"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2023 Update"
"Chase Coleman’s 13F portfolio value increased from $8.16B to $10.99B this quarter.Tiger Global increased Alphabet, Take-Two Interactive, Intuit, and Datadog while reducing Snowflake, Kanzhun, and Hubspot.The largest three positions are Microsoft, Meta Platforms, and JD.com, and they add up to ~40% 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  filed on 5/15/2023. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q4 2022.Chase Coleman’s 13F portfolio value increased from $8.16B to $10.99B this quarter. 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 Microsoft, Meta Platforms, JD.com, Amazon.com, and Alphabet. 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 .Note: Tiger Global gained 7.3% during Q1 2023. They lost ~56% last year.New Stakes:Taiwan Semi (TSM), Apple Inc. (AAPL), and XP Inc. (XP): TSM is a 1.34% of the portfolio position established this quarter at prices between ~$74 and ~$98 and the stock currently trades well above that range at ~$107. The 1.28% AAPL stake was purchased at prices between ~$125 and ~$165 and it now goes for ~$184. XP is a small 0.79% position established at prices between $10.65 and $18.11 and it is now at $21.14.Stake Disposals:AppLovin Corp (APP), Match Group (MTCH), and Qualtrics International (XM): These very small (less than ~0.75% of the portfolio each) stakes were disposed during the quarter.Stake Increases:Microsoft Corporation (MSFT): MSFT is currently the largest position at 15.55% 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 ~$337. There was a ~13% increase this quarter.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 last quarter at prices between ~$37 and ~$60. It is their third largest 13F position at 9.61% of the portfolio (24.08M shares). The stock is now at $38.64. This quarter saw a ~10% increase.Amazon.com Inc. (AMZN): AMZN is now a large (top five) 9.10% 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. Last quarter saw the position rebuilt at prices between ~$82 and ~$121. The stock is now at ~$126. There was a ~13% increase this quarter.Alphabet Inc. (GOOG): GOOG is a ~8% of the portfolio position purchased during Q2 2022 at prices between ~$106 and ~$144 and the stock currently trades at ~$124. This quarter saw a ~125% stake increase at prices between ~$87 and ~$109.Apollo Global (APO), Intuit (INTU) and Take-Two Interactive (TTWO): These three stakes saw large increases this quarter. The 1.50% APO stake saw a ~315% increase this quarter at prices between ~$56.50 and ~$74. The stock currently trades at $76.15. The 1.82% INTU position was primarily built this quarter at prices between ~$376 and ~$452 and it is now at ~$446. TTWO is a 2.60% position built during the last two quarters at prices between ~$94 and ~$126 and it now goes for ~$137.Datadog Inc. (DDOG): DDOG is now at 1.75% of the portfolio. 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. Q3 2022 saw a ~200% stake increase at prices between ~$86 and ~$118 while the last quarter saw the position reduced by ~85% at prices between ~$67 and ~$95. There was a ~175% stake increase this quarter at prices between ~$63.50 and ~$89. The stock is now at ~$96.Zoominfo Technologies (ZI): ZI is a 1.68% of the portfolio position established last quarter at prices between ~$26 and ~$49 and the stock currently trades at $27.65. There was a ~20% increase this quarter.Confluent Inc. (CFLT): The 1.26% CFLT stake was built during the last two quarters at prices between ~$18 and ~$29 and the stock currently trades at $34.57.NU Holdings (NU): NU had an IPO in December 2021. Shares started trading at ~$12 and currently go for $7.35. There was a ~90% reduction in the last three quarters at prices between ~$3.25 and ~$8. The position is now very small at 1.10% of the portfolio. There was a marginal increase this quarter.Stake Decreases:Meta Platforms (META) previously Facebook: The large (top three) 14.37% 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 ~$273. This quarter saw a minor ~6% trimming.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.Workday Inc. (WDAY): WDAY is a 4.73% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$217. 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 two quarters saw a ~20% trimming.Sea Limited (SE): The 2.65% 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 last quarter at prices between ~$41 and ~$65. The stock is now at $63.64. There was a minor ~5% trimming this quarter.Snowflake Inc. (SNOW): The 2.60% 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 this quarter saw a similar reduction. The stock currently goes for ~$181.Kanzhun Ltd. (BZ): The 1.48% BZ stake was built over the three quarters through Q3 2022 at prices between ~$15.50 and ~$37. There was a ~52% reduction in the last two quarters at prices between ~$10.75 and ~$26. The stock currently trades at $16.82.HubSpot Inc. (HUBS): HUBS is a 1.19% of the portfolio position purchased during Q3 2022 at prices between ~$264 and ~$407 and the stock currently trades at ~$504. There was a ~62% selling in the last two quarters at prices between ~$256 and ~$429.Pagaya Tech. (PGY): 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 $1.20. The last two quarters saw a ~40% reduction.Block Inc. (SQ), DLocal Limited (DLO), Freshworks (FRSH), MongoDB (MDB), Ozon Holdings plc (OZON), SentinelOne (S) and Toast (TOST): These small (less than ~1.5% of the portfolio each) stakes were reduced during the quarter.Kept Steady: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. The last quarter saw a ~50% reduction at prices between ~$342 and ~$426. The stock currently trades at ~$567.MasterCard (MA): The 2.39% MA stake was kept steady this quarter.CrowdStrike Holdings (CRWD): CRWD is now a 1.12% 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 ~$154.Atlassian Corp plc (TEAM) and Grab Holdings (GRAB): These two very small (less than ~0.65% of the portfolio each) stakes were kept steady this quarter.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 $23.61.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2023:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2022 and Q1 2023.Tiger lost 56% in 2022 -Regulatory filings from 11/25/2022 to 3/21/2023: 13G/As – 2/14 – PRM – Perimeter Solutions – zero, XM – Qualtrics – 1.49M shares – 0.9% of business, TASK – TaskUs – zero, RNG – RingCentral – zero, ProCore Tech – zero, Just Eat Takeaway – zero, DV – DoubleVerify – zero, CVNA – zero, Logistics Innovation Tech. – zero, Blend Labs – zero, 1Life Healthcare – zero, Katapault – KPLT – 2.5M shares – 2.5% of business, EMBK – Embark Tech. – zero, DingDong Cayman – zero, NU – zero, WEAV – Weave Communications – 4.36M shares – 6.7% of business, Missfresh – zero, EGHT – 8x8 – zero, TCV Acq. – zero, Pagaya – PGY – 66.16M shares – 13% of business. 12/23 – 13G/A - VTEX – zero, . 12/8 – 13G/A – STRY – zero, Form 4 – 12/6 – disposals at 16 to 18c, Form 4 – 12/1 – disposals at 19c, Form 4 – 11/28 – disposals at 20c, . 13G/A – 12/2 – ATRenew – 7.65M shares – 8.3% of business."