"Tracking Chase Coleman’s Tiger Global Portfolio – Q1 2021 Update"
"Chase Coleman’s 13F portfolio value increased from $39B to $43.47B this quarter.Tiger Global increased DocuSign, DoorDash, Shopify, and Zoom Video while decreasing Uber Technologies and Facebook during the quarter.The largest three positions are JD.com, Microsoft, and Roblox and they add up to ~24% 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 5/17/2021. Please visit our  Portfolio series to get an idea of their investment philosophy and our  for the fund’s moves in Q4 2020.Chase Coleman’s 13F portfolio value increased ~11% this quarter from $39.03B to $43.47B. Recent 13F reports have shown around 75 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, Roblox, Sea Limited, and Amazon.com. Together, they add up to ~33% 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:Roblox Corp (RBLX) and Futu Holdings (FUTU): RBLX had an IPO in March. Shares started trading at ~$70 and currently goes for $82.59. Tiger Global’s large (top three) ~6% of the portfolio position goes back to a  Series F funding round in 2018 when the valuation was ~$2.5B. This is compared to the value at Direct Listing of over 10x that. FUTU is a small 1.22% of the portfolio stake purchased this quarter at prices between ~$49 and ~$191 and the stock currently trades at ~$146.Stake Disposals:None.Stake Increases:Microsoft Corporation (MSFT): MSFT is a top three position at 7.44% 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 this quarter there was a ~15% stake increase at prices between ~$212 and ~$240. The stock is now at ~$257.Sea Limited (SE): The 4.88% position in SEA had seen consistent buying since Q2 2018 when around 6M shares were purchased at prices between $10.25 and $16.50. Q4 2019 saw a ~40% selling at prices between $26.70 and $40.25. Last two quarters have seen a ~15% stake increase. The stock is now at ~$275.Note: Tiger Global’s ownership stake in Sea Limited is ~5% of business.Apollo Global Management (APO): APO is a large 3.78% 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. The stock is now at $58.57. There was a minor ~3% increase this quarter.Note: Tiger Global’s ownership stake is at ~15%.ServiceNow Inc. (NOW): NOW is a 2.48% of the portfolio position that saw a stake doubling in Q3 2020 at prices between ~$402 and ~$500. Last two quarters have seen another ~45% stake increase at prices between ~$475 and ~$595. The stock currently trades at ~$510.DocuSign (DOCU), Snowflake Inc. (SNOW), and Shopify (SHOP): These three positions were substantially increased in the last two quarters. The 2.40% DOCU stake was built at prices between ~$193 and ~$265 and the stock currently trades at ~$253. The 1.18% SNOW stake saw a ~80% increase over the last two quarters at prices between ~$209 and ~$390 and it currently goes for ~$239. The 1.32% SHOP position was built in the last two quarters at prices between ~$886 and ~$1474 and it is now at ~$1366.Zoom Video (ZM): The 1.81% ZM stake had seen a ~50% stake increase over Q2 & Q3 2020 at prices between ~$114 and ~$501. Last quarter saw a ~20% selling at prices between ~$337 and ~$568 while this quarter there was a ~70% stake increase at prices between ~$308 and ~$445. It is now at ~$362.DoorDash (DASH) and Coupa Software (COUP): DASH is a 1.75% of the portfolio stake. They had an IPO in December. Shares started trading at ~$190 and currently goes for ~$162. The stake was built this quarter at prices between ~$125 and ~$215. The 0.84% of the portfolio COUP position was purchased over the last two quarters at prices between ~$239 and ~$370 and it is now below the low end of that range at ~$232.1Life Healthcare (ONEM) and Adobe Inc. (ADBE): These two small (less than ~1% of the portfolio each) stakes were increased during the quarter.Note: Tiger Global has a ~10% ownership stake in 1Life Healthcare (ONEM),Stake Decreases:Facebook Inc. (FB): The large 3.77% FB 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. Last quarter saw another similar selling at prices between ~$261 and ~$295. The stock currently trades at ~$331. This quarter also saw a ~12% trimming.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.Uber Technologies (UBER): The 2.61% of the portfolio UBER stake goes back to funding rounds in 2015. UBER started trading at $41.50 and is currently at ~$49. Q4 2019 saw a ~225% stake increase at prices between $26 and $33.75. There was a ~55% selling next quarter at prices between ~$15 and ~$41 while Q3 2020 saw a similar increase at prices between $29.50 and $38. There was a ~80% further increase last quarter at prices between ~$33.50 and ~$55 while this quarter there was a ~25% reduction at prices between ~$48 and ~$63.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 ~$243. 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. The three quarters through Q1 2020 had seen another one-third reduction at prices between ~$110 and ~$160. Q2 2020 saw a ~16% stake increase at prices between ~$122 and ~$268. The stake is now at ~2% of the portfolio. Last two quarters saw marginal trimming.Sunrun Inc. (RUN): The ~1% of the portfolio RUN stake had 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 position was reduced by ~70% last quarter in the high-70s price range. The stock is currently at $47.73. This quarter also saw a ~12% trimming.GDS Holdings (GDS): The small 0.69% GDS position was established in Q2 2019 at prices between $31.25 and $41. Last quarter saw a ~25% reduction at prices between ~$81 and ~$99. That was followed with a ~15% trimming this quarter. The stock is now at $74.57.Kept Steady: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% of the portfolio (~52M shares). The stock is now at $71.49.Amazon.com Inc. (AMZN): AMZN is currently a large (top five) 13F stake at 4.36% 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. Q4 2019 and Q1 2020 had seen another ~22% reduction at prices between ~$1700 and ~$2170. The stock is now at ~$3415.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.Pinduoduo Inc. (PDD): PDD is a 4.33% 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 ~$123.Carvana Inc. (CVNA): CVNA is a 3.63% 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. Q1 2020 also saw a ~22% stake increase. The stock is now at ~$280.Note: Tiger Global has a ~9% ownership stake in Carvana.CrowdStrike Holdings (CRWD): CRWD is a ~3% of the portfolio stake established in Q2 2020 at prices between ~$55 and ~$105 and the stock currently trades well above that range at ~$234. Q3 2020 saw a ~50% stake increase at prices between ~$97 and ~$144.TransDigm Group (TDG): TDG is a 2.38% 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 in Q1 2020. The stock is now at ~$665.Note: TDG has seen a previous round-trip in the portfolio.Workday Inc. (WDAY): WDAY is a 2.36% of the portfolio stake built last year at prices between ~$114 and ~$258 and the stock currently trades at ~$230.Alibaba Group Holdings (BABA): BABA is a 2.34% 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 next quarter there was a ~55% selling at prices between $162 and $216. Q1 2020 saw a ~28% stake increase at prices between ~$175 and ~$230. The stock currently trades at ~$209.RingCentral Inc. (RNG): RNG is a 2.28% 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 ~$269.Peloton Interactive (PTON): PTON is a ~2% of the portfolio position purchased in Q1 2020 at prices between $19.50 and $33.50. Next quarter saw a ~28% stake increase at prices between $26.75 and $58.50. There was another ~45% stake increase in Q3 2020 at prices between ~$59 and ~$101. It currently trades at ~$105.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 1.27% position was purchased in Q3 2017 at prices between $146 and $189. The stake has wavered. Q4 2019 saw a ~30% selling at prices between $267 and $337. Last quarter saw another one-third selling at prices between ~$471 and ~$554. The stock currently trades at ~$492.Atlassian Corp plc (TEAM): TEAM is a 1.20% 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. The stock currently trades at ~$248.Salesforce.com (CRM): CRM is a 1.12% 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. Q4 2019 saw the stake reduced by ~70% at prices between $142 and $165 while next quarter there was a ~50% stake increase this quarter at prices between ~$124 and ~$193. That was followed with a stake doubling in Q2 2020 at prices between ~$134 and ~$192. It now goes for ~$242.Elastic NV (ESTC): The ~1% ESTC stake was primarily purchased in Q4 2019 at prices between $61 and $87 and the stock is currently at ~$138.Datadog Inc. (DDOG): DDOG is a 0.91% position built in H1 2020 at prices between ~$29 and ~$90 and it is now at ~$98.TAL Education (TAL): The 0.71% 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. Recent activity follows. Q4 2019 saw a ~40% reduction at prices between $33.70 and $48.50. The stock is now at ~$24.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 2014.8x8 Inc. (EGHT): EGHT is a small 0.67% of the portfolio position that saw a ~80% stake increase last quarter at prices between ~$15.50 and ~$35. The stock is now at $25.64.Note: They have a ~8.5% ownership stake in 8x8 Inc.New Oriental Education (EDU): EDU is a small 0.59% portfolio position purchased in Q4 2016 at prices between ~$4.20 and ~$5.20 and increased by ~55% the following quarter at prices between ~$4.20 and ~$6. There was a ~40% reduction in Q4 2019 at prices between ~$10.80 and ~$12.80 while the following quarter saw a similar increase at prices between ~$10.40 and ~$14.20. The stock is now at $8.37.Note: the prices quoted above are adjusted for the 10-for-1 stock-split earlier this month.PayPal Holdings (PYPL): The 0.50% of the portfolio PYPL stake was purchased in Q4 2019 at prices between $96 and $110 and the stock currently trades well above that range at ~$269. There was a ~60% selling last quarter at prices between ~$180 and ~$244.MasterCard Inc. (MA): The very small 0.59% of the portfolio MasterCard stake was kept steady this quarter.The 13F portfolio also include the following minutely small (less than 0.5% of the portfolio each) positions: 17 Education & Technology Group (YQ), Academy Sports and Outdoors (ASO), Affirm Holdings (AFRM), Agora Inc. (API), Airbnb (ABNB), Ajax 1 (AJAX) Units, Altimeter Growth (AGC), Altimeter Growth 2 (AGCB), American Well Corp (AMWL), Anaplan (PLAN), Asana Inc. (ASAN), Avalara (AVLR), Bigcommerce Holdings (BIGC), Bumble Inc. (BMBL), C3 AI (AI), Chindata Group (CD), Cloudflare Inc. (NET), Coupang Inc. (CPNG), Dada Nexus (DADA), Datto Holding (MSP), Despegar Corp (DESP), DigitalOcean Holdings (DOCN), DouYu Intl. (DOYU), Dropbox (DBX), Duck Creek Technologies (DCT), Dynatrace Inc. (DT), Farmland Partners (FPI), FLEETCOR (FLT), Goodrx Holdings (GDRX), Health Catalyst (HCAT), HUYA Inc. (HUYA), Intuit (INTU), Jamf Holding (JAMF), JFrog Ltd. (FROG), KE Holdings (BEKE), Kingsoft Cloud Holdings (KC), LDH Growth (LDHA) units, Lead Edge Growth (LEGA) units, Li Auto (LI), Liberty Media Acquisition (LMACA) units, Linx SA (LINX), Medallia Inc. (MDLA), MongoDB (MDB), Ncino Inc. (NCNO), Oak Street Health (OSH), Olo Inc. (OLO), ON24 Inc. (ONTF), OneSmart Intl. (ONE), Oscar Health (OSCR), Outset Medical (OM), Ozon Holdings (OZON), PagerDuty Inc. (PD), Phoenix Tree Holdings (DNK), Playtika Holdings (PLTK), Provident Acquisition (PAQC) units, Qualtrics Intl. (XM), Redfin Corp (RDFN), Reinvent Technology Partners (RTP) units, Revolution Healthcare (REVH) units, Root Inc. (ROOT), SEMrush Holdings (SEMR), Smartsheet Inc. (SMAR), Soaring Eagle Acquisition (SRNG) units, SolarWinds Corp (SWI), Square Inc. (SQ), StoneCo Ltd. (STNE), Sumo Logic (SUMO), SVF Investment Corp I, II, III (SVFA) (SVFB) (SVFC) units, SVMK Inc. (SVMK), Thoma Bravo Advantage (TBA), Tuya Inc. (TUYA), Twilio Inc. (TWLO), Vertex Inc. (VERX), Visa Inc. (V), XP Inc. (XP), Xpeng Inc. (XPEV), Yatsen Holding (YSG), Zendesk Inc. (ZEN), and ZoomInfo Technologies (ZI).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: Phoenix Tree Holdings (DNK), Sumo Logic (SUMO), and Yatsen Holding (YSG).Note 2: Regulatory filings since the quarter ended show them owning 7.4% of Procore Technologies (PCOR), 8.8% of DoubleVerify Holdings (DV), and 6.3% of TCV Acquisition (TCVA).Note 3: 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 ~$36.Below is a spreadsheet that shows the changes to Chase Coleman's Tiger Global Holdings 13F portfolio holdings as of Q1 2021:Source: John Vincent. Data constructed from Tiger Global's 13F filings for Q4 2020 and Q1 2021.Regulatory filings thru 3/12/2021: Form 4 – 3/11 – APO - ~1M shares purchased @ ~47.50 average, 34.91M shares total, 13G/A – 2/16 - 33.9M shares – 14.8% of business. 13G – 2/19 – 1Life Health – ONEM – 7.62M shares – 5.7% of business. 13G – 2/16 – Phoenix Tree – DNK - ~36.4M shares – 23% of business. 13G/As – 2/16 – CVNA – 6M shares – 8.5% of business, SUMO - ~5.4M shares – 5.3% of business, RUN – 8.1M shares – 4.1% of business, 12/21 – 11.9M shares – 6% of business, 13G – 12/21 – EGHT – 9M shares – 8.5% of business, 13G – 11/30 – Yatsen Holding – YSG – 112.85M shares – 6.6% of business."