Jericho Capital Asset Management's flagship hedge fund plummeted 17% in October, making the fund, which focuses on investing in technology and media stocks, one of the worst performers in the industry. According to people familiar with the matter, this decline erased all of the fund's gains since this year, reducing its return during the year to about -2%. As of the end of June, Jericho held 29 stocks, with nearly half of its exposure concentrated on technology stocks, followed by telecommunications stocks, according to regulatory documents. Their two major holdings are app delivery company Fa5 Inc., and mobile ad technology company AppLovin Corp., whose shares both fell by more than 20% in October.

Jericho Capital Asset Management's flagship hedge fund plummeted 17% in October, making the fund, which focuses on investing in technology and media stocks, one of the worst performers in the industry. According to people familiar with the matter, this decline erased all of the fund's gains since this year, reducing its return during the year to about -2%. As of the end of June, Jericho held 29 stocks, with nearly half of its exposure concentrated on technology stocks, followed by telecommunications stocks, according to regulatory documents. Their two major holdings are app delivery company Fa5 Inc., and mobile ad technology company AppLovin Corp., whose shares both fell by more than 20% in October.