Light Street Capital Management has generated double-digit gains in the first quarter of 2023, having earlier suffered a 54% annual loss in 2022, according to a report by Bloomberg.

Glen Kacher’s Menlo Park, California-headquartered firm has seen its Mercury hedge fund advance 19.2% in the first three months of this year. Meanwhile, its Tungsten strategy, which takes a long-only investment approach, also added 28.7% in the first quarter, according to a person familiar with the matter.

As a result of the 2022 rout in technology companies, the attendant losses and redemptions wiped out some 70% of the firm’s assets.

The failed bets saw Light Street’s hedge fund rack up one of the industry's biggest declines in 2022, falling 54% over the year, just shy of Tiger Global Management's 56% plummet.