Josh Resnick’s Jericho Capital has emerged as one of 2025’s standout hedge funds, driven by significant gains in technology stocks including AppLovin, Oracle, and Nvidia, according to a report by Institutional Investor.

The tech-focused firm posted a 17.6% gross return in September for its flagship fund, lifting year-to-date gross gains to 42.7%. Jericho’s Special Opportunities fund, a more concentrated vehicle, surged 28.5% in June and is now up 88% gross for the year. The performance underscores the firm’s strong multi-year track record, with the flagship fund posting net gains of 59.5% in 2024 and 20.2% in 2023.

Founded in 2009, Jericho concentrates on tech, media, entertainment, telecom, and consumer stocks, maintaining a relatively small portfolio. At the end of Q1, the $7.5bn US-listed portfolio held just 30 positions. Its largest stake, AppLovin, accounted for nearly 10% of assets at the end of June even after the firm reduced its holding by a quarter. AppLovin surged 48% in September and more than doubled for the year through September, despite regulatory concerns reported by the SEC.

Other notable contributors included Oracle, which rose 24% after reporting strong cloud performance, and Nvidia, up nearly 7% for the month and almost 40% for the year. Jericho had increased its stake in Nvidia by more than 70% in Q2, capitalising on the stock’s mid-year bottom. Additional top positions included Uber, up 63% in 2025, and Netflix, which climbed 37% year-to-date despite being essentially flat in September after Jericho trimmed its position.