This year’s tech-driven carnage in the stock market is carving out hedge fund winners from losers — showing up in diverging fortunes that haven’t been seen in years. Hedge funds that rode the tech wave up are getting crushed on the way down, especially those that doubled down on 2022’s biggest laggards in the first quarter. Other, more nimble managers swiftly pivoted away from technology, likely dodging or alleviating some of the pain. A number of the so-called Tiger Cubs — proteges of legendary hedge fund pioneer Julian Robertson — added to their underperforming growth darlings in the first quarter before the sell-off got even uglier, regulatory filings showed. Coatue Management’s Philippe Laffont increased stakes in his favorite technology stocks — including Netflix and DoorDash — in the first quarter, possibly inflicting big pain on his hedge fund. Netflix is the worst-performing stock in the S & P 500 this year, down nearly 70%. The streaming stock’s declines were exacerbated during the second quarter amid a surprise loss in subscribers. Chase Coleman’s Tiger Global is having a rough year as he stuck to a number of tech holdings that have been in a freefall lately, including Snowflake , Carvana and Sea Ltd . Coleman’s growth-focused flagship fund at Tiger Global reportedly tumbled 15% in April, pushing its 2022 rout to 44% and wiping out nearly all of its gains since 2019. Lee Ainslie’s Maverick Capital also added to its positions last quarter in a number of stocks that have been hit hard, including Carvana, Uber and Snowflake. The technology sector has been at the epicenter of the market turmoil this year, especially hitting unprofitable firms and richly-valued software names. The tech-heavy Nasdaq Composite is sinking deeper into a bear market in the face of rising rates, off nearly 29% from its all-time high. Sidestepping turmoil During the extreme volatility this year, some hedge funds still managed to sidestep the market turmoil, partly by taking down tech exposure and picking up winning cyclical stocks. Baupost’s Seth Klarman found a few buying opportunities among small caps during the first quarter, including Atlanta-based television broadcaster Gray Television as well as breakfast cereal maker Post Holdings and its spinoff, Bellring Brands . All three new additions have outperformed the broader market this year. Klarman, a longtime value investor often compared to Warren Buffett, also cut losses in a dozen SPACs that have been hit particularly hard this year. Meanwhile, Dan Loeb’s Third Point closed out a major position in Google-parent Alphabet last quarter, while selling more than 90% of its shares in Amazon and nearly 70% of its position in Microsoft . Loeb’s main funds only posted a narrow loss of 1% in April, compared to a near 9% decline for the S & P 500 and a 13% drop for the Nasdaq Composite , according to an investor letter obtained by CNBC. The manager said he adjusted his portfolio swiftly during this year’s volatility, reducing his exposure to rate-sensitive tech names. Loeb revealed that his net exposure is lower and buying power higher than at any time during the past 10 years. Loeb increased his exposure to energy and other cyclical sectors last quarter, including initiating a position in copper and nickel miner Glencore and adding to his bets on Shell and Pacific Gas & Electric .