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Hedge fund Coatue Management plans to return more than $2 billion in capital to investors in its flagship fund on June 30 after extreme volatility in technology stocks led to a nine percent loss in March.

“We are focused on returns and do not want to become asset gatherers,” Coatue founder Philippe Laffont wrote in an April 4 investor letter reviewed by CNBC. He added that the flagship fund’s assets had grown from $1 billion to more than $7 billion in the past six years. “We believe the right size for Flagship is $5 billion,” he wrote.

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