"Tracking Chase Coleman’s Tiger Global Portfolio – Q4 2018 Update"
"Chase Coleman’s 13F portfolio value decreased from $21.09B to $15.02B this quarter.Tiger Global increased JD.com and Fiat Chrysler while reducing Amazon.com, Booking Holdings, Alibaba Group Holdings, and Netflix during the quarter.The largest three positions are Spotify Technology, Microsoft Corporation, and JD.com, and they add up to ~27% 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 02/14/2019. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q3 2018.Chase Coleman’s 13F portfolio value decreased ~29% this quarter from $21.09B to $15.02B. Recent 13F reports have shown around 50 positions. 32 of those are significantly large (more than 0.5% of the portfolio each) and they are the focus of this article. The largest five stakes are Spotify Technology, Microsoft Corporation, JD.com, Fiat Chrysler, and Amazon.com. Together, they add up to ~42% 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 .New Stakes:StoneCo Ltd. (STNE): STNE is a 1.30% of the portfolio stake that came about as a result of its IPO in October. Tiger Global had a stake in the business prior to the IPO. The offering was priced at $24 (first day close was ~$31) and the stock is currently at ~$30. Tiger Global has a ~8.2% ownership stake in the business.Stake Disposals:Apple Inc. (AAPL): The 1.10% AAPL stake was purchased last quarter at prices between $184 and $228 and disposed this quarter at prices between $142 and $232. The stock currently trades at $173.Twitter Inc. (TWTR): TWTR was a ~1% portfolio position purchased in Q1 2018 at prices between $22 and $36.50 and increased by ~24% next quarter at prices between $27.50 and $47. It is now at $30.04. Last quarter saw a ~40% selling at prices between $28 and $47 and the disposal this quarter was at prices between $26.50 and $36.Stake Decreases:Amazon.com Inc. (AMZN): AMZN is currently a top five 13F stake at 7.44% of the portfolio. The position was established in Q2 & Q3 2015 at prices between $370 and $540. Q1 2016 had seen a two-thirds reduction at prices between $482 and $676. The following quarter saw a ~40% increase at prices between $586 and $728. There was a ~38% selling this quarter at prices between $1344 and $2013. The stock is now at $1621.Note: AMZN has seen a previous round-trip in the portfolio. A 1M share stake purchased in 2010 in the low-100s price range was disposed of in Q1 2014 in the high-300s realizing huge gains.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a fairly large ~5% of the portfolio position. The stake was purchased in Q4 2015 at prices between $1237 and $1465. Q3 2016 saw a one-third increase at prices between $1248 and $1473 and that was followed with another similar increase the following quarter at prices between $1424 and $1578. There was a ~15% trimming in Q1 2017 and that was followed with a ~27% selling in Q4 2017 at prices between $1646 and $1943. Q1 2018 saw another ~18% selling at prices between $1750 and $2206 and that was followed with a one-third reduction this quarter at prices between $1617 and $1998. The stock is now at $1716.Note: Booking Holdings has seen a previous roundtrip in the portfolio. A fairly large position first purchased in 2007 was disposed in 2015 realizing huge profits.Alibaba Group Holdings (BABA): BABA is a ~4% portfolio stake established in Q3 2016 at prices between $78.50 and $109. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while Q2 2018 there was a similar increase at prices between $168 and $211. Last quarter saw a ~45% increase at prices between $156 and $198 while this quarter saw a ~36% selling at prices between $131 and $164. The stock currently trades at $175.Domino’s Pizza (DPZ): DPZ is a ~3% portfolio stake established in Q4 2016 with the bulk purchased in the following quarter at prices between $151 and $172. Q2 2017 saw a ~30% selling at prices between $174 and $219. The stock is now at ~$251. Q3 2017 saw a ~16% increase while the following quarter there was a ~11% trimming. This quarter also saw similar trimming.Netflix Inc. (NFLX): NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen multiple roundtrips since 2011. The bulk of the current 2.63% position was purchased in Q3 2017 at prices between $146 and $189. There was ~43% reduction next quarter at prices between $177 and $203 while Q1 2018 saw a ~23% increase at prices between $200 and $330. There was a one-third selling this quarter at prices between $234 and $381. The stock currently trades at $350.Salesforce.com (CRM): CRM is a ~2% position purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. It now goes for $155. This quarter saw a marginal reduction.TAL Education (TAL): The 1.70% TAL stake was purchased in Q4 2016 at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. Last quarter saw a ~16% increase while this quarter there was a similar reduction. The stock is now at $34.75.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Despegar.com (DESP): DESP is a ~1% of the portfolio position. It came about as a result of the Argentine airline booking business’s IPO in September 2017. Tiger Global had a majority ownership interest in the business prior to the IPO. The stock started trading at ~$32 and currently goes for $17.35. There was a ~20% reduction last quarter at prices between $15 and $22 and that was followed with a ~50% selling this quarter at prices between $11.50 and $17.Note: Tiger Global’s ownership stake in the business is ~18%.Mercadolibre (MELI): MELI is a 0.76% portfolio stake established in Q1 2018 at prices between $320 and $414 and increased by ~85% next quarter at prices between $285 and $356. The stock is currently at ~$450. Last quarter saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction this quarter at prices between $258 and $370.New Oriental Education (EDU): EDU is a ~1% portfolio position purchased in Q4 2016 at prices between $42 and $52 and increased by ~55% the following quarter at prices between $42 and $60. Q4 2017 also saw a ~28% increase at prices between $81.50 and $94. The stock is now at $79.02. There was a ~23% selling this quarter at prices between $51 and $71.Note: TAL Education has seen a previous roundtrip in the portfolio. Tiger Global had a majority ownership stake in TAL Education prior to its IPO. The position was disposed by Q1 2014.Uxin Limited ADR (UXIN): UXIN is a venture capital investment and became part of Tiger Global’s 13F portfolio following its IPO in Q2 2018. UXIN started trading at ~$9 and currently goes for $4.79. The stake is at 0.61% of the portfolio. There was a ~25% selling this quarter at prices between $2.85 and $9.55.Note: Tiger Global has 6.8% ownership stake in UXIN.Autodesk Inc. (ADSK): ADSK is a 0.75% portfolio stake purchased in Q3 2017 at prices between $99 and $117 and increased by ~75% the following quarter at prices between $104 and $130. The stock currently trades at ~$152. The position was sold down by almost two-thirds this quarter at prices between $118 and $155.Coupa Software (COUP), MasterCard Inc. (MA), Restaurant Brands International (QSR), ServiceNow Inc. (NOW), and Visa Inc. (V): These very small positions (less than ~0.60% of the portfolio each) were reduced this quarter.Stake Increases:Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. Tiger Global controls ~7.2% of Spotify. Currently, the Spotify stake is their largest 13F position at ~10% of the portfolio. SPOT started trading at ~$150 and currently goes for ~$140. This quarter saw a marginal stake increase.Microsoft Corporation (MSFT): MSFT is a large (top three) ~9% portfolio stake established in Q4 2016 at prices between $57 and $63 and increased by ~400% in Q2 2017 at prices between $65 and $72. The stock is now at ~$111. Q4 2017 saw a ~9% trimming while next quarter there was a ~38% stake increase at prices between $85 and $97. There was a marginal 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. Since then, the stake has wavered. The stock is now at $27.05. Last two quarters have seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at ~8% of the portfolio (~58M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Fiat Chrysler (FCAU): FCAU is now a large ~8% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a one-third reduction in Q1 2017 at prices between $9.50 and $11.50 and that was followed with a ~40% selling next quarter at prices between $9.70 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase last quarter at prices between $15.50 and $20.50. There was another ~30% increase this quarter at prices between $14 and $18. The stock is now at $14.38. For investors attempting to follow, FCAU is a good option to consider for further research.Note: Tiger Global’s ownership stake is at 5.3%.Apollo Global Management (APO): APO is a large ~6% portfolio position first purchased in Q1 2017 at prices between $19.50 and $24.50 and increased by ~40% the following quarter at prices between $24 and $28.50. This quarter also saw a ~9% stake increase. The stock is now at ~$28.Note: Tiger Global’s ownership stake is at ~19%.Facebook Inc. (FB): The 4.69% FB stake was established in Q4 2016 at prices between $115 and $132. Q3 2017 saw a ~250% stake increase at prices between $148 and $174 and that was followed with a one-third increase the following quarter at prices between $168 and $183. There was another ~135% increase in Q1 2018 at prices between $152 and $193. The stock currently goes for $170. Last quarter saw a ~25% selling at prices between $160 and $218 while this quarter there was a ~16% increase at prices between $124 and $162.Note: Facebook 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.Transdigm Group (TDG): TDG is a 4.68% of the portfolio position. It was first purchased in Q4 2016 at prices between $245 and $289. H1 2017 saw the position built up to a large ~9% portfolio stake (4M shares) at prices between $210 and $272. There was a ~20% selling in Q3 2017 at prices between $264 and $288 and that was followed with a ~40% reduction next quarter at prices between $256 and $285. The pattern reversed in Q1 2018: ~44% increase at prices between $270 and $317. The stock currently trades at ~$428. Last two quarters had seen a ~35% selling at prices between $301 and $373 while this quarter saw a ~12% stake increase.Note 1: Tiger Global has a 3.9% ownership stake in Transdigm Group.Note 2: TDG has seen a previous round-trip in the portfolio: a long-term position significantly increased in H2 2013 was disposed in Q1 2016 realizing long-term gains.FleetCor Technologies (FLT): FLT is a 2.22% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follow: There was an almost two-thirds increase in Q2 2017 at prices between $131 and $151 and that was followed with a ~23% increase the following quarter at prices between $139 and $155. Q4 2017 saw a ~50% reduction at prices between $155 and $193 while this quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$228.Adobe Systems (ADBE): The bulk of the 1.56% ADBE stake was purchased over the last two quarters at prices between $205 and $275. The stock currently trades at $255.Zendesk Inc. (ZEN): ZEN is a 1.41% position established last quarter at prices between $54.50 and $72 and increased by ~15% this quarter. The stock is now at $77.20.Sunrun Inc. (RUN) and Sea Limited (SE): These are small positions (less than ~1.5% of the portfolio each) that saw increases this quarter.Note 1: Regulatory filings since the quarter ended show them owning 18.56M shares of Sunrun. This is compared to 17.82M shares in the 13F Report. The increase happened at ~$16.30. Their ownership stake is at ~16.5%.Note 2: Tiger Global’s ownership stake in Sea Limited is ~7% of business.Kept Steady:Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK were Tiger Global's IPO winners last quarter. Both were private equity investments that became part of the 13F portfolio following their IPOs in September. Eventbrite IPO was priced at $23 and started trading at $36. The stock is currently at $24.46. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $15.20. The EB and SVMK stakes are currently at 2.66% and 2.49% of the portfolio respectively.Note: Tiger Global controls ~19% of Eventbrite and ~24.4% of SVMK.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Docusign Inc. (DOCU), DropBox (DBX), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Netshoes Cayman (NETS), Okta Inc. (OKTA), OneSmart Intl. (ONE), J C Penney (JCP), Pinduoduo Inc. (PDD), Pivotal Software (PVTL), Pure Storage (PSTG), Puxin Ltd (NEW), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Tencent Music (TME), and ZTO Express Cayman (ZTO).Note: Last July, it was  that Tiger Global has taken a ~$1B stake in Softbank (SFTBY). Their thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Alibaba stake tax-deferred spinoff. They believe NAV is $190B which implies the stock has to double for NAV to reach current price (~$40 per share at the time). The stock currently trades at $46.37.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q4 2018:Regulatory filings thru 11/26/2018: Form 4 – 11/20, 11/16, 10/24, 10/23,  – APO – 100K shares acquired at $27.544 – 36.4M shares remain, 950K shares @ ~$28.10, 100K shares @ ~$28.50, 800K shares @ 29.25, Form 4 – 10/11, 10/1  – RUN – 230K shares @ ~$11.50 – 15.23M shares, 120K shares ~$12, Form 3 – 9/25 – SVMK - ~30.4M shares, 13G – 8/23 – SEA – 11.16M shares – 6.1% of business,10/2018: Coleman’s  – Eventbrite (EB) & Survey Monkey (SVMK)."