SE - Tracking Chase Coleman's Tiger Global Portfolio - Q4 2022 Update

2023-03-27 07:07:42 ET

Summary

• Chase Coleman’s 13F portfolio value decreased from $10.90B to $8.16B this quarter.
• Tiger Global increased Meta Platforms and Amazon while reducing Sea Limited, Block Inc., Datadog, and Atlassian. They also dropped Li Auto and DoorDash.
• The largest three positions are Microsoft, JD.com, and Meta Platforms, and they add up to ~42% of the portfolio.

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 2/14/2023. 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 Q3 2022.

Chase Coleman's 13F portfolio value decreased ~25% from $10.90B to $8.16B. Recent 13F reports have shown 100+ positions. There are 32 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 Microsoft, JD.com, Meta Platforms, Amazon.com, and Workday. Together, they add up to ~56% 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: it was reported in January that they lost ~56% last year.

New Stakes:

ZoomInfo Technologies ( ZI ): ZI is a 2.30% of the portfolio position established this quarter at prices between ~$26 and ~$49 and the stock currently trades below that range at $23.18.

Take-Two Interactive ( TTWO ), Confluent, Inc. ( CFLT ), Match Group ( MTCH ), Grab Holdings ( GRAB ), and MongoDB ( MDB ): These are small (less than ~1% of the portfolio each) stakes established this quarter.

Stake Disposals:

Li Auto ( LI ): The bulk of the 3.64% of the portfolio LI stake was built in Q1 2022 at prices between $17.60 and $32.35. The next quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. Last quarter saw a similar increase at prices between ~$23 and ~$40. The disposal this quarter was at prices between ~$13.50 and ~$24.50. The stock currently trades at $23.38.

DoorDash ( DASH ): DASH was a 1.66% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $60.67. The stake was built in H1 2021 at prices between ~$125 and ~$206. H1 2022 saw a ~75% selling at prices between ~$60 and ~$145 while in the last quarter there was a ~20% stake increase. The elimination this quarter was at prices between ~$43 and ~$63.

Taiwan Semi ( TSM ) : The small 0.83% TSM stake was established last quarter at prices between ~$69 and ~$92. The stake was sold this quarter at prices between ~$60 and ~$83. The stock is now at $92.79.

DoubleVerify Holdings ( DV ), Futu Holdings ( FUTU ), RingCentral Inc. ( RNG ), and Starry Group (STRYQ): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter.

Note: Double Verify and Starry Group stakes were from funding rounds in 2018 and 2016 respectively.

Stake Increases:

Meta Platforms ( META ), previously Facebook: The large (top three) ~12% META 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. The last two quarters saw a stake doubling at prices between ~$89 and ~$183. The stock currently trades at ~$206.

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.

Amazon.com Inc. ( AMZN ): AMZN is now a large (top five) 8.85% 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 had seen 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. This quarter saw the position rebuilt at prices between ~$82 and ~$121. The stock is now at ~$98.

DLocal Limited ( DLO ): The small 1.36% stake DLO saw a two-thirds increase this quarter at prices between ~$10.50 and ~$24. The stock is now at $15.37.

Stake Decreases:

Microsoft Corporation ( MSFT ): MSFT is currently the largest position at 15.45% 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 ~$281. There was a ~16% increase last quarter while this quarter saw a ~12% 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 had also seen 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 this quarter at prices between ~$37 and ~$60. It is their second largest 13F position at ~15% of the portfolio (21.82M shares). The stock is now at $40.29.

Workday Inc. ( WDAY ): WDAY is a 5.67% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$190. The last two quarters saw a ~68% selling at prices between ~$137 and ~$264. There was a ~135% stake increase last quarter at prices between ~$138 and ~$180. This quarter saw a ~13% trimming.

Snowflake Inc. ( SNOW ): The 4.49% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction next quarter at prices between ~$113 and ~$241. The last quarter saw a ~22% stake increase. The stock currently goes for ~$137. There was marginal trimming this quarter.

Alphabet Inc. ( GOOG ): GOOG is a ~4% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$106. There was a ~15% stake increase last quarter at prices between ~$96 and ~$123. This quarter saw a one-third selling at prices between ~$83.50 and ~$105.

ServiceNow Inc. ( NOW ): NOW is a 3.85% 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 last quarter at prices between ~$370 and ~$516. This quarter saw a ~50% reduction at prices between ~$342 and ~$426. The stock currently trades at ~$433.

Kanzhun Ltd. ( BZ ): The 3.46% BZ stake was built over the last three quarters at prices between ~$15.50 and ~$37. The stock currently trades at $19.59. There was a ~22% reduction this quarter at prices between ~$11 and ~$21.

Sea Limited ( SE ): The 2.27% 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 this quarter at prices between ~$41 and ~$65. The stock is now at $83.38.

Nu Holdings ( NU ): NU had an IPO in December 2021. Shares started trading at ~$12 and currently goes for $4.17. There was a ~90% reduction in the last three quarters at prices between ~$3.25 and ~$8. The position is now very small at 1.26% of the portfolio.

HubSpot Inc. ( HUBS ), Pagaya Tech. ( PGY ), and AppLovin Corp. ( APP ) : HUBS is a 1.19% of the portfolio position purchased last quarter at prices between ~$264 and ~$407 and the stock currently trades at ~$396. There was a ~45% selling this quarter at prices between ~$256 and ~$314. PGY came to market through a SPAC transaction with EJF Acquisition. Tiger Global invested through the PIPE at $10 per share. The stock is now at $1.03. This quarter saw a ~15% trimming. APP is a small 0.55% of the portfolio position purchased last quarter at prices between ~$19.50 and ~$40.50 and it now goes for $14.17. There was a ~14% trimming this quarter.

Note: Their ownership stake in Pagaya is ~13%.

Datadog, Inc. ( DDOG ): DDOG is now a small 0.87% position. A large stake was built in H1 2020 at prices between ~$29 and ~$90. H1 2022 saw a roughly two-thirds reduction at prices between ~$82 and ~$175. The stock is now at ~$65.24. Last quarter saw a ~200% stake increase at prices between ~$86 and ~$118 while this quarter saw the position reduced by ~85% at prices between ~$67 and ~$95.

SentinelOne ( S ) and Toast ( TOST ): SentinelOne is a 0.71% of the portfolio position that saw a roughly two-thirds stake increase in Q2 2022 at prices between ~$19.60 and ~$41.50. The stock is now at $14.64. Last quarter saw a ~60% selling at prices between ~$22.50 and ~$29.50. This quarter also saw a minor ~4% trimming. TOST is a 0.53% of the portfolio position built in Q1 2022 at prices between ~$16 and ~$33. Next quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. Last quarter saw a one-third reduction at prices between ~$13.70 and ~$22.30. That was followed with another ~75% selling this quarter at prices between ~$16.50 and ~$22. The stock currently trades at $16.23.

Atlassian Corp plc ( TEAM ): TEAM is now a small 0.63% portfolio stake. The original stake saw a ~150% stake increase in Q4 2019 at prices between $108 and $133. There was a ~85% stake increase in Q3 2020 at prices between ~$161 and ~$197. H1 2022 saw a ~40% reduction at prices between ~$162 and ~$350. That was followed with another ~77% selling this quarter at prices between ~$116 and ~$243. The stock currently trades at ~$153.

Block, Inc. ( SQ ), Freshworks (FRSH), Ozon Holdings plc ( OZON ), Qualtrics International ( XM ), and Uber Technologies ( UBER ): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

Mastercard ( MA ): The ~3% MA stake was kept steady this quarter.

CrowdStrike Holdings ( CRWD ): CRWD is now a 1.16% 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 last two quarters saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$132.

Note: In July 2018, it was reported that Tiger Global has taken a ~$1B stake in SoftBank (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $18.93.

Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2022:

For further details see: