"Tracking Chase Coleman’s Tiger Global Portfolio – Q3 2018 Update"
"Chase Coleman’s 13F portfolio value increased from $19.22B to $21.09B this quarter.Tiger Global increased Fiat Chrysler, Alibaba, & JD.com while reducing Mercadolibre & Twitter during the quarter.The largest three positions are Amazon.com, Spotify Technology, and Microsoft Corporation, 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 11/14/2018. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q2 2018.Chase Coleman’s 13F portfolio value increased ~9% this quarter from $19.21B to $21.09B. Recent 13F reports have shown around 50 positions. 33 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 Amazon.com, Spotify Technology, Microsoft Corporation, JD.com, and Booking Holdings. 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:Eventbrite Inc. (EB) and SVMK Inc. (SVMK): EB and SVMK are Tiger Global's IPO winners this 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 $28.42. The SVMK IPO was priced at $12 and started trading at $18.75. It currently goes for $13. The EB and SVMK stakes are currently at 2.59% and 2.32% of the portfolio respectively.Note: Tiger Global controls ~19% of Eventbrite and ~27% of SVMK.Apple Inc. (AAPL) and Zendesk Inc. (ZEN): These are very small (less than ~1% of the portfolio each) positions established this quarter. The 1.10% AAPL stake was purchased at prices between $184 and $228 and the stock currently trades below that range at $172. ZEN is a 1.06% position established at prices between $54.50 and $72 and it is now at $53.10.Stake Disposals:None.Stake Decreases:Microsoft Corporation (MSFT): MSFT is a large (top three) ~7% 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 ~$103. Q4 2017 saw a ~9% trimming while next quarter there was a ~38% stake increase at prices between $85 and $97. There was marginal trimming in the last two quarters.Facebook Inc. (FB): The ~3.60% 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 $132. There was a ~24% reduction this quarter at prices between $160 and $218.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 3.25% 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 ~$341. Last two quarters have seen a ~35% selling at prices between $301 and $373.Note: 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.Despegar.com (DESP): DESP is a ~2% 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 $14.99. There was a ~20% reduction this quarter at prices between $15 and $22.Note: Tiger Global’s ownership stake in the business is ~35%.Mercadolibre (MELI) and Twitter Inc. (TWTR): These two positions were established in Q1 2018. MELI is a 1.48% portfolio stake established at prices between $320 and $414 and increased by ~85% last quarter at prices between $285 and $356. The stock is currently at ~$310. This quarter saw a ~38% selling at prices between $295 and $385. TWTR is a ~1% portfolio position purchased at prices between $22 and $36.50 and increased by ~24% last quarter at prices between $27.50 and $47. It is now at $31.12. This quarter saw a ~40% selling at prices between $28 and $47.Stake Increases: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. This quarter saw a ~24% increase at prices between $24.50 and $40. The stock is now below their purchase price ranges at $19.27. It is their fourth-largest 13F position at 6.23% of the portfolio (50.4M shares). For investors attempting to follow Tiger Global, JD is a good option to consider for further research.Booking Holdings (BKNG) & Calls previously Priceline: BKNG is a large (top five) 6.22% 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. The stock is now at $1764. 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. This quarter saw a marginal increase.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.Fiat Chrysler (FCAU): FCAU is now a fairly large ~5% 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 this quarter at prices between $15.50 and $20.50. The stock is now at $15.97. For investors attempting to follow, FCAU is a good option to consider for further research.Alibaba Group Holdings (BABA): BABA is a fairly large ~5% portfolio stake established in Q3 2016 at prices between $78.50 and $109 and the stock is now at ~$150. There was a ~16% selling in Q4 2017 at prices between $169 and $191 while last quarter there was a similar increase at prices between $168 and $211. This quarter saw a ~45% increase at prices between $156 and $198.TAL Education (TAL) and New Oriental Education (EDU): These two positions were established in Q4 2016 and increased substantially since. The 1.43% TAL stake was purchased at prices between $11.25 and $13.75 and increased by ~40% the following quarter at prices between $11.50 and $18. This quarter also saw a ~16% increase. The stock is now at $27.01. EDU is a ~1% portfolio position purchased 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 $52.94. There was a ~6% increase this quarter.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 last quarter. UXIN started trading at ~$9 and currently goes for $4.51. Tiger Global controls ~8% of UXIN. The stake is at 0.83% of the portfolio. This quarter saw a ~3% increase.Adobe Systems (ADBE), ServiceNow Inc. (NOW), 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 15.23M shares of Sunrun. This is compared to 14.89M shares in the 13F report. The increase happened at ~$11.75 per share cost-basis. They control ~14% of the business. The stock is now at $12.42.Note 2: Tiger Global’s ownership stake in Sea Limited is 6.1% of business.Kept Steady:Amazon.com Inc. (AMZN): AMZN is currently the second-largest 13F stake at ~11% 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 and the stock is now at $1502. Q3 2017 had seen a ~24% increase at prices between $945 and $1053 while the following quarter saw a similar reduction at prices between $957 and $1196. There was a ~7% increase in Q1 2018.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.Spotify Technology (SPOT): Spotify is a venture capital investments that became part of their 13F portfolio following its IPO last quarter. Tiger Global controls ~7.2% of Spotify. Currently, the Spotify stake is their second-largest 13F position at ~11% of the portfolio. SPOT started trading at ~$150 and currently goes for ~$129.Apollo Global Management (APO): APO is a large 5.64% 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. Last four quarters had also seen minor increases. The stock is now at $28.70.Note: Regulatory filings since the quarter ended show them owning 36.4M shares of Apollo Global. This is compared to 34.42M shares in the 13F report. The increase happened at ~$29 per share. Tiger Global has a ~19% ownership stake in Apollo Global Management.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 4.24% 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. The stock currently trades at $259.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 ~$263. Q3 2017 saw a ~16% increase while the following quarter there was a ~11% trimming.Note: Tiger Global has a 4.7% ownership stake in Domino’s Pizza.FleetCor Technologies (FLT): FLT is a 1.21% 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. The stock is now at ~$184.Salesforce.com (CRM): CRM is a 1.78% 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 $122. There was a ~4% increase last quarter.Autodesk Inc. (ADSK): ADSK is a 1.72% 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 ~$133. Last two quarters had seen minor increases.Coupa Software (COUP), MasterCard Inc. (MA), Restaurant Brands International (QSR) and Visa Inc. (V): These very small positions (less than ~0.60% of the portfolio each) were kept steady this quarter.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), Bright Scholar Education (BEDU), Ceridian HCM (CDAY), Cloudera Inc. (CLDR), Docusign Inc. (DOCU), DropBox (DBX), Farfetch Ltd. (FTCH), Farmland Partners (FPI), FireEye Inc. (FEYE), Fitbit Inc. (FIT), GDS Holdings (GDS), Huya Inc. (HUYA), Iqiyi Inc. (IQ), LendingClub Corp (LC), Mongodb Inc. (MDB), 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), Sunlands Online (STG), Switch Inc. (SWCH), Tenable Holdings (TENB), Twilio Inc. (TWLO), and ZTO Express Cayman (ZTO).Note: In mid-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 $38.55.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q3 2018:7/12/2018 – Tiger Global started a  in SFTBY – thesis is undervaluation and chance for the gap to close based on telecom spinoff & potential Baba stake tax-deferred spinoff – believes NAV is $190B which implying the stock has to double for NAV to reach current price (~$40 per share).Regulatory filings thru 9/3/2018: 13G – 8/23 – SE – 11.16M shares – 6.1% of business, Form 4 – 8/20 – RUN – 53K shares acquired @ $13.33 – 14.88M shares total, Form 4 – 8/13 – 323K shares @ 12.43, Form 4 – 8/3 – 500K shares @ 13.83, Form 4 – 7/3 – 62K shares @ 13.57, 13G/A – 6/11 – 13.9M shares – 12.8% of business, Form 4 – 6/4 – 1.56M shares @ ~12, Fom 4 – 6/7 – 650K shares @ ~12.25, Form 4 – 5/30 - ~800K shares @ 11, Form 3 – 5/30 – 10.9M shares, 13G/A – 5/30 – 11.7M shares – 10.7% of business, 13G/A – 5/15 – 9.5M shares – 8.7% of business, 13G – 6/15 – SPOT – 12.8M shares – 7.2% of business,"