Tiger Global Management’s hedge fund tumbled 7% last year. That is Its first annual loss since 2016.

The fund struggled in the final two months. In November and December the company dropped 8% and 10.7%, respectively. That erased a 13% gain that it had built through the first 10 months of the year.

It’s just the third annual loss in the hedge fund’s two-decade history. It declined 15% in 2016 and 26% in 2008.

Last month, Tiger Global told clients in a letter that it’s opening up both funds to a limited amount of capital from existing investors to bolster positions in stocks that underperformed. The firm said in the letter:

“We are excited by the opportunities we see today and intend to continue playing offense.”

The funds started accepting fresh cash at the beginning of January after being closed to new money for years.

One of the stocks that probably hurt results is Beijing-based retail giant JD.com Inc. It tumbled 20% last year amid a regulatory crackdown in China. The stock was Tiger Global’s second-biggest US equity position as of Sept. 30.

Another top holding, DocuSign Inc., plunged 31%. Last month, the e-signature company provided a revenue forecast that missed Wall Street estimates. It stoked concerns that growth will slow after a pandemic-fueled surge in demand.

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