"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2019 Update"
"Chase Coleman’s 13F portfolio value increased from $18.47B to $18.88B this quarter.Tiger Global increased Alibaba Group Holdings and Facebook while decreasing Fiat Chrysler during the quarter.The largest three positions are Microsoft Corporation, Facebook, and JD.com and they add up to ~30% 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 11/14/2019. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q2 2019.Chase Coleman’s 13F portfolio value increased ~2% this quarter from $18.47B to $18.88B. Recent 13F reports have shown around 50 positions. 34 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 Microsoft Corporation, Facebook, JD.com, Apollo Global, and Alibaba Group Holdings. Together, they add up to ~44% 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:New Relic Inc. (NEWR): NEWR is a ~1% of the portfolio position purchased this quarter at prices between $56 and $96 and the stock currently trades at $66.18.Stake Disposals:Eventbrite Inc. (EB): EB was Tiger Global's IPO winner in Q3 2018. It was a private equity investment that became part of the 13F portfolio following its IPO last September. The IPO was priced at $23 and started trading at $36. The stock is currently at $19.10. There was a ~40% selling last quarter at prices between $15.50 and $25. The disposal this quarter was at prices between $16 and $20.Note: Tiger Global controlled ~11% of Eventbrite as of last quarter.Stake Increases:Facebook Inc. (FB): The large (top three) ~11% 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. Q3 2018 saw a ~25% selling at prices between $160 and $218 while next quarter there was a ~16% increase at prices between $124 and $162. There was another two-thirds increase in Q1 2019 at prices between $132 and $173. That was followed with a ~25% increase this quarter at prices between $177 and $205. The stock currently goes for $194.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.Alibaba Group Holdings (BABA): BABA is a large (top five) ~7% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. This quarter saw a ~80% stake increase at prices between $154 and $183. The stock currently trades at $205.Sunrun Inc. (RUN): The 2.54% of the portfolio RUN stake has seen consistent buying since Q2 2018 when around 8M shares were purchased at prices between $8.50 and $14. Last quarter saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase this quarter at around ~$17 per share average cost. The stock is currently at $13.94.Note: Regulatory filings since the quarter ended show them owning ~29.8M shares (25.3% of business). This is compared to ~28.7M shares in the 13F report.RingCentral Inc. (RNG) and Carvana Inc. (CVNA): These two positions established in Q1 2019 were increased over the last two quarters. RNG is a 2.17% of the portfolio position purchased at prices between $78.50 and $112 and increased by ~120% last quarter at prices between $103 and $125. The stock currently trades well above those ranges at ~$164. This quarter saw a ~9% further increase. CVNA is a 1.72% portfolio position purchased at prices between $30 and $60 and increased by ~38% last quarter at prices between $58 and $75. This quarter saw another ~75% stake increase at prices between $58 and $85. The stock is now well above those ranges at ~$92.Note: Tiger Global has a ~10% ownership stake in Carvana.Salesforce.com (CRM): CRM is a 1.89% 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 $161. This quarter saw a minor ~5% stake increase.Zendesk Inc. (ZEN): ZEN is a 1.14% position established in Q3 2018 at prices between $54.50 and $72 and increased by ~15% next quarter. There was an about turn in Q1 2019: ~25% selling at prices between $55.50 and $86. The stock is now at $75.75. This quarter saw a ~9% stake increase.SmartSheet Inc. (SMAR): The very small 0.84% portfolio stake in SMAR was mostly bought over the last two quarters at prices between $36 and $55 and the stock currently trades at $42.01.MongoDB (MDB): The very small 0.55% portfolio stake in MDB was established over the last three quarters at prices between $72 and $185 and it is now at ~$128.Stake Decreases:Fiat Chrysler (FCAU): FCAU is a fairly large ~5% of the portfolio position. It was first purchased in Q4 2016 at prices between $6 and $9. There was a ~60% selling in H1 2017 at prices between $9.50 and $11.65. Q4 2017 saw a ~18% stake increase at prices between $18 and $25 and that was followed with a ~140% increase in Q3 2018 at prices between $15.50 and $20.50. There was another ~30% increase next quarter at prices between $14 and $18. This quarter saw the pattern reverse: ~20% selling at prices between $12.30 and $14.30. The stock is now at $14.84.Note: Tiger Global’s ownership stake is at ~4.8%.Spotify Technology (SPOT): Spotify is a venture capital investment that became part of their 13F portfolio following its IPO in Q2 2018. SPOT started trading at ~$150 and currently goes for ~$147. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling last quarter at prices between $122 and $150. This quarter also saw minor trimming. The stake is now at 2.45% of the portfolio.SVMK Inc. (SVMK): SVMK was a private equity investment that became part of the 13F portfolio following its IPO last September. The IPO was priced at $12 and started trading at $18.75. It currently goes for $17.63. The position was reduced by ~40% in Q1 2019 at prices between $11.75 and $18.30. That was followed with a ~25% reduction last quarter at prices between $15.75 and $18.30. This quarter saw the stake reduced to a minutely small 0.21% portfolio position at prices between $16 and $19.50.Note: Tiger Global controlled ~11% of SVMK as of last quarter.Kept Steady:Microsoft Corporation (MSFT): MSFT is currently the largest 13F position at 11.25% 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. The stock is now at ~$155. There was a ~15% further increase last 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 had also seen a ~42% increase at prices between $19.25 and $39.50. It is their third-largest 13F position at ~8% of the portfolio (~53M shares). Last quarter saw a ~9% trimming. The stock is now at $34.Apollo Global Management (APO): APO is a large (top five) 7.54% 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. Q4 2018 also saw a ~9% stake increase. The stock is now at $44.41.Note: Tiger Global’s ownership stake is at ~17%.Amazon.com Inc. (AMZN): AMZN is currently a large 13F stake at 6.47% 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 in Q4 2018 at prices between $1344 and $2013 and that was followed with a ~5% trimming next quarter. The stock is now at $1761.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 in Q1 2014 in the high-300s realizing huge gains.Transdigm Group (TDG): TDG is a 5.70% 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 ~$576. The two quarters thru Q3 2018 had seen a ~35% selling at prices between $301 and $373 while next 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.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 ~3% 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 in Q4 2018 at prices between $234 and $381 and that was followed with a ~43% increase next quarter at prices between $268 and $378. The stock currently trades at ~$299.FleetCor Technologies (FLT): FLT is a 2.62% 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 next quarter there was a ~60% increase at prices between $176 and $227. The stock is now at ~$305.Sea Limited (SE): The 2.23% position in SEA has seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. The stock is now at $36.80.Note: Tiger Global’s ownership stake in Sea Limited is ~8% of business.TAL Education (TAL): The 1.71% 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. Q3 2018 saw a ~16% increase while next quarter there was a similar reduction. The stock is now at $45.52.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.New Oriental Education (EDU): EDU is a 1.38% 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 $123. There was a ~23% selling in Q4 2018 at prices between $51 and $71.Mercadolibre (MELI): MELI is a 1.14% 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 ~$568. Q3 2018 saw a ~38% selling at prices between $295 and $385 and that was followed with a ~57% reduction next quarter at prices between $258 and $370.Uber Technologies (UBER), GDS Holdings (GDS), and Zoom Video (ZM): These were new 13F positions established last quarter. UBER and ZM had IPOs during the quarter. The 1.08% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $28.49. ZM had an IPO in April. Shares started trading at ~$62 and it currently goes for ~$63.54. Tiger Global’s stake is very small at 0.48% of the portfolio. The 1.22% GDS position was established at prices between $31.25 and $41 and it is now at ~$49.Twilio Inc. (TWLO): The 0.80% TWLO stake was established in Q1 2019 at prices between $81 and $136 and it is now at ~$98.Despegar.com (DESP): DESP is a small 0.55% 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 $13.35. There was a ~20% reduction in Q3 2018 at prices between $15 and $22 and that was followed with a ~50% selling next quarter at prices between $11.50 and $17. Last quarter saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is ~14%.Adobe Systems (ADBE), 8X8 Inc. (EGHT), MasterCard Inc. (MA), and ServiceNow Inc. (NOW): These very small (less than ~1% of the portfolio each) positions were kept steady during the quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Anaplan (PLAN), Atlassian Corp plc (TEAM), Avalara (AVLR), Barclays Bank (BCS), Beyond Meat (BYND), Bilibili Inc. (BILI), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudera Inc. (CLDR), Cloudflare Inc. (NET), CrowdStrike (CRWD), Datadog Inc. (DDOG), Docusign Inc. (DOCU), DouYu Intl (DOYU), DropBox (DBX), Dynatrace Inc. (DT), Elastic NV (ESTC), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Fastly Inc. (FSLY), FireEye Inc. (FEYE), Fitbit Inc. (FIT), Health Catalyst (HCAT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Linx SA (LINX), Livongo Health (LVGO), Medallia Inc. (MDLA), Okta Inc. (OKTA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Pinduoduo Inc. (PDD), Pure Storage (PSTG), Redfin Corp (RDFN), Rise Ed Cayman (REDU), Shopify Inc. (SHOP), Slack Technologies (WORK), Sogou Inc. (SOGO), SolarWinds Corp (SWI), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Tencent Music (TME), The Realreal (REAL), Visa Inc. (V), Wayfair (W), and ZTO Express Cayman (ZTO).Note: In July 2018, it was reported 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 believed NAV was $190B which implied the stock would have to double for NAV to reach current price (~$20 per share at the time after accounting for a 2-for-1 stock split). The stock currently trades at $19.94.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2019:Regulatory filings thru 9/3/2019: Form 4 9/3, 8/26, 8/21, 8/15, 7/31 – RUN - ~600K shares acquired at 15, 8/27 13D/A - ~24M shares – 20.4% of business – increase at prices between 15 and 18.7, 13D 7/16 – 21.9M shares – increase between 15.65 and 18.70, Form 4 6/28 - ~900K shares purchased at 18.5, 13G/A 6/26 – 21M shares – 18.2% of business, Form 4 6/24 – 850K shares at 18.5, Form 4 6/24 & 6/21 - similar. Form 4 – 8/14 – SVMK – ~7M disposed, ~6.55M shares remain, Form 4 7/1 – 4.5M shares disposed at 15.82. Form 4, 13G/A 7/1 – APO – 37.7M shares – 18.8% of business, 13G – 6/28 – CVNA – 2.83M shares – 5.8% of business,"