Tiger cub Lee Ainslie’s Maverick Capital earned double-digit returns in the past three years but came unstuck during the first six months of 2022. The fund slumped 35% in the first six months of the year, dramatically underperforming the S&P 500, which returned -20% during the same time frame. In the firm’s first half letter to investors, a copy of which ValueWalk has been able to review, Ainslie blames the fund’s large holding in Korean e-commerce retailer Coupang for the majority of the declines. Shares in the company slumped 28% last quarter. Since the beginning of the year, shares in…
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