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London-Based Hedge Fund Reels as Tech Bet Goes Wrong

Stock-picking hedge funds around the world are hurting amid the market rout. 

And then there is Marcho Partners a tech-focused fund founded by a onetime deputy of tech investor Chamath Palihapitiya. The London-based fund, which had over $1 billion in assets under management at its peak, was down nearly 84% through June 30, according to a summary Marcho sent to its investors, marking one of the worst-known performances for a hedge fund so far in 2022.