Investors in Lone Pine Capital, the hedge fund firm founded by Steve Mandel, made investment redemptions totalling around $3bn in the 12 month period to the end of June, despite performance recovering from a challenging 2022, according to a report by Bloomberg.

About a third of the cash was pulled in the first half of the year even as the firm recorded double-digit gains, with redemptions from the firm's Cypress hedge fund totalling around $1.2bn, or roughly 20% of assets, and the firm's long-only Cascade fund seeing withdrawals of approximately $1.7 billion, or 16% of assets.

Most of the receptions through, were seen in the second half of 2022, a year in which both funds incurred significant losses of 37.6% and 42%, respectively, for the share classes that include private investments.

The hedge fund is up 12% in the first seven months of 2023, while the long-only find has gained around 22% over the same period.

Despite last year’s losses, the hedge fund has recorded annualised returns of 15% since inception, ahead of global stock markets and batter than many of its rivals.