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