In a Tough Q1 for Shorting, Viking Global Enjoyed Strong Alpha on Both Long and Short Sides

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Michelle deBoer-Jones
Published on
Updated on
Viking Global vs S&P 500 Returns 2001-2024

The Viking Global Equities (VGE) fund returned 5.8% net for the first quarter, while the Viking Long Fund (VLF) returned 10.1%. VGE generated a robust long-short spread of 4.8%, according to a letter to investors reviewed by HedgeFundAlpha.

Viking Global's longs appreciated 10.5% on an unlevered basis, while its shorts appreciated 5.6%. The fund generated alpha on both the long and short sides of its portfolio, with its longs outperforming the average return of the stocks in its investible universe by 1.4%. VGE's shorts underperformed the average by 3.5%.

Meanwhile, VLF performed in line with the MSCI World Index for the first quarter.]Viking Global Equities LP (net returns) Vs S&P 500 (Annualized)

Biggest winners

As of the end of the first quarter, VGE and VLF's top 10 largest equity longs, excluding redacted positions, were Visa,

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Michelle deBoer-Jones is editor-in-chief of Hedge Fund Alpha. She also writes comparative analyses of stocks for TipRanks and runs Providence Writing Services. Previously, she was a television news producer for eight years, producing the morning news programs for NBC affiliates in Evansville, Indiana and Huntsville, Alabama and spending a short time at the CBS affiliate in Huntsville.