MSFT - Tracking Chase Coleman's Tiger Global Portfolio - Q2 2023 Update

2023-09-15 00:38:45 ET

Summary

• Chase Coleman's Tiger Global Management 13F portfolio value increased from $10.99B to $11.97B this quarter.
• The largest five positions in the portfolio are Meta Platforms, Microsoft, Apollo Global, JD.com, and Take-Two Interactive.
• New stakes include Eli Lilly & Company and Novo-Nordisk, while stakes in Apple, Block Inc., Mastercard, and XP Inc. were disposed of.

This article is part of a series that provides an ongoing analysis of the changes made to Chase Coleman's Tiger Global Management 13F stock portfolio on a quarterly basis. It is based on Tiger Global's regulatory 13F Form filed on 8/14/2023. Please visit our Tracking Chase Coleman's Tiger Global Portfolio series to get an idea of their investment philosophy and our last update for the fund's moves in Q1 2023.

Chase Coleman's 13F portfolio value increased from $10.99B to $11.97B this quarter. Recent 13F reports have shown 100+ positions. There are 30 stakes that are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five positions are Meta Platforms, Microsoft, Apollo Global, JD.com, and Take-Two Interactive. Together, they add up to ~57% of the entire 13F portfolio.

Prior to founding Tiger Global Management in 2001, Chase Coleman was the technology analyst at Tiger Management from 1997 to 2000, making him a bona fide "tiger cub". To know more about Julian Robertson and his legendary Tiger Management, check out Julian Robertson: A Tiger in the Land of Bulls and Bears .

Note: Tiger Global gained 15.5% through May 2023. They lost ~56% last year.

New Stakes:

Eli Lilly & Company ( LLY ): LLY is a 2.84% of the portfolio position purchased this quarter at prices between ~$343 and ~$469 and the stock currently trades well above that range at ~$592.

Novo Nordisk ( NVO ): NVO is a very small 0.86% of the portfolio stake established during the quarter.

Stake Disposals:

Apple Inc. ( AAPL ), Block Inc. ( SQ ), Mastercard ( MA ), and XP Inc. ( XP ): These small (less than ~2.5% of the portfolio each) stakes were disposed during the quarter.

Stake Increases:

Meta Platforms ( META ), previously Facebook: META is currently the largest 13F position at ~21% of the portfolio. The stake was established in Q4 2016 at prices between $115 and $132. The buying continued through Q2 2019 at prices up to ~$200. Q4 2019 saw a ~25% selling at prices between $175 and $208. The three quarters through Q2 2021 had seen another ~42% selling at prices between ~$246 and ~$356. That was followed with a ~23% reduction in Q1 2022 at prices between ~$187 and ~$339. H2 2022 saw a stake doubling at prices between ~$89 and ~$183. That was followed by a ~15% stake increase this quarter. The stock currently trades at ~$312.

Note: Meta has seen a previous roundtrip in the portfolio. A pre-IPO investment of ~54M shares was sold out by Q4 2012. The trade generated over $1B in profits.

Apollo Global ( APO ), Intuit ( INTU ) and Take-Two Interactive ( TTWO ): These three stakes saw large increases in the last two quarters. The large (top three) ~8% APO stake was built at prices between ~$57 and ~$77. The stock currently trades well above that range at ~$91. The ~4% INTU position was built at prices between ~$376 and ~$460 and it is now at ~$548. TTWO is a ~6% position built during the last three quarters at prices between ~$94 and ~$148 and it now goes for ~$144.

Taiwan Semi ( TSM ): TSM is a 1.58% of the portfolio position established last quarter at prices between ~$74 and ~$98 and the stock currently trades at $91.47. There was a ~18% stake increase this quarter.

Nvidia ( NVDA ), Lam Research ( LRCX ), FLEETCOR Tech. ( FLT ), Uber Technologies ( UBER ), and Grab Holdings ( GRAB ): These four positions were built this quarter. The 2.22% NVDA stake was purchased at prices between ~$262 and ~$438 and the stock currently trades at ~$456. LRCX is a 1.83% of the portfolio position established at prices between ~$491 and ~$651 and it now goes for ~$656. The 1.65% FLT stake was purchased at prices between ~$207 and ~$254 and it currently trades at ~$274. UBER is a small 1.28% of the portfolio position established at prices between ~$30 and ~$44 and it now goes for $48.32. The very small 0.67% stake in GRAB saw a 27% stake increase this quarter.

Stake Decreases:

Microsoft Corporation ( MSFT ): MSFT is currently the second largest position at 16.13% of the portfolio. It was established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. Q1 2018 also saw a ~38% stake increase at prices between $85 and $97. Q4 2019 saw a ~30% selling at prices between $135 and $159 while in Q1 2021 there was a ~15% stake increase at prices between ~$212 and ~$240. The three quarters through Q2 2022 saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$339. There was a ~13% increase last quarter while this quarter saw a ~4% trimming.

JD.com ( JD ) & Calls: JD was a ~5M share position first purchased in Q4 2014 at prices between $23.50 and $27. The next two quarters saw the position built up to a huge ~70M share position (~25% of the 13F portfolio at the time) at prices between $24 and $38. H2 2018 also saw a ~42% increase at prices between $19.25 and $39.50. Q2 2022 saw a ~37% selling at prices between $48.70 and $66.50. That was followed with a ~27% reduction during Q4 2022 at prices between ~$37 and ~$60. It is their fourth largest 13F position at ~6% of the portfolio (21.07M shares). The stock is now at $31.72. The last quarter saw a ~10% increase while this quarter saw similar trimming.

Amazon.com Inc. ( AMZN ): AMZN is now a ~4% of the portfolio stake. The position was established in Q2 & Q3 2015 at prices between ~$19 and ~$27. Q1 2016 had seen a two-thirds reduction at prices between ~$24 and $34. The following quarter saw a ~40% increase at prices between ~$29 and ~$37. There was a ~38% selling in Q4 2018 at prices between ~$67 and $101. Q4 2019 and Q1 2020 saw another ~22% reduction at prices between ~$85 and ~$109. The three quarters through Q2 2022 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. Q4 2022 saw the position rebuilt at prices between ~$82 and ~$121. This quarter saw a ~62% reduction at prices between ~$98 and ~$130. The stock is now at ~$145.

Alphabet Inc. ( GOOG ): GOOG is a 3.81% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$139. The last quarter saw a ~125% stake increase at prices between ~$87 and ~$109 while this quarter saw a ~55% selling at prices between ~$104 and ~$128.

Workday Inc. ( WDAY ): WDAY is a 3.77% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$245. H1 2022 saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase in the next quarter at prices between ~$138 and ~$180. The last three quarters saw a ~37% selling at prices between ~$133 and ~$227.

ServiceNow Inc. ( NOW ): NOW is a 3.42% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. The two quarters through Q1 2021 had seen another ~45% stake increase at prices between ~$475 and ~$595. Q2 2022 saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase during Q3 2022 at prices between ~$370 and ~$516. Q4 2022 saw a ~50% reduction at prices between ~$342 and ~$426. That was followed by a ~25% selling this quarter at prices between ~$431 and ~$574. The stock currently trades at ~$590.

ZoomInfo Technologies ( ZI ): ZI is a 1.43% of the portfolio position established during Q4 2022 at prices between ~$26 and ~$49 and the stock currently trades at $17.25. There was a ~20% increase last quarter while this quarter there was a ~10% trimming.

NU Holdings ( NU ): NU had an IPO in December 2021. Shares started trading at ~$12 and currently go for $7.53. There was a ~90% reduction in the three quarters through Q4 2022 at prices between ~$3.25 and ~$8. This quarter also saw further selling. The position is now very small at 1.34% of the portfolio.

Snowflake Inc. ( SNOW ): The 1.17% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction in the next quarter at prices between ~$113 and ~$241. Q3 2022 saw a ~22% stake increase while last quarter saw a similar reduction. There was another ~60% selling this quarter at prices between ~$135 and ~$191. The stock currently goes for ~$163.

Confluent, Inc. ( CFLT ), Datadog, Inc. ( DDOG ), DLocal Limited ( DLO ), Freshworks (FRSH), HubSpot, Inc. ( HUBS ), and Kanzhun Ltd. ( BZ ): These small (less than ~1% of the portfolio each) stakes were reduced this quarter.

Kept Steady:

Sea Limited ( SE ): The 1.64% position in SE was first purchased in Q2 2018 at prices between $10.25 and $16.50. The next few quarters also saw further buying. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25 while in the next six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling in Q2 2022 at prices between ~$57 and ~$133. That was followed with a ~63% reduction during Q4 2022 at prices between ~$41 and ~$65. The stock is now at $39.89.

CrowdStrike Holdings ( CRWD ): CRWD is now a 1.10% of the portfolio stake. A large stake was established in Q2 2020 at prices between ~$55 and ~$105. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144. There was another ~17% stake increase in Q1 2022 at prices between ~$157 and ~$227. The two quarters through Q3 2022 saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$171.

Atlassian Corp ( TEAM ): The very small 0.56% TEAM stake was kept steady this quarter.

Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in SoftBank ( OTCPK:SFTBY ). The stock was at ~$20 (split-adjusted) at the time and currently trades at $22.85.

Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2023:

For further details see: