Tracking Chase Coleman’s Tiger Global Portfolio – Q3 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 11/14/2022. 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 Q2 2022.

Chase Coleman’s 13F portfolio value decreased ~9% from $11.93B to $10.90B. Recent 13F reports have shown 100+ positions. There are 33 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, ServiceNow, Meta Platforms, and Sea Limited. Together, they add up to ~43% 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 last month that their losses for the year through September was ~52%. Also, they are allowing investors to withdraw 33% of their existing balances. This is compared to a 25% limit previously.

New Stakes:

HubSpot Inc. (HUBS), Pagaya Tech. (PGY), AppLovin Corp. (APP), and Taiwan Semi (TSM): HUBS is a ~1.5% of the portfolio position purchased this quarter at prices between ~$264 and ~$407 and the stock currently trades at ~$291. 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 $0.73. APP is a small 0.89% of the portfolio position purchased this quarter at prices between ~$19.50 and ~$40.50 and it now goes for $10.36. The small 0.83% TSM stake was established at prices between ~$69 and ~$92 and the stock is now at ~$81.

Note: Their ownership stake in Pagaya is ~15%.

Stake Disposals:

Procore Technologies (PCOR): Procore had an IPO in Q3 2021. Procore started trading at ~$88 and currently goes for $50.11. Tiger Global’s position was from a funding round in 2018. The stake saw a two-thirds selling over the last three quarters at prices between ~$41 and ~$105. The disposal this quarter was at prices between ~$44 and ~$65.

1Life Healthcare (ONEM), Monday.com (MNDY), and XPeng Inc. (XPEV): These small (less than ~1.2% of the portfolio each) stakes were disposed during the quarter.

Stake Increases:

Microsoft Corporation (MSFT): MSFT is currently the second largest position at ~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. Last three quarters saw a ~60% selling at prices between ~$242 and ~$343. The stock is now at ~$245. There was a ~16% increase this quarter.

ServiceNow Inc. (NOW): NOW is a 5.87% 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. Last quarter saw a ~55% reduction at prices between ~$412 and ~$575. There was a similar increase this quarter at prices between ~$370 and ~$516. The stock currently trades at ~$394.

Meta Platforms (META), previously Facebook: The large (top five) 5.59% 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 stock currently trades at ~$116. This quarter saw a ~15% stake increase.

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.

Sea Limited (SE): The 4.92% 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 last quarter at prices between ~$57 and ~$133. The stock is now at $60.65. This quarter saw a ~17% stake increase.

Note: Tiger Global’s ownership stake in Sea Limited is ~5% of the business.

Alphabet Inc. (GOOG): GOOG is a 4.81% of the portfolio position purchased last quarter at prices between ~$106 and ~$144 and the stock currently trades at ~$93. There was a ~15% stake increase this quarter at prices between ~$96 and ~$123.

Datadog, Inc. (DDOG): DDOG is a 4.71% 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 ~$75. This quarter saw a ~200% stake increase at prices between ~$86 and ~$118.

Workday, Inc. (WDAY): WDAY is a 4.43% 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. There was a ~135% stake increase this quarter at prices between ~$138 and ~$180.

Snowflake Inc. (SNOW): The ~4% SNOW stake was built over the six quarters through Q1 2022 at prices between ~$180 and ~$392. There was a ~70% reduction last quarter at prices between ~$113 and ~$241. The stock currently goes for ~$145. This quarter saw a ~22% stake increase.

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. Last quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. This quarter saw a similar increase at prices between ~$23 and ~$40. The stock currently trades at ~$21.

Atlassian Corp. (TEAM): TEAM is a 3.33% 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 ~$137. There was a ~13% stake increase this quarter.

Amazon.com Inc. (AMZN): AMZN is now a 2.78% 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 had seen the stake sold down by ~75% at prices between ~$102 and ~$185. The stock is now at ~$89. There was a minor ~2% increase this quarter.

Note: 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.

Kanzhun Ltd. (BZ): The 2.76% BZ stake was built over the last three quarters at prices between ~$15.50 and ~$37. The stock currently trades at ~$20.

Uber Technologies (UBER): The 2.41% UBER stake was built this quarter at prices between ~$20.50 and ~$33. The stock currently trades at $26.55.

DoorDash (DASH): DASH is a 1.66% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for ~$55. The stake was built in H1 2021 at prices between ~$125 and ~$206. The last two quarters saw a ~75% selling at prices between ~$60 and ~$145 while in this quarter there was a ~20% stake increase.

Block Inc. (SQ), DLocal Limited (DLO), and Freshworks (FRSH): These small (less than ~2% of the portfolio each) stakes were increased during the quarter.

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. Last quarter saw a ~37% selling at prices between $48.70 and $66.50. It is their largest 13F position at 13.79% of the portfolio (29.86M shares). The stock is now at $58.32. There was a minor ~2% trimming this quarter.

Nu Holdings (NU): NU had an IPO last December. Shares started trading at ~$12 and currently goes for $3.93. There was a ~80% reduction in the last two quarters at prices between ~$3.30 and ~$8.10. The position is now very small at 1.87% of the portfolio.

SentinelOne (S) and Toast (TOST): SentinelOne is a ~1% of the portfolio position that saw a roughly two-thirds stake increase last quarter at prices between ~$19.60 and ~$41.50. The stock is now at $15.37. This quarter saw a ~60% selling at prices between ~$22.50 and ~$29.50. TOST is a 1.52% of the portfolio position built in Q1 2022 at prices between ~$16 and ~$33. Last quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. This quarter saw a one-third reduction at prices between ~$13.70 and ~$22.30. The stock currently trades at ~$19.30.

CrowdStrike Holdings (CRWD): CRWD is now a 1.36% 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. Last two quarters saw a ~90% reduction at prices between ~$137 and ~$240. The stock currently trades at ~$115.

DoubleVerify Holdings (DV), Futu Holdings (FUTU), RingCentral Inc. (RNG), and Starry Group (STRY): These very small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.

Note: Double Verify and Starry Group stakes are from funding rounds in 2018 and 2016 respectively. Regulatory filings since the quarter ended show them no longer holding any shares of Starry Group.

Kept Steady:

Mastercard (MA), Qualtrics International (XM) 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), ATRenew (RERE), Blend Labs (BLND), Katapult Holdings (KPLT), 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 at $22.38.

Below is a spreadsheet that shows the changes to Chase Coleman’s Tiger Global Holdings 13F portfolio holdings as of Q3 2022: