Stock-picking hedge funds around the world are hurting amid the market rout.

And then there is Marcho Partners, a tech-focused fund founded by a one-time deputy of tech investor Chamath Palihapitiya. The London-based fund, which had over $1bn in assets under management at its peak, was down nearly 84% through June 30, according to a summary Marcho sent to its investors, marking one of the worst-known performances for a hedge fund so far in 2022.