Struck By Facebook In Q3, Coatue Buys Qualcomm, Roku, Motorola

Coatue Management had another difficult quarter in Q3. The tech-focused hedge fund led by Philippe Laffont was down 5.84% net as both long and short positions took sizable bites out of its returns. In response, the hedge fund cut back its gross and net exposure "substantially," Laffont said in his Q3 letter, which was obtained by ValueWalk. He also said they will be "patient" in bringing the gross back up."

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