(Bloomberg) -- Philippe Laffont’s Coatue Management posted a gain of about 6% for its hedge fund last month, beating the broader stock market, as some of its biggest equity holdings surged. 

Artificial intelligence juggernaut Nvidia Corp. and Elon Musk’s Tesla Inc., which were among Coatue’s biggest holdings at the end of the first quarter, rallied 36% and 24%, respectively, in May. 

Those stocks and other Coatue tech holdings — including Meta Platforms Inc., Amazon.com Inc., Microsoft Corp., Netflix Inc., and Adobe Inc. — were among the top performers last month in the S&P 500, helping the benchmark eke out a 0.25% gain. Three-quarters of the companies in the index declined during the period. 

Coatue’s monthly gain boosted the hedge fund’s return for the year to 13%, according to an investor document seen by Bloomberg. A spokeswoman for the New York-based firm declined to comment Thursday. 

Read More: Coatue Seeks Cash to Lift Returns for 2021 Growth Fund Clients

In a recent letter to investors, Laffont called AI  “hands down the most exciting trend I have seen in my investment career.”

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