Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2022 Update

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 8/15/2022. 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 2022.

Chase Coleman’s 13F portfolio value decreased ~55% from $26.64B to $11.93B. Recent 13F reports have shown 100+ positions. There are 35 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 JD.com, Microsoft, Crowd Strike, NU Holdings, and Meta Platforms. Together, they add up to ~49% 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 1: it was reported earlier this month that their losses for the year through July was ~50%. Also, they are allowing investors to withdraw 33% of their existing balances. This is compared to a 25% limit previously.

Note 2: Regulatory filings since the quarter ended show them owning 69.8M shares (~15% of the business) of Pagaya (PGY).

New Stakes:

Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased this quarter at prices between ~$106 and ~$144 and the stock currently trades at ~$112.

Stake Disposals:

DocuSign (DOCU): The 1.36% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310. Last quarter saw a ~50% selling at prices between ~$73 and ~$157. The elimination this quarter was at prices between ~$57 and ~$112. The stock currently trades at ~$64. They realized losses.

Alibaba Group Holding (BABA), Elastic N.V. (ESTC), Robinhood Markets (HOOD), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter.

Stake Increases:

Kanzhun Ltd. (BZ), SentinelOne (S), and Toast (TOST): The 2.57% BZ stake was built over the last two quarters at prices between ~$15.50 and ~$37. The stock currently trades at $22.76. SentinelOne is a ~2% of the portfolio position that saw a roughly two-thirds stake increase this quarter at prices between ~$19.60 and ~$41.50. The stock is now at $28.05. TOST is a 1.59% of the portfolio position built last quarter at prices between ~$16 and ~$33. This quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. The stock currently trades at $21.44.

Stake Decreases:

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. This quarter saw a ~37% selling at prices between $48.70 and $66.50. It is their largest 13F position at 16.44% of the portfolio (30.53M shares). The stock is now at $60.41. Last few quarters have seen only minor adjustments.

Microsoft Corporation (MSFT): MSFT is currently the second largest position at 11.11% 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. Last three quarters saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$264.

CrowdStrike Holdings (CRWD): CRWD is a 9.26% of the portfolio stake 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 last quarter at prices between ~$157 and ~$227. This quarter saw a ~25% selling at prices between ~$137 and ~$240. The stock currently trades at ~$191.

Nu Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $5.39. Tiger Global’s position is a large (top five) 6.37% portfolio stake. There was a ~20% reduction this quarter at prices between ~$3.30 and ~$8.

Note: Tiger Global has a ~6% ownership stake in Nu Holdings.

Sea Limited (SE): The 4.60% 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 last six quarters there was a ~60% stake increase at prices between ~$91 and ~$358. There was a ~40% selling this quarter at prices between ~$57 and ~$133. The stock is now at $63.47.

Note: Tiger Global’s ownership stake in Sea Limited is ~4.2% of the business.

ServiceNow, Inc. (NOW): NOW is a 4.45% 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. This quarter saw a ~55% reduction at prices between ~$412 and ~$575. The stock currently trades at ~$470.

Li Auto (LI): The bulk of the ~4% of the portfolio LI stake was built last quarter at prices between $17.60 and $32.35. This quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. The stock currently trades at $26.33.

Snowflake Inc. (SNOW): The 2.48% SNOW stake was built over the last six quarters at prices between ~$180 and ~$392. There was a ~70% reduction this quarter at prices between ~$113 and ~$241. The stock currently goes for ~$188.

Atlassian Corp Plc (TEAM): TEAM is a 2.39% portfolio stake that 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. Last two quarters saw a ~40% reduction at prices between ~$162 and ~$350. The stock currently trades at ~$259.

Amazon.com, Inc. (AMZN): AMZN is now a 2.33% 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. Last three quarters have seen the stake sold down by ~75% at prices between ~$102 and ~$185. The stock is now at ~$133.

Note 1: The prices quoted above are adjusted for the 20-for-1 stock split in June.

Note 2: AMZN has seen a previous round-trip in the portfolio. A large stake purchased in 2010 was disposed in Q1 2014. The selling was at prices above 3x their cost-basis, thereby realizing huge gains.

DoorDash (DASH): DASH is a 1.65% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $64.31. The stake was built in H1 2021 at prices between ~$125 and ~$206. Next two quarters had seen minor increases while the last two quarters saw a ~75% selling at prices between ~$60 and ~$145.

Workday, Inc. (WDAY): WDAY is a 1.58% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$170. Last two quarters saw a ~68% selling at prices between ~$137 and ~$264.

Datadog, Inc. (DDOG): DDOG is a 1.45% position built in H1 2020 at prices between ~$29 and ~$90. Last two quarters saw a roughly two-thirds reduction at prices between ~$82 and ~$175. The stock is now at ~$101.

RingCentral, Inc. (RNG): RNG is a 1.40% of the portfolio position purchased in Q1 2019 at prices between $78.50 and $112 and increased by ~120% next quarter at prices between $103 and $125. That was followed with a ~18% further increase in Q3 2021. There was also a ~25% stake increase next quarter at prices between ~$178 and ~$282. This quarter saw a ~35% reduction at prices between ~$49 and ~$125. The stock currently trades at $45.62.

Note: Tiger Global has a ~4% ownership stake in the business.

Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs in Q3 2021. Procore started trading at ~$88 and currently goes for $57.47. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a two-thirds selling over the last three quarters at prices between ~$41 and ~$105. DoubleVerify started trading at ~$36 and currently trades at $29.26. Tiger Global’s investment goes back to a funding round in 2020. There was a ~80% selling over the last three quarters at prices between ~$18 and ~$39.50.

Starry Group (STRY): STRY came to market through a De-SPAC transaction that closed in March. Tiger Global’s stake goes back to funding rounds that started with a Series B investment in 2016. The stock currently trades at $2.20. There was a ~12% trimming this quarter.

Note: Tiger Global has a ~12% ownership stake in the business.

Carvana Co. (CVNA): CVNA is now a minutely small stake. A large position was purchased in Q1 2019 at prices between $30 and $60 and increased by ~38% next quarter at prices between $58 and $75. Q3 2019 saw another ~75% stake increase at prices between $58 and $85. Last two quarters also saw a ~40% stake increase at prices between ~$105 and ~$303. This quarter saw the stake almost sold out at prices between ~$21 and ~$133. The stock is now at $36.62.

Pinduoduo Inc. (PDD): PDD stake saw a ~175% stake increase in Q4 2019 at prices between $31.25 and $43.50. Q3 2020 saw another ~135% stake increase at prices between ~$74 and ~$97. The stock is now at $69.76. Last two quarters saw the stake almost sold out at prices between ~$25.50 and ~$66.

1Life Healthcare (ONEM), Block, Inc. (SQ), Coinbase Global (COIN), Futu Holdings (FUTU), monday.com (MNDY), Qualtrics International (XM), Roblox Corp (RBLX), Shopify (SHOP), and Xpeng Inc. (XPEV): These very small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.

Kept Steady:

Meta Platforms (META) previously Facebook: The large (top five) ~6% 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 last quarter at prices between ~$187 and ~$339. The stock currently trades at ~$169.

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.

Mastercard Inc. (MA) and Ozon Holdings plc (OZON): These small (less than ~2% of the portfolio each) stakes were kept steady this quarter.

Note 1: Although the relative sizes as a percentage of the portfolio are very small, it is significant that they own substantial ownership stakes in the following businesses: 8×8, Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Katapult Holdings (KPLT), TCV Acquisition (TCVA), VTEX (VTEX), and Weave Communications (WEAV).

Note 2: 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 just below that at $19.43.

Below is a spreadsheet that shows the changes to Chase Coleman’s Tiger Global Holdings 13F portfolio holdings as of Q2 2022:

Source: John Vincent. Data constructed from Tiger Global’s 13F filings for Q1 2022 and Q2 2022.