In a rare podcast interview, Lone Pine co-CIO Kelly Granat reflected on the firm's evolution after billionaire founder Stephen Mandel Jr.'s retirement in 2019. She highlighted the heavy lifting required to adapt investment practices to a rapidly changing market, resulting in significant performance recovery, with long-short fund returns of 20% in 2023 and 36% in 2024. Despite these gains, the firm faced challenges such as outflows and leadership changes, including the departure of key personnel, highlighting common succession issues in the hedge fund industry.
Lone Pine's transition to post-Mandel leadership required significant adaptations in investment strategies, focusing on resiliency in a changing market, resulting in notable performance gains.
Granat remarked on the organization's need to adapt to a new investment landscape, highlighting how succession challenges are prevalent in the hedge fund industry and their ongoing effort for stability.
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