chase colemans tiger global management suffered huge losses in may amid a techdriven selloff making the hedge funds tough 2022 even worse the growthfocused flagship fund at tiger global tumbled 143 in may bringing its 2022 losses to over 50 a source familiar with the return told cnbcs david faber in the first quarter tiger global doubled down on a number of tech holdings including snowflake carvana and sea before the market decline got uglier according to a regulatory filing carvana has plummeted 77 in the second quarter so far while snowflake is down 44 and sea is off by more than 30 this quarter the tech sector especially unprofitable firms and richly valued software names has taken a beating lately in the face of rising rates those sharp declines in tech have pushed the nasdaq composite down more than 23 year to date and off 26 from its alltime high a spokesperson at tiger global didnt immediately respond to cnbcs request for comment bloomberg news first reported the funds may performance this years brutal selloff has inflicted huge pain on some hedge funds melvin capital management the hedge fund burned by the gamestop mania said last month it will unwind its funds and return cash to investors as losses accelerated