WSJ News Exclusive | One hedge fund is up 223% this year for a big bet against tech stocks

In late 2020, Mandeep Manku made a big opposite bet.

His hedge fund, Coltrane Asset Management, was already badly hit when the market collapsed due to COVID-19. He decided to bet against tech and other fast-growing companies in the US markets by shifting Coltrane’s portfolio in favor of cheaper European companies, with many stocks trading at more than 10 times their revenues, prompting enthusiasm in some areas. With that, “bad ends always happen for investors,” Coltrane told clients in a September 2020 presentation.