"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2020 Update"
"Chase Coleman’s 13F portfolio value decreased from $18.12B to $16.61B this quarter.Tiger Global increased Alibaba Group Holdings and added Workday while reducing Uber & Alphabet during the quarter.The largest three positions are JD.com, Microsoft, and Facebook and they add up to ~31% 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 05/15/2020. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q4 2019.Chase Coleman’s 13F portfolio value decreased ~8% this quarter from $18.12B to $16.61B. Recent 13F reports have shown around 50 positions. 40 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 JD.com, Microsoft Corporation, Facebook, Apollo Global, and Amazon.com. Together, they add up to ~45% 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:Athene Holding (ATH) and Peloton Interactive (PTON): These two small positions were established during the quarter. The 1.12% ATH stake was established at prices between $16 and $50 and it is now at $35.57. PTON is a 0.66% of the portfolio position purchased at prices between $19.50 and $33.50 and it is currently well above that range at $45.90.Stake Disposals:None.Stake Increases:Facebook Inc. (FB): The large (top three) 8.79% FB stake was established in Q4 2016 at prices between $115 and $132. The buying continued thru Q2 2019 at prices up to ~$200. Last quarter saw a ~25% selling at prices between $175 and $208. The stock currently trades at $231. There was a ~5% stake increase this quarter.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 5.26% portfolio stake established in Q3 2016 at prices between $78.50 and $109. The position had since wavered. Q3 2019 saw a ~80% stake increase at prices between $154 and $183 while last quarter there was a ~55% selling at prices between $162 and $216. There was a ~28% stake increase this quarter at prices between ~$175 and ~$230. The stock currently trades at ~$220.RingCentral Inc. (RNG): RNG is a 4.24% 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. The stock currently trades well above those ranges at ~$253. Last three quarters have seen a minor increase.Carvana Inc. (CVNA): CVNA is a ~2% 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. This quarter also saw a ~22% stake increase. The stock is now at ~$116.Note: Tiger Global has a ~12% ownership stake in Carvana.New Oriental Education (EDU): EDU is a 1.40% 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. There was a ~23% selling in Q4 2018 at prices between $51 and $71. That was followed with a ~40% reduction last quarter at prices between $108 and $128. There was a ~50% stake increase this quarter at prices between ~$104 and ~$142. The stock is now at ~$131.Workday Inc. (WDAY) and DataDog Inc. (DDOG): These two positions were primarily built this quarter. WDAY is a 1.82% of the portfolio stake built at prices between ~$114 and ~$199 and the stock currently trades at ~$179. DDOG is a 0.80% position built at prices between ~$29 and ~$50 and it is now well above that range at ~$71.Salesforce.com (CRM): CRM is now a small ~1% position. It was purchased in Q4 2017 at prices between $93 and $109 and increased by just over 200% next quarter at prices between $104 and $128. Last quarter saw the stake reduced by ~70% at prices between $142 and $165 while this quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. It now goes for ~$174.Adobe Systems (ADBE), Anaplan (PLAN), and MasterCard Inc. (MA): These very small (less than ~1% of the portfolio each) positions were increased during the 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 ~12% of the portfolio (~51M shares). The stock is now at $59. This quarter saw a ~4% trimming.Microsoft Corporation (MSFT): MSFT is a top three position at ~10% 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. There was a ~15% further increase in Q2 2019. Last quarter saw a ~30% selling at prices between $135 and $159. The stock is now at ~$187. Tiger Global is starting to harvest gains. There was a marginal trimming this quarter.Apollo Global Management (APO): APO is a large (top five) ~7% 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 $53.15. This quarter saw a ~10% reduction at ~$49.Note: Tiger Global’s ownership stake is at ~15%.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 6.48% 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. Last two quarters have seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$2483.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 3.39% 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. The position has wavered. Recent activity follows: 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. There was a ~15% trimming this quarter. The stock is now at ~$491.Note: TDG has seen a previous round-trip in the portfolio.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 ~$184. Q1 2019 saw a ~36% selling at prices between $109 and $151 and that was followed with another ~50% selling next quarter at prices between $122 and $150. Last three quarters have seen another ~34% reduction at prices between ~$110 and ~$160. The stake is now at ~2% of the portfolio.Uber Technologies (UBER): The 1.68% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at $37.21. Last quarter saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling this quarter at prices between ~$15 and ~$41.FleetCor Technologies (FLT): FLT is a 1.45% of the portfolio stake first purchased in Q4 2012 at prices between $45 and $53. The position has wavered. Recent activity follows: Q1 2018 saw a ~60% increase at prices between $176 and $227. There was a ~25% selling this quarter at prices between ~$171 and ~$329. The stock is now at ~$282.PayPal Holdings (PYPL) and Alphabet Inc. (GOOG): These two positions established last quarter were reduced this quarter. The 1.34% of the portfolio PYPL stake was purchased at prices between $96 and $110 and the stock currently trades well above that range at ~$156. This quarter saw a ~5% trimming. GOOG is a very small 0.21% of the portfolio position established at prices between $1175 and $1360. This quarter saw a ~70% selling at prices between ~$1057 and ~$1527. It is now at ~$1439.SmartSheet Inc. (SMAR): The small ~1% portfolio stake in SMAR was mostly bought in Q2 & Q3 2019 at prices between $36 and $55 and the stock currently trades at $44.54. Last quarter saw a ~7% stake increase while this quarter there was a ~12% trimming.Zendesk Inc. (ZEN): The very small (less than ~1% of the portfolio each) position was reduced during the quarter.Kept Steady: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 3.51% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Last quarter saw a ~30% selling at prices between $267 and $337. The stock currently trades at ~$420.Sea Limited (SE): The 2.23% position in SEA had 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 $89.70. Last quarter saw a ~40% selling at prices between $26.70 and $40.25.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.GDS Holdings (GDS): The ~2% GDS position was established in Q2 2019 at prices between $31.25 and $41 and it is now at $60.38.TAL Education (TAL): The 1.85% 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 $65.84. Last quarter saw a ~40% reduction at prices between $33.70 and $48.50.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.Sunrun Inc. (RUN): The 1.81% 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. Q2 2019 saw a ~18% stake increase at prices between $14 and $20. That was followed with a roughly one-third increase next quarter at around ~$17 per share average cost. The stock is currently at $18.69. Last quarter saw a ~4% further increase.MongoDB (MDB): The 1.57% portfolio stake in MDB was established last year at prices between $115 and $150 and it is now at ~$198.Atlassian Corp plc (TEAM), Elastic NV (ESTC), and Pinduoduo Inc. (PDD): These three positions saw large stake increases last quarter. TEAM is a 1.25% portfolio stake that saw a ~150% stake increase at prices between $108 and $133. The stock currently trades at ~$174. The 1.35% ESTC stake was primarily purchased at prices between $61 and $87 and the stock is currently at $86.90. PDD is a 1.29% position that saw a ~175% stake increase at prices between $31.25 and $43.50. It is now at $69.70.Twilio Inc. (TWLO): The ~1% TWLO stake was established in Q1 2019 at prices between $81 and $136. Last quarter saw a ~75% stake increase at prices between $91 and $117. It is now at ~$197.Despegar.com (DESP): DESP is a small 0.32% 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 $9.53. 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. Q2 2019 saw another ~25% selling at prices between $11.90 and $15.Note: Tiger Global’s ownership stake in the business is ~13%.8X8 Inc. (EGHT), New Relic Inc. (NEWR), ServiceNow Inc. (NOW), and Zoom Video (ZM): These very small (less than ~1% of the portfolio each) positions were kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: Avalara (AVLR), Bilibili Inc. (BILI), Bill.com Holdings (BILL), Cardlytics (CDLX), Ceridian HCM (CDAY), Chewy Inc. (CHWY), Cloudflare Inc. (NET), CrowdStrike (CRWD), Docusign Inc. (DOCU), DouYu Intl (DOYU), DropBox (DBX), Dynatrace Inc. (DT), Farfetch Ltd. (FTCH), Farmland Partners (FPI), Health Catalyst (HCAT), Huya Inc. (HUYA), Iqiyi Inc. (IQ), Linx SA (LINX), Livongo Health (LVGO), Medallia Inc. (MDLA), OneSmart Intl. (ONE), PagerDuty Inc. (PD), J C Penney (JCP), Phoenix Tree Holdings (DNK), Redfin Corp (RDFN), Shopify Inc. (SHOP), SolarWinds Corp (SWI), Sunlands Online (STG), StoneCo (STNE), Sunlands Technology (STG), SVMK Inc. (SVMK), Tenable Holdings (TENB), Tencent Music (TME), Visa Inc. (V), and XP Inc. (XP).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 $23.93.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2020:Regulatory filings thru 2/25/2020: 13G/As – 2/14 – FCAU – 0, CVNA  - 4.9M shares – 9.8% of business, STNE – 769K shares – 0.6% of business, SVMK – 2.3M shares – 1.7% of business, DESP – 9.26M shares – 13.4% of business, UXIN – 0, SPOT – 3.48M shares – 1.9% of business, Form 4 – 1/14 – APO – 3.75M shares disposed at $49.06 – 33.9M shares remain."