"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2022 Update"
"Chase Coleman’s 13F portfolio value decreased from $45.94B to $26.64B this quarter.Tiger Global increased Li Auto, Xpeng, Block, Monday.com, and Toast while decreasing Amazon.com, DocuSign, Datadog, Zoom Video and Uber.The largest three positions are JD.com, Microsoft, and Crowd Strike 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 5/16/2022. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q4 2021.Chase Coleman’s 13F portfolio value decreased ~42% from $45.94B to $26.64B. Recent 13F reports have shown 100+ positions. There are 43 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 Sea Limited. Together, they add up to ~40% 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: it was  earlier this month that their losses for the year through May was ~52%.New Stakes: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 $5.94.Note: Regulatory filings since the quarter ended show them owning 19.34M shares (~12% of the business) of Starry Group. This is compared to ~22M shares in the 13F report.Stake Disposals:Netflix Inc. (NFLX): The 1.42% of the portfolio position in NFLX was purchased in Q3 2017 at prices between $146 and $189. Q4 2019 saw a ~30% selling at prices between $267 and $337. Q4 2020 saw another one-third selling at prices between ~$471 and ~$554. The disposal this quarter was at prices between ~$331 and ~$597. The stock currently trades at ~$193.Note: NFLX is a frequently traded stock in Tiger Global’s portfolio. It has seen several roundtrips since 2011.Adobe Inc. (ADBE), Coupa Software (COUP), and Sunrun Inc. (RUN): These very small (less than ~1% of the portfolio each) stakes were dropped this quarter.Stake Increases:CrowdStrike Holdings (CRWD): CRWD is a 7.51% 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 this quarter at prices between ~$157 and ~$227. The stock currently trades at ~$174.Sea Limited (SE): The ~6% 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. The stock is now at ~$82.Note: Tiger Global’s ownership stake in Sea Limited is ~7% of the business.Snowflake Inc. (SNOW): The 5.88% SNOW stake was built over the last six quarters at prices between ~$180 and ~$392 and it currently goes for ~$133.ServiceNow Inc. (NOW): NOW is a 5.11% 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. The stock currently trades at ~$492. There was a ~11% stake increase this quarter.Carvana Inc. (CVNA): CVNA is a 3.82% portfolio position 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. The stock is now at $23.13.Note: Tiger Global has a ~10% ownership stake in Carvana.Shopify (SHOP): The 2.32% SHOP position was built in H1 2021 at prices between ~$885 and ~$1643 and it is now well below that range at ~$371. There was a ~14% stake increase this quarter.1Life Healthcare (ONEM), Block Inc. (SQ), Kanzhun Ltd. (BZ), Li Auto (LI), Monday.com (MNDY), Toast (TOST), and Xpeng Inc. (XPEV): These small (less than ~2% of the portfolio each) stakes were increased this 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. It is their largest 13F position at 10.59% of the portfolio (48.77M shares). The stock is now at $61.40. Last few quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is currently the second largest position at 8.46% 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 two quarters saw a ~45% selling at prices between ~$276 and ~$343. The stock is now at ~$265.NU Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $3.86. Tiger Global’s position is a large (top five) 7.38% portfolio stake. This quarter saw a ~4% trimming.Note: Tiger Global has a ~7.5% ownership stake in NU Holdings.DoorDash (DASH): DASH is a 3.61% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $68.65. The stake was built in H1 2021 at prices between ~$125 and ~$206. Last two quarters had seen minor increases while this quarter there was a ~30% selling at prices between ~$76 and ~$145.Meta Platforms (META) previously Facebook: The 3.26% 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 this quarter at prices between ~$187 and ~$339. The stock currently trades at ~$184.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.Workday Inc. (WDAY): WDAY is a 2.68% of the portfolio stake built in 2020 at prices between ~$114 and ~$258 and the stock currently trades at ~$154. This quarter saw a ~30% selling at prices between ~$213 and ~$264.Atlassian Corp plc (TEAM): TEAM is a ~2% 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. This quarter saw a ~30% reduction at prices between ~$239 and ~$350. The stock currently trades at ~$196.Amazon.com Inc. (AMZN): AMZN is now a 1.81% 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 two quarters have seen the stake sold down by ~75% at prices between ~$136 and ~$185. The stock is now at ~$116.Note 1: The prices quoted above are adjusted for the 20-for-1 stock split earlier this week.Note 2: 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 in Q1 2014 in the high-300s realizing huge gains.DocuSign (DOCU): The 1.36% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310 and the stock currently trades well below that range at ~$87. This quarter saw a ~50% selling at prices between ~$73 and ~$157.Datadog Inc. (DDOG): DDOG is a 1.27% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$104. This quarter saw a ~60% selling at prices between ~$119 and ~$175.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs in Q3 2021. Procore started trading at ~$88 and currently goes for $47.27. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a ~50% selling over the last two quarters at prices between ~$50 and ~$105. DoubleVerify started trading at ~$36 and currently trades at $22.75. Tiger Global’s investment goes back to a funding round in 2020. There was a ~55% selling over the last two quarters at prices between ~$21 and ~$40.Pinduoduo Inc. (PDD): PDD is a 0.87% position that 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 $58.70. This quarter saw a roughly two-thirds reduction at prices between ~$25.50 and ~$66.Coinbase Global (COIN): Coinbase had an IPO in April 2021. Coinbase started trading at ~$328 and currently goes for ~$64. Tiger Global’s 0.60% position goes back to a funding round in 2018 when the valuation was ~$8B. This is compared to current valuation of ~$13.25B. There was a ~70% selling this quarter at prices between ~$153 and ~$251.Alibaba Group Holdings (BABA), Apollo Global Management (APO), Confluent Inc. (CFLT), Elastic NV (ESTC), Futu Holdings (FUTU), Peloton Interactive (PTON), Qualtrics International (XM), Robinhood Markets (HOOD), Roblox Corp (RBLX), Spotify Technology (SPOT), Uber Technologies (UBER), UiPath (PATH), Warby Parker (WRBY), and Zoom Video (ZM): These small (less than ~1% of the portfolio each) stakes were decreased this quarter.Kept Steady:RingCentral Inc. (RNG): RNG is a 2.18% 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 last quarter at prices between ~$178 and ~$282. The stock currently trades at ~$58.03.Note: Tiger Global has a ~6% ownership stake in the business.MasterCard Inc. (MA): The small ~1% stake in MA was kept steady during the 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: 8x8 Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Dingdong (DDL), Katapult Holdings (KPLT), Logistics Innovation (LITT), Sumo Logic (SUMO), 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 (SFTBY). The stock was at ~$20 (split-adjusted) at the time and currently trades at $20.69.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2021 and Q1 2022.Regulatory filings from 12/9/2021 to 2/28/2022: 13G’s – 2/14 – MF – Missfresh – 78.38M shares – 12.64% of business, ONEM – 1Life – 13.79M shares – 7.23% of business, APO – 6.37M shares – 2.58% of business, PCOR – 7.89M shares – 5.98% of business, DV – DoubleVerify – 8.59M shares – 5.42% of business, DESP – 1.2M shares – 1.71% of business, NU – 266M shares – 7.63% of business, SUMO – 2.13M shares – 1.9% of business, TKAYF – Just Eat Takeaway – 13.39M shares – 6.3% of business, CVNA – 7.26M shares – 8.49% of business, TASK – TaskUs – 1.78M shares – 6.5% of business, RNG – RingCentral – 4.95M shares – 6% of business, YSG – Yatsen Holding – 5.71M shares – 1.28% of business, BLND – Blend Labs – 19.9M shares – 9.2% of business, ."