"Tracking Chase Coleman’s Tiger Global Portfolio – Q2 2022 Update"
"Chase Coleman’s 13F portfolio value decreased from $26.64B to $11.93B this quarter.Tiger Global added Alphabet and increased Kanzhun, SentinelOne, & Toast while decreasing JD.com, Microsoft, CrowdStrike, and NU Holdings. They also dropped DocuSign.The largest three positions are JD.com, CrowdStrike, and NU Holdings and they add up to ~37% 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 8/15/2022. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q1 2022.Chase Coleman’s 13F portfolio value decreased ~55% from $26.64B to $11.93B. Recent 13F reports have shown 100+ positions. There are 35 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 Meta Platforms. Together, they add up to ~49% 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 1: it was  earlier this month that their losses for the year through July was ~50%. Also, they are allowing investors to withdraw 33% of their existing balances. This is compared to a 25% limit previously.Note 2: Regulatory filings since the quarter ended show them owning 69.8M shares (~15% of the business) of Pagaya (PGY).New Stakes:Alphabet Inc. (GOOG): GOOG is a ~2% of the portfolio position purchased this quarter at prices between ~$106 and ~$144 and the stock currently trades at ~$112.Stake Disposals:DocuSign (DOCU): The 1.36% DOCU stake was built over the three quarters through Q2 2021 at prices between ~$180 and ~$310. Last quarter saw a ~50% selling at prices between ~$73 and ~$157. The elimination this quarter was at prices between ~$57 and ~$112. The stock currently trades at ~$64. They realized losses.Alibaba Group Holdings (BABA), Elastic NV (ESTC), Robinhood Markets (HOOD), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) stakes were dropped during the quarter.Stake Increases:Kanzhun Ltd. (BZ), SentinelOne (S), and Toast (TOST): The 2.57% BZ stake was built over the last two quarters at prices between ~$15.50 and ~$37. The stock currently trades at $22.76. SentinelOne is a ~2% of the portfolio position that saw a roughly two-thirds stake increase this quarter at prices between ~$19.60 and ~$41.50. The stock is now at $28.05. TOST is a 1.59% of the portfolio position built last quarter at prices between ~$16 and ~$33. This quarter saw a ~15% stake increase at prices between ~$12.70 and ~$24.05. The stock currently trades at $21.44.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. This quarter saw a ~37% selling at prices between $48.70 and $66.50.  It is their largest 13F position at 16.44% of the portfolio (30.53M shares). The stock is now at $60.41. Last few quarters have seen only minor adjustments.Microsoft Corporation (MSFT): MSFT is currently the second largest position at 11.11% 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 ~$264.CrowdStrike Holdings (CRWD): CRWD is a 9.26% 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 last quarter at prices between ~$157 and ~$227. This quarter saw a ~25% selling at prices between ~$137 and ~$240. The stock currently trades at ~$191.NU Holdings (NU): NU had an IPO in December. Shares started trading at ~$12 and currently goes for $5.39. Tiger Global’s position is a large (top five) 6.37% portfolio stake. There was a ~20% reduction this quarter at prices between ~$3.30 and ~$8.Note: Tiger Global has a ~6% ownership stake in NU Holdings.Sea Limited (SE): The 4.60% 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. There was a ~40% selling this quarter at prices between ~$57 and ~$133. The stock is now at $63.47.Note: Tiger Global’s ownership stake in Sea Limited is ~4.2% of the business.ServiceNow Inc. (NOW): NOW is a 4.45% 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. This quarter saw a ~55% reduction at prices between ~$412 and ~$575. The stock currently trades at ~$470.Li Auto (LI): The bulk of the ~4% of the portfolio LI stake was built last quarter at prices between $17.60 and $32.35. This quarter saw a ~35% selling at prices between ~$18.90 and ~$40.80. The stock currently trades at $26.33.Snowflake Inc. (SNOW): The 2.48% SNOW stake was built over the last six quarters at prices between ~$180 and ~$392. There was a ~70% reduction this quarter at prices between ~$113 and ~$241. The stock currently goes for ~$188.Atlassian Corp plc (TEAM): TEAM is a 2.39% 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 ~$259.Amazon.com Inc. (AMZN): AMZN is now a 2.33% 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 have seen the stake sold down by ~75% at prices between ~$102 and ~$185. The stock is now at ~$133.Note 1: The prices quoted above are adjusted for the 20-for-1 stock split in June.Note 2: 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.DoorDash (DASH): DASH is a 1.65% of the portfolio stake. They had an IPO in December 2020. Shares started trading at ~$190 and currently goes for $64.31. The stake was built in H1 2021 at prices between ~$125 and ~$206. Next two quarters had seen minor increases while the last two quarters saw a ~75% selling at prices between ~$60 and ~$145.Workday Inc. (WDAY): WDAY is a 1.58% 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.Datadog Inc. (DDOG): DDOG is a 1.45% 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 ~$101.RingCentral Inc. (RNG): RNG is a 1.40% 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 next quarter at prices between ~$178 and ~$282. This quarter saw a ~35% reduction at prices between ~$49 and ~$125. The stock currently trades at $45.62.Note: Tiger Global has a ~4% ownership stake in the business.Procore Technologies (PCOR) and DoubleVerify Holdings (DV): Procore and DoubleVerify had IPOs in Q3 2021. Procore started trading at ~$88 and currently goes for $57.47. Tiger Global’s position goes back to a funding round in 2018 when it was valued at ~$3B. The stake saw a two-thirds selling over the last three quarters at prices between ~$41 and ~$105. DoubleVerify started trading at ~$36 and currently trades at $29.26. Tiger Global’s investment goes back to a funding round in 2020. There was a ~80% selling over the last three quarters at prices between ~$18 and ~$39.50.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 $2.20. There was a ~12% trimming this quarter.Note: Tiger Global has a ~12% ownership stake in the business.Carvana Inc. (CVNA): CVNA is now a minutely small stake. A large position was 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. This quarter saw the stake almost sold out at prices between ~$21 and ~$133. The stock is now at $36.62.Pinduoduo Inc. (PDD): PDD stake 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 $69.76. Last two quarters saw the stake almost sold out at prices between ~$25.50 and ~$66.1Life Healthcare (ONEM), Block Inc. (SQ), Coinbase Global (COIN), Futu Holdings (FUTU), Monday.com (MNDY), Qualtrics International (XM), Roblox Corp (RBLX), Shopify (SHOP), and Xpeng Inc. (XPEV): These very small (less than ~1.25% of the portfolio each) stakes were reduced during the quarter.Kept Steady:Meta Platforms (META) previously Facebook: The large (top five) ~6% 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 last quarter at prices between ~$187 and ~$339. The stock currently trades at ~$169.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.MasterCard Inc. (MA) 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: 8x8 Inc. (EGHT), AltC Acquisition (ALCC), Blend Labs (BLND), Katapult Holdings (KPLT), 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 just below that at $19.43.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q2 2022:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q1 2022 and Q2 2022.6/2/2022: Losses through May at ~52% per Bloomberg -Regulatory filings from 2/28/2022 to 6/4/2022: Form 4 – 5/17 – WEAV – minor – 7.03M shares, Form 4 – 5/11 – Disposals at prices between $4.4 & $4.95 – 7.06M shares, . Form 4 – 4/25 – STRY - ~250K shares disposed at ~6.97 – 19.34M shares, Form 4 – 4/20 - ~100K disposed at ~6.6 – 19.6M shares, Form 4 – 4/14 - ~200K shares disposed at 7.25 – 19.7M shares, Form 4 – 4/11 – 220K shares disposed at 7.6 – 19.87M shares, Form 4 – 4/6 - ~570K shares diposed at 8.5 – 20.1M shares, 13G and Form 3 – 4/6 – 20.7M shares + 1.34M indirect – 21.44M shares (13.6% of business). 13G/A – 3/30 – VTEX – 6.72M shares – 8.9% of business."