-oriented peers such as Coatue and Tiger Global.
However, the same prudent structure that can serve as a defensive bulwark during turbulent periods can also constrain upside potential when market gains are concentrated within a narrow set of high-flying names. That dynamic appears to have reemerged in 2025, a year largely defined by the extraordinary surge in a select group of mega-cap technology and artificial intelligence companies. According to the firm’s latest regulatory filings, Viking’s largest disclosed holdings at the close of the third quarter were centered in the financial services sector—specifically, positions in PNC Financial Services, JPMorgan Chase, Charles Schwab, and Capital One. These cornerstone investments demonstrate Viking’s long-standing preference for financial institutions and cyclical equities over speculative growth. Of its top ten holdings, only two—Microsoft and Taiwan Semiconductor Manufacturing Company—can be classified as central players in the AI-driven trade that has propelled much of the market’s 2025 rally. As a result, while Viking’s diversified methodology continues to reflect disciplined portfolio management, it has left the firm somewhat underexposed to the themes most responsible for this year’s market momentum.
In summary, Viking Global stands at a pivotal juncture in its storied history: operating under fresh leadership, maintaining its hallmark prudence, yet underperforming during a phase of exuberant market specialization. The coming months will test whether its renewed executive team can recalibrate the firm’s positioning in a landscape increasingly dominated by thematic growth, massive multi-strategy players, and a relentless appetite for innovation-driven returns.
Sourse: https://www.businessinsider.com/viking-global-performance-2025-trails-rivals-stock-market-2025-12
