New York hedge-fund firm Aravt Global LLC is shutting down after sustaining significant losses recently, a sign of the severe pain the selloff in growth stocks is inflicting.
Aravt’s hedge fund lost 8.5% in 2021 and was down by double digits this year through February—in line with the tech-laden Nasdaq Composite’s 12% loss including dividends for the period, said people familiar with the firm. Founded by former Ziff Brothers Investments principal
Yen Liow,
Aravt focused on what he called “horses,” companies that would reliably post above-average growth.
In recent months, Aravt’s concentrated stakes in growth companies including
PayPal Holdings Inc.
and
GitLab Inc.
have been pummeled. Other wagers have hurt the fund, too, including on cable operator
