(Bloomberg) -- Tiger Global Management’s hedge fund slid less than 1% in July even as its bets on Chinese companies soured amid the nation’s regulatory overhaul.

The 0.8% loss last month pared its gain for the year to 4.4%, according to people familiar with Chase Coleman’s $65 billion firm. The fund rose 6.3% in June.

China imposed sweeping changes last month in some of the nation’s most vibrant sectors, including technology and education, as Beijing sought to rein in private enterprises it blames for worsening inequality, increasing financial risk and challenging the government’s authority.

Tiger Global has more exposure to China than its U.S. hedge fund peers by one measure: It held $8.6 billion of American depositary receipts of Chinese companies as of March 31. It also makes private-equity investments in the country.

Its biggest equity holding at the end of the first quarter, Beijing-based JD.com Inc., dropped 11% in July, while Alibaba Group Holding Ltd. tumbled 14% and Pinduoduo Inc. plunged 28%. The firm’s positions may have changed since then.

A spokeswoman for New York-based Tiger Global declined to comment.

Read more: Goldman’s China Hedge Fund Clients Had Second-Worst Month Ever

The carnage in China was probably mitigated by the firm’s stakes in U.S. tech companies. Microsoft Corp., its No. 2 holding at the end of the first quarter, gained 5.2% in July, while Carvana Co., its ninth-largest, advanced 12%.

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