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Ex-Viking Manager Nettimi Gains Over 20% for Third Straight Year

By Mark GrundellBloombergJanuary 22, 2026 at 3:25 PMBullish1 min read

Amidst Market Volatility, SurgoCap's Alpha Generation Highlights Fundamental Prowess

Mala Gaonkar's SurgoCap Partners has delivered over 20% returns for the third consecutive year, a significant achievement contrasting with many peers' struggles in a bifurcated equity market.

Analyst sentiment: Bullish
What to watch next

Investors will closely watch if SurgoCap can maintain its high-alpha performance as its assets under management inevitably grow.

Key Takeaways

  • 1SurgoCap Partners, founded by Mala Gaonkar, has delivered annualized returns above 20% for three consecutive years since its launch.
  • 2The fund's performance significantly outperforms the average hedge fund return, showcasing the strength of Gaonkar's data-centric investment strategy.
  • 3Gaonkar previously served as a co-portfolio manager at Viking Global Investors, marking her as one of the most successful women in the history of the hedge fund industry.

Mala Gaonkar’s SurgoCap Partners, led by the former Viking Global Investors executive, has achieved an impressive third consecutive year of returns exceeding 20%. This performance is particularly notable as it occurs against a backdrop of volatile interest rate environments and a bifurcated equity market where many long/short managers have struggled to keep pace with the S&P 500's tech-driven rally. SurgoCap’s success underscores a persistent trend in the hedge fund industry: the 'Tiger Cub' lineage continues to produce top-tier talent capable of generating alpha through concentrated, fundamental-based stock picking. The fund’s ability to navigate the 2023-2024 AI-driven surge while maintaining risk management protocols suggests a sophisticated approach to the technology and healthcare sectors. For institutional investors, this streak validates the move toward boutique, specialized firms over massive multi-strategy platforms that have faced mounting fee and performance scrutiny. Looking ahead, the key for SurgoCap will be maintaining this trajectory as assets under management (AUM) likely swell following this high-profile performance, testing the scalability of Gaonkar’s investment thesis in a potentially softening macro environment.

Mala Gaonkar’s SurgoCap Partners, founded by a former Viking Global Investors executive, has announced a remarkable third consecutive year with returns exceeding 20%. This achievement is particularly noteworthy given the prevailing market conditions, characterized by volatile interest rates and a highly stratified equity market where many long/short hedge funds have lagged behind the tech-heavy S&P 500. SurgoCap’s consistent outperformance underscores the enduring strength of fundamental, concentrated stock picking, a hallmark of the 'Tiger Cub' lineage from which Gaonkar emerged. The fund’s adept navigation of the AI-driven market surge in 2023-2024, coupled with robust risk management, highlights a sophisticated investment approach primarily focused on technology and healthcare sectors. For institutional investors, this streak validates the appeal of specialized boutique firms over larger multi-strategy platforms that often face scrutiny regarding fees and performance. This sustained success will undoubtedly attract significant capital inflows, posing the next challenge for SurgoCap. The key question for the firm will be its ability to scale its investment thesis effectively and maintain its impressive alpha generation as assets under management increase, especially within a potentially softening macroeconomic landscape. The full implications for investors will depend on follow-through in price action, positioning data and forthcoming policy or earnings catalysts referenced above.

Related Topics

Hedge FundsAsset ManagementViking GlobalSurgoCapAlpha GenerationEquity Long/ShortMala Gaonkar

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