Hedge Fund Manager Philippe Laffont To Return $2 Billion To Investors After 'Gut-Wrenching' Month

"Tiger Cub" hedge fund manager Philippe Laffont, who runs Coatue Management, has decided to return $2 billion from its flagship fund to investors, CNBC's John Jannarone reports citing an investor letter.

Last month was ugly for the long/short technology-focused fund.

Coatue was down 9 percent because of losses in tech stocks, the report said.

Laffont characterized last month's market volatility as "sudden and deep as some of the gut-wrenching dislocations of 2000-2002 and 2008-2009."

The fund's flagship fund has about $7 billion in assets under management. Laffont believes the flagship fund would be better off managing $5 billion in assets, the report said.

The $2 billion is expected to be returned to investors on June 30.

Coatue invests in tech stocks such as Apple, Google, Facebook, LinkedIn, Netflix, Pandora and Yelp, the fund's most recent 13-F securities filing shows.